-----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, B6FZgceE2kvoUZw6TVAbifm0cKD1y1vSDNN1Bpypqwb4x+KLNpp4ZyhuSbNzJfPF LgNbdoTCr9lHBXFL3KZOPA== 0000950147-00-000184.txt : 20000214 0000950147-00-000184.hdr.sgml : 20000214 ACCESSION NUMBER: 0000950147-00-000184 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FBR CAPITAL CORP /NV/ CENTRAL INDEX KEY: 0000836937 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 133465289 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 033-58694 FILM NUMBER: 532645 BUSINESS ADDRESS: STREET 1: 20 EAST UNIVERSITY STREET 2: SUITE 304 CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: 6029675800 MAIL ADDRESS: STREET 1: 20 EAST UNIVERSITY STREET 2: SUITE 304 CITY: TEMPE STATE: AZ ZIP: 85281 FORMER COMPANY: FORMER CONFORMED NAME: BARRIE RICHARD FRAGRANCES INC DATE OF NAME CHANGE: 19920703 10QSB 1 QTRLY REPORT FOR THE PERIOD ENDED 12/31/1999 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB [X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 1999 [ ] Transition report under Section 13 or 15(d) of the Exchange Act For the transition period from _______________ to _______________ Commission File number 33-58694 VITRIX, INC. ----------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Nevada 13-3465289 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) 51 West Third Street, Suite 310, Tempe, Arizona 85281 ----------------------------------------------------- (Address of principal executive offices) (480) 967-5800 --------------------------- (Issuer's telephone number) 20 East University, Suite 304, Tempe, Arizona 85281 --------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: At February 11, 2000, the issuer had outstanding 25,441,031 shares of Common Stock, par value $.005 per share. Transitional Small Business Disclosure Format: Yes [ ] No [X] PART I - FINANCIAL INFORMATION ITEM 1. - FINANCIAL STATEMENTS. VITRIX, INC. BALANCE SHEETS 1999 1999 ----------- ----------- (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 352,019 $ 376,365 Accounts receivable - trade, net 89,930 42,596 Inventory 104,508 28,397 Prepaid expenses and other current assets 78,829 10,591 ----------- ----------- TOTAL CURRENT ASSETS 625,286 457,949 PROPERTY AND EQUIPMENT, NET 107,050 60,865 ----------- ----------- TOTAL ASSETS $ 732,336 $ 518,814 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 36,985 $ 28,848 Accounts payable 140,486 146,084 Accrued liabilities 93,645 64,125 Deferred revenue 40,837 13,235 ----------- ----------- TOTAL CURRENT LIABILITIES 311,953 252,292 LONG-TERM DEBT, LESS CURRENT PORTION 34,302 14,466 ----------- ----------- TOTAL LIABILITIES 346,255 266,758 ----------- ----------- COMMITMENTS: -- -- STOCKHOLDERS' EQUITY: Preferred Stock, $.01 par value, 10,000,000 shares authorized, 0 and 10,000,000 shares issued and outstanding -- 100,000 Common stock, $.005 par value, 50,000,000 shares authorized, 25,441,031 and 13,241,031 shares issued and outstanding 127,205 66,205 Contributed capital 1,544,293 956,468 Accumulated deficit (1,285,417) (870,617) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 386,081 252,056 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 732,336 $ 518,814 =========== =========== The Accompanying Notes are an Integral Part of the Financial Statements 2 VITRIX, INC. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended December 31, December 31, ---------------------------- ---------------------------- 1999 1998 1999 1998 ------------ ------------ ------------ ------------ Revenues: Product sales $ 332,094 $ 217,898 $ 531,385 $ 338,261 Services revenue 29,112 28,811 32,490 33,311 ------------ ------------ ------------ ------------ TOTAL REVENUES 361,206 246,709 563,875 371,572 COST OF REVENUES 142,122 79,282 207,684 116,612 ------------ ------------ ------------ ------------ GROSS PROFIT 219,084 167,427 356,191 254,960 ------------ ------------ ------------ ------------ COSTS AND EXPENSES: Sales and marketing 188,480 78,224 285,522 122,453 Research and development 105,621 52,507 207,505 87,496 General and administrative 156,331 29,765 282,803 66,081 ------------ ------------ ------------ ------------ TOTAL COSTS AND EXPENSES 450,432 160,496 775,830 276,030 ------------ ------------ ------------ ------------ NET LOSS FROM OPERATIONS (231,348) 6,931 (419,639) (21,070) ------------ ------------ ------------ ------------ OTHER INCOME (EXPENSE): Interest expense (2,018) (8,250) (4,126) (15,833) Interest income 5,745 871 8,965 1,904 ------------ ------------ ------------ ------------ 3,727 (7,379) 4,839 (13,929) ------------ ------------ ------------ ------------ NET LOSS $ (227,621) $ (448) $ (414,800) $ (34,999) ============ ============ ============ ============ BASIC LOSS PER SHARE $ (0.01) $ (0.00) $ (0.02) $ (0.00) ============ ============ ============ ============ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 25,312,770 14,012,820 24,329,074 14,012,820 ============ ============ ============ ============
The Accompanying Notes are an Integral Part of the Financial Statements 3 VITRIX, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEAR ENDED JUNE 30, 1999 AND THE SIX MONTH PERIOD ENDED DECEMBER 31,1999 (Unaudited)
Preferred Stock Common Stock ------------------------- ------------------------ Contributed Accumulated Shares Amount Shares Amount Capital Deficit Total ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balance at June 30, 1998 7,536,681 75,367 6,476,139 32,381 387,873 (601,315) (105,694) Conversion of related party debt and interest 1,463,319 14,633 1,257,404 6,287 243,650 -- 264,570 Sale of stock, net of costs of $9,063 1,000,000 10,000 859,283 4,296 176,622 -- 190,918 Merger with Vitrix Incorporated 4,648,205 23,241 148,323 171,564 Net loss -- -- -- (269,302) (269,302) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balance at June 30, 1999 10,000,000 $ 100,000 13,241,031 $ 66,205 $ 956,468 $ (870,617) $ 252,056 Issuance of stock options -- -- -- -- 12,000 -- 12,000 Sale of common stock, Net of costs -- -- 2,000,000 10,000 486,825 -- 496,825 Issuance of common stock for services -- -- 200,000 1,000 39,000 -- 40,000 Preferred stock conversion (10,000,000) (100,000) 10,000,000 50,000 50,000 -- Net loss -- -- -- -- -- (414,800) (414,800) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balance at December 31, 1999 -- $ -- 25,441,031 $ 127,205 $ 1,544,293 $(1,285,417) $ 386,081 =========== =========== =========== =========== =========== =========== ===========
The Accompanying Notes are an Integral Part of the Financial Statements 4 VITRIX, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended December 31, --------------------- 1999 1998 --------- --------- Increase (Decrease) in Cash and Cash Equivalents: Cash flows from operating activities: Net Loss $(414,800) $ (34,999) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation 17,321 12,715 Common stock and stocks options issued for services 52,000 -- Changes in Assets and Liabilities: Accounts receivable-trade (47,334) 703 Inventory (76,111) (2,471) Prepaid expenses and other current assets (68,238) -- Accounts payable (5,598) 5,385 Accrued liabilities 29,520 37,219 Deferred revenue 27,602 -- --------- --------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (485,638) 18,552 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (30,737) (2,060) --------- --------- NET CASH USED BY INVESTING ACTIVITIES (30,737) (2,060) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of capital leases (4,796) (1,294) Proceeds from issuance of stock 496,825 -- --------- --------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 492,029 (1,294) --------- --------- Net change in cash and cash equivalents (24,346) 15,198 Cash and cash equivalents at beginning of period 376,365 96,775 --------- --------- Cash and cash equivalents at end of period $ 352,019 $ 111,973 ========= ========= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 2,663 $ 833 ========= ========= Income taxes paid $ -- $ -- ========= ========= NONCASH INVESTING AND FINANCING ACTIVITIES: Issuance of common stock and stock options for services $ 52,000 $ -- ========= ========= Assets acquired by entering into capital leases $ 32,769 $ 24,049 ========= ========= The Accompanying Notes are an Integral Part of the Financial Statements 5 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND INTERIM FINANCIAL STATEMENTS The accompanying financial statements of Vitrix, Inc. ("Vitrix" or the "Company") have been prepared in accordance with generally accepted accounting principles ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission, and are unaudited. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the six month period ended December 31, 1999, may not be indicative of the results for the entire year. These financial statements should be read in conjunction with the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 1999. NAME CHANGE: The Company changed its name from FBR Capital Corporation to Vitrix, Inc. pursuant to approval by a vote of the Company's shareholders at its annual meeting held on October 7, 1999. COMMITMENTS: During the quarter ended December 31, 1999, the Company entered into a lease for office space in Tempe, Arizona under a non-cancelable operating lease agreement which expires December 31, 2004. The Company also leases office space in Tempe, Arizona under a non-cancelable operating lease agreement which expires in May 2001. Future minimum lease payments due under the operating lease agreements are as follows: Year Ending Year December 31, ---- --------- 2000 $ 162,700 2001 147,000 2002 135,600 2003 141,300 2004 145,500 --------- $ 732,100 ========= LOSS PER SHARE: Basic loss per share of common stock was computed by dividing the net loss by the weighted average number of shares outstanding of common and preferred stock. The common and preferred stock amounts in the accompanying financial statements have been restated to give effect to the exchange ratio established in the Exchange Agreement, dated April 15, 1999, between FBR Capital Corporation and Vitrix Incorporated. The preferred stock has been included in the calculation for all periods presented due to its automatic conversion into common stock at such time as the Company had sufficient authorized common stock to issue the common shares. In October 1999, the Company amended its Articles of Incorporation to increase the number of authorized common stock to 50,000,000, resulting in the automatic conversion of the preferred stock to shares of common stock. 6 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) LOSS PER SHARE (CONTINUED): Diluted earnings per share are computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive securities are options and warrants that are freely exercisable into common stock at less than the prevailing market price. Dilutive securities are not included in the weighted average number of shares when inclusion would increase the earnings per share or decrease the loss per share. STOCKHOLDERS' EQUITY: During the quarter ended December 31, 1999, the Company completed a private placement of $200,000 of common stock and common stock warrants. The securities were issued under an Agreement with one institutional investor and certain members of the Company's Board of Directors and officers. The offering consisted of 800,000 shares of common stock and warrants to purchase an aggregate of 400,000 shares of common stock. The warrants are exercisable at $.35 per share for a period of three years. SUBSEQUENT EVENTS: On February 8, 2000, the Company completed a private placement of $946,500 of common stock and common stock warrants. The offering consisted of 4,732,500 shares of common stock and warrants to purchase an aggregate of 2,366,250 shares of common stock. The warrants are exercisable at $.28 per share for a period of three years. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. COMPARISON OF THE SIX MONTHS ENDED DECEMBER 31, 1999 AND DECEMBER 31, 1998 REVENUES. Revenue for six month period ended December 31, 1999 (the "reporting period"), rose 52% to $563,875, compared to revenue of $371,572 for the six month period ended December 31, 1998 (the "comparable period"). This growth was principally the result of an increased customer demand for the Company's software and hardware solutions, which resulted in an increase in sales volume. GROSS PROFIT. Gross profit as a percentage of revenue was 63% in the reporting period, compared to 69% in the comparable period. The decrease in gross profit as a percentage of revenue was primarily attributable to an increase in the proportion of bundled software and hardware solutions sales to software-only solutions sales. The average gross profit per unit sold on software and hardware units is lower than the average gross profit margin on software-only solutions. EXPENSES. Sales and marketing expenses were $285,522, or 51% of revenues, in the reporting period, compared to $122,453, or 33% of revenues, in the comparable period. The increase in sales and marketing expense is attributable to increased labor costs resulting from the hiring of additional sales and marketing personnel and increased advertising and promotional expense. Research and development expenses were $207,505, or 37% of revenues, in the reporting period, compared to $87,496, or 24% of revenues, in the comparable period. The increase in research and development expense is attributable to increased labor costs as a result of the Company's commitment to develop new products and enhance existing products. General and administrative expenses were $282,803, or 50% of revenues, in the reporting period, compared to $66,081, or 18% of revenues, in the comparable period. The increase in general and administrative expenses is primarily attributable to the hiring of additional management personnel and additional expenses incurred as a result of the Company being a public reporting company. COMPARISON OF THE THREE MONTHS ENDED DECEMBER 31, 1999 AND DECEMBER 31, 1998 REVENUES. Revenue for the three month period ended December 31, 1999 (the "reporting quarter"), rose 46% to $361,206, compared to revenue of $246,709 for the three month period ended December 31, 1998 (the "comparable quarter"). This growth was principally the result of an increased customer demand for the Company's software and hardware solutions, which resulted in an increase in sales volume. GROSS PROFIT. Gross profit as a percentage of revenue was 61% in the reporting quarter, compared to 68% in the comparable quarter. The decrease in gross profit as a percentage of revenues was primarily attributable to an increase in the proportion of bundled software and hardware solutions sales to software-only solutions sales. The average gross profit per unit sold on software and hardware units is lower than the average gross profit margin on software-only solutions. 8 EXPENSES. Sales and marketing expenses were $188,480, or 52% of revenues, in the reporting quarter, compared to $78,224, or 32% of revenues, in the comparable quarter. The increase in sales and marketing expense is attributable to increased labor costs resulting from the hiring of additional sales and marketing personnel and increased advertising and promotional expense. Research and development expenses were $105,621, or 29% of revenues, in the reporting quarter, compared to $52,507, or 21% of revenues, in the comparable quarter. The increase in research and development expense is attributable to increased labor costs as a result of the Company's commitment to develop new products and enhance existing products. General and administrative expenses were $156,331, or 43% of revenues, in the reporting quarter, compared to $29,765, or 12% of revenues, in the comparable quarter. The increase in general and administrative expenses is primarily attributable to the hiring of additional management personnel and additional expenses incurred as a result of the Company being a public reporting company. LIQUIDITY AND CAPITAL RESOURCES Working capital as of December 31, 1999 was $313,333, compared to $24,839 at December 31, 1998. Cash and cash equivalents at those dates amounted to $352,019 and $111,973, respectively. OPERATIONS. Net cash used by operations increased to $485,638 in the reporting period, compared to net cash provided by operations of $18,552 in the comparable period. The decrease was primarily attributable to an increase in the net loss, accounts receivable, inventory and prepaid expenses. INVESTMENT ACTIVITIES. For the reporting period, the Company used $30,737 to purchase property and equipment, compared to $2,060 of property and equipment purchases in the comparable period. FINANCING ACTIVITIES. Net cash provided by financing activities increased to $492,029 in the reporting period, compared to net cash used by financing activities of $1,294 in the comparable period. The increase was primarily due to the Company raising $496,825 through a private placement of common stock and common stock warrants in the reporting period. The Company believes that, with its current working capital and funds generated through its recently completed private placements, along with the cash flow from operations, it will have sufficient working capital to address the anticipated growth of demand and market for its products for the next 12 months. The Company may, however, seek to obtain additional capital through a line of credit at a financial institution or through additional debt or equity offerings during this time period. The raising of additional capital in public markets will primarily be dependent upon prevailing market conditions and the demand for the Company's products and services. No assurance can be given that the Company will be able to raise additional capital, or that such capital, if available, will be on acceptable terms. 9 YEAR 2000 COMPLIANCE The Company has reviewed its computer systems to identify those areas that could be adversely affected by the Year 2000 ("Y2K") issue. The Y2K issue is the result of computer programs being written using two digits rather than four to define the applicable year. The Company has determined that all of its information systems are Y2K compliant. The compliance effort to date has resulted in immaterial cost to the Company. Although the Company expects that any future expenditures made in connection with Y2K conversions will not be material, the Company may experience material unanticipated problems and costs caused by undetected errors or defects in its systems. The Company believes that some of its customers may be impacted by the Y2K problem, which could in turn negatively impact the Company's sales efforts with respect to such customers and the Company's results of operations. The Company has completed an inquiry of key vendors to assess their Y2K readiness. Based on this inquiry, the Company is not aware of any problems that would materially affect its business, results of operations or financial condition. However, the inability of such vendors to meet Y2K requirements could materially impact the Company's ability to procure materials from these vendors and to meet its obligations to supply products to its customers. The Company has formulated a contingency plan to address the possible effects of problems encountered as a result of Y2K issues. The Company expects the costs of this plan to be immaterial. As of the date of this filing, the Company is not aware of any material Y2K related issues. FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-QSB contains certain forward-looking statements and information which the Company believes are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward - looking statements contained herein can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The Company wishes to caution the reader that these forward-looking statements that are not historical facts are only predictions. No assurances can be given that the future results indicated, whether expressed or implied, will be achieved. While sometimes presented with numerical specificity, these projections and other forward-looking statements are based upon a variety of assumptions relating to the business of the Company, which, although considered reasonable by the Company, may not be realized. Because of the number and range of assumptions underlying the Company's projections and forward-looking statements, many of which are subject to significant uncertainties and contingencies that are beyond the reasonable control of the Company, some of the assumptions inevitably will not materialize, and unanticipated events and circumstances may occur subsequent to the date of this report. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information. Therefore, the actual experience of the Company and the results achieved during the period covered by any particular projections or forward-looking statements may differ substantially from those projected. Consequently, the inclusion of projections and other forward-looking statements should not be regarded as a representation by the Company or any other person that these estimates and projections will be realized, and actual results may vary materially. There can be no assurance that any of these expectations will be realized or that any of the forward-looking statements contained herein will prove to be accurate. 10 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. The Company is from time to time involved in legal proceedings arising from the normal course of business. As of the date of this report, the Company is not currently involved in any legal proceedings. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS. On October 8, 1999, the Company completed a private placement of $200,000 of common stock and common stock warrants. The securities were issued under an agreement with one institutional investor and certain Company Insiders. The offering consisted of 800,000 shares of common stock and warrants to purchase an aggregate of 400,000 shares of common stock. The warrants are exercisable at $.35 per share for a period of three years. On February 8, 2000, the Company completed a private placement of $946,500 of common stock and common stock warrants. The offering consisted of 4,732,500 shares of common stock and warrants to purchase an aggregate of 2,366,250 shares of common stock. The warrants are exercisable at $.28 per share for a period of three years. The common stock and warrants issued in the private offerings were issued in reliance on the exemption provided under Section 4(2) of the Securities Act of 1933, as amended, and Regulation D thereunder. The proceeds from the private offerings are being used for general working capital needs. 11 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. On October 7, 1999, the Company held its annual meeting of shareholders at which 13,921,677, or 60% of the 23,241,031 common and preferred shares outstanding were represented by proxy or in person. The following persons were elected to the board of directors with shares voted as follows: Election of Directors For Withheld - --------------------- --- -------- Michael A. Wolf 13,921,677 -- Todd P. Belfer 13,921,677 -- Lise Lambert 13,921,677 -- Philip R. Shumway 13,921,677 -- Hamid Shojaee 13,921,677 -- Bahan Sadegh 13,921,677 -- At that meeting, the shareholders also approved the proposed amendment to the Company's Articles of Incorporation to change the Company's name to "Vitrix, Inc." and to increase the number of authorized shares of common stock from 16,666,667 to 50,000,000 shares. The shareholders also approved the proposal to adopt the Company's 1999 Equity Compensation Plan. Shareholders voted 13,921,677 shares for approval of the above proposals with no shares withheld or abstained. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) The following exhibits are filed herewith pursuant to Regulation SB: No exhibits are filed with this report (b) Reports on Form 8-K No reports were filed on Form 8-K during the quarter ended December 31, 1999. 12 SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VITRIX, INC. Dated: February 11, 2000 By /s/ Craig J. Smith ------------------------------------- Craig J. Smith Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 U.S. DOLLARS 6-MOS JUN-30-2000 JUL-01-1999 DEC-31-1999 1 352,019 0 89,930 0 104,508 625,286 188,057 81,007 732,336 311,953 0 0 0 127,205 1,544,293 732,336 563,875 563,875 207,684 775,830 (4,839) 0 4,126 (414,800) 0 (414,800) 0 0 0 (414,800) (.02) 0
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