-----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, N9FYovhzx/70I3RDLo3vq6ZvGYr+hZAO7OJ6FcDWbtXsdMl3TlHvenJK7eQ8prB6 9xYkHEpkOMuVMLlcInuZNQ== 0001079450-99-000009.txt : 19991117 0001079450-99-000009.hdr.sgml : 19991117 ACCESSION NUMBER: 0001079450-99-000009 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BILTMORE GROUP OF LOUISIANA LLC CENTRAL INDEX KEY: 0001079450 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 721423893 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-72379 FILM NUMBER: 99756953 BUSINESS ADDRESS: STREET 1: 507 TRENTON ST CITY: W MONROE STATE: LA ZIP: 71291 BUSINESS PHONE: 3183232115 MAIL ADDRESS: STREET 1: 507 TRENTON ST CITY: W MONROE STATE: LA ZIP: 71291 10QSB 1 THIRD QUARTER 1999 10QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED SEPTEMBER 30, 1999 The Biltmore Group, of Louisiana, L.L.C. (Exact name of registrant as specified in its charter) Louisiana 72-1423893 ------------------------------------- ----------------------------- (State or other jurisdiction of incorporation (IRS Employer Identification or organization) Number) 507 Trenton Street, West Monroe, Louisiana 71291 (Address of principal executive offices)(Zip code) Registrant's telephone number, including are code (318) 323-2115 Number of memberships outstanding of each of the registrant's class of membership, as of SEPTEMBER 30, 1999 1,112,763 Members' equity contributions 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 twelve (12) months (or for such shorter period that the registrant was required to file such report) and (2) has subject to such filing requirements for the past ninety (90) days. Yes X No -------- --------- The Biltmore Group of Louisiana, L.L.C. Form 10-QSB TABLE OF CONTENTS Part 1: Financial Information Page Item 1. Financial Statements (Unaudited) Balance Sheets as of September 30, 1999 (unaudited) ................. 6 Statements of Income for the nine months ended September 30, 1999 (unaudited) ........................................ 8 Statement of Members' Equity for the nine months ended September 30, 1999 (unaudited) .................................. 10 Statements of Cash Flows for the nine months ended September 30, 1998 (unaudited)................................... 11 Notes to Financial Statements.......................................... 12 Item 2. Management's Discussion and Analyses of Financial Conditions and Results of Operations.............................................. 17 Part II: Other Information Item 1. Legal Proceedings.............................................. 19 Item 2. Changes in Securities.......................................... 19 Item 3. Defaults Upon Senior Securities................................ 19 Item 4. Submission of Matters to a Vote of Security Holders............ 19 Item 5. Other Information.............................................. 20 Item 6. Other Matters.................................................. 20 Item 7. Exhibits and reports on Form 8-K .............................. 20 THE BILTMORE GROUP OF LOUISIANA, L.L.C. FINANCIAL STATEMENT SEPTEMBER 30, 1999 THE BILTMORE GROUP OF LOUISIANA, L.L.C. Financial Statement September 30, 1999 Table of Contents Page FINANCIAL STATEMENTS: Report 5 Balance Sheet 6 Statement of Income 8 Statement of Members' Equity 10 Statement of Cash Flows 11 Notes to Financial Statements 12 THE BILTMORE GROUP OF LOUISIANA, L.L.C. To the Board of Directors and Shareholders THE BILTMORE GROUP OF LOUISIANA, L.L.C. West Monroe, Louisiana The accompanying balance sheet of THE BILTMORE GROUP OF LOUISIANA, L.L.C. as of September 30, 1999, and the related statement of income, retained earnings and cash flows for the nine months then ended, were prepared internally from the books and records of THE BILTMORE GROUP OF LOUISIANA, L.L.C. These financial statements were not audited or reviewed. /S/JOANNE CALDWELL-BAYLES Joanne Caldwell-Bayles Managing Member, THE BILTMORE GROUP OF LOUISIANA, L.L.C. November 10, 1999 507 Trenton Street West Monroe, LA 71291 - 318 323-2115 - FAX 318-323-6281 THE BILTMORE GROUP OF LOUISIANA, L.L.C. Balance Sheet September 30, 1999
ASSETS Current assets: Cash $ 3,321 Escrow cash 14,399 Sinking fund cash 171,360 ---------- Total current assets 189,080 ---------- Property, plant and equipment Buildings and construction in process 7,305,120 Equipment 28,248 Land 677,099 ---------- 8,010,467 Less: Accumulated depreciation 38,200 ---------- Net property and equipment 7,972,267 ---------- Other assets Utility deposits 2,324 ---------- $ 8,163,671 ----------
See accompanying notes. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Balance Sheet September 30, 1999
LIABILITIES AND MEMBERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 14,940 Notes payable 5,747,897 ---------- Total current liabilities 5,762,837 ---------- Long-term debt: Bonds payable-Net 1,322,583 ---------- Total long-term debt 1,322,583 ---------- Other liabilities: Due to Members and affiliates 292,623 ---------- Members' equity 785,628 ---------- $ 8,163,671
See accompanying notes. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Statements of Income
for the three months for the nine months ended September 30, 1999 ended September 30, 1999 Revenues $ 52,414 $ 61,566 Expenses Accounting 5,000 5,000 Activities 890 1,551 Advertising 7,646 23,551 Automobile 317 1,222 Bank Charges 313 520 Casual Labor 571 2,380 Consulting 0 5,000 Decorations 663 1,171 Depreciation 22,200 38,200 Dues & Subscriptions 219 872 Employee Incentives 55 2,557 Employee Screening 527 1,433 Equipment Rental 417 1,266 Food Cost 6,295 9,137 Gloves 13 13 Housekeeping 314 4,380 Insurance 620 4,594 Interest 17,465 18,865 Laundry 132 132 Lawn Care 1,726 3,496 Licenses & Permits 225 907 Management Fees 10,858 10,858 Miscellaneous 947 8,402 Office 574 712 Office Supplies 0 1,448 Paper Goods 144 256 Payroll Expenses 78,004 135,044 Pest Control 529 779 Postage & Delivery 682 2,696 Printing 1,993 5,865 Professional Fees 0 175 Promotion 2,065 10,147 Rental Bonds 700 700 Repairs 1,679 5,053 Resident Gift 117 117 Taxes 168 949 Telephone 2,180 5,472 Training & Education 70 11,050 Travel & Entertainment 636 10,006 Uniforms 496 950 Utilities 10,470 36,560
THE BILTMORE GROUP OF LOUISIANA, L.L.C. Statements of Income
for the three months for the nine months ended September 30, 1999 ended September 30, 1999 Van Expense 280 280 Waste Removal 770 770 Wellness 48 48 Total Expenses 179,649 364,584 Net Income (Loss) $ (127,235) $ (303,018)
THE BILTMORE GROUP OF LOUISIANA, L.L.C. Statement of Members' Equity
for the three months for the nine months ended September 30, 1999 ended September 30, 1999 Beginning members' equity $ 912,863 $ 1,088,646 Net income (loss) (127,235) (303,018) Ending members' equity $ 785,628 785,628
See accompanying notes. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Statement of Cash Flows
for the three months for the nine months ended September 30, 1999 ended September 30, 1999 Cash flows from operating activities: Net loss $ (127,235) $ (303,018) Adjustments to reconcile net income to cash used by operations: Depreciation 22,000 38,200 Increase in accounts payable 8,794 13,477 Net cash used by operations (96,241) (251,341) Cash flows from investing activities: Payments for buildings and construction 1,419,469 4,091,134 Payments for equipment 17,427 28,248 Payments for land and improvements 0 73,360 Payments for utility deposits 0 2,324 Net cash applied to investing activities 1,436,896 4,196,066 Cash flows from financing activities: Proceeds of interim construction loans 601,220 2,888,963 Proceeds from bond sales 810,799 1,432,583 Loans from stockholders and affiliates 110,213 292,623 Net cash from financing activities 1,522,232 4,614,169 Net decrease in cash (10,905) 167,762 Cash at the beginning of the period 199,985 21,318 Cash at the end of the period 189,080 189,080
See accompanying notes. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Notes to Financial Statements Note 1 - Summary of Significant Accounting Policies Nature of Business The Company is a Louisiana limited liability company established to develop assisted living Centers and dementia facilities for the housing and care of senior citizens in Bastrop, Farmerville, Minden, and Natchitoches, Louisiana and Sedona, Arizona. Basis of Accounting The Company uses the accrual basis of accounting and will utilize a calendar year for all reporting purposes. Income Taxes The company is treated as a partnership for federal income tax purposes. Consequently, federal income taxes are not payable by, or provided for, by the Company. Property, Buildings, Equipment, and Depreciation Buildings and equipment are stated at cost and are to be depreciated by the straight- line method over their estimated economic lives. Buildings shall include capitalized construction period interest which will be treated as a component cost of the building and depreciated over the same economic life as the building. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affects certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Notes to Financial Statements Note 1- Summary of Significant Accounting Policies- (continued) Deferred Charges Deferred charges represents the costs associated with obtaining long- term financing for the care facilities of the Company. These costs are to be amortized over the life of the bonds using the effective interest rate method. These costs have been included as a component of Bonds payable on the balance sheet. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with instructions to Form 10-QSB and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management's opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the unaudited interim financial statements have been included. Operating results for interim periods reflected are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-KSB. Certain reclassifications have been made to previously reported amounts to conform with the current presentation. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Notes to Financial Statements Note 2 - Related Party Transactions The company has entered into a design/builder contract in the amount of $ 1,777,000 with The Forsythe Group, Inc., one of its members, to construct the Bastrop facility. The contract calls for cash payments of $ 1,352,000 during the building of the facility as approved by the contract engineer, with the balance of $ 425,000 through the issuance of certificates of membership. As of September 30, 1999, $1,242,227 has been paid on this contract and $ 175,000 of membership equity has been issued for the services rendered in connection with this project. The remainder of the $ 250,000 due to be paid through the issuance of equity certificates will be issued at the completion of the project. The company has entered into a design/builder contract in the amount of $ 1,777,000 with The Forsythe Group, Inc., one of its members, to construct the Farmerville facility. The contract calls for cash payments of $ 1,352,000 during the building of the facility as approved by the contract engineer, with the balance of $ 425,000 through the issuance of certificates of membership. As of September 30, 1999, $ 1,010,382 has been paid on this contract and $ 135,000 of membership equity has been issued for the services rendered in connection with this project. The remainder of the $ 290,000 due to be paid through the issuance of equity certificates will be issued at the completion of the project The company has entered into a design/builder contract in the amount of $ 1,777,000 with The Forsythe Group, Inc., one of its members, to construct the Minden facility. The contract calls for cash payments of $ 1,352,000 during the building of the facility as approved by the contract engineer, with the balance of $ 425,000 through the issuance of certificates of membership. As of September 30, 1999, $ 1,241,792 has been paid on this contract and $ 174,000 of membership equity has been issued for the services rendered in connection with this project. The remainder of the $ 251,000 due to be paid through the issuance of equity certificates will be issued at the completion of the project The company has entered into a design/builder contract in the amount of $ 1,777,000 with The Forsythe Group, Inc., one of its members, to construct the Natchitoches facility. The contract calls for cash payments of $ 1,352,000 during the building of the facility as approved by the contract engineer, with the balance of $ 425,000 through the issuance of certificates of membership. As of September 30, 1999, $884,795 has been paid on this contract and $ 135,000 of membership equity has been issued for the services rendered in connection with this project. The remainder of the $ 250,000 due to be paid through the issuance of equity certificates will be issued at the completion of the project. THE BILTMORE GROUP OF LOUISIANA, L.L.C. Notes to Financial Statements Note 2- Related Party Transactions - (continued) The amounts shown as due to members and affiliates represents working capital loans made for the construction and operation of the facilities. These amounts advanced accrue interest at the current market rate. Note 3 - Development Stage Operations As of September 30, 1999, we had under development and in partial operation one independent living facility located in the village Oak Creek, Sedona Arizona, one assisted living facility (ALF's) open in Minden Louisiana and three ALF's under construction in Bastrop, Farmerville, and Natchitoches, Louisiana. Note 4 - Bonds Payable On May 17, 1999, the Company's issue of $ 9,900,000 of bonds became effective. These bonds are to become the permanent financing for the projects reflected in this financial statement. As of September 30, 1999, these bonds are in the process of being sold with the proceeds of these bond sales used to liquidate the construction loans. As of September 30, 1999, the status of these bonds is as follows: THE BILTMORE GROUP OF LOUISIANA, L.L.C. Notes to Financial Statements Note 4 - Bonds Payable-(continued)
Amount Amount Location Authorized Issued Bastrop $ 1,800,000 $ 577,250 Farmerville $ 1,800,000 $ 0 Minden $ 1,800,000 $ 1,088.000 Natchitoches $ 1,800,000 $ 0 Sedona $ 2,700,000 $ 0 Totals $ 9,900,000 $ 1,665,520
These bonds have varying interest rates from 6.5 percent per annum to 9.5 percent per annum. The maturity of these bonds is from six months seven and half years. Bonds payable on the balance sheet reflects the accrued interest due and is reflected net after the deferred charges incurred in issuing and selling the bonds. Note 5 - Notes Payable Notes payable represents the construction loans which provide funding for the interim construction payments for the facilities until the bonds are sold and applied to pay off the debt. These loans bear interest at the current market rate. The interest on these notes has been capitalized as construction period interest and will be included as a component of the cost to be depreciated over the estimated economic life of the facility. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW This commentary should be read in conjunction with the following documents for a full understanding of The Biltmore Group of Louisiana, L.L.C. financial condition and the status of the Company, which reflects little or no operations; the entire Prospectus dated May 17, 1998; and the unaudited financial statement presented herein along with all of the footnotes thereto. As a result of the Company having little or no operations as of the end of the third quarter, readers should be aware of the success and/or failures within the Assisted Living Industry. As of September 30, 1999, we had under development and in partial operation one independent living facility located in the village Oak Creek, Sedona Arizona, one assisted living facility (ALF's) open in Minden Louisiana and three ALF's under construction in Bastrop, Farmerville, and Natchitoches, Louisiana. The Bastrop ALF opened in October 1999. The Minden ALF containing twenty-six units opened on June 23, 1999. As of November 1, 1999, ten units were occupied. The Bastrop, Louisiana ALF containing twenty-six units opened in late August 1999, and The Farmerville, Louisiana ALF containing twenty-six units was completed September 1999, and Natchitoches, Louisiana ALF will open in late October or early November 1999. Our marketing of the three ALF under construction indicate strong local support. The Independent Living facility located in Sedona, Arizona completed phase one of the rehabilitation and opened on October 16, 1998. We believe in order to maximize the income potential for the project additional income-producing facilities should be added. In order to determine the additional facilities to be added we are working with The Big Park Regional Council (Council) and Yavapai County planning department to create a project that will meet the need of the village of Oak Creek. Some of additions being studied are: * Add an office to be leased to a Doctor (There are no Doctors located in the village at this time. The Doctor will also serve Biltmore residents) * Add a senior day care facility. * Arrange discount golfing privileges for guest. * Add additional space for exercise equipment to improve the wellness program. * Allow paid memberships to local seniors and their families to use the indoor pool, exercise areas and dinning room facilities member activities. * Expand the wellness program to include local residence. After completing the studies for the above programs the company is in the process of adding exercise equipment and expanding the wellness program to include a wellness spa for the enrichment of mind body and spirit. Work is continuing with the local community to determine the viability of adding local services. The additional exercise equipment and wellness spa will be in place before the end of 1999. The additional cost of facilities to be added will be approximately $100,000. The funds are being provided by the members. The construction of the facilities are being financed through the sale of Co-First Mortgage bonds as set forth in the prospectus dated May 17, 1999 and construction loans provided by Church Loans and Investments Trust of Amarillo Texas and First Republic Bank of Monroe, Louisiana. The Company continues to finance the expansion and development by loans from The Forsythe Group, Inc. (Affiliate of the Company) and contributions by the members as well as the public offering of First Mortgage Bonds. Change in Employees Prior to the opening of the Oak Creek Independent Living facility, the Company had no operations. Employees consisted of the President, Joanne M. Caldwell-Bayles. As of September 6, 1999, we had twenty seven employees, which include the management personnel for Bastrop. Given the low unemployment in the property areas we are pleased with a large number of applications for employment in all Louisiana markets. The number of applications for employment in the Oak Creek area is limited and will have a possible negative impact on construction and operations. Results of operations: The Company's first facility opened for business on October 16, 1998 in Sedona, Arizona. The Minden facility opened for business in June 1999. The operating loss for the first nine months of 1999 was $303,018, which includes start-up costs of approximately $112,000.00 for the Sedona facility. There have been insufficient rentals to form an opinion of future success with any certainty. Major changes in Financial Conditions The major changes in financial condition between June 30, 1999 and September 30, 1999 is as follows: Current assets consisted primarily of cash in the amount of $189,080. Cash is restricted as follows: $14,399 to fund bond reserve accounts and $171,360 is restricted to pay Operating Fund Payments. Property and equipment increased from $6,557,571 as of June 30, 1999 to $7,972,267 as of September 1999. The increase is the result of completion of building projects and acquisition of equipment for the five locations. Total current liabilities increased from $3,013,798 as of June 30, 1999 to $5,762,837 as of September 30, 1999 consisting primarily due to borrowings on interim construction loans. Long term debt decreased from $2,650,809 as of June 30, 1999 to $1,322,583 as of September 30, 1999 which consisted of bond payables. Liabilities due stockholders and affiliates increased from $182,410 as of June 30, 1999 to $292,623 as of September 30, 1999. Total Members' Equity decreased from $912,863 as of June 30, 1999 to $785,628 as of September 30, 1999 due to the operating loss sustained for the first six months. Liquidity and Financial Position The Company receives significant operating funds from its affiliate The Forsythe Group, Inc., through short-term loans. The ability of The Forsythe Group to continue to make available loans is necessary for the continuing success of the company. If future conditions would create problems in Forsythe's ability to advance funds to the Company, the Company's future success would be in doubt. Year 2000 The Company relies on computer hardware, software, and related technology, together with data, in the operation of its business. In addition, the Company is dependent on the same type of technology and data generated by financial institutions; the Federal Government including the Social Security Administration; State of Louisiana; Investment Bankers; Trustees for the bondholder; Interim lenders; and Utility companies. The Company has initiated an enterprise wide program to prepare for the year 2000. The Company has created a year 2000 program office reporting to the Chief Executive Officer to coordinate and oversee the company's year 2000 program. All of the Company's computer systems have been cleared to meet the year 2000 requirements by contacting the manufacturer of the equipment and receiving written notice of compliance. The computer software necessary for the accounting function has also been cleared for the year 2000 requirements in writing from the developer of the accounting software. The Company has discussed the year 2000 with all of the above set forth companies and agencies and has been assured either in writing or verbally that each anticipates compliance for the year 2000. As a result of the Company's own operations already being in compliance with the year 2000, it is dependent upon outside forces to also be in compliance. It is impossible for the Company to be sure that all governmental agencies, utilities, financial institutions, and others with whom it does business will also be in compliance. The failure or some or all the above stated agencies being in compliance with the year 2000 would be catastrophic, and the survival of the Company would be in doubt. Because of the uncertainty of the problems faced with the year 2000 the Company has adopted an action plan to protect the seniors living with the Communities. The major item to be included is as follows; 1. Place in storage at each community a five-day supply of food items, including canned meats and vegetables, water, and other non-perishable items necessary for providing meals. 2. Prepare, with the assistance of residents, a five-day supply of clothing that will not have to be cleaned in order to aid in healthy living. 3. Encourage Physicians to obtain an adequate supply of necessary medical needs of residence. 4. Encourage residents and their families to meet the financial needs for each resident by having some cash on hand at the end of the year. The cash to be reserved for residences should not be held at the residents quarters. 5. Work with local officials in preparing a safety plan of operation in event of failure of medical, public safety, utilities and other services. 6. Adequate fuel to operate vehicles, heating devices and other services. 7. Such other assistance that may come to our attention as the Company continues to monitor the year 2000 problems. Forward- Looking Statements: Statements that are not historical facts, including statements about (I) operating profits or losses as those discussed in results of operations; (II) completion dates of facilities; (III) fixed asset expenditures; and (IV) the successful sale of the balance of the bonds are forward-looking statements that involve risks and uncertainties. The Company wishes to caution the reader that factors below, along with the factors set forth in the Company's May 17, 1999 prospectus and in the Company's other documents filed with the SEC, have affected and could affect the Company's actual results causing results to differ materially from those in any forward- looking statement. These factors include: the acceptance of the Assisted Living Concept by each of the communities in which they are located, increased competition in each of the communities, economic outlook whether the economy improves or slips into recession, technological changes in dealing with seniors, change in government regulation, the success of strategic decisions to improve financial performance, the ability of the Company to contain costs, and the continued increase in the market acceptance of ALF's. Part II - Other Information Item 1. Legal proceedings None Item 2. Change in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6: Other Matters None Item 7. Exhibits and reports on Form 8-K None 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. Senior Retirement Communities, Inc. (Registrant) /S/JOANNE M. CALDWELL-BAYLES Date: November 10, 1999 By: Joanne M. Caldwell-Bayles President, Finance and Treasurer EX-27 2 ART 5 FDS FOR 3RD QUARTER 10-QSB
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL SINFORMATION EXTRACTED FROM THE UNAUDITED FINANCIAL STATEMENT OF THE BILTMORE GROUP OF LOUISIANA, L.L.C. DATED SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERANCE TO SUCH FINANCIAL STATEMENT. INFORMATION SET FORTH IN THIS SCHEDULE DOES NOT CONTAIN ALL OF THE INFORMATION NECESSASRY AND SHOULD BE READ IN CONJUCTION WITH THE COMPLETE UNAUDITED FINANCIAL STATEMENT DATED SEPTEMBER 30, 1999 INCLUDING FOOTNOTES. 9-MOS DEC-31-1999 SEP-30-1999 189,080 0 0 0 0 189,080 8,010,467 38,200 8,163,671 5,762,837 1,332,583 0 0 0 1,112,763 8,163,671 0 52,414 0 0 179,649 0 17,465 0 0 0 0 0 0 (127,235) (.11) (.11)
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