<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
------ -----
Commission file number 0-27496
CRONOS GLOBAL INCOME FUND XVI, L.P.
(Exact name of registrant as specified in its charter)
California 94-3230380
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
444 Market Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X . No .
--- ---
<PAGE> 2
CRONOS GLOBAL INCOME FUND XVI, L.P.
REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED JUNE 30, 1996
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - June 30, 1996 (unaudited) and December 31, 1995 4
Statements of Operations for the three-month period ended June 30, 1996 and the period
March 29, 1996 (Commencement of Operations) to June 30, 1996 (unaudited) 5
Statement of Cash Flows for the period March 29, 1996, (Commencement of Operations)
to June 30, 1996 (unaudited) 6
Notes to Financial Statements (unaudited) 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11
PART II - OTHER INFORMATION
Item 5. Other Materially Important Events 13
Item 6. Exhibits and Reports on Form 8-K 14
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Presented herein are the Registrant's balance sheets as of June 30,
1996 and December 31, 1995, statement of operations for the three
months ended June 30, 1996 and the period March 29, 1996 (commencement
of operations) to June 30, 1996, and statement of cash flows for the
period March 29, 1996 (commencement of operations) to June 30, 1996.
3
<PAGE> 4
CRONOS GLOBAL INCOME FUND XVI, L.P.
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
-------- ------------
<S> <C> <C>
Assets
Current assets:
Cash, includes $323,181 at June 30, 1996 and $100
at December 31, 1995 in interest-bearing accounts $ 330,472 $100
Short-term investments 550,000 -
Net lease receivables due from Leasing Company
(notes 1 and 2) 73,743 -
----------- ----
Total current assets 954,215 100
----------- ----
Container rental equipment, at cost 18,088,130 -
Less accumulated depreciation 176,366 -
----------- ----
Net container rental equipment 17,911,764 -
----------- ----
Organizational costs, net 785,953 -
----------- ----
$19,651,932 $100
=========== ====
Liabilities and Partners' Capital
Current liabilities:
Due to general partner (notes 1 and 3) $ 260,134 $ -
Due to manufacturers 5,163,393 -
----------- ----
Total current liabilities 5,423,527 -
----------- ----
Partners' capital:
General partner 1,196 -
Limited partners 14,227,209 100
----------- ----
Total partners' capital 14,228,405 100
----------- ----
$19,651,932 $100
=========== ====
</TABLE>
The accompanying notes are an integral part of these statements
4
<PAGE> 5
CRONOS GLOBAL INCOME FUND XVI, L.P.
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three For the Period March 29, 1996
Months Ended (Commencement of Operations)
June 30, 1996 through June 30, 1996
------------- -----------------------------
<S> <C> <C>
Net lease revenue (notes 1 and 4) $209,056 $210,966
Other operating expenses:
Depreciation and amortization 163,544 182,302
Other general and administrative expenses 5,412 5,412
-------- --------
168,956 187,714
-------- --------
Earnings from operations 40,100 23,252
Other income:
Interest income 27,874 27,874
-------- --------
Net earnings $ 67,974 $ 51,126
======== ========
Allocation of net earnings:
General partner $ 1,940 $ 1,771
Limited partners 66,034 49,355
-------- --------
$ 67,974 $ 51,126
======== ========
Limited partners' per unit
share of net earnings $ .26 $ .12
======== ========
</TABLE>
The accompanying notes are an integral part of these statements
5
<PAGE> 6
CRONOS GLOBAL INCOME FUND XVI, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For the Period March 29, 1996,
(Commencement of Operations)
through June 30, 1996
-------------------------------
<S> <C>
Net cash provided by operating activities $ 160,081
Cash flows used in investing activities:
Purchase of container rental equipment (12,063,397)
Acquisition fees to general partner (603,170)
------------
Net cash used in investing activities (12,666,567)
------------
Cash flows provided by (used in) financing activities:
Capital contributions 15,786,320
Underwriting commissions (1,578,642)
Offering and organizational expenses (789,321)
Distribution to partners (31,499)
------------
Net cash provided by financing activities 13,386,858
------------
Net increase in cash and cash equivalents 880,372
Cash and cash equivalents at January 1 100
------------
Cash and cash equivalents at June 30 $ 880,472
============
</TABLE>
The accompanying notes are an integral part of this statement
6
<PAGE> 7
CRONOS GLOBAL INCOME FUND XVI, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
Cronos Global Income Fund XVI, L.P. (the "Partnership") is a limited
partnership organized under the laws of the State of California on
September 1, 1995, for the purpose of owning and leasing marine cargo
containers, special purpose containers and container-related
equipment. Cronos Capital Corp. ("CCC") is the general partner and,
with its affiliate Cronos Containers Limited (the "Leasing Company"),
manages and controls the business of the Partnership.
(b) Leasing Company and Leasing Agent Agreement
The Partnership has entered into a Leasing Agent Agreement whereby the
Leasing Company has the responsibility to manage the leasing
operations of all equipment owned by the Partnership. Pursuant to the
Agreement, the Leasing Company is responsible for leasing, managing
and re-leasing the Partnership's containers to ocean carriers and has
full discretion over which ocean carriers and suppliers of goods and
services it may deal with. The Leasing Agent Agreement permits the
Leasing Company to use the containers owned by the Partnership,
together with other containers owned or managed by the Leasing Company
and its affiliates, as part of a single fleet operated without regard
to ownership. Since the Leasing Agent Agreement meets the definition
of an operating lease in Statement of Financial Accounting Standards
(SFAS) No. 13, it is accounted for as a lease under which the
Partnership is lessor and the Leasing Company is lessee.
The Leasing Agent Agreement generally provides that the Leasing
Company will make payments to the Partnership based upon rentals
collected from ocean carriers after deducting direct operating
expenses and management fees to CCC and the Leasing Company. The
Leasing Company leases containers to ocean carriers, generally under
operating leases which are either master leases or term leases (mostly
two to five years). Master leases do not specify the exact number of
containers to be leased or the term that each container will remain on
hire but allow the ocean carrier to pick up and drop off containers at
various locations; rentals are based upon the number of containers
used and the applicable per-diem rate. Accordingly, rentals under
master leases are all variable and contingent upon the number of
containers used. Most containers are leased to ocean carriers under
master leases; leasing agreements with fixed payment terms are not
material to the financial statements. Since there are no material
minimum lease rentals, no disclosure of minimum lease rentals is
provided in these financial statements.
(c) Basis of Accounting
The Partnership utilizes the accrual method of accounting. Revenue is
recognized when earned.
The Partnership has determined that for accounting purposes the
Leasing Agent Agreement is a lease, and the receivables, payables,
gross revenues and operating expenses attributable to the containers
managed by the Leasing Company are, for accounting purposes, those of
the Leasing Company and not of the Partnership. Consequently, the
Partnership's balance sheets and statements of operations display the
payments to be received by the Partnership from the Leasing Company as
the Partnership's receivables and revenues.
(Continued)
7
<PAGE> 8
CRONOS GLOBAL INCOME FUND XVI, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(d) Financial Statement Presentation
These financial statements have been prepared without audit. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
procedures have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and
accompanying notes in the Partnership's latest annual report on Form
10-K.
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires the Partnership to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reported period.
The interim financial statements presented herewith reflect all
adjustments of a normal recurring nature which are, in the opinion of
management, necessary to a fair statement of the financial condition
and results of operations for the interim periods presented.
(2) Net Lease Receivables Due from Leasing Company
Net lease receivables due from the Leasing Company are determined by
deducting direct operating payables and accrued expenses, base management
fees payable, and reimbursed administrative expenses payable to CCC, the
Leasing Company, and its affiliates from the rental billings payable by
the Leasing Company to the Partnership under operating leases to ocean
carriers for the containers owned by the Partnership. Net lease
receivables at June 30, 1996 and December 31, 1995 were as follows:
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
-------- ------------
<S> <C> <C>
Lease receivables, net of doubtful accounts
of $2,625 at June 30, 1996 $397,058 $ -
Less:
Direct operating payables and accrued expenses 284,785 -
Damage protection reserve 364 -
Base management fees 19,901 -
Reimbursed administrative expenses 18,265 -
-------- ---
$ 73,743 $ -
======== ===
</TABLE>
(Continued)
8
<PAGE> 9
CRONOS GLOBAL INCOME FUND XVI, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(3) Due to General Partner
The amount due to CCC and its affiliates at June 30, 1996 consists of
acquisition fees.
(4) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
management fees and reimbursed administrative expenses to CCC, the Leasing
Company, and its affiliates from the rental revenue billed by the Leasing
Company under operating leases to ocean carriers for the containers owned
by the Partnership. Net lease revenue for the three months ended June 30,
1996 and the period March 29, 1996 (commencement of operations) through
June 30, 1996 was as follows:
<TABLE>
<CAPTION>
Three For the Period March 29, 1996
Months Ended (Commencement of Operations)
June 30, 1996 through June 30, 1996
------------- -----------------------------
<S> <C> <C>
Rental revenue $333,195 $335,495
Rental equipment operating expenses 83,201 83,201
Base management fees 22,832 23,063
Reimburse administrative expenses 18,106 18,265
-------- --------
$209,056 $210,966
======== ========
</TABLE>
(Continued)
9
<PAGE> 10
CRONOS GLOBAL INCOME FUND XVI, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(5) Equipment Purchases
As of June 30, 1996, the Partnership had purchased the following types of
equipment:
<TABLE>
<CAPTION>
Purchased from
Purchased Container Total
Equipment Type from CCC Manufacturers Purchased
-------------- --------- -------------- ---------
<S> <C> <C> <C>
Dry Cargo Containers:
Twenty-foot - 3,486 3,486
Forty-foot - 350 350
Forty-foot high-cube - 100 100
Refrigerated Cargo Containers:
Twenty-foot - 90 90
Forty-foot high-cube - 200(1) 200
Tank Containers:
Twenty-foot - 48 48
</TABLE>
The aggregate purchase price (excluding acquisition fees) of the equipment
acquired by the Partnership through June 30, 1996 was $17,226,780, of
which $12,063,397 was paid from the Net Proceeds of this offering, and
$5,163,383 remained payable to equipment manufacturers. The aggregate
equipment had been acquired from third-party container manufacturers
located in South Korea, India, the People's Republic of China, Thailand,
Taiwan, Germany and the United Kingdom. At June 30, 1996, the Partnership
had committed to purchase from container manufacturers an additional 334
twenty-foot, 2,118 forty-foot and 600 forty-foot high-cube dry cargo
containers, as well as 9 twenty-foot tank containers, at an aggregate
manufacturers' invoice cost of approximately $11,017,000. The Partnership
expects to accept delivery of this new equipment during the third quarter
of 1996. The Partnership's purchase obligations are conditional upon its
raising sufficient gross proceeds from its offering and/or borrowing to
fund the purchases.
- ------------------
(1) A portion of this amount reflects refrigerated container components
accepted by the Partnership. At June 30, 1996, the process of
manufacturing each component into a refrigerated cargo container was
not complete. The containers are expected to be completed and
delivered to the Partnership during the third quarter of 1996.
10
<PAGE> 11
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.
1) Material changes in financial condition between June 30, 1996 and December
31, 1995.
The Registrant is a limited partnership organized under the laws of the State
of California on September 1, 1995, for the purpose of owning and leasing
marine cargo containers, special purpose containers and container-related
equipment. The Registrant was initially capitalized with $100 and commenced
offering its limited partnership interests to the public subsequent to
December 28, 1995, pursuant to its Registration Statement on Form S-1 (File
No. 33-98290). The Registrant commenced operations on March 29, 1996. The
offering will continue until December 27, 1997, or until all of the limited
partnership interests are sold, whichever occurs first. At June 30, 1996, the
Registrant had raised $15,786,420 through the offering of limited partnership
interests, from which it had paid brokerage commissions, reimbursed the
General Partner for public offering expenses, and purchased equipment. The
following table sets forth the use of said subscription proceeds as of June
30, 1996.
<TABLE>
<CAPTION>
Percentage of
Amount Gross Proceeds
------ --------------
<S> <C> <C>
Gross Subscription Proceeds $15,786,420 100.0%
Public Offering Expenses:
Underwriting Commissions 1,578,642 10.0%
Offering and Organizational Expenses 789,321 5.0%
----------- -----
Total Public Offering Expenses 2,367,963 15.0%
----------- -----
Net Proceeds 13,418,457 85.0%
Acquisition Fees 603,170 3.8%
Working Capital Reserve 157,864 1.0%
Unexpended Proceeds 594,026 3.8%
----------- -----
Gross Proceeds Invested in Equipment $12,063,397 76.4%
=========== =====
</TABLE>
At June 30, 1996, the Registrant had committed to purchase from container
manufacturers an additional 334 twenty-foot, 2,118 forty-foot and 600 forty-foot
high-cube dry cargo containers, as well as 9 twenty-foot tank containers, at an
aggregate manufacturers' invoice cost of approximately $11,017,000. The
Registrant expects to accept delivery of this new equipment during the third
quarter of 1996. The Partnership's purchase obligations are conditional upon its
raising sufficient gross proceeds from its offering and/or borrowing to fund the
purchases.
11
<PAGE> 12
2) Material changes in the results of operations between the three-month
periods ended June 30, 1996 and June 30, 1995, the period ended March 29,
1996 (commencement of operations) to June 30, 1996 and the six-month
period ended June 30, 1995.
The Registrant did not commence operations until March 29, 1996, therefore
a discussion of comparative periods cannot be made. For the period March
29, 1996 to June 30, 1996, the Registrant's net earnings were $51,126,
comprised of net lease revenue, depreciation, other general and
administrative expenses and interest income.
The Registrant's net lease revenue is directly related to the size of its
fleet as well as the utilization and lease rates of the equipment owned by
the Registrant. Direct operating expenses include repositioning costs,
storage and handling expenses, agent fees and insurance premiums, as well
as provisions for doubtful accounts and repair costs for containers
covered under damage protection plans. Direct operating costs are affected
by the quantity of off-hire containers as well as the frequency at which
the containers are redelivered. During the build-up phase of the
Registrant's fleet, direct operating costs may be greater if containers
purchased directly from container manufacturers experience an off-hire
period while they are marketed and repositioned for initial lease-out.
During that period, the Registrant incurs storage, handling and
repositioning costs. At the same time, direct operating costs may be
lessened with respect to containers purchased directly from the general
partner. Such containers are generally on-hire and generating revenues at
the time of purchase.
The Registrant's fleet size, as measured in twenty-foot equivalent units
("TEU"), and average utilization rates at March 31, 1996 and June 30, 1996
were as follows:
<TABLE>
<CAPTION>
March 31, June 30,
1996 1996
--------- -------
<S> <C> <C>
Fleet size (measured in twenty-foot
equivalent units (TEU)):
Dry cargo containers 600 2,675
Refrigerated containers 35 209
Tank containers 17 36
Average utilization:
Dry cargo containers 7.3% 39%
Refrigerated containers - % 63%
Tank containers - % 37%
</TABLE>
The per-diem rental rates and utilization levels of the Registrant's fleet
are expected to fluctuate during the Registrant's build-up phase of
operations during 1996 and 1997. Additionally, the Registrant commenced
its operations during a period of general softening within the container
leasing market. At June 30, 1996, container inventories remained at
larger-than-usual levels, resulting in lower utilizations. However, the
Registrant has benefited from these conditions, as containers have been
acquired from manufacturers at favorable prices. Market conditions have
also subjected base per-diem rental rates to downward pressures. Since the
first quarter of 1996, the Leasing Company has implemented various market
strategies, including but not limited to, offering incentives to shipping
companies and repositioning containers to higher demand locations in order
to counter these market conditions. Accordingly, ancillary per-diems have
fluctuated, favoring a downward trend, while free-day incentives offered
to shipping companies have risen. Currently, there are no visible signs of
improvements in the leasing market and hence further downward pressure on
rental rates can be expected in ensuing quarters. As a result, these
leasing market conditions should impact the Registrant's results from
operations during the remainder of 1996.
12
<PAGE> 13
PART II - OTHER INFORMATION
Item 5. Other Materially Important Events
Equipment Acquisitions
Pursuant to the undertakings made in its Registration Statement No.
33-98290, Section 7.2 (h) of the Partnership Agreement, the Registrant
had purchased the following types of equipment as of June 30, 1996:
<TABLE>
<CAPTION>
Purchased Registrant's
Purchased from from Container Total Average Cost
Equipment Type the General Partner Manufacturers Purchased Per Container
-------------- ------------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Dry Cargo Containers:
Twenty-foot - 3,486 3,486 $ 2,393
Forty-foot - 350 350 $ 3,627
Forty-foot high-cube - 100 100 $ 3,950
Refrigerated Cargo Containers:
Twenty-foot - 90 90 $25,231
Forty-foot high-cube - 200(1) 200 $18,492
Tank Containers:
Twenty-foot - 48 48 $25,405
</TABLE>
The aggregate purchase price (excluding acquisition fees) of the
equipment acquired by the Registrant through June 30, 1996 was
$17,226,780, of which $12,063,397 was paid from the Net Proceeds of
this offering, and $5,163,383 remained payable to equipment
manufacturers. The aggregate equipment had been acquired from
third-party container manufacturers located in South Korea, India,
Indonesia, the People's Republic of China, Thailand, Taiwan, Germany
and the United Kingdom. At June 30, 1996, the Registrant had committed
to purchase from container manufacturers an additional 334
twenty-foot, 2,118 forty-foot and 600 forty-foot high-cube dry cargo
containers, as well as 9 twenty-foot tank containers at an aggregate
manufacturers' invoice cost of approximately $11,017,000.
- ------------------
(1) A portion of this amount reflects refrigerated container components
accepted by the Registrant. At June 30, 1996, the process of
manufacturing each component into a refrigerated cargo container was
not complete. The containers are expected to be completed and
delivered to the Registrant during the third quarter of 1996. The
average cost of these refrigerated containers is expected to be
$25,550 per container.
13
<PAGE> 14
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
- ------- ----------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended and *
restated as of December 28, 1995
3(b) Certificate of Limited Partnership of thebRegistrant **
10 Form of Leasing Agent Agreement with Cronos Containers Limited ***
27 Financial Data Schedule Filed with this document
</TABLE>
(b) Reports on Form 8-K
In lieu of filing a current report on Form 8-K, the Registrant has
provided in Part II, Item 5 hereof, a description of its purchase of
marine cargo containers during the period March 29, 1996 (commencement of
operations) to June 30, 1996.
- ----------------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated December 28, 1995, included as part of Registration
Statement on Form S-1 (No. 33-98290)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement on
Form S-1 (No. 33-98290)
*** Incorporated by reference to Exhibit 10.2 to the Registration Statement
on Form S-1 (No. 33-98290)
14
<PAGE> 15
SIGNATURES
Pursuant to the requirements 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.
CRONOS GLOBAL INCOME FUND XVI, L.P.
By Cronos Capital Corp.
The General Partner
By /s/ JOHN KALLAS
---------------------------------------
John Kallas
Vice President, Chief Financial Officer
Principal Accounting Officer
Date: August 13, 1996
15
<PAGE> 16
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
- ------- ----------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended and *
restated as of December 28, 1995
3(b) Certificate of Limited Partnership of the Registrant **
10 Form of Leasing Agent Agreement with Cronos Containers Limited ***
27 Financial Data Schedule Filed with this document
</TABLE>
- ----------------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated December 28, 1995, included as part of Registration
Statement on Form S-1 (No. 33-98290)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement on
Form S-1 (No. 33-98290)
*** Incorporated by reference to Exhibit 10.2 to the Registration Statement
on Form S-1 (No. 33-98290)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AT JUNE 30, 1996 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE
PERIOD MARCH 29, 1996 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1996 (UNAUDITED)
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED AS PART OF ITS REPORT ON FORM 10-Q FOR THE PERIOD MARCH 29, 1996
(COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1996
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 880,472
<SECURITIES> 0
<RECEIVABLES> 73,743
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 954,215
<PP&E> 18,088,130
<DEPRECIATION> 176,366
<TOTAL-ASSETS> 19,651,932
<CURRENT-LIABILITIES> 5,423,527
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 14,228,405
<TOTAL-LIABILITY-AND-EQUITY> 19,651,932
<SALES> 0
<TOTAL-REVENUES> 210,966
<CGS> 0
<TOTAL-COSTS> 187,714
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 51,126
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
