-----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, A37Vokb3EVEFPc80Jtpf3/MR7DthBO60ARewEbSREbhbHc4PQr1yvhxBfIZDbtRS taG325s/64o5cU+UUjgAIg== 0000950135-99-005064.txt : 19991110 0000950135-99-005064.hdr.sgml : 19991110 ACCESSION NUMBER: 0000950135-99-005064 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSYCHEMEDICS CORP CENTRAL INDEX KEY: 0000806517 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 581701987 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13738 FILM NUMBER: 99744153 BUSINESS ADDRESS: STREET 1: 1280 MASSACHUSETTS AVENUE STREET 2: SUITE 200 CITY: CAMBRIDGE STATE: MA ZIP: 02138 BUSINESS PHONE: 6178687455 MAIL ADDRESS: STREET 1: 1280 MASSACHUSETTS AVE STREET 2: SUITE 200 CITY: CAMBRIDGE STATE: MA ZIP: 02138 10-Q 1 PSYCHEMEDICS CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended SEPTEMBER 30, 1999 [ ] 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 1-13738 PSYCHEMEDICS CORPORATION (exact name of Issuer as specified in its charter) Delaware 58-1701987 (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) 1280 Massachusetts Ave., Suite 200, Cambridge, MA 02138 (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code (617-868-7455) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 outstanding of only class of Issuer's Common Stock as of November 5, 1999: Common Stock $.005 par value (21,584,576 shares). Page 1 2 PSYCHEMEDICS CORPORATION Part I FINANCIAL INFORMATION Page No. -------- Item 1 Financial Statements Condensed Balance Sheets as of September 30, 1999 and December 31, 1998 3 Condensed Statements of Income for the three month periods ended September 30, 1999 and 1998 4 Condensed Statements of Income for the nine month periods ended September 30, 1999 and 1998 5 Condensed Statements of Cash Flows for the nine month periods ended September 30, 1999 and 1998 6 Notes to Condensed Financial Statements 7-8 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 9-12 Item 3 Quantitative and Qualitative Disclosures about Market Risk 12 Part II OTHER INFORMATION Item 6 Exhibits and Reports on Form 8-K 13 SIGNATURES 14 Page 2 3 PSYCHEMEDICS CORPORATION CONDENSED BALANCE SHEETS (UNAUDITED)
SEPTEMBER DECEMBER 30, 1999 31, 1998 ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 518,065 $ 724,738 Short-term investments 5,707,081 9,088,436 Accounts receivable 4,252,352 3,075,619 Inventories 464,336 510,016 Prepaid expenses and other current assets 774,579 723,388 ----------- ----------- Total current assets 11,716,413 14,122,197 ----------- ----------- PROPERTY AND EQUIPMENT: Equipment and leasehold improvements, at cost 8,635,397 8,131,365 Less-Accumulated depreciation and amortization (4,902,436) (3,949,128) ----------- ----------- 3,732,961 4,182,237 ----------- ----------- OTHER ASSETS - NET 386,955 434,925 ----------- ----------- $15,836,329 $18,739,359 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 329,967 $ 675,072 Accrued expenses 853,876 745,111 Deferred revenue 1,055,445 1,436,667 ----------- ----------- Total current liabilities 2,239,288 2,856,850 ----------- ----------- SHAREHOLDERS' EQUITY: Preferred stock, $.005 par value; 1,000,000 Shares authorized; none outstanding Common stock; $.005 par value; 50,000,000 shares authorized; issued 22,612,440 and 113,062 113,036 Paid-in capital 24,418,446 24,403,949 Accumulated deficit (6,092,367) (5,585,453) Less - Treasury stock, at cost; 917,264 and 533,664 shares in 1999 and 1998, respectively (4,437,659) (2,645,232) Less - Receivable from officer (404,441) (403,791) ----------- ----------- Total shareholders' equity 13,597,041 15,882,509 ----------- ----------- $15,836,329 $18,739,359 =========== ===========
See accompanying notes to financial statements and management's discussion and analysis of financial condition and results of operations. Page 3 4 PSYCHEMEDICS CORPORATION CONDENSED STATEMENTS OF INCOME (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, ------------------------------ 1999 1998 ----------- ----------- REVENUE $ 4,904,275 $ 4,571,820 DIRECT COSTS 2,195,965 1,948,025 ----------- ----------- Gross profit 2,708,310 2,623,795 ----------- ----------- EXPENSES: General and administrative 724,745 730,924 Marketing and selling 947,038 948,391 Research and development 120,077 118,402 ----------- ----------- 1,791,860 1,797,717 ----------- ----------- OPERATING INCOME 916,450 826,078 OTHER INCOME 94,515 142,623 ----------- ----------- NET INCOME BEFORE INCOME TAXES 1,010,965 968,701 PROVISION FOR INCOME TAXES 414,370 393,292 ----------- ----------- NET INCOME $ 596,595 $ 575,409 =========== =========== BASIC NET INCOME PER SHARE $ 0.03 $ 0.03 =========== =========== DILUTED NET INCOME PER SHARE $ 0.03 $ 0.03 =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 21,760,796 22,241,291 =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, ASSUMING DILUTION 22,008,063 22,588,407 =========== =========== See accompanying notes to financial statements and management's discussion and analysis of financial condition and results of operations. Page 4 5 PSYCHEMEDICS CORPORATION CONDENSED STATEMENTS OF INCOME (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, ------------------------------ 1999 1998 ----------- ----------- REVENUE $15,439,531 $13,528,443 DIRECT COSTS 6,426,123 5,553,239 ----------- ----------- Gross profit 9,013,408 7,975,204 ----------- ----------- EXPENSES: General and administrative 2,307,010 2,107,782 Marketing and selling 3,018,972 2,582,150 Research and development 390,476 339,249 ----------- ----------- 5,716,458 5,029,181 ----------- ----------- OPERATING INCOME 3,296,950 2,946,023 OTHER INCOME 303,968 420,879 ----------- ----------- NET INCOME BEFORE INCOME TAXES 3,600,918 3,366,902 PROVISION FOR INCOME TAXES 1,476,240 1,368,029 ----------- ----------- NET INCOME $ 2,124,678 $ 1,998,873 =========== =========== BASIC NET INCOME PER SHARE $ 0.10 $ 0.09 =========== =========== DILUTED NET INCOME PER SHARE $ 0.10 $ 0.09 =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 21,913,198 22,227,708 =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, ASSUMING DILUTION 22,149,599 22,654,591 =========== =========== See accompanying notes to financial statements and management's discussion and analysis of financial condition and results of operations. Page 5 6 PSYCHEMEDICS CORPORATION CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED ENDED SEPTEMBER 30, ------------------------------ 1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,124,678 $ 1,998,873 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,001,279 717,991 Changes in assets and liabilities: Receivables (1,177,383) 189,577 Inventories 45,680 73,390 Prepaid expenses and other current assets (51,191) (176,502) Accounts payable (345,105) 121,438 Accrued expenses 108,765 622,728 Deferred revenue (381,222) 201,183 ----------- ----------- Net cash provided by operating activities 1,325,501 3,748,678 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Maturities (purchases) of short-term investments - net 3,381,355 (300,215) Purchases of property and equipment (504,032) (1,437,792) Increase in other assets - net -- (75,327) ----------- ----------- Net cash provided by (used in) investing activities 2,877,323 (1,813,334) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from the issuance of common stock 14,523 340,026 Cash dividends paid (2,631,593) (1,780,844) Acquisition of treasury stock (1,792,427) (766,942) ----------- ----------- Net cash used in financing activities (4,409,497) (2,207,760) ----------- ----------- NET DECREASE IN CASH AND CASH EQUIVALENTS (206,673) (272,416) CASH AND CASH EQUIVALENTS, beginning of period 724,738 585,142 ----------- ----------- CASH AND CASH EQUIVALENTS, end of period $ 518,065 $ 312,726 =========== ===========
See accompanying notes to financial statements and management's discussion and analysis of financial condition and results of operations. Page 6 7 PSYCHEMEDICS CORPORATION NOTES TO FINANCIAL STATEMENTS September 30, 1999 1. Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (the "Company") as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The balance sheet presented as of December 31, 1998 has been derived from the financial statements that have been audited by the Company's independent public accountants. The results of operations for the three months and the nine months ended September 30, 1999 may not be indicative of the results that may be expected for the year ending December 31, 1999, or any other period. 2. Basic and Diluted Net Income Per Share In accordance with Statement of Financial Accounting Standards ("SFAS") No. 128, Earnings Per Share, basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share was computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The number of dilutive common equivalent shares outstanding during the period has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options. Basic and diluted weighted average common shares outstanding are as follows:
Three Months Ended Nine Months Ended ------------------------------- ------------------------------- September 30, September 30, September 30, September 30, 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Weighted average common shares 21,760,796 22,241,291 21,913,198 22,227,708 Dilutive common stock options 247,267 347,116 236,401 426,883 ---------- ---------- ---------- ---------- Weighted average common shares outstanding, assuming dilution 22,008,063 22,588,407 22,149,599 22,654,591
Page 7 8 For the three months ended September 30, 1999 and 1998, options to purchase 983,460 and 864,356 common shares, respectively, were outstanding but not included in the diluted weighted average common share calculation as the effect would have been antidilutive. For the nine months ended September 30, 1999 and 1998, options to purchase 983,460 and 546,312 common shares, respectively, were outstanding but not included in the diluted weighted average common share calculation as the effect would have been antidilutive. 3. Revenue Recognition Except as provided below, revenues from the Company's services are recognized upon reporting of drug test results to the customer. Revenues related to sample collection kits not returned for processing by customers are recognized when the likelihood of the Company performing any service obligation is deemed remote. At September 30, 1999 and December 31, 1998, the Company had deferred revenue balances of approximately $1,055,000 and $1,437,000, respectively, reflecting payments for its personal drug testing service received prior to the performance of the related test. 4. Comprehensive Income The Company's comprehensive income for the three month periods and the nine month periods ended September 30, 1999 and 1998 was the same as reported net income. 5. New Accounting Pronouncements In March 1998, the American Institute of Certified Public Accountants (AICPA) issued Statement of Position (SOP) 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use. SOP 98-1 requires computer software costs associated with internal use software to be charged to operations as incurred until certain capitalization criteria have been met. The Company adopted SOP 98-1 beginning January 1, 1998. SOP 98-1 had no effect upon adoption. As of September 30, 1999 and December 31, 1998, approximately $1,206,000 of software development costs had been capitalized. During the three month periods ended September 30, 1999 and 1998, approximately $60,000 and $10,000, respectively, of related amortization was charged to operations. During the nine month periods ended September 30, 1999 and 1998, approximately $180,000 and $24,000, respectively, of related amortization was charged to operations. In June 1998, the Financial Accounting Standards Board (FASB) issued SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. SFAS No. 133 is effective for all periods beginning after June 15, 2000 and establishes methods of accounting for derivative financial instruments and hedging activities related to those instruments as well as other hedging activities. Adoption of SFAS No. 133 is not expected to have a material impact on the Company's financial position or results of operations. Page 8 9 Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FACTORS THAT MAY AFFECT FUTURE RESULTS -------------------------------------- From time to time, information provided by the Company or statements made by its employees may contain "forward-looking" information which involves risks and uncertainties. In particular, statements contained in this report which are not historical facts (including but not limited to the Company's expectations regarding revenues, business strategy, anticipated operating results, cash dividends and anticipated cash requirements) may be "forward looking" statements. The Company's actual results may differ from those stated in any "forward looking" statements. Factors that may cause such differences include, but are not limited to, risks associated with the continued expansion of the Company's sales and marketing network, development of markets for new products and services offered by the Company, the economic health of principal customers of the Company, financial and operational risks associated with possible expansion of testing facilities used by the Company, government regulation (including, but not limited to, Food and Drug Administration regulations), competition and general economic conditions. OVERVIEW -------- Psychemedics Corporation was incorporated in 1986. The Company utilizes a patented hair analysis method involving radioimmunoassay technology to analyze human hair to detect abused substances. The founder of the Company has granted to the Company an exclusive license to all his rights in this hair analysis technology, including his rights to the drug extraction method. RESULTS OF OPERATIONS --------------------- Revenue was $4,904,275 in the third quarter of 1999 as compared to $4,571,820 in the third quarter of 1998, representing an increase of 7%. Revenue for the nine month period ended September 30, 1999 was $15,439,531, an increase of 14% over the $13,528,443 of revenue reported for the comparable period of 1998. The revenue increase was due primarily to increases in volume from both new and existing clients. Gross margin was 55% of sales in the third quarter of 1999, as compared to 57% for the comparable period of 1998. Gross margin for the nine months ended September 30, 1999 and the nine months ended September 30, 1998 was 58% and 59%, respectively. This slight decrease in gross margin is due primarily to sample volume being less than was expected for the third quarter of 1999. General and administrative ("G&A") expenses were $724,745 for the three months ended September 30, 1999 as compared to $730,924 for the three months ended September 30, 1998, representing a decrease of 1%. G&A expenses were $2,307,010 for the nine months ended September 30, 1999 as compared to $2,107,782 for the year earlier period, representing an increase of 9%. As a percentage of revenue, G&A expenses decreased to 15% in the third quarter of 1999 from 16% in the third quarter of 1998 and decreased to 15% for the nine months ended September 30, 1999 from 16% Page 9 10 for the comparable year earlier period. The increases in G&A expenses for the nine months ended September 30,1999 were due primarily to greater personnel costs from additions to staff, costs related to the implementation of a new billing system and increased facilities expenses (rent, taxes). Marketing and selling expenses for the three month period ended September 30, 1999 were relatively unchanged from the year earlier period, decreasing by only $1,353 from the comparable period of the prior year to $947,038. Marketing and selling expenses were $3,018,972 for the nine months ended September 30, 1999 as compared to $2,582,150 for the comparable period in 1998, representing an increase of 17%. This increase was primarily due to greater customer service costs resulting from the Company's growth. Total marketing and selling expenses decreased as a percentage of revenue to 19% in the third quarter of 1999 from 21% in the third quarter of 1998, and increased as a percentage of revenue to 20% for the nine months ended September 30, 1999 from 19% for the nine months ended September 30, 1998. The Company expects to continue to aggressively promote its drug testing services during the remainder of 1999 and in future years in order to expand its client base. Other income for the three month and the nine month periods ended September 30, 1999 primarily represents interest earned on cash equivalents and short-term investments. The decrease in 1999 was primarily due to lower average investment balances coupled with decreased yields on these investments. During the three months ended September 30, 1999 and September 30, 1998, the Company recorded tax provisions of $414,370 and $393,292, respectively. During the nine months ended September 30, 1999 and September 30, 1998, the Company recorded tax provisions of $1,476,240 and $1,368,029, respectively. These tax provisions reflect an effective tax rate of 41%. LIQUIDITY AND CAPITAL RESOURCES ------------------------------- At September 30, 1999, the Company had $6.2 million of cash, cash equivalents and short-term investments. The Company's operating activities generated net cash of $1,325,501 in the nine months ended September 30, 1999. Investing activities generated $2,877,323 in the nine month period while financing activities used a net amount of $4,409,497 during the period. Operating cash flows decreased $2,423,177 in the first nine months of 1999, compared to the first nine months of 1998. This was primarily due to a significant increase in accounts receivable resulting from increased sales in 1999 along with a decrease in accounts payable and deferred revenue. The non-cash effect of depreciation and amortization in the 1999 and 1998 periods was $1,001,279 and $717,991, respectively. Capital expenditures in the first three quarters of 1999 were $504,032. The expenditures primarily consisted of new equipment, including laboratory and computer equipment. The Company believes that within the next two years it may be required to expand its existing laboratory or develop a second laboratory, the cost of which is currently believed to range from $2 million to $4 million. Page 10 11 During the nine month period ended September 30, 1999, the Company distributed $2,631,593 in cash dividends to its shareholders and repurchased a total of 383,600 shares for treasury at an aggregate cost of $1,792,427. At September 30, 1999, the Company's principal sources of liquidity included an aggregate of $6.2 million of cash, cash equivalents and short-term investments. Management currently believes that such funds, together with cash generated from operations, should be adequate to fund anticipated working capital requirements and capital expenditures in the near term. Depending upon the Company's results of operations, its future capital needs and available marketing opportunities, the Company may use various financing sources to raise additional funds. Such sources could potentially include joint ventures, issuance of common stock or debt financing. At September 30, 1999, the Company had no long-term debt. IMPACT OF YEAR 2000 ISSUE ------------------------- The Year 2000 issue results from computer programs written using two digits rather than four to define the applicable year. Some of the Company's computer programs or hardware and equipment that have date-sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in similar normal business activities. In the normal course of business over the past three years, the Company has made substantial modifications and improvements to all of its operational and financial software. An integral part of this process has been to ensure that all newly purchased and internally developed software is Year 2000 compliant. The Company has completed an evaluation of all of the existing software and hardware used in its internal systems and operations and is now Year 2000 compliant. The Company has also evaluated various hardware and equipment components used in its laboratory operations and is now Year 2000 compliant in this area. The incremental cost to the Company of Year 2000 compliance was less than $100,000. The expensed costs do not include internal costs, as the Company does not separately track the internal costs of Year 2000 compliance. Such costs are principally the related payroll costs for the Company's information technology group. The Company also intends to determine the extent to which the Company may be vulnerable to any failures by its major suppliers, customers or service providers to remedy their own Year 2000 issues, and has initiated formal communications with these parties. Suppliers of hardware, software or products were asked to provide information regarding the Year 2000 compliance status of their products. The Company also contacted critical materials and services suppliers during the second and third quarter of 1999. We have received responses from most of these suppliers. At this time the Company is unable to estimate the nature or extent of any potential adverse impact resulting from the failure of third party suppliers, customers or service providers to achieve Year 2000 compliance, although the Company does not currently anticipate that it will experience any material shipment delays from its major product suppliers or any material payment delays from its major customers due to Year 2000 issues. However, there can be no assurance that these third parties will not experience Year 2000 problems or that any problems would not have a material effect on the Company's business. Because the cost and timing of Year 2000 compliance by third parties such Page 11 12 as suppliers, customers and service providers is not within the Company's control, no assurance can be given with respect to the cost or timing of such efforts or any potential adverse effects on the Company of any failure by these third parties to achieve Year 2000 compliance. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The following discussion about the Company's market risk disclosures involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. The Company is exposed to market risk related to changes in interest rates. The Company does not use derivative financial instruments for speculative or trading purposes. Interest Rate Sensitivity. The Company maintains a short-term investment portfolio consisting principally of securities issued by the U.S. Government with an average maturity of less than nine months. These held-to-maturity securities are subject to interest rate risk and will fall in value if market rates increase. If market interest rates were to increase immediately and uniformly by 10 percent from levels at September 30, 1999, the fair value of the portfolio would decline by an immaterial amount. The Company has the ability to hold its fixed income investments until maturity, and therefore the Company would not expect its operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates on its securities portfolio. Page 12 13 PART II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. 27. Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. Page 13 14 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. Psychemedics Corporation Date: November 8, 1999 By: /s/ Raymond C. Kubacki, Jr. --------------------------------------- Raymond C. Kubacki, Jr. President and Chief Executive Officer Date: November 8, 1999 By: /s/ Peter C. Monson ---------------------------------------- Peter C. Monson Vice President, Treasurer & Controller (principal financial officer) Page 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-1999 SEP-30-1999 518,065 5,707,081 4,252,352 0 464,336 11,716,413 8,635,397 4,902,436 15,836,329 2,239,288 0 0 0 113,062 13,483,979 15,836,329 15,439,531 15,439,531 6,426,123 6,426,123 5,716,458 0 0 3,600,918 1,476,240 2,124,678 0 0 0 2,124,678 0.10 0.10
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