-----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, CjzKj3f7t9D1KScH83CynQfM8/nb6l9DIP9/CRHveiFiYplleXvDb8eFEyWlSz+G a6MtETUGzO2nCsYer6+U5g== 0000950148-97-001530.txt : 19970521 0000950148-97-001530.hdr.sgml : 19970521 ACCESSION NUMBER: 0000950148-97-001530 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970520 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOUSING PROGRAMS LTD CENTRAL INDEX KEY: 0000750304 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953906167 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13808 FILM NUMBER: 97611974 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 310-278-2191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 FORMER COMPANY: FORMER CONFORMED NAME: REAL ESTATE ASSOCIATES LTD VIII DATE OF NAME CHANGE: 19840823 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended MARCH 31, 1997 Commission File Number 2-92352 HOUSING PROGRAMS LIMITED (A California Limited Partnership) I.R.S. Employer Identification No. 95-3906167 9090 WILSHIRE BLVD., SUITE 201 BEVERLY HILLS, CALIF. 90211 Registrant's Telephone Number, Including Area Code (310) 278-2191 Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 [ ] 2 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) INDEX TO FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets, March 31, 1997 and December 31, 1996 .....................................1 Statements of Operations, Three Months Ended March 31, 1997 and 1996........................................2 Statement of Partners' Equity (Deficiency), Three Months Ended March 31, 1997 ................................................3 Statements of Cash Flow, Three Months Ended March 31, 1997 and 1996........................................4 Notes to Financial Statements ............................................................5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation..............................................11 PART II. OTHER INFORMATION Item 1. Legal Proceedings......................................................................13 Item 6. Exhibits and Reports on Form 8-K.......................................................13 Signatures......................................................................................14
3 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS MARCH 31, 1997 AND DECEMBER 31, 1996
ASSETS 1997 1996 (Unaudited) (Audited) ------------ ------------ INVESTMENTS IN LIMITED PARTNERSHIPS (Notes 1 and 2) $ 14,371,333 $ 14,364,056 CASH AND CASH EQUIVALENTS (Note 1) 1,010,286 948,476 ------------ ------------ TOTAL ASSETS $ 15,381,619 $ 15,312,532 ============ ============ LIABILITIES AND PARTNERS' DEFICIENCY LIABILITIES: Notes payable (Notes 3 and 6) $ 10,169,743 $ 10,169,743 Accrued interest payable (Notes 3 and 6) 11,064,338 10,811,557 Accrued fees and expenses due general partners (Note 4) 1,398,709 1,317,044 Accounts payable 26,415 30,905 ------------ ------------ 22,659,205 22,329,249 ------------ ------------ COMMITMENTS AND CONTINGENCIES (Notes 2, 4 and 5) PARTNERS' DEFICIENCY: General partners (323,522) (320,913) Limited partners (6,954,064) (6,695,804) ------------ ------------ (7,277,586) (7,016,717) ------------ ------------ TOTAL LIABILITIES AND PARTNERS' DEFICIENCY $ 15,381,619 $ 15,312,532 ============ ============
The accompanying notes are an integral part of these financial statements. 1 4 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Unaudited)
1997 1996 --------- --------- INTEREST INCOME $ 12,038 $ 6,716 --------- --------- OPERATING EXPENSES: Management fees - general partner (Note 4) 131,663 131,663 General and administrative (Note 4) 14,214 15,019 Legal and accounting (Note 4) 44,483 44,804 Interest (Notes 3 and 4) 252,781 268,988 --------- --------- Total operating expenses 443,141 460,474 --------- --------- LOSS FROM OPERATIONS (431,103) (453,758) DISTRIBUTIONS FROM LIMITED PARTNERSHIPS RECOGNIZED AS INCOME 133,856 145,401 EQUITY IN INCOME OF LIMITED PARTNERSHIPS AND AMORTIZATION OF ACQUISITION COSTS (Note 2) 36,378 38,000 --------- --------- NET LOSS $(260,869) $(270,357) ========= ========= NET LOSS PER LIMITED PARTNERSHIP INTEREST $ (21) $ (22) ========= =========
The accompanying notes are an integral part of these financial statements. 2 5 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENT OF PARTNERS' EQUITY (DEFICIENCY) THREE MONTHS ENDED MARCH 31, 1997 (Unaudited)
General Limited Partners Partners Total ----------- ----------- ----------- PARTNERSHIP INTERESTS March 31, 1997 12,368 =========== DEFICIENCY, January 1, 1997 $ (320,913) $(6,695,804) $(7,016,717) Net loss for the three months ended March 31, 1997 (2,609) (258,260) (260,869) ----------- ----------- ----------- DEFICIENCY, March 31, 1997 $ (323,522) $(6,954,064) $(7,277,586) =========== =========== ===========
The accompanying notes are an integral part of these inancial statements. 3 6 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Unaudited)
1997 1996 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (260,869) $ (270,357) Adjustments to reconcile net loss to net cash provided by operating activities: Equity in income of limited partnerships and amortization of acquisition costs (36,378) (38,000) Increase in accrued interest payable 252,781 252,781 Increase in accrued fees and expenses due general partners 81,665 112,864 Increase (decrease) in accounts payable (4,490) 418,185 ----------- ----------- Net cash provided by operating activities 32,709 475,473 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Distributions from limited partnerships recognized as a return of capital 29,101 - ----------- ----------- NET INCREASE IN CASH AND CASH EQUIVALENTS 61,810 475,473 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 948,476 595,330 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,010,286 $ 1,070,803 =========== ===========
The accompanying notes are an integral part of these inancial statements. 4 7 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL The information contained in the following notes to the financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the Housing Programs Limited (the "Partnership") annual report for the year ended December 31, 1996. National Partnership Investments Corp. ("NAPICO") is a general partner for the Partnership. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim period presented are not necessarily indicative of the results for the entire year. In the opinion of NAPICO, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals) necessary to present fairly the financial position of the Partnership at March 31, 1997 and the results of operations and changes in cash flows for the three months then ended. ORGANIZATION The Partnership is a limited partnership which was formed under the laws of the State of California on May 15, 1984. On September 12, 1984, the Partnership offered 3,000 units consisting of 6,000 limited partnership interests and warrants to purchase a maximum of 6,000 additional limited partnership interests through a public offering . The general partners of the Partnership are NAPICO, Housing Programs Corporation II and Coast Housing Investment Associates ("CHIA"). LB I Group Inc. owns 100 percent of the stock of Housing Programs Corporation II. Casden Investment Corp. owns 100 percent of NAPICO's stock. CHIA is a limited partnership formed under the California Limited Partnership Act and consists of Messrs. Nicholas G. Ciriello, general partner and Charles H. Boxenbaum, limited partner. Mr. Boxenbaum is currently the chief executive officer of NAPICO. The business of the Partnership is conducted primarily by its general partners as the Partnership has no employees of its own. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 5 8 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) MARCH 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS The investments in local limited partnerships are accounted for on the equity method. Acquisition, selection fees and other costs related to the acquisition of the projects have been capitalized to the investment accounts. NET LOSS PER LIMITED PARTNERSHIP INTEREST Net loss per limited partnership interest was computed by dividing the limited partners' share of net loss by the number of limited partnership interests outstanding during the year. The number of limited partnership interests was 12,368 for all years presented. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash and bank certificates of deposit with an original maturity of three months or less. INCOME TAXES No provision has been made for income taxes in the accompanying financial statements since such taxes, if any, are the liability of the individual partners. IMPAIRMENT OF LONG-LIVED ASSETS The Partnership adopted Statement of Financial Accounting Standards No. 121, Account for the Improvement of Long-Lived Assets and for Long-Lived Assets To Be Disposed Of as of January 1, 1996 without a significant effect on its financial statements. The Partnership reviews long-lived assets to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. The Partnership now holds indirect interests in 18 properties, as the sole limited partner in various limited partnerships. The 18 lower-tier limited partnerships own residential rental projects consisting of a total of 2,686 apartment units. The mortgage loans encumbering these projects are insured by various governmental agencies. 6 9 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) MARCH 31, 1997 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS The Partnership, as a limited partner, is entitled to 99 percent of the income and losses of the lower-tier limited partnerships. The Partnership's allocated portion of equity in losses from the lower-tier limited partnerships is recognized in the financial statements of the Partnership until the Partnership's investment account in the applicable lower-tier limited partnership is reduced to a zero balance. Losses incurred after the investment account is reduced to zero are not recognized. Distributions from the limited partnerships are treated as a reduction of capital until the Partnership's investment account balance in the applicable lower-tier limited partnership has been reduced to the lesser of zero or a negative amount equal to future capital contributions required to be made by the Partnership to the applicable lower-tier limited partnership. Subsequent distributions are treated as income. The following is a summary of the Partnership's investment in lower-tier limited partnerships as of March 31, 1997: Balance, beginning of period $14,364,056 Amortization of acquisition costs (9,622) Equity in income of limited partnerships 46,000 Distribution recognized as return of capital (29,101) ----------- Balance, end of period $14,371,333 ===========
The following are unaudited combined estimated statements of operations for the three months ended March 31, 1997 and 1996 for the limited partnerships in which the Partnership has investments:
Three months Three months ended ended March 31, 1997 March 31, 1996 -------------- -------------- INCOME Rental and Other $ 4,484,000 $ 4,283,000 EXPENSES Depreciation 883,000 881,000 Interest 910,000 927,000 Operating 2,982,000 2,823,000 ----------- ----------- Total expenses 4,775,000 4,631,000 ----------- ----------- NET LOSS $ (294,000) $ (348,000) =========== ===========
7 10 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) MARCH 31, 1997 NOTE 3 - NOTES PAYABLE Certain of the Partnership's investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. The Partnership is obligated for various non-recourse notes payable of $10,169,743, bearing interest at 9.5 percent per annum through December 31, 1994 to the various sellers of the partnership interests. Effective January 1, 1995, the interest rate for the two notes totaling $1,500,000 changed to 12.5 percent per terms of the notes. The notes have principal maturity dates ranging from October 31, 1996 to December 2001 or upon sale or refinancing of the underlying partnership properties. These obligations and the related interest are collateralized by the Partnership's investment in the investee limited partnerships and are payable only out of cash distributions from the investee partnerships, as defined in the notes. Unpaid interest is due at maturity of the notes. The lower-tier partnership that owns the Deep Lake Hermitage Apartments has entered into a contract for the sale of Deep Lake Hermitage. There is a $1,500,000 notes payable (which matured in October, 1996) by the Partnership to sellers of interests in the lower-tier partnership that owns the Deep Lake Hermitage property. The total outstanding balance of the notes, including accrued interest of $1,682,221, at March 31, 1997 is approximately $3,182,221, which currently due and payable. Based on the current estimated value of the Deep Lake Hermitage property, the sale will not generate sufficient funds to fully repay the notes payable. The Partnership has entered into an agreement with the noteholders who will accept a reduced payment of $1,000,000 together with net cash flow generated by the project since October, 1996 in full satisfaction of all obligations in order to enable the sale of the project. The project is in the process of being sold for $4,800,000, which is scheduled to be completed in August, 1997. Because the notes and interest payable are non-recourse liabilities, a gain on debt forgiveness is expected to be realized by the Partnership upon sale of the property. However, if the sale is not completed, the Partnership has deposited into escrow an assignment of the Partnership's interest in Deep Lake Hermitage Apartments, which assignment will be delivered to the noteholders, resulting in the loss of the Partnership's interest in the Deep Lake Local Partnership. The Partnership's carrying value of the investment in the Deep Lake Local Partnership is approximately $980,000 at March 31, 1997. NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS Under the terms of the Partnership's Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to the general partners for an annual management fee equal to 0.5 percent of the invested assets of the limited partnerships. Invested assets is defined as the costs of acquiring project interests including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the respective limited partnerships. For the three months ended March 31, 1997 and 1996, the expense was $131,663. The Partnership also reimburses NAPICO for certain expenses. The reimbursement to NAPICO was $0, and $7,461 for the three months ended March 31, 1997 and 1996, respectively, and is included in operating expenses. 8 11 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) MARCH 31, 1997 NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS (CONTINUED) As of March 31, 1997, the fees and expenses due the general partners exceeded the Partnership's cash and cash equivalents and short term investments. The general partners, during the forthcoming year, will not demand payment of amounts due in excess of such cash or such that the Partnership would not have sufficient operating cash; however, the Partnership will remain liable for all such amounts. An affiliate of NAPICO is the general partner in ten of the limited partnerships, and another affiliate receives property management fees of approximately 5 to 6 percent of revenues from five of the ten partnerships. For the three months ended March 31, 1997 and 1996, approximately $61,600 and $58,900, respectively, was paid to the NAPICO affiliate for property management fees. Pursuant to a Memorandum of Understanding entered into on August 11, 1995, the Partnership paid interest of $16,207 on May 1, 1996 to an affiliate of NAPICO, that served as the management company for properties owned by the Partnership. The interest relates to funds advanced to the Partnership by the master disbursement account maintained by the management company. In addition, the Partnership on May 1, 1996 reimbursed Housing Programs Corporation II $15,000 for professional fees, which were paid on behalf of the Partnership in connection with issues raised in the Memorandum of Understanding. NOTE 5 - CONTINGENCIES NAPICO is a plaintiff in various lawsuits and has also been named as defendant in other lawsuits arising from transactions in the ordinary course of business. In the opinion of NAPICO, the claims will not result in any material liability to the Partnership. NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS Statement of Financial Accounting Standards No. 107, "Disclosure about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments, when it is practicable to estimate that value. The notes payable are collateralized by the Partnership's investments in investee limited partnerships and are payable only out of cash distributions from the investee partnerships. The cash flow generated by operations of the investee limited partnerships, which account for the Partnership's primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes payable and related accrued interest. The carrying amount of other assets and liabilities reported on the balance sheets that require such disclosure approximates fair value due to their short-term maturity. 9 12 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) MARCH 31, 1997 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Partnership's primary sources of funds include interest income earned from investing available cash and distributions from limited partnerships in which the Partnership has invested. It is not expected that any of the local limited partnerships in which the Partnership has invested will generate cash flow sufficient to provide for distributions to limited partners in any material amount. RESULTS OF OPERATIONS Partnership revenues consist primarily of interest income earned on certificates of deposit and other temporary investment of funds. The Partnership may also receive distributions from the lower-tier limited partnerships in which it has invested. Operating expenses of the Partnership consist of recurring general and administrative expenses, professional fees for services rendered to the Partnership and accrued interest on the notes payable. In addition, an annual Partnership management fee in an amount equal to .5 percent of invested assets is payable to the general partners. The Partnership accounts for its investments in the local limited partnerships on the equity method, thereby adjusting its investment balance by its proportionate share of the income or loss of the local limited partnerships. Losses incurred after the limited partnership investment account is reduced to zero are not recognized. Distributions received from limited partnerships are recognized as return of capital until the investment balance has been reduced to zero or to a negative amount equal to future capital contributions required. Subsequent distributions received are recognized as income. Except for certificates of deposit and money market funds, the Partnership's investments are entirely of interests in other limited partnerships owning government assisted housing projects. Available cash is invested to provide interest income as reflected in the statements of operations. These funds can be converted to cash to meet obligations as they arise. The Partnership intends to continue investing available funds in this manner. The lower-tier partnership that owns the Deep Lake Hermitage Apartments has entered into a contract for the sale of Deep Lake Hermitage. There is a $1,500,000 note payable (which note matured in October, 1996) by the Partnership to a seller of interests in the lower-tier partnership that owns the Deep Lake Hermitage property. The total outstanding balance of the note (including accrued interest of $1,682,221) is approximately $3,182,221, which is currently due and payable. Based on the current estimated value of the Deep Lake Hermitage property, the sale will not generate sufficient funds to fully repay the note payable. The Partnership has entered into an agreement with the noteholders who will accept a reduced payment of $1,000,000 together with net cash flow generated by the project since October, 1996 in full satisfaction of all obligations in order to enable the sale of the project. The project is in the process of 10 13 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) MARCH 31, 1997 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS being sold for $4,800,000, which is scheduled to be completed in August, 1997. Because the note and interest payable are non-recourse liabilities, a gain on debt forgiveness is expected to be realized by the Partnership upon sale of the property. However, if the sale is not completed, the Partnership has deposited into escrow an assignment of the Partnership's interest in the lower-tier partnership which owns the Deep Lake Hermitage Apartments, which assignment will be delivered to the noteholders, resulting in the loss of the Partnership's interest in the Deep Lake Local Partnership. The Partnership's carrying value of the investment in the Deep Lake Local Partnership is approximately $980,000. 11 14 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) MARCH 31, 1997 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS As of March 31, 1997, NAPICO was a plaintiff or defendant in several lawsuits. None of these suits are related to the Partnership. In the opinion of NAPICO, the claims will not result in any material liability to the Partnership. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) No reports on Form 8-K were filed during the quarter ended March 31, 1997. 12 15 HOUSING PROGRAMS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) MARCH 31, 1997 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. HOUSING PROGRAMS LIMITED (a California limited partnership) By: National Partnership Investments Corp. General Partner Date: ----------------------------------------- By: ------------------------------------------ Bruce Nelson President Date: ----------------------------------------- By: ------------------------------------------ Shawn Horwitz Executive Vice President and Chief Financial Officer Date: ----------------------------------------- 13 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PARTNERSHIP'S STATEMENTS OF EARNING AND BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 1,010,286 0 0 0 0 1,010,286 0 0 15,381,619 26,415 0 0 0 0 (7,277,586) 15,381,619 0 145,894 0 0 153,982 0 252,781 (260,869) 0 (260,869) 0 0 0 (260,869) 0 0
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