-----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, PSesKHSqLV/Cn/IdXm5trVbujXvWFPEmVsiciQULwh5DUXSxMjizAn4AvPO8bpjT NX3GsneAKKwIaxh3EGLGCA== /in/edgar/work/0001000096-00-000841/0001000096-00-000841.txt : 20001115 0001000096-00-000841.hdr.sgml : 20001115 ACCESSION NUMBER: 0001000096-00-000841 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLLUTION RESEARCH & CONTROL CORP /CA/ CENTRAL INDEX KEY: 0000763950 STANDARD INDUSTRIAL CLASSIFICATION: [3823 ] IRS NUMBER: 952746949 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-09327 FILM NUMBER: 766077 BUSINESS ADDRESS: STREET 1: 506 PAULA AVE CITY: GLENDALE STATE: CA ZIP: 91201 BUSINESS PHONE: 8182477601 MAIL ADDRESS: STREET 1: 506 PAULA AVE CITY: GLENDALE STATE: CA ZIP: 91201 FORMER COMPANY: FORMER CONFORMED NAME: DASIBI ENVIRONMENTAL CORP DATE OF NAME CHANGE: 19900529 10QSB 1 0001.txt FORM 10-QSB U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) {X} Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Quarterly Period ended September 30, 2000 ------------------ { } Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act For the Transition Period from __________ to __________ Commission file Number 0-14266 ------- POLLUTION RESEARCH AND CONTROL CORP. ------------------------------------ (Exact Name of Small Business Issuer as Specified in its Charter) California 95-2746949 ---------- ---------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 506 Paula Avenue, Glendale, California 91201 -------------------------------------------- (Address of Principal Executive Offices) (818) 247-7601 -------------- (Issuer's telephone number, including area code) Check whether the Small Business Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements of the past 90 days. Yes X No ----- ----- State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: Class Date No. of Shares Outstanding ------ ---- ------------------------- Common November 14, 2000 5,091,752 Traditional Small Business Disclosure Format (check one): YES X No ----- ----- POLLUTION RESEARCH AND CONTROL CORP. Form 10-QSB For the NineMonth Period Ended September 30, 2000 TABLE OF CONTENTS Page ---- Part I Financial Information Item 1. Consolidated Financial Statements: Consolidated Balance Sheet ......................... 3 Consolidated Statements of Operations .............. 5 Consolidated Statement of Changes in Shareholders' Equity ............................ 7 Consolidated Statements of Cash Flows .............. 8 Notes to Financial Statements ...................... 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ..... 11 Part II Other Information ............................................ 14 Item 1 Legal Proceedings .................................. 14 Item 4 Submission of Matters To A Vote of Security Holders 14 Item 6 Reports on Form 8-K ................................ 14 2 PART 1 - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET ASSETS (Unaudited) As Of 09/30/00 ---------- CURRENT ASSETS Cash $ 164,755 Accounts receivable, trade, less allowance for doubtful 363,070 accounts of $4,734 Inventories (Note 2) 1,883,075 Prepaid loan fees 535,739 Other current assets 87,340 ---------- TOTAL CURRENT ASSETS 3,033,979 ---------- PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, less accumulated depreciation of $ 225,645 84,636 ---------- OTHER ASSETS Advances to joint venture 203,938 Deferred tax asset, net 2,659,000 Other intangible assets, net 23,509 Other assets 12,140 ---------- TOTAL OTHER ASSETS 2,898,587 ---------- TOTAL ASSETS $6,017,202 ========== See notes to consolidated financial statements 3 CONSOLIDATED BALANCE SHEET LIABILITIES AND SHAREHOLDERS' EQUITY (Unaudited) As of 9/30/00 ------------ CURRENT LIABILITIES Notes payable $ 575,000 Convertible debt (Note 3) 1,415,000 Accounts payable 339,308 Accrued liabilities 205,005 ------------ TOTAL CURRENT LIABILITIES 2,534,313 ------------ DEFERRED RENT 32,701 ------------ SHAREHOLDERS' EQUITY : (Note 4) Common Stock, no par value; 30,000,000 shares authorized, 5,091,752 issued and outstanding 10,212,826 Additional paid in capital 1,516,651 Employee Stock Plan receivable (1,673,400) Accumulated deficit (6,605,889) ------------ TOTAL SHAREHOLDERS' EQUITY 3,450,188 ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,017,202 ============ See notes to consolidated financial statements 4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, ------------------------------------ 2000 1999 ----------- ----------- Net Revenues $ 824,918 $2 ,814,886 Cost of goods sold 630,616 1,504,944 ----------- ----------- Gross profit 194,302 1,309,942 ----------- ----------- Operating expenses: Selling, general and administrative expenses 663,501 860,319 Research and development 12,551 49,866 ----------- ----------- Total operating expenses 676,052 910,185 ----------- ----------- Income (loss) from operations (481,750) 399,757 ----------- ----------- Other Income (Expense) Interest Expense (285,540) (141,096) Other income (expense) 9,000 (5,020) ----------- ----------- Net other income (expense) (276,540) (146,116) ----------- ----------- Income (loss) Before Income Taxes (758,290) 253,641 Provision for income taxes -- 1,600 ----------- ----------- Net Income (loss) $ (758,290) $ 252,041 =========== =========== Earnings per share Net Income (loss) per share - basic $ (.15) $ .06 =========== =========== Net Income (loss) per share - diluted $ (.15) $ .06 =========== =========== Weighted Average Shares Basic 5,080,455 3,893,770 =========== =========== Diluted 5,080,455 4,572,578 =========== =========== See notes to consolidated financial statements 5 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, ------------------------------------ 2000 1999 ----------- ----------- Net Revenues $ 2,255,678 $ 5,756,783 Cost of goods sold 1,806,103 3,213,866 ----------- ----------- Gross profit 449,575 2,542,917 ----------- ----------- Operating expenses: Selling, general and administrative expenses 1,975,953 1,614,993 Research and development 36,349 55,576 ----------- ----------- Total operating expenses 2,012,302 1,670,569 ----------- ----------- Income (loss) from operations (1,562,727) 872,348 Other Income (Expense) Interest Expense (606,606) (293,578) Other income (expense) 24,261 (114,020) ----------- ----------- Net other income (expense) (582,345) (407,598) ----------- ----------- Income (loss) Before Income Taxes (2,145,072) 464,750 Provision for income taxes -- 1,600 ----------- ----------- Net Income (loss) $(2,145,072) 463,150 =========== =========== Earnings per share Net Income (loss) per share - basic $ (.49) $ .13 =========== =========== Net Income (loss) per share - diluted $ (.49) $ .12 =========== ----------- Weighted Average Shares Basic 4,350,868 3,499,648 =========== =========== Diluted 4,350,868 3,997,402 =========== =========== See notes to consolidated financial statements 6 POLLUTION RESEARCH AND CONTROL CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY For the Nine Months Ended September 30, 2000 (Unaudited) Additional Employee Total Common Stock Paid In Stock Plan Accumulated Shareholders' Shares Amount Capital Receivable (Deficit) Equity --------- ----------- ----------- ----------- ----------- ------------ Balance 12/31/99 3,672,545 $ 7,840,920 $ 708,167 $(4,460,817) $4,088,270 Exercise of Warrants 429,207 404,406 404,406 Conversion of debt to common stock 50,000 100,000 100,000 Increase in amount realized from stock issued under settle- ment agreement 98,949 98,949 Issuance of stock 840,000 1,680,000 $(1,680,000) -0- under employee stock plan Receipts from employees under employee stock plan 6,600 6,600 Issuance of common stock to debenture holder 100,000 187,500 187,500 Issuance of Warrants 709,535 709,535 Net Loss -- -- -- -- (2,145,072) (2,145,072) ----------- ----------- ----------- ------------- ----------- ----------- Balance 9/30/00 5,091,752 $10,212,826 $ 1,516,651 $ (1,673,400) $(6,605,889) $ 3,450,188 =========== =========== =========== ============= =========== =========== See notes to consolidated financial statements 7 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30 ------------------------------------- 2000 1999 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $(2,145,072) $ 463,150 Adjustments to reconcile net income to net cash used for operating activities: Depreciation and amortization 495,541 100,156 Deferred rent (10,901) 12,112 Changes in operating assets and liabilities: Accounts receivable, trade, net 813,623 (2,225,008) Inventories (494,364) (156,858) Other current assets (42,340) (458,679) Other assets -- (12,140) Accounts payable 121,561 86,095 Accrued liabilities (78,505) 79,316 ----------- ----------- Net cash used for operating activities (1,340,457) (2,111,856) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of equipment -- (9,748) ----------- Net cash used for investing activities -- (9,748) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 411,006 731,375 Advances on notes payable 1,140,000 1,237,303 Loan fees (50,000) (50,000) Increase in amount due under Nutek settlement agreement -- 118,604 Borrowings under long-term debt -- 300,000 Repayment of Notes Payable (210,000) -- Advances to related parties -- -- ----------- ----------- Net cash provided by financing activities 1,291,006 2,337,282 ----------- ----------- NET INCREASE (DECREASE) IN CASH (49,451) 215,678 CASH AT BEGINNING OF PERIOD 214,206 63,951 ----------- ----------- CASH AT END OF PERIOD $ 164,755 $ 279,629 =========== =========== Supplemental Disclosure: Cash paid for: Interest $ 186,589 $ 291,745 Taxes $ -- $ 1,600 Non cash transactions: The Company paid $947,039 of prepaid loan fees through the issuance of stock and warrants. See notes to consolidated financial statements 8
NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-QSB. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The information furnished herein reflects all material adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to a fair presentation of the financial statements for the period presented. Interim results are not necessarily indicative of the results of operations for the full year. The financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company's annual report on Form 10-KSB filed with the Securities and Exchange Commission for the year ended December 31, 1999. 2. Inventories: Inventories at September 30, 2000 consisted of the following: Raw Materials $ 888,788 Work-in-Progress 199,731 Finished Goods 794,556 ----------- $ 1,883,075 =========== 3. Notes Payable & Convertible Debt: On July 18, 2000 the Company entered into a 9% convertible debenture agreement for $365,000 due July 17, 2001. The debentures are convertible into the Company's Common Stock at any time at the option of the holder. The conversion price is the lesser of 80% of the market price on the date of conversion or $2.34. As an incentive to enter into this agreement, the Company issued warrants to purchase 109,500 shares of Common Stock at $2.2875 per share. The Company also issued warrants to purchase 21,900 shares of Common Stock at $2.2875 as a finders fee. The fair market value of all warrants issued in connection with this agreement of $185,000 was capitalized as prepaid loan fees and is being amortized over the term of the debt. During the second quarter, the Company negotiated a one-year extension on $300,000 of notes payable that had matured in exchange for options to purchase 48,000 shares of Common Stock at amounts ranging between $2.13 and $2.28 per share. The fair value of these options of $68,672 was capitalized as prepaid loan fees and is being amortized over the one year extension. During the second quarter, the Company obtained a $200,000 loan which bears interest at 18% per annum and was due June 28, 2000. As an incentive to make this loan, the Company issued options to the holder to purchase 15,000 shares of Common Stock at $2.25 per share. The fair value of these options of $25,230 was capitalized as prepaid loan fees and fully amortized during the quarter based upon the term of the debt. The Company has arranged an extension of the due date on this loan coincident with completion of October, 2000 working capital financing. 9 On February 23, 2000 the Company entered into 12% subordinated convertible debenture agreements for $500,000 due February 23, 2001. The debentures are convertible into the Company's Common Stock at any time at the option of the holder. The conversion price is the lesser of 85% of the market price of the Common Stock on the date of conversion or $2.00. As an incentive to enter into this agreement, the Company issued 100,000 shares of Common Stock plus warrants to purchase 100,000 shares and 200,000 shares of Common Stock at $2.25 per share and $4.50 per share, respectively. The fair market value of the 100,000 shares of Common Stock of $187,500 and the fair market value of the warrants of $313,733 were capitalized as prepaid loan fees and are being amortized over the term of the debt. The Company also paid $50,000 of loan fees related to this debt. On January 21, 2000 the Company obtained a loan for $75,000 for its wholly owned subsidiary, Dasibi China Corp.. This loan bears interest at 10% per annum, and was due March 21, 2000 and is being negotiated for conversion to equity in that subsidiary. On October 19, 2000, the Company entered into a "refinancing plan" intended to pay off all convertible and related convertible debt. This "plan" is in the form of an escrow account which has not closed as of this date and contains components which require ratification and/or approval at a special shareholders' meeting set for December 19, 2000. Management, however, expects redemption of the above debt to occur before November 10, 2000, if the escrow is successfully completed. 4. Shareholders' Equity: On September 1, 2000 a holder of $75,000 of convertible debentures elected to convert $25,000 into 16,667 shares of Common Stock in accordance with the terms of the debenture. During the third quarter, the Company issued warrants to purchase 131,400 shares of Common Stock in connection with the issuance of convertible debentures (see Note 3). During the second quarter, the Company issued options to purchase 63,000 shares of Common Stock in connection with various loans (see Note 3). The Company entered into an agreement in the second quarter with a firm that helps companies find financing through loans and investments. Under this agreement, the Company issued warrants to purchase 100,000 shares of Common Stock at $5.00 per share. The fair value of these warrants of $116,900 has been capitalized as prepaid loan fees and will be amortized over the term of this agreement. On June 29, 2000 the Company issued 840,000 shares of Common Stock under the Company's employee stock plan at $2.00 per share in exchange for a non-interest bearing note of $1,680,000, based on full (46 employees) participation paid by individual employee payroll deduction. In March 2000 a holder of $150,000 of convertible debentures elected to convert $75,000 into 33,333 shares of Common Stock in accordance with the terms of the debentures. In February 2000 in connection with the issuance of $500,000 of convertible debentures, the Company issued 100,000 shares of Common Stock and 300,000 warrants as inducement for the loan. The fair value of these shares has been capitalized as loan fees and is being amortized over the 1-year terms of the debentures. On March 31, 2000, warrants to purchase 50,000 shares of Common Stock at $2.40 per share and 379,207 shares of Common Stock at $.75 per share were exercised. 10 Common Stock issued to Fidelity Federal under a compromise settlement agreement in June 1999 was used to pay the related debt. The actual proceeds from the sale of these shares exceeded the amount recorded by $98,949. This increase has been recorded as additional paid in capital. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The Company designs, manufactures and markets automated continuous monitoring instruments used to detect and measure various types of air pollution through its wholly-owned subsidiary, Dasibi Environmental Corp., and, since January 1998 has focused its business primarily on the air pollution market of the People's Republic of China. The Company has experienced substantial operating losses during months in which no product was shipped to China primarily due to high staffing and related expenses toward maintaining necessary shipment readiness with a non-predictable manufacturing schedule. The 1999 Phase I contract for $5.2 million was essentially completed in a 5 month period ending in November 1999, but required a year time period between signing and shipping. The Company's future operating results may be affected by a number of important factors, including but not limited to the ability of the Company to obtain further contracts for China; uncertainties relative to global economic conditions; industry factors; the availability and cost of components; the Company's ability to develop, manufacture and sell its products profitably and the Company's ability to obtain working capital. In April 2000 the Company signed a $13.5 million agreement (the Phase II "China Contract"). In May 2000 the Company's Board of Directors approved signed letters of intent and a Company proposal for a joint venture to manufacture its product in China. On September 6, 2000, the Company signed a joint venture contract with Dongyu Shenyang Group which was approved by China government agencies on September 20, 2000. On October 19, 2000 the Company opened an escrow for funding with an unaffiliated corporation whose primary end purpose is to seek control of the Comapny. The primary purpose of the Company in the escrow is to obtain working capital for its China projects after redeeming outstanding convertible bonds and their related loans. No escrow instructions have been completed by November 2, 2000 although the convertible bond holders have agreed to "pay-off" terms. The escrow is arranged in stages of which the first is release of working capital to the Company. Other stages involve shareholder ratification and/or approval at a special shareholders' meeting tentatively scheduled for December 19, 2000. At this date, no release of working capital has been made to the Company. 11 RESULTS OF OPERATIONS Three Months Ended September 30, 2000, versus Three Months Ended September 30, 1999 Net revenues decreased 71% from $2,814,886 during the third quarter of 1999 to $824,918 during the third quarter of 2000. The decrease was primarily due to the absence of China contract shipments and to ongoing competitive price pressures in the U.S. and Europe. Gross profit margin was 24% for the third quarter of 2000 versus 46% for the third quarter of 1999. Low gross profit percentage remains primarily attributable to increased staffing and training in anticipation of China contract work, of which there was none in the third quarter of 2000. Selling, general and administrative expenses decreased $196,818, or 23% during the third quarter of 2000, versus the same period in 1999, primarily due to the absence of commissions paid in this quarter as opposed to $150,000 paid in the third quarter of 1999. Other expenses decreased due to the inactivity of China sales in 2000. During the third quarter of 2000 accounting charges related to amortization of loan fees and interest amounted to $184,201. The third quarter of 1999 did not include this accounting charge. Previously all accounting charges were reported in the fourth quarter. As a result of the foregoing factors, the Company incurred a loss of $758,290 during the three months ended September 30, 2000 as compared to net operating income of $252,041 during the three months ended September 30, 1999. Nine Months Ended September 30, 2000, versus Nine Months Ended September 30, 1999 Net revenues decreased 61% from $5,756,783 during the nine months ended September 30, 1999 to $2,255,678 during the nine months ended September 30, 2000. The decrease was primarily due to the absence of China contract shipments and to ongoing competition price pressures in the U.S. and Europe. Gross profit margin was 20% for the nine months ended September 30, 2000 versus 44% for the nine months ended September 30, 1999. Low gross profit percentage remains primarily attributable to increased staffing and training in anticipation of China contract work, of which there was essentially none in the nine months of 2000. Selling, general and administrative expenses increased $360,990, or 22% during the nine months ended September 30, 2000 versus the same period in 1999, primarily due to increased commissions to date of $232,000 over the same period in 1999. Commissions were paid in the third and fourth quarters of 1999 and the first and second quarters of 2000 pertaining to the Phase I China contract. In addition, expenditures increased for legal and accounting relating to China contracts plus the setting up of the China office which accounted for the remainder. During the nine months ended September 30, 2000 accounting charges related to amortization of loan fees and interest amounted to $438,484. The same period of 1999 did not include this accounting charge. Previously all accounting charges were reported in the fourth quarter. 12 As a result of the foregoing factors, the Company incurred a loss of $2,145,072 during the nine months ended September 30, 2000 as compared to net operating income of $463,150 during the nine months ended September 30, 1999. Liquidity and Capital Resources The Company has historically financed its growth and cash needs primarily through borrowings, and the public and private sales of its securities. The low trading price of the Company's Common Stock and its unstable operating performance has severely restricted access to capital, and when capital has been obtained it has been necessarily costly due to high interest costs and related loan fees. Net cash used in operating activities in the nine months ended September 30, 2000, amounted to $1,340,457, due to the loss incurred during the period, offset by collection of accounts receivable. The Company's cash only decreased $49,451 as compared to the end of the last quarter of 1999, despite the large loss, primarily due to issuance of common stock amounting to $411,006 and additional net borrowings of $880,000. Working capital was $499,666 at September 30, 2000. As a result of the Company's low working capital, the Company has entered into the transaction discussed above under the caption "General." If such transaction is not consummated, the Company may be unable to fulfill the Phase II China contract, which in turn, could have a material adverse impact on its results of operations. During the second quarter, the Company obtained a $200,000 loan which bears interest at 18% per annum and was due June 28, 2000. As an incentive to make this loan, the Company issued options to the holder to purchase 15,000 shares of Common Stock at $2.25 per share. The fair value of these options of $25,230 was capitalized as prepaid loan fees and fully amortized during the quarter based upon the term of the debt. The Company has arranged an extension of the due date on this loan coincident with completion of October, 2000 working capital financing. Whereas management previously believed that the Phase II China contract improved the Company's "bankability", it now appears that an effective financing date of the contract is necessary to improve borrowing capability. Inflation The Company believes that inflation has not had a material impact on its business. Seasonality The Company does not believe that its business is seasonal. 13 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) On August 30, 2000 the Company's Annual Meeting of Shareholders was held. The following members of the Board of Directors were re-elected with the following vote: Name Votes Albert E. Gosselin 4,143,865 Gary L. Dudley 4,143,937 Craig E. Gosselin 4,141,435 Marcia Smith 4,143,937 Donald R. Ford 4,143,287 Additionally, the firm of AJ. Robbins, P.C. was elected as the Company's auditors for the fiscal year ending December 31, 2000 with the following vote: For 4,148,138 Against 6,487 Abstain 2,402 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Not applicable (b) The Company did not file any reports on Form 8-K during the three months ended September 30 , 2000. 14 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. POLLUTION RESEARCH AND CONTROL CORP. ----------------------------------------------- (Registrant) Date: November 14, 2000 By: /s/ Albert E. Gosselin, Jr. ------------------------------------------ Albert E. Gosselin, Jr., President and Chief Executive Officer Date: November 14, 2000 By: /s/ Donald R. Ford ------------------------------------------ Donald R. Ford Chief Financial Officer 15 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-2000 SEP-30-2000 164,755 0 367,804 4,734 1,883,075 3,033,979 310,281 225,645 6,017,202 2,534,313 0 0 0 8,539,426 1,516,651 0 2,255,678 2,279,939 1,806,103 0 2,012,302 (1,538,466) 606,606 (2,145,072) 0 0 0 0 0 2,145,072 (.49) (.49)
-----END PRIVACY-ENHANCED MESSAGE-----