EX-99.9 13 mro-20181231x10kxex999.htm EXHIBIT 99.9 Exhibit
Exhibit 99.9

Alba Plant LLC
Financial Statements
December 31, 2018, 2017 and 2016





Alba Plant LLC
Index
December 31, 2018, 2017 and 2016
 


 
 
 
Page(s)
Independent Auditor’s Report
 
 
1
Financial Statements
 
 
 
   Balance Sheets
 
 
2
   Statements of Income
 
 
3
   Statements of Stockholders’ Equity
 
 
4
   Statements of Cash Flows
 
 
5
Notes to Financial Statements
 
 
6-12
 
 
 
 
 
 
 
 







Independent Auditor’s Report

To the Management of Alba Plant LLC:
We have audited the accompanying financial statements of Alba Plant LLC, which comprise the balance sheet as of December 31, 2017, and the related statements of income, stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2017.

Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position at December 31, 2017, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2017 in accordance with accounting principles generally accepted in the United States of America.
Emphasis of matter
As discussed in Note 6 to the financial statements, the Company has entered into significant transactions with certain related parties. Our opinion is not modified with respect to this matter.







Exhibit 99.9

Other Matter
The accompanying balance sheet of Alba Plant LLC as of December 31, 2018, and the related statements of income, stockholders' equity and cash flows for the year then ended are presented for purposes of complying with Rule 3-09 of SEC Regulation S-X; however, Rule 3-09 does not require the 2018 financial statements to be audited and they were not audited, reviewed, or compiled by us and, accordingly, we do not express an opinion or any other form of assurance on them.

/s/ PricewaterhouseCoopers LLP
Houston, Texas
February 22, 2018



Alba Plant LLC
Balance Sheets
December 31, 2018 and 2017
 

(in thousands of dollars)
 
 
Unaudited
 
 
 
 
 
 
 
2018
 
2017
 
 
 
 
 
Assets
 
 
 
 
Cash and cash equivalents
 
$
87,080
 
 
$
142,449
 
Accounts receivable
 
21,669
 
 
29,607
 
Accounts receivable–related parties
 
10,565
 
 
14,731
 
Inventory
 
35,674
 
 
37,693
 
Total current assets
 
154,988
 
 
224,480
 
Facility cost
 
568,634
 
 
567,667
 
Less: Accumulated depreciation
 
347,660
 
 
335,096
 
Net facility cost
 
220,974
 
 
232,571
 
Total assets
 
$
375,962
 
 
$
457,051
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
Accounts payable and accrued liabilities–related parties
 
7,471
 
 
7,053
 
Accrued government royalty–net profit interest
 
28,118
 
 
28,377
 
Foreign income taxes payable
 
83,923
 
 
74,322
 
Total current liabilities
 
119,512
 
 
109,752
 
Net deferred tax liability
 
45,106
 
 
46,845
 
Stockholders' equity
 
 
 
 
Common stock - 1,000 shares issued and outstanding
 
1
 
 
1
 
(par value $1.00 per share, 50,000 shares authorized)
 
 
 
 
Retained earnings
 
211,343
 
 
300,453
 
Total stockholders' equity
 
211,344
 
 
300,454
 
Total liabilities and stockholders' equity
 
$
375,962
 
 
$
457,051
 









The accompanying notes are an integral part of these financial statements.
3

Alba Plant LLC
Statements of Income
Years Ended December 31, 2018 and 2017
 


(in thousands of dollars)
 
Unaudited
 
 
 
 
 
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
Plant products
 
$
295,357
 
 
$
298,923
 
 
$
186,754

 
Plant products–related parties
 
933
 
 
799
 
 
931

 
Condensate–related parties
 
140,707
 
 
131,923
 
 
102,687

 
Other income
 
837
 
 
962
 
 
850

 
Other income–related parties
 
248
 
 
286
 
 
271

 
Total revenues
 
438,082
 
 
432,893
 
 
291,493

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Direct operating–related parties
 
35,541
 
 
37,331
 
 
47,929

 
Depreciation and amortization
 
12,564
 
 
11,233
 
 
26,555

 
General and administrative–related parties
 
30,059
 
 
28,165
 
 
28,770

 
Government royalty–net profit interest
 
28,117
 
 
28,380
 
 
17,536

 
Shipping and handling–related parties
 
4,898
 
 
3,543
 
 
4,088

 
Total expenses
 
111,179
 
 
108,652
 
 
124,878

 
Income from operations
 
326,903
 
 
324,241
 
 
166,615

 
Interest income
 
996
 
 
227
 
 
0

 
Income before income taxes
 
327,899
 
 
324,468
 
 
166,615

 
Income tax expense
 
82,009
 
 
81,152
 
 
41,637

 
Net income
 
$
245,890
 
 
$
243,316
 
 
$
124,978

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







The accompanying notes are an integral part of these financial statements.
4

Alba Plant LLC
Statements of Stockholders' Equity
Years Ended December 31, 2018 and 2017
 


 
 
 
 
 
 
 
 
Total
 
 
Common Stock
Retained
 
Stockholders'
(in thousands of dollars)
 
Shares
 
Amount


 
Earnings
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at December 31, 2015
 
1
 
$
1

 
$
316,159

 
$
316,160

Net income
 
 
 
 
 
124,978

 
124,978

Dividends
 
 
 
 
 
(142,000
)
 
(142,000
)
Balances at December 31, 2016
 
1
 
$
1

 
$
299,137

 
$
299,138

Net income
 
 
 
 
 
243,316

 
243,316

Dividends
 
 
 
 
 
(242,000)

 
(242,000
)
Balances at December 31, 2017
 
1
 
$
1

 
$
300,453

 
$
300,454

Net income
 
 
 
 
 
245,890

 
245,890

Dividends
 
 
 
 
 
(335,000
)
 
(335,000
)
Balances at December 31, 2018 (unaudited)
 
1
 
$
1

 
$
211,343

 
$
211,344

 
 
 
 
 
 
 
 
 







The accompanying notes are an integral part of these financial statements.
5

Alba Plant LLC
Statements of Cash Flows
Years Ended December 31, 2018 and 2017
 



(in thousands of dollars)
 
Unaudited
 
 
 
 
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
Net income
 
$
245,890

 
$
243,316

 
$
124,978

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
 
 
Depreciation and amortization
 
12,564

 
11,233

 
26,555

Deferred income tax
 
(1,739
)
 
6,827

 
5,723

Changes in:
 
 
 
 
 
 
Accounts receivable and accounts receivable-related parties
 
12,104

 
(2,968)

 
(16,518
)
Prepayments
 

 

 
1,299

Inventory
 
2,019

 
(656
)
 
5,883

Accounts payable and accrued liabilities-related parties
 
221

 
75

 
(5,668
)
Accrued government royalty–net profit interest
 
(260
)
 
10,841

 
804

Foreign income taxes payable
 
9,601

 
38,387

 
6,618

Net cash provided by operating activities
 
280,400

 
307,055

 
149,674

Investing activities
 
 
 
 
 
 
Capital expenditures
 
(769
)
 
(65
)
 
(120
)
Net cash used in investing activities
 
(769
)
 
(65
)
 
(120
)
Financing activities
 
 
 
 
 
 
Dividends
 
(335,000
)
 
(242,000
)
 
(142,000
)
Net cash used in financing activities
 
(335,000
)
 
(242,000
)
 
(142,000
)
Net increase (decrease) in cash and cash equivalents
 
(55,369
)
 
64,990

 
7,554

Cash and cash equivalents at beginning of period
 
$
142,449

 
$
77,459

 
$
69,905

Cash and cash equivalents at end of period
 
$
87,080

 
$
142,449

 
$
77,459

Supplemental disclosure
 
 
 
 
 
 
Income taxes paid
 
$
74,146

 
$
35,939

 
$
29,296

Change in capital expenditure accrual
 
$
198

 
$
(13
)
 
$
(79
)
 
 
 
 
 
 
 







The accompanying notes are an integral part of these financial statements.
6

Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


1.
Organization and Nature of Business
Alba Plant LLC (the “Company”) is an exempted limited liability company organized under the laws of the Cayman Islands. The purposes of the Company are (i) to construct, own, operate and maintain the Alba Liquefied Petroleum Gas Plant (“the plant”); (ii) to further process the natural gas produced under the Alba Production Sharing Contract (“Alba PSC”); (iii) to recover additional condensate; (iv) to separate butane and propane from the natural gas and process them into gas liquids; (v) to store the liquid hydrocarbons processed; (vi) to sell all liquid hydrocarbons produced by the plant; and (vii) to finance such activities on terms the Company determines to be appropriate. The Company commenced commercial operations in January 1997. Sociedad Nacional de Gas de Guinea Ecuatorial (“Sonagas”) has a 20% ownership in the Company with the remaining 80% owned by Alba Associates LLC. The ownership interest in Alba Associates LLC is as follows as of December 31, 2018, 2017 and 2016:
Samedan of North Africa, Inc. ("Samedan")
 
34.79166%
Marathon E.G. LPG Limited ("EG LPG")
 
23.45834
Marathon E.G. Alba Limited ("EG Alba")
 
19.08334
Marathon E.G. Production Limited ("MEGPL")
 
11.45833
Marathon E.G. Offshore Limited ("EG Offshore")
 
11.20833
 
 
100.00000%
The Equatorial Guinea Government is entitled to a 10% interest in the Company’s annual net profit, as defined in the Processing and Marketing Agreement (“PMA”) between The Republic of Equatorial Guinea and the Company dated January 22, 1996.
The Company has no employees, and as such has entered into an agreement with MEGPL to provide certain operating, general and administrative services on behalf of the Company (Note 6).
2.
Summary of Significant Accounting Policies
Basis of Presentation
These financial statements, including notes have been prepared in accordance with U.S. generally accepted accounting principles. The December 31, 2018 financial statements, including notes are presented as unaudited.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the respective reporting periods. Actual results could differ from those estimates.
Foreign Currency Transactions
The functional currency applicable to the Company is the U.S dollar. Current assets and current liabilities denominated in other currencies are converted into U.S. dollars at the applicable rate on the

7


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


balance sheet date, and the resulting unrealized foreign exchange gains and losses are recorded in the statement of income.
Cash and Cash Equivalents
Includes cash on hand and highly liquid investments with original maturities of three months or less.
Receivables less Allowance for Doubtful Accounts
Receivables recorded in the financial statements represent bona fide claims against debtors, or other charges arising on or before the balance sheet date. All receivables have been appropriately reduced to their estimated net realizable value. All receivables are recorded at the invoiced amounts and do not bear interest. An allowance for receivables is created with a charge directly to bad debt expense when it becomes probable the receivables will not be collected. No allowance has been recorded as of December 31, 2018 and December 31, 2017.
Inventory
Materials and supplies inventory is valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. Condensate, propane, and butane inventories are recorded at weighted average cost and carried at the lower of cost or net realizable value.
Facility Cost
Facility cost represents the cost of the plant including related extraction components, piping and other equipment, and includes the cost of related engineering and design services and installation materials and labor. Facility costs are primarily depreciated on a straight-line basis. In 2016, the anticipated commercial life of the Alba PSC was extended as a result of the installation of a new compression platform. Accordingly, the Company extended the estimated remaining life of the plant for depreciation purposes from 2026 to 2034.
Maintenance and repairs are charged to expense as incurred. Renewals, betterments and major repairs that materially extend the life of the plant are capitalized.
We evaluate the plant including related extraction components, piping and other equipment, for impairment of value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the value from the use of the asset and its eventual disposition is anticipated to be less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Assets deemed to be impaired are written down to their fair value, as determined by discounted future net cash flows or, if available, comparable market value.
Under the provisions of the PMA, the Company is not legally obligated to dismantle the plant and restore the Alba site, and as such, no asset retirement obligation has been recorded for these facilities.
Taxes
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The realization of deferred tax assets is assessed periodically based on

8


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


several interrelated factors. These factors include the Company’s expectation to generate sufficient future taxable income including tax credits, and operating loss carryforwards. Valuation allowances are recorded against a deferred tax asset when it is more likely than not that the deferred tax asset will not be realized. We use the liability method in determining our provision and liabilities for our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates.
Revenue Recognition
Revenues are recognized when title is transferred to customers, the sales price is fixed or determinable, and collectability is reasonably assured. Costs associated with revenues are recorded in direct operating costs.
Concentration of Credit Risk
During 2018, substantially all of the LPG products were sold to two third-party purchasers, Vitol S.A. and Philia Trading Pte. Ltd. During 2017 and 2016, substantially all of the LPG products were sold to an individual third-party purchaser. Additionally, all of the condensate was sold to a related party. This concentration of customers may impact the Company’s credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions.
3.
Accounting Standards
Not Yet Adopted
Revenue recognition standard
In May 2014 and August 2015, the FASB issued an update that supersedes the existing revenue recognition requirements. This standard includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Among other things, the standard requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. We will adopt this standard in 2019. Upon adoption the standard shall be applied retrospectively to each prior reporting period presented (“full retrospective method”) or with the cumulative effect of initially applying the update recognized at the date of initial application (“modified retrospective method”). We plan to adopt this new standard using the modified retrospective method. We continue to assess our contracts that will be subject to this standard and the impact it will have on our results of operations, financial position or cash flows. We plan to provide the disclosures required by this standard, such as key sources of revenues from transactions with customers, disaggregated revenue information, and significant accounting estimates and judgments, upon adoption.
Lease accounting standard
In February 2016, the FASB issued a new lease accounting standard, which requires lessees to recognize most leases, including operating leases, on the balance sheet as a right of use asset and lease liability. Short-term leases can continue being accounted for off balance sheet based on a policy election. This standard does not apply to leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. This standard is effective

9


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


for us in the first quarter of 2020 and shall be applied using a modified retrospective approach at the beginning of the earliest period presented in the financial statements. Early adoption is permitted. We will apply practical expedients provided in the standard that allow, amongst others, not to reassess contracts that commenced or expired prior to the effective date. We will elect a policy not to recognize right of use assets and lease liabilities related to short-term leases.
In July 2018, the FASB issued a new transition option that allows entities to adopt the new lease accounting standard using the modified retrospective transition method by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. We will elect this new transition option and continue to apply the legacy guidance in ASC 840, Leases, including its disclosure requirements, in the comparative periods presented in the year of adoption.
We continue to evaluate our contracts and are gathering the necessary data to determine the financial impact of this standard on our consolidated financial statements and related disclosures. While we have yet to finalize the estimated impact of this standard will have on our consolidated financial statements, the adoption is anticipated to result in an increase in both assets and liabilities related to our leases.
Financial instruments - credit losses
In June 2016, the FASB issued a new accounting standards update that changes the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking “expected loss” model as opposed to the current “incurred loss” model. This standard is effective for us in 2020 and will be adopted on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. Early adoption is permitted starting January 2019. We are evaluating the provisions of this accounting standards update and assessing the impact, if any, it may have on our results of operations, financial position or cash flows.
Recently Adopted
Classification in the statement of cash flows
In August 2016, the FASB issued a new accounting standards update which seeks to reduce the existing diversity in practice in how certain transactions are classified in the statement of cash flows. We adopted this standard in 2018 on a retrospective basis with no significant impact on our results of operations, financial position or cash flows.








10


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 



4.
Inventory
Inventory as of December 31, 2018 and 2017 is summarized as follows:
(in thousands of dollars)
 
Unaudited
 
 
 
 
2018
 
2017
 
 
 
 
 
Materials and supplies
 
$
35,230

 
$
37,074

Liquid hydrocarbon products
 
444

 
619

 
 
$
35,674

 
$
37,693

 
 
 
 
 
5.
Income Taxes
For income tax purposes, Alba Plant LLC is treated as a local corporation and is only subject to local income taxes in accordance with the PMA between The Republic of Equatorial Guinea and Alba Plant LLC dated January 22, 1996. The Company’s effective tax rate for 2018, 2017 and 2016 was 25%. Income before income taxes for Alba Plant LLC was $327,899, $324,468 and $166,615 for 2018, 2017 and 2016 respectively.
The provision for income tax expense comprises:
(in thousands of dollars)
 
Unaudited
 
 
 
 
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
Current tax expense
 
$
83,748

 
$
74,325

 
$
35,914

Deferred tax expense (benefit)
 
(1,739
)
 
6,827

 
5,723

 
 
$
82,009

 
$
81,152

 
$
41,637

The deferred tax assets and deferred tax liability resulted from the following:
(in thousands of dollars)
 
Unaudited
 
 
 
 
2018
 
2017
 
 
 
 
 
Deferred tax assets
 
 
 
 
Government royalty - net profit interest
 
$
7,030

 
$
7,094

 
 
$
7,030

 
$
7,094

Deferred tax liability
 
 
 
 
Facility cost
 
$
52,136

 
$
53,939

 
 
$
52,136

 
$
53,939

 
 
 
 
 
 
 
 
 
 
Net deferred tax liabilities
 
$
45,106

 
$
46,845


11


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


As of December 31, 2018 our income tax returns for Equatorial Guinea remain subject to examination for the tax years 2007-2017. As of December 31, 2018, 2017 and 2016 there are no uncertain tax positions.
6.
Related Party Transactions
Related parties include:
Alba Associates LLC and Sonagas, the Company’s owners;

Samedan, EG LPG, EG Alba, MEGPL, and EG Offshore, the owners in Alba Associates LLC; and

Marathon Oil Marketing, Ltd. (“MOM”), Marathon International Oil (G.B.) Limited (“MIOGB”), Equatorial Guinea LNG Train1, S.A. (“EG LNG”) and other affiliates of Marathon Oil Corporation (“Marathon”), which is one of the ultimate owners of Alba Associates LLC.

The Company enters into certain sales and purchases and has certain accounts receivable and accounts payable with related parties arising in the normal course of business. Accounts receivable, less allowance for doubtful accounts and accounts payable associated with related parties at December 31, 2018 and 2017, consist of the following:
 
 
Unaudited
 
 
 
 
2018
 
2017
(in thousands of dollars)
 
Receivable from
 
Payable to
 
Receivable from
 
Payable to
 
 
 
 
 
 
 
 
 
Sonagas
 
$
1,052

 
$

 
$
1,538

 
$

MOM
 
9,472

 

 
13,174

 
10

MIOGB
 

 

 

 
4

MEGPL
 
17

 
7,434

 
17

 
7,026

Marathon
 
24

 
37

 
2

 
13

 
 
$
10,565

 
$
7,471

 
$
14,731

 
$
7,053

Plant products-related parties revenue for the years ended December 31, 2018 and 2017, relate to LPG sold to Sonagas, and propane sold to EG LNG.
Condensate-related parties revenue for the years ended December 31, 2018 and 2017, relates to sales of condensate to MIOSCO (GB) and MOM.
Other income-related parties for the years ended December 31, 2018 and 2017, relates to terminal fees on condensate sold to MIOSCO (GB) and MOM.
The Company purchases its feed gas from gas produced under the Alba PSC at a rate of $0.25/mmbtu as specified in the PMA. MEGPL, the operator of Alba PSC, collects the funds related to the feed gas sales.

12


Alba Plant LLC
Notes to Financial Statements
December 31, 2018 (unaudited), 2017 and 2016
 


Direct operating expenses-related parties for the years ended December 31, 2018, 2017 and 2016, were costs incurred by MEGPL for the operation of the plant and billed to the Company in accordance with the Technical and Administrative Services Agreement. This agreement is effective through 120 days after processing activities have terminated, as defined by the agreement. Additionally, the Company has agreed to pay an overhead fee to MEGPL equal to 1% of all cost incurred in support of plant operations.
Shipping and handling services, and general and administrative services are provided primarily by MEGPL. These services are charged to the Company at cost.
7.
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash and cash equivalents, receivables and short-term payables. The carrying amounts approximate fair market value due to the highly liquid nature of the short-term instruments.
8.
Dividends
In accordance with the Alba Plant Members’ Agreement, all available funds, as defined in the agreement, are distributed to the Company’s owners on the basis of their respective ownership. Dividends distributed in 2018, 2017 and 2016 were $335 million, $242 million and $142 million, respectively. Dividends per share in 2018, 2017 and 2016 were $335 thousand, $242 thousand and $142 thousand, respectively.
9.
Contingencies
Various local laws and regulations affect the Company’s operations and costs. Management believes that the Company is in substantial compliance with all applicable local laws and regulations and that the ultimate resolution of any claims or legal proceedings, if any, instituted against the Company will not have a material effect on its financial position, results of operations, or cash flows.
10.
Subsequent Events
Events and transactions subsequent to the balance sheet date have been evaluated through February 21, 2019, the date these financial statements were issued, for potential recognition or disclosure in the financial statements.



13