-----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, AnULU3HYbn/jSK41OardJNWt1Rud++YnbiNOQiQWgtoPdcjwK6UxUzRfIcjRggz4 1B3vW3vcq6IL83r0BVxX9Q== 0000927016-96-000797.txt : 19960814 0000927016-96-000797.hdr.sgml : 19960814 ACCESSION NUMBER: 0000927016-96-000797 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INCOME PARTNERS IV B LP CENTRAL INDEX KEY: 0000826930 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 043024966 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17523 FILM NUMBER: 96610763 BUSINESS ADDRESS: STREET 1: 98 NORTH WASHINGTON ST CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 618545800 MAIL ADDRESS: STREET 1: 98 NORTH WASHINGTON ST CITY: BOSTON STATE: MA ZIP: 02114 10-Q 1 QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 -------------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ---------------------- ---------------------- ---------------------- For Quarter Ended June 30, 1996 Commission File No. 0-17523 American Income Partners IV-B Limited Partnership - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Massachusetts 04-3024966 - ---------------------------------------- ----------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 98 North Washington Street, Boston, MA 02114 - ---------------------------------------- ---------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 854-5800 ------------------------------ - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) 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 --- --- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court 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 No --- --- AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q INDEX
Page ---- PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Statement of Financial Position at June 30, 1996 and December 31, 1995 3 Statement of Operations for the three and six months ended June 30, 1996 and 1995 4 Statement of Cash Flows for the six months ended June 30, 1996 and 1995 5 Notes to the Financial Statements 6-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-12 PART II. OTHER INFORMATION: Items 1 - 6 13
2 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP STATEMENT OF FINANCIAL POSITION June 30, 1996 and December 31, 1995 (Unaudited)
June 30, December 31, 1996 1995 ----------- ------------ ASSETS - ------ Cash and cash equivalents $ 585,523 $ 644,253 Rents receivable, net of allowance for doubtful accounts of $10,000 and $100,000 at June 30, 1996 and December 31, 1995, respectively 106,882 95,053 Accounts receivable - affiliate 27,882 119,651 Equipment at cost, net of accumulated depreciation of $5,407,853 and $5,827,635 at June 30, 1996 and December 31, 1995, respectively 3,006,262 3,150,051 ---------- ---------- Total assets $3,726,549 $4,009,008 ========== ========== LIABILITIES AND PARTNERS' CAPITAL - --------------------------------- Notes payable $ 96,250 $ 120,313 Accrued interest 1,140 1,523 Accrued liabilities 12,500 20,000 Accrued liabilities - affiliate 9,236 11,761 Cash distributions payable to partners 275,863 275,863 ---------- ---------- Total liabilities 394,989 429,460 ---------- ---------- Partners' capital (deficit): General Partners (158,558) (156,078) Limited Partnership Interests (873,935 Units; initial purchase price of $25 each) 3,490,118 3,735,626 ---------- ---------- Total partners' capital 3,331,560 3,579,548 ---------- ---------- Total liabilities and partners' capital $3,726,549 $4,009,008 ========== ==========
The accompanying notes are an integral part of these financial statements. 3 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP STATEMENT OF OPERATIONS for the three and six months ended June 30, 1996 and 1995 (Unaudited)
Three Months Six Months Ended June 30, Ended June 30, 1996 1995 1996 1995 -------------- --------- --------- --------- Income: Lease revenue $233,130 $311,074 $467,266 $595,859 Interest income 8,020 10,870 15,742 22,462 Gain on sale of equipment 12,355 2,996 21,978 130,959 -------- -------- -------- -------- Total income 253,505 324,940 504,986 749,280 -------- -------- -------- -------- Expenses: Depreciation 70,525 88,322 143,789 186,695 Interest expense 1,130 2,817 3,151 5,701 Equipment management fees - affiliate 11,656 15,554 23,363 29,793 Operating expenses - affiliate 14,979 20,205 30,945 40,390 -------- -------- -------- -------- Total expenses 98,290 126,898 201,248 262,579 -------- -------- -------- -------- Net income $155,215 $198,042 $303,738 $486,701 ======== ======== ======== ======== Net income per limited partnership unit $ 0.18 $ 0.22 $ 0.34 $ 0.55 ======== ======== ======== ======== Cash distributions declared per limited partnership unit $ 0.31 $ 0.31 $ 0.62 $ 0.81 ======== ======== ======== ========
The accompanying notes are an integral part of these financial statements. 4 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS for the six months ended June 30, 1996 and 1995 (Unaudited)
1996 1995 ---------- ----------- Cash flows from (used in) operating activities: Net income $ 303,738 $ 486,701 Adjustments to reconcile net income to net cash from operating activities: Depreciation 143,789 186,695 Gain on sale of equipment (21,978) (130,959) Decrease in allowance for doubtful accounts (90,000) -- Changes in assets and liabilities Decrease (increase) in: rents receivable 78,171 (64,029) accounts receivable - affiliate 91,769 68,222 Increase (decrease) in: accrued interest (383) (1,401) accrued liabilities (7,500) (500) accrued liabilities - affiliate (2,525) (1,257) deferred rental income -- 5,048 --------- ---------- Net cash from operating activities 495,081 548,520 --------- ---------- Cash flows from investing activities: Proceeds from equipment sales 21,978 187,000 --------- ---------- Net cash from investing activities 21,978 187,000 --------- ---------- Cash flows used in financing activities: Principal payments - notes payable (24,063) (54,244) Distributions paid (551,726) (882,762) --------- ---------- Net cash used in financing activities (575,789) (937,006) --------- ---------- Net decrease in cash and cash equivalents (58,730) (201,486) Cash and cash equivalents at beginning of period 644,253 1,021,406 --------- ---------- Cash and cash equivalents at end of period $ 585,523 $ 819,920 ========= ========== Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 3,534 $ 7,102 ========= ==========
The accompanying notes are an integral part of these financial statements. 5 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP Notes to the Financial Statements June 30, 1996 (Unaudited) NOTE 1 - BASIS OF PRESENTATION - ------------------------------ The financial statements presented herein are prepared in conformity with generally accepted accounting principles and the instructions for preparing Form 10-Q under Rule 10-01 of Regulation S-X of the Securities and Exchange Commission and are unaudited. As such, these financial statements do not include all information and footnote disclosures required under generally accepted accounting principles for complete financial statements and, accordingly, the accompanying financial statements should be read in conjunction with the footnotes presented in the 1995 Annual Report. Except as disclosed herein, there has been no material change to the information presented in the footnotes to the 1995 Annual Report. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary to present fairly the financial position at June 30, 1996 and December 31, 1995 and results of operations for the three and six month periods ended June 30, 1996 and 1995 have been made and are reflected. NOTE 2 - CASH - ------------- At June 30, 1996, the Partnership had $580,000 invested in reverse repurchase agreements secured by U.S. Treasury Bills or interests in U.S. Government securities. NOTE 3 - REVENUE RECOGNITION - ---------------------------- Rents are payable to the Partnership monthly or quarterly and no significant amounts are calculated on factors other than the passage of time. The leases are accounted for as operating leases and are noncancellable. Rents received prior to their due dates are deferred. Future minimum rents of $1,990,863 are due as follows: For the year ending June 30, 1997 $ 864,885 1998 597,208 1999 488,127 2000 40,643 ----------- Total $1,990,863 ===========
NOTE 4 - EQUIPMENT - ------------------ The following is a summary of equipment owned by the Partnership at June 30, 1996. In the opinion of American Finance Group ("AFG"), the acquisition cost of the equipment did not exceed its fair market value. 6 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP Notes to the Financial Statements (Continued)
Lease Term Equipment Equipment Type (Months) at Cost - -------------- ---------- --------- Vessels 63-72 $ 3,296,257 Aircraft 38 3,110,533 Manufacturing 60 1,348,044 Materials handling 5-60 396,963 Retail store fixtures 12-72 113,211 Medical 24-60 73,506 Locomotives 60 53,445 Tractors and heavy duty trucks 12-60 22,156 -----------
Total equipment cost 8,414,115 Accumulated depreciation (5,407,853) ----------- Equipment, net of accumulated depreciation $ 3,006,262 ===========
At June 30, 1996, the Partnership's equipment portfolio included equipment having a proportionate original cost of $7,883,357 representing approximately 94% of total equipment cost. The summary above includes equipment with a cost and net book value of approximately $53,000 and $14,000, respectively, which is not subject to an active lease agreement. NOTE 5 - RELATED PARTY TRANSACTIONS - ----------------------------------- All operating expenses incurred by the Partnership are paid by AFG on behalf of the Partnership and AFG is reimbursed at its actual cost for such expenditures. Fees and other costs incurred during each of the six month periods ended June 30, 1996 and 1995, which were paid or accrued by the Partnership to AFG or its Affiliates, are as follows:
1996 1995 -------- -------- Equipment management fees $23,363 $29,793 Administrative charges 8,796 8,796 Reimbursable operating expenses due to third parties 22,149 31,594 ------- ------- Total $54,308 $70,183 ======= =======
All rents and proceeds from the sale of equipment are paid directly to either AFG or to a lender. AFG temporarily deposits collected funds in a separate interest-bearing escrow account prior to remittance to the Partnership. At June 30, 1996, the Partnership was owed $27,882 by AFG for such funds and the interest thereon. These funds were remitted to the Partnership in July 1996. 7 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP Notes to the Financial Statements (Continued) NOTE 6 - NOTES PAYABLE - ---------------------- Notes payable at June 30, 1996 consisted of an installment note of $96,250 payable to an institutional lender. This note is non-recourse, with a fluctuating interest rate based on the London Inter-Bank Offered Rate ("LIBOR") plus 1.5%. At June 30, 1996, the applicable LIBOR rate was approximately 6.98%. The note is collateralized by the equipment and assignment of the related lease payments and will be fully amortized by noncancellable rents. The carrying amount of notes payable approximates fair value at June 30, 1996. The annual maturities of the installment note are as follows: For the year ending June 30, 1997 $48,125 1998 48,125 -------- Total $96,250 ========
8 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations. - -------------- Three and six months ended June 30, 1996 compared to the three and six months - ----------------------------------------------------------------------------- ended June 30, 1995: - -------------------- Overview - -------- The Partnership was organized in 1988 as a direct-participation equipment leasing program to acquire a diversified portfolio of capital equipment subject to lease agreements with third parties. The Partnership's stated investment objectives and policies contemplated that the Partnership would wind-up its operations within approximately seven years of its inception. Accordingly, the Managing General Partner is pursuing the remarketing of all of the Partnership's remaining equipment and has engaged an investment adviser to solicit interested third-party buyers. This effort is being undertaken in conjunction with certain other affiliated partnerships and, if successful, would result in the sale of each affected partnership's assets to a selected buyer. The Managing General Partner believes this approach will (i) maximize the disposition prices of each partnership's assets and (ii) prevent the incidence of future expenses to operate a publicly-registered limited partnership with a declining asset base. The Managing General Partner is evaluating expressions of interest submitted by the investment adviser from a number of potential buyers, but is under no obligation to accept any proposal. If successful, the Managing General Partner anticipates that it would wind-up the operations of the Partnership and make a liquidating distribution to the Partners, net of any cash reserves which the Managing General Partner may consider appropriate, on or before December 31, 1996. Results of Operations - --------------------- For the three and six months ended June 30, 1996, the Partnership recognized lease revenue of $233,130 and $467,266, respectively, compared to $311,074 and $595,859 for the same periods in 1995. The decrease in lease revenue from 1995 to 1996 was expected and resulted principally from primary lease term expirations and the sale of equipment. The Partnership also earns interest income from temporary investments of rental receipts and equipment sales proceeds in short-term investments. The Partnership's equipment portfolio includes certain assets in which the Partnership holds a proportionate ownership interest. In such cases, the remaining interests are owned by AFG or an affiliated equipment leasing program sponsored by AFG. Proportionate equipment ownership enables the Partnership to further diversify its equipment portfolio by participating in the ownership of selected assets, thereby reducing the general levels of risk which could result from a concentration in any single equipment type, industry or lessee. The Partnership and each affiliate individually report, in proportion to their respective ownership interests, their respective shares of assets, liabilities, revenues, and expenses associated with the equipment. For the three months ended June 30, 1996, the Partnership sold fully depreciated equipment to existing lessees and third parties. These sales resulted in a net gain, for financial statement purposes, of $12,355 compared to a net gain in 1995 of $2,996 on equipment having a net book value of $13,053. For the six months ended June 30, 1996, the Partnership sold fully depreciated equipment to existing lessees and third parties. These sales resulted in a net gain, for financial statement purposes, of $21,978 compared to a net gain in 1995 of $130,959 on equipment having a net book value of $56,041. It cannot be determined whether future sales of equipment will result in a net gain or a net loss to the Partnership, as such transactions will be dependent upon the condition and type of equipment being sold and its marketability at the time of sale. In addition, the amount of gain or loss reported for financial statement 9 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION purposes is partly a function of the amount of accumulated depreciation associated with the equipment being sold. The ultimate realization of residual value for any type of equipment is dependent upon many factors, including AFG's ability to sell and re-lease equipment. Changing market conditions, industry trends, technological advances, and many other events can converge to enhance or detract from asset values at any given time. AFG attempts to monitor these changes in order to identify opportunities which may be advantageous to the Partnership and which will maximize total cash returns for each asset. The total economic value realized upon final disposition of each asset is comprised of all primary lease term revenues generated from that asset, together with its residual value. The latter consists of cash proceeds realized upon the asset's sale in addition to all other cash receipts obtained from renting the asset on a re-lease, renewal or month-to-month basis. The Partnership classifies such residual rental payments as lease revenue. Consequently, the amount of gain or loss reported in the financial statements is not necessarily indicative of the total residual value the Partnership achieved from leasing the equipment. Depreciation expense for the three and six months ended June 30, 1996 was $70,525 and $143,789, respectively, compared to $88,322 and $186,695 for the same periods in 1995. For financial reporting purposes, to the extent that an asset is held on primary lease term, the Partnership depreciates the difference between (i) the cost of the asset and (ii) the estimated residual value of the asset on a straight-line basis over such term. For purposes of this policy, estimated residual values represent estimates of equipment values at the date of primary lease expiration. To the extent that equipment is held beyond its primary lease term, the Partnership continues to depreciate the remaining net book value of the asset on a straight-line basis over the asset's remaining economic life. Interest expense was $1,130 and $3,151 or less than 1% of lease revenue for both the three and six months ended June 30, 1996 compared to $2,817 and $5,701 or approximately 1% of lease revenue for the same periods in 1995. Interest expense in future periods will continue to decline in amount and as a percentage of lease revenue as the principal balance of notes payable is reduced through the application of rent receipts to outstanding debt. Management fees were 5% of lease revenue during each of the periods ended June 30, 1996 and 1995 and will not change as a percentage of lease revenue in future periods. Operating expenses consist principally of administrative charges, professional service costs, such as audit and legal fees, as well as printing, distribution and remarketing expenses. In certain cases, equipment storage or repairs and maintenance costs may be incurred in connection with equipment being remarketed. Collectively, operating expenses represented 6.4% and 6.6% of lease revenue for the three and six months ended June 30, 1996, respectively, compared to 6.5% and 6.8% of lease revenue for the same periods in 1995. The amount of future operating expenses cannot be predicted with certainty; however, such expenses are usually higher during the acquisition and liquidation phases of a partnership. Other fluctuations typically occur in relation to the volume and timing of remarketing activities. Liquidity and Capital Resources and Discussion of Cash Flows - ------------------------------------------------------------ The Partnership by its nature is a limited life entity which was established for specific purposes described in the preceding "Overview". As an equipment leasing program, the Partnership's principal operating activities derive from asset rental transactions. Accordingly, the Partnership's principal source of cash from operations is provided by the collection of periodic rents. These cash inflows are used to satisfy debt service 10 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION obligations associated with leveraged leases, and to pay management fees and operating costs. Operating activities generated net cash inflows of $495,081 and $548,520 in 1996 and 1995, respectively. Future renewal, re-lease and equipment sale activities will cause a gradual decline in the Partnership's lease revenues and corresponding sources of operating cash. Overall, expenses associated with rental activities, such as management fees, and net cash flow from operating activities will decline as the Partnership experiences a higher frequency of remarketing events. Ultimately, the Partnership will dispose of all assets under lease. This will occur principally through sale transactions whereby each asset will be sold to the existing lessee or to a third party. Generally, this will occur upon expiration of each asset's primary or renewal/re-lease term. In certain instances, casualty or early termination events may result in the disposal of an asset. Such circumstances are infrequent and usually result in the collection of stipulated cash settlements pursuant to terms and conditions contained in the underlying lease agreements. Cash realized from asset disposal transactions is reported under investing activities on the accompanying Statement of Cash Flows. During the six months ended June 30, 1996, the Partnership realized $21,978 in equipment sale proceeds compared to $187,000 in 1995. Future inflows of cash from asset disposals will vary in timing and amount and will be influenced by many factors including, but not limited to, the frequency and timing of lease expirations, the type of equipment being sold, its condition and age, and future market conditions. The Partnership obtained long-term financing in connection with certain equipment leases. The repayments of principal related to such indebtedness are reported as a component of financing activities. Each note payable is recourse only to the specific equipment financed and to the minimum rental payments contracted to be received during the debt amortization period (which period generally coincides with the lease rental term). As rental payments are collected, a portion or all of the rental payment is used to repay the associated indebtedness. In future years, the amount of cash used to repay debt obligations will be consistent with the six months ended June 30, 1996. Cash distributions to the General Partners and Recognized Owners are declared and generally paid within fifteen days following the end of each calendar quarter. The payment of such distributions is presented as a component of financing activities. For the six months ended June 30, 1996, the Partnership declared total cash distributions of Distributable Cash From Operations and Distributable Cash From Sales and Refinancings of $551,726. In accordance with the Amended and Restated Agreement and Certificate of Limited Partnership, the Recognized Owners were allocated 99% of these distributions, or $546,209, and the General Partners were allocated 1%, or $5,517. The second quarter 1996 cash distribution was paid on July 15, 1996. Cash distributions paid to the Recognized Owners consist of both a return of and a return on capital. To the extent that cash distributions consist of Cash From Sales or Refinancings, substantially all of such cash distributions should be viewed as a return of capital. Cash distributions do not represent and are not indicative of yield on investment. Actual yield on investment cannot be determined with any certainty until conclusion of the Partnership and will be dependent upon the collection of all contracted rents, the generation of renewal and/or re-lease rents, and the residual value realized for each asset at its disposal date. Market conditions, technological changes, the ability of AFG to manage and remarket the assets, and many other events and circumstances, could enhance or detract from individual asset yields and the collective performance of the Partnership's equipment portfolio. The Partnership's future cash distributions will be adversely affected by the 1991 bankruptcy of Midway Airlines, Inc ("Midway"). Although this bankruptcy had no immediate adverse effect on the Partnership's 11 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION cash flow, as the Partnership had almost fully leveraged its ownership interest in the underlying aircraft leased to Midway, this event resulted in the Partnership's loss of any future interest in the residual value of the aircraft. This bankruptcy will have a material adverse effect on the ability of the Partnership to achieve all of its originally intended economic benefits. However, the final yield on capital will be dependent upon the collective performance results of all the Partnership's equipment leases. 12 AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP FORM 10-Q PART II. OTHER INFORMATION Item 1. Legal Proceedings Response: None Item 2. Changes in Securities Response: None Item 3. Defaults upon Senior Securities Response: None Item 4. Submission of Matters to a Vote of Security Holders Response: None Item 5. Other Information Response: None Item 6(a). Exhibits Response: None Item 6(b). Reports on Form 8-K Response: None 13 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on behalf of the registrant and in the capacity and on the date indicated. AMERICAN INCOME PARTNERS IV-B LIMITED PARTNERSHIP By: AFG Leasing IV Incorporated, a Massachusetts corporation and the Managing General Partner of the Registrant. By: /s/ Michael J. Butterfield --------------------------------------- Michael J. Butterfield Treasurer of AFG Leasing IV Incorporated (Duly Authorized Officer and Principal Accounting Officer) Date: August 13, 1996 ------------------------------------- By: /s/ Gary M. Romano --------------------------------------- Gary M. Romano Clerk of AFG Leasing IV Incorporated (Duly Authorized Officer and Principal Financial Officer) Date: August 13, 1996 ------------------------------------- 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 585,523 0 144,764 10,000 0 720,287 8,414,115 5,407,853 3,726,549 298,739 96,250 0 0 0 3,331,560 3,726,549 0 504,986 0 0 201,248 0 3,151 303,738 0 303,738 0 0 0 303,738 0 0
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