-----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, TYicEn6oW8Yxiv8oeLPxY84p6uvN+pfBJrQRM/Fhvq5yg24Uk3fe+7uHNU7zzzfO Qn05N6NdcQFCkmIseHN0Fg== /in/edgar/work/20000615/0000352912-00-000003/0000352912-00-000003.txt : 20000919 0000352912-00-000003.hdr.sgml : 20000919 ACCESSION NUMBER: 0000352912-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000430 FILED AS OF DATE: 20000615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E COMMERCE WEST CORP CENTRAL INDEX KEY: 0000352912 STANDARD INDUSTRIAL CLASSIFICATION: [7990 ] IRS NUMBER: 954091368 STATE OF INCORPORATION: UT FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-10315 FILM NUMBER: 655352 BUSINESS ADDRESS: STREET 1: 152 SHERMAN ST CITY: DEADWOOD STATE: SD ZIP: 57732 BUSINESS PHONE: 6055781299 MAIL ADDRESS: STREET 1: PO BOX 545 CITY: DEADWOOD STATE: SD ZIP: 57732 FORMER COMPANY: FORMER CONFORMED NAME: ROYAL CASINO GROUP INC DATE OF NAME CHANGE: 19950126 FORMER COMPANY: FORMER CONFORMED NAME: CAPITOL TELEVISION NETWORK INC DATE OF NAME CHANGE: 19940426 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter ended April 30, 2000 Commission File No. 0-10315 E-COMMERCE WEST CORP. (Name of Registrant as specified in its charter) Utah 95-4091368 (State or other jurisdiction of (IRS Employer Incorporation or organization) Identification No.) 83 Sherman St. Deadwood, SD 57732 (Address of principal executive offices) (605) 578-1299 (605) 578-1298 (Registrant's telephone number) (Registrant's fax number) Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 Par 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. [x] Yes [ ] No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. [x] Yes [ ] No As of April 30, 2000 16,332,316 shares of registrant's $0.001 par value common stock were outstanding. E-COMMERCE WEST CORP. INDEX Page Number PART 1 FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Balance Sheets (unaudited)as of April 30, 2000 and (audited)July 31, 1999 3 Unaudited Statements of Operations 3 months ended April 30, 2000 and 1999 4 Unaudited Statements of Cash Flows 3 months ended April 30, 2000 and 1999 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART 11 OTHER INFORMATION Item 2. Change in Securities 13 Item 6. Exhibits and Reports on Form 8-K 13 E-COMMERCE WEST CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS April 30, 2000 July 31, 1999 (unaudited) (audited) Current Assets Cash and cash equivalents $ 83,822 $ 9,493 Marketable securities 36,675 - Note receivable - officer 33,000 33,000 Notes receivable - 9,000 Inventories 15,170 16,352 Prepaid legal expense 104,164 141,667 Prepaid expenses & other assets 5,756 8,969 Total current assets 278,587 218,481 Fixed Assets Property and equipment, net 64,030 85,704 Total assets $ 342,617 $ 304,185 April 30, 2000 July 31, 1999 LIABILITIES AND SHAREHOLDERS' (unaudited) (audited) DEFICIT Current liabilities Accounts payable $ 143,358 $ 125,434 Accrued payroll & payroll taxes 275,743 224,516 Note payable officer 69,352 27,561 Net liabilities of discontinued operations 132,427 132,326 Total current liabilities 620,880 509,837 Commitments & contingencies Shareholders' deficit Preferred Stock, 100,000,000 authorized; 1,100,000 Series A convertible shares issued and outstanding 1,100 1,100 Common Stock, $0.001 par value, 150,000,000 shares authorized; 16,332,316 and 12,404,502 shares issued and outstanding 16,332 12,404 Additional Paid in Capital 6,815,604 6,466,220 Accumulated deficit (7,111,299) (6,685,376) Total shareholders' deficit ( 278,263) ( 205,652) Total liabilities & shareholders' deficit $ 342,617 $ 304,185 E-COMMERCE WEST CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS 3 Months Ended 9 Mo. Ended Apr. 30/00 Apr. 30/99 Apr. 30/00 Apr. 30/99 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 3,859 $ 0 $ 24,999 $ 5,334 Cost of goods sold ( 1,587) ( 0) ( 11,006) ( 1,899) Gross Profit 2,272 0 13,993 3,435 Selling, general & administrative expenses 151,082 97,344 407,955 360,584 Depreciation/amortization 6,161 2,071 20,002 6,169 Loss from continuing operations ( 154,971) ( 99,415) ( 413,964) ( 363,318) OTHER INCOME (EXPENSE) Interest income 733 1,089 2,630 2,704 Interest expense ( 2,010) ( 415) ( 4,655) ( 2,452) Marketable securities realized loss ( 3,078) - ( 3,078) - Marketable securities unrealized loss ( 14,185) - ( 14,185) - Gain on sale of assets 30 - 3,691 3,000 Forgiveness of interest receivable ( 2,480) - ( 2,480) - Other Income - - 5,118 - Total other income (expense)( 20,990) 674 ( 12,959) 3,252 Loss from continuing operations before income taxes ( 175,961) ( 98,741) ( 426,923) ( 360,066) Income tax provision 0 0 0 0 Net loss from continuing operations ( 175,961) ( 98,741) ( 426,923) ( 360,066) Discontinued Operations: Gain (loss) from operations 1,000 ( 535) 1,000 ( 8,682) Gain (loss) from disposition of operations 0 0 0 5,535 Net income (loss) ($ 174,921) ($ 99,276) ($ 425,923) ($ 363,213) Basic (loss) Per Share From continuing operations ($0.01) ($0.01) ($0.03) ($0.03) From discontinued operations 0.00 0.00 0.00 0.00 Total basic loss per share ($0.01) ($0.01) ($0.03) ($0.03) Weighted-average common shares outstanding 16,104,503 10,058,592 13,684,100 9,783,396 E-COMMERCE WEST CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS 3 Months Ended 9 Months ended Apr. 30/00 Apr. 30/99 Apr. 30/00 Apr. 30/99 (unaudited) (unaudited) (unaudited) (unaudited) Cash flows from operating activities: Net loss from continuing operations ($ 174,961) ($ 98,741) ($ 425,923) ($ 360,066) Adjustments to reconcile net loss to net cash used in operating activities Depreciation & amortization 6,160 2,071 15,674 5,408 Issuance of stock for services rendered 52,420 27,550 77,107 59,360 Gain on sale of assets - - - ( 3,000) Unrealized loss on securities 14,185 - 14,185 - Realized loss on sale of Securities 3,078 - 3,078 - (Increase) decrease in: Prepaid expenses & other current assets 14,491 ( 9,281) 34,360 12,512 Accounts receivable - ( 1,867) 2,072 761 Inventories 235 4,661 1,182 ( 13,537) Increase (decrease) in: Accounts payable ( 7,320) 67,108 51,228 13,842 Accrued payroll and Payroll tax 63,546 ( 17,473) 157,412 129,643 Net cash provided by (used in) continuing operations ( 28,166) ( 25,972) ( 69,625) ( 155,077) Net cash provided by (used in) discontinued operations ( 1,000) ( 1,625) 101 ( 3,399) Net cash provided by (used in) Operating activities ( 29,166) ( 27,597) ( 69,524) ( 158,476) Cash flows from investing activities: Sale of marketable securities 46,062 - 46,062 - Notes receivable - - - 42,000 Sale of property and equipment - - 6,000 - Acquisitions of property & equipment - ( 7,565) - ( 10,185) Loans to officers - ( 8,000) - ( 24,000) Net cash provided by (used in) investing activities 46,062 ( 15,565) 52,062 7,815 Cash flows from financing activities: Loans from officers 16,039 2,021 41,791 5,676 Issuance of common stock 50,000 - 50,000 75,000 Net cash provided by (used in) financing activities 66,039 2,021 91,791 80,676 Net increase (decrease) in cash and cash equivalents 82,935 ( 41,141) 74,329 ( 69,985) Cash and cash equivalents beginning of period 887 42,771 9,493 71,615 Cash and cash equivalents end of period $ 83,822 $ 1,630 $ 83,822 $ 1,630 Supplemental schedule of non-cash investing and financing activities: 1)During the quarter ended April 30, 2000, 64,100 shares of common stock of Corporate Vision, Inc with a market value of $100,000 were exchanged for 30,000 unrestricted common shares and 70,000 restricted common shares of E-Commerce West Corp. 2)A former corporate officer agreed to accept 97,333 restricted common shares of E-Commerce West Corp in satisfaction of accrued payroll of $33,970 minus a note receivable of $9,000. The company agreed to forgive interest of $2,480 owed to the corporation by the same former officer E-COMMERCE WEST CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED April 30, 2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and/Regulation S-b. Accordingly, 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, all normal, recurring adjustments considered necessary for a fair presentation have been included. The financial statements should be read in conjunction with the audited financial statements included in the Company's annual report on Form 10-KSB for the fiscal year ended July 31, 1999. The results of operations for the three months and nine months ended April 30, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2000. NOTE 2 - MARKETABLE SECURITIES During the three months ended April 30, 2000, the Company entered into a strategic relationship with a third party whereby it exchanged 30,000 unrestricted shares of common stock and 70,000 shares of restricted common stock for 64,100 unrestricted shares of the third party's common stock valued at $100,000. The Company has classified these equity securities as trading. In accordance with Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities," these equity securities are stated at market value. Realized and unrealized gains and losses on short-term investments are included in earnings and are derived using the specific identification method for determining the cost of securities. NOTE 3 - INVENTORY As of April 30, 2000 and July 31, 1999, inventory consisted of the following: April 30, July 31, 2000 1999__ (unaudited) Raw materials 8,755 8,755 Finished goods 6,415 7,597 Total $15,170 $16,352 NOTE 4 - PROPERTY AND EQUIPMENT As of April 30, 2000 and July 31, 1999, property and equipment consisted of the following: April 30, July 31, 2000 1999__ (unaudited) Purchased software 71,963 71,962 Furniture and equipment 32,501 39,960 104,464 111,922 Less accumulated depreciation 40,434 26,218 Total $ 64,030 $ 85,704 NOTE 5 - SUBSEQUENT EVENTS Sale of Asset Effective May 19, 2000, the Company transferred certain assets of its wholly-owned subsidiary, Westerngold.com Corp., to a newly formed South Dakota limited partnership, including right and title to the domain name, logo and web site, in exchange for $20,000 and recognized a loss of $26,774 on the transaction. Acquisition On May 31, 2000 the Company entered into a definitive agreement to acquire all of the issued and outstanding common stock of N2 Networking ("n2.net) for 500,000 restricted common shares plus a six-month $100,000 note secured by the stock of N2 Networking. N2 Networking operates n2.net, a full-service San Diego, California based Internet Service Provider founded in 1995. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Financial Condition Results of Operations: E-Commerce West The Company devoted much of it's energies and resources this quarter to the continuing research and development of its new business- to-business ("B2B") Internet application which it anticipates bringing to market this calendar year, and to the ongoing activities of westerngold.com, the Company's first year round retail website. In addition this quarter the Company repaid a significant amount of its payables. westerngold.com www.westerngold.com , marketing quality western products, serves a retail market segment currently generating in excess of $2.75 billion in annual, domestic sales. As the Company announced its intention to concentrate its efforts on bringing its B2B Internet application to market and to exiting the business-to-consumer ("B2C") Internet marketplace, the Company is in discussions to sell Westerngold.com [See: Subsequent Events] eChristmastrees.com www.echristmastrees.com , the Company's first retail e-commerce website, operated during the 1998 and 1999 holiday seasons and as previously reported was profitable for the 1999 Christmas season. As also previously announced, with the Company exiting the B2C marketplace to devote its resources to its B2B application, the Company plans to sell eChristmastrees.com. Business-to-Business Internet Application The Company has been in development on a B2B Internet application since August, 1999 which it anticipates bringing to market later this calendar year. The Company will deliver the application through the utilization of a previously dormant wholly-owned subsidiary. For competitive reasons, the Company has not divulged the nature of this application nor does it intend to do so until the Company is comfortable in introducing the application to the marketplace. To fully complete its business plan the Company will seek additional financing. Although the Company is confident that financing in the amounts and under the terms and conditions acceptable to the Company will be available, many conditions outside the control of the Company could prevent or restrict sufficient financing from being available under terms acceptable to the Company. N2 Networking In March, 2000 the Company entered into an Agreement in Principle with N2 Networking ("n2.net"), a full-service San Diego, California based Internet Service Provider, to acquire all the assets and liabilities of N2 Networking ("n2.net") for a combination of cash and stock subject to certain conditions precedent, customary with a transaction of this nature. [See: Subsequent Events] Strategic Relationship In March the Company formed a strategic alliance with Corporate Vision, Inc. a publicly traded holding and venture capital company with diversified interests in real estate, natural resources and the Internet. Corporate Vision holds an equity position in a new B2B Internet browser, has acquired an Internet search engine and has a pending purchase of a free e-mail web site. The association included a dual cross-ownership equity program whereby the Company issued 100,000 common shares to Corporate Vision, comprised of 70,000 restricted shares pursuant to Rule 144 of the Securities & Exchange Commission and 30,000 shares from the Company's S-8 Registration, while Corporate Vision issued 64,100 tradable common shares from its evergreen registration statement to the Company. The Company is free to sell these shares on the open market to fund its ongoing activities. Both the Company and Corporate Vision continue an ongoing dialog to identify potential Internet-related opportunities. Consolidated Corporate Information Selling, general and administrative expenses for the three months ended April 30, 2000 were $151,082 and consisted primarily of salaries, which were deferred, professional fees and travel. This is approximately 13% more than the selling, general and administrative expenses of $131,118 for the prior three months ended January 31, 2000. Funds were expensed and are expected to continue to be expensed in the ongoing research, development and introduction to market of the Company's planned new B2B Internet application. Liquidity and Capital Resources As of April 30, 2000, the Company had $118,357 in cash and cash equivalents, an increase of $117,470 over the quarter ended January 31, 2000 and a working deficit of $342,293. Since inception, the Company has financed its operations primarily through private offerings of equity securities and loans from officers. Net cash used in continuing operating activities was $28,166 for the quarter ended April 30, 2000. Net cash provided by financing activities was $66,039 for the quarter ended April 30, 2000. Net cash provided by financing activities consisted of loans from officers and a private equity offering. The Company expects cash flows from operating activities to continue to be negative over the next year. Depending on the success of the Company's efforts to develop, implement, market and manage its B2B Internet applications, management believes that the Company's present working capital will need to be supplemented to support the Company's operations over the next 12 months. Current cash on hand is sufficient to meet short term ongoing operating expenses. The Company is optimistic that additional financing will be available, although no assurances can be given that any financing can be obtained on terms favorable to the Company, or at all. Additional working capital may be sought through equity private placements and/or additional notes payable to related parties (officers, directors or shareholders). The ability to raise financing will depend upon many factors, including the Company's then current common stock price, the nature and prospects of the Company's new Internet application, any business to be acquired and the economic and market conditions prevailing at the time financing is sought. Debt Reduction During the quarter the Company eliminated the following obligations: Former Officer & Director On March 14, 2000 the Company issued 97,333 common shares to a former officer & director in lieu of back salary. The shares were issued pursuant to Rule 144 of the Securities & Exchange Commission and are restricted for one year from date of issue. Due to the one year restriction and pursuant to approval of the Board of Directors, the shares were issued at a 50% discount to the closing bid price of $0.50 and represent $33,333.36 in back salary less $9,000 owed by the former officer & director in the form of a demand note to the Company. In consideration of accepting restricted stock, the Board waived interest due on the note. A further $636.99 owed to the former officer & director was exchanged for title to computer equipment currently in the possession of the former officer & director. Other Obligations During the quarter the Company eliminated obligations totaling $17,000 to its transfer agent, attorneys, accountants, printer and former advertising agency through a combination of cash and the issuance of common stock. Stock Issuances In this quarter the Company issued the following shares of unrestricted common stock: 12,311 common shares for legal and accounting services valued at $9,427.50; 1,100 common shares for Internet related services valued at $1,169.60; 10,000 common shares for new business development consulting valued at $3,900; 4,945 common shares for stock services valued at $2,472.25; 30,000 common shares for business, merger and acquisition consulting valued at $30,000; 4,800 common shares valued at $2,400 for regulatory filling services and 3,730 common shares for marketing services valued at $3,050. Further, the Company issued 100,000 common shares, which are restricted pursuant to Rule 144 of the Securities & Exchange Commission, to a third party pursuant to a private placement at $0.50 per share. Equipment Rental, Overhead Reimbursement, Rent, Support Services The Company leases approximately 3,600 square feet for its corporate headquarters in Deadwood, South Dakota for $1,250 per month on a lease through May, 2000. As the company intends to relocate its corporate headquarters to San Diego, California later this calendar year, the Company elected not to exercise its option to renew its lease, preferring to continue on a month-to-month basis until the move becomes effective. Other Matters During the quarter, Jon Elliott, the Company's President/CEO, sold 135,500 common shares at an average price of $0.58 on the open market with a portion of the proceeds used to support the Company's operating overhead. All appropriate forms concerning the aforementioned transactions were filed in a timely fashion with the Securities & Exchange Commission. As of April 30, 2000 Mr. Elliott has advanced $69,352 to the Company. [See: Subsequent Events] Subsequent Events N2 Networking Acquisition On May 31, 2000 the Company entered into a definitive agreement to acquire all of the issued and outstanding common stock of N2 Networking ("n2.net) for 500,000 restricted common shares plus a six-month $100,000 note payable secured by the stock of N2 Networking. N2 Networking operates n2.net, a full-service San Diego, California based Internet Service Provider founded in 1995. N2.net has both residential and commercial accounts with this acquisition being consistent with the Company's previously announced strategy. [See: Chief Technology Officer] Chief Technology Officer Simultaneously with its acquisition of N2 Networking, the Company retained David W. Smith, President of N2 Networking, as Chief Technology Officer for E-Commerce West and its subsidiaries. Mr. Smith has a bachelor of science in Applied Mathematics (Engineering) and an advanced degree in Computer Science, both from the University of Colorado. He founded N2 Networking in 1995 and has operated n2.net until its acquisition by the Company. Prior to 1995, he amassed over 20 years experience first as a computer programmer and later as a project leader for companies including Boeing Aerospace and General Dynamics. Mr. Smith has significant experience in Real-Time and Operating Systems design and implementation and first began working on the Internet in 1981 when it was known as the ARPAnet. In addition to working on communications protocols used to connect minicomputers to the Internet, he wrote software permitting microcomputers to communicate with other computers using modems. Further, he has written communications software and protocols in use by the U.S. State Department and the U.S. Air Force. Other Matters From the end of the quarter and prior to this filing Jon Elliott, the Company's President/CEO, sold 80,000 shares at an average price of $0.92 on the open market. All appropriate forms concerning the aforementioned transactions were filed in a timely fashion with the Securities & Exchange Commission. As of the date of this filing Mr. Elliott has advanced $94,560 to the Company. Stock Issuances After the end of this quarter but prior to this filing, the Company issued 3,950 common shares for design services valued at $3,705; 5,556 common shares for merger and acquisition consulting valued at $5,000; and 2,500 common shares for eChristmastree.com services valued at $2,250 from its active S-8 Registration #333-59975. In addition, the Company issued 10,118 common shares for new business development consulting valued at $9,106 and 10,000 common shares each to three parties for Internet security, technology and marketing services valued at $9,000 each from its active S-8 Registration #333- 37710. Internal Revenue Service The Company paid $72,845.15 in total satisfaction of an Offer in Compromise pertaining to taxes owed by a previously operational subsidiary company. The Company, together with all its subsidiary companies, does not have any further tax obligation. Westerngold.com Consistent with its previously announced strategy to exit the B2C Internet marketplace, the Company sold certain assets of its wholly-owned subsidiary, Westerngold.com Corp. to a newly formed South Dakota limited partnership. The assets included right and title to the Westerngold.com domain name, logo and Web site. The Company had stated in its previously filed Form 10-Q for the quarter ended January 31, 2000 that current revenues being generated on the Westerngold.com Web site were not sufficient to continue to support the Web site's ongoing expenses and as such, Westerngold.com will either be sold or shut down. As with the vast majority of B2C Web sites, Westerngold.com has operated at a loss since inception. The Company chose an offer of $20,000 as a preferred alternative to closing the site. Westerngold.com Corp. has remaining obligations of $62,501 consisting primarily of media advertising, Web site and Internet related expenses. S-8 Registration The Company filed an S-8 registration statement with the Securities & Exchange Commission enabling the Company to issue 750,000 common shares to employees and corporate consultants in lieu of cash. This registration allows the company to conserve its cash resources while still being able to attract the talent whose skills are necessary to continue to grow the Company. The registration was effective May 24, 2000. To date, as mentioned elsewhere in this document, 40,118 shares have been issued from this registration. PART II OTHER INFORMATION Item 2. Changes in Securities None. Item 6. Exhibits and Reports on Form 8-K a) Exhibits None Exhibits other than those listed have been omitted because they are nonexistent, inapplicable or because the information is given in the financial statements of the Company. b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. E-COMMERCE WEST CORP. (Registrant) By: ___/s/ Jon F. Elliott___________ Jon F. Elliott, President and Chief Executive Officer Date: June 15, 2000 4 1 EX-27 2 0002.txt
5 This schedule contains interim summary financial information extracted from the Consolidated Balance Sheets and Statement of Operations of E-Commerce West Corp. for the quarter ended April 2000, which statements have been compiled by management. 3-MOS JUL-31-2000 APR-30-2000 83,822 36,675 0 0 15,170 278,587 104,464 40,434 342,617 620,880 0 0 1,100 16,332 (295,695) (278,263) 3,859 3,859 1,587 1,587 151,082 0 2,010 (175,961) 0 (175,961) 1,000 0 0 (174,961) (0.01) (0.01)
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