-----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, JCS9fKigmHIhNZq0BudAF5oYTUEw0hJmYXrPDDF/tSSluWEGfxUtEoJ4xqZG+r6q UKy54oI40rL+/95+b+E+vw== 0000825535-97-000023.txt : 19971105 0000825535-97-000023.hdr.sgml : 19971105 ACCESSION NUMBER: 0000825535-97-000023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971104 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSISTED HOUSING FUND LP I CENTRAL INDEX KEY: 0000825535 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 911391150 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-18756 FILM NUMBER: 97707363 BUSINESS ADDRESS: STREET 1: P O BOX 834 CITY: SEATTLE STATE: WA ZIP: 98111 BUSINESS PHONE: 2064614782 MAIL ADDRESS: STREET 1: P O BOX 834 CITY: SEATTLE STATE: WA ZIP: 98111 10-Q 1 THIS IS A LIVE FILING FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 1997 Commission file number 33-18756 ASSISTED HOUSING FUND L.P. I (Exact name of registrant as specified in its charter) Washington 91-1391150 (State of organization) (IRS Employer Identification No.) 1191 Second Avenue, Suite 904, Seattle, WA 98101 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (206) 461-4782 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Units of Limited Partnership Interest (Title of class) 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 The Exhibit Index appears at page 15. There are 16 pages. Part I. Financial Information Item 1. Financial Statements ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS
Sept 30, December 31, 1997 1996 (Unaudited) ----------- ------------ ASSETS Rental property and equipment, at cost: Buildings and equipment $15,720,097 $15,711,129 Less accumulated depreciation (4,743,546) (4,273,541) ------------- ------------- 10,976,551 11,437,588 Land 723,111 723,111 ------------- ------------- 11,699,662 12,160,699 Cash and cash equivelents: Rental operation 165,532 139,121 Partnership operation 11,708 7,197 ------- ------- 177,240 146,318 Restricted deposits: Tenant trust - security deposits 102,321 106,501 Reserve accounts 614,069 552,746 ----------- ---------- 716,390 659,247 Other assets: Accounts receivable 52,156 28,869 Prepaid expenses 28,284 27,080 Organization and start-up costs - - ---------- ----------- 80,440 55,949 ----------- ----------- $12,673,732 $13,022,213 ============= =============
Continued on page 2A See notes to financial statements 2
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS - (CONTINUED) September 30, December 31, 1997 1996 (Unaudited) ------------- ------------- LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities: Mortgage notes payable $12,381,730 $12,399,750 LID assessment payable 61,712 61,712 Accounts payable 265,655 260,146 Due to affiliate 608,760 554,534 Accrued liabilities 142,347 75,487 Security deposits payable 100,219 104,531 ------------- ------------- 13,560,423 13,456,160 Minority interests in partnerships 526,731 546,353 Partners' equity (deficit): Limited partners (1,368,080) (939,289) General partner (45,342) (41,011) ------------- ------------- (1,413,422) (980,300) ------------- ------------- $12,673,732 $13,022,213 ============= =============
See notes to Financial Statements 2A
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENT OF PARTNERS' EQUITY (DEFICIT) Limited General Partners Partner Total ----------- ------------ ------------ Balance - December 31, 1989 3,127,029 63 3,127,092 Net income (loss) for 1990 (491,129) (4,961) (496,090) ----------- ----------- ------------ Balance - December 31, 1990 2,635,900 (4,898) 2,631,002 Net income (loss) for 1991 (586,906) (5,928) (592,834) ------------ ------------ ------------ Balance - December 31, 1991 2,048,994 (10,826) 2,038,168 Net income (loss) for 1992 (559,355) (5,650) (565,005) ------------ ------------ ------------ Balance - December 31, 1992 1,489,639 (16,476) 1,473,163 Net income (loss) for 1993 (612,230) (6,184) (618,414) ------------ ------------ ------------ Balance - December 31, 1993 877,409 (22,660) 854,749 Net income (loss) for 1994 (594,986) (6,010) (600,996) ------------ ------------ ------------ Balance - December 31, 1994 282,423 (28,670) 253,753 Net income (loss) for 1995 (609,192) (6,153) (615,345) ------------ ------------ ------------ Balance - December 31, 1995 (326,768) (34,824) (361,592) Net income (loss) 1996 (612,521) (6,187) (618,708) ------------ ------------ ------------ Balance - December 31, 1996 (939,289) (41,011) (980,300) Net income (loss) for Sept 30, 1997 (Unaudited) (428,791) (4,331) (433,122) ------------ ------------ ------------ Balance - Sept 30, 1997 (Unaudited) ($1,368,080) ($45,342) ($1,413,422) ============ ========== ============
See notes to Financial Statements 3
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF OPERATIONS Quarter Six Months Quarter Six Months Ended Ended Ended Ended Sept 30, Sept 30, Sept 30, Sept 30, 1997 1997 1996 1996 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ----------- ----------- ----------- ----------- Revenue: Rental $352,974 $1,061,038 $357,170 $1,051,748 Miscellaneous 18,768 55,953 9,895 37,817 -------- ---------- -------- ---------- 371,742 1,116,991 367,065 1,089,565 Expenses: Operating & maintenance 51,926 147,600 72,279 189,052 Utilities 55,316 190,085 63,012 190,303 General & administrative 84,434 256,986 86,955 259,050 Taxes 67,624 157,315 67,914 174,941 Insurance 15,518 34,168 14,077 30,647 Interest on mortgage notes 73,784 219,517 74,212 222,935 Depreciation 180,627 470,005 156,391 469,171 Miscellaneous 1,763 7,540 6,703 14,282 ---------- ---------- --------- -------- 530,992 1,483,216 541,543 1,550,381 (159,250) (366,225) (174,478) (460,816) Other income (expenses): Interest earned on escrow accounts & cash reserves 71 179 54 225 Minority Interest 6,878 19,505 7,032 20,463 General & administrative (1,927) (30,693) (6,723) (37,313) Partnership management fees (18,630) (55,888) (18,629) (55,888) Amortization of organi- zation & start-up costs 0 0 0 0 ----------- --------- ---------- --------- (13,608) (66,897) (18,266) (72,513) ----------- --------- ---------- --------- Net income (loss) (172,858) (433,122) (192,744) (533,329) =========== =========== ========== ========= Net income (loss) per unit of limited partnership interest (243) (610) (271) (751) =========== =========== ========== =========
See notes to Financial Statements 4
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF CASH FLOWS Nine Months Nine Months Ended Ended Sept 30, Sept 30, 1997 1996 (Unaudited) (Unaudited) ------------ ---------- Cash flows from operating activities: Net Income (loss) (433,122) (533,329) Adjustments to reconcile net (loss) to net cash provided by operating activities: Depreciation 470,005 469,173 Amortization of organization and start-up costs 0 0 Minority interest in operations (19,504) (20,465) Decrease (increase) in: Accounts receivable (23,287) (13,825) Prepaid expenses (1,204) (9,091) Increase (decrease) in: Accounts payable 3,655 5,966 Accrued liabilities 66,860 47,441 Due to affiliates 54,226 48,370 ----------- ---------- Net cash provided by operating activities 117,629 (5,760) Cash flows from investing activities: Acquisition and construction of rental property (8,968) 0 Decrease (increase) in restricted deposits (61,323) 10,987 Security deposits payable (132) (1,303) ------------ ---------- Net cash provided (used) in investing activities (70,423) 9,684 Financing activities: Minority partners' capital contributions (118) (154) Mortgage principal payments (16,166) (14,865) ------------ ---------- Net cash provided by financing activities (16,284) (15,019) ------------ ---------- Net increase (decrease) in cash and cash equivalents 30,922 (11,095) Cash and cash equivalents - beginning of year 146,318 168,135 ------------ ---------- Cash and cash equivalents - end of period $177,240 $157,040 ============ ========== Supplemental disclosure of cash flow information: Cash paid during the year for interest (net of amounts capitalized) $219,517 $222,935 ============ ==========
See notes to Financial Statements 5 ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Quarter Ended September 30, 1997 1. General Assisted Housing Fund L.P. I (the Partnership) is a limited partnership which was organized November 2, 1987 under the laws of the state of Washington to acquire limited partnership interests in other partnerships (the Property Partnerships), each of which has been organized to develop or purchase a low- or moderate-income apartment complex. The Partnership's general partner is Murphey Favre Properties, Inc. (MFP), a wholly-owned subsidiary of WM Financial, Inc., which is a wholly-owned subsidiary of Washington Mutual Bank (WMB). The Partnership completed its public offering of limited partnership interests and commenced operations on April 14, 1989. Prior to that date, the Partnership's activities consisted solely of purchasing limited partnership interests in Property Partnerships which were in the development process. As of December 31, 1996, limited partners held the 703 units of limited partnership interests outstanding. The Partnership has invested as a limited partner in eleven Property Partnerships. The developer of each apartment complex serves as the general partner (DGP) of the respective Property Partnership. Additionally, a wholly-owned subsidiary of MFP, Murphey Favre Housing Managers (MFHM), is a special limited partner in each Property Partnership. MFHM has the right to oversee the management of each Property Partnership and has certain approval rights over the actions of each DGP. The Partnership Agreement for each Property Partnership sets forth the allocations of profits, losses and distributions of net cash flow from operations or from sale or refinancing of the rental property. The properties owned by the Property Partnerships were financed and constructed under Section 515 of the National Housing Act, as amended (administered by Farmer's Home Administration, now known as Rural Housing Services (RHS)). Under this program, the Property Partnerships provide housing to low- and moderate-income families. Lower rental charges to tenants are recovered by the Property Partnerships through an interest reduction program which reduces the effective interest rate over the lives of the mortgages to 1 percent and a rental assistance program whereby RHS pays the Property Partnerships for a portion of qualified tenant rents. Construction of the rental properties began in June, 1988 and all were completed by January 31, 1991. Rental operations began in April, 1989. 2. Summary of Significant Accounting Policies a. The Partnership's financial statements are reported on a consolidated basis with the Property Partnerships in which it has invested because the Partnership (as a limited partner) holds approximately 99% profit and loss interests and approximately 55% of the equity interests in each Property Partnership and because of the aforementioned rights of MFHM to restrict the authority of each DGP. The consolidated financial statements, include the financial statements of the Partnership and eleven Property Partnerships: Fairview Apartments Company Limited Partnership (Fairview); Ionia Limited Dividend Housing Association Limited Partnership (Ionia); Logan Apartments Company Limited Partnership (Logan); Rolling Brook II Limited Dividend Housing Association Limited Partnership (Rolling Brook); Wexford Manor Limited Dividend Housing Association Limited Partnership (Wexford); Blue Heron Apartment Associates Limited Partnership (Blue Heron); Glenwood Apartment Associates Limited Partnership (Glenwood); Pacific Place Apartment Associates Limited Partnership (Pacific Place); Cove Limited Dividend Housing Association Limited Partnership (Cove); Washington Street Limited Dividend Housing Association Limited Partnership (Washington); and, Fayette Hills Limited Partnership (Fayette). All material interpartnership transactions and balances have been eliminated. The minority partners' interests in the losses of the Property Partnerships, which aggregate $37,637 and $34,245 as of September 30, 1997 and December 31, 1996, respectively, are included in other income. b. The accrual method of accounting is used for both financial statement and income tax purposes. c. Rental property and equipment is stated at cost including interest of $387,000, capitalized during construction. The partnership agreements for the Property Partnerships require the DGP's to fund cost overruns on the development of the rental properties. As of September 30, 1997 and December 31, 1996, $589,462 of such cost overruns have been recorded as capital contributions from DGP's and have been included in the cost basis of the rental property. All depreciation related thereto has been specially allocated to the respective DGP's. d. Depreciation is computed for financial statement purposes using the straight-line method over the estimated useful lives of the related assets as follows: Building shell and components.................... 27.5 years Land improvements.................................. 15 years Appliances......................................... 10 years Carpets and draperies.............................. 10 years Depreciation is computed for income tax purposes using the modified-accelerated-cost-recovery-system (MACRS). e. No income tax provision has been included in the financial Statements since income or loss of a Partnership is required to be reported by the respective partners on their income tax returns. f. For purposes of the statement of cash flows, all investment instruments purchased with a maturity of three months or less are considered to be cash equivalents. g. Costs aggregating $71,921 incurred in connection with organization and start-up of the partnerships have been capitalized and are being amortized on a straight-line basis over a five-year period. h. Certain amounts as previously presented in the 1996 financial statements have been reclassified to conform with the 1997 presentation. i. The unaudited interim financial statements include all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are all of a normal recurring nature. 3. Transactions with Affiliates In connection with the offering of units of limited partnership interest, the acquisition and development of rental property and the management of both the rental property and the Partnership, the Partnership and Property Partnerships have paid or accrued the following amounts to certain affiliates: Quarter Ended Year Ended Sep 30, 1997 Dec 31, 1996 Murphey Favre Properties, Inc. Reimbursements, at cost $ 1,875 $ 7,500 Partnership administration 11,178 44,710 Developer general partners and affiliates Property management fees 31,554 119,365 The Partnership maintains deposits in certain of WMB's interest- bearing accounts which aggregated $11,708 and $7,197 at September 30, 1997 and December 31, 1996, respectively. Interest earned on such deposits totaled $71 and $280 during the quarter ended September 30, 1997 and year ended December 31, 1996, respectively. Terms of the RHS Loan Agreements require each DGP to provide interest-free advances of stipulated amounts as initial operating capital to the Property Partnerships. Due to affiliates includes $152,107 and $152,107 of such advances at September 30, 1997 and December 31, 1996, respectively, which will be repaid in two to five years upon approval of RHS, or from the proceeds of future sales of the respective Properties. The balance includes DGP advances of $35,468 for land improvements and $14,209 to fund operating deficits. The remaining balance due to affiliates includes program management fees and reimbursements payable to MFP. Under the terms of management services agreements, affiliates of the DGP's provide management services for the rental properties and receive compensation for such services in amounts approximating 8% of gross rental revenue. 4. Cash Held in Escrow Accounts The partnership agreements for the Property Partnerships require that specified amounts be deposited by the Partnership into escrow accounts. Such funds are released from escrow upon completion of certain requirements in the development of the rental properties and paid to the DGP's to reduce development fees payable. 5. Cash in Reserve Accounts The Loan Agreements between the Property Partnerships and RHS require the Property Partnerships to deposit into separate reserve accounts (savings accounts) $126,889 annually until the reserve accounts reach $1,268,211. With the prior approval of RHS, these funds can be used for: (1) loan debt service, if operating funds cannot meet these obligations: (2) repairs and replacements caused by catastrophe or long-range depreciation; (3) improvements or extensions to the buildings; and, (4) any other reason RHS determines will promote or be beneficial to the purpose of the loans. 6. Mortgage Notes Payable The mortgage notes are payable to RHS in monthly installments stated in the table below. In accordance with provisions of Interest Credit Agreements, RHS provides monthly interest credits which reduce the interest rates stated in the mortgage notes to effective rates of 1 percent over the lives of the mortgages. Amortization of principal is based on the stated rates of 8.75% to 10.75% under RHS's Predetermined Amortization Schedule System (PASS). Substantially all of the rental property and equipment is pledged as collateral on the mortgages. No partner is personally liable on the mortgage notes. Amendments enacted in 1979 and 1987 to Section 515 of the National Housing Act contain restrictive provisions for prepayment of Section 515 loans. In summary, RHS may refuse offers to prepay the mortgage notes and require that the projects be used for the purpose of housing those eligible, as provided in Section 515, for a period of 20 years. The loan balances, net monthly payments, and due dates for each Property Partnership are as follows: Net Monthly Loan Balance Payment Sep 30, 1997 Due Date Fairview $ 2,744 $ 1,280,222 April, 2040 Ionia 1,532 715,142 October, 2040 Logan 2,142 1,000,132 March, 2041 Rolling Brook 1,614 751,864 June, 2040 Wexford 1,567 729,944 April, 2040 Blue Heron 3,173 1,478,469 June, 2040 Glenwood 3,111 1,447,607 May, 2039 Pacific Place 1,632 761,289 June, 2039 Cove 3,092 1,439,920 April, 2040 Washington 1,545 719,435 May, 2040 Fayette 4,398 2,057,706 December, 2039 Total $26,550 $12,381,730 Principal Payments on the mortgage notes for the next 5 years are as follows: Year Amounts 1997 6,542 1998 26,868 1999 29,388 2000 32,144 2001 35,113 2002 and later years 12,251,675 $12,381,730 7. Limited Distributions to Partner Limited distributions payable from funds provided by rental operations of the Property Partnerships are limited by the Loan Agreements to eight percent per year of the Property Partnerships' initial equity, as determined by the RHS. Current RHS regulations limit the distribution payments in any year to a maximum of the annual distribution for the current year and the prior year. Distribution payments are also subject to approval by RHS. Prerequisites to limited distributions being paid by each Property Partnership are: (a) funding of the reserve account must be current and (b) the mortgage note must be current. 8. Contingencies In September, 1995 the city of Winslow issued a L.I.D. assessment for Blue Heron's share of street and utility improvements in the amount of $68,569. The assessment is payable in 10 equal annual installments together with interest at the rate of 6.25 percent. At December 31, 1996, the fair value of the L.I.D. assessment approximates the amount recorded in the financial statements. Principal payments on the assessment for the next 5 years are as follows: Year Amounts 1997 6,857 1998 6,857 1999 6,857 2000 6,857 2001 6,857 2002 and later years 27,427 $61,712 9. Guarantees Each of the DGP's has made certain guarantees to the respective Property Partnership which include the following : (i) the rental property will be completed in accordance with the approved plans and specifications; (ii) they will fund construction cost overruns; (iii) they will fund operating deficits of the rental property through December 31, 1991 or 1992, by providing interest-free loans to the Property Partnership amounting to between $30,000 and $50,000; and, (iv) they will compensate the Partnership in the event the actual low-income housing tax credit is less than 85% to 90% of the available credit. Advances made pursuant to this guarantee shall be repayable from proceeds of future sale or dissolution. Item 2. Management's Discussion and Analysis Assisted Housing Fund L.P. I (the Partnership) is a limited partnership organized under the laws of the state of Washington. The Partnership has invested as a limited partner in eleven other limited partnerships (Property Partnerships) which develop, own, and operate residential apartment complexes which benefit from some form of federal assistance programs and which qualify for low-income housing credits (Tax Credits) pursuant to the Internal Revenue Code by the Tax Reform Act of 1986. The Partnership's general partner is Murphey Favre Properties, Inc., (MFP), a wholly-owned subsidiary of WM Financial, Inc. which is a wholly-owned subsidiary of Washington Mutual Bank (WMB). The Partnership completed its public offering of units of limited partnership on April 14, 1989 with proceeds totaling $3,511,000 through the sale of 703 units. There are 331 limited partners and one General Partner in the Partnership. Each Property Partnership has, as its general partner, one or more individuals or an entity not affiliated with the Partnership or MFP. In accordance with the Partnership Agreements under which such entities are organized, the Partnership depends on the DGP's for the management of each Property Partnership. During the quarter, management's emphasis was on the continued operation of eleven properties placed in service. The properties maintained high levels of occupancy. At September 30, 1997, five properties were 100% occupied, five properties were between 94% and 97% occupied, and one property was 79% occupied. Results of Operations On a consolidated basis, net income before depreciation and amortization for the third quarter 1997 was ($7,771) compared with net income before depreciation and amortization in the third quarter of 1996 of $36,353. Rental revenues for the third quarter of 1997 were dowm 1.3% from the third quarter 1996 while the third quarter 1997 expenses including depreciation were down 2.0% from the third quarter 1996. Liquidity and Capital Resources The Partnership completed its public offering of units of limited partnership on April 14, 1989, with proceeds totaling $3,511,000 from 339 limited partners. The Partnership invested $2,542,000 of offering proceeds in eleven Property Partnerships. Offering proceeds equal to $175,750 were reserved by the Partnership to fund its operating expenses. As of September 30, 1997, the cash reserves of the Partnership totaled $11,708. It is expected that the Partnership will draw on the reserves in future quarters to fund accounting and other operating expenses of the Partnership. Nominal cash distributions from the Property Partnerships will supplement the cash reserves. It is expected that all cash distributions received from the Property Partnerships will be used to defray the operating expenses of the Partnership and thus it is not likely any distribution will be made to the limited partners. The Partnership is not required to fund additional amounts to the Property Partnerships based on each Property Partnership agreement. Additionally, each Property Partnership is operated as an individual project, and without any contractual arrangements of any kind between the Property Partnerships. In the third quarter 1997, four properties generated deficit cash flow and seven generated positive cash flow. The deficits were funded by cash reserves of the Property Partnerships. Included in cash deposits on the consolidated balance sheets were $11,708 and $7,197, held as deposits by the Partnership in Washington Mutual Bank accounts as of September 30, 1997 and December 31, 1996, respectively. Washington Mutual Bank is affiliated with MFP, the general partner of the Partnership. There are no additional acquisitions nor any dispositions planned. PART II. OTHER INFORMATION Except for the disclosures set forth below, all items under Part II are inapplicable or have a negative response and are therefore omitted. Item 6. Exhibits and Reports on Form 10-Q a.) Listing of Exhibits. Exhibit Incorporated by No. Reference From 3 Certificate of Exhibit C to Form S-11 Limited Partnership Registration Statement No. 91.1391150 10 Material Contracts Exhibit 10 to Form 10-K filed for year ended December 31, 1989 13 Annual Report to Exhibit 13 to Form 10-K Security Holders filed for year ended December 31, 1995 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. Dated this 4th day of November, 1997. Assisted Housing Fund L.P. I By: Murphey Favre Properties, Inc. Its Managing General Partner Herbert F. Fox, Vice President /s/ Herbert F. Fox, Vice President and Principal Financial Officer EX-27 2 ART.5 FDS FOR QUARTER END 10-Q
5 3-MOS DEC-31-1997 JUL-01-1997 SEP-30-1997 177,240 0 52,156 0 0 257,680 16,443,208 4,743,546 12,673,732 365,874 0 0 0 0 0 12,673,732 0 1,116,991 0 1,483,216 66,897 0 219,517 (433,122) 0 0 0 0 0 (433,122) 0 0
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