-----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, T6d/D9rqwuq8+IL0VXoyg9QpBLMqtU5O/NuqQB9snXcDhxRZw0rGYzEgk+YxRn/h GWc7t4BbnFTTIshcLtIZoA== 0000948830-97-000197.txt : 19970815 0000948830-97-000197.hdr.sgml : 19970815 ACCESSION NUMBER: 0000948830-97-000197 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: METEOR INDUSTRIES INC CENTRAL INDEX KEY: 0000912875 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 841236619 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12401 FILM NUMBER: 97661793 BUSINESS ADDRESS: STREET 1: 216 16TH ST STE 730 CITY: DENVER STATE: CO ZIP: 80202 MAIL ADDRESS: STREET 1: 216 16TH ST STREET 2: STE 730 CITY: DENVER STATE: CO ZIP: 80202 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 Commission File Number: 0-27968 METEOR INDUSTRIES, INC. -------------------------------------------------- (Exact Name of Issuer as Specified in its Charter) COLORADO 84-1236619 - ------------------------------- --------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Identification Incorporation or Organization) Number) 216 SIXTEENTH STREET, SUITE 730 DENVER, COLORADO 80202 ---------------------------------------- (Address of Principal Executive Offices) (303) 572-1137 ------------------------------- (Registrant's Telephone Number, Including Area Code) Check whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ There were 4,130,228 shares of the Registrant's $.001 par value common stock outstanding as of June 30, 1997. METEOR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS ASSETS June 30 December 31 1997 1996 (Audited) CURRENT ASSETS Cash and cash equivalents $2,142,036 $ 151,992 Restricted cash 650,003 928,355 Accounts receivable-trade, net of allowance 5,363,699 5,134,276 Accounts receivable, related party 61,994 109,149 Notes receivable, related party 971,368 736,045 Inventory 1,187,041 1,221,729 Other current assets 164,630 206,401 Total current assets 10,540,771 8,487,947 Property, plant and equipment, net 8,243,379 8,277,368 Other assets Notes receivable, related party 1,071,515 1,598,430 Investments in closely held businesses 1,267,047 1,285,407 Other assets 594,300 784,579 Total other assets 2,932,862 3,668,416 TOTAL ASSETS $21,717,012 $20,433,731 Continued on next page -2- METEOR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Continued) LIABILITIES AND SHAREHOLDERS' EQUITY June 30 December 31 1997 1996 (Audited) CURRENT LIABILITIES Accounts payable, trade $ 2,942,767 $ 3,512,257 Bank overdraft -- 170,308 Current portion, long-term debt 1,987,014 2,176,357 Accrued expenses 211,639 212,940 Taxes payable 1,017,915 730,034 Revolving credit facility 0 2,141,027 Total current liabilities 6,159,335 8,942,923 Long-term debt 309,771 445,774 Deferred tax liability 1,716,670 1,773,240 Minority interest in subsidiaries 4,502,311 4,151,903 Total liabilities 12,688,087 15,313,840 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, $.001 par value; authorized 10,000,000 shares, 4,130,228 and 3,310,228 shares issued and outstanding, respectively 4,130 3,310 Paid-in capital 6,352,399 2,660,973 Retained earnings 2,672,396 2,455,608 Total shareholders' equity 9,028,925 5,119,891 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $21,717,012 $20,433,731 The accompanying notes are an integral part of the financial statements. -3- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, 1997 and 1996 June 30, June 30, 1997 1996 Net sales $14,307,724 $15,993,019 Cost of sales 11,977,551 13,430,437 Gross profit 2,330,173 2,562,582 Selling, general and adminis- trative expenses 2,028,835 2,037,756 Depreciation 219,516 212,489 Total expenses 2,248,351 2,250,245 Income from operations 81,822 312,337 Other income and (expenses) Interest income 129,291 132,213 Interest expense (87,474) (122,253) Gain on sale of assets 27,850 -- Other 16,483 -- Total other income 86,150 9,960 Income before income taxes and minority interest 167,972 322,297 Provision for income taxes 65,509 192,034 Income from continuing oper- ations before minority interest 102,463 130,263 Minority interest 100,430 95,316 Net income $ 2,033 $ 34,947 Net income per common share $ -- $ .01 The accompanying notes are an integral part of the financial statements. -4- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 1997 and 1996 June 30, June 30, 1997 1996 Net sales $28,160,264 $29,378,558 Cost of sales 23,606,022 24,260,360 Gross profit 4,554,242 5,118,198 Selling, general and adminis- trative expenses 4,001,287 3,998,806 Depreciation 439,031 433,578 Total expenses 4,440,318 4,432,384 Income from operations 113,924 685,814 Other income and (expenses) Interest income 230,732 186,914 Interest expense (202,627) (249,953) Other Income 497,290 -- Gain on sale of assets 45,350 31,105 Total other income 570,745 (31,934) Income before income taxes and minority interest 684,669 653,880 Provision for income taxes 267,021 255,013 Income from continuing oper- ations before minority interest 417,648 398,867 Minority interest 200,860 190,632 Net income $ 216,788 $ 208,235 Net income per common share $ .06 $ .07 The accompanying notes are an integral part of the financial statements. -5- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 1997 and 1996 June 30, June 30, 1997 1996 Cash flows from operating activities Net income $ 216,788 $ 208,235 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 439,031 433,578 (Gain) loss on disposal of property & equipment (45,350) (31,105) Deferred income taxes (33,912) ( 29,074) Minority interest 200,860 190,632 Changes in assets and liabilities, net of effects from reverse acquisition (Increase) decrease in accounts receivable (182,268) (853,750) (Increase) decrease in inventories 34,688 (37,982) (Increase) decrease in other current assets 19,113 16,749 Increase (decrease)in accounts payable (556,425) 888,818 Increase (decrease) in accrued liabilities (1,301) (28,613) Increase (decrease) in taxes payable 287,881 (98,206) (Increase) in other assets 162,582 (83,959) Net cash provided by operating activities 541,687 575,323 Cash flows from investing activities Proceeds from sale of property and equipment 119,023 -- Purchases of property and equipment (301,470) (834,909) Investment in closely held business 18,360 -- Payments on note receivable 291,593 -- Net cash provided (used) by investing activities 127,505 (834,909) Cash flows from financing activities Payments on revolving credit facilities (2,154,093) (242,980) Decrease in bank overdraft (170,308) (71,657) Note receivable payments -- (57,804) Payments on long-term debt (325,346) (197,768) Borrowings -- 523,255 Restricted cash 278,352 224,626 Sale of stock 3,692,246 691,901 Net cash provided by financing activities 1,320,852 869,573 Net increase in cash and equivalents 1,990,044 609,987 Cash and equivalents, beginning of period 151,992 95,150 Cash and equivalents, end of period $2,142,036 $ 705,137 The accompanying notes are an integral part of the financial statements. -6- METEOR INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1997 NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Meteor Industries, Inc.("Meteor" or "Company") was incorporated on December 22, 1992, as a Colorado based holding company. Graves Oil & Butane Co., Inc. ("Graves"), which was acquired effective September 1, 1993, is a wholesale and retail distributor of petroleum products primarily in northern New Mexico, Colorado, Arizona and Utah. Graves also operates retail gasoline and convenience stores in northern New Mexico and Colorado. El Boracho, Inc., which was acquired September 1, 1993, holds a liquor license for use by an Albuquerque, New Mexico convenience store. Hillger Oil Company ("Hillger"), which was acquired effective April 1, 1995, is a wholesale and retail distributor of petroleum products primarily in southern New Mexico and Arizona. In addition, Hillger operates and owns through a subsidiary, Hatch Pyramid LLC, retail gasoline and convenience stores in southern New Mexico. Capco Resources, Inc. ("CRI"), is a holding Company involved in the development of a power project in Pakistan. The acquisition of CRI was accounted for as a reverse acquisition with CRI treated as the acquirer. In 1996 the Company transferred its ownership of CRI to Meteor Holdings LLC ("MHL"). Innovative Solutions and Technologies, Inc. ("IST") is involved in providing environmental consulting. Capco Analytical Services, Inc. ("CAS") is involved in providing laboratory analysis. PRINCIPLES OF CONSOLIDATION AND ORGANIZATION - The consolidated financial statements include the accounts of Meteor Industries, Inc., and its wholly owned subsidiaries, Graves, including its wholly owned subsidiary, El Boracho, Inc., Hillger including its 75% owned subsidiary Hatch Pyramid LLC, CAS and IST and Meteor's 73% owned subsidiary, Meteor Holdings LLC. All significant intercompany transactions and balances have been eliminated in consolidation. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accord- ingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, such interim statements reflect all adjust- ments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for these interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 1996, filed with the Company's Form 10-K. Earnings per common and common equivalent share are computed by dividing the net income by the weighted average number of common shares. The number of shares used in the earnings per share computation for the three and six months ended June 30, 1997, is 3,670,228 and 3,511,895, respectively; and for the three and six months June 30, 1996, is 3,114,903 and 3,069,903, respectively. -7- NOTE 2 - NEW ACCOUNTING PRONOUNCEMENTS In February, 1997, the Financial Accounting Standards Board issued State-ment of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS No. 128"). The standard requires presentation of earnings per share on a "basic" (only actual shares outstanding) and "fully diluted" (actual shares outstanding plus the effect of other dilutive securities) basis. At this time, the Company does not expect the adoption of SFAS No. 128 to have a material impact on the Company's earnings per share. During the second quarter, two new accounting pronouncements were issued that will impact the Company. Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" establishes standards for reporting and display of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business enterprise during the period from transactions and other events and circumstances from nonowner sources. It includes net income and other items that are currently excluded from the calculation of net income. The statement is effective for the Company beginning in 1998. Statement of Financial Accounting Standards No. 131 "Disclosure About Segments of an Enterprise and Relation Information" was also issued. This statement provides new guidelines for determining an entity's operating segments and the type and level of financial information to be disclosed. The statement requires management to identify operating segments based on the way the management disaggregates the entity for making internal operating decisions. The statement is effective for the Company beginning in 1998. The Company is currently evaluating the impact this statement will have on its disclosures. NOTE 3 - SUBSEQUENT EVENT In August, Meteor acquired all of the outstanding shares of Fleischli Oil Company, Inc. ("Fleischli Oil") for cash in the amount of $4,752,000. Fleischi Oil is a petroleum marketing and distribution company doing business in Colorado, Wyoming, South Dakota, Nevada, Utah, Montana, Nebraska and Idaho. Fleischli Oil will continue to be operated by Fleischli's current management, as a separate subsidiary of Meteor. -8- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR METEOR INDUSTRIES, INC. This Report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities totaled $541,687 for the six months ended June 30, 1997 compared to $575,323 for the period ended June 30, 1996. The decrease in cash provided is primarily related to the timing of payments of accounts payable. As of June 30, 1997, the Company had working capital of $4,381,436 compared to a working capital deficit of $(454,976) at December 31, 1996. The increase in the working capital is due primarily to sale of stock and partial collection of a note receivable from a related party. Net cash provided by investing activities totaled $127,505 for the six months ended June 30, 1997, compared to cash used of $834,909 for the period ended June 30, 1996. The increase is primarily a result of the sale of property and equipment and partial collection of a loan to related party, which is offset by purchases of property and equipment. Because of the Company's continued expansion and development efforts, the Company's liquidity requirements have increased and are expected to con- tinue to increase as a result of the need to reduce the Company's existing debt related to prior acquisitions. During the quarter the Company raised $3,692,246 in a public sale of stock. Net cash provided by financing activities totaled $1,320,852 for the six months ended June 30, 1997 compared to a provision of $869,573 for the period ended June 30, 1996. The increase in cash provided is primarily related to sale of stock, which is offset by payments of notes payable and revolving line of credit. The Company has two revolving bank credit facilities with Norwest Business Credit, Inc. - one for $3,000,000 and one for $1,500,000. The credit lines are subject to the borrowing base of the Company's subsidiaries, as defined and on June 30, 1997, nothing was borrowed against the facilities. The Company has been in default on timely filing of information with the lender. The Company was also in default of the net worth requirements for one of the sub-sidiaries, which default has been corrected. The lender waived these defaults. The Company is and will continue to be in default in timely filing of information and it is expected the lender will continue to waive the timely filing violations. The Company has a term loan with a New Mexico bank which is due in January, 1998 and a term loan with Norwest Business Credit, Inc. which is due in June, 1998. The balances at June 30, 1997, were $124,711 and $124,992, respectively. The loans are collateralized by real estate and buildings and equipment and require approximately $29,000 per month in payments. At June 30, 1997, the Company owned 50% of a limited liability company which in June, 1996, acquired a convenience store for $610,000 using -9- financing through Phillips Performance Fund. The balance of the loan at June 30, 1997 was $489,066. The Company is a co-signer on this loan which has a term of 10 years. The Company records its investment using the equity method, which reflects only the Company's share of the net worth of the LLC. The Company owns 75% of a limited liability company which in December, 1996, acquired a convenience store for $415,000 using seller financing of $315,000. The loan has quarterly payments of $14,000 and a term of 7 years. A subsidiary of the Company has preferred stock outstanding which requires no periodic payments but accrues an 8% dividend and must be redeemed for $3,543,000 plus accrued dividends at the holder's request any time after September 15, 2000 unless earlier converted into common stock pursuant to its terms. This preferred stock is treated as a minority interest on the balance sheet and recorded at its discounted value. The Company owes the founder of one of its subsidiaries $1,649,295 payable in semi-annual installments of $200,000 which includes principal and interest calculated at 2 percentage points in excess of Citibank's prime rate. All previously unpaid principal and interest is due October 1, 1997. It is anticipated that $670,000 will be offset by payments on notes receivable from the founder also due October 1, 1997. The Company plans to pay this debt by drawing down its $3,000,000 line of credit or possibly selling or refinancing one of its convenience stores. The Company is obligated to pay lease costs of approximately $66,000 monthly for land, building, facilities, and equipment. In order to pay its obligations, the interest on such obligations and other expenses, the Company must generate cash flow from operations which exceeds that which has been achieved in the past. In addition, even if historical cash flow is exceeded throughout the terms of its obligations, the Company will probably be required to raise capital or refinance its existing debt in order to pay its obligations as they become due. During the second quarter the Company sold 690,000 shares of stock. The Company utilizes underground tanks at various locations to store petroleum products and is therefore subject to various federal and state statutes concerning environmental protection, as well as the New Mexico Ground Water Protection Act. The various federal and state statutes are designed to identify environmental damage, identify hazardous material and/or operations, regulate operations engaged in hazardous activities, and establish procedures for remedial action as necessary. The state of New Mexico has recognized the potential cleanup costs resulting from regulations, and the New Mexico Ground Water Protection Act has included the establishment of a corrective action fund. The purpose of the fund is to provide monetary assistance in both assessing site damage and correcting the damage where such costs are in excess of $10,000. Assistance is not available to repair or replace underground tanks or equipment. The law specifies requirements which must have been met for an applicant to be eligible, including a provision that payments will be made in accordance with regulations (which have not yet been issued), and states that payment from the corrective action fund are limited to amounts in that fund. The Company is responsible for any contamination of land it owns or leases; however, the Company's responsibilities may be limited as a result of possible claims for reimbursement from third parties. -10- The Company maintains detailed inventory records and performs tank and line tightness tests on a regular basis on all underground storage tanks. Management has assessed the environmental contingencies and does not anticipate any potential liabilities that will have a material adverse effect on the consolidated financial position, results of operation, or liquidity of the Company. RESULTS OF OPERATIONS COMPARISON OF THE THREE MONTHS ENDED JUNE 30, 1997 TO JUNE 30, 1996 The Company is primarily engaged in the business of marketing and distributing refined petroleum and related products employing wholesale, convenience store operations and environmental services. The Company's sales for the three months ended June 30, 1997, were $14,307,724 compared to $15,993,019 for the comparable period ending June 30, 1996. The decrease in revenue of $1,685,295 is primarily related to decreases in sales at the convenience stores and in commercial sales. Management has discontinued some commercial sales which had low margins and high operating costs. The Company's cost of sales for the three months ended June 30, 1997, were $11,977,551 (83.7% of sales) compared to $13,430,431(84.0% of sales) for the comparable period ended June 30, 1996. The decrease of $1,452,886 in cost of sales is primarily due to the decrease in fuel costs due to lower volumes, however, the percentage of sales decreased as the company increased sales of higher profit items. The Company's gross profit for the three months ended June 30, 1997, was $2,330,173 compared to $2,562,582 for the comparable period ended June 30, 1996. The decrease of $232,409 is primarily related to a decrease in sales volumes and a decrease in gasoline margins. Gasoline margins are dictated by competition in a given area and the Company has limited control over such margins. The Company's selling, general and administrative expenses were $2,028,835 for the three months ended June 30, 1997, compared to $2,037,756 for the comparable period ended June 30, 1996. The Company has cut expenses at the subsidiary levels, however such savings have been offset by an increase in corporate overhead related to acquisition activity and capital raising activities. The Company's depreciation for the three months ended June 30, 1997, was $219,516 compared to $212,489 for the comparable period ended June 30, 1996. The Company's other income for the three months ended June 30, 1997 was $86,150 compared to $9,960 for the comparable period ended June 30, 1996. The increase is primarily related to a decrease in interest expense due to less debt and gain on sale of assets. The Company's provision for income taxes for the three months ended June 30, 1997, was $65,509 compared to $192,304 for the comparable period ended June 30, 1996. This decrease is due to less taxable income. The Company's net income for the three months ended June 30, 1997, was $2,033 compared to $34,947 in the prior period. The change in net income is due to the above described items. -11- COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 1997 TO JUNE 30, 1996 The Company is primarily engaged in the business of marketing and distributing refined petroleum and related products employing wholesale, convenience store operations and environmental services. The Company's sales for the six months ended June 30, 1997, were $28,160,264 compared to $29,378,558 for the comparable period ending June 30, 1996. The decrease in revenue of $1,218,294 is primarily related to decreases in sales at the convenience stores and in commercial sales. Management has discontinued some commercial sales which had low margins and high operating costs. The Company's cost of sales for the six months ended June 30, 1997, were $23,606,022 (83.8% of sales) compared to $24,260,360(82.5% of sales) for the comparable period ended June 30, 1996. The decrease of $654,338 in cost of sales is primarily due to the decrease in fuel costs due to lower volumes. The Company's gross profit for the six months ended June 30, 1997, was $4,554,242 compared to $5,118,198 for the comparable period ended June 30, 1996. The decrease of $563,956 is primarily related to a decrease in sales volumes and a decrease in gasoline margins. Gasoline margins are dictated by competition in a given area and the Company has limited control over such margins. The Company's selling, general and administrative expenses were $4,001,287 for the six months ended June 30, 1997, compared to $3,998,806 for the comparable period ended June 30, 1996. The Company has cut expenses at the subsidiary levels, however such savings have been more than offset by an increase in corporate overhead related to acquisition activity and capital raising activities. The Company's depreciation for the six months ended June 30, 1997, was $439,031 compared to $433,578 for the comparable period ended June 30, 1996. The Company's other income for the six months ended June 30, 1997 was $570,745 compared to $(31,934) for the comparable period ended June 30, 1996. The increase is primarily related to a decrease in interest expense due to less debt and gain on sale of assets and a settlement of litigation for $480,000, net of expenses. The Company's provision for income taxes for the six months ended June 30, 1997, was $267,021 compared to $255,013 for the comparable period ended June 30, 1996. This increase is due to more taxable income. The Company's net income for the six months ended June 30, 1997, was $216,788 compared to $208,235 in the prior period. The change in net income is due to the above described items. It should be noted that if the Company had not had other income from the settlement of litigation of approximately $480,000, the Company would have recorded a net loss of approximately $76,000 for the six months ended June 30, 1997. -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. (a) Exhibit 27 Financial Data Schedule Filed herewith electronically (b) Reports on Form 8-K. None. SIGNATURES In accordance with the requirements of the Exchange Act, the Issuer caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. METEOR INDUSTRIES, INC. By /s/ Dennis R. Staal Dennis R. Staal, Treasurer (Chief Financial and Accounting Officer) Dated: August 14, 1997 -13- EXHIBIT INDEX EXHIBIT METHOD OF FILING - --------------------------- ----------------------------- 27. FINANCIAL DATA SCHEDULE Filed herewith electronically EX-27 2
5 This schedule contains summary financial information extracted from the consolidated balance sheets and consolidated statements of operations found on pages 3, 4 and 5 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1997 JUN-30-1997 2,792,039 0 6,397,061 0 1,187,041 10,740,771 8,243,379 0 21,717,012 6,159,335 0 4,130 0 0 9,024,795 21,717,012 28,160,264 28,160,264 23,606,022 4,440,318 0 0 202,627 684,669 267,021 216,788 0 0 0 216,788 .06 .06
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