-----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, B+azJTdNiqkjlH7abJFluTQJC9CNb6OLmN9i0rBivN/daatEGNYL+9aNiX8q/Cqe A41qfXcP9ScSpfEnSKqYHQ== 0000720851-98-000011.txt : 19980515 0000720851-98-000011.hdr.sgml : 19980515 ACCESSION NUMBER: 0000720851-98-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NESTOR INC CENTRAL INDEX KEY: 0000720851 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133163744 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12965 FILM NUMBER: 98620481 BUSINESS ADDRESS: STREET 1: ONE RICHMOND SQ CITY: PROVIDENCE STATE: RI ZIP: 02906 BUSINESS PHONE: 4013319640 MAIL ADDRESS: STREET 1: 1 RICHMOND SQUARE CITY: PROVIDENCE STATE: RI ZIP: 02906 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1998 [ ] 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 0-12965 NESTOR, INC. (Exact name of registrant as specified in its charter) DELAWARE 13-3163744 (State of incorporation) (I.R.S. Employer Identification No.) One Richmond Square, Providence, RI 02906 (Address of principal executive offices) (Zip Code) 401-331-9640 (Registrant's Telephone Number, Including Area Code) 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 than 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 stock, par value .01 per share: 9,486,237 shares outstanding as of March 31, 1998 NESTOR, INC. FORM 10Q - March 31, 1998 INDEX PART 1 FINANCIAL INFORMATION Item 1 Financial Statements: Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 1998 and 1997 Consolidated Balance Sheet (Unaudited) March 31, 1998 and December 31, 1997 Statement of Consolidated Cash Flows (Unaudited) Three Months Ended March 31, 1998 and 1997 Notes to Consolidated Financial Statements Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations PART 2 OTHER INFORMATION Nestor, Inc. Consolidated Statements of Operations Quarter Ending March 31, 1998 March 31, 1997 Revenues: Software licensing $ 543,841 $ 525,994 Engineering services 308,308 694,325 Tangible product sales 79,666 20,057 Total Revenue 931,815 1,240,376 Operating Expenses: Engineering services 439,194 583,687 Tangible product sales 34,306 6,084 Research and development 444,108 275,809 Selling and marketing expenses 420,085 462,727 General and administrative expenses 295,772 354,917 Total costs and expenses 1,633,465 1,683,224 Loss from operations (701,650) (442,848) Other expense (29,684) (21,308) Loss for the period before income taxes (731,333) (464,156) Income taxes 7,500 --- Net Loss for the period $ (738,833) $(464,156) (Loss) Per Share: Net (Loss) for the Period $ (738,833) $(464,156) Dividends accrued on preferred stock 113,801 103,163 (Loss) Applicable to Common Stock $ (852,635) $(567,319) (Loss) Per Share: Basic and diluted $ (0.09) $ (0.06) Shares Used in Computing (Loss) Per Share: Basic and diluted 9,438,987 8,936,610 The notes to the financial statements are an integral part of this statement. Nestor, Inc. Consolidated Balance Sheets 3/31/98 12/31/97 Current assets: Cash and cash equivalents $ 132,103 $ 386,639 Accounts receivable, net of allowance for doubtful accounts 395,229 557,212 Unbilled contract revenue 589,310 298,803 Other current assets 269,735 232,492 Total current assets 1,386,377 1,475,145 Non current assets: Property and equipment at cost - net of accumulated depreciation 333,513 261,463 Deferred development costs 574,752 574,752 Intangible assets - net of accumulated amortization 263,011 295,887 Other assets 5,783 5,783 Total assets $ 2,563,436 $ 2,613,031 Liabilities and Stockholders Equity (Deficit) Current liabilities: Line of credit $ 250,000 $ --- Accounts payable and other current liabilities 1,291,616 920,833 Deferred income 438,287 408,232 Total current liabilities 1,979,903 1,329,065 Noncurrent liabilities: Long terms obligations under capital leases 53,471 10,220 Total liabilities 2,033,373 1,339,285 Redeemable preferred stock --- 5,792,787 Stockholders' equity (deficit): Preferred stock, $1.00 par value, authorized 10,000,000 shares; issued and outstanding: Series B - 1,365,000 shares at March 31, 1998 (liquidation value $1,365,000 - $1.00 per share)and 1,445,000 shares at December 31, 1997 (liquidation value $1,445,000 - $1.00 per share) 1,365,000 1,445,000 Series D - 170,871 shares at March 31, 1998 (liquidation value $269,833 - $1.50 per share plus accrued dividends) and 170,871 shares at December 31, 1997 (liquidation value $265,347 - $1.50 per share plus accrued dividends) 269,833 265,347 Series E, F, G and H - preferred stock 4,846 shares at March 31, 1998 and December 31, 1997 (liquidation value $1,000 per share plus accrued dividends) 5,866,237 --- Common Stock, $.01 par value, authorized 30,000,000 shares; issued and outstanding; 9,486,237 shares at March 31, 1998 and 9,403,987 shares at December 31, 1997 94,862 94,040 Warrants and options 550,604 523,984 Additional paid-in capital 12,549,692 12,579,921 Retained (deficit) (20,166,166) (19,427,332) Total stockholders' equity (deficit) 530,062 (4,519,041) Total Liabilities and Stockholders' Equity (Deficit) $ 2,563,436 $ 2,613,031 The notes to the financial statements are an integral part of this statement. Nestor, Inc. Consolidated Statements of Cash Flows Quarter Ending March 31, 1998 March 31, 1997 Cash flows from operating activities: Net loss $ (738,833) $ (464,155) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 60,490 23,891 Expenses charged to operations relating to options, warrants and capital transactions 26,621 26,621 Changes in assets and liabilities: Decrease in accounts receivable 161,983 128,997 (Increase) in unbilled contract revenue (365,305) (495,049) Decrease in deferred development costs --- 364,405 Decrease (increase) in other assets (37,244) 16,040 Increase (decrease) in accounts payable, and other current liabilities 337,722 (37,460) Increase in deferred income 104,853 3,308 Net cash used by operating activities (449,714) (433,402) Cash flows from investing activities: Purchase of property and equipment (10,000) (17,161) Net cash used by investing activities (10,000) (17,161) Cash flows from financing activities: Repayment of obligations under capital leases (13,352) (3,189) Proceeds from line of credit 250,000 --- Proceeds from issuance of common stock 4,395 --- Payment of dividends on preferred stock (35,865) --- Net cash used by financing activities 205,178 (3,189) Net change in cash and cash equivalents (254,536) (453,752) Cash and cash equivalents - beginning of period 386,639 774,457 Cash and cash equivalents - end of period $ 132,103 $ 320,705 Supplemental cash flows information Interest paid $ 4,969 $ 396 Income taxes paid $ 30,000 $ --- The notes to the financial statements are an integral part of this statement. Notes to Consolidated Financial Statements Note 1-Financial statements: In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of (a) the consolidated results of operations for the three months ended March 31, 1998 and 1997; (b) the consolidated statements of cash flows for the three months ended March 31, 1998 and 1997; and (c) consolidated financial position at March 31, 1998 have been made. The accompanying quarterly results of operations and cash flows are not necessarily indicative of the results expected for the entire fiscal year. The accompanying financial statements include the accounts of Nestor, Inc., Nestor IS, Inc. ("IS"), and Nestor Interactive, Inc. ("Interactive"). IS and Interactive were organized effective January 1, 1997 as two wholly owned subsidiaries of Nestor, Inc. All intercompany transactions and balances have been eliminated. Note 2-Redeemable convertible preferred stock: On March 31, 1998, the Company and Wand Partners, owner of the outstanding Redeemable convertible preferred stock, agreed to modify certain terms and conditions governing the stock. Wand Partners agreed to release Nestor from mandatory redemption of the stock in exchange for Nestor's agreement to increase the dividend rate by one percent per annum beginning on July 1, 2000. Because Nestor is no longer required to redeem the stock, it is classified within equity on the March 31, 1998, balance sheet in the aggregate amount of $5,866,237. See also, "Note 3 - Subsequent event." 3/31/98 12/31/97 Series E, par value $1.00 per share,1,444 shares outstanding and $305,577 of accumulated dividends December 31, 1997. --- $1,749,577 Series F, par value $1.00 per share, 599 shares outstanding and $95,821 of accumulated dividends at December 31, 1997 --- 694,821 Series G, par value $1.00 per share, 777 shares outstanding and $116,650 of accumulated dividends at December 31, 1997 --- 893,650 Series H, par value $1.00 per share, 2,026 shares outstanding and $428,739 of accumulated dividends at December 31, 1997. --- 2,454,739 TOTAL: --- $5,792,787 Note 3-Subsequent event: On April 29, 1998, Nestor sold to Transaction Systems Architects, Inc. ("TSAI") $5 million of newly issued common stock at a price of $2 per share and a warrant to purchase an additional 2.5 million shares at $3 per share. Concurrent with this transaction, Wand Partners agreed to convert its $5.8 million of convertible preferred stock to common stock. Note 4-New accounting standards: Comprehensive Income: In 1998, the Company adopted Financial Accounting Standard 130, "Reporting Comprehensive Income" ("FAS 130"). FAS 130 establishes new rules for the reporting and display of comprehensive income and its components; however, the Company does not expect comprehensive income to differ significantly from net income. Therefore, adoption of this Statement is not expected to have a significant impact on the Company's financial position or results of operations. Software Revenue Recognition: As of January 1, 1998, the Company adopted AICPA Statement of Position 97-2, "Software Revenue Recognition" ("SOP 97-2"), which is effective for transactions that the Company enters into in 1998. Prior years have not been restated. The most significant impact of SOP 97-2 on the Company's revenue recognition accounting policies is that for contracts with multiple elements, revenue, in some instances, may be recognized later than under past practices. Adoption of SOP 97-2 had an insignificant impact on net loss per share for the quarter ended March 31, 1998. Prospective Statements The following discussion contains prospective statements regarding Nestor, Inc., its business outlook and results of operations that are subject to certain risks and uncertainties and to events that could cause the Company's actual business, prospects and results of operations to differ materially from those that may be anticipated by, or inferred from, such prospective statements. Factors that may affect the Company's prospects include, without limitation: the Company's ability to successfully develop new contracts for technology development; the impact of competition on the Company's revenues or market share; delays in the Company's introduction of new products; and failure by the Company to keep pace with emerging technologies. Readers are cautioned not to place undue reliance on these prospective statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report and in the Company's reports filed with the Securities and Exchange Commission. Liquidity and Capital resources Cash Position and Working Capital The Company had cash and short term investments of approximately $132,000 at March 31, 1998, as compared with $386,000 at December 31, 1997, and $715,000 at September 30, 1997. At March 31, 1998, the Company had a working capital deficiency of $594,000 as compared with working capital of $146,000 at December 31, 1997. The Company's net worth at March 31, 1998, was $530,000, as compared with negative net worth of $4,519,000 at December 31, 1997. The increase in net worth results from the reclassification to equity of $5,800,000 of redeemable preferred stock. On March 31, 1998, the Company and Wand Partners, owner of the redeemable preferred stock, agreed to modify certain terms and conditions governing the stock. Wand Partners agreed to release Nestor from mandatory redemption of the stock in exchange for Nestor's agreement to increase the dividend rate by one percent per annum beginning on July 1, 2000. On April 29, 1998, Nestor sold to Transaction Systems Architects, Inc. ("TSAI") $5,000,000 of newly issued common stock at a price of $2 per share and a warrant to purchase an additional 2,500,000 shares at $3 per share. Concurrent with this transaction, Wand Partners agreed to convert its $5,800,000 of convertible preferred stock to common stock. Management believes that the Company's revenues will generate sufficient liquidity, when combined with its liquid assets as at March 31, 1998 and the proceeds of the sale of stock to TSAI, to meet the company's anticipated cash requirements through the end of its fiscal year ending December 31, 1998. Deferred Income Operations of the Company have been partly funded by prepayments under engineering contracts and licenses of the Company's technology. Such prepayments are recognized as revenue under the percentage-of-completion method as engineering is completed or delivery obligations are fulfilled. The Company bases its estimate of the percentage of completion on the amount of labor applied to a given project, compared with the estimated total amount of labor required. The remainder of such prepaid revenue is reflected on the Company's balance sheet as deferred income, and is treated as a liability. Total deferred income was $438,000 at March 31, 1998, as compared with $408,000 at December 31, 1997. Future commitments During the quarter ended March 31, 1998, the Company acquired additional property and equipment (primarily computing and related equipment) at a cost of $10,000. The Company has no material commitments for capital expenditures although management expects that the Company may make future commitments for the purchase of additional computing and related equipment, for development of hardware, for consulting and for promotional and marketing expenses. The Company has placed purchase orders totaling $877,500 with Intel Corporation for a supply of the Ni1000 Recognition Accelerator Chips. The Company expects to take delivery of $195,000 of the chips during 1998; $292,500 after December 1998; and $390,000 after December 1999. The Company entered into an agreement on September 25, 1997, for the modification of one of the components of the TrafficVision product. Nestor agreed to pay Zeller Research, LTD $75,000 for engineering, which is expected to be completed during the third quarter of 1998, and to purchase 100 units of the modified component at a total cost of up to $53,000. Results of Operations For the quarter ended March 31, 1998, the Company realized a 25% decrease in revenues compared to the prior year and a 3% decrease in expenses resulting in a 58% increase in the loss from operations. The Company executed a license agreement on March 28, 1997, made required deliveries, and recognized in the quarter ended March 31, 1997, $550,000 of revenues under this contract. Since the installation, the Company has continued to modify and improve the software although the customer has not yet deployed it. While management expects that the customer will deploy the software, management is not able to forecast when it will be deployed. Accordingly, the revenues associated with this contract were reversed in the fourth quarter of 1997 and $575,000 of costs were capitalized as Deferred development costs at December 31, 1997. During the quarter ended March 31, 1997, the Company recognized as expense $364,000 of the costs that were capitalized in December 1996. The deferred development costs will be amortized over the remaining life of the license. Excluding the effects of this license from the first quarter 1997 results, revenues in the March 1998 quarter increased 35% over the prior year while expenses increased 24%, yielding a 12% increase in the operating loss. Revenues The Company's revenues arise from licensing of the Company's products and technology, from the sale of tangible products, and from contract engineering services and are discussed separately below. During the quarter ended March 31, 1998, revenues decreased $308,000 to $932,000 from $1,240,000 in the quarter ended March 31, 1997, including revenues from the license signed March 28, 1997. Engineering Services During the quarter ended March 31, 1998, revenues from engineering contracts decreased $386,000 to $308,000 from $694,000 in the corresponding quarter of the prior fiscal year. Prior year revenues included $550,000 of engineering revenues relating to the license signed in March 1997 discussed above. Revenues relating to the customer-funded modification of Nestor's Fraud Detection System totaled $245,000, a decrease of $419,000 over year-earlier revenues of $664,000. Revenues associated with the license signed in March 1997 were included in Engineering services because of the significant level of customization required by the customer. Excluding those revenues, engineering services revenues in the first quarter of 1998 increased $131,000 to $245,000 from $114,000 of such revenues in the year-earlier period. The Company has contracts with several government customers to perform various engineering and development services. The contracts, signed at various times, call for delivery of prototype products, but do not specify any subsequent purchasing or licensing provisions. During the quarter ended March 31, 1998, the Company recognized revenues totaling $63,000 under its government contracts, as compared with $30,000 of such revenues in the year-earlier period. Software Licensing Product-licensing revenues totaled $544,000 in the quarter ended March 31, 1998, as compared with $526,000 in the same quarter of the prior year. Software licensing revenues from the Company's Prism product line totaled $526,000 in the first quarter of 1998, as compared with $519,000 in the corresponding quarter of the prior year. Sales of Tangible Products The tangible products currently sold by the Company are based upon the Company's Ni1000 Recognition Accelerator Chip, which is marketed along with development software that enables customers to develop high-speed recognition applications. Revenues from the Company's Ni1000 Development System totaled $32,000 in the quarter ended March 31, 1998, as compared with $9,000 in the corresponding quarter of the prior fiscal year. The Company is continuing its development of the TrafficVision product, which incorporates the Ni1000 Recognition Accelerator Chip (see "Investment in Product Development and Marketing," below). During the quarter ended March 31 1998 and 1997, TrafficVision revenues totaled $48,000 and $12,000, respectively. Operating Expenses Total operating expenses - consisting of engineering, research and development, selling and marketing, and general and administrative expenses - amounted to $1,633,000 in the quarter ended March 31, 1998, a decrease of $50,000 from total operating costs of $1,683,000 in the corresponding quarter of the prior fiscal year. Included in operating expenses for the March 1997 quarter is the recognition of $364,000 of costs relating to a project to customize the Company's Prism Fraud Detection System for a customer. These costs were incurred during the six months ended December 31, 1996 but were deferred because the terms of the agreement were not finalized until March 1997. The Company accounted for the costs in accordance with SOP 81-1, "Accounting for Performance of Construction-Type and Certain Production-Type Contracts," which provides that costs be deferred until delivery is made under the terms of an enforceable agreement. The agreement was completed and required deliveries were made in March 1997. Labor costs continue to be the Company's single greatest expense category. In the quarter ended March 31, 1998, the Company paid $974,000 for wages and consulting fees, an increase of $303,000 from total wages and consulting fees of $ 671,000 paid in the corresponding quarter of the prior fiscal year. The increase in labor costs reflects the increase in staffing: full-time employees, including consultants, totaled 48 at March 31, 1998, as compared with 41 at March 31, 1997. Engineering Services Costs related to engineering services totaled $439,000 in the quarter ended March 31, 1998, as compared to $584,000 in the corresponding quarter of the prior fiscal year. As a percentage of revenues, these costs increased from 84% last year to 142% this year reflecting investments the Company made in key-customer accounts and reflecting the higher percentage of engineering service revenues derived from government customers in 1998, where margins tend to be lower than for commercial customers. Research and Development Research and development expenses totaled $444,000 in the quarter ended March 31, 1998, as compared with $276,000 in the year- earlier period. The increase in such costs reflects the net of increased investment in product development in the Company's TrafficVision and InterSite product lines and the decrease of product development relating to the Prism products. Product development in the Company's TrafficVision and InterSite product lines totaled $391,000 in the quarter ended March 31, 1998, as compared with such product development in the year-earlier period of $119,000. Product development relating to the Prism products in the quarter ended March 31, 1998, totaled $53,000 as compared with $157,000 of product development costs in the first quarter of 1997. Selling and Marketing Selling and marketing costs totaled $420,000 in the quarter ended March 31, 1998. In the corresponding quarter of the prior fiscal year, selling and marketing costs totaled $462,000, including $79,000 of costs deferred from the six months ended December 1996 and recognized in March 1997 at the time the customer license was signed. Excluding the costs deferred from December 1996, the increase in selling and marketing costs reflects the net of a decrease in Prism selling costs and an increase in such spending in the two other product groups: Prism selling costs totaled $228,000 during the March 1998 quarter as compared with $246,000 in the prior year; selling costs relating to the Company's TrafficVision product and Ni1000 Development System totaled $106,000 in 1998 as compared with $95,000 in the quarter ended March 1997; and selling costs associated with InterSite totaled $86,000 in the first quarter of 1998 compared with $43,000 in the year-earlier period. General and Administrative General and administrative expenses totaled $296,000 in the quarter ended March 31, 1998, as compared with $355,000 in the corresponding quarter of the prior fiscal year, including $76,000 of costs deferred from the six months ended December 1996 and recognized in March 1997 at the time the customer license was signed Investment in Product Development and Marketing Revenues relating to the Company's PRISM and Fraud Detection System exceeded expenses by $146,000 in the quarter ended March 31, 1998. The Company has installed its products at Mellon Bank, GE Consumer Credit Financial Services, Banc One, Europay International (an association of 700 banks in Europe), and with a European financial-services company. In September 1996, the Company signed a license agreement with Applied Communications, Inc. ("ACI") enabling ACI to integrate Nestor's products with certain products of ACI. ACI provides authorization and transaction-processing software to nearly 500 financial institutions worldwide. This agreement was amended in April 1997 to broaden ACI's marketing rights. In March 1997, the Company signed an agreement with Total Systems, Inc., which, as one of the world's largest credit, debit, commercial and private-label card processing companies, represents more than 84 million cardholder accounts. Expenses of the Company's Intelligent Sensors Division, which is responsible for the development and marketing of the TrafficVision products exceeded revenues in the quarter ended March 31, 1998 by $218,000. The Company extended its contract with JPL and made initial commercial deliveries in 1997. In 1998 the Company has won contracts to adapt TrafficVision to a railroad crossing application and to deploy a version of TrafficVision for automated enforcement of traffic light violations. The largest investment made by the Company in the first quarter of 1998 was in its InterSite product. Nestor InterSite enables customers to understand individual on-line customers as they visit Web sites and to dynamically present personalized content to those visitors. InterSite has been adopted by industry leaders Lycos, Inc. and Edward Jones. Costs associated with this effort exceeded revenues by $352,000 in the quarter ended March 31, 1998 due, in part, to the use of outside consultants to assist in initial product deliveries. Net Income Per Share During the quarter ended March 31, 1998, the Company experienced a loss of $739,000 as compared with a loss of $464,000 in the corresponding period of the prior fiscal year. After allowance for preferred stock dividends of $114,000 and $103,000 for the three months ended March 31, 1998 and 1997, respectively, the net loss available for common stock was $853,000 and $567,000, respectively. During the quarter ended March 31, 1998, loss per share available for common stock was $.09 per share, as compared with a loss per share of $.06 in the corresponding period of the prior fiscal year. During the quarter ended March 31, 1998, there were outstanding a weighted average of 9,438,987 shares of common stock as compared with 8,936,610 during the corresponding quarter of the previous year. As a result of the equity issuance and preferred stock conversion on April 29, 1998, the number of shares of common stock outstanding increased to 16,253,270 as of that date. NESTOR, INC. FORM 10-Q - March 31, 1998 Item 6 Exhibits and reports on Form 8-K (a)Exhibits - None FORM 10-Q NESTOR, INC. SIGNATURE 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. NESTOR, INC. (REGISTRANT) DATE: May 14, 1998 By: /s/Nigel P. Hebborn Chief Financial Officer EX-27 2
5 3-MOS DEC-31-1998 MAR-31-1998 132,103 0 395,229 0 0 1,386,377 1,607,504 1,273,991 2,563,436 1,979,903 0 0 7,501,070 94,862 0 2,563,436 79,666 931,815 34,306 1,633,465 0 0 4,969 (731,333) 7,500 0 0 0 0 (738,833) (.09) (.09)
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