-----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, J9BUlW6AXuPFm0cZdY+jSvRiTIQyiA98oF3FuyqDJRLM3csv/MtL26OQnV+msRQQ j3GnXhxqBRAUIUDDV2529A== /in/edgar/work/20000811/0000950149-00-001760/0000950149-00-001760.txt : 20000921 0000950149-00-001760.hdr.sgml : 20000921 ACCESSION NUMBER: 0000950149-00-001760 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEA INCOME FUND VI CENTRAL INDEX KEY: 0000774482 STANDARD INDUSTRIAL CLASSIFICATION: [7359 ] IRS NUMBER: 942942941 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14440 FILM NUMBER: 695398 BUSINESS ADDRESS: STREET 1: 444 MARKET ST 15TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4156778990 10-Q 1 e10-q.txt QUARTER REPORT 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____TO _____ Commission file number 0-14440 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) California 94-2942941 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 444 Market Street, 15th Floor, San Francisco, California 94111 (Address of principal executive offices) (Zip Code) (415) 677-8990 (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 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 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 TABLE OF CONTENTS
PAGE PART I - FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets - June 30, 2000 and December 31, 1999 (unaudited) 4 Condensed Statements of Operations for the three and six months ended June 30, 2000 and 1999 (unaudited) 5 Condensed Statements of Cash Flows for the six months ended June 30, 2000 and 1999 (unaudited) 6 Notes to Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 11 PART II - OTHER INFORMATION Item 1. Legal Proceedings 12 Item 6. Exhibits and Reports on Form 8-K 12
2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presented herein are the Registrant's condensed balance sheets as of June 30, 2000 and December 31, 1999, condensed statements of operations for the three and six months ended June 30, 2000 and 1999, and condensed statements of cash flows for the six months ended June 30, 2000 and 1999. 3 4 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP CONDENSED BALANCE SHEETS (UNAUDITED)
June 30, December 31, 2000 1999 ------------- ------------- Assets Current assets: Cash and cash equivalents, includes $443,227 at June 30, 2000 and $471,468 at December 31, 1999 in interest-bearing accounts $ 490,007 $ 471,568 Net lease receivables due from Leasing Company (notes 1 and 2) 12,563 87,904 ------------- ------------- Total current assets 502,570 559,472 ------------- ------------- Container rental equipment, at cost 4,483,580 5,218,975 Less accumulated depreciation 3,137,450 3,678,434 ------------- ------------- Net container rental equipment 1,346,130 1,540,541 ------------- ------------- Total assets $ 1,848,700 $ 2,100,013 ============= ============= Partners' Capital Partners' capital: General partners $ 3,174 $ 5,687 Limited partners 1,845,526 2,094,326 ------------- ------------- Total partners' capital $ 1,848,700 $ 2,100,013 ============= =============
The accompanying notes are an integral part of these financial statements. 4 5 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended ------------------------- ----------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 --------- --------- --------- --------- Net lease revenue (notes 1 and 3) $ 105,865 $ 142,393 $ 207,051 $ 313,393 Other operating expenses: Depreciation -- 35,970 -- 69,112 Other general and administrative expenses 15,513 9,884 31,710 27,411 --------- --------- --------- --------- 15,513 45,854 31,710 96,523 --------- --------- --------- --------- Income from operations 90,352 96,539 175,341 216,870 Other income: Interest income 5,205 7,775 10,408 15,948 Net gain (loss) on disposal of equipment (1,412) 60,199 14,862 113,822 --------- --------- --------- --------- 3,793 67,974 25,270 129,770 --------- --------- --------- --------- Net income $ 94,145 $ 164,513 $ 200,611 $ 346,640 ========= ========= ========= ========= Allocation of net income: General partners $ 18,768 $ 34,920 $ 37,659 $ 73,581 Limited partners 75,377 129,593 162,952 273,059 --------- --------- --------- --------- $ 94,145 $ 164,513 $ 200,611 $ 346,640 ========= ========= ========= ========= Limited partners' per unit share of net income $ 1.72 $ 2.95 $ 3.71 $ 6.22 ========= ========= ========= =========
The accompanying notes are an integral part of these financial statements. 5 6 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended ----------------------- June 30, June 30, 2000 1999 --------- --------- Net cash provided by operating activities $ 233,640 $ 333,647 Cash provided by investing activities: Proceeds from disposal of equipment 236,723 457,663 Cash used in financing activities: Distribution to partners (451,924) (888,781) --------- --------- Net increase (decrease) in cash and cash equivalents 18,439 (97,471) Cash and cash equivalents at January 1 471,568 786,433 --------- --------- Cash and cash equivalents at June 30 $ 490,007 $ 688,962 ========= =========
The accompanying notes are an integral part of these financial statements. 6 7 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (1) Summary of Significant Accounting Policies (a) Nature of Operations IEA Income Fund VI, A California Limited Partnership (the "Partnership") is a limited partnership organized under the laws of the State of California on August 1, 1984 for the purpose of owning and leasing marine cargo containers worldwide to ocean carriers. To this extent, the Partnership's operations are subject to the fluctuations of world economic and political conditions. Such factors may affect the pattern and levels of world trade. The Partnership believes that the profitability of, and risks associated with, leases to foreign customers is generally the same as those of leases to domestic customers. The Partnership's leases generally require all payments to be made in United States currency. The managing general partner is Cronos Capital Corp. ("CCC"); the associate general partners are four individuals. CCC, with its affiliate Cronos Containers Limited (the "Leasing Company"), manages the business of the Partnership. CCC and the Leasing Company also manage the container leasing business for other partnerships affiliated with the managing general partner. The Partnership shall continue until December 31, 2006, unless sooner terminated upon the occurrence of certain events. The Partnership commenced operations on December 4, 1984, when the minimum subscription proceeds of $1,000,000 were obtained. The Partnership offered 60,000 units of limited partnership interest at $500 per unit, or $30,000,000. The offering terminated on October 11, 1985, at which time 43,920 limited partnership units had been purchased. (b) Leasing Company and Leasing Agent Agreement Pursuant to the Limited Partnership Agreement of the Partnership, all authority to administer the business of the Partnership is vested in CCC. CCC has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the Partnership. Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and re-leasing the Partnership's containers to ocean carriers, and has full discretion over which ocean carriers and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Company to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Company and its affiliates, as part of a single fleet operated without regard to ownership. Since the Leasing Agent Agreement meets the definition of an operating lease in Statement of Financial Accounting Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is lessor and the Leasing Company is lessee. The Leasing Agent Agreement generally provides that the Leasing Company will make payments to the Partnership based upon rentals collected from ocean carriers after deducting direct operating expenses and management fees to CCC. The Leasing Company leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly one to five years). Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations; rentals are based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are all variable and contingent upon the number of containers used. Most containers are leased to ocean carriers under master leases; leasing agreements with fixed payment terms are not material to the financial statements. Since there are no material minimum lease rentals, no disclosure of minimum lease rentals is provided in these financial statements. 7 (Continued) 8 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (c) Basis of Accounting The Partnership utilizes the accrual method of accounting. Net lease revenue is recorded by the Partnership in each period based upon its leasing agent agreement with the Leasing Company. Net lease revenue is generally dependent upon operating lease rentals from operating lease agreements between the Leasing Company and its various lessees, less direct operating expenses and management fees due in respect of the containers specified in each operating lease agreement. (d) Depreciation of Containers Container rental equipment is depreciated over a twelve-year life on a straight-line basis to its estimated salvage value of 30%. As of December 31, 1999, container rental equipment has been fully depreciated. (e) Financial Statement Presentation These financial statements have been prepared without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting procedures have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and accompanying notes in the Partnership's latest annual report on Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires the Partnership 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 the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. The interim financial statements presented herewith reflect all adjustments of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the financial condition and results of operations for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. (2) Net Lease Receivables Due from Leasing Company Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, reimbursed administrative expenses and incentive fees payable to CCC and its affiliates from the rental billings payable by the Leasing Company to the Partnership under operating leases to ocean carriers for the containers owned by the Partnership. Net lease receivables at June 30, 2000 and December 31, 1999 were as follows: 8 (Continued) 9 IEA INCOME FUND VI, A CALIFORNIA LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (2) Net Lease Receivables Due from Leasing Company (continued)
June 30, December 31, 2000 1999 ------------- ------------- Gross lease receivables $ 275,570 $ 307,763 Less: Direct operating payables and accrued expenses 101,363 79,424 Damage protection reserve 25,606 25,417 Base management fees payable 53,059 57,191 Reimbursed administrative expenses 10,207 3,260 Allowance for doubtful accounts 49,339 29,461 Incentive fees 23,433 25,106 ------------- ------------- Net lease receivables $ 12,563 $ 87,904 ============= =============
(3) Net Lease Revenue Net lease revenue is determined by deducting direct operating expenses, base management and incentive fees and reimbursed administrative expenses to CCC from the rental revenue billed by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease revenue for the three and six-month periods ended June 30, 2000 and 1999 was as follows:
Three Months Ended Six Months Ended ------------------------ ----------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 --------- --------- --------- --------- Rental revenue (note 4) $ 183,674 $ 248,950 $ 382,532 $ 553,905 Less: Rental equipment operating expenses 35,125 30,738 76,545 80,855 Base management fees 12,000 18,957 24,984 40,756 Reimbursed administrative expenses 12,273 13,343 25,413 28,516 Incentive fees 18,411 43,519 48,539 90,385 --------- --------- --------- --------- $ 105,865 $ 142,393 $ 207,051 $ 313,393 ========= ========= ========= =========
(4) Operating Segment The Financial Accounting Standards Board has issued SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information," which changes the way public business enterprises report financial and descriptive information about reportable operating segments. An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and about which separate financial information is available. Management operates the Partnership's container fleet as a homogenous unit and has determined, after considering the requirements of SFAS No. 131, that as such it has a single reportable operating segment. The Partnership derives revenues from dry cargo marine containers. As of June 30, 2000, the Partnership operated 1,179 twenty-foot, 523 forty-foot and 38 forty-foot high-cube dry cargo marine containers. Due to the Partnership's lack of information regarding the physical location of its fleet of containers when on lease in the global shipping trade, it is impracticable to provide the geographic area information required by SFAS No. 131. ****** 9 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations It is suggested that the following discussion be read in conjunction with the Registrant's most recent annual report on Form 10-K. 1) Material changes in financial condition between June 30, 2000 and December 31, 1999. During the second quarter of 2000, the Registrant continued disposing of containers as part of its ongoing container operations. Accordingly, 141 containers were disposed during the second quarter of 2000, contributing to a decline in the Registrant's operating results. At June 30, 2000, 18% of the original equipment remained in the Registrant's fleet, as compared to 21% at December 31, 1999, and was comprised of the following:
40-Foot 20-Foot 40-Foot High-Cube ------- ------- --------- Containers on lease: Term leases 99 42 6 Master leases 926 430 21 -------- -------- -------- Subtotal 1,025 472 27 Containers off lease 154 51 11 -------- -------- -------- Total container fleet 1,179 523 38 ======== ======== ========
40-Foot 20-Foot 40-Foot High-Cube ---------------- ---------------- ---------------- Units % Units % Units % ----- ----- ----- ----- ----- ----- Total purchases 6,102 100% 3,753 100% 75 100% Less disposals 4,923 81% 3,230 86% 37 49% ----- ----- ----- ----- ----- ----- Remaining fleet at June 30, 2000 1,179 19% 523 14% 38 51% ===== ===== ===== ===== ===== =====
The Registrant's allowance for doubtful accounts increased from $29,461 at December 31, 1999 to $49,339 at June 30, 2000. This increase was attributable to the delinquent account receivable balances of approximately 11 lessees. The Leasing Company has either negotiated specific payment terms with these lessees or is pursuing other alternatives to collect the outstanding balances. In each instance, the Registrant believes it has provided sufficient reserves for all doubtful accounts. During the second quarter of 2000, distributions issued from operations and sales proceeds amounted to $225,962, reflecting distributions due to the general and limited partners for the first quarter of 2000. Such distributions were unchanged when compared with those issued in the first quarter of 2000, reflecting distributions due for the fourth quarter of 1999. The Registrant's continuing disposal of containers should produce lower operating results and, consequently, lower distributions to its partners in subsequent periods. The growth in the volume of world trade, a rise in exports to the Far East, and the global effects of a strong U.S. economy have resulted in improved market conditions for the container leasing industry. As a result of these and other factors, including repositioning initiatives implemented earlier in the year, utilization of the Registrant's fleet of containers has exhibited steady improvement in recent months. In addition, new container prices, as well as interest rates, have been rising from historically low levels. During such times, ocean carriers tend to reduce their capital spending to supplement their owned fleets of containers in favor of leasing. The pressure on per diem rates has impacted the Registrant's revenues, but there has been some rate stabilization in recent months. The Registrant will continue to take advantage of improving market conditions by repositioning equipment to locations of greatest demand as well as seeking out leasing opportunities that will strengthen utilization and enhance the performance of the fleet. 10 (Continued) 11 2) Material changes in the results of operations between the three and six-month periods ended June 30, 2000 and the three and six-month periods ended June 30, 1999. Net lease revenue for the three and six-month periods ended June 30, 2000 was $105,865 and $207,051, respectively, a decline of 26% and 34% from the respective three and six-month periods in the prior year. None of the Registrant's net income was from gain on disposal of equipment during the three-month period ended June 30, 2000, compared with 37% for the same period ended June 30, 1999. Approximately 7% of the Registrant's net income for the six-month period ended June 30, 2000 was from gain on disposal of equipment, as compared to 33% for the same six-month period in the prior year. Gross rental revenue (a component of net lease revenue) for the three and six-month periods ended June 30, 2000 was $183,674 and $382,532, respectively, reflecting a decline of 26% and 31% from the comparable three and six-month periods in 1999. Gross rental revenue was primarily impacted by the Registrant's diminishing fleet size and a decline in per-diem rental rates. Average per-diem rental rates decreased approximately 14% and 16%, respectively, when compared to the same three and six-month periods in the prior year. The Registrant's average fleet size and utilization rates for the three and six-month periods ended June 30, 2000 and June 30, 1999 were as follows:
Three Months Ended Six Months Ended ----------------------- ----------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 -------- -------- -------- -------- Average fleet size (measured in twenty-foot equivalent units (TEU)) 2,346 3,242 2,492 3,406 Average utilization 89% 84% 87% 84%
Rental equipment operating expenses were 19% and 20%, respectively, of the Registrant's gross lease revenue during the three and six-month periods ended June 30, 2000, as compared to 12% and 15%, respectively, during the three and six-month periods ended June 30, 1999. The Registrant's declining fleet size and related operating results also contributed to a decline in base management fees, reimbursed administrative expenses and incentive fees. Item 3. Quantitative and Qualitative Disclosures About Market Risk Not applicable. 11 12 PART II - OTHER INFORMATION Item 1. Legal Proceedings On March 20, 2000, KM Investments, LLC, a California limited liability company ("KM") filed its complaint (the "Complaint") in the Superior Court for the County of Los Angeles against CCC, as general partner of the Partnership, alleging violation of the California Revised Limited Partnership Act, breach of fiduciary duty, and unfair competition. KM claims to be an assignee of units of limited partnership interests in the Partnership and six other California limited partnerships (collectively, the "Cronos Partnerships") managed by CCC as general partner. KM, which is in the business of making unregistered tender offers for up to 4.9% of the outstanding interests in limited partnerships, claims that CCC has wrongfully refused to provide KM with lists of the limited partners of the Cronos Partnerships to enable KM to make unregistered tender offers to the limited partners of the Cronos Partnerships. KM asks for declaratory relief, damages according to proof, attorneys' fees, costs, interest, a temporary restraining order and/or a preliminary injunction barring CCC from giving limited partner lists to any other party before delivering such lists to KM, punitive damages, and an order prohibiting CCC from receiving reimbursement of its legal fees incurred in defending the action from the Cronos Partnerships. On April 24, 2000, CCC filed its demurrer to the Complaint and its motion to strike those portions of the Complaint seeking punitive damages. By its demurrer, CCC asserted that KM, as an assignee of units of the Cronos Partnerships, is not entitled to review or receive a copy of the lists of the limited partners of the Cronos Partnerships; that CCC has not breached any fiduciary duty to KM; and that CCC has not engaged in unfair competition as alleged by KM. CCC requested that the Court dismiss KM's Complaint. On June 8, 2000, the Court heard CCC's demurrer, and sustained (i.e., granted) it in its entirety, allowing KM thirty days to file an amended complaint. KM did so on or about July 10, 2000, asserting the same causes of action as set forth in its original complaint. CCC intends to demurr to KM's amended complaint and to move to strike those portions of the complaint seeking punitive damages. CCC believes that KM's complaint is without merit. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits
Exhibit No. Description Method of Filing -------- ------------------------------------------------ --------------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of October 11, 1984 3(b) Certificate of Limited Partnership of the ** Registrant 27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended June 30, 2000. - ------------ * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated October 12, 1984, included as part of Registration Statement on Form S-1 (No. 2-92883) ** Incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 (No. 2-92883) 12 13 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. IEA INCOME FUND VI, A California Limited Partnership By Cronos Capital Corp. The Managing General Partner By /s/ Dennis J. Tietz ------------------------------------------- Dennis J. Tietz President and Director of Cronos Capital Corp. ("CCC") Principal Executive Officer of CCC Date: August 14, 2000 13 14 EXHIBIT INDEX
Exhibit No. Description Method of Filing ------- ------------------------------------------------ ---------------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of October 11, 1984 3(b) Certificate of Limited Partnership of the ** Registrant 27 Financial Data Schedule Filed with this document
- ------------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated October 12, 1984, included as part of Registration Statement on Form S-1 (No. 2-92883) ** Incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 (No. 2-92883) EX-27.1 2 ex27-1.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT JUNE 30, 2000 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD JUNE 30, 2000. 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 490,007 0 12,563 0 0 502,570 4,483,580 3,137,450 1,848,700 0 0 0 0 0 1,848,700 1,848,700 0 207,051 0 31,710 0 0 0 0 0 0 0 0 0 200,611 0 0
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