-----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, ET92b5WwLtk0Yt1ceAfY1pVkJ+5/Bqyn52NNA63VG83GpzYfZMoFk1y6b9+uPNrM HqTqKfjhO+K1eg+VNY15RQ== 0000883041-96-000011.txt : 19961204 0000883041-96-000011.hdr.sgml : 19961204 ACCESSION NUMBER: 0000883041-96-000011 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19961015 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERACTIVE TECHNOLOGIES CORP INC CENTRAL INDEX KEY: 0000883041 STANDARD INDUSTRIAL CLASSIFICATION: 7819 IRS NUMBER: 980120805 STATE OF INCORPORATION: WY FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-19796 FILM NUMBER: 96643082 BUSINESS ADDRESS: STREET 1: 104 SOUTH HARBOR CITY BLVD STREET 2: STE A CITY: MELBOURNE STATE: FL ZIP: 32901 BUSINESS PHONE: 4079534811 10QSB 1 FORM 10QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-QSB Pursuant to Section 13 or 15(d) of the Securities Act of 1934 For the Quarter Ended Commission File August 31, 1996 Number 0-19796 INTERACTIVE TECHNOLOGIES CORPORATION, INC. (Exact name of registrant as specified in charter) Wyoming 98-0120805 (State or other (IRS Employer jurisdiction of Identification No.) incorporation) 104 South Harbor City Boulevard Suite A Melbourne, Florida 32901 (address of Principal Executive Offices) 407-953-4811 (Registrant's telephone number including area code) Check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the exchange Act 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 Registrant has 11,866,491 shares of common stock, par value $0.01 per share issued and outstanding as of August 31, 1996. Traditional Small Business Disclosure Format Yes _____X_____ No __________ Interactive Technologies Corporation, Inc. Table of Contents PART I - FINANCIAL INFORMATION Page No. Item 1. Financial Statements 3 Consolidated Balance Sheet as of August 31, 1996 Consolidated Statement of Operations for the three months ended August 31, 1996 and August 31, 1995 Consolidated Statement of Cash Flows for the three months ended August 31, 1996 and August 31, 1995 Item 2. Management's Discussion and Analysis and 10 Plan of Operations PART II - OTHER INFORMATION 13 Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K 1 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Balance Sheets For the Three Months Ended August 31, 1996 Assets August 31, 1996 ----------------------------- (unaudited) ----------------------------- Current Assets: Cash $ 18,003 Accounts receivable, trade 39,006 Prepaid expenses and other assets 57,428 ----------------------------- 114,437 Total current assets ----------------------------- Property and equipment, at cost, net of $82,709 of accumulated depreciation 1,209,555 ----------------------------- Other Assets: Organizational costs, net of $1,734 of accumulated amortization 2,266 License rights, net of $294,334 of accumulated amortization 670,666 Proprietary software and trademark, net of $289,877 of accumulated amortization 5,121,165 ----------------------------- 5,794,098 ----------------------------- Total Assets $ 7,118,090 ============================= Accompanying notes are an integral part of the financial statements. 2 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Balance Sheets For the Three Months Ended August 31, 1996 Liabilities and Stockholders'Equity ----------------------------------- August 31, 1996 ----------------------------- (unaudited) ----------------------------- Current Liabilities: Accounts payable, trade $ 224,552 Accrued Expenses Related Parties - Others 222,289 Contract of sale deposit 500,000 Loans Payable Related Parties Others 252,462 Current portion of long-term liabilities 348,295 ----------------------------- Total current liabilities 1,547,598 ----------------------------- Long-term liabilities: License rights payable 499,573 Capital lease obligation 873,070 Convertible debentures payable 800,000 ----------------------------- 2,172,643 Commitments and contingencies: Stockholders' equity: Common Stock $.01 par value; 12,500,000 shares authorized, 11,866,491 issued and outstanding 118,665 Paid-in capital in excess of par 8,927,777 Accumulated Deficit (5,648,593) ----------------------------- 3,397,849 ----------------------------- $ 7,118,089 ============================= Accompanying notes are an integral part of the financial statements. 3 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Statements of Operations For the Three Months Ended August 31, 1996 and 1995 August 31, August 31, 1996 1995 ---------------------- ---------------------- (unaudited) (unaudited) ---------------------- ---------------------- Revenue $ 26,445 $ - ---------------------- ---------------------- Operating expenses: Depreciation 47,454 - Amortization 240,809 - General and administrative 991,534 21,544 Interest expense: Interest-Related parties - 20,525 Other 33,578 - ---------------------- ---------------------- 1,313,375 41,570 ---------------------- ---------------------- Net Loss for Period (1,286,930) (41,570) Loss before income taxes (1,286,930) (41,570) Provision for income taxes - - ---------------------- ---------------------- Net Loss $ (1,286,930) $ (41,570) ====================== ====================== Net loss per share Primary $ 0.11 $ 0.01 Diluted $ 0.11 $ 0.01 Accompaning notes are an integral part of the financial statements. 4 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Statement of Cash Flows For the Three Months Ended August 31, 1996 and 1995 August 31, August 31, 1996 1995 ------------------ ------------------- (unaudited) (unaudited) ------------------ ------------------- Net Loss $ (41,570) ------------------ ------------------- Cash flows from operating activities: Cash flow from Operating Activites: Cash received from customers $ 19,232 Cash paid to employees (204,084) Cash paid to suppliers (388,845) Interest paid: Stockholder Others (909) Taxes paid - ------------------ ------------------- Net cash used in operating activities $(574,607) ------------------ ------------------- Cash flows from investing activities: Purchase of property and equipment (664) Capitalized software development reduction 50,000 ------------------ ------------------- Net cash used in investing activities 49,336 ------------------ ------------------- Cash flows from financing activities: Issuance of convertible debentures 300,000 Common stock issued for cash 61,602 Promissory notes isssued 252,462 Contract of sale deposits received 98,099 License rights payment (232,000) ------------------ ------------------- Net cash provided by financing activities 480,163 ------------------ ------------------- Change in current assets and liabilities 33,025 Net decrease in cash (45,108) (8,545) Cash at beginning of period 63,114 11,745 ------------------ ------------------- Cash at end of period $ 18,003 $ 3,200 ================== =================== Accompaning notes are an integral part of the financial statements. 5 Interactive Technologies Corporation, Inc. And Subsidiary Consolidated Statement of Cash Flows For the Three Months Ended August 31, 1996 and 1995 Reconciliation of Net Income to Net Cash Used in Operating Activities August 31, August 31, 1996 1996 -------------------- ------------------- (unaudited) (unaudited) -------------------- ------------------- Net loss $(1,286,930) $(41,570) -------------------- ------------------ Adjustments to reconcile net loss to net cash used in operating activities: Amortization 240,809 Depreciation 47,452 Increase in accounts receivable (7,214) Increase in prepaid expenses (8,275) Decrease in accounts payable (138,250) Increase in accrued expenses 102,619 Stock issued for supplies and services 475,182 ------------------- Total adjustments 712,323 -------------------- ------------------- Net cash used in operating activities $(574,607) $(41,570) ==================== =================== Supplemental Schedule of Non-Cash Investing and Financial Activities Stocks issued for supplies and services $ 475,182 Accompaning notes are an integral part of the financial statements. 6 INTERACTIVE TECHNOLOGIES CORPORATION, INC AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization ------------ Interactive Technologies Corporation, Inc. (the Company) was incorporated in the state of Wyoming on August 8, 1991. On October 20, 1995, the Company entered into a reverse acquisition transaction, described below, with Syneractive, Inc. (SI). SI was incorporated in the state of Florida on August 31, 1995. Prior to October 20, 1995, the Company was engaged primarily in the business of exploiting its rights under a license granted by CST Entertainment Imaging, Inc. The license gave the Company the exclusive right to colorize black-and-white film and videotape, including black-and-white theatrical films and television programs, which were originally produced for distribution primarily within European countries. However, the Company abandoned the business of exploiting the license (see Note 3) on October 18, 1995 as a result of being unable to realize any revenue from the license. SI, which was acquired in a reverse acquisition, obtained license rights from the Federal Communications Commission to operate interactive and data service systems in the Charleston - North Charleston, SC and Melbourne - Titusville-Palm Bay, Florida metropolitan areas. Syneractive, Inc. also acquired proprietary software and a trademark known as Rebate TV, which is a marketing and sales medium for a wide variety of products and services. Advertisers on Rebate TV will offer substantial rebates to the network's viewers through a unique interactive rebate program. Touch-tone phones will initially interact the network to secure earned rebates, and later the network will be accessed via wireless digital communications networks currently under development. The Rebate TV operations commenced April 15, 1996 and serves customers in the eastern United States. Management expects exploitation of the FCC licenses to commence in 1997. They intend to hire the necessary management personnel, raise additional capital and generate profitable operations needed to continue its existence. Syneractive, Inc. was dissolved on October 30, 1995. Reverse acquisition ------------------- On October 1, 1995, the Company issued 5,700,000 shares of common stock to its current sole director and officer in exchange for the net assets of SI. After the issuance of such stock, the current director and officer effectively controlled the Company, holding approximately 50.1% of the outstanding common stock. Prior to the reverse acquisition, the current sole director and officer of the Company owned all of the outstanding common stock of SI. Accordingly, the reverse acquisition has been accounted for at the historical cost of the assets acquired. Consolidated principles ----------------------- On April 9, 1996 the Company formed a wholly owned subsisiary, Satellite Network Television (SNT), by issuing 1,000,000 common stock shares to ITC. SNT operates television studios, a post production facility and satellite links. It produces commercials, infomericals, business videos, commercial programming, and remote broadcasts for both the Company's Rebate TV operations and for outside customers. The accompanying consolidated financial statements include the general accounts of the Company and SNT. All material intercompany accounts and balances have been eliminated in the consolidation. Basis of Presentation --------------------- The financial information presented as of any date other than May 31 has been prepared from the books and records without audit. The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10QSB and do not include all of the information and the footnotes required by generally accepted accounting principals for complete statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of such financial statements, have been included. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended May 31, 1996 contained in the Company's 10KSB Annual Report. 7 INTERACTIVE TECHNOLOGIES CORPORATION, INC. AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS Management estimates -------------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings per share ------------------ Primary and fully diluted earnings per share amounts are based upon 11,816,787 for August 31, 1996 and 5,689,544 for August 31, 1995, weighted average shares of common stock and common stock equivalents outstanding. No effect has been given to the assumed exercise of stock options and warrants and convertible debentures as the effect would be antidilutive. 2. COMMITMENTS AND CONTINGENCIES Capital lease obligations ------------------------- On March 27, 1996, the Company acquired various studio equipment under a capital lease obligation payable monthly through March 2001 with imputed interest at 11.0%, secured by the equipment and 250,000 common stock shares of the Company. As part of the transaction, the stockholder of the lessor/corporation purchased 50,000 common stock shares of the Company for $200,000 cash and received warrants to purchase 50,000 common stock shares at $2.00 per share. At August 31, 1996, the cost of equipment acquired under this lease and related accumulated depreciation totaled $1,100,000 and $65,476, respectively. Minimum future payments required under the above capital lease obligation is as follows: Year Ending Total Principal Imputed May 31 Interest 1997 $287,646 $177,068 $110,578 1998 287,646 198,328 89,318 1999 287,646 222,140 65,506 2000 287,646 248,810 38,836 2001 239,705 203,792 35,913 --------- -------- ------ $1,390,289 $1,050,138 $340,151 ---------- ---------- -------- License fees payable -------------------- The Company, through SI, has acquired licenses from the Federal Communications Commission to operate interactive video and data service systems in various metropolitan statistical areas (Note 1). The license rights are payable interest only, at 7.7 percent for two years with principal and interest payable monthly over the remaining three years of the licenses. Interest has been accrued from the date the license was formally issued. During the quarter, the Company has paid $232,000 to the FCC for the remaining balance due on the Charleston-North Charleston, South Carolina license. 3. CONVERTIBLE DEBENTURES During the quarter ended August 31, 1996, the Company issued $300,000 of 8% convertible debentures maturing July, 2001. The bonds are convertible into shares of the company's common stock at conversion prices of $4.00. In the event that the Company becomes a private company, the lenders have the right to immediately require redemption at a rate of 10% of par in the first year the Company becomes private plus an additional 1% for each year to redemption. 8 INTERACTIVE TECHNOLOGIES CORPORATION, INC. AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS 4. INCOME TAXES The Company used the accrual method of accounting for tax and financial reporting purposes. At August 31, 1996, the Company had net operating loss carryforwards for financial and tax reporting purposes of approximately $5,600,000. These carryforwards expire through the year 2010, and are further subject to the provisions of Internal Revenue Code Section 382. Pursuant to Statement of Financial Accounting Standards No. 109, the Company has recognized a deferred tax asset attributable to the net operating loss carryover, net of a deferred tax liability related to amortization timing differences, in the amount of $1,907,259 which has been fully offset by a valuation allowance in the same amount. 9 Item 2. Management's Discussion and Analysis and Plan of Operations PROGRAM MARKET EXPANSION The Company's roll out plan provides for Rebate TV(TM) to open in the Atlanta market following the Orlando market. The Company has hired a General Manager for the Atlanta office who began with the Company on April 1, 1996. The Company's plan also includes the completion of an interface for Interactive Video and Data Services (IVDS) return links during the next 12 months. Overall, during the next 18-36 months, the Company's plan calls for the market expansion of Rebate TV(TM). The program is scheduled to expand into 25 of the top national markets within three years from the date of first broadcast. The Company expects to hire as many as 50 additional employees over the next 24 months to support the operation of this programming and to continue to develop and refine the programming as the Company adds markets for these services. PROGRAM DEVELOPMENT The Company's research and development efforts consumed the technical efforts of the Company from October 1995 through the airing of Rebate TV(TM) on April 15, 1996, and involved two basic areas: the television programming for the shows, and the data management and computer interface development efforts for the interaction with the retailers and the consumers. None of this expense will be borne directly by the retailers or the consumers, but will be recouped through profits as the Company expands its markets. Development of Rebate TV(TM) basic programming by ITC was accomplished during the past fiscal year with Century III at Universal Studios, Florida. Established in 1976, Century III has serviced a widely diverse client base with high production values utilizing the latest and finest in production and post-production hardware. This includes local, regional, national and international projects for all four broadcast television networks, national cable networks such as Nickelodeon and HBO, major independent producers, advertising agencies and major corporate and governmental organizations such as Digital Equipment Corporation, Harris Corporation, General Electric, NCR, AT&T, Kodak, Polaroid, Walt Disney World, Harcourt Brace Jovanovich, FPL Group, Westinghouse, McDonnell Douglas, Martin Marietta, Rebok, International and NASA. The creative director for Rebate TV(TM) is Michael Hamilton who has designed, directed and produced such television series as "Magnum P.I., "Simon & Simon", "Wings" and "The Twilight Zone". His commercial experience includes such clients as Cadillac(TM), Texaco, Coca Cola(TM), Heineken, American Airlines, Donna Karan, Elizabeth Arden, QVC, Business Technology Management and the Family Channel. The computer development efforts related to Rebate TV(TM) were done at the Company's engineering offices in Melbourne, Florida, where the hardware and software designs and specifications were developed, tested and implemented during the last fiscal year, to: o manage the large amounts of data and transactions involved in collecting and verifying sales information from the Rebate TV(TM) retailers; o calculate the rebates, record the credits, and issue the checks to the consumer; o accommodate and record the telephone rebate requests, and provide automated participation information to the public. ITC looks to Rebate TV(TM) to attract its share of the Communications Industry end-user market estimated to be $189.3 billion by 1998. Interactive digital media is projected to remain the fastest growing category in the industry.1 Internet Access. ITC's Internet home pages for use with Rebate TV(TM) allow viewers to access the program's data base through the Internet. It allows them to view the status of their accounts, enter vendor rebate claims, and later will allow viewers to access a variety of products and services associated with Rebate TV(TM) which the Company expects to include. The Company's home page is located at http://www.INET-USA.com/RTV. 10 Network operations. ITC is in development and production of its own television channel and is scheduled to distribute its Rebate TV(TM) video programming in this format to customers. The Company's distribution plan currently provides for distribution of this programming started in the central Florida markets to expand from there. Overall, during the next 18-36 months, the Company's plan calls for the Rebate TV(TM) to expand into 25 of the top national markets within three years from the date of first broadcast. The Company expects to hire as many as 50 additional employees over the next 24 months to support the operation of this programming and to continue to develop and refine the programming as the Company adds markets for these services. The Company currently maintains a sales office in Atlanta, GA, and has announced a on-air date for that market of January 6, 1997. In addition, plans include the exploitation of the Company's wholly-owned subsidiary, SNT's, satellite uplink capabilities to expand it's programming to a potentially worldwide market. Satellite Network Television (SNT). The company formed Satellite Network Television, Inc. (SNT) a Nevada corporation, to operate its facilities in Princeton, New Jersey. These facilities consist of three basic segments: Studio Operations: Complete studio and control room facilities including studio cameras, XY lighting, preset lighting board and recording facilities. Post Production : Equipped Video and audio edit rooms for on and off line edits. 3-D Graphics and Paintbox edit rooms, voice over and audio facilities and control equipment. Satellite Links : Fully redundant C band and Ku band satellite uplinks and downlinks with support and playback equipment. These facilities were acquired to provide the Company the ability to completely produce and distribute its own programming in-house. However, the Company operates this facility as a full-service studio and broadcast facility available to the business community and realizes revenues from providing contract services from its facilities and from remote sports and general subject broadcasts. (These include such services as video conferencing, and television and video program production for educational, commercial and corporate videos.) The Company began major renovations to these facilities in May, 1996, and has been operating at a reduced level during renovations. The renovations are currently scheduled to be complete in October of 1996. Interactive Video and Data Services. As part of ITC's commitment to the evolution of interactive television, its Federal Communications Commission Interactive Video and Data Services (IVDS) radio station licenses in the Charleston-North Charleston, SC, and Melbourne-Titusville-Palm Bay, FL service areas represent an additional enhancement to the Company's programming distribution. These licenses have a duration of an initial five years, and are renewable if all conditions of the license are met. IVDS, a two way communications system, will allow viewers to take an active role in systems delivered through broadcast television, cable television, wireless cable, direct broadcast satellite or other future television delivery methods. IVDS is regulated as a personal radio service under the rules of the FCC which has allocated spectrum in the 218-219 MHz range for its use. IVDS systems are designed to operate with a hand-held remote control device that controls the interactive set top device on the subscriber's television set. A viewer would interact with the TV station through a radio signal using an IVDS frequency. The Company has purchased equipment for its Charleston-North Charleston, SC license, which is in storage in Melbourne, Florida until the Company is ready for installation in Charleston. The Company has under contract the sale of 90% of this ownership of this license and equipment and has reserved rights to provide programming to this license area when it is in operation. The Company is reviewing alternative uses and equipment proposals for its Melbourne-Titusville-Palm Bay, FL license and expects to proceed to install a system for this license within the next 24 - 36 months. 1.The Veronicas,Shudder & Associates Communications Industry Forecast,July 1994 ---------------------------------------------------------------------------- 11 Although ITC will run its Rebate TV(TM) and other programs on its own service area systems, the programs it develops are intended for use on various interactive delivery systems and are not specific to Interactive Video and Data Services systems. They are marketed to all of these various delivery systems. For broadcast of Rebate TV(TM) programming the Company currently uses and plans to use standard video media distribution methods such as cable, broadcast stations, wireless cable and direct broadcast satellite. Although the Company has designed its programs to utilize an IVDS return link (a "return link" is the method by which data is sent from the consumer or viewer back to the originator of the program), they are also designed to accommodate other return links such as the telephone. The Company has purchased equipment and software to provide a telephone return link as an interim return link for its own license areas as well as other areas where it is providing programming, to be utilized where IVDS is not available; until the installation an operation of the IVDS equipment as a return link is completed as well as for use with non subscribers to IVDS. Intellectual Content. The Company has developed a plan for the accumulation and sale of intellectual content. This content takes several forms, including completed television and video programming, both developed and produced by the Company and by third parties; property rights to written scripts and publications for the purpose of producing or having produced television or motion picture products; and program ideas, concepts and designs. This plan commenced during May 1996. In addition to the Rebate TV(TM) programs, the company has filed and had accepted Trademark applications with the United States Patent and Trademark Office for "Rebate TV" and for "DEAL! DEALS! DEALS!" (a direct shopping program which the Company has produced). The Company has produced in conjunction with Nightwing Entertainment Group, Inc./Petsville USA a series of direct sale pet product shows which it expects to air during the 4th calendar quarter of 1996 and beyond. The Company has acquired movie and television rights for one year to Special Treatment a novel currently in print. The Company through its SNT subsidiary currently has in development and preproduction a series of Bowling Tournament shows produced in conjunction with the New Jersey Bowling Proprietors Association scheduled to air fourth calendar quarter of 1996 and/or first quarter of 1997. The Company has in addition under this plan a number of projects under consideration and review. To date, revenue from these activities has been limited to the Rebate TV(TM) television program, and to a limited showing of its DEAL! DEALS! DEALS! program.There is associated with each of these shows and projects a lead time or advance period necessary for development and scheduling. In addition, the company may elect to sell outright or resell any of these properties. The Company does not expect to receive material revenues from these projects other than Rebate TV(TM) program until calendar year 1997. The Company believes that it can meet its cash requirements during the second quarter of the fiscal year, but expects to require additional funds over the next 12 months for the expansion and addition of markets for its products and operations. Although the Company has no written commitments for additional funds, it believes that it can raise additional cash required from private sources. 12 PART II - OTHER INFORMATION Item 1. Legal Proceedings: None Item 2. Changes in Securities: None Item 3. Defaults upon Senior Securities: None Item 4. Submission of Matters to a Vote of Security Holders: None Item 5. Other Information: None Item 6. Exhibits and Reports on Form 8-K None 13 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Interactive Technologies Corporation, Inc. By: /s/ Perry Douglas West ------------------------------------------- Perry Douglas West, Chief Executive Officer Dated: October 15, 1996 14 EX-27 2 ART.5 FDS FOR 1ST QTR 10QSB
5 3-MOS 3-MOS MAY-31-1997 MAY-31-1996 JUN-01-1996 JUN-01-1995 AUG-31-1996 AUG-31-1995 18,003 0 0 0 39,006 0 0 0 0 0 114,437 0 1,292,264 0 82,709 0 7,118,090 0 1,547,598 0 2,520,938 0 0 0 0 0 118,665 0 3,279,184 0 7,118,089 0 0 0 26,445 0 0 0 1,313,375 41,570 0 0 0 0 33,578 20,525 (1,286,930) (41,570) 0 0 (1,286,930) (41,570) 0 0 0 0 0 0 (1,286,930) (41,570) .11 .01 .11 .01
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