-----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, Dh0nMRR/gb3zXMhWR8JGiIihT2m2qTtF6F6uXymYt65z6O5VPDpgiJqS1RE4elDR UsQkmFNw70IULvtfkdo1OA== /in/edgar/work/20001103/0000839219-00-000028/0000839219-00-000028.txt : 20001106 0000839219-00-000028.hdr.sgml : 20001106 ACCESSION NUMBER: 0000839219-00-000028 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20001103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNSTYLE CORP CENTRAL INDEX KEY: 0000839219 STANDARD INDUSTRIAL CLASSIFICATION: [6552 ] IRS NUMBER: 592905386 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 000-17165 FILM NUMBER: 752921 BUSINESS ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 8135733800 MAIL ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 10-K 1 0001.txt 1 SECURITIES & EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES For the fiscal year ended December 31, 1999 Commission file number 0-17165 SUNSTYLE CORPORATION (Exact name of Registrant as specified in its charter) Florida 59-2905386 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 36460 US 19 N Palm Harbor, Florida 34684 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (727) 789-8899 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered None None Securities registered pursuant to Section 12(g) of the Act: Common Stock (par value $.10) 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 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 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-k or any amendment to this Form 10-K. [X] Aggregate market value of the voting stock held by non-affiliates of the registrant as of September 30, 1999: $10,960. Number of Common shares outstanding (September 30, 1999): 1,096,014 SUNSTYLE CORPORATION December 31, 1999 PART I Item 1. Business COMPANY Sunstyle Corporation is a Florida corporation whose only asset currently is its 100% ownership of Sunstyle Homes Corporation, which in turn has several consolidated subsidiaries including Sunstyle Homes Corporation of Citrus County and Briarwood Enterprises. The consolidated entity is hereafter collectively referred to as "Sunstyle" or the "Company". Sunstyle has been principally engaged in real estate acquisition and development and the construction of single family housing on the west coast of Florida. In May of 1991, the Company finished construction on its final house and ceased construction activities. During 1993 and 1992 the Company sold its remaining lots in Pinellas and Manatee counties to other developers and builders. During 1995, the company sold its office/storage building in Largo, Florida. The Company's President has continued to manage the affairs of the Company while pursuing other business interests. The Company continues to seek a possible merger with another company and continue operations as the general economy improves or the Board of Directors may decide to proceed with a liquidation and distribute the proceeds, if any, to its shareholders. Item 2. Properties The company does not own any property or land as of December 31, 1999. Item 3. Legal Proceedings None. Item 4. Submission of Matters to a Vote of Security Holders None. PART II Item 5. Market for the Registrant's Securities and Related Security Holder Matters The Company's stock is traded on the Over-The-Counter market. The following table sets forth for the periods indicated the high and low prices for the Company's common stock: 1999 1998 -------- -------- Quarter ended High Low High Low - ------------- ------ ------ ------ ------ All $ .01 $ .001 $ .25 $ .01 The Company does not intend to pay dividends on its common stock except in the possible case of a liquidating dividend. Should the Company merge with another company and retain its shares, its future dividend policy will be determined by its Board of Directors in light of the Company's earnings and financial position. Item 6. Selected Financial Data 1999 1998 1997 1996 1995 ----- ----- ----- ----- ----- (dollar figures in thousands, except per share information) Operating Results: Revenues (1) $ 9 $ 10 $ 10 $ 9 $ 61 Net Income (loss) $ (3) $ 14 $ 3 $ (1) $ 10 Net income (loss) per share $ (.003) $ (.01) $ .003 $(.001) $ .01 1999 1998 1997 1996 1995 ----- ----- ----- ----- ----- (dollar figures in thousands, except per share information) Financial Condition: Total assets $ 208 $ 208 $ 207 $ 205 $ 206 Notes payable: Former Parent $ 255 $ 255 $ 255 $ 255 $ 255 Banks 0 0 0 0 0 Total notes -------- -------- -------- -------- ------- payable $ 255 $ 255 $ 255 $ 255 $ 255 ======== ======== ======== ======== ======= Stockholders' equity (deficit) $ (147) $ (144) $ (158) $ (161) $ (160) Book value par share (2) $ (0.13) $ (0.13) $ (0.14) $ (0.15) $ (0.15) (1) Including revenues of unconsolidated partnerships, revenues were $9,000, $10,000, $10,000, $9,000, and $61,000 for the years ended December 31, 1999, 1998, 1997, 1996, and 1995, respectively. (2) The per share information is based upon 1,096,014 shares of Common Stock for the years ended December 31, 1999, 1998, 1997, 1996, and 1995. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation RESULTS OF OPERATIONS YEAR ENDED DECEMBER 31, 1999, COMPARED TO THE YEAR ENDED DECEMBER 31, 1998 The Company's revenues of $9,000 for 1999 consisted of $9,000 interest earned on savings accounts. The Company's only activity in the year ended December 31, 1999, was administrative. General and administrative expenses totaled $11,781 for the year ended December 31, 1999 resulting in net loss for the year of $2,781. The Company's revenues of $9,625 for 1998 consisted of $9,625 interest earned on savings accounts. The Company's only activity in the year ended December 31, 1998, was administrative. General and administrative expenses totaled $10,571 for the year ended December 31, 1998, combined with $14,500 of accounts payable which were written off against expenses, resulting in a net income for the year of $13,554. YEAR ENDED DECEMBER 31, 1998, COMPARED TO THE YEAR ENDED DECEMBER 31, 1997 The Company's revenues of $9,625 for 1998 consisted of $9,625 interest earned on savings accounts. The Company's only activity in the year ended December 31, 1998, was administrative. General and administrative expenses totaled $10,571 for the year ended December 31, 1998, combined with $14,500 of accounts payable which were written off against expenses, resulting in net income for the year of $13,554. The Company's revenues of $9,602 for 1997 consisted of $9,602 interest earned on savings accounts. The Company's only activity in the year ended December 31, 1997, was administrative. General and administrative expenses totaled $6,198 for the year ended December 31, 1997, resulting in a net income for the year of $3,404. LIQUIDITY AND CAPITAL RESOURCES Due to continuing losses in a depressed market, the Company ceased construction activities and terminated all employees during May of 1991. All remaining real estate assets have been sold. The Company's liabilities are primarily to its former Parent in the form of an unsecured note ($255,000), interest on the note and other payables. The Company is currently negotiating the settlement of its outstanding debt to its former Parent. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at December 31, 1999 of $146,756. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation and is currently exploring several possibilities, including selling a major interest in the Company. The consolidated financial statements do not include any adjustments that may result from any of the above events. INDEPENDENT AUDITOR'S REPORT To the Board of Directors and Stockholders of Sunstyle Corporation Largo, Florida We have audited the accompanying consolidated balance sheets of Sunstyle Corporation and Subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of operations, changes in stockholders' deficit and cash flows for each of the three years in the period ended December 31, 1999. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Sunstyle Corporation and Subsidiaries as of December 31, 1999 and 1998, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 1999, in conformity with generally accepted accounting principles. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described more fully in Note 5 to the consolidated financial statements, the Company's substantial net losses and deficit net worth of $146,756 raise considerable doubt as to the Company's ability to continue operations. The consolidated financial statements do not include any adjustments regarding this uncertainty. Spence, Marston, Bunch, Morris & Co. Certified Public Accountants Clearwater, Florida Date: July 13, 2000 SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 1999 1998 ----------- ----------- ASSETS Cash $ 207,696 $ 208,477 ------------ ------------ $ 207,696 $ 208,477 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT Note Payable to Former Parent $ 255,000 $ 255,000 Interest Payable to Former Parent 93,452 93,452 Accounts Payable and Accrued Expenses 6,000 4,000 ------------ ------------ 354,452 352,452 ------------ ------------ Stockholders' Deficit: Common Stock; $.10 Par Value; Authorized 10,000,000 Shares; Issued and Outstanding 1,096,014 Shares 109,601 109,601 Additional Paid-In Capital 1,341,221 1,341,221 Accumulated Deficit (1,597,578) (1,594,797) ------------ ------------ (146,756) (143,975) ------------ ------------ $ 207,696 $ 208,477 ============ ============ The accompanying notes are an integral part of these financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1999 1998 1997 ----------- ----------- ----------- Revenues: Interest Income $ 9,000 $ 9,625 $ 9,602 Other Income 0 12,500 0 ------------ ----------- ----------- Total Revenues 9,000 22,125 9,602 ------------ ----------- ----------- Cost and Expense: General and Administrative 11,781 8,571 6,198 ------------ ----------- ----------- Total Expenses 11,781 8,571 6,198 ------------ ----------- ----------- Net Income (Loss) $ (2,781) $ 13,554 $ 3,404 ============ =========== =========== Net Income (Loss) Per Share $ (.003) $ .01 $ .003 ============ =========== =========== Number of Common Shares Outstanding 1,096,014 1,096,014 1,096,014 ============ =========== =========== The accompanying notes are an integral part of these financial statements. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT FOR THE YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999 Common Stock Additional ----------------- Paid-In Accumulated Shares Amount Capital Deficit Total ------- ------- --------- ----------- ----- Balances at December 31, 1996 1,096,014 $109,601 $1,341,221 $(1,611,755) $(160,933) Net Income - 1997 0 0 0 3,404 3,404 --------- -------- --------- ---------- -------- Balances at December 31, 1997 1,096,014 109,601 1,341,221 (1,608,351) (157,529) Net Income - 1998 0 0 0 13,554 13,554 --------- -------- --------- ---------- -------- Balances at December 31, 1998 1,096,014 109,601 1,341,221 (1,594,797) (143,975) Net Loss - 1999 0 0 0 (2,781) (2,781) -------- -------- -------- --------- -------- Balances at December 31, 1999 1,096,014 $109,601 $1,341,221$(1,597,578) $(146,756) ========= ======== ========= ========== ======== The accompanying notes are an integral part of these financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 1998 1997 ------- ------- ------- Cash Flow from Operating Activities: Net Income (Loss) $ (2,781) $ 13,554 $ 3,404 Adjustments to Reconcile Net Income --------- --------- --------- (Loss) to Net Cash Provided by (Used In) Operating Activities: Increase (Decrease) in Operating Liabilities: Accounts Payable and Accrued Expenses 2,000 (12,500) (1,000) ---------- ---------- ---------- Total Adjustments 2,000 (12,500) (1,000) ---------- ---------- ---------- Net Cash Provided by (Used in) Operating Activities (781) 1,054 2,404 ---------- ---------- --------- Net Increase (Decrease) in Cash (781) 1,054 2,404 Cash at Beginning of Period 208,477 207,423 205,019 --------- ---------- -------- Cash at End of Period $ 207,696 $ 208,477 $ 207,423 ========== ========== ========= The accompanying notes are an integral part of these financial statements. SUNSTYLE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 1999 NOTE 1 - ORGANIZATION AND OPERATIONS: Sunstyle Homes Corporation ("Sunstyle") was incorporated in 1976 for the purpose of purchasing and subdividing tracts of land for the sale of developed lots and the construction of single and multi-family residential units on the west coast of Florida. On August 25, 1988 the former Parent incorporated a new wholly- owned subsidiary, Sunstyle Corporation. All 500 shares of Sunstyle Homes Corporation were exchanged for 1,096,024 shares of Sunstyle Corporation. On the same date, the Board of Directors of the former Parent declared a distribution of Sunstyle Corporation's stock to shareholders of the former Parent in the form of a tax-free spin-off. The effective date of the spin-off was September 30, 1988 and the distribution was made on October 6, 1988. Sunstyle Corporation became a separate, publicly traded entity and has discontinued substantially all relationships with the former Parent. Sunstyle Corporation, including its consolidated subsidiaries consisting of Sunstyle and Sunstyle - Citrus, are collectively referred to as the "Company". Due to continuing losses in a depressed market, the Company terminated all employees and ceased construction activities in May of 1991. The Company, including all of its consolidated subsidiaries, is inactive. The Board of Directors has not adopted a plan of liquidation and is considering several options, including selling a majority interest in the Company. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting The Company utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized as obligations are incurred. Cash and Cash Equivalents It is the Company's policy to include all money market funds with an original maturity of three months or less in Cash and Cash Equivalents. Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consists principally of cash investments in excess of federally insured limits. The Company places its cash invest- ments with high credit quality financial institutions and in a money market mutual fund that is managed by a wholly owned subsidiary of Raymond James Financial, Inc. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates. Income Taxes Effective January 1, 1993, the Company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (FAS 109). Under FAS 109, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. As of December 31, 1999, the Company had a net operating loss carryforward of approximately $2,887,561 for tax purposes which will expire beginning in 2003. NOTE 3 - NOTES PAYABLE Notes payable at December 31, 1999 and 1998 consisted of the following: 1999 1998 Note payable to former Parent, ----- ----- unsecured, principal payable on demand $ 255,000 $ 255,000 ========== ========== Sunstyle has an interest bearing demand note payable to Raymond James Financial, Inc., the Company's former parent. The note bears interest at prime plus one percent. Raymond James Financial, Inc. has an allowance for doubtful accounts for the total amount of the interest income receivable from Sunstyle because they do not consider payment of the interest probable. For the same reason, no interest is being accrued on Sunstyle's books for the note payable. There is an understanding between the parties that the note will be paid, as cash becomes available or upon the Company's sale. NOTE 4 - FEDERAL AND STATE INCOME TAXES: Substantial losses have been sustained by the Company which raise considerable doubt as to its ability to continue operations. As a result, it is unlikely that the Company will be able to benefit from the deferred tax asset which consists of tax loss carryforwards available as of December 31, 1999. Therefore, a valuation allowance has been established at the full amount of the deferred tax asset. 1999 ----- Deferred tax asset $ 1,164,544 Less: valuation allowance 1,164,544 ------------ $ 0 ============ The change in the valuation allowance during 1999 was as follows: Balance at beginning of year $ 1,163,446 Increase due to increase in deferred tax asset 1,098 ----------- Balance at end of year $ 1,164,544 =========== NOTE 5 - CONTINGENCIES AND OTHER EVENTS: The Company is currently negotiating the settlement of its outstanding debt to its former Parent. Although it is possible a settlement could result in the transfer of essentially all remaining assets to its former Parent, the effect of a final settlement cannot be determined at this time. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at December 31, 1999 of $146,756. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation and is currently exploring several possibilities including selling a majority interest in the Company. The consolidated financial statements do not include any adjustments that may result from any of the above events. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. PART III Item 10. Directors and Executive Officers of the Registrant DIRECTORS AND EXECUTIVE OFFICERS The following table sets forth information as to persons who serve as directors and Executive Officers of the Company. As provided in the By-laws of the Company the term of office of each Director is one year. Principal Occupation Director Name Age And Other Directorships Since Thomas A. James 58 Chairman of the Board and 1988 Chief Executive Officer of Raymond James Financial, Inc.; Chairman of the Board of Raymond James & Associates, Inc. Ralph W. Quartetti 64 President and Chief Executive 1988 Officer of Sunstyle Corporation. Unless otherwise indicated, the directors have held the same principal occupations for at least five years. Committees of the Board of Directors The Company has two standing committees of the Board. Set forth below is a description of the functions of those committees and the members of the Board who served on such committees. Audit Committee: The responsibilities of the audit committee include recommending to the Board the independent certified public accountants to conduct the annual audit of the books and accounts of the Company, reviewing the proposed scope of the audit and approving the audit fees to be paid. The audit committee also reviewed with the independent certified public accountants and with the Company's financial staff the adequacy and effectiveness of the internal accounting and financial controls of the Company. The audit committee consists of Mr. James. Compensation Committee: In prior years, the compensation committee recommended to the Board the salaries of the executive officers of the Company and approved the salaries of all other officers and certain other employees. It also determined, subject to further approval of the Board, the fees for directors, and supervised the administration of all benefit plans and other matters affecting executive compensation. The compensation committee, which is now inactive, included Mr. James and a former director, Mr. Krusen. Director Compensation During 1999, no fees or expenses were paid to the directors because there were no Board or Committee meetings. Both of the current directors are significant owners. Item 11. Executive Compensation No executive officer received cash or other compensation during 1998. Item 12. Security Ownership of Certain Beneficial Owners and Management Information is provided below with respect to the beneficial ownership of Sunstyle Common Stock, as of December 31, 1999, of (i) persons owning more than 5% of the Company, (ii) each director of the Company, and (iii) all officers and directors of the Company as a group. Name Shares Percent Beneficially Owned Thomas A. James (1) 447,466 (2) (3) 40.9% Christopher W. James (1) 116,894 (2) 10.6% Carr Securities Corporation 107,229 (4) 9.8% Golda Meir Endowment Corporation 61,500 (7) 5.6% Ralph W. Quartetti 59,193 (5) 5.4% Herbert E. Ehlers 58,898 (6) 5.4% All Directors & Officers as a Group (2 persons) 507,222 46.3% (1) Messrs. Thomas A. James and Christoper W. James are brothers. Their address is 880 Carillon Parkway, St. Petersburg, FL 33716. (2) Includes (i) 111,320 shares owned by the Robert A. James Trust, established for the benefit of members of the James family, (ii) 4,474 shares owned by the James Grandchildren's Trust, for which trusts Thomas A. and Christopher W. James serve as co-trustees, and (iii) 563 shares owned by Mary S. James. (3) Includes 66,792 shares owned by the James' Children Annuity Trust, for which Thomas A. James serves as sole trustee. (4) On February 12, 1991, Carr Securities filed Form 13G with the Securities and Exchange Commission advising that the firm had acquired 109,232 shares in the ordinary course of business as a Broker or Dealer registered under the Securities Exchange Act of 1934 and the shares were not acquired to influence or control the issuer. Carr Securities has sole voting power of these shares. The address of Carr Securities is One Penn Plaza, Suite 4720, New York, NY 10119. (5) On December 6, 1988, the Board of Directors of Sunstyle agreed to grant to Mr. Quartetti options to purchase 54,588 shares of Sunstyle Common Stock pursuant to the Sunstyle Corporation Incentive Stock Option Plan. The address of Mr. Quartetti is 36460 U.S.Highway 19 North, Palm Harbor, FL 34694 (6) Mr. Ehlers' address is 2502 Rocky Point Drive, Suite 500, Tampa, FL 33607. (7) On October 23, 1989, Charles I. Rutenberg filed a schedule 13-D with the Securities and Exchange Commission advising that he acquired 55,500 shares of Sunstyle Corporation common stock through purchases on the open market. On November 1, 1992, Mr. Rutenberg transferred 61,500 shares to the Golda Meir Center Endowment Corporation, a charitable corporation. These shares are held for investment purposes only. Item 13. Certain Relationships and Related Transactions The Company owes interest to Raymond James related to outstanding debt. During 1999 the Company did not engage in any trasnactions with related parties. PART IV Item 14. Exhibits, Financial Statements Schedules and Reports on Form 8-K a) Financial statements included with this filing. b) None C) None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Palm Harbor, State of Florida, on the 1st day of November, 2000. SUNSTYLE CORPORATION By /s/Ralph W. Quartetti Ralph W. Quartetti, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date /s/Ralph W. Quartetti Chief Executive Officer, November 1, 2000 Ralph W. Quartetti President and Director /s/Thomas A. James Director November 1, 2000 Thomas A. James EX-27 2 0002.txt
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE ANNUAL PERIOD ENDED DECEMBER 31, 1999. 12-MOS DEC-31-1999 DEC-31-1999 207,696 0 0 0 0 0 0 0 207,696 0 0 0 0 0 (146,756) 207,696 0 9,000 0 0 11,781 0 0 (2,781) 0 (2,781) 0 0 0 (2,781) 0 0 REGISTRANT HAS AN UNCLASSIFIED BALANCE SHEET.
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