-----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, Am/c2n4bLS8cnc4SR/w13szAYJ8CPIPkTbqmp+bMYrma2of8Q43teZ766Ctu5rxe rk6l8SNb4M8UJXeJ9+wNXQ== 0000950005-99-000750.txt : 19990816 0000950005-99-000750.hdr.sgml : 19990816 ACCESSION NUMBER: 0000950005-99-000750 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZAPWORLD COM CENTRAL INDEX KEY: 0001024628 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600] IRS NUMBER: 943210624 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-05744-LA FILM NUMBER: 99687773 BUSINESS ADDRESS: STREET 1: 117 MORRIS ST CITY: SEBASTOBOL STATE: CA ZIP: 95472 BUSINESS PHONE: 7078244150 MAIL ADDRESS: STREET 1: 117 MORRIS ST CITY: STBASTOPOL STATE: CA ZIP: 95472 FORMER COMPANY: FORMER CONFORMED NAME: ZAP POWER SYSTEMS INC DATE OF NAME CHANGE: 19970319 10QSB 1 FORM 10-QSB ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------------- Form 10-QSB QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ----------------------------- For the quarterly period ended June 30, 1999 ZAPWORLD.COM (Name of small business issuer in its charter) CALIFORNIA 94-3210624 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 117 Morris Street Sebastopol, CA 95472 (707) 824-4150 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Securities registered under section 12(b) of the Exchange Act: None Securities registered under section 12(g) of the Exchange Act: None Former Name, If Changed Since Last Report ZAP Power Systems Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities 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 XNo State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. 4,344,211 shares of common stock as of August 8, 1999. Transitional Small Business Disclosure Format Yes[ ] No[x] ================================================================================ Part I. FINANCIAL INFORMATION Item 1. Financial Statements ZAPWORLD.COM CONDENSED BALANCE SHEET June 30, 1999 - -------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash $ 3,048,700 Receivables 458,000 Inventories 1,176,200 Prepaid expenses and other assets 399,300 ----------- Total current assets 5,082,200 ----------- PROPERTY AND EQUIPMENT 221,700 ----------- OTHER ASSETS Intangibles, net of accumulated amortization of $12,900 116,900 Investment in EMB 50,000 Deposits 14,400 ----------- Total other assets 181,300 ----------- Total assets $ 5,485,200 =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 626,500 Accrued liabilities and other expenses 128,700 Customer Deposits 43,500 Notes payable 4,000 Current maturities of long-term debt 6,200 Current maturities of obligations under capital leases 6,500 ----------- Total current liabilities 815,400 ----------- OTHER LIABILITIES Obligations under capital leases, less current maturities 12,700 Long-Term Debt, less current maturities 24,800 ----------- Total other liabilities 37,500 ----------- STOCKHOLDERS' EQUITY Common stock, no par value; 10,000,000 shares authorized, 4,318,191 shares issued and outstanding 8,046,000 Accumulated deficit (3,413,700) ----------- Total stockholders' equity 4,632,300 ----------- Total liabilities and stockholders' equity $ 5,485,200 =========== The accompanying notes are an integral part of these financial statements 2 ZAPWORLD.COM CONDENSED STATEMENTS OF OPERATIONS
Quarter ended June 30, Six Months ended June 30, 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------------ NET SALES $ 1,513,100 863,700 $ 2,677,200 $ 1,324,900 COST OF GOODS SOLD 843,100 636,800 1,599,200 906,400 ----------- ----------- ----------- ----------- GROSS PROFIT 670,000 226,900 1,078,000 418,500 ----------- ----------- ----------- ----------- OPERATING EXPENSES Selling 249,100 250,700 449,100 409,700 General and administrative 296,100 219,900 514,300 382,400 Research and development 75,600 47,600 123,200 79,900 ----------- ----------- ----------- ----------- 620,800 518,200 1,086,600 872,000 ----------- ----------- ----------- ----------- INCOME/(LOSS) FROM OPERATIONS 49,200 (291,300) (8,600) (453,500) ----------- ----------- ----------- ----------- OTHER INCOME (EXPENSE) Interest expense (1,000) (3,600) (75,700) (6,300) Other 16,400 (4,100) 17,400 400 ----------- ----------- ----------- ----------- 15,400 (7,700) (58,300) (5,900) ----------- ----------- ----------- ----------- NET INCOME/(LOSS) $ 64,600 $ (299,000) $ (66,900) $ (459,400) =========== =========== =========== =========== NET INCOME/(LOSS) PER COMMON SHARE, BASIC AND DILUTED $ 0.02 $ (0.12) $ (0.02) $ (0.18) =========== =========== =========== =========== WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING 3,754,900 2,592,900 3,294,000 2,571,800 =========== =========== =========== =========== The accompanying notes are an integral part of these financial statements
3 ZAPWORLD.COM CONDENSED STATEMENTS OF CASH FLOWS
Six months ended June 30, 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (66,900) $ (459,400) Adjustments to reconcile net loss to net cash used by operating activities Depreciation and amortization 49,700 44,600 Issuance of common stock for services rendered 746,200 64,600 Changes in: Receivables (174,200) (248,800) Inventories (542,400) (127,200) Prepaid expenses (270,600) (68,700) Deposits (2,500) (92,300) Accounts payable 292,200 231,800 Accrued liabilities and other expenses (20,500) (70,200) ----------- ----------- Net cash provided (used) by operating activities 11,000 (725,600) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equipment (89,200) (96,300) Investment in Electric Motorbike Inc. (50,000) -- ----------- ----------- Net cash used by investing activities (139,200) (96,300) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of notes and loans payable 14,800 18,700 Sale of common stock, net of stock offering costs 3,567,300 411,300 Principal repayments on long-term debt -- (4,700) Increase in capital leases 12,100 -- Payments on obligations under capital leases (3,800) (7,700) Principal repayments on note payable (888,800) (13,200) ----------- ----------- Net cash provided by financing activities 2,701,600 404,400 ----------- ----------- NET INCREASE/(DECREASE) IN CASH 2,573,400 (417,500) CASH, beginning of period 475,300 690,500 ----------- ----------- CASH, end of period $ 3,048,700 $ 273,000 =========== =========== The accompanying notes are an integral part of these financial statements
4 ZAPWORLD.COM NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS (1) Basis of Presentation The financial statements included in this Form 10-QSB have been prepared by the Company, without audit, 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 principles have been condensed or omitted, pursuant to such rules and regulations, although management believes the disclosures are adequate to make the information presented not misleading. The results of operations for any interim period are not necessarily indicative of results for a full year. These statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-KSB for the year ended December 31, 1998. The financial statements presented herein as of June 30, 1999, and for the three months and six months ended June 30, 1999 and June 30, 1998 reflect, in the opinion of management, all material adjustments consisting only of normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flow for the interim periods. The net income/(loss) per common share is based on the weighted average number of common shares outstanding in each period. Common stock equivalents associated with stock options have been excluded from the weighted average shares outstanding since the effect of these securities would be anti-dilutive. (2) - RECEIVABLES June 30, 1999 ------------- Trade accounts receivable $ 493,000 Less allowance for doubtful accounts (35,000) --------- $ 458,000 ========= (3) - INVENTORIES June 30, 1999 ------------- Raw materials $ 833,500 Work-in-process 179,100 Finished goods 163,600 ---------- $1,176,200 ========== (4) - PROPERTY AND EQUIPMENT June 30, 1999 ------------- Demonstration items $ 89,600 Machinery and equipment 97,600 Equipment under capital leases 45,900 Office furniture and fixtures 39,600 Computers 75,100 Leasehold improvements 38,300 Vehicle 77,800 --------- 463,900 Less accumulated depreciation and amortization (242,200) --------- $ 221,700 ========= 5 (5) - COMMON STOCK The Company's Common Stock is traded on the OTC Bulletin Board under the stock symbol "ZAPP". On June 25, 1999, ZAP completed a private placement of 571,429 shares of its common stock at a price of $3.50 per share and realized net proceeds of $1,754,000 that includes underwriting fees and expenses of $246,000. Additionally in the second quarter of 1999, the Company 1) issued 300 shares in payment for current services at a price of $6.00 per share, 2) issued 23,911 shares in payment for current services at a price of $3.02 per share, 3) realized $55,500 in proceeds from the exercise of stock options and issued 55,500 shares. Furthermore, the Company converted $240,800 of its remaining debt into equity and issued 142,198 common shares. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Special Note Regarding Forward-Looking Statements Certain statements in this Form 10-QSB, including information set forth under this Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). ZAPWORLD.COM (the "Company") desires to avail itself of certain "safe harbor" provisions of the Act and is therefore including this special note to enable the Company to do so. Forward-looking statements included in this Form 10-QSB or hereafter included in other publicly available documents filed with the Securities and Exchange Commission, reports to the Company's stockholders and other publicly available statements issued or released by the Company involve known and unknown risks, uncertainties, and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward looking statements. Such future results are based upon management's best estimates based upon current conditions and the most recent results of operations. Overview The Company designs, assembles, manufactures and distributes electric bicycle power kits, electric bicycles, tricycles, scooters, and other electric transportation vehicles. Historically, unit sales have been approximately 35% kits, 15% electric bicycles, and 50% electric scooters. Dollar sales have been 20% kits, 20% electric bicycles, and 60% electric scooters. The Company manufactures several electric motor kits. The Company was issued its first United States Patent on February 13, 1996 on its electric motor power system for bicycles, tricycles, and scooters (Patent #5,491,390). On September 30, 1997, the Company was issued its second United States Patent on its electric motor system (Patent #5,671,821). On December 15, 1998, the Company was issued a United States Patent for its ZAPPY scooter (Patent #5,848,660). ZAP also holds several trademarks. The "ZAP" trademark was registered on September 28, 1993 under registration no. 1,794,866, the ELECTRICRUIZER mark was registered on April 2, 1999 under registration no. 2,248,753, and the POWERBIKE mark was registered on June 1, 1999 under registration no. 2,248,753. The electric motor kit manufacturing and installation of the motor systems to the bicycles and scooters is done at its Sebastopol location. The electric motors are purchased from an original equipment manufacturer (OEM) in the auto and air-conditioning industry. The Company is using one company for its motors, although there are other companies that could be used with slight modifications to the motor support brackets. The batteries are standard batteries used in the computer industry for power interrupt systems. The electronic system uses standard electronic components. The Company has a contractual relationship with Smith & Wesson who provides the Company with Law Enforcement Bicycles. The Company has agreed to purchase at least 250 bikes from Smith & Wesson during 1999 in exchange for specific exclusive distribution and pricing rights. The Company has no other contractual agreements with any of its other vendors. The Company as of June 30, 1999 had a $1,130,000 sales backlog. The company expects to fill these orders within the next 60 days. 6 The Company's growth strategy is to increase net sales by augmenting its marketing and sales force, by increasing distribution channels through retail organizations and wholesale distributors both domestically and overseas, as well as setting up company and franchise stores to assist in the retail arena. The Company will continue to increase its production capability to meet the increasing demand for its product. The Company will continue to develop the product with the goal of being the low cost leader in the industry. The Company will continue to develop new products with the goal of offering the consumer the most complete line of electric vehicles available. Product improvements, strategic relations, the development of the ZAP Electric Vehicle Outlet network, and ZAP's Shopping Mall on the Internet are continuing to enlarge ZAP's presence and brand awareness in the electric vehicle industry. Results of Operations The following table sets forth, as a percentage of net sales, certain items included in the Company's Income Statements (see Financial Statements and Notes) for the periods indicated:
Quarter ended June 30, Six months ended June 30, 1999 1998 1999 1998 ----- ----- ----- ----- Statements of Income Data: Net sales ............................................... 100.0% 100.0% 100.0% 100.0% Cost of sales ........................................... 55.7 73.7 59.7 68.4 Gross profit (Loss) ..................................... 44.3 26.3 40.3 31.6 Operating expenses ..................................... 41.0 60.0 40.6 65.8 Income (Loss) from operations ........................... 3.3 (33.7) (0.3) (34.2) Other income (expense) ................................. 1.0 (0.9) (2.2) (0.4) Income (Loss) before income taxes ....................... 4.3 (34.6) (2.5) (34.6) Provision for income taxes .............................. 0.0 0.0 0.0 0.0 Net Income (Loss) ....................................... 4.3 (34.6) (2.5) (34.6)
Quarter Ended June 30, 1999 Compared to Quarter Ended June 30, 1998 Net sales for the quarter ended June 30, 1999, were $1,513,100 compared to $863,700 in the prior year, an increase of $649,400 or 75%. The increase in sales in 1999 over the same period in 1998 was largely due to the sales of the ZAPPY scooter that accounted for $916,000 or 61% of total sales for the quarter. This was an increase of $613,300 in sales of the ZAPPY scooter over the second quarter of 1998. The sales of the ZAPPY scooter have increased as the product has become more widely recognized throughout the world. Gross profit increased as a percentage of net sales to 44% from 26%. The total gross profit increased $443,100 or 195%. The increase in gross margin dollars can be primarily attributed to margins generated from the sales of the ZAPPY scooter. The increase in gross margin percentage can be attributed to the substantial reduction in product costs that has mostly occurred because of the change to sourcing more materials with overseas vendors and a higher percentage of retail sales specifically coming from the Internet and Law Enforcement. Selling expenses in the second quarter ended June 30, 1999 were $249,100, flat compared to the $250,700 for the second quarter ended June 30, 1998. As a percentage of sales, selling expenses decreased from 29% of sales to 16% of sales. General and administrative expenses for the quarter ended June 30, 1999 were $296,100. This was an increase of $76,200 or 35% from 1998. As a percentage of sales, general and administrative expense decreased to 20% from 25% of net sales. Expense increases during the 2nd quarter of 1999 as compared to the 2nd quarter of 1998 resulted from increased personnel costs, added legal costs in setting up the Company's Franchise and Outlet stores, as well as increased credit card fees paid on larger sales. Research and development increased $28,000 or 59% from the 2nd quarter of 1998 as compared to the 2nd quarter of 1999. As a percentage of net sales it decreased to 5% of sales in the 2nd quarter of 1999 as compared to 6% of sales in the 2nd quarter of 1998. Research and development costs increased due to increased demands for the development of new products and additional research and analysis on new batteries, motors, and chargers. 7 Other income (expense). Interest expense decreased in the second quarter of 1999 by $2,600 from the second quarter of 1998 as most of the outstanding notes payable were paid off in the first quarter or early second quarter. Other income increased by $20,500,of which, $13,500 was from interest earned on additional capital invested into the Company. Six Months Ended June 30, 1999 Compared to Six Months Ending June 30, 1998 Net sales for the six months ended June 30, 1999 were $2,677,200 compared with $1,324,900 in the six months ended June 30, 1998, an increase of $1,352,300 or 102%. The increase in sales is primarily attributable to sales of the ZAPPY scooter. The sales of ZAPPY scooters accounted for $1,696,100 of sales in the first six months of 1999 compared to $312,300 of sales in the first six months of 1998. Gross profit increased as a percentage of net sales, to 40% from 32%. The total gross profit increased $659,500 or 158%. The increase in gross margin dollars can be primarily attributed to gross margins realized on the sales of the ZAPPY scooters and from greater retail sales generated from the Internet. The increase in gross margin percentage can be attributed to reduced material costs on preexisting products in the current six months as compared to the six months ended June 30, 1998. Selling expenses for the six months ended June 30, 1999 were $449,100 as compared to $409,700 for the six months ended June 30, 1998. This was an increase of $39,400 or 10% from 1998 to 1999. As a percentage of sales, selling expenses decreased from 31% of sales to 17% of sales. The increase in dollars resulted from commissions paid to independent sales representatives selling products to specifically contracted areas throughout the country, and increases in sales personnel. General and administrative expenses for the six months ended June 30, 1999 were $514,300. This is an increase of $131,900 or 34% from 1998. As a percentage of sales, general and administrative expense decreased to 19% from 29% of net sales. Expense increases during the first six months of 1999 as compared to the first six months of 1998 occurred due to increased personnel needs to handle additional administrative tasks, and upgrades and repairs to outdated computer equipment. Research and development increased $43,300 or 54% for the first six months of 1999 as compared to the first six months of 1998. As a percentage of net sales, research and development decreased to 5% of sales in the first six months of 1999 as compared to 6% of sales in the first six months of 1998. Increased personnel costs incurred to help develop new products led to higher costs in the second quarter of 1999. Other income (expense). Interest expense decreased in the first six months of 1999 by $69,400 from the first six months of 1998. Most of the outstanding notes payable from 1998 were paid off during the first and early second quarters of 1999, resulting in the decrease. Interest income increased by $17,000 from the first six months of 1998 to the first six months of 1999 as a result of interest earned on additional capital invested in the company. Liquidity and Capital Resources The Company had cash provided from operations of $11,000 during the six months ended June 30, 1999 as compared to cash used from operations of $725,600 for the first six months of 1998. Cash provided from operations in the first six months of 1999 was the result of the net loss incurred for the period of $66,900, offset by net non-cash expenses of $795,900, and the net change in operating assets and liabilities resulting in a further use of cash of $718,000. Cash used in operations for the first six months of 1998 was the result of the net loss incurred for the first six months of $459,400, offset by net non-cash expenses of $109,200, and the net change in operating assets and liabilities resulting in further use of cash of $375,400. Investing activities used cash of $139,200 and $96,300 during the first six months ended June 30, 1999 and 1998 respectively. The uses of cash were for the purchase of fixed assets and the Company's investment in Electric Motorbike Inc. for certain technology and option rights. 8 Financing activities provided cash of $3,022,700 and $404,400 during the first six months ended June 30, 1999 and 1998 respectively. In both years, the cash provided by financing activities resulted from the sales of common stock, $3,888,400 and $411,300 for the first six months ended June 30, 1999 and 1998 respectively, offset by principal payments on outstanding debt. At June 30, 1999, the Company had cash and cash equivalents of $3,048,700 as compared to $273,000 at June 30, 1998. At June 30, 1999, the Company had working capital of $4,266,800 as compared to working capital of $693,600 at June 30, 1998. The increase in both cash and cash equivalents and working capital in the first six months of 1999 over the first six months of 1998 are primarily due to the proceeds received from the Company's private placement offering which more than offset the Company's net losses during the same period. The Company, at present, does not have a credit facility in place with a bank or other financial institution. The Company has established an accounts receivable facility that is guaranteed by the U.S. Exim Bank. The Company believes that the cash and cash equivalents on hand at June 30, 1999, will be sufficient to allow the Company to continue its expected level of operations for the remainder of the year. The Company's primary capital needs are to fund its growth strategy, which includes increasing its internet shopping mall presence, increasing distribution channels, establishing company owned and franchised ZAP stores, introducing new products, improving existing product lines and developing of strong corporate infrastructure. Dates following December 31, 1999 and beyond (the "Year 2000 Problem") Many existing computer systems and applications, and other devices, use only two digits to identify a year in the date field, without considering the impact of the upcoming change in the century. Such systems and applications could fail or create erroneous results unless corrected. The Company relies on its internal financial systems and external systems of business enterprises such as customers, suppliers, creditors, and financial organizations both domestically and globally, directly and indirectly for accurate exchange of data. The Company has evaluated such systems and has taken the appropriate steps that they believe address the concerns of the Year 2000 Problem. However, even though the internal systems of the Company are not materially affected by the Year 2000 issue the Company could be affected through disruption in the operation of the enterprises with which the Company interacts. Seasonality and Quarterly Results The Company's business is subject to seasonal influences. Sales volumes in the bicycle industry typically slow down during the winter months, November to March, in the U.S. Inflation The Company's raw materials are sourced from stable cost competitive industries. As such, the Company does not foresee any material inflationary trends for its raw material sources. 9 Item 1. Legal Proceedings In July 1999, a dismissal order was issued in the patent infringement suit between ZAP and Omni Instruments, under the leadership of an individual named Joseph Stevenson. In consideration of the dismissal, ZAP was required to pay to Omni an immaterial amount of cash and stock. In consideration for the amount paid, Omni stipulated to stop making, advertising, and/or selling the EROS electric system for bicycles sixty (60) days after entry of the order approving the stipulation. Omni agrees to sell only the products in its inventory, not to exceed a maximum of 80 EROS systems. Item 2. Changes in Securities There were no changes in rights of securities holders. Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities. Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to the vote of security holders. Item 5. Other Information There were no major contracts signed during the period. Item 6. Exhibits and Reports on Form 8-K No reports on Form 8-K were filed during the quarter. 10 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ZAPWORLD.COM - ------------------------------------------- (Registrant) Date ------------------ --------------------------------------------------- James McGreen - President and Director Date ------------------ --------------------------------------------------- Gary Starr - Managing Director and Chief Financial Officer 11 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ZAPWORLD.COM FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1999 JUN-30-1999 3,048,700 0 493,000 (35,000) 1,176,200 5,082,200 463,900 (242,200) 5,485,200 815,400 6,200 0 0 8,046,000 (3,413,700) 5,485,200 2,677,200 2,694,600 1,599,200 1,086,600 0 (35,000) 75,700 (66,900) 0 (66,900) 0 0 0 (66,900) (0.02) (0.02)
-----END PRIVACY-ENHANCED MESSAGE-----