-----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, Ch9yIK8lQ5CebQ2MExbv/bJhwAjmzKkOyKdE3IcOQZYBXvS9Sg69CJsczVMo8j0o DtadkG+7JTr7Da3WANkzvQ== 0000891092-95-000186.txt : 19951119 0000891092-95-000186.hdr.sgml : 19951119 ACCESSION NUMBER: 0000891092-95-000186 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INRAD INC CENTRAL INDEX KEY: 0000719494 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 222003247 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11668 FILM NUMBER: 95591447 BUSINESS ADDRESS: STREET 1: 181 LEGRAND AVE CITY: NORTHVALE STATE: NJ ZIP: 07647 BUSINESS PHONE: 2017671910 MAIL ADDRESS: STREET 2: 181 LEGRAND AVE CITY: NORTHVALE STATE: NJ ZIP: 07647 FORMER COMPANY: FORMER CONFORMED NAME: INTERACTIVE RADIATION INC DATE OF NAME CHANGE: 19880804 10-Q 1 QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 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 0-11668 INRAD, Inc. (Exact name of registrant as specified in its charter) New Jersey 22-2003247 (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification Number) 181 Legrand Avenue, Northvale, NJ 07647 (Address of principal executive offices) (Zip Code) (201) 767-1910 (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 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 [ ] Common shares of stock outstanding as of November 1, 1995: 2,106,571 shares INRAD, Inc. INDEX Page Number ----------- Part I. FINANCIAL INFORMATION ..................................... 1 Item 1. Financial Statements Consolidated Balance Sheet as of September 30, 1995 and December 31, 1994 (unaudited) .... 1 Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 1995 and 1994 (unaudited) ..................... 2 Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 1995 and 1994 (unaudited) .............................. 3 Notes to Consolidated Financial Statements .... 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . 8 Part II. OTHER INFORMATION ........................................ 12 Item 6. Exhibits and Reports on Form 8-K ...... 12 Signatures ......................................................... 13 Item 1. FINANCIAL STATEMENTS INRAD, Inc. Consolidated Balance Sheet (Unaudited)
September 30, December 31, 1995 1994 ------------- ----------- Assets Current assets: Cash and cash equivalents $ 152,659 $ 119,718 Certificate of Deposit 70,000 70,000 Accounts receivable, net 678,408 609,155 Inventories 1,749,052 1,897,772 Plant and equipment held for sale 150,933 -- Unbilled contract costs 223,361 156,717 Other current assets 36,106 50,167 ----------- ----------- Total current assets 3,060,519 2,903,529 Plant and equipment, net 2,121,239 2,742,531 Precious metals 283,307 311,797 Other assets 152,841 125,407 ----------- ----------- Total assets $ 5,617,906 $ 6,083,264 =========== =========== Liabilities and Shareowners' Equity Current liabilities: Note payable - Bank $ 60,000 $ 520,000 Current obligations under capital leases 203,388 311,199 Subordinated Convertible Notes 1,050,947 846,116 Demand Note 100,000 -- Accounts payable and accrued liabilities 699,122 625,452 Advances from customers 181,531 116,560 Other current liabilities 21,472 52,172 ----------- ----------- Total current liabilities 2,316,460 2,471,499 Note Payable - Bank 335,000 -- Obligations under capital leases 122,861 183,632 Secured Promissory Notes 250,000 250,000 Note payable - Shareowner 525,262 500,788 ----------- ----------- Total liabilities 3,549,583 3,405,919 ----------- ----------- Shareowners' equity: Common stock: $.01 par value; 2,121,571 shares issued 21,216 21,216 Capital in excess of par value 6,067,991 5,967,991 Accumulated deficit (3,952,884) (3,243,862) ----------- ----------- 2,136,323 2,745,345 Less - Common stock in treasury, at cost (15,000 shares) (68,000) (68,000) ----------- ----------- Total shareowners' equity 2,068,323 2,677,345 ----------- ----------- Total liabilities and shareowners' equity $ 5,617,906 $ 6,083,264 =========== ===========
See Notes to Consolidated Financial Statements. 1 INRAD, Inc. Consolidated Statement of Operations (Unaudited)
Three Months Nine Months Ended September 30, Ended September 30, -------------------------- -------------------------- 1995 1994* 1995 1994* ---- ---- ---- ---- Revenues: Net product sales $ 1,079,249 $ 1,229,194 $ 3,117,913 $ 3,960,830 Contract research and development 225,535 315,823 888,934 757,391 ----------- ----------- ----------- ----------- 1,304,784 1,545,017 4,006,847 4,718,221 ----------- ----------- ----------- ----------- Costs and expenses: Cost of goods sold 923,303 976,307 2,666,361 3,010,049 Contract research and development expenses 221,871 314,271 870,332 733,735 Selling, general and administrative expenses 243,584 264,375 733,556 865,695 Internal research and development expenses 56,392 127,818 247,816 259,312 ----------- ----------- ----------- ----------- 1,445,150 1,682,771 4,518,065 4,868,791 ----------- ----------- ----------- ----------- Operating profit (loss) (140,366) (137,754) (511,218) (150,570) Other income (expense): Interest expense (63,172) (81,009) (211,156) (252,757) Interest and other income, net 6,602 952 13,352 10,513 ----------- ----------- ----------- ----------- Net income (loss) (196,936) (217,811) (709,022) (392,814) Accumulated deficit, beginning of period (3,755,948) (2,545,471) (3,243,862) (2,370,468) ----------- ----------- ----------- ----------- Accumulated deficit, end of period $(3,952,884) $(2,763,282) $(3,952,884) $(2,763,282) =========== =========== =========== =========== Net income (loss) per share $ (0.09) $ (0.10) $ (0.34) $ (0.19) =========== =========== =========== =========== Weighted average shares outstanding 2,106,571 2,106,571 2,106,571 2,106,571 =========== =========== =========== =========== - ---------------- * Prior year amounts have been reclassified to conform to current year presentation.
See Notes to Consolidated Financial Statements. 2 INRAD, Inc. Consolidated Statement of Cash Flows (Unaudited) Nine Months Ended September 30, ---------------------- 1995 1994 ---- ---- Cash flows from operating activities: Net income (loss) $(709,022) $(392,814) --------- --------- Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortization 564,432 528,798 Noncash interest expense 104,305 93,522 Changes in assets and liabilities: Accounts receivable (69,253) 148,715 Inventories 148,720 5,967 Unbilled contract costs (66,644) 15,540 Other current assets 14,061 8,133 Precious metals 28,490 726 Other assets (29,124) (5,900) Accounts payable and accrued liabilities 73,670 (129,672) Advances from customers 64,971 (23,092) Other current liabilities (30,700) (1,249) --------- --------- Total adjustments 802,928 641,488 --------- --------- Net cash provided by operating activities 93,906 248,674 --------- --------- Cash flows from investing activities: Capital expenditures (140,308) (137,375) Proceeds from sale of equipment 47,925 -- --------- --------- Net cash (used in) investing activities (92,383) (137,375) --------- --------- Cash flows from financing activities: Principal payments of note payable - Bank (125,000) (185,000) Principal payments of capital lease obligations (168,582) (210,486) Proceeds from Demand Note 100,000 -- Proceeds from sale of Common Stock Warrants 100,000 -- Proceeds from issuance of Subordinated Convertible Note 125,000 -- --------- --------- Net cash provided by (used in) financing activities 31,418 (395,486) --------- --------- Net increase (decrease) in cash and cash equivalents 32,941 (284,187) Cash and cash equivalents at beginning of period 119,718 560,703 --------- --------- Cash and cash equivalents at end of period $ 152,659 $ 276,516 ========= ========= See Notes to Consolidated Financial Statements. 3 INRAD, Inc. Notes to Consolidated Financial Statements (Unaudited) NOTE 1 - SUMMARY OF ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim consolidated financial statements of INRAD, Inc. (the "Company") reflect all adjustments, which are of a normal recurring nature, and disclosures which, in the opinion of management, are necessary for a fair statement of results for the interim periods. It is suggested that these consolidated financial statements be read in conjunction with the audited consolidated financial statements as of December 31, 1994 and 1993 and for the years then ended and notes thereto included in the Registrant's Annual Report on Form 10-K, filed with the Securities and Exchange Commission. Inventory Valuation Interim inventories as well as cost of goods sold are computed by using the gross profit method of interim inventory valuation and applying an estimated gross profit percentage based on the actual values for the preceding fiscal year, unless the company believes that a different gross profit percentage may more accurately reflect its current year's cost of goods sold and gross profit. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Net Income (Loss) Per Share Net income (loss) per share is computed using the weighted average number of common shares outstanding. The effect of common stock equivalents has been excluded from the computation because their effect is antidilutive. 4 NOTE 2 - INVENTORIES AND COST OF GOODS SOLD For the nine month period ended September 30, 1995, the Company used 85.5% as its estimated cost of goods sold percentage. For the previous year, 1994, the actual cost of goods sold percentage, after reclassification of allocated overhead costs from internal R&D expense to cost of goods sold, was 82.6% (see Note 5). During the third quarter of 1995, the Company continued to operate at less than full capacity. The cost of goods sold percentage utilized is now expected to be representative of the annual percentage, based on actual year-to-date results and management's estimate of fourth quarter revenues and expenses. For the nine month period ended September 30, 1994, the Company used 76.0% (after reclassification of allocated overhead costs) as its estimated cost of goods sold percentage. NOTE 3 - INCOME TAXES Deferred tax assets (liabilities) comprise the following: September 30, December 31, 1995 1994 ------------- ------------ Deferred tax assets Inventory capitalization adjustment $ 75,000 $ 73,000 Inventory reserves 4,000 4,000 Vacation liabilities 60,000 62,000 Loss carryforwards 2,307,000 2,046,000 ----------- ----------- Gross deferred tax assets 2,446,000 2,185,000 ----------- ----------- Deferred tax liabilities Depreciation (363,000) (375,000) ----------- ----------- Gross deferred tax liabilities (363,000) (375,000) ----------- ----------- 2,083,000 1,810,000 Valuation allowance (2,083,000) (1,810,000) ----------- ----------- Net deferred tax assets $ 0 $ 0 =========== =========== 5 NOTE 4 - DEBT On August 31, 1995, the Company signed an agreement with Chemical Bank amending the terms of its credit facility. The new agreement requires monthly principal payments of $5,000 from September 1995 to December 1996, and monthly principal payments of $10,000 thereafter until March 1998. A final payment of $170,000 is due on April 1, 1998. Borrowings bear interest at prime+2 1/4%. The agreement also amended the financial covenants contained in the original agreement. Chemical Bank also agreed to waive any defaults which existed under the previous facility. In connection with the new agreement, a shareowner and Subordinated Convertible Note holder agreed to maintain a certificate of deposit with Chemical Bank in the amount of $245,000 as collateral for the loan. Once the principal balance of the loan is reduced below $245,000, with each principal payment made by the Company, a like amount may be withdrawn from the collateral deposit. At September 30, 1995 and as of December 31 1994, the Company was in default of its debt agreements with the holders of the Subordinated Convertible Notes, and all amounts payable under such agreements have been classified as current liabilities. Management intends to seek appropriate waivers from the holders of the Subordinated Convertible Notes, although there can be no assurance that the Company can obtain such waivers. Any such failure to obtain covenant relief would result in a default under the terms of the Notes, and, if the indebtedness was accelerated by the holders of the Notes, would therefore cause a default under the terms of the Company's Bank indebtedness. In April 1995, the Company received $225,000 from a shareowner and Subordinated Convertible Note holder of the Company through the issuance of $125,000 of 8% Subordinated Convertible Notes due December 15, 2000 (convertible at $1.00 per share) and 250,000 warrants at $0.40 per share. The warrants entitle the holder to purchase 250,000 shares of Common Stock at $0.6875 per share. On September 27, 1995, the Company raised an additional $100,000 from the same shareowner in the form of a 10% Unsecured Demand Promissory Note. The Note is convertible into Common Stock of the Company at the conversion price of $1.00; interest is also payable in Common Stock at the same conversion price. The Company is attempting to renegotiate the terms of certain of its existing equipment lease obligations, so as to modify the payment stream to reduce the current payment requirements. There is no assurance that the Company will be able to execute a satisfactory renegotiation of its current lease agreements. The Company does not anticipate a material gain or loss to result from the renegotiation of its lease obligations. By mutual informal agreement, beginning with the quarter ended June 30, 1995, the Company has deferred interest payments to its principal shareowner. The payments are expected to be resumed in 1996, and are expected to include both the scheduled quarterly payment and any deferred payments. The interest obligations have been accrued by the Company and are included in accounts payable and accrued liabilities. 6 NOTE 5 - RECLASSIFICATION RELATING TO INTERNAL RESEARCH AND DEVELOPMENT Prior to January 1, 1995, internal research and development costs included direct charges and allocations of plant overhead costs. Effective January 1, 1995, the Company modified its reporting to charge allocations of plant overhead costs directly to cost of goods sold. This reclassification has no effect on operating profit (loss) or net income (loss). NOTE 6 - PLANT AND EQUIPMENT HELD FOR SALE Management has implemented a program to sell certain nonoperating equipment to raise additional cash. The equipment is carried at net book value, which approximates realizable value. The equipment has been classified as a current asset because management expects the equipment to be sold within the next year. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations The following discussion and analysis should be read in conjunction with the Company's unaudited consolidated financial statements presented elsewhere herein. The discussion of results should not be construed to imply any conclusion that such results will necessarily continue in the future. Net Product Sales Net sales for the third quarter of 1995 decreased $150,000, or 12%, from the comparable quarter in 1994, and net sales for the nine months ended September 30, 1995 decreased $843,000, or 21%, from the comparable 1994 period. International shipments in the first nine months of 1995 were $540,000, compared to $977,000 for the first nine months of 1994. Product sales were lower in 1995 compared to 1994 due primarily to lower bookings and a lower backlog. International shipments represented 17% of total shipments for the first nine months of 1995, compared to 25% for the comparable 1994 period. The backlog of unfilled product orders was $1,441,000 at September 30, 1995, compared with $1,116,000 at December 31, 1994 and $1,196,000 at September 30, 1994. Cost of Goods Sold For the nine month period ended September 30, 1995, the Company used 85.5% as its estimated cost of goods sold percentage. For the previous year, 1994, the actual cost of goods sold percentage, after reclassification of allocated overhead costs from internal R&D expense to cost of goods sold, was 82.6% (see Note 5). During the third quarter of 1995, the Company continued to operate at less than full capacity. The cost of goods sold percentage utilized is now expected to be representative of the annual percentage, based on actual year-to-date results and management's estimate of fourth quarter revenues and expenses. For the nine month period ended September 30, 1994, the Company used 76.0% (after reclassification of allocated overhead costs) as its estimated cost of goods sold percentage. Contract Research and Development Contract research and development revenues for the third quarter of 1995 decreased $90,000, or 29%, from the comparable quarter in 1994, and revenues for the nine months ended September 30, 1995 and 1994 were $889,000 and $757,000, respectively. Related contract research and development expenditures, including allocated indirect costs, for the quarter ended September 30, 1995 were $222,000 compared to $314,000 for the comparable 1994 quarter, and expenses for the nine month period ended September 30, 1995 and 1994 were $870,000 and $734,000, respectively. The Company's backlog of contract R&D was $627,000 at September 30, 1995, compared with $1,223,000 at December 31, 1994 and $2,292,000 at September 30, 1994. The Company expects to reduce its future emphasis on funded research; as a 8 result, bookings of new contracts is expected to decrease. This change in emphasis will also result in lower contract revenues and expenses in future quarters. Selling, General and Administrative Expenses Selling, general and administrative expenses decreased $21,000, or 8%, in the third quarter of 1995, and $132,000, or 15%, for the nine months ended September 30, 1995 compared to the same period in 1994. The decrease is due primarily to lower selling commissions on international sales, a higher allocation of general and administrative costs to contract research, and cost containment efforts by the Company in the administrative and support areas. The Company's anticipated future reduction in funded research programs is expected to result in a lower allocation of G&A costs to contracts. The lower allocation, which would result in higher net G&A costs, is expected to be partially offset by cost reductions. As the Company continues to implement its sales and marketing strategy, selling expenses are expected to increase in the fourth quarter of 1995 and future quarters in 1996. Internal Research and Development Expenses Internal research and development expenses for the quarter ended September 30, 1995, were $56,000 compared to $128,000 (as reclassified, Note 5) for the quarter ended September 30, 1994. Expenses for the nine month period ended September 30, 1995 were $248,000, compared to $259,000 (as reclassified) for the comparable 1994 period. During 1995, R&D expenses have decreased each quarter as the Company decreased its emphasis on development of new products and increased its short-term efforts on sales and marketing of existing products. This trend is expected to continue in the fourth quarter of 1995. Interest Expense Interest expense decreased by $18,000, or 22%, in the third quarter, and decreased $42,000, or 16%, for the nine months ended September 30, 1995. The decrease is due primarily to lower amounts of bank and lease borrowings. Inflation The Company's policy is to periodically review its pricing of standard products to keep pace with current costs. As to special and long term contracts, management endeavors to take potential inflation into account in pricing decisions. The impact of inflation on the Company's business has not been material to date. 9 Liquidity and Capital Resources As shown on the accompanying financial statements, the Company reported a net loss of approximately $709,000 for the nine month period ended September 30, 1995, and also incurred losses in 1994, 1993, and 1992. During the past three years, the Company's working capital requirements were met principally by cash provided by operating activities, unsecured loans from its principal shareowner, and borrowings from other sources. On August 31, 1995, the Company signed an agreement with Chemical Bank amending the terms of its credit facility. The new agreement requires monthly principal payments of $5,000 from September 1995 to December 1996, and monthly principal payments of $10,000 thereafter until March 1998. A final payment of $170,000 is due on April 1, 1998. The agreement also amended the financial covenants contained in the original agreement. Chemical Bank also agreed to waive any defaults which existed under the previous facility. In connection with the new agreement, a shareowner and Subordinated Convertible Note holder agreed to maintain a certificate of deposit in the amount of $245,000 as collateral for the loan. Once the principal balance of the loan is reduced below $245,000, with each principal payment made by the Company, a like amount may be withdrawn from the collateral deposit. In April 1995, the Company received $225,000 from a shareowner and Subordinated Convertible Note holder of the Company through the issuance of $125,000 of 8% Subordinated Convertible Notes due December 15, 2000 (convertible at $1.00 per share) and 250,000 warrants at $0.40 per share. The warrants entitle the holder to purchase 250,000 shares of Common Stock at $0.6875 per share. On September 27, 1995, the Company raised an additional $100,000 from the same shareowner in the form of a 10% Unsecured Demand Promissory Note. The Note is convertible into Common Stock of the Company at the conversion price of $1.00; interest is also payable in Common Stock at the same conversion price. The proceeds from both transactions were used to pay trade debt and other operating expenses. At September 30, 1995 and as of December 31 1994, the Company was in default of its debt agreements with the holders of the Subordinated Convertible Notes, and all amounts payable under such agreements have been classified as current liabilities. Management intends to seek appropriate waivers from the holders of the Subordinated Convertible Notes, although there can be no assurance that the Company can obtain such waivers. Any such failure to obtain covenant relief would result in a default under the terms of the Notes, and, if the indebtedness was accelerated by the holders of the Notes, would therefore cause a default under the terms of the Company's Bank indebtedness. As a result of the new Chemical Bank agreement, the Company's monthly principal payment requirement was reduced by $10,000. It is also expected that renegotiation of the equipment leases will result in a reduction of the total monthly lease payments by $5,000-$10,000. The Company has also continued to make reductions where possible in other operating expenses. The Company has also identified certain non-operating assets which it intends to sell to generate additional cash flows. These steps were taken to reduce the Company's short-term cash requirements until operating cash flow improves. 10 Until cash flow from operations is at satisfactory levels, the Company intends to seek additional financing from other sources to supplement its cash flow. If management is unable to obtain waivers from the holders of the Subordinated Convertible Notes or obtain additional financing, the Company may find it necessary to dispose of additional assets. Due to the circumstances described above relating to the technical defaults under its debt agreements with the holders of the Subordinated Convertible Notes, obtaining financing or disposing of certain assets, and the Company's ability to improve operating results and cash flows, there is substantial doubt about the Company's ability to continue as a going concern. Capital expenditures, including internal labor and overhead charges, were approximately $140,000 and $137,000 for the nine months ended September 30, 1995 and 1994, respectively. Until the Company is generating satisfactory amounts of cash flow from its operations, it is expected that future capital expenditures will be kept to a minimum. Management believes that in the short term, this limitation will not have a material effect on operations. 11 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (A) Exhibit 11. An exhibit showing the computation of per-share earnings is omitted because the computation can be clearly determined from the material contained in this Quarterly Report on Form 10-Q. (B) There were no Current Reports on Form 8-K filed by the Registrant during the quarter ended September 30, 1995. 12 SIGNATURES 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. INRAD, Inc. By: /s/ Warren Ruderman ------------------------- Warren Ruderman President and Chief Executive Officer By: /s/ Ronald Tassello ------------------------- Ronald Tassello Vice President, Finance (Chief Accounting Officer) Date: November 13, 1995 13 EX-27 2 FDS -- ARTICLE 5 FOR FORM 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED CONDENSED BALANCE SHEETS, AND THE CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS SEP-30-1995 DEC-31-1995 152,659 0 678,408 0 1,749,052 3,060,519 2,121,239 564,432 5,617,906 2,316,460 0 21,216 0 0 2,047,107 5,617,906 4,006,847 4,006,847 3,536,693 3,536,693 981,372 0 197,804 (709,022) 0 (709,022) 0 0 0 (709,022) (0.34) 0
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