0001019056-11-000884.txt : 20110831 0001019056-11-000884.hdr.sgml : 20110831 20110831154654 ACCESSION NUMBER: 0001019056-11-000884 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110831 DATE AS OF CHANGE: 20110831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAXOR CORP CENTRAL INDEX KEY: 0000027367 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 132682108 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09999 FILM NUMBER: 111068539 BUSINESS ADDRESS: STREET 1: 350 FIFTH AVENUE STREET 2: SUITE 7120 CITY: NEW YORK STATE: NY ZIP: 10118 BUSINESS PHONE: 2122440555 MAIL ADDRESS: STREET 1: 350 5TH AVENUE STREET 2: SUITE 7120 CITY: NEW YORK STATE: NY ZIP: 10118 FORMER COMPANY: FORMER CONFORMED NAME: IDANT CORP DATE OF NAME CHANGE: 19730823 10-Q/A 1 daxor_2qa11.htm FORM 10-Q/A Unassociated Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q/A
(Amendment No. 1)

Quarterly Report Under Section 13 or 15(d)
of the
Securities Act of 1934

FOR QUARTER ENDED June 30, 2011
Commission File Number 001-09999

DAXOR CORPORATION
(Exact Name as Specified in its Charter)
     
New York
 
13-2682108
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
     
350 Fifth Ave
Suite 7120
New York, New York 10118

(Address of Principal Executive Offices & Zip Code)
     
Registrant’s Telephone Number:
(Including Area Code)
 
(212) 244-0555

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to post and submit such files)
Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 
Large Accelerated filer o
 
Accelerated Filer o
       
 
Non-accelerated filer o (Do not check if a smaller reporting company)
 
Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

CLASS: COMMON STOCK
PAR VALUE: $.01 per share
 
4,223,793 OUTSTANDING AT August 2, 2011
 
 
 

 

EXPLANATORY NOTE

The purpose of this Amendment No. 1 on Form 10-Q/A to Daxor Corporation’s Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed with the Securities and Exchange Commission on August 9, 2011 (“the form 10-Q”) is solely to furnish Exhibit 101 XBRL (eXtensible Business Reporting Language) interactive data files in accordance with Rule 405 (a)(2) of Regulation S-T.

Included as Exhibit 101 to this report is the following information formatted in XBRL: (i) the consolidated balance sheets at June 30, 2011 and December 31, 2010, (ii) the consolidated statements of operations for the three and six months ended June 30, 2011 and 2010, (iii) the consolidated statements of cash flows for the six months ended June 30, 2011 and 2010, and (iv) the notes to the interim consolidated financial statements (tagged as blocks of text).

No other changes have been made to the Form 10-Q, and this Form 10-Q/A does not reflect any subsequent events occurring after the original filing date of the Form 10-Q or modify or update any other disclosures made in the Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive date flies contained in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 6. Exhibits

31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)
 
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)
 
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
 
32.2
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
 
101.INS
XBRL Instance Document (2)
 
101.SCH
XBRL Taxonomy Extension Schema Document (2)
 
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document (2)
 
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document (2)
 
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
 
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document (2)

(1)
Filed with Daxor Corporation’s Quarterly Report on Form 10-Q filed on August 9, 2011 for the period ended June 30, 2011.
 
(2)
Furnished herewith.
 
 
 

 

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DATE: August 31, 2011
By:
/s/ JOSEPH FELDSCHUH, M.D.
   
JOSEPH FELDSCHUH, M.D.,
   
President
Chief Executive Officer
Chairman of the Board of Directors
Principal Executive Officer

 
 

 
 
EX-101.INS 2 dxr-20110630.xml 0000027367 2011-06-30 0000027367 2010-12-31 0000027367 2011-04-01 2011-06-30 0000027367 2010-04-01 2010-06-30 0000027367 2011-01-01 2011-06-30 0000027367 2010-01-01 2010-06-30 0000027367 2009-12-31 0000027367 2010-06-30 0000027367 2011-08-02 iso4217:USD iso4217:USD xbrli:shares xbrli:shares 111769 57741 37213352 32382439 54059375 53876071 193473 178820 125402 125402 357334 363634 184342 130560 92119645 86989265 4080205 4168992 37158 37158 96237008 91195415 1062638 436542 6282202 4638197 1135508 2986800 50466 46798 3426718 4330069 -31354266 -22406036 29365 51920 7041693 9003946 50382856 43900308 273399 300063 50656255 44200371 53165 53165 0.01 0.01 10000000 10000000 5316540 5316540 4223793 4226137 10677074 10675228 15641808 14890272 30835640 32980341 11626934 11603962 1092747 1090413 45580753 46995044 96237008 91195415 285097 274343 580927 590728 73042 93989 154681 173876 358139 368332 735608 764604 155056 156329 309287 342290 5671 9082 16894 14898 160727 165411 326181 357188 197412 202921 409427 407416 616480 687115 1262307 1523978 53303 47454 97066 102556 669783 734569 1359373 1626534 726025 817469 2263902 1299213 145401 155953 305886 328895 871426 973422 2569788 1628108 1541209 1707991 3929161 3254642 -1343797 -1505070 -3519734 -2847226 499887 518858 1073553 1087266 2279674 1489665 6024047 7566047 -1687134 -318123 -6155563 -5090887 3094 3042 6188 6083 81260 8919 111908 15183 37315 31043 69709 66017 976946 1653480 766608 3487309 -366851 148410 -2753126 640083 -182331 -39946 -1242344 544146 -184520 188356 -1510782 95937 323655 -3268794 751535 -4121736 139135 -3080438 -759247 -4025799 4225349 4242285 4225743 4244785 -0.04 0.04 -0.36 0.02 0.15 0.10 0.15 0.10 147029 148802 1946 -2365326 -2217697 -763 -14653 45962 -53782 -56027 6300 19966 626096 45400 -1851292 1754036 -22555 7318 -4905503 -2632226 60242 199077 2000 8884526 8980681 8948230 7644439 409686 214795 5124317 8841903 9984714 11172887 5206520 7140565 -58101 3059467 16813859 15800028 11116240 15734574 22972 110990 633919 424042 100 22996 21349 5017632 -490927 54028 -63686 277088 213402 111908 16561 2986822 1018517 Daxor Corporation 10-Q --12-31 4223793 9381270 false 0000027367 Yes No Smaller Reporting Company No 2011 Q2 2011-06-30 <div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">(1) BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">BUSINESS</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Daxor Corporation (the &#8220;Company&#8221;) is a medical device manufacturing company that offers additional biotech services, such as cryobanking, through its wholly owned subsidiary, Scientific Medical Systems Corp. The Company provides long-term frozen blood and semen storage services to enable individuals to store their own blood and semen. The main focus of Daxor Corporation has been the development of an instrument that rapidly and accurately measures human blood volume. This instrument is used in conjunction with a single use diagnostic injection and collection kit.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">SIGNIFICANT ACCOUNTING POLICIES</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Basis of Presentation</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The accompanying unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods presented. The condensed consolidated financial statements are unaudited and are subject to such year-end adjustments as may be considered appropriate and should be read in conjunction with the historical consolidated financial statements of Daxor Corporation for the years ended December 31, 2010 and 2009, included in Daxor Corporation&#8217;s Annual Report and Form 10-K for the fiscal year ended December 31, 2010 which was filed on March 29, 2011. The December 31, 2010 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for the three and six month periods ended June 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">These condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (&#8220;US GAAP&#8221;) and under the same accounting principles as the consolidated financial statements included in the Annual Report on Form 10-K. Certain information and footnote disclosures related thereto normally included in the financial statements prepared in accordance with US GAAP have been omitted in accordance with Rule 8-03 of Regulation S-X.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Management has evaluated subsequent events through the date of this filing.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Fair Value of Financial Instruments</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable and payable, accrued liabilities, deferred option premiums and loans payable approximate fair value because of their short maturities. The carrying amount of the mortgage payable is estimated to approximate fair value as the mortgage carries a market rate of interest.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Fair Value Measurements</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The Company accounts for its investments under the provision of FASB ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC 820&#8221;). ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are discussed below.</font> </div><br/><div align="left" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Level 1 - Quoted prices in active markets for identical assets or liabilities.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include corporate-owned key person life insurance policies.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes auction rate securities where independent pricing information was not able to be obtained.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The Company&#8217;s marketable securities are valued using Level 1 observable inputs utilizing quoted market prices in active markets. These marketable securities are summarized in Note 2, Available-for -Sale Securities.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">On January 1, 2010, the Company adopted the provisions of FASB ASU No. 2010-06, &#8220;Improving Disclosures about Fair Value Measurements&#8221; (&#8220;ASU 2010-06&#8221;). This update provides amendments to Subtopic 820-10 that requires new disclosure as follows: 1) Transfers in and out of Levels 1 and 2. A reporting entity should disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. 2) Activity in Level 3 fair value measurements. In the reconciliation for fair value measurements using significant unobservable inputs (Level 3), a reporting entity should present separately information about purchases, sales, issuances, and settlements (that is, on a gross basis rather than as one net number). This update provides amendments to Subtopic 820-10 that clarify existing disclosures as follows: 1) Level of disaggregation. A reporting entity should provide fair value measurement disclosures for each class of assets and liabilities. A class is often a subset of assets or liabilities within a line item in the statement of financial position. A reporting entity needs to use judgment in determining the appropriate classes of assets and liabilities. 2) Disclosures about inputs and valuation techniques. A reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. Those disclosures are required for fair value measurements that fall in either Level 2 or Level 3.The new disclosures and clarifications of existing disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of the ASU 2010-06 did not have an impact on the Company&#8217;s financial statements.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Available-for-Sale Securities</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Available-for-sale securities represent investments in debt and equity securities (primarily common and preferred stock of electric utility companies) that management has determined meet the definition of available-for-sale under FASB ASC 320 - <font style="display:inline; font-style:italic">Accounting for Certain Investments in Debt and Equity Securities</font> (&#8220;ASC 320&#8221;). Accordingly, these investments are stated at fair market value and all unrealized holding gains or losses are recorded in the Stockholders&#8217; Equity section as Accumulated Other Comprehensive Income (Loss). Conversely, all realized gains, losses and earnings are recorded in the Statement of Operations under Other Income (Expense).</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">At certain times, the Company will engage in short selling of stock. When this occurs, the short position is marked to the market and recorded as a realized sale. Any gain or (loss) is recorded for the period presented.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Historical cost is used by the Company to determine all gains and losses, and fair market value is obtained by readily available market quotes on all securities (Level 1 inputs).</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Put and Call Options at fair value</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">As part of the company&#8217;s investment strategy, put and call options are sold on various stocks the company is willing to buy or sell. The premiums received are deferred until such time as they are exercised or expire. In accordance with FASB ASC 815 - <font style="display:inline; font-style:italic">Accounting for Derivative Instruments and Hedging Activities,</font> these options are marked to market for each reporting period using readily available market quotes (Level 1 inputs), and this fair value adjustment is recorded as a gain or loss in the Statement of Operations.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Upon exercise, the value of the premium will adjust the basis of the underlying security bought or sold. Options that expire are recorded as income in the period they expire.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">All proceeds of the put and call options which are equity contracts are shown net of the mark to market adjustment in the current liability section of the balance sheet as put and call options, at fair value.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman">Receivable from Broker</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The Receivable from Brokers includes cash proceeds from the sales of securities and dividends. These proceeds are invested in dividend bearing money market accounts. 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margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Certain stock options were not included in the computation of the earnings per share due to their anti-dilutive effect. 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font-size:10pt; font-family:Times New Roman">At June 30, 2011, 92.44% or $1,790,046 of the total unrealized losses of $1,936,513 was comprised of the following three securities: $971,893 for Bank of America, $264,167 for Citigroup Inc. and $553,986 for USEC.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman"><font style="display:inline; text-decoration:underline">Bank of America</font></font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">At June 30, 2011, Daxor owned 507,995 shares of Bank of America with a cost basis of $12.87 per share and a market value of $10.96 per share. On August 3, 2011, the market value was $9.54 per share which is $3.33 or 26% lower than our cost basis of $12.87 per share. As of June 30, 2011, the book value of the Company was $20.29 per share which is substantially more than the current market price and the cost basis of the shares owned by Daxor.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">On July 19, 2011, Bank of America reported a net loss of $8.8 billion for the quarter ended June 30, 2011 versus net income of $3.1 billion for the same period in 2010.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">The main reason for the loss was a representation and warranties provision of $14.0 billion which includes $8.6 billion in provision and other expenses related to the agreement to resolve nearly all of the legacy Countrywide issued first lien non-GSE RMBS repurchase exposures and $5.4 billion in provision related to other non-GSE, and, to a lesser extent, GSE exposure. Bank of America management now believes it has recorded reserves in its financial statements for a substantial portion of its representations and warranties exposures as measured by original principal balance.</font> </div><br/><div align="justify" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">In order to be &#8220;well capitalized&#8221; under federal bank regulatory agency definitions, a bank holding company must have a Tier 1 Capital Ratio of at least 6%, a Total Capital Ratio of at least 10%, and a Leverage ratio of at least 3% not to be subject to a Federal Reserve Board directive to maintain higher capital levels. At June 30, 2011, the Tier 1 Capital Ratio was 11.00%, the Total Capital Ratio was 15.65% and the leverage ratio was 6.86%. 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On August 3, 2011, the market value was $37.26 per share which is $13.83 or 27% lower than our cost basis of $51.09 per share. During the first quarter of 2009, the stock was at $10.00 per share and as of August 3, 2011, was trading at $37.26 per share. 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Total Operating Expenses were 8% during the six months ended June 30, 2011 as compared to the same period in 2010.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">During 2009, Citigroup repaid $20 billion of TARP (Troubled Asset Relief Program) trust preferred securities and exited a loss sharing agreement. As a result of these transactions, effective in 2010, Citigroup is no longer deemed to be a beneficiary of &#8220;exceptional financial assistance&#8221; under TARP.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">In order to be &#8220;well capitalized&#8221; under federal bank regulatory agency definitions, a bank holding company must have a Tier 1 Capital Ratio of at least 6%, a Total Capital Ratio of at least 10% , and a Leverage ratio of at least 3%, and not be subject to a Federal Reserve Board directive to maintain higher capital levels. At June 30, 2011, the Tier 1 Capital Ratio was 13.6%, Total Capital Ratio was 17.2% and the Leverage Ratio was 7.0%. 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Citigroup is no longer deemed to be a beneficiary of &#8220;exceptional financial assistance&#8221; under TARP and is considered to be &#8220;well capitalized&#8221; under the federal regulatory agency definitions at June 30, 2011.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:9pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After considering the available positive and negative evidence in addition to the ability of Daxor to hold the stock until the market price exceeds our cost, management has determined that an impairment charge is not necessary at June 30, 2011 on Citigroup.</font> </div><br/><div align="left" style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt"> <font style="display:inline; font-size:10pt; font-family:Times New Roman"><font style="display:inline; text-decoration:underline">USEC</font></font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">At June 30, 2011, Daxor owned 343,100 shares of USEC with a cost basis of $4.95 per share and a market value of $3.34 per share. 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The Gross Profit Margin was 5.6% during the six months ended June 30, 2011 versus 8.8% for the same period in 2010.</font> </div><br/><div style="display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify"> <font style="display:inline; font-size:10pt; font-family:Times New Roman">Electricity makes up approximately 70% of USEC&#8217;s production cost. 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