UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2000
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 0-26543
HARMONY TRADING CORP.
(Exact name of registrant as specified in its charter)
New York 13-3935933
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
275 St. Jacques Street West, Suite 36
Montreal, Quebec, Canada H2Y 1M9
------------------------ -------
(Address of principal executive offices) (Zip Code)
(514) 286-0909
--------------
(Registrant's telephone number, including area code)
Check 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, and (2) has been subject to such filing requirements for
the past 90 days. Yes |X| No |_|
As of November 14, 2000, there were 3,110,000 shares of the registrant's
common stock, par value $0.001 issued and outstanding.
<PAGE>
HARMONY TRADING CORP.
SEPTEMBER 30, 2000 QUARTERLY REPORT ON FORM 10-QSB
TABLE OF CONTENTS
Page Number
Special Note Regarding Forward Looking Statements .....................3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements ..................................................4
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations............................................13
Item 3. Quantitative and Qualitative Disclosures About Market Risk............14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.....................................................15
Item 2. Changes in Securities and Use of Proceeds.............................15
Item 3. Defaults Upon Senior Securities.......................................15
Item 4. Submission of Matters to a Vote of Security Holders...................15
Item 5. Other Information.....................................................15
Item 6. Exhibits and Reports on Form 8-K......................................15
2
<PAGE>
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
To the extent that the information presented in this Quarterly Report on
Form 10-QSB for the quarter ended September 30, 2000 discusses financial
projections, information or expectations about our products or markets, or
otherwise makes statements about future events, such statements are
forward-looking. We are making these forward-looking statements in reliance on
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Although we believe that the expectations reflected in these
forward-looking statements are based on reasonable assumptions, there are a
number of risks and uncertainties that could cause actual results to differ
materially from such forward-looking statements. These risks and uncertainties
are described, among other places in this Quarterly Report, in "Management's
Discussion and Analysis of Financial Condition and Results of Operations".
In addition, we disclaim any obligations to update any forward-looking
statements to reflect events or circumstances after the date of this Quarterly
Report. When considering such forward-looking statements, you should keep in
mind the risks referenced above and the other cautionary statements in this
Quarterly Report.
3
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Report of Reviewing Independent Accountant.............................5
Balance Sheet as of December 31, 1999 and September 30, 2000...........6
Statement of Operations for the nine months ended
September 30, 2000 and 1999 and for the Period from
Inception, August 13, 1996 through September 30, 2000................7
Statement of Operations for the three months ended September 30,
2000 and 1999........................................................8
Statement of Stockholders' Equity from December 31, 1996 through
September 30, 2000...................................................9
Statements of Cash Flows for the nine months ended
September 30, 2000 and 1999.........................................10
Notes to Financial Statements.........................................11
4
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Directors of Harmony Trading Corp. (a development stage
company):
I have reviewed the accompanying consolidated balance sheet of Harmony Trading
Corp. (a development stage company): as of September 30, 2000, and the related
consolidated statements of operations and of cash flows for the nine month
periods ended September 30, 2000 and 1999. These financial statements are the
responsibility of the Company's management.
I have conducted my review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an opinion.
Based on my review, I am not aware of any material modifications that should be
made to the accompanying consolidated interim financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
I previously audited in accordance with generally accepted auditing standards,
the consolidated balance sheet as of December 31, 1999, and the related
consolidated statements of operations, of changes in shareholders' equity and of
cash flows for the year then ended (not presented herein), and in my report
dated March 17, 2000, I expressed an unqualified opinion on those consolidated
financial statements. In my opinion, the accompanying consolidated balance sheet
information as of December 31, 1999, is fairly stated, in all material respects
in relation to the consolidated balance sheet from which it has been derived.
The accompanying financial statements have been prepared assuming that Harmony
Trading Corp. (a development stage company) will continue as a going concern. As
more fully described in Note 2, the Company has incurred operating losses since
the date of inception and requires additional capital to continue operations.
These conditions raise substantial doubt about the Company's ability to continue
as a going concern. Management's plans as to these matters are described in Note
2. The financial statements do not include any adjustments to reflect the
possible effects on the recoverability and classification of assets or the
amounts and classifications of liabilities that may result from the possible
inability of Harmony Trading Corp. (a development stage company) to continue as
a going concern.
Thomas Monahan Certified Public Accountant
Paterson, New Jersey
November 13, 2000
5
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HARMONY TRADING CORP.
(A development stage company)
BALANCE SHEET
December 31, September 30,
1999 2000
Unaudited
------------ -------------
Assets
Current assets
Cash and cash equivalents $ 3,182 $ 3,628
-------- --------
Current assets $ 3,182 3,628
Property and equipment -0- -0-
Total assets $ 3,182 $ 3,628
======== ========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 27,000 $ 33,796
-------- --------
Total current liabilities $ 27,000 33,796
Stockholders' equity
Preferred stock authorized
5,000,000 shares, $0.001 par
value each. At December 31, 1999
and September 30, 2000 there are -0-
and -0- shares outstanding respectively
Common Stock authorized 20,000,000
shares, $0.001 par value each. At
December 31, 1999 and September 30, 2000,
there are 3,110,000 3,110,000 shares
outstanding respectively 3,110 3,110
Additional paid in capital 20,330 20,330
Deficit accumulated during development
stage (47,258) (53,608)
-------- --------
Total stockholders' equity (23,818) (30,168)
-------- --------
Total liabilities and stockholders' equity $ 3,182 $ 3,628
======== ========
See accompanying notes to financial statements.
6
<PAGE>
HARMONY TRADING CORP.
(A development stage company)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the period
For the For the from inception
nine months nine months August 13, 1996
September 30, September 30, to September 30,
1999 2000 2,000
Unaudited Unaudited Unaudited
------------- ------------- ----------------
<S> <C> <C> <C>
Revenue $ 14,825 $ 15,225 $ 35,143
Costs of goods sold -0- -0- -0-
----------- ----------- -----------
Gross profit $ 14,825 15,225 $ 35,143
Operations:
General and administrative 23,485 21,575 89,023
Depreciation and amortization -0- -0- -0-
----------- ----------- -----------
Total expense 23,485 21,575 89,023
Income (loss) from operations (8,660) (6,350) (53,880)
Other income
Interest income 272 272
-----------
Total Other Income
Income (loss) $ (8,388) $ (6,350) $ (53,608)
=========== =========== ===========
Net income (loss)
per share - basic (0.00) (0.00)
Number of shares
outstanding - basic 1,000,000 3,110,000
=========== ===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
HARMONY TRADING CORP.
(A development stage company)
STATEMENT OF OPERATIONS
For the For the
three months three months
September 30, September 30,
1999 2000
Unaudited Unaudited
------------- -------------
Revenue $ 12,131 $ 7,615
Costs of goods sold -0- -0-
----------- -----------
Gross profit $ 12,131 $ 7,615
Operations:
General and administrative 17,074 9,936
Depreciation and amortization -0- -0-
----------- -----------
Total expense 17,074 9,936
Income (loss) from
operations (4,943) (2,321)
Other income
Interest income
138
Total Other Income
Income (loss) $ (4,805) $ (2,321)
=========== ===========
Net income (loss)
per share - basic (0.00) (0.00)
Number of shares
outstanding- basic 3,110,000 3,110,000
=========== ===========
See accompanying notes to financial statements.
8
<PAGE>
HARMONY TRADING CORP.
(A development stage company)
STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
Deficit
accumulated
Additional during
Common Common paid in development
Date Stock Stock Capital stage Total
---- --------- --------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
December 31, 1996
balance (1) 2,000,000 $ 2,000 $ 2,000
Net income $ (10,865) $ (10,865)
--------- --------- --------- --------- ---------
December 31, 1997
balance 2,000,000 2,000 $ (10,865) $ (8,865)
Net loss (10,785) (10,785)
--------- --------- --------- --------- ---------
December 31, 1998
balance 2,000,000 2,000 ($ 21,650) (19,650)
Sale of shares 1,010,000 1,010 24,240 25,250
Contribution of services 375 375
Issuance of shares
for legal services 100,000 100 2,400 2,500
Less offering expenses (6,685) (6,685)
Net Loss (25,608) (25,608)
--------- --------- --------- --------- ---------
December 31, 1999
balance 3,110,000 $ 3,110 $ 20,330 $ (47,258) $ (23,818)
Unaudited
Net loss (6,350) (6,350)
--------- --------- --------- --------- ---------
Balances
September 30, 2000 3,110,000 $ 3,110 $ 20,330 (53,608) $ (30,168)
========= ========= ========= ========= =========
</TABLE>
See accompanying notes to financial statements
9
<PAGE>
HARMONY TRADING CORP.
(A development stage company)
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
For the period
For the For the from inception
nine months nine months August 13, 1996 to
September 30, 1999 September 30, 2000 September 20, 2000
Unaudited Unaudited Unaudited
-------- -------- --------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss) $ (8,848) $ (6,350) $(53,608)
Non cash transaction 4,875
Corporate taxes
Accounts payable and
accrued expenses 5,253 6,796 33,796
-------- -------- --------
TOTAL CASH FLOWS FROM (3,595) 446 (14,937)
OPERATIONS
CASH FLOWS FROM INVESTING
ACTIVITIES -0- -0- -0-
CASH FLOWS FROM FINANCING
ACTIVITIES
Decrease in marketable securities 4,000
Officer loan payable -0- -0-
Sale of stock net of
offering expenses 18,565
--------
TOTAL CASH FLOWS FROM
FINANCING ACTIVITIES 4,000 18,565
NET INCREASE (DECREASE) IN CASH 405 446 $ 3,628
CASH BALANCE BEGINNING OF PERIOD -0- 3,182 -0-
-------- -------- --------
CASH BALANCE END OF PERIOD $ 405 $ 3,628 $ 3,628
======== ======== ========
</TABLE>
See accompanying notes to financial statements
10
<PAGE>
HARMONY TRADING CORP.
(A development stage company)
Notes to Financial Statements
September 30, 2000
Note A - Basis of Reporting
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB. 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, such statements include all adjustments which are considered
necessary for a fair presentation of the financial position of Harmony Trading
Corp. (the "Company") at September 30, 2000 and the results of its operations,
and cash flows for the nine-month period then ended. The results of operations
for the nine-month period ended September 30, 2000 are not necessarily
indicative of the operating results for the full year. It is suggested that
these financial statements be read in conjunction with the financial statements
and related disclosures for the year ended December 31, 1999 included in the
Company's Form 10-SB.
Note B - Net Income Per Share of Common Stock
In 1997, the Financial Accounting Standards Board issued Statement No.
128, "Earnings Per Share". Statement No. 128 replaced the calculation of primary
and fully diluted earnings per share with basic and diluted earnings per share.
Unlike primary earnings per share, basic earnings per share exclude any dilutive
effects of options, warrants, and convertible securities. Dilutive earnings per
share is very similar to the previously reported fully diluted earnings per
share. The Company has adopted Statement No. 128.
Note C - Income Taxes
The Company provides for the tax effects of transactions reported in the
financial statements. The provision if any, consists of taxes currently due plus
deferred taxes related primarily to differences between the basis of assets and
liabilities for financial and income tax reporting. The deferred tax assets and
liabilities, if any represent the future tax return consequences of those
differences, which will either be taxable or deductible when the assets and
liabilities are recovered or settled. As of September 30, 2000, the Company had
no material current tax liability, deferred tax assets, or liabilities to impact
on the Company's financial position because the deferred tax asset related to
the Company's net operating loss carryforward and was fully offset by a
valuation allowance.
At September 30, 2000, the Company has net operating loss carry forwards
for income tax purposes of $53,608. This carryforward is available to offset
future taxable income, if any, and expires in the year 2010. The Company's
utilization of this carryforward against future taxable income may become
subject to an annual limitation due to a cumulative change in ownership of the
Company of more than 50 percent.
The components of the net deferred tax asset as of September 30, 2000 are
as follows:
Deferred tax asset:
Net operating loss carry forward $ 18,226
Valuation allowance $(18,226)
--------
Net deferred tax asset $ -0-
========
The Company recognized no income tax benefit for the loss generated in the
period from inception, August 13, 1996, to September 30, 2000.
SFAS No. 109 requires that a valuation allowance be provided if it is more
likely than not that some
11
<PAGE>
portion or all of a deferred tax asset will not be realized. The Company's
ability to realize benefit of its deferred tax asset will depend on the
generation of future taxable income. Because the Company has yet to recognize
significant revenue from the sale of its products, the Company believes that a
full valuation allowance should be provided.
Note D - Change in Management
On August 28, 2000, Group InterCapital, Inc., a venture capital firm,
purchased from Paul Gottbetter for $100,000, 1,735,000 shares of common stock,
which is approximately 55.8% of our outstanding common stock, thereby acquiring
control of us. The source of funds to purchase the securities was from Group
InterCapital's working capital.
Group InterCapital has replaced our board of directors by appointing Henry
J. Yersh and Denis St. Hilaire. Mr. Yersh was also appointed as our President
and Chief Executive Officer and Mr. St. Hilaire was appointed as our Chief
Financial Officer.
12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion and analysis should be read in conjunction with
the Financial Statements and Notes thereto appearing elsewhere in this Quarterly
Report. Certain statements in this Quarterly Report which are not statements of
historical fact are forward-looking statements. See "Special Note Regarding
Forward-Looking Statements" on Page 3.
We were formed on August 13, 1996, under the laws of the State of New
York. Although Harmony was formed in August 1996, we were unable to locate a
business to engage in until Summer 1998, when we discovered the business of
direct selling Doncaster apparel. From Summer 1998 to December 1998, we engaged
in compiling a mailing list to announce the December 1998 holiday line. We
commenced operations as a direct seller of Doncaster in December 1998. Our
operations to date have consisted of preparing for the direct selling of
Doncaster by compiling a mailing list, sending out mailings and the selling of
Doncaster through trunk shows and personal appointments.
We are in the developmental stage and our revenues are based solely on the
commission we receive from the sales of Doncaster apparel.
On August 28, 2000, Group InterCapital Inc., a venture capital firm,
completed the acquisition of 1,735,000 shares of our common stock resulting in
GroupInter Capital owning more than 50% of our outstanding common stock. Group
InterCapital replaced the existing board with Henry J. Yersh and Denis St.
Hilaire. Mr. Yersh was also appointed as our President and Chief Executive
Officer and Mr. Hilaire was appointed as our Chief Financial Officer.
In October 2000 we entered into a letter of intent to pursue a definitive
merger agreement with Nixxo Technologies Inc. for us to acquire Nixxo
Technologies. Under the proposed merger, the stockholders of Nixxo Technologies
will own approximately 83% of the company after the merger and the stockholders
of Harmony Trading will own approximately 17% of the company after the merger.
Nixxo Technologies is a GSM chipset and operating system design company based in
San Jose, California, that anticipates beginning to ship GSM chipsets to various
customers in the first quarter of 2001.
On August 28, 2000, the Company transferred managerial control of to Group
InterCapital, Inc., a venture capital firm, with the purchase from Paul
Gottbetter for $100,000, 1,735,000 shares of common stock, which represents
approximately 55.8% of our outstanding common stock, thereby acquiring control
of us. The source of funds to purchase the securities was from Group
InterCapital's working capital.
Group InterCapital has replaced our board of directors by appointing Henry
J. Yersh and Denis St. Hilaire. Mr. Yersh was also appointed as our President
and Chief Executive Officer and Mr. St. Hilaire was appointed as our Chief
Financial Officer.
Results of Operations
Results of Operations for the nine months ended September 30, 2000 as
compared to the nine months ended September 30, 1999.
For the nine months ended September 30, 2000, we generated net sales of
$15,225 as compared to $14,825 for the nine months ended September 30, 1999
representing a decrease of $400. Our cost of goods sold for the nine months
ended September 30, 2000 was $-0- as compared to $-0- for the nine months ended
September 30, 1999. Our gross profit on sales was $15,225 for the nine months
ended September 30, 2000 as compared to $14,825 for the nine months ended
September 30, 1999. The decrease in gross profit is the result of reduced
commission income of the Doncaster Line in the reorganization of our business.
Our general and administrative costs aggregated approximately $21,575 for
the nine months ended September 30, 2000 as compared to $23,485 for the nine
months ended September 30, 1999 representing a decrease of $1,910. Included in
the $21,575 are $4,936 in commissions, $3,375 in accrued rent, $3,375 in accrued
salary, and $9,889 in office expenses.
Results of Operations for the period of inception, August 13, 1996 through
September 30, 2000.
For the period from our inception, August 13, 1996, through September 30,
2000, a period of approximately 49 months, we generated net sales of $35,143 (an
average of $717 per month). Our cost of goods
13
<PAGE>
sold on sales was approximately $0 for the period from our inception, August 13,
1996, through September 30, 2000. The gross profit from sales for this 49 month
period is $35,143. We believe the gross profit of an average of $717 for the
period from inception, August 3, 1996, through September 30, 2000, will improve
and stabilize once our marketing plans become fully implemented.
Our general and administrative costs aggregated approximately $89,023 for
the period from inception, August 13, 1996, through September 30, 2000. Of these
initial startup costs, approximately $36,950 is attributed to telephone and
other office expenses, $10,708 in commissions, $33,240 in salary and $8,125 in
rent.
Results of Operations for the three months ended September 30, 2000 as
compared to the three months ended September 30, 1999.
For the three months ended September 30, 2000, we generated net sales and
gross profit of $7,615 as compared to $12,131 for the three months ended
September 30, 1999 representing a decrease of approximately $4,500. The decrease
in net sale and gross profit is the result of reduced commission income of the
Doncaster Line in the reorganization of our business.
Our general and administrative costs aggregated approximately $9,936 for
the three months ended September 30, 2000 as compared to $17,074 for the three
months ended September 30, 1999 representing a decrease of approximately $7,000.
Liquidity and Capital Resources
We increased liquidity by $3,628 from a cash balance at our inception of
$0 through the process of generating gross profits from sales, selling the
marketable securities, loans by our principal shareholders and the completion of
a private placement with net proceeds to Harmony aggregating $18,565.
We gained an aggregate of $517 for operating activities. In April 1999, we
sold under Rule 504 of Regulation D of the Securities Act of 1933, as amended,
an aggregate of 505,000 shares of common stock at $0.05 per share for an
aggregate cash consideration of $25,250 and the sale of 50,000 shares of common
stock in consideration for $2,500 in legal services less $6,685 in offering
expenses. On September 16, 1999, we forward split the number of shares of our
common stock outstanding in a ratio of 2 to 1 restating the number of shares
outstanding from 1,555,000 to 3,110,000.
Income Tax
As of September 30, 2000, we had a tax loss carry-forward of $53,608. Our
ability to utilize the tax credit carry-forwards in future years will be subject
to an annual limitation pursuant to the "Change in Ownership Rules" under
Section 382 of the Internal Revenue Code of 1986, as amended. However, any
annual limitations are not expected to have a material adverse effect on our
ability to utilize our tax credit carry-forwards.
If the proposed merger with Nixxo Technologies is not completed, we expect
our capital requirements to increase over the next several years as we continue
to develop our business, increase sales and administration infrastructure and
embark on developing in-house business capabilities and facilities. Our future
liquidity and capital funding requirements will depend on numerous factors,
including the extent to which our present management can fund the continued
capital requirements, the costs and timing of expansion of sales, marketing
activities, facilities expansion needs, and competition in our business.
The report of our independent accountants contains an explanatory
paragraph regarding our ability to continue as an ongoing business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable.
14
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS IN SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On October 27, 2000, we sent to our stockholders an information statement
advising them of corporate action taken without a meeting by less than unanimous
written consent of stockholders to amend our Certificate of Incorporation to
effect a three-for-one forward stock split of the currently issued shares of our
common stock.
Our Board of Directors fixed the close of business on September 29, 2000
as the record date for the determination of stockholders entitled to vote on the
proposal to amend our Certificate of Incorporation as described above. On
September 29, 2000 there were 3,110,000 shares of our common stock issued and
outstanding. The proposed amendment to our Certificate of Incorporation requires
the affirmative vote of a majority of the outstanding shares of common stock
entitled to vote thereon. Each share of common stock is entitled to one vote on
the proposed amendment.
Our Board of Directors, by written consent on September 28, 2000, has
approved, and stockholders holding 1,735,000 shares (approximately 56%) of the
outstanding shares of our common stock on September 29, 2000 have consented in
writing to, the amendment. Holders of record as of November 20, 2000, will be
entitled to receive the two additional shares of common stock for each share
they own. We expect the payment date to be December 4, 2000.
ITEM 5. OTHER INFORMATION
On August 28, 2000, Group InterCapital, Inc., a venture capital firm,
purchased from Paul Gottbetter for $100,000, 1,735,000 shares of common stock,
which is approximately 55.8% of our outstanding common stock, thereby acquiring
control of us. The source of funds to purchase the securities was from Group
InterCapital's working capital.
Group InterCapital has replaced our board of directors by appointing Henry
J. Yersh and Denis St. Hilaire. Mr. Yersh was also appointed as our President
and Chief Executive Officer and Mr. St. Hilaire was appointed as our Chief
Financial Officer.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
27 Financial Data Schedule
(b) Reports on Form 8-K.
None.
15
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
HARMONY TRADING CORP.
Dated: November 20, 2000 By: /s/ HENRY J. YERSH
--------------------------------
Henry J. Yersh
President
By: /s/ DENIS ST. HILAIRE
--------------------------------
Denis St. Hilaire
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
27 Financial Data Schedule
