-----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, FKygjHHjrm6QNAEse2vAGUDdpJRW3Uubg6L07YygtfkzuShSTlMn14MrjVr7PZaq Ia/VLc4f6rxX6e3DgwOcLg== 0000702174-96-000005.txt : 19960912 0000702174-96-000005.hdr.sgml : 19960912 ACCESSION NUMBER: 0000702174-96-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960731 FILED AS OF DATE: 19960911 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELTER PROPERTIES IV LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000702174 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 570721760 STATE OF INCORPORATION: SC FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-10884 FILM NUMBER: 96628864 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLAZA STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: P O BOX 2347 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report (As last amended by 34-32231, eff. 6/3/93.) 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 July 31, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from.........to......... Commission file number 0-10884 SHELTER PROPERTIES IV LIMITED PARTNERSHIP (Exact name of small business issuer as specified in its charter) South Carolina 57-0721760 1 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Insignia Financial Plaza, P.O. Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (Zip Code) Issuer's telephone number (864) 239-1000 Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (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 . PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) SHELTER PROPERTIES IV LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEET (Unaudited) July 31, 1996 Assets Cash and cash equivalents: Unrestricted $ 1,938,749 Restricted--tenant security deposits 267,920 Accounts receivable 27,258 Escrow for taxes 615,667 Restricted escrows 1,685,968 Other assets 593,303 Investment properties: Land $ 3,442,097 Buildings and related personal property 55,343,189 58,785,286 Less accumulated depreciation (29,905,475) 28,879,811 $34,008,676 Liabilities and Partners' Capital (Deficit) Liabilities Accounts payable $ 59,754 Tenant security deposits 268,946 Accrued taxes 438,539 Other liabilities 362,962 Mortgage notes payable 24,713,737 Partners' Capital (Deficit) General partners $ (2,717) Limited partners (50,000 units issued and outstanding) 8,167,455 8,164,738 $34,008,676 See Accompanying Notes to Consolidated Financial Statements b) SHELTER PROPERTIES IV LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended July 31, July 31, 1996 1995 1996 1995 Revenues: Rental income $2,575,903 $2,492,118 $7,681,026 $7,323,895 Other income 157,342 163,242 461,245 439,655 Total revenues 2,733,245 2,655,360 8,142,271 7,763,550 Expenses: Operating 883,635 885,034 2,543,971 2,545,822 General and administrative 83,177 177,795 263,925 331,628 Maintenance 482,597 454,630 1,370,407 1,737,225 Depreciation 464,389 441,731 1,368,266 1,303,432 Interest 563,746 574,394 1,697,672 1,730,314 Property taxes 187,945 164,819 558,871 506,144 Total expenses 2,665,489 2,698,403 7,803,112 8,154,565 Net income (loss) $ 67,756 $ (43,043) $ 339,159 $ (391,015) Net income (loss) allocated to general partners (1%) $ 677 $ (430) $ 3,391 $ (3,910) Net income (loss) allocated to limited partners (99%) 67,079 (42,613) 335,768 (387,105) $ 67,756 $ (43,043) $ 339,159 $ (391,015) Net income (loss) per limited partnership unit $ 1.34 $ (.85) $ 6.71 $ (7.74) See Accompanying Notes to Consolidated Financial Statements
c) SHELTER PROPERTIES IV LIMITED PARTNERSHIP CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (Unaudited)
Limited Partnership General Limited Units Partners Partners Total Original capital contributions 50,000 $ 2,000 $50,000,000 $50,002,000 Partners' capital (deficit) at October 31, 1995 50,000 $ 3,892 $ 8,821,687 $ 8,825,579 Net income for the nine months ended July 31, 1996 3,391 335,768 339,159 Distributions (10,000) (990,000) (1,000,000) Partners' capital (deficit) at July 31, 1996 50,000 $ (2,717) $ 8,167,455 $ 8,164,738 See Accompanying Notes to Consolidated Financial Statements
d) SHELTER PROPERTIES IV LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended July 31, 1996 1995 Cash flows from operating activities: Net income (loss) $ 339,159 $ (391,015) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 1,368,266 1,303,432 Amortization of discounts and loan costs 199,707 193,566 Change in accounts: Restricted cash (30,470) (13,768) Accounts receivable (4,388) (4,721) Escrows for taxes 101,467 143,956 Other assets (28,167) 77,585 Accounts payable (408,226) 107,438 Tenant security deposit liabilities 31,048 17,055 Accrued taxes (162,434) (52,768) Other liabilities 45,540 (70,379) Net cash provided by operating activities 1,451,502 1,310,381 Cash flows from investing activities: Property improvements and replacements (734,484) (453,590) Deposits to restricted escrows (58,736) (51,840) Receipts from restricted escrows 7,000 93,258 Net cash used in investing activities (786,220) (412,172) Cash flows from financing activities: Payments on mortgage notes payable (491,328) (455,480) Partners' distributions (1,000,000) -- Net cash used in financing activities (1,491,328) (455,480) Net (decrease) increase in cash and cash equivalents (826,046) 442,729 Cash and cash equivalents at beginning of period 2,764,795 2,254,370 Cash and cash equivalents at end of period $1,938,749 $ 2,697,099 Supplemental disclosure of cash flow information: Cash paid for interest $1,500,899 $ 1,536,748 See Accompanying Notes to Consolidated Financial Statements e) SHELTER PROPERTIES IV LIMITED PARTNERSHIP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements of Shelter Properties IV Limited Partnership (the "Partnership") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Shelter Realty IV Corporation ("Corporate General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended July 31, 1996, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 1996. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's annual report on Form 10-KSB for the year ended October 31, 1995. Cash and Cash Equivalents: Unrestricted - Unrestricted cash includes cash on hand and in banks, money market funds and Certificates of Deposit with original maturities less than 90 days. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Restricted cash - tenant security deposits - The Partnership requires security deposits from lessees for the duration of the lease and such deposits are considered restricted cash. Deposits are refunded when the tenant vacates, provided the tenant has not damaged its space and is current on its rental payments. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Note B - Reconciliation of Cash Flows The following is a reconciliation of the subtotal on the accompanying statements of cash flows captioned "net cash provided by operating activities" to "net cash used in operations", as defined in the partnership agreement. However, "net cash used in operations" should not be considered an alternative to net income as an indicator of the Partnership's operating performance or to cash flows as a measure of liquidity. Nine Months Ended July 31, 1996 1995 Net cash provided by operating activities $1,451,503 $1,310,381 Payments on mortgage notes payable (491,329) (455,480) Property improvements and replacements (734,484) (453,590) Change in restricted escrows, net (51,736) 41,418 Changes in reserves for net operating liabilities 455,629 (204,398) Additional reserves (630,000) (250,000) Net cash used in operations $ (417) $ (11,669) In 1996 and 1995 the Corporate General Partner believed it to be in the best interest of the Partnership to reserve an additional $630,000 and $250,000 respectively to fund continuing maintenance and capital improvements at the three properties. Note C - Transactions with Affiliated Parties The Partnership has no employees and is dependent on the Corporate General Partner and its affiliates for the management and administration of all partnership activities. The partnership agreement provides for payments to affiliates for services and the reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. Property management fees paid to affiliates of Insignia Financial Group, Inc., during the nine months ended July 31, 1996 and 1995, are included in operating expenses on the consolidated statement of operations and are reflected in the following table. The Corporate General Partner and its affiliates received reimbursements and fees as reflected in the following table: For the Nine Months Ended July 31, 1996 1995 Property management fees $403,012 $381,121 Reimbursement for services of affiliates 147,421 133,083 Included in "reimbursements for services of affiliates" for 1996 is $6,480 in reimbursements for construction oversight costs. Note C - Transactions with Affiliated Parties - continued The Partnership insures its properties under a master policy through an agency and insurer unaffiliated with the Corporate General Partner. An affiliate of the Corporate General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. The current agent assumed the financial obligations to the affiliate of the Corporate General Partner who receives payments on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the Corporate General Partner by virtue of the agent's obligations is not significant. Note D - Contingencies The Secretary of Housing and Urban Development ("HUD") issued an administrative Reasonable Cause Determination which found that a former tenant of Baymeadows Apartments in Jacksonville, Florida, had been discriminated against on the basis of race in violation of the Fair Housing Act. Specifically, HUD found that the tenant was discriminated against because of her race when she did not get new carpet, a new oven and new dishwasher and when her lease was not renewed. HUD's administrative investigation and Reasonable Cause Determination names Insignia Management Corporation and Shelter Realty IV Corporation, along with several current and former employees of each, as respondents. The case proceeded to a civil complaint filed by the Department of Justice in the United States District Court for the Middle District of Florida. At this time, the outcome of this case is uncertain. Management believes that this claim is not meritorious and intends to defend this claim vigorously. There can be no assurance, however, that this claim will not have a material adverse effect upon the business, financial condition or operations of the Partnership. The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated with the Partnership commenced tender offers for limited partner interests in six limited partnerships, including the Partnership (collectively, the "Shelter Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired 11,050 units of the Partnership pursuant to the tender offer. On or about May 12, 1995, in the United States District Court for the District of South Carolina, certain limited partners of the Shelter Properties Partnerships commenced a lawsuit, on behalf of themselves, on behalf of a putative class of plaintiffs, and derivatively on behalf of the partnerships, challenging the actions taken by defendants (including Insignia, the acquiring entities and certain officers of Insignia) in the management of the Shelter Properties Partnerships and in connection with the tender offers and certain other matters. The plaintiffs alleged that, among other things: (i) the defendants intentionally mismanaged the partnerships and acted contrary to the limited partners' best interests by prolonging the existence of the partnerships in order to perpetuate the revenues derived by Insignia (an affiliate of the Corporate General Partner) and its affiliates from the partnerships; (ii) the defendants' actions reduced the demand for the partnerships' limited partner interests in the limited resale market by artificially depressing the trading prices for limited partners interests in order to create a favorable environment for the tender offers; (iii) through the tender offers, the acquiring entities sought to acquire effective voting control over the partnerships while paying highly inadequate prices; and (iv) the documents disseminated to the class in connection with the tender offers contained false and misleading statements and omissions of material facts concerning such issues as the advantages to limited partners of tendering pursuant to the tender offers, the true value of the interest, the true financial condition of the partnerships, the factors affecting the likelihood that properties owned by the partnerships will be sold or liquidated in the near future, the liquidity and true value of the limited partner interests, the reasons for the limited secondary market for limited partner interests, and the true nature of the market for the underlying real estate assets owned by the Shelter Properties Partnerships, all in violation of the federal securities laws. On September 27, 1995, the parties entered into a stipulation to settle the matter. The principal terms of the stipulation require supplemental payments to tendering limited partners aggregating approximately $6 million to be paid by the Affiliated Purchaser of which approximately $1,254,175 is the Partnership's portion; waiver by the Shelter Properties Partnerships' general partners of any right to certain proceeds from a sale or refinancing of the Shelter Properties Partnerships' properties; some restrictions on Insignia's ability to vote the limited partner interests it acquired; payment of $1.25 million (which amount is divided among the various partnerships and acquiring entities) for plaintiffs' attorney fees and expenses in the litigation; and general releases of all the defendants. On June 24, 1996, after notice to the class and a hearing on the fairness and adequacy of the notice and the terms of settlement, the court orally approved the settlement. The court signed the formal order on July 30, 1996. No appeal was filed within thirty days after the court entered the formal order, and the settlement became effective on August 30, 1996. The Shelter Properties Partnerships made payments to investors pursuant to the settlement in early September 1996. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The Partnership's investment properties consist of three apartment complexes. The following table sets forth the average occupancy of the properties for the nine months ended July 31, 1996 and 1995: Average Occupancy 1996 1995 Baymeadows Apartments Jacksonville, Florida 97% 96% Countrywood Village Apartments Raleigh, North Carolina 95% 95% Quail Run Apartments Columbia, South Carolina 95% 95% Results of Operations The Partnership's net income for the nine months ended July 31, 1996, was $339,159 as compared to a net loss of $391,015 for the corresponding period in 1995. The Partnership realized net income of $67,756 for the three months ended July 31, 1996, as compared to a net loss of $43,043 for the corresponding period in 1995. The increase in net income for the nine month period ended July 31, 1996, is attributable to an increase in rental income, a decrease in general and administrative expense and a decrease in maintenance expense. Rental income increased due to an increase in occupancy and an increase in rental rates. General and administrative expense decreased due to decreased legal costs. Legal costs increased in 1995 as the result of legal positioning in the face of lawsuits related to the tender offers. Legal costs incurred due to the lawsuits related to the tender offers have substantially decreased in 1996. This decrease has been slightly offset by an increase in the legal costs related to an ongoing discrimination case as disclosed in the 10-KSB for the year ended October 31, 1995. Maintenance expense decreased as a result of painting, exterior renovations, and interior building improvements at Baymeadows and Countrywood Village which were performed throughout 1995 and completed in the fourth quarter of 1995. Partially offsetting these items was an increase in property tax expense resulting from an increase in the assessed property value of Baymeadows in late 1995. As part of the ongoing business plan of the Partnership, the Corporate General Partner monitors the rental market environment of each of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expense. As part of this plan, the Corporate General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Corporate General Partner will be able to sustain such a plan. Liquidity and Capital Resources At July 31, 1996, the Partnership had unrestricted cash of $1,938,749 as compared to $2,697,099 at July 31, 1995. Net cash provided by operating activities increased primarily due to the increase in net income described above. Offsetting this increase was the decrease in accounts payable and accrued taxes. The decrease in accounts payable resulted from the payment of property improvements in 1996 for services rendered during the fiscal year 1995. The decrease in accrued taxes resulted from the timing of payments to the taxing authorities. Net cash used in investing activities increased primarily due to an increase in property improvements and replacements during the nine months ended July 31, 1996, over the same period in 1995. Finally, the statement of cash flows includes an increase in net cash used in financing activities resulting primarily from a $1,000,000 distribution from operations paid to the partners in the first quarter of 1996. Capital improvement projects for the next quarter include exterior renovations and painting at Baymeadows and roof replacements at Quail Run which will be funded from property operations. The Partnership has no other material capital programs scheduled to be performed in 1996, although certain routine capital expenditures and maintenance expenses have been budgeted. These capital expenditures and maintenance expenses will be incurred only if cash is available from operations or from partnership reserves. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the property to adequately maintain the physical assets and other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term needs of the Partnership. The mortgage indebtedness of $24,713,737, net of discount, is amortized over 257 months with balloon payments of $20,669,395 due on November 15, 2002, at which time the properties will either be refinanced or sold. Cash distributions of $1,000,000 were made during the nine months ended July 31, 1996. These distributions were made from net cash from operations as defined by the Partnership Agreement. No distributions were made during the nine months ended July 31, 1995. Future cash distributions will depend on the levels of net cash generated from operations, property sales, and the availability of cash reserves. PART II - OTHER INFORMATION ITEM 1.LEGAL PROCEEDINGS The Secretary of Housing and Urban Development ("HUD") issued an administrative Reasonable Cause Determination which found that a former tenant of Baymeadows Apartments in Jacksonville, Florida, had been discriminated against on the basis of race in violation of the Fair Housing Act. Specifically, HUD found that the tenant was discriminated against because of her race when she did not get new carpet, a new oven and new dishwasher and when her lease was not renewed. HUD's administrative investigation and Reasonable Cause Determination names Insignia Management Corporation and Shelter Realty IV Corporation, along with several current and former employees of each, as respondents. The case proceeded to a civil complaint filed by the Department of Justice in the United States District Court for the Middle District of Florida. At this time, the outcome of this case is uncertain. Management believes that this claim is not meritorious and intends to defend this claim vigorously. There can be no assurance, however, that this claim will not have a material adverse effect upon the business, financial condition or operations of the Partnership. The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated with the Partnership commenced tender offers for limited partner interests in six limited partnerships, including the Partnership (collectively, the "Shelter Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired 11,050 units of the Partnership pursuant to the tender offer. On or about May 12, 1995, in the United States District Court for the District of South Carolina, certain limited partners of the Shelter Properties Partnerships commenced a lawsuit, on behalf of themselves, on behalf of a putative class of plaintiffs, and derivatively on behalf of the partnerships, challenging the actions taken by defendants (including Insignia, the acquiring entities and certain officers of Insignia) in the management of the Shelter Properties Partnerships and in connection with the tender offers and certain other matters. The plaintiffs alleged that, among other things: (i) the defendants intentionally mismanaged the partnerships and acted contrary to the limited partners' best interests by prolonging the existence of the partnerships in order to perpetuate the revenues derived by Insignia (an affiliate of the Corporate General Partner) and its affiliates from the partnerships; (ii) the defendants' actions reduced the demand for the partnerships' limited partner interests in the limited resale market by artificially depressing the trading prices for limited partners interests in order to create a favorable environment for the tender offers; (iii) through the tender offers, the acquiring entities sought to acquire effective voting control over the partnerships while paying highly inadequate prices; and (iv) the documents disseminated to the class in connection with the tender offers contained false and misleading statements and omissions of material facts concerning such issues as the advantages to limited partners of tendering pursuant to the tender offers, the true value of the interest, the true financial condition of the partnerships, the factors affecting the likelihood that properties owned by the partnerships will be sold or liquidated in the near future, the liquidity and true value of the limited partner interests, the reasons for the limited secondary market for limited partner interests, and the true nature of the market for the underlying real estate assets owned by the Shelter Properties Partnerships, all in violation of the federal securities laws. On September 27, 1995, the parties entered into a stipulation to settle the matter. The principal terms of the stipulation require supplemental payments to tendering limited partners aggregating approximately $6 million to be paid by the Affiliated Purchaser of which approximately $1,254,175 is the Partnership's portion; waiver by the Shelter Properties Partnerships' general partners of any right to certain proceeds from a sale or refinancing of the Shelter Properties Partnerships' properties; some restrictions on Insignia's ability to vote the limited partner interests it acquired; payment of $1.25 million (which amount is divided among the various partnerships and acquiring entities) for plaintiffs' attorney fees and expenses in the litigation; and general releases of all the defendants. On June 24, 1996, after notice to the class and a hearing on the fairness and adequacy of the notice and the terms of settlement, the court orally approved the settlement. The court signed the formal order on July 30, 1996. No appeal was filed within thirty days after the court entered the formal order, and the settlement became effective on August 30, 1996. The Shelter Properties Partnerships made payments to investors pursuant to the settlement in early September 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K filed during the quarter ended July 31, 1996: None. 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. SHELTER PROPERTIES IV LIMITED PARTNERSHIP By: Shelter Realty IV Corporation Corporate General Partner By:/s/ William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By:/s/ Ronald Uretta Ronald Uretta Principal Financial Officer and Principal Accounting Officer Date: September 11, 1996 EX-27 2
5 This schedule contains summary financial information extracted from Shelter Properties IV 1996 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000702174 SHELTER PROPERTIES IV LIMITED PARTNERSHIP 1 9-MOS OCT-31-1996 JUL-31-1996 1,938,749 0 27,258 0 0 0 58,785,286 (29,905,475) 34,008,676 0 24,713,737 0 0 0 8,164,738 34,008,676 0 8,142,271 0 0 7,803,112 0 0 0 0 0 0 0 0 339,159 6.71 0 Registrant has an unclassified balance sheet.
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