-----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, EivTFe3mMugWHiYcBYODFz6gUe34abDdpkE8BnWIhyAJuvDj2H87RCXaausN3WaT HV+pL9+HIXenK4LC2QwqBA== 0000928385-96-001392.txt : 19961029 0000928385-96-001392.hdr.sgml : 19961029 ACCESSION NUMBER: 0000928385-96-001392 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961028 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDUSTRIAL TRAINING CORP CENTRAL INDEX KEY: 0000764867 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812] IRS NUMBER: 521078263 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-13741 FILM NUMBER: 96648478 BUSINESS ADDRESS: STREET 1: 13515 DULLES TECHNOLOGY DR CITY: HERNDON STATE: VA ZIP: 22071 BUSINESS PHONE: 7037133335 MAIL ADDRESS: STREET 1: 13515 DULLES TECHNOLOGY DRIVE CITY: HERNDON STATE: VA ZIP: 22071 10QSB 1 FORM 10-QSB UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-QSB Quarterly Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Quarter ended September 30, 1996 Commission File Number 0-13741 INDUSTRIAL TRAINING CORPORATION ------------------------------- (Exact name of registrant as specified in its charter) Maryland 52-1078263 -------- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 13515 Dulles Technology Drive, Herndon, Virginia 20171 ------------------------------------------------------ (Address of principal executive offices and zip code) Registrant's telephone number (703)713-3335 (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 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 ----- ----- As of October 22, 1996, 3,613,788 shares of Common Stock were outstanding. Table of Contents ================================================================================
Part I Page - ------ ---- Item 1 Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 1996 and 1995 1 Condensed Consolidated Balance Sheets as of September 30, 1996 and December 31, 1995 2 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 1996 and 1995 4 Notes to Condensed Consolidated Financial Statements 5 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II - ------- Item 1 Legal Proceedings 10 Item 2 Changes in Securities 10 Item 3 Defaults Upon Senior Securities 10 Item 4 Submission of Matters to a Vote of Security Holders 10 Item 5 Other Information 10 Item 6 Exhibits and Reports on Form 8-K 10
ITEM 1. FINANCIAL STATEMENTS INDUSTRIAL TRAINING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months For the Nine Months Ended September 30, Ended September 30, 1996 1995 1996 1995 ---- ---- ---- ---- Net revenues $5,537,255 $6,038,329 $16,858,136 $17,293,961 Cost of sales 4,216,647 3,505,498 11,634,049 9,957,906 ---------- ---------- ----------- ----------- Gross profit 1,320,608 2,532,831 5,224,087 7,336,055 Selling, general, and administrative expenses 2,332,357 1,786,161 6,672,337 5,380,882 Equity earnings of affiliates (56,163) (65,644) (168,520) (143,605) Interest expense (income), net (125,553) 26,661 (368,074) 80,961 ---------- ---------- ----------- ----------- 2,150,641 1,747,178 6,135,743 5,318,238 ---------- ---------- ----------- ----------- Income (loss) before income taxes (830,033) 785,653 (911,656) 2,017,817 Income taxes (benefit) (332,000) 322,000 (365,000) 827,000 ---------- ---------- ----------- ----------- Net income (loss) $ (498,033) $ 463,653 $ (546,656) $ 1,190,817 ========== ========== =========== =========== Net income (loss) per common share $ (0.14) $ 0.18 $ (0.15) $ 0.46 ========== ========== =========== =========== Weighted average number of shares outstanding 3,632,455 2,641,228 3,595,064 2,597,335 ========== ========== =========== ===========
See accompanying notes to condensed consolidated financial statements. 10-QSB - 1 INDUSTRIAL TRAINING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS
September 30, December 31, 1996 1995 ---- ---- (Unaudited) Current assets: Cash and cash equivalents $ 6,518,825 $ 10,348,762 Accounts receivable, net (Note 2) 7,908,962 4,802,054 Due from affiliates (Note 4) 21,811 18,842 Inventories 719,104 871,072 Prepaid expenses 318,535 253,061 Income taxes receivable 435,200 -- ------------ ------------ Total current assets 15,922,437 16,293,791 Long-term receivable (Note 3) 1,561,129 -- Property and equipment: Video and computer equipment 3,557,169 3,221,982 Furniture and fixtures 1,046,498 1,037,404 Leasehold improvements 95,422 93,106 ------------ ------------ 4,699,089 4,352,492 Less accumulated depreciation and amortization (3,576,863) (3,036,918) ------------ ------------ Net property and equipment 1,122,226 1,315,574 Deferred program development costs, net 7,287,835 5,941,079 Goodwill, net 1,837,549 1,961,299 Investment in affiliates (Note 4) 183,671 231,315 Other 38,740 31,089 ------------ ------------ $ 27,953,587 $ 25,774,147 ============ ============
See accompanying notes to condensed consolidated financial statements. 10-QSB - 2 INDUSTRIAL TRAINING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31, 1996 1995 ---- ---- (Unaudited) Current liabilities: Current installments of long-term debt $ 127,274 $ 117,175 Accounts payable 3,144,385 1,621,543 Due to affiliates (Note 4) 448,151 261,230 Accrued compensation and benefits 776,344 594,796 Deferred revenues 783,925 100,769 Other accrued expenses 366,690 219,029 Income taxes payable -- 105,000 ----------- ----------- Total current liabilities 5,646,769 3,019,542 Deferred lease obligations 90,629 102,964 Deferred income taxes 1,608,522 1,608,522 Long-term debt, excluding current installments 31,936 130,745 ----------- ----------- Total liabilities 7,377,856 4,861,773 Stockholders' equity: Common stock, $.10 par value, 12,000,000 shares authorized; 3,613,788 and 3,556,424 issued and outstanding in 1996 and 1995, respectively 361,379 355,643 Additional paid-in capital 14,894,630 14,770,853 Note receivable from ESOP (169,677) (250,177) Retained earnings 5,489,399 6,036,055 ----------- ----------- Total stockholders' equity 20,575,731 20,912,374 ----------- ----------- $27,953,587 $25,774,147 =========== ===========
See accompanying notes to condensed consolidated financial statements. 10-QSB - 3 INDUSTRIAL TRAINING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30, 1996 1995 ---- ---- Cash Flows From Operating Activities: Net income (loss) $ (546,656) $1,190,817 Reconciling items: Provision for deferred taxes -- 96,818 Depreciation and amortization 3,114,957 2,174,441 (Decrease) increase in reserve for doubtful accounts (145,409) 75,000 Salesperson award of treasury shares -- 1,650 Loss on disposal of property and equipment -- 35,726 Changes in operating assets and liabilities: Increase (decrease) in accounts receivable (2,961,499) 1,596,558 Decrease in inventories 151,968 471,524 Increase in prepaid expenses (65,474) (159,914) (Increase) decrease in other assets (7,651) 463 Increase in income taxes receivable (435,200) -- Increase in long-term receivable (1,561,129) -- Increase (decrease) in accounts payable 1,522,842 (986,856) Increase (decrease) in due to affiliates, net 183,952 (183,376) Increase (decrease) in accrued compensation and benefits 181,548 (409,093) Increase in deferred revenues 683,156 155,150 Increase (decrease) in other accrued expenses 147,661 (565,682) (Decrease) increase in income taxes payable (105,000) 340,000 Decrease in deferred lease obligation (12,335) (11,021) ---------- ---------- Net cash provided by operating activities 145,731 3,822,205 Cash Flows From Investing Activities: Deferred program development costs (3,750,374) (2,735,190) Capital expenditures (346,597) (485,241) ---------- ---------- Net cash used in investing activities (4,096,971) (3,220,431) Cash Flows From Financing Activities: Repayments under line of credit -- (80,000) Principal payments under long-term debt (88,710) (348,905) Principal payments under capital lease obligation -- (38,285) Proceeds from long-term debt -- 1,320,000 Payments related to public offering -- (306,566) Issuance of common stock 129,513 110,418 Employee stock ownership plan note collections 80,500 81,000 ---------- ---------- Net cash provided by financing activities 121,303 737,662 ---------- ---------- Net (decrease) increase in cash (3,829,937) 1,339,436 Cash and cash equivalents at beginning of period 10,348,762 439,923 ---------- ---------- Cash and cash equivalents at end of period $6,518,825 $1,779,359 ========== ==========
See accompanying notes to condensed consolidated financial statements. 10-QSB - 4 INDUSTRIAL TRAINING CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 1996 (Unaudited) 1) Significant Accounting Policies a) Basis of Presentation --------------------- The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries ComSkill Learning Centers, Inc., Activ Training, Ltd. and ITC Australasia Pty. Ltd. In the opinion of the Company, the interim condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The interim condensed consolidated financial statements should be read in conjunction with the Company's December 31, 1995 and 1994 audited financial statements included with the Company's filing on Form 10-KSB. The interim operating results are not necessarily indicative of the operating results for the full fiscal year. b) Revenues and Cost ----------------- Revenues include both off-the-shelf and custom courseware sales, courseware licenses, consulting service revenues and hardware revenues. The Company recognizes revenues on off-the-shelf product and hardware sales as units are shipped. The Company permits the customer the right to return the courseware within 30 days of purchase. In the event that sales returns are material, the Company adjusts revenue accordingly. Revenues from sales of custom training programs that are developed and produced under specific contracts with customers, including contracts with affiliated joint ventures and limited partnerships, are recognized on the percentage of completion basis as related costs are incurred during the production period. Gross revenues from sales of affiliated joint venture and limited partnership copyrighted courseware are included in the Company's financial statements, as are related production, selling and distribution costs. Amounts due to co-owners of the affiliated joint venture and partnerships related to such courseware sales are reflected as royalties and included in cost of sales in the financial statements. Revenues from courseware licenses are recognized upon the delivery of the initial copy of each product licensed, and related duplication costs are accrued based on estimates. Revenues from consulting services are recognized as services are performed. 2) Accounts Receivable Accounts receivable include the following:
September 30, December 31, 1996 1995 ---- ---- Trade accounts receivable $ 6,719,946 $ 4,619,145 Current portion of long-term receivable, net (Note 3) 952,287 -- Unbilled contract receivables 274,295 291,311 Less allowance for doubtful accounts (44,638) (190,047) ----------- ----------- Trade accounts receivable, net 7,901,890 4,720,409 Other receivables 7,072 81,645 ----------- ----------- $ 7,908,962 $ 4,802,054 =========== ===========
10-QSB - 5 3) Long-term Receivable During the second quarter of 1996, the Company entered into a contract with the DeKalb County (GA) Board of Education ("DeKalb") for the sale of a district-wide multicopy courseware license, hardware and certain future services. The total contract amount of $5,060,000 is payable in four installments, $1,535,000 upon contract execution, and the remaining $3,525,000 in three equal annual installments beginning in June, 1997. Total revenues recognized under the contract during the second quarter for the courseware license and hardware were $3,838,000, representing 23% of the Company's year to date revenues. Dealer fees relating to this sale have been charged against the related revenues, and are only payable when proceeds are received by the Company. The long-term portion of the net receivable has been discounted assuming a 6% interest rate. Components of long-term receivable include the following:
September 30, 1996 ---- Receivable from DeKalb County (GA) Board of Education $ 3,525,000 Related dealer fees payable (797,083) Less amounts classified as current, net of related dealer fees (952,287) Less amount representing interest (214,501) ----------- $ 1,561,129 ===========
4) Investments in and Due to Affiliates The Company is a participant in five separate limited partnerships with Industrial Training Partners, Ltd. (the ITP partnerships) and a joint venture with DynCorp. In each of the ITP partnerships, the Company is a 5% general partner and in certain partnerships the Company has acquired limited partnership interest as well. In the joint venture with DynCorp, the Company has a 50% ownership interest. The ITP partnerships and the DynCorp joint venture were formed to develop and produce various series of training programs. Under the contracts to market the programs for the partnerships and joint venture, ITC receives 50%-70% of the sales price for the costs of reproducing and marketing the training materials. In the case of the joint venture agreement, the Company also receives an additional 25% for its share of joint venture profits. Sales of programs related to these activities were $1,844,000 and $1,560,000 for the first nine months of 1996 and 1995 respectively. Additionally, during the fourth quarter of 1995 and the first nine months of 1996, the Company developed new training products for certain partnerships. In order to finance the product development activities for these partnerships, the Company has guaranteed two bank loans for two of the partnerships. At September 30, 1996, the outstanding balance of these loans totaled $526,000. Revenues recognized by the Company for the development of these training programs were $532,000 for the first nine months of 1996. 5) Note Payable to Bank At September 30, 1996, the Company had no amounts outstanding relating to its $3,000,000 revolving bank line of credit, which bears interest at prime (8.25% at September 30, 1996). Borrowings under the line are collateralized by the Company's accounts receivable and inventory. The loan agreement includes certain covenants which limit borrowings and the ability to merge or dispose of assets, and requires the maintenance of minimum working capital and tangible net worth ratios. 10-QSB - 6 6) Other Events Effective September 1, 1996, ITC Australasia Pty. Ltd. (ITCA), a newly formed and wholly owned subsidiary of the Company, purchased substantially all of the assets of Acumen People and Productivity Pty. Ltd. (Acumen) for approximately $80,000. Acumen had been a distributor of ITC products in Australia and Asia since 1991. ITCA was created in order to continue the expansion of the Company's presence in the international marketplace, particularly throughout Australia and the Pacific Rim. The following table sets forth proforma unaudited results of operations of the Company for the nine months ending September 30, 1996 and 1995, as if ITCA had been acquired as of January 1, 1995.
Nine Months Ending Nine Months Ending September 30, September 30, 1996 1995 ---- ---- Net Revenues $ 17,586,901 $ 18,189,910 ============ ============ Net income (loss) $ (495,060) $ 1,090,912 ============ ============ Net income (loss) per common share $ (0.14) $ 0.42 ============ ============
10-QSB - 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS a) Results of Operations For the quarter ended September 30, 1996, revenues aggregated $5,537,000 as compared to $6,038,000 for the quarter ended September 30, 1995, representing a decrease of $501,000 or 8%. For the nine months ended September 30, 1996, total revenues were $16,858,000, a decrease of $436,000 or 3% as compared to the same period in 1995. Sales of the Company's off-the-shelf multimedia training courseware and courseware licenses totaled $3,567,000 for the third quarter of 1996 as compared to $4,863,000 achieved during the same period of 1995, representing a decrease of 1,296,000 or 27%. Sales of off-the-shelf multimedia training courseware and courseware licenses through September 30, 1996, totaled $11,971,000, representing a decrease of $476,000 or 4% from the corresponding year to date results of 1995. The shortfall in revenues for both the third quarter of 1996 and first nine months of 1996 can be principally attributed to a decline in sales of off-the- shelf courseware and courseware licenses due to the continued delays in converting ITC's traditional customer base in the process and manufacturing markets from laserdisc technology to digital CD-ROM courseware. Although the conversion issue has been a significant factor in the performance of the traditional domestic sales area, it appears to have been less of a factor within the international, government and education markets, which have been a primary focus of the Company during 1996. To date, these three targeted markets have yielded positive results, with aggregate revenues growing at a rate of 10% and 115% for the quarter and nine months ending September 30, 1996 as compared to the previous year. Revenues from international operations totaled $1,010,000 and $1,905,000 for the three months and nine months ended September 30, 1996, respectively. This represents increases of $726,000 and $882,000 as compared to the same periods in 1995. This significant growth in the international markets has been due to the Company's expansion of direct sales in the international marketplace with both Activ Training, Ltd., the Company's London-based operation, and ITC Australasia Pty. Ltd., the Company's newly incorporated subsidiary located in Australia. Hardware revenues for the three months ended September 30, 1996, aggregated $1,566,000, representing an increase of $652,000 or 71% as compared to the third quarter of 1995. For the first nine months of 1996, hardware revenues totaled $3,403,000, an increase of $89,000 or 3% as compared to the corresponding period in 1995. Sales of hardware systems accounted for 28% of third quarter 1996 total revenues and 20% of total revenues for the first nine months of 1996. This compares to 15% and 19%, respectively, for the comparable periods in 1995. Gross margin percentages declined from 42% to 24% and 42% to 31% for the comparative third quarters and comparative year to date results, respectively. Gross margin for the third quarter of 1996 totaled $1,321,000, a decrease of $1,212,000 or 48% from $2,533,000 which was reported for the third quarter of 1995. For the nine months ending September 30, 1996, gross margin aggregated $5,224,000, as compared to $7,336,000 for the comparable period in 1995, representing a decrease of $2,112,000 or 29%. The significant decrease in gross margin for both the third quarter of 1996 and the first nine months of 1996 is due to a number of factors, including lower sales of the Company's off-the-shelf training courseware and courseware licenses, which produce higher margins than hardware sales or other products and services, increased product amortization associated with the Company's product development activities, higher product fulfillment costs, and increased dealer fees associated with certain product sales, principally within the government and education markets. Selling, general and administrative expenses totaled $2,332,000 for the third quarter and $6,672,000 for the nine months ended September 30, 1996. This compares to $1,786,000 and $5,381,000 for the corresponding periods in 1995. The increases in selling, general and administrative expenses of $546,000 over the third quarter 1995 and $1,291,000 over the nine months ended September 30, 1995, is primarily due to an overall increase in sales and marketing related activities, including product promotions, trade shows and travel, and costs associated with the 10-QSB - 8 expanded international operations. During the third quarter of 1996, the Company took positive steps to control the growth of overall selling, general and administrative expenses by eliminating approximately $593,000 of annualized costs. While these changes will have a favorable impact on the upcoming fourth quarter, the majority of the impact of these cost reductions will be realized during fiscal 1997. Net interest income for the third quarter of 1996 aggregated $126,000 as compared to net interest expense of $27,000 for the third quarter of 1995. For the nine months ending September 30, 1996, the Company earned $368,000 of interest income, representing an increase of $449,000 as compared to the same period of 1995. The increases in net interest income as compared to 1995 are primarily due to interest on cash balances resulting from the proceeds of the Company's third quarter 1995 public offering. b) Net Loss The substantial decrease in earnings before taxes was partially offset by an interim tax benefit, resulting in a net loss of $498,000 or 14 cents per share for the third quarter and a net loss of $547,000 or 15 cents per share for the nine months ended September 30, 1996. This represents decreases of $962,000 or 32 cents and $1,738,000 or 61 cents as compared to the same periods in 1995. c) Cash Flow, Liquidity and Capital Resources Working capital at September 30, 1996 was $10,276,000 as compared to $13,274,000 at December 31, 1995, a decrease of $2,998,000. The decrease is primarily due to the operating loss experienced during the first nine months of 1996 and the significant investment in program development made by the Company of $3,750,000 during 1996. The Company anticipates that the rate of spending on program development activities will substantially decline throughout the remainder of 1996. For the period ended September 30, 1996, cash flow from operations totaled $146,000. The lower overall cash flow from operations is primarily due to reduced earnings. Additionally, cash flow from operations was reduced by increases in current accounts receivable and long-term accounts receivable resulting from the Company's second quarter 1996 transaction with DeKalb County (GA) Board of Education. This reduction in operating cash flow was partially offset by increases in accounts payable and other accruals and the continued impact of the Company's significant non-cash charges for amortization of product development and depreciation of fixed assets. Management believes that the Company's existing cash balances combined with the Company's existing resources and available line of credit are adequate to meet working capital needs and other financing requirements for the next 12 months. 10-QSB - 9 PART II ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits See attached Exhibit Index. (b) Reports on Form 8-K None. 10-QSB - 10 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. INDUSTRIAL TRAINING CORPORATION (Registrant) BY /s/ James H. Walton DATE 10/25/96 --------------------------------- ----------------------- James H. Walton Chairman of the Board and Chief Executive Officer BY /s/ Philip J. Facchina DATE 10/25/96 --------------------------------- ----------------------- Philip J. Facchina President and Chief Operating Officer BY /s/ Frank A. Carchedi DATE 10/25/96 --------------------------------- ----------------------- Frank A. Carchedi Vice President, Treasurer and Chief Financial Officer BY /s/ Christopher E. Mack DATE 10/25/96 --------------------------------- ----------------------- Christopher E. Mack Controller 10-QSB-11 Index to Exhibits
Exhibit Page No. Description No. - -------------------------------------------------------------------------- 3.1 Amended Articles of Incorporation of the Company, incorporated by reference to the Company's Form 10-Q for the quarter ended June 30,1996, filed July 25, 1996 with the SEC (Commission File No. 33-61393). 3.2 Restated By-Laws of the Company, incorporated by reference to the Company's Registration Statement Form SB-2 filed July 28, 1995 with the SEC (Commission File No. 33-61393). 4.1 Specimen Certificate for ITC Common Stock, incorporated by reference to the Company's Registration Statement on Form SB-2 filed July 28, 1995 with the SEC (Commission File No. 33-61393).
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANTS 10-QSB AS FOR THE PERIOD ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS SEP-30-1996 SEP-30-1996 6,518,825 0 7,953,600 (44,638) 719,104 15,922,437 4,699,089 (3,576,863) 27,953,587 5,646,769 31,936 0 0 361,379 20,214,352 27,953,587 16,858,136 16,858,136 11,634,049 11,634,049 5,959,743 176,000 0 (911,656) (365,000) (546,656) 0 0 0 (546,656) (0.15) 0
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