-----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, NXaBUycgFinORDQXdrLSagIDkM875Mt0IIGSxX+QWbytFhonQaKxaJj1JzqIwjdl xH1uL37hUeVEalU0wzleGA== 0000825535-98-000011.txt : 19981118 0000825535-98-000011.hdr.sgml : 19981118 ACCESSION NUMBER: 0000825535-98-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981116 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: 98750694 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, 1998 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.) 1301 Fifth Avenue, Suite 2200, 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 14. There are 15 pages. Part I. Financial Information Item 1. Financial Statements ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS
Sep 30, December 31, 1998 1997 (Unaudited) ----------- ------------ ASSETS Rental property and equipment, at cost: Buildings and equipment $15,726,936 $15,726,936 Less accumulated depreciation (5,310,157) (4,905,719) ------------- ------------- 10,416,779 10,821,217 Land 723,111 723,111 ------------- ------------- 11,139,890 11,544,328 Cash and cash equivelents: Rental operation 162,987 150,694 Partnership operation 13,262 8,195 ------- ------- 176,249 158,889 Restricted deposits: Tenant trust - security deposits 107,060 103,562 Reserve accounts 669,248 644,775 ----------- ---------- 776,308 748,337 Other assets: Accounts receivable 59,073 37,713 Prepaid expenses 12,022 25,609 Organization and start-up costs - - ---------- ----------- 71,095 63,322 ----------- ----------- $12,163,542 $12,514,876 ============= =============
Continued on page 2A See notes to financial statements 2
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS - (CONTINUED) Sept 30, December 31, 1998 1997 (Unaudited) ------------- ------------- LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities: Mortgage notes payable $12,352,718 $12,375,470 LID assessment payable 54,855 54,855 Accounts payable 247,023 215,951 Due to affiliate 584,311 622,375 Accrued liabilities 155,024 135,852 Security deposits payable 110,248 106,172 ------------- ------------- 13,504,179 13,510,675 Minority interests in partnerships 500,614 519,852 Partners' equity (deficit): Limited partners (1,791,631) (1,469,287) General partner (49,620) (46,364) ------------- ------------- (1,841,251) (1,515,651) ------------- ------------- $12,163,542 $12,514,876 ============= =============
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 1997 (529,997) (5,354) (535,351) ------------ ------------ ------------ Balance - December 31, 1997 (1,469,287) (46,364) (1,515,651) Net income (loss) for September 30, 1998 (Unaudited) (322,344) (3,256) (325,600) ----------- ---------- ------------ Balance - September 30, 1998 (Unaudited) ($1,791,631) ($49,620) ($1,841,251) ============ ========= ============
See notes to Financial Statements 3
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF OPERATIONS Quarter Nine Months Quarter Nine Months Ended Ended Ended Ended Sept 30, Sept 30, Sept 30, Sept 30, 1998 1998 1997 1997 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ----------- ----------- ----------- ----------- Revenue: Rental $374,065 $1,119,942 $352,974 $1,061,038 Miscellaneous 14,183 40,386 18,768 55,953 -------- ---------- -------- ---------- 388,248 1,160,328 371,742 1,116,991 Expenses: Operating & maintenance 72,554 194,748 51,926 147,600 Utilities 57,105 184,654 55,314 190,085 General & administrative 81,362 265,775 84,434 256,986 Taxes 83,652 196,340 67,624 157,315 Insurance 13,995 28,145 15,518 34,168 Interest on mortgage notes 66,802 215,521 73,784 219,517 Depreciation 117,044 404,435 180,629 470,005 Miscellaneous 3,095 3,955 1,763 7,540 ---------- ------------ -------- ---------- 495,612 1,493,573 530,992 1,483,216 (107,364) (333,245) (159,250) (366,225) Other income (expenses): Interest earned on escrow accounts & cash reserves 23 78 71 179 Minority Interest 6,345 19,154 6,877 19,505 General & administrative (2,411) (11,587) (1,927) (30,693) Partnership management fees 0 0 (18,629) (55,888) Amortization of organi- zation & start-up costs 0 0 0 0 ----------- --------- -------- -------- 3,957 7,645 (13,608) (66,897) ----------- --------- -------- -------- Net income (loss) (103,407) (325,600) (172,858) (433,122) =========== =========== ======== ======== Net income (loss) per unit of limited partnership interest (146) (459) (243) (610) =========== =========== ========= =========
See notes to Financial Statements 4
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF CASH FLOWS Nine Months Nine Months Ended Ended September 30, September 30, 1998 1997 (Unaudited) (Unaudited) ------------ ---------- Cash flows from operating activities: Net Income (loss) (325,600) (433,122) Adjustments to reconcile net (loss) to net cash provided by operating activities: Depreciation 404,438 470,005 Amortization of organization and start-up costs 0 0 Minority interest in operations (19,154) (19,504) Decrease (increase) in: Accounts receivable (21,360) (23,287) Prepaid expenses 13,587 (1,204) Increase (decrease) in: Accounts payable 31,072 3,655 Accrued liabilities 19,172 66,860 Due to affiliates (38,064) 54,226 ----------- ---------- Net cash provided by operating activities 64,091 117,629 Cash flows from investing activities: Acquisition and construction of rental property 0 (8,968) Decrease (increase) in restricted deposits (24,473) (61,323) Security deposits payable 578 (132) ------------ ---------- Net cash provided (used) in investing activities (23,895) (70,423) Financing activities: Minority partners' capital contributions (84) (118) Mortgage principal payments (22,752) (16,166) ------------ ---------- Net cash provided by financing activities (22,836) (16,284) ------------ ---------- Net increase (decrease) in cash and cash equivalents 17,360 30,922 Cash and cash equivalents - beginning of year 158,889 146,318 ------------ ---------- Cash and cash equivalents - end of period $176,249 $177,240 ============ ========== Supplemental disclosure of cash flow information: Cash paid during the year for interest (net of amounts capitalized) $215,521 $219,517 ============ ==========
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, 1998 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, 1997, 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 $42,270 and $39,193 as of September 30, 1998 and December 31, 1997, 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, 1998 and December 31, 1997, $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 1997 financial statements have been reclassified to conform with the 1998 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 Sept 30, 1998 Dec 31, 1997 Murphey Favre Properties, Inc. Reimbursements, at cost $ 1,875 $ 7,500 Developer general partners and affiliates Property management fees 29,826 121,887 The Partnership maintains deposits in certain of WMB's interest-bearing accounts which aggregated $13,262 and $8,195 at September 30, 1998 and December 31, 1997, respectively. Interest earned on such deposits totaled $23 and $253 during the quarter ended September 30, 1998 and year ended December 31, 1997, 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, 1998 and December 31, 1997, 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 Sept 30, 1998 Due Date Fairview $ 2,744 $ 1,277,566 April, 2040 Ionia 1,532 713,691 October, 2040 Logan 2,142 998,202 March, 2041 Rolling Brook 1,614 750,149 June, 2040 Wexford 1,567 728,268 April, 2040 Blue Heron 3,173 1,474,797 June, 2040 Glenwood 3,111 1,441,712 May, 2039 Pacific Place 1,632 759,795 June, 2039 Cove 3,092 1,436,588 April, 2040 Washington 1,545 717,771 May, 2040 Fayette 4,398 2,054,179 December, 2039 Total $26,550 $12,352,718 Principal Payments on the mortgage notes for the next 5 years are as follows: Year Amounts 1998 4,092 1999 29,361 2000 32,115 2001 35,113 2002 38,422 2003 and later years 12,213,615 $12,352,718 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, 1997, 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 1998 6,857 1999 6,857 2000 6,857 2001 6,857 2002 6,857 2003 and later years 20,570 $54,855 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, 1998, three properties were 100% occupied, six properties were between 90% and 98% occupied, and two properties were between 85% and 89% occupied. In 1997, one property located in the state of Michigan, had an average occupancy of 80% which reduced cash flow. Property Management deferred property taxes which were delinquent at December 31, 1997. During the first quarter, Property Management requested RHS approval for use of reserve funds to pay the delinquent taxes. This property will continue to be closely monitored by management. Results of Operations On a consolidated basis, net income before depreciation and amortization for the third quarter 1998 was $12,114 compared with net income before depreciation and amortization in the third quarter of 1997 of $21,379. Rental revenues for the third quarter of 1998 were up 5.9% from the third quarter 1997 while the third quarter 1998 expenses including depreciation were down 7.1% from the second quarter 1997. 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, 1998, the cash reserves of the Partnership totaled $13,262. 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 1998, three properties generated deficit cash flow and eight 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 $13,262 and $8,195, held as deposits by the Partnership in Washington Mutual Bank accounts as of September 30, 1998 and December 31, 1997, 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 16th day of November, 1998. 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 9-MOS DEC-31-1998 JAN-01-1998 SEP-30-1998 172,249 0 59,073 0 0 247,344 16,450,046 5,310,157 12,163,542 402,047 0 0 0 0 0 12,163,542 0 1,160,328 0 1,489,618 (3,690) 0 215,521 (325,600) 0 0 0 0 0 (325,600) 0 0
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