-----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, RlzCxX29yv7pDhnoGBbVmI7yD5p+lEJ6K5fGpPCoRf5Y/85CuO0aN/Q92z2Oo0QW D16DC27d3gP1NsQB2QxrRw== /in/edgar/work/0000931763-00-002352/0000931763-00-002352.txt : 20001102 0000931763-00-002352.hdr.sgml : 20001102 ACCESSION NUMBER: 0000931763-00-002352 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CYTRX CORP CENTRAL INDEX KEY: 0000799698 STANDARD INDUSTRIAL CLASSIFICATION: [2836 ] IRS NUMBER: 581642740 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15327 FILM NUMBER: 749647 BUSINESS ADDRESS: STREET 1: 154 TECHNOLOGY PKWY STREET 2: TECHNOLOGY PARK/ATLANTA CITY: NORCROSS STATE: GA ZIP: 30092 BUSINESS PHONE: 4043689500 MAIL ADDRESS: STREET 1: 154 TECHNOLOGY PARKWAY CITY: NORCROSS STATE: GA ZIP: 30092 10-Q 1 0001.txt FORM 10-Q FOR PERIOD ENDED SEPTEMBER 30, 2000 UNITED STATES 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 September 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 0-15327 ------- CYTRX CORPORATION (Exact name of Registrant as specified in its charter) Delaware 58-1642740 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 154 Technology Parkway Suite 200 Norcross, Georgia 30092 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 368-9500 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 _____ --- Number of shares of CytRx Corporation Common Stock, $.001 par value, issued and outstanding as of October 30, 2000: 10,100,196. CYTRX CORPORATION ----------------- Form 10-Q --------- Table of Contents -----------------
Page ---- PART I. FINANCIAL INFORMATION Item 1 Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2000 (unaudited) and December 31, 1999 3 Condensed Consolidated Statements of Operations (unaudited) for the Three Month and Nine Month Periods Ended September 30, 2000 and 1999 4 Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Month and Nine Month Periods Ended September 30, 2000 and 1999 5 Notes to Condensed Consolidated Financial Statements 6 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3 Quantitative and Qualitative Disclosures About Market Risk 12 PART II. OTHER INFORMATION Item 6 Exhibits and Reports on Form 8-K 12 SIGNATURES 13
2 Part I - FINANCIAL INFORMATION Item 1. - Financial Statements CYTRX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31, 2000 1999 -------------- ------------- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,172,799 $ 3,031,893 Accounts receivable 169,102 174,292 Other current assets 54,211 209,090 -------------- ------------- Total current assets 2,396,112 3,415,275 Property and equipment, net 2,425,127 2,641,810 Note receivable 624,608 - Other assets 60,977 70,978 -------------- ------------- Total assets $ 5,506,824 $ 6,128,063 ============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 476,067 $ 629,738 Accrued liabilities 759,307 2,121,999 -------------- ------------- Total current liabilities 1,235,374 2,751,737 Long-term debt - 650,000 Other long-term liabilities - 1,693,638 Commitments Stockholders' equity: Preferred Stock, $.01 par value, 1,000 shares authorized, including 1,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding - - Common stock, $.001 par value, 18,750,000 shares authorized; 10,696,512 and 8,373,853 shares issued at September 30, 2000 and December 31, 1999, respectively 10,696 8,374 Additional paid-in capital 72,551,195 67,805,871 Treasury stock, at cost (633,816 shares held at September 30, 2000 and December 31, 1999) (2,279,238) (2,279,238) Accumulated deficit (66,011,203) (64,502,319) -------------- ------------- Total stockholders' equity 4,271,450 1,032,688 -------------- ------------- Total liabilities and stockholders' equity $ 5,506,824 $ 6,128,063 ============== =============
See accompanying notes. 3 CYTRX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------ ------------------------------------ 2000 1999 2000 1999 -------------- --------------- ---------------- --------------- (restated) (restated) Revenues: Net sales $ 168,086 $ 75,397 $ 353,370 $ 239,728 Interest income 47,993 95,505 116,901 406,837 Grant income 107,269 150,077 316,741 404,367 Other 80,594 29,958 250,400 118,356 -------------- --------------- ---------------- --------------- 403,942 350,937 1,037,412 1,169,288 Expenses: Cost of sales 82,035 51,710 178,736 157,820 Research and development 387,516 4,541,104 1,615,934 9,334,165 Selling, general and administrative 540,583 896,321 1,550,954 2,669,463 -------------- --------------- ---------------- --------------- 1,010,134 5,489,135 3,345,624 12,161,448 -------------- --------------- ---------------- --------------- Loss from continuing operations (606,192) (5,138,198) (2,308,212) (10,992,160) Income from discontinued operations - 252,385 799,328 161,287 Minority interest - - - (3,897) -------------- --------------- ---------------- --------------- Net loss $ (606,192) $ (4,885,813) $ (1,508,884) $ (10,826,976) ============== =============== ================ =============== Basic and diluted income (loss) per common share: Continuing operations $ (0.06) $ (0.67) $ (0.25) $ (1.44) Discontinued operations - 0.03 0.09 0.02 -------------- --------------- ---------------- --------------- Net loss $ (0.06) $ (0.64) $ (0.16) $ (1.42) ============== =============== ================ =============== Basic and diluted weighted average shares outstanding 9,937,838 7,635,625 9,198,725 7,627,983
See accompanying notes. 4 CYTRX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Month Period Ended September 30, ---------------------------------------- 2000 1999 -------------- --------------- Cash flows from operating activities: Net loss $ (1,508,884) $ (10,826,976) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 153,241 83,097 Gain on sale of Titermax (679,784) - Gain of sale of subsidiary - (240,196) Stock option and warrant expense 217,875 1,067,766 Minority interest in net loss of subsidiary - (3,897) Net change in assets and liabilities (1,190,777) 605,256 -------------- --------------- Total adjustments (1,499,445) 1,512,026 -------------- --------------- Net cash used by operating activities (3,008,329) (9,314,950) Cash flows from investing activities: Decrease in short-term investments - 6,417,066 Capital expenditures/retirements, net 63,442 (886,100) Net proceeds from sale of Titermax 100,000 - Net proceeds from sale of subsidiary - 240,196 -------------- --------------- Net cash provided by investing activities 163,442 5,771,162 Cash flows from financing activities: Net proceeds from issuance of common stock 2,185,793 54,788 Retirement of debt (200,000) - Purchase of treasury stock - (9,000) -------------- --------------- Net cash provided by financing activities 1,985,793 45,788 -------------- --------------- Net increase (decrease) in cash and cash equivalents (859,094) (3,498,000) Cash and cash equivalents at beginning of period 3,031,893 8,855,375 -------------- --------------- Cash and cash equivalents at end of period $ 2,172,799 $ 5,357,375 ============== ===============
See accompanying notes. 5 CYTRX CORPORATION ----------------- NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ---------------------------------------------------- September 30, 2000 ------------------ (Unaudited) ----------- 1. Description of Company and Basis of Presentation CytRx Corporation ("CytRx" or "the Company") is a biopharmaceutical company engaged in the development and commercialization of high-value human therapeutics. The Company's current research and development focus is on vascular-occlusive disorders. CytRx also has a research pipeline with opportunities in the areas of acute respiratory disorders, infectious disease, gene and drug delivery, vaccines, and animal feed additives. The accompanying condensed consolidated financial statements at September 30, 2000 and for the three month and nine month periods ended September 30, 2000 and 1999 include the accounts of CytRx together with those of its subsidiaries and are unaudited, but include all adjustments, consisting of normal recurring entries, which the Company's management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with the Company's audited financial statements in its Form 10-K for the year ended December 31, 1999. The Company has restated all prior periods presented to give effect to the treatment of the sale of its TiterMax product line in June 2000 as a discontinued operation (see Note 5). 2. Exchange of Common Stock for Cancellation of Accounts Payable, Accrued Expenses and Debt During the first quarter of 2000, the Company reached agreements with certain of its trade creditors whereby an aggregate of $1,894,000 of trade payables was cancelled in exchange for issuance of approximately 758,000 shares of CytRx Common Stock. Of this amount, $1,694,000 existed at December 31, 1999, and was accordingly classified as long-term liabilities on the Balance Sheet at that date. The Company also cancelled $650,000 of long-term debt in exchange for a cash payment of $200,000 and the issuance of 180,000 shares of CytRx Common Stock. 3. Private Placement of Common Stock In March 2000, the Company entered into a Stock Purchase Agreement with certain investors (the "Investors") whereby the Investors agreed to purchase 800,000 shares of the Company's Common Stock for an aggregate purchase price of $1.8 million and the issuance of warrants to purchase an additional 330,891 shares at $2.25 per share, expiring March 31, 2003. The Investors were granted registration rights for the shares issued to them and the shares 6 underlying the warrants. Subject to certain conditions, the Investors were also required, upon effective registration of the shares, to either (a) purchase an additional 286,000 shares at $2.25 per share and simultaneously receive an additional three-year warrant to purchase 143,000 shares at $2.25 per share, or (b) purchase 429,000 shares at a price equal to 75% of a trailing average market price of the Company's Common Stock, as defined in the Stock Purchase Agreement. In July 2000, the Investors exercised their rights to purchase 429,000 additional shares at a net price of $.77 per share, resulting in net proceeds of $330,000 to the Company. 4. Equity Line of Credit In April 2000, the Company entered into a Private Equity Line of Credit Agreement (the "ELC Agreement") with Majorlink Holdings Limited ("Majorlink"), pursuant to which the Company has the right to put shares of Common Stock to Majorlink from time to time during the "commitment period" to raise up to $5,000,000, subject to certain conditions and restrictions. The "commitment period" begins on the effective date of a registration statement filed by the Company to register the resale by Majorlink of the shares of Common Stock that Majorlink purchases under the ELC Agreement and ends on the earliest of (1) the date thirty months from such date, (2) the date on which Majorlink shall have purchased $5,000,000 of Common Stock under the ELC Agreement or (3) the date either party terminates the ELC Agreement in accordance with its terms. Each time the Company desires to raise a specific amount of cash under the ELC Agreement, the Company will issue to Majorlink a number of shares of Common Stock determined by (1) dividing the amount of cash desired to be raised by the Company by (2) 90% of a trailing market average price of the Company's Common Stock, as defined in the ELC Agreement. In connection with the ELC Agreement, the Company issued Majorlink a warrant (as amended in June 2000) to purchase up to 150,000 shares of Common Stock at a per share exercise price of $2.25. The warrant is exercisable for a period of three years. 5. Sale of Titermax Since 1987 CytRx has manufactured, marketed and distributed Titermax(R), an adjuvant used to produce immune responses in research animals. Effective June 15, 2000, the Company entered into a Purchase Agreement with Titermax USA, Inc. (an unaffiliated company) whereby Titermax USA purchased the worldwide rights to market and distribute Titermax, including all accounts receivable, inventory and other assets used in the Titermax business. The gross purchase price was $750,000, consisting of $100,000 in cash and a $650,000 five-year secured promissory note bearing interest of 10% annually. Net income associated with the Titermax activities included in income (loss) from discontinued operations was approximately $120,000 and $201,000 for the nine months ended 7 September 30, 2000 and 1999, respectively. A gain related to the sale of $680,000 was recorded in the second quarter of 2000 and is classified as discontinued operations. 7. Segment Reporting
Continuing Operations ------------------------------------------------------ Total Recruiting Product Continuing Discontinued (in thousands) Services Development Operations Operations -------------------------------------- ----------------- ------------------ ----------------- ----------------- Three Months Ended September 30, 2000: Sales to external customers $ 168 $ - $ 168 $ - Intersegment sales - - - - Segment profit (loss) 69 (675) (606) - Total assets - 5,507 5,507 - Three Months Ended September 30, 1999 Sales to external customers 75 - 75 98 Intersegment sales - - - - Segment profit (loss) 7 (5,145) (5,138) 252 Total assets - 6,702 6,702 64 Nine Months Ended September 30, 2000: Sales to external customers 353 - 353 170 Intersegment sales - - - - Segment profit (loss) 148 (2,456) (2,308) 799 Total assets - 5,507 5,507 - Nine Months Ended September 30, 1999: Sales to external customers 240 - 240 363 Intersegment sales - - - - Segment profit (loss) 52 (11,044) (10,992) 165 Total assets - 6,702 6,702 64
8 Item 2. -- Management's Discussion and Analysis of Financial Condition And --------------------------------------------------------------- Results of Operations --------------------- Liquidity and Capital Resources At September 30, 2000 we had cash and cash equivalents of $2.2 million and net assets of $4.3 million, compared to $3.0 million and $1.0 million, respectively, at December 31, 1999. Working capital totaled $1.2 million at September 30, 2000, compared to $0.7 million at December 31, 1999. During the first quarter of 2000, we took steps to improve our financial condition, including (i) agreements with certain trade creditors whereby an aggregate of $2.3 million of indebtedness was cancelled in exchange for issuance of approximately 938,000 shares of our common stock (see Note 2 to Financial Statements), and (ii) a Stock Purchase Agreement with investors whereby they agreed to purchase 800,000 shares of our common stock for an aggregate purchase price of $1.8 million and the issuance of warrants (see Note 3 to Financial Statements). As part of our efforts to conserve cash resources we also reduced our staff and our clinical development program for FLOCOR, pending further analysis of results from a recently completed Phase III clinical study (see discussion below under "Results of Operations"). In April 2000, we entered into a Private Equity Line of Credit Agreement which gives us the right to put shares of our common stock to an investor from time to time to raise up to $5,000,000, subject to certain conditions and restrictions (see Note 4 to Financial Statements). In June 2000 we entered into a Purchase Agreement with Titermax USA, Inc. (an unaffiliated company) where we sold the worldwide rights to market and distribute Titermax, including all accounts receivable, inventory and other assets used in the Titermax business. The gross purchase price was $750,000, consisting of $100,000 in cash and a $650,000 five-year secured promissory note bearing interest of 10% annually (See Note 4 to Financial Statements). We believe that the proceeds of the transactions discussed above will allow us to operate through the first half of 2001, but that additional funds will be needed to significantly advance any of our technologies under development. We are continuing to seek corporate partnerships for FLOCOR, and are also seeking government support for additional clinical studies. In the near future, we expect to conclude the first license agreement for our Tranzfect technology and for 2001 we plan to focus attention on obtaining additional licenses for this technology. Some of our additional capital requirements may be provided by the Private Equity Line of Credit Agreement. The results of our technology licensing efforts and/or the actual proceeds of any fund-raising activities will determine our ongoing ability to operate as a going concern with the current portfolio of technologies under development. Both our technology licensing efforts and our fund-raising activities are subject to market conditions and our ability to identify parties that are willing and able to enter into such arrangements on terms that are satisfactory to us. There is no assurance that such funding will be available to finance our operations on acceptable terms, if at all. Insufficient funding may require us to delay, reduce or eliminate some or all of our research and development activities, planned clinical trials and administrative programs. 9 The above statements regarding our plans and expectations for future financing are forward-looking statements that are subject to a number of risks and uncertainties. Our ability to obtain future financings through joint ventures, product licensing arrangements, equity financings or otherwise is subject to market conditions and our ability to identify parties that are willing and able to enter into such arrangements on terms that are satisfactory to us. There can be no assurance that we will be able to obtain future financing from these sources. Depending upon the outcome of our fund raising efforts, the accompanying financial information may not necessarily be indicative of future operating results or future financial condition. Results of Operations We recorded net losses of $606,000 and $1,509,000 for the three month and nine month periods ended September 30, 2000 as compared to $4,886,000 and $10,827,000 for the same periods in 1999. Loss from continuing operations was $606,000 and $2,308,000 for the three month and nine month periods ended September 30, 2000 as compared to $5,138,000 and $10,992,000 in 1999. The overall reduction in net loss is due primarily to changes in the Company's research and development expenditures, discussed below. Net sales from continuing operations, which consist solely of service revenues from Spectrum Recruitment Research, were $168,000 and $353,000 during the three month and nine month periods ended September 30, 2000 as compared to $75,000 and $240,000 in 1999. The increase in sales for the three month period ended September 30, 2000 over the comparable period in 1999 is primarily due to increased revenues from a single customer and is not necessarily indicative of a continuing trend. Cost of sales were $82,000 and $179,000 for the three month and nine month periods ended September 30, 2000 as compared to $52,000 and $158,000 in 1999. Interest income was $48,000 and $117,000 during the three month and nine month periods ended September 30, 2000, as compared to $96,000 and $407,000 in 1999. The variance between years generally corresponds to fluctuating cash and investment balances. Grant income was $107,000 and $317,000 during the three month and nine month periods ended September 30, 2000, as compared to $150,000 and $404,000 in 1999. Costs related to grant income are included in research and development expense and generally approximate the amount of revenue recognized. Other income was $81,000 and $250,000 during the three month and nine month periods ended September 30, 2000 as compared to $30,000 and $118,000 in 1999. Other income for the nine month period in 2000 includes $125,000 in fees paid by Merck during the first quarter pursuant to an Evaluation Agreement for the Company's Tranzfect technology. Research and development expenditures were $388,000 and $1,616,000 during the three month and nine month periods ended September 30, 2000, as compared to $4,541,000 and $9,334,000 in 1999. Research and development expenditures are higher in prior periods due to 10 our clinical development activities for FLOCOR. During 1999, we conducted four separate human clinical studies of FLOCOR, including a Phase III clinical trial of FLOCOR for treatment of acute sickle cell crisis which was completed in December 1999. Subsequent to the completion of that study, we reduced our clinical development activities for FLOCOR pending further analysis of the Phase III results. Our development activities during 2000 have consisted primarily of analysis of the Phase III results, consultation with our scientific and regulatory advisors and meetings with regulatory authorities. The Phase III study did not achieve the high level of statistical significance required by the FDA for the study as a whole; the results in children, however, were statistically significant and our planned future studies will focus on the pediatric sickle cell population. Based on our recent conversations with the FDA, it is likely that either two small additional pivotal trials or one large trial will be required for approval, along with one to two additional safety studies. We believe there is a reasonable possibility of obtaining government funding to support one or more of the remaining trials, which will minimize, but not eliminate our expenditures. If we are successful in these discussions, we would anticipate earliest funding approval in the fourth quarter of 2001. The additional studies would take approximately two years to complete patient enrollment, which might begin in the second or third quarter of 2002. Beyond sickle cell disease, the potential uses of FLOCOR in critical care applications are quite extensive and represent large, high-value markets. Some of the potential applications include stroke, shock and cancer (drug delivery). Dependent upon our ability to obtain additional funding, we plan to conduct "proof of concept" studies in each field. Our strategy then will be to identify potential partners to fund the clinical development of FLOCOR in these indications. During 2000, we turned some of our attention to our Tranzfect gene delivery technology, although this effort has mostly involved personnel time and has not required significant expenditures. Subsequent to completion of the first license of this technology, we intend to work toward obtaining additional licenses and in 2001 we plan to conduct additional physical chemistry and biological studies with Tranzfect to support our licensing efforts. Selling, general and administrative expenditures were $541,000 and $1,551,000 during the three and nine month periods ended September 30, 2000, as compared to $896,000 and $2,669,000 in 1999. During each of the periods, certain vesting criteria of employee and consultant options and warrants were achieved, resulting in aggregate non-cash charges of $-0- and $218,000, during the three and nine month periods ended September 30, 2000 and $307,000 and $1,068,000 during the same periods in 1999. Excluding these charges, selling, general and administrative expenditures were $541,000 and $1,333,000 during the 2000 periods and $589,000 and $1,601,000 during the 1999 periods. The overall decrease from 1999 to 2000 reflects our staff reductions and other steps we've taken to conserve our cash resources. Net income from discontinued operations, net of minority interest, was $-0- and $799,000 during the three and nine month periods ended September 30, 2000, as compared to $252,000 and $165,000 in 1999. Income from discontinued operations relates to the operations of a former subsidiary, Vaxcel, Inc., which we sold in September 1999 and the operations of Titermax, 11 which we sold in June 2000 (see Note 5 to Financial Statements). Net income from discontinued operations for the nine month period of 2000 includes a gain of $680,000 from our sale of Titermax. Item 3. -- Quantitative and Qualitative Disclosures About Market Risk ---------------------------------------------------------- There have been no changes in our assessment of market risk from that disclosed in our Form 10-K for the year ended December 31, 1999. PART II -- OTHER INFORMATION ----------------- Item 6. -- Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits Exhibit Number Description ----- ----------- 27.1 Financial Data Schedule (for SEC use only) 27.2 Financial Data Schedule - 1999 Restatement(for SEC use only) (b) Reports on Form 8-K On September 11, 2000, we filed a report on Form 8-K reporting an amendment to our Certificate of Incorporation. 12 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. CYTRX CORPORATION (Registrant) Date: October 30, 2000 By: /s/ Mark W. Reynolds ---------------- ------------------------------ Mark W. Reynolds Vice President, Finance (Chief Accounting Officer and a duly authorized officer) 13 EX-27.1 2 0002.txt ARTICLE 5 FDS FOR 2000
5 3-MOS 9-MOS DEC-31-2000 DEC-31-2000 JUL-01-2000 JAN-01-2000 SEP-30-2000 SEP-30-2000 2,172,799 0 0 0 169,102 0 0 0 0 0 2,396,112 0 2,121,484 0 (680,763) 0 5,506,824 0 1,235,374 0 0 0 0 0 0 0 10,696 0 4,260,754 0 5,506,824 0 168,086 353,370 403,942 1,037,412 82,035 178,736 82,035 178,736 928,099 3,166,888 0 0 0 0 (606,192) (2,308,212) 0 0 (606,192) (2,308,212) 0 799,328 0 0 0 0 (606,192) (1,508,884) (.06) (.16) (.06) (.16)
EX-27.2 3 0003.txt ARTICLE 5 FDS FOR 1999
5 3-MOS 9-MOS DEC-31-1999 DEC-31-1999 JUL-01-1999 JAN-01-1999 SEP-30-1999 SEP-30-1999 5,357,375 0 0 0 236,439 0 0 0 6,476 0 5,697,311 0 1,540,275 0 (542,242) 0 6,766,322 0 1,791,196 0 0 0 0 0 0 0 8,270 0 4,966,856 0 6,766,322 0 75,397 239,728 350,937 1,169,288 51,710 157,820 51,710 157,820 5,437,425 12,003,628 0 0 0 0 (5,138,198) (10,992,160) 0 0 (5,138,198) (10,992,160) 252,385 165,184 0 0 0 0 (4,885,813) (10,826,976) (.64) (1.42) (.64) (1.42)
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