-----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, UTlsi1S5DHXsPEauarYQzi6F32kvoj1U1OSFzagCd5t57eBcs656FmNJ3kQBucuO lZ50yUJxuxkYF3IjltjJnA== 0000891554-00-000416.txt : 20000216 0000891554-00-000416.hdr.sgml : 20000216 ACCESSION NUMBER: 0000891554-00-000416 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOPCLICK INTERNATIONAL INC/DE CENTRAL INDEX KEY: 0001083273 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-30382 FILM NUMBER: 544715 BUSINESS ADDRESS: STREET 1: 200 1636 WEST 2ND ST VANCOUVER CITY: BRITISH COLUMBIA CAN STATE: A2 ZIP: 00000 BUSINESS PHONE: 6047371127 MAIL ADDRESS: STREET 1: 200 1636 WEST 2ND ST. VANCOUVER STREET 2: BRITISH COLUMBIA CANADA V6J1H4 STATE: A2 10QSB 1 FORM 10-QSB ================================================================================ United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended December 31, 1999 OR [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: ______ TOPCLICK INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 330755473 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) Suite 200, 1636 West 2nd Avenue, Vancouver, British Columbia, Canada V6J 1H4 (Address of principal executive offices, including zip code) Registrant's Telephone No., including area code: (604) 737-1127 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 ___ No _X_ As of December 31, 1999, there were 14,457,473 shares of the issuer's Common Stock outstanding. ================================================================================ INDEX PART I. FINANCIAL INFORMATION Item 1. Financial statements Unaudited Consolidated Balance Sheets - December 31, 1999 and June 30, 1999 Unaudited Consolidated Statement of Operations - Three and Six Months Ended December 31, 1999 and for the period from May 15, 1998 (Inception) to December 31, 1999 Unaudited Consolidated Statement of Cash Flows - Six Months Ended December 31, 1999 and for the period from May 15, 1998 (Inception) to December 31, 1999 Notes to Unaudited Consolidated Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION Item 1. Pending Legal Proceedings Item 2. Changes in Securities Item 4. Submission of Matters to a Vote of Security Holders Item 6. Exhibits and Reports Filed on Form 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 PART I. FINANCIAL INFORMATION Item 1. Financial Statements TopClick International, Inc. (A Development Stage Company) Unaudited Consolidated Balance Sheet As at December 31, 1999 and June 30, 1999
December 31 June 30 1999 1999 ----------- ----------- Current assets Cash and certificates of deposit $946,884 $1,702,291 Goods and Services Tax Receivable 40,335 16,414 Prepaid expenses 39,860 -- Deferred issue costs -- -- ----------- ----------- 1,027,079 1,718,705 Property, plant and equipment 138,257 78,324 Software development costs 149,032 149,032 ----------- ----------- Total assets $1,314,368 $1,946,061 =========== =========== Current Liabilities Accounts payable $38,354 $23,569 Due to director -- 450 ----------- ----------- Total liabilities 38,354 24,019 ----------- ----------- Stockholders' equity Preferred shares - $0.001 par value, 20,000 shares authorized, none issued and outstanding -- -- Common shares - $0.001 par value, 99,980,000 shares authorized, and 13,457,473 shares outstanding at December 31, 1999 and June 30, 1999 respectively 13,458 13,407 Additional paid-in capital 2,490,663 2,465,714 Cumulative translation adjustment 25,941 15,184 Accumulated deficit (1,254,048) (572,263) ----------- ----------- Total stockholders' equity 1,276,014 1,922,042 ----------- ----------- Total liabilities and stockholders' equity $1,314,368 $1,946,061 =========== ===========
See accompanying notes to the unaudited consolidated financial statements. TopClick International, Inc. (A Development Stage Company) Unaudited Consolidated Statement of Operations For the Three and Six Months Ended December 31, 1999 And for the Period from May 15, 1998 (Inception) to December 31, 1999
1999 ------------------------------- May 15, 1998 Three Months Six Months (Inception) to December 31 December 31 December 31, 1999 ------------ ------------ ----------------- Expenses Contractor fees $79,533 $206,140 $495,041 Salaries and benefits 119,597 139,284 164,927 Accounting and legal 55,636 82,362 163,415 Investor relations 46,508 46,508 46,508 Travel 18,161 39,852 51,866 Insurance 6,309 7,108 8,690 Rent 21,206 31,358 53,485 Advertising 1,261 21,262 25,865 Directors fees 50,124 50,124 50,124 Internet services 6,910 18,822 34,817 Securities filing fees 1,432 7,608 7,608 Office expenses 8,098 14,163 36,337 Meals and entertainment 7,048 10,302 24,805 Telephone 3,531 5,697 14,221 Recruitment fees 4,986 4,986 4,986 Education 4,755 4,912 10,951 Automobile 1,713 3,008 7,783 Interest and bank charges 399 769 1,106 Utilities 653 924 2,683 Software -- -- 8,941 Foreign exchange (458) (458) (458) Consulting fees -- -- 33,789 Investment referral fees -- -- 27,394 Depreciation 5,801 8,943 21,130 ------------ ------------ ------------ Loss from operations 443,203 703,674 1,296,014 Other items Interest income 21,865 21,889 45,944 Write off deferred charges -- -- (3,978) ------------ ------------ ------------ 21,865 21,889 41,966 ------------ ------------ ------------ Net loss for the period (421,338) (681,785) (1,254,048) Accumulated deficit, beginning of period (832,710) (572,263) -- ------------ ------------ ------------ Accumulated deficit, end of period $ (1,254,048) $ (1,254,048) $ (1,254,048) ============ ============ ============ Weighted average shares 13,454,756 13,431,114 Loss per share $(0.03) $(0.05)
See accompanying notes to the unaudited consolidated financial statements TopClick International, Inc. (A Development Stage Company) Consolidated Statement of Cash Flows For the Three and Six Months Ended December 31, 1999 And for the Period from May 15, 1998 (Inception) to December 31, 1999 (Unaudited - See Notice to Reader)
Six Months Ended Period from May 15, December 31 1999 1998 (Inception) to December 31, 1999 Cash provided by (used in) Operating activities Net (loss) for the period $(681,785) $(1,254,048) Items not involving cash: Write-off of deferred charges -- 3,978 Depreciation 8,943 21,130 Issuance of shares for services 50,000 45,000 Changes in non-cash working capital Goods and Services Tax receivable (23,451) (39,865) Prepaid expenses (39,318) (39,318) Accounts payable 14,381 37,950 Due to director -- 2 ----------- ----------- (671,230) (1,225,171) ----------- ----------- Financing activities Proceeds from issuance of common stock (13,436) 2,321,192 ----------- ----------- Investing activities Acquisition of property, plant and equipment (49,481) (149,183) Software development costs -- -- ----------- ----------- (49,481) (149,183) ----------- ----------- Foreign exchange adjustment (21,260) (3,277) ----------- ----------- Increase (decrease) in cash (755,407) 943,561 Cash, beginning of period 1,702,291 3,323 ----------- ----------- Cash, end of period $946,884 $946,884 =========== ===========
See accompanying notes to the unaudited consolidated financial statements. TOPCLICK INTERNATIONAL, INC. (A Development Stage Company) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 (Unaudited - See Notice to Reader) NOTE 1 BUSINESS DESCRIPTION TopClick International, Inc. (a development stage company), "the Company", was incorporated on October 3, 1996 as Galverton Oil & Gas, Inc. under the laws of the state of Delaware in the United States of America. Effective July 8, 1998, the Company had a change of control, and the nature of the business is changed from development of oil and gas properties to the business of operating an Internet Website. TopClick International, Inc. purchased 100% of TopClick Corporation pursuant to the stock exchange agreement dated February 10, 1999. This has been accounted for as a reverse acquisition of the Company by TopClick Corporation. TopClick Corporation was incorporated under the laws of Delaware on July 8, 1998. Effective July 8, 1998, TopClick Corporation acquired 100% of TopClick (Canada) Inc. which is a company under common control and as such the business combination has been accounted for at historical costs in a manner similar to that in a pooling of interests. TopClick (Canada) Inc. was incorporated under the laws of the Canada Business Corporation Act and commenced operations (deemed date of inception) on May 15, 1998. In addition, TopClick Corporation purchased certain Internet assets from Helpful by Design Inc., which is also under common control. This has been accounted for at predecessor historical costs. NOTE 2 BASIS OF PRESENTATION These condensed consolidated financial statements are unaudited and reflect all adjustments that, in our opinion, are necessary for a fair presentation of the results for the interim period. All such adjustments are of a normal recurring nature. The results of operations for the current interim period are not necessarily indicative of results to be expected for the current year or any other period. Certain amounts have been reclassified to conform to the fiscal 2000 presentation. The comparative results of operations are those for TopClick Corporation These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our SB-2 registration statement as filed with the Securities and Exchange Commission. The Company has reviewed its policy of capitalizing software development costs in accordance with guidance available. Accordingly, the Company had decided to write off software development costs as incurred. NOTE 3 CONTINGENCIES The Company is the subject of a lawsuit by an individual who is claiming ownership interest in common stock of Helpful By Design Inc. (HBD). HBD sold certain assets, including a website to TopClick Corporation. There was a share exchange between TopClick Corporation and the Company that resulted in the Company legally controlling TopClick Corporation. The individual has filed a lawsuit in the Supreme Court of British Columbia seeking the force conversion of approximately 500,000 HBD shares of its .001 par value common stock into shares of the Company's .001 par value common stock. It is not possible to estimate the amount of a contingent loss in respect of this legal action. The impact on earnings per share is not material. NOTE 4 COMMITMENTS The Company has commitments under certain contracts of employment and consulting agreements aggregating approximately $66,300. Further, contracts of employment and consulting agreements call for the granting of stock options to the individuals under contract. The option agreement have not been formally prepared and signed at December 31, 1999 as management is in the process of creating a formal Stock Option Plan. Options for the issuance of 776,000 shares of the company are committed to be granted upon the creation of the Stock Option Plan at a price, less than $1.00 per share, to be determined at the time of the granting of the options. Item 2. Plan of Operation THIS REPORT SPECIFIES FORWARD-LOOKING STATEMENTS OF MANAGEMENT OF THE COMPANY INCLUDING, WITHOUT LIMITATION, FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S EXPECTATIONS, BELIEFS, INTENTIONS AND FUTURE STRATEGIES. FORWARD-LOOKING STATEMENTS ARE STATEMENTS THAT ESTIMATE THE HAPPENING OF FUTURE EVENTS AND ARE NOT BASED ON HISTORICAL FACTS. FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, SUCH AS "COULD", "MAY","WILL", "EXPECT", "SHALL", "ESTIMATE", "ANTICIPATE", "PROBABLE", "POSSIBLE","SHOULD", "CONTINUE", "INTEND" OR SIMILAR TERMS, VARIATIONS OF THOSE TERMS OR THE NEGATIVE OF THOSE TERMS. THE FORWARD-LOOKING STATEMENTS SPECIFIED IN THIS REPORT HAVE BEEN COMPILED BY MANAGEMENT OF THE COMPANY ON THE BASIS OFASSUMPTIONS MADE BY MANAGEMENT AND CONSIDERED BY MANAGEMENT TO BE REASONABLE.FUTURE OPERATING RESULTS OF THE COMPANY, HOWEVER, ARE IMPOSSIBLE TO PREDICT AND NO REPRESENTATION, GUARANTY, OR WARRANTY IS TO BE INFERRED FROM THOSE FORWARD-LOOKING STATEMENTS. THE ASSUMPTIONS USED FOR PURPOSES OF THE FORWARD-LOOKING STATEMENTS SPECIFIED IN THIS REPORT REPRESENT ESTIMATES OF FUTURE EVENTS AND ARE SUBJECT TO UNCERTAINTYAS TO POSSIBLE CHANGES IN ECONOMIC, LEGISLATIVE, INDUSTRY, AND OTHERCIRCUMSTANCES. AS A RESULT, THE IDENTIFICATION AND INTERPRETATION OF DATA AND OTHER INFORMATION AND THEIR USE IN DEVELOPING AND SELECTING ASSUMPTIONS FROM AND AMONG REASONABLE ALTERNATIVES REQUIRE THE EXERCISE OF JUDGMENT. TO THE EXTENTTHAT THE ASSUMED EVENTS DO NOT OCCUR, THE OUTCOME MAY VARY SUBSTANTIALLY FROMANTICIPATED OR PROJECTED RESULTS, AND, ACCORDINGLY, NO OPINION IS EXPRESSED ONTHE ACHIEVABILITY OF THOSE FORWARD-LOOKING STATEMENTS. IN ADDITION, THOSEFORWARD-LOOKING STATEMENTS HAVE BEEN COMPILED AS OF THE DATE OF THIS REPORT ANDSHOULD BE EVALUATED WITH CONSIDERATION OF ANY CHANGES OCCURRING AFTER THE DATEOF THIS REPORT. NO ASSURANCE CAN BE GIVEN THAT ANY OF THE ASSUMPTIONS RELATINGTO THE FORWARD-LOOKING STATEMENTS SPECIFIED IN THIS REPORT ARE ACCURATE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE ANY SUCH FORWARD-LOOKING STATEMENTS. Sources of Cash The Company's primary source of cash is from the issuance of the Company's securities. In January 1999, the Company entered into a Financing Agreement which provided the Company with $2,000,000. The Company believes that it may be able to acquire additional financing at commercially reasonable rates; however, there can be no assurance that the Company will be able to obtain additional financing at commercially reasonable rates, or at all. The Company has expended, and will continue to expend in the future, substantial funds on the research and development of its products and services. The failure of the Company to obtain additional financing would significantly limit or eliminate the Company's ability to fund its research and development activities, which would have a materially adverse effect on the Company's ability to continue its operations. Operating Results In the three months ended December 31, 1999, total expenses increased from $260,471 recorded in the first fiscal quarter to $443,203. The increase in expenses was generally due to enlarged business operations. Contractor fees fell from $126,587 in the first fiscal quarter to $79,553 in the second fiscal quarter ended December 31, 1999 as the Company moved more of its personnel from contractor to full-time employee status. As a corollary, salaries and benefits increased from $19,687 in the first three months of the fiscal year to $119,597 in the second three months. Total salaries for the six months ended December 31, 1000 were $139,284. Rent and travel increased after the Company's San Diego sales office was opened in October. Most other expenses were broadly comparable from quarter to quarter with the exception of directors fees and investor relations expenses. In October, the company paid fees by way of a combination of $5,000 in cash and 10,000 shares of common stock to each of five directors. The Company also instituted a formal investor relations plan and expended $46,508 during the three months ended December 31, 1999; there was no comparable expense in the three months ended September 30, 1999. The Company's loss from operations increased from $832,710 during the period from inception (May 15, 1998) through September 30, 1999 to $1.25 million for the period from inception to December 31, 1999. The Company's net loss for the three and six month period ended December 31, 1999 was $421,338 and $681,785 respectively. At December 31, 1999, the Company had approximately $910,000 in certificates of deposit. Management of the Company intends to utilize these funds to finance operations. Management of the Company believes that the Company can satisfy its cash requirements for the next five months without raising any additional funds. The Company uses the local currency, which is the Canadian dollar, as its functional currency. Assets and liabilities denominated in the foreign functional currency are translated at the exchange rate of the balance sheet date. Translation adjustments are recorded as a separate component of the shareholders' equity. Interest income and expenses denominated in foreign currency are translated at the weighted average exchange rate for the period. At December 31, 1999, most of the Company's financial instruments were denominated in United States dollars. Company's Plan of Operation for Next 12 Months The Company has developed a substantial privacy-based information site with thousands of links to privacy issues, news, books and organizations. The company is constantly updating and improving this site and when it is ready for proper launch it will replace the existing search-based site as the home page and central focus of the web site in February, 2000. At such time, the existing search-based web site will be retired from service. The company believes that it can generate a number of revenue streams from a privacy site. For example, the Company has opened a virtual bookstore by packaging approximately 300 books on privacy issues. The Company intends to sell these books over the Internet and receive sales commissions. The Company expects to derive revenues from the virtual bookstore within the next six months. While the Company is considering the possibility of generating revenues from subscription fees from subscribers for certain proposed privacy-based Internet services, the Company does not currently provide any specialized services and does not currently have any subscribers. Due to its new focus on the privacy interests of Internet consumers, the Company is maintaining its policy of refusing to sell any banner advertising on its site; the Company believes that such advertisements are unsolicited in their nature and against the privacy interests of consumers. The Company is reviewing the possibility of selling sponsorship links on its site in the future, in particular related to other Internet privacy based businesses, and to charge those companies for providing this service. A charging schedule for providing sponsorship services has not yet been established by the Company. A "link" is a selectable connection from one word, picture, or information object to another on the Internet. The most common form of link is the highlighted word or picture that can be selected by the user (with a mouse or in some other fashion), resulting in the immediate delivery and view of another file. The highlighted object is often referred to as an "anchor". The anchor reference and the object referred to constitute a hypertext link. The Company anticipates that it will seek logo and URL linking arrangements with targeted sites. The Company intends to develop "tell-a-friend" extensions to the TopClick site to make it easy for existing users to electronically tell friends about the Company's services. Developing Site Traffic The company has been in discussions with several other leading privacy-based web sites and is in the process of developing Affiliate programs for such sites which will encourage them to link to the Topclick privacy site and in turn drive their existing audiences to the site. There is no assurance, however, that the Company will build an equity base that will be considered worth acquiring. Initially, the Company will offer its products and services free to its customers, strategic partners and media partners. Name Identification The Company has purchased additional domain names and will attempt to prevent third parties from adopting names similar to TopClick. The Company has entered into various domain name registration agreements for Topsearches.com, Mytopclick.com, TopClicking.com, TopClick-Inc.com, TopClickinc.com, Top-Clicks.net, TopClick.net, TopClicks.net, TopClicks.com, Top-click.com, Top-clicks.com, Top-click.net, Lookmarks.com with Network Solutions, Inc. ("NSI"). NSI is responsible for the registration of second-level Internet domain names in the top level COM, ORG, NET, and EDU domains. NSI registers these second-level domain names on a first come, first served basis. By registering a domain name, NSI does not determine the legality of the domain name registration, or otherwise evaluate whether that registration or use may infringe upon the rights of a third party. Effective February 25, 1998, NSI revised its domain name dispute policy which provides, among other things, that if a registrant files a civil action related to the registration and use of a domain name, and provides NSI with a copy of the file-stamped complaint, NSI will maintain the status quo ante of the domain name record pending a final or temporary decision of that court. In such cases, NSI will deposit control of the domain name into the registry of the court by supplying the registrant with the registry certificate for deposit. While the domain name is in the registry of the court, NSI will not make any changes to the domain name record unless ordered by the court. The Company believes that this revision to NSI's domain name dispute policy will discourage frivolous claims against the domain names held by the Company. Domain name registrations are effective for two years and may be renewed year-to-year thereafter. Expanding Internet Markets. Nua, one of Europe's leading online consultants and developers, estimates that there were approximately 100 million Internet users worldwide in January, 1998. According to a recent report in Computer Intelligence, the growth rate of Internet users may have increased by as much as 30% in 1998. The Company anticipates that it may benefit from that growth; however, no guaranty can be provided that such will occur. State of Readiness for Y2K The Company has performed an assessment of the Company's information technology ("IT") systems as well as its non-IT systems (such as embedded technology in manufacturing or process control equipment containing microprocessors or other similar circuitry) relating to the Y2K problems previously referenced herein. The Company evaluated all hardware and software for Y2K compliance by using sources from the Internet, by contacting manufacturers, and by contacting third party suppliers of phone systems and security systems. Additionally, the Company reviewed product documentation for Y2K compliance where such was available. To the date of this report, the Company has not experienced any Y2K-related problems. The Company continues to make appropriate backups of data and to communicate with its electrical and telecommunications providers to remain informed about their Y2K compliance. Employees As of December 1999 the company retained the services of 18 employees and contractors. During the next 12 months, depending on the success of the Company's market expansion plan, the Company may be required to hire additional employees; however, the Company is not able to provide a reasonable estimate of the number of such additional employees which may be required at this time. PART II - OTHER INFORMATION Item 1. Legal Proceedings Except as specified below, there are no legal actions pending against the Company nor are any such legal actions contemplated. In March, 1999, the Company was informed that Allen Lees, a resident of British Columbia, was claiming an ownership interest in certain shares of common stock of Helpful By Design, Inc. ("HBD"). Mr. Lees' claim to ownership of such HBD shares arises from consulting services which Mr. Lees was engaged to perform on behalf of HBD under its former name, Voxtech Communications, Inc. , beginning in or about 1993. HBD disputes Mr. Lees' claim of ownership to those HBD shares. The Company has become involved in this dispute because in September, 1998, HBD sold certain assets, including a website, to one of the Company's subsidiaries, TopClick Corporation ("TC"), for, among other consideration, the issuance of 7,000,000 shares of $.001 par value common stock of TC. TC later entered into a stock exchange agreement with the Company which provided, among other things, that, as consideration for the exchange, assignment, transfer, conveyance, setting over and delivery of the shares of TC to the Company, the Company issued 8 shares of its $.001 par value common stock for every 7 shares of TC $.001 par value common stock. Mr. Lees has filed a lawsuit in the Supreme Court of British Columbia seeking to force conversion of approximately 500,000 HBD shares into shares of the Company's common stock. In addition to HBD, the Company and its Chief Executive Officer, Chris Lewis, have also been named as defendants in this lawsuit. The Company intends to vigorously defend this action. Item 2. Changes in Securities Management of the Company is currently preparing a Stock Option Plan by which it is contemplated that officers, directors, and employees of the Company will be granted stock options. The Company's Board of Directors has not yet approved and adopted the proposed Stock Option Plan which is to be approved by the Company's shareholders at the Company's annual general meeting. The Company expects to initially grant options to purchase approximately 776,000 shares of the Company's common stock at an exercise price less than $1.00 per share, subject to approval by the Company's Board of Directors. In October 1999, the company issued 50,000 shares to directors in compensation for services provided. The shares were not registered under the Securities Act. Item 4. Submission of Matters to a Vote of Security Holders Not Applicable Item 6. Exhibits and Reports on Form 8-K The Company has not filed any reports on Form 8-K with the Commission during the three-month period ending December 31, 1999. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on November 9, 1999. TopClick International, Inc., a Delaware corporation By: /s/ Chris Lewis ------------------------ Its: President EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS JUN-30-2000 JUL-01-1999 DEC-31-1999 946884 0 0 0 0 1027079 163531 (25274) 1314368 38354 0 0 0 13458 1262556 1314368 0 0 0 703674 0 0 0 681785 0 681785 0 0 0 681785 (0.05) (0.05)
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