Index
|
|
Notice To Reader
|
2
|
Interim Consolidated Statements of Financial Position
|
3
|
Interim Consolidated Statements of Operations and Comprehensive Loss
|
4
|
Interim Consolidated Statement of Shareholders Equity
|
5
|
Interim Consolidated Statements of Cash Flows
|
6
|
Notes to Interim Consolidated Financial Statements
|
7-17
|
As at,
|
Note
|
June 30, 2012
|
March 31, 2012
|
|||
(Audited)
|
||||||
Assets
|
||||||
Current
|
||||||
Cash
|
$126,590
|
$58,359
|
||||
Short term investments
|
4,15(v)
|
85,050
|
227,600
|
|||
Other receivable
|
7
|
5,319,405
|
231,039
|
|||
Exploration and evaluation expenditures recoverable
|
6
|
1,493,351
|
6,972,740
|
|||
$7,024,396
|
$7,489,738
|
|||||
Long-term assets
|
||||||
Office equipment and furniture
|
5
|
$6,307
|
$6,717
|
|||
Total assets
|
$7,030,703
|
$7,496,455
|
||||
Liabilities and shareholders' equity
|
||||||
Current liabilities
|
||||||
Accounts payable and accrued liabilities
|
15(iv)
|
$1,320,254
|
$1,040,450
|
|||
Deferred costs recovery
|
8
|
$ -
|
$1,615,177
|
|||
Total current liabilities
|
$1,320,254
|
$2,655,627
|
||||
Shareholders' Equity
|
||||||
Capital stock
|
9
|
$36,081,260
|
$36,081,260
|
|||
Warrants
|
11
|
7,446,261
|
7,446,261
|
|||
Stock option reserve
|
4,755,077
|
4,755,077
|
||||
Fair value reserve
|
(7,500)
|
19,500
|
||||
Deficit
|
(42,564,649)
|
(43,461,270)
|
||||
(42,572,149)
|
(43,441,770)
|
|||||
Total shareholders' equity
|
$5,710,449
|
$4,840,828
|
||||
Total liabilities and shareholders' equity
|
$7,030,703
|
$7,496,455
|
||||
Commitments and Contingent Liabilities (Note 14)
|
||||||
Related Party Transactions (Note 15)
|
Note
|
2012
|
2011
|
|
Income
|
|||
Other income
|
$101,020
|
$ -
|
|
Expenses
|
|||
Value of warrants cancelled
|
8(i)
|
(1,231,290)
|
-
|
Professional fees
|
151,475
|
338,388
|
|
Consulting fees
|
13,14(b), (c),(d) &,15(iii)
|
106,200
|
113,236
|
Shareholders' information
|
14(a),15(i)
|
31,430
|
30,739
|
Travel, meals and promotions
|
15(ii)
|
2,220
|
6,258
|
Office and general
|
36
|
8,050
|
|
Payroll
|
12,132
|
9,251
|
|
Rent
|
6,532
|
6,335
|
|
Communication
|
1,508
|
3,133
|
|
Transfer agents fees
|
826
|
1,193
|
|
Bank charges and interest
|
378
|
396
|
|
Amortization
|
411
|
560
|
|
Write down of short term investments
|
115,550
|
343,750
|
|
Loss on disposal of short term investments
|
-
|
14,540
|
|
Exchange loss
|
6,991
|
(2,284)
|
|
(795,601)
|
873,545
|
||
Net income (loss) for period
|
896,621
|
(873,545)
|
|
Other comprehensive loss
|
|||
Unrealized (loss) gain for period on short term investments, net of tax
|
(27,000)
|
(77,799)
|
|
Other comprehensive loss for period
|
(27,000)
|
(77,799)
|
|
Total comprehensive income ( loss) for period
|
$869,621
|
$(951,344)
|
|
Earnings (loss) per common share
|
12
|
||
Basic
|
$0.01
|
$(0.01)
|
|
Fully diluted
|
$0.01
|
$(0.01)
|
Number of Shares
|
Capital Stock
|
Warrants
|
Stock option reserve
|
Fair value reserve
|
Accumulated Deficit
|
Total Equity
|
|
Balance, April 1, 2011
|
79,664,076
|
$36,078,140
|
$8,677,551
|
$4,755,077
|
$168,347
|
$(40,990,892)
|
$8,688,223
|
Unrealised loss on short term investments ,net of tax
|
(77,799)
|
(77,799)
|
|||||
Net loss for period
|
(873,545)
|
(873,545)
|
|||||
Balance, June 30, 2011
|
79,664,076
|
$36,078,140
|
$8,677,551
|
$4,755,077
|
$90,548
|
$(41,864,437)
|
$7,736,879
|
Balance April 1, 2012
|
78,714,076
|
$36,081,260
|
$7,446,261
|
$4,755,077
|
$19,500
|
$(43,461,270)
|
4,840,828
|
Unrealised loss on short term investments ,net of tax
|
(27,000)
|
(27,000)
|
|||||
Net income for period
|
896,621
|
896,621
|
|||||
Balance, June 30, 2012
|
$78,714,076
|
$36,081,260
|
$7,446,261
|
$4,755,077
|
$(7,500)
|
$(42,564,649)
|
$5,710,449
|
Note
|
2012
|
2011
|
|
Cash flows from operating activities
|
|||
Net income (loss) for period
|
$896,621
|
$(873,545)
|
|
Amortization of office equipment and furniture
|
411
|
560
|
|
Write down of short term investments
|
115,550
|
343,750
|
|
Loss on disposal of short term investments
|
-
|
14,540
|
|
Value of warrants cancelled
|
(1,231,290)
|
-
|
|
Consulting fees settled for common shares
|
13
|
-
|
7,171
|
Net change in working capital components
|
|||
Other receivables
|
(5,088,366)
|
(13,185)
|
|
Accounts payable and accrued liabilities
|
279,803
|
27,349
|
|
$(5,027,271)
|
$(493,360)
|
||
Cash flow from (into) investing activities
|
|||
Exploration and evaluation (expenditure) recovery
|
5,095,502
|
-
|
|
Net proceeds from sale of short term investments
|
-
|
245,200
|
|
$5,095,502
|
$245,200
|
||
Cash flow from financing activities
|
|||
Decrease in cash during period
|
68,231
|
(248,160)
|
|
Cash at beginning of period
|
58,359
|
348,464
|
|
Cash at end of period
|
$126,590
|
$100,304
|
|
Supplemental disclosures
|
|||
Non-cash operating activities
|
|||
Consulting fees prepaid in shares
|
-
|
(7,171)
|
|
$ -
|
$(7,171)
|
(a)
|
Statement of compliance
|
3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
4.
|
SHORT TERM INVESTMENTS
|
Marketable securities
|
||
Carrying average costs
|
fair market value
|
|
June 30, 2012
|
$92,550
|
$85,050
|
March 31, 2012
|
$208,100
|
$227,600
|
4.
|
SHORT TERM INVESTMENTS - continued
|
5.
|
OFFICE EQUIPMENT AND FURNITURE
|
Cost
|
Accumulated amortization
|
Net book value
|
Net book value
|
|
June 30, 2012
|
March 31, 2012
|
|||
Office furniture
|
4,725
|
3,070
|
1,655
|
1,742
|
Computer
|
6,020
|
3,963
|
2,057
|
2,244
|
Software
|
5,793
|
3,198
|
2,595
|
2,731
|
$16,538
|
$10,231
|
$6,307
|
$6,717
|
|
The Company signed a settlement agreement on December 15, 2011 to dispose of its interest in the Israeli project held through its ownership of 79.76% equity in IPC Cayman. The agreement being extended, from time to time, and amended, was finally closed on June 29, 2012.
|
Three months to June 30, 2012
|
Year ended March 31, 2012
|
|
Balance, at beginning of period
|
$6,972,740
|
$6,972,740
|
Cash deposits transferred from deferred cost recovery on settlement(Note 8(ii))
|
(383,887)
|
|
Cash received on settlement
|
(5,095,502)
|
|
Balance, end of period
|
$1,493,351
|
$6,972,740
|
7.
|
OTHER RECEIVABLE
|
June 30, 2012
|
March 31, 2012
|
|
Prepaid expenses and deposits
|
$10,525
|
$16,600
|
Taxes receivable
|
8,744
|
89,439
|
Court fee receivable (i)
|
77,248
|
|
Funds held in escrow (ii)
|
5,222,888
|
125,000
|
$5,319,405
|
$231,039
|
i.
|
Court fee receivable consists of refund of deposit of US$ 75,800 receivable from the Israeli court on dismissal of all lawsuits on settlement as explained in Note 6.
|
ii.
|
Funds held in escrow represent US$ 5,125,000 received from IPC Parties as part of the settlement as explained in Note 6 to a tax escrow account held by the Company’s Israeli tax escrow agent. The funds will be released to the Company once the Company’s application for an exemption from Israeli income tax is approved. If the application is not approved, then the tax escrow agent will withhold 30% Israeli tax. However, the Company believes that the withheld tax will be fully refunded upon assessment of its tax return by the Israeli Tax Authority.
|
8.
|
DEFERRED COSTS RECOVERY
|
June 30, 2012
|
March 31, 2012
|
|
Cancellation of warrants returned under the settlement agreement (Note 6) (i)
|
$ -
|
$1,231,290
|
Cash deposits received under the settlement agreement ( Note 6) (ii)
|
-
|
383,887
|
$ -
|
$1,615,177
|
(i)
|
The value of cancelled warrants was taken to income on closing of the settlement agreement on June 29, 2012
|
(ii)
|
Cash deposit was adjusted against exploration and evaluation expenditure on closing of the settlement agreement on June 29, 2012
|
(b)
|
Issued
|
Common
|
||
Shares
|
Amount
|
|
Balance at April 1, 2011
|
78,664,076
|
$36,078,140
|
Issued under 2009 Consultant Stock Compensation Plan
|
50,000
|
$3,120
|
Balance at June 30, 2012 and March 31, 2012
|
78,714,076
|
$36,081,260
|
(c)
|
As at June 30, 2012 and March 31, 2012, the Company had the following active Consultant Stock Compensation Plans:
|
|
Date of registration*
|
Registered shares under Plan
|
Issued to March 31, 2011
|
As at April 1, 2011
|
Issued
|
Balance at March 31, 2012 & June 30, 2012
|
|
2009 Plan
|
11-May-09
|
3,000,000
|
(843,333)
|
2,156,667
|
(50,000)
|
2,106,667
|
2011 Plan
|
11-Apr-11
|
6,000,000
|
-
|
6,000,000
|
-
|
6,000,000
|
|
*
|
Registered with the Securities and Exchange Commission of the United States of America (SEC) as required under the Securities Act of 1933.
|
Plan
|
Date of
|
# of Options
|
|||||
registration*
|
Registered
|
Issued
|
Expired
|
Cancelled
|
Exercised
|
Outstanding
|
|
1999 Stock option Plan
|
Apr 30, 2003
|
3,000,000
|
3,000,000
|
(70,000)
|
(1,200,000)
|
1,730,000
|
|
2003 Stock Option Plan
|
July 22, 2004
|
2,500,000
|
2,500,000
|
(155,000)
|
(400,000)
|
1,945,000
|
|
The Robinson Plan
|
Dec. 5, 2005
|
1,100,000
|
1,100,000
|
-
|
-
|
1,100,000
|
|
2005 Stock Option Plan
|
Dec. 5, 2005
|
1,000,000
|
1,000,000
|
-
|
(390,000)
|
-
|
610,000
|
7,600,000
|
7,600,000
|
(225,000)
|
(390,000)
|
(1,600,000)
|
5,385,000
|
|
* Registered with the Securities and Exchange Commission of the United States of America (SEC) as required under the Securities Act of 1933.
|
|
All outstanding options were fully vested on the dates of their grant.
|
|
(b)
|
The weighted average exercise price of the outstanding stock options was US$0.17 as at June 30, 2012 (March 31, 2012: US$0.17)
|
June 30, 2012
|
|
Number of options outstanding and exercisable
|
5,385,000
|
Exercise price in US$
|
0.17
|
Weighted average remaining contractual life (years)
|
2.19
|
11.
|
WARRANTS
|
June 30, 2012
|
||
Warrants outstanding & exercisable
|
||
Exercise price in US$
|
Number
|
Weighted average remaining contractual life (years)
|
0.10
|
10,400,000
|
1.75
|
0.25
|
12,846,420
|
1.75
|
0.35
|
44,825,000
|
2.68
|
0.29
|
68,071,420
|
2.35
|
|
13.
|
CONSULTING FEES
|
For the three months ended June 30,
|
2012
|
2011
|
Fees settled in stocks and options
|
$ -
|
$7,171
|
Fees settled for cash
|
106,200
|
106,065
|
$106,200
|
$113,236
|
(a)
|
The Company entered into media and investor relations contracts, with Current Capital Corp., a shareholder corporation, effective July 1, 2004, initially for a period of one year and renewed automatically unless cancelled in writing by a 30-day notice, for a total monthly fee of US$10,000.
|
(b)
|
The Company entered into a consulting contract with Mr Kam Shah, the Chief Executive Officer and Chief Financial Officer on April 1, 2005 for a five-year term. This term was extended by another five years to March 31, 2015 by the audit committee on April 1, 2010. Mr Shah’s monthly fee is $15,000 plus taxes. Further, the contract provides for a lump sum compensation of US$250,000 for early termination of the contract without cause. The contract also provides for entitlement to stock compensation and stock options under appropriate plans as may be decided by the board of directors from time to time.
|
(c)
|
The Company entered into a consulting contract with Mr Terence Robinson, a key consultant and a former Chief Executive Officer, on April 1, 2003 for a six-year term up to March 31, 2009. On August 4, 2009, this contract was renewed for another five years effective April 1, 2009. The renewed contract provides for a fixed monthly fee of $10,000 plus taxes. The Consultant will also be entitled to stock compensation and stock options under appropriate plans as may be decided by the board of directors from time to time.
|
(d)
|
The Company has a consulting contract with Mr John Robinson. Mr John Robinson is the sole owner of Current Capital Corp., a firm with which the Company has an on-going contract for media and investor relations, and is a brother of Mr Terence Robinson who is a key consultant to the Company and a former Chief Executive Officer of the Company. Mr Robinson provides services that include assisting the management in evaluating new projects and monitoring short term investment opportunities that the Company may participate in from time to time. A new Consulting Contract was signed with Mr John Robinson on July 1, 2009 for period covering up to March 31, 2014. The Contract provides for a fixed monthly fee of $8,500 plus taxes. The
Consultant will also be entitled to stock compensation and stock options under appropriate plans as may be decided by the board of directors from time to time.
|
(e)
|
The Company has agreed to the payment of a finder’s fee to Current Capital Corp., a related party, at the rate of 10% of the proceeds from the exercise of any of the outstanding warrants. The likely fee if all the remaining warrants are exercised will be approximately $1.8 million.
|
|
(i)
|
Included in shareholders’ information expense is $29,600 (2011 – $28,835) to Current Capital Corp, (CCC) for media relations services. CCC is a shareholder corporation and a director of the Company provides accounting services as a consultant.
|
|
(ii)
|
Business expenses of $3,890 (2011: $6,293) were reimbursed to directors of the corporation and $2,782 (2011 - $5,936) to a key consultant and a former chief executive officer of the Company.
|
(iii)
|
Consulting fees include cash fee paid to directors for services of $47,500 (2011: $47,500), $30,000 (2011: $30,000) paid to a key consultant and a former chief executive officer of the Company, $25,500 paid to a consultant who controls CCC (2011: $25,500). These fees are included in consulting expenses.
|
|
(iv)
|
Accounts payable includes $77,484 (2011: $49,839) due to CCC, $100,667 (2011: $11,964) due to directors, $178,094 (2011: $97,194) due to a key consultant and a former chief executive officer of the Company, and due to a consultant who controls CCC $145,605 (2011; $ 76,840).
|
|
(v) Included in short term investments is an investment of $nil carrying cost and $nil fair value (2011: $434,168 carrying cost and $240,000 fair value) in a public corporation controlled by a key shareholder of the Company. This investment in 2011 represented common shares acquired in the open market or through private placements and represents less than 1% of the said Corporation.
|
June 30, 2012
|
March 31, 2012
|
|||
Carrying value
|
Fair value
|
Carrying value
|
Fair value
|
|
Financial assets
|
||||
Cash
|
126,590
|
126,590
|
58,359
|
58,359
|
Other receivable
|
5,319,405
|
5,319,405
|
231,039
|
231,039
|
Short term investments
|
92,550
|
85,050
|
208,100
|
227,600
|
Financial liabilities
|
||||
Accounts payable and accrued liabilities
|
1,320,254
|
1,320,254
|
1,040,450
|
1,040,450
|
a)
|
Fair value of financial instruments
|
|
b)
|
Credit risk
|
a.
|
Cash– Cash is held with major financial institutions in Canada and therefore the risk of loss is minimal.
|
b.
|
Other receivables – The Company is not exposed to major credit risk attributable to customers. A significant portion of this amount is due from an Israeli escrow agent which is one of its major law firms. The balance is due from the Israeli and Canadian government
|
c.
|
Short term Investments –These investments are in junior Canadian public companies and are valued at their quoted market prices on reporting dates.
|
c)
|
Liquidity risk
|
|
d)
|
Market risk
|
June 30, 2012
|
March 31, 2012
|
June 30, 2011
|
|
One US Dollar to CDN Dollar
|
1.0191
|
1.000
|
0.9643
|
Cash, receivable & short term investments
|
$ 5,344
|
Accounts payable and accrued liabilities
|
(669)
|
Net assets
|
$ 4,675
|
18.
|
APPROVAL OF FINANCIAL STATEMENTS
|
|
The condensed interim consolidated financial statements were approved by the board of directors and authorized for issue on August 24, 2012.
|
Overview
|
3
|
Summary of Results
|
3
|
Number of Common shares, options and warrants
|
3
|
Business Environment
|
4
|
Risk Factors
|
4
|
Forward Looking Statements
|
4
|
Business Plan
|
4
|
Results of Operations
|
5
|
Liquidity and Capital Resources
|
7
|
Working Capital
|
7
|
Operating Cash Flows
|
8
|
Investing Cash Flows
|
8
|
Financing Cash Flows
|
9
|
Key Contractual Obligations
|
9
|
Off balance sheet arrangements
|
9
|
Transactions with Related Parties
|
9
|
Financial and Derivative Instruments
|
10
|
Use of Estimates and Judgments
|
11
|
Future Accounting Pronouncements
|
11
|
Internal Controls over Financial Reporting
|
12
|
Public Securities Filings
|
12
|
a.
|
The words “us”, “we”, “our”, “the Company” and “Bontan” have the same meaning unless otherwise stated and refer to Bontan Corporation Inc. and its subsidiary.
|
b.
|
Our indirect working interest in two drilling licenses offshore Israel is sometimes referred to as “Israel project”
|
c.
|
Israel Petroleum Company, Ltd Cayman, where we held 76.79% equity until June 29, 2012 is referred to as “IPC Cayman”
|
Quarter ended
|
Jun. 30
|
Mar. 31
|
Dec. 31
|
Sept. 30
|
Jun. 30
|
Mar. 31
|
Dec. 31
|
Sept. 30
|
2012
|
2012
|
2011
|
2011
|
2011
|
2011*
|
2010*
|
2010*
|
|
Total Revenue
|
101
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net income (loss)
|
897
|
(2,470)
|
(417)
|
(673)
|
(874)
|
(3,780)
|
(1,065)
|
(1,329)
|
Working capital
|
5,704
|
4,834
|
5,041
|
(146)
|
756
|
1,707
|
1,167
|
960
|
Shareholder’s equity
|
5,710
|
4,841
|
5,048
|
6,834
|
7,737
|
8,688
|
8,364
|
8,323
|
Net income (loss) per share - basic and diluted
|
$0.01
|
$(0.03)
|
$(0.01)
|
$(0.01)
|
$(0.01)
|
$(0.05)
|
$(0.01)
|
$(0.02)
|
As at June 30, 2012 AND August 24, 2012
|
|
Shares issued and outstanding
|
78,714,076
|
Warrants issued and outstanding (a)
|
68,071,420
|
Options granted but not yet exercised (b)
|
5,385,000
|
(a)
|
Warrants are convertible into equal number of common shares of the Company within two to five years of their issuance, at average exercise price of $0.29. These warrants have weighted average remaining contractual life of 2.35 years.
|
(b)
|
Options are exercisable into equal number of common shares at an average exercise price of US$0.17 and have a weighted average remaining contractual life of approximately 2.19 years.
|
·
|
Our lack of substantial operating history;
|
·
|
The success of the exploration prospects, in which we have interests;
|
·
|
Uninsured risks;
|
·
|
The impact of competition;
|
·
|
The enforceability of legal rights;
|
·
|
The volatility of oil and gas prices;
|
·
|
Weather and unforeseen operating hazards;
|
Three months ended June 30
|
2012
|
2011
|
In 000’s CDN$
|
||
Other Income
|
101
|
-
|
Expenses
|
796
|
(874)
|
Net income(loss) for period
|
897
|
(874)
|
Deficit at end of period
|
(42,565)
|
(41,864)
|
Three months ended June 30,
|
||
2012
|
2011
|
|
Operating expenses
|
43,341
|
56,664
|
Consulting fee & payroll
|
118,332
|
122,487
|
Exchange loss (gain)
|
6,991
|
(2,284)
|
Loss on disposal of short term investments
|
-
|
14,540
|
Write down of short term investments
|
115,550
|
343,750
|
Professional fees
|
151,475
|
338,388
|
Value of warrants cancelled
|
(1,231,290)
|
-
|
(795,601)
|
873,545
|
Three months ended June 30,
|
||
2012
|
2011
|
|
$2,220
|
$6,258
|
|
Travel, meals and promotion
|
||
Shareholders information
|
31,430
|
30,739
|
Other
|
9,691
|
19,667
|
$43,341
|
$56,664
|
Three months ended June 30,
|
2012
|
2011
|
Fees settled in common shares
|
-
|
$7,171
|
Fees settled in cash
|
106,200
|
106,065
|
Payroll
|
12,132
|
9,251
|
$118,332
|
$122,487
|
Exchange differences related to translation gains and losses arising from converting foreign currency balances, mainly in US dollar into Canadian dollar, which is the functional and presentation currency, on consolidation.
|
The company had net receivable in US dollar which, due to a slightly weakened Canadian dollar against the US dollar, resulted in a small exchange loss on conversion at June 30, 2012; whereas, at June 30, 2011, the Canadian dollar was stronger against the US dollar, resulting in a small gain on conversion.
|
1.
|
Current Capital Corp. (CCC). CCC is a related party in following ways
|
a.
|
Director/President of CCC, Mr. John Robinson is a consultant with Bontan
|
b.
|
CCC provides media and investor relation services to Bontan under a consulting contract.
|
c.
|
Chief Executive and Financial Officer of Bontan is providing services to CCC.
|
d.
|
CCC and John Robinson hold significant shares, options and warrants in Bontan.
|
2.
|
Mr. Kam Shah is a director of the Company and also provides services as chief executive and financial officer under a five-year contract. The compensation is decided by the board on an annual basis and is usually given in the form of shares and options.
|
3.
|
Mr. Terence Robinson was Chairman of the Board and Chief Executive Officer of the Company since October 1, 1991. He resigned from the Board on May 17, 2004 but continues with the Company as a key consultant. He advises the board in the matters of shareholders relations, fund raising campaigns, introduction and evaluation of investment opportunities and overall operating strategies for the Company.
|
June 30, 2012
|
March31, 2012
|
||||
Carrying value
|
Fair value
|
Carrying value
|
Fair value
|
||
Financial assets
|
|||||
Cash
|
126,590
|
126,590
|
58,359
|
348,464
|
|
Other receivable
|
5,319,405
|
5,319,405
|
231,039
|
114,069
|
|
Short term investments
|
92,550
|
85,050
|
208,100
|
227,600
|
|
Financial liabilities
|
|||||
Accounts payable and accrued liabilities
|
1,320,254
|
1,320,254
|
2,655,627
|
2,655,627
|
a.
|
Cash– Cash is held with major financial institutions in Canada and therefore the risk of loss is minimal.
|
b.
|
Other receivables – The Company is not exposed to major credit risk attributable to customers. A significant portion of this amount is due from an Israeli escrow agent which is one of its major law firms.. The balance is due from the Israeli and Canadian government
|
c.
|
Short term Investments –These investments are in junior Canadian public companies and are valued at their quoted market prices on reporting dates.
|
|
d)
|
Market risk
|
June 30, 2012
|
March 31, 2012
|
June 30, 2011
|
|
One US Dollar to CDN Dollar
|
1.0191
|
1.000
|
0.9643
|
Cash, receivable & short term investments
|
$ 5,344
|
Accounts payable and accrued liabilities
|
(669)
|
Net assets
|
$ 4,675
|