<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
---------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
COMMISSION FILE NO. 0-28423
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SOCHRYS.COM, INC.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 58-2541997
------------------------------- -------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
Route de Jussy 29, CH 1226 Thonex, Geneva, Switzerland
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(Address of principal executive offices)
Issuers' telephone number: 011-41-22-869-2070
------------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 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 [ ]
12,612,924 Shares of the registrant's Common Stock were outstanding as of August
10, 2000
Transitional Small Business Disclosure Format: Yes [ ] No [ X ]
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
-------- ------------
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $208,293 $171,628
Other current assets 58,954 12,833
---------- --------
Total current assets 267,247 184,461
Fixed assets (at cost, net of accumulated amortization) 282,257 183,600
Cash pledged as collateral for operating lease 139,138 26,928
---------- --------
Total assets $688,642 $394,989
========== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $543,924 $141,637
Due to a related party -- 5,178
---------- --------
Total current liabilities 543,924 146,815
---------- --------
Total liabilities 543,924 146,815
---------- --------
SHAREHOLDERS' EQUITY:
Preferred stock, ($0.001 par value.) Authorized 5,000,000 shares;
Issued and outstanding nil shares at June 30, 2000 and
nil shares at December 31, 1999
Common stock, ($0.001 par value. Authorized 50,000,000 shares;
Issued and outstanding 12,612,924 shares at June 30, 2000 and
11,992,924 shares at December 31, 1999 12,612 11,992
Additional paid in capital 2,001,257 823,877
Accumulated other comprehensive income (loss) (5,066) 4,411
Deficit accumulated during the development stage (1,885,389) (613,410)
Retained earnings prior to entering development stage 21,304 21,304
---------- --------
Total shareholders' equity 144,718 248,174
---------- --------
Total liabilities and shareholders' equity $688,642 $394,989
========== ========
</TABLE>
See accompanying notes to unaudited interim period consolidated condensed
financial statements.
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SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 1999 AND 2000 AND THE PERIOD FROM AUGUST 3,
1999 THROUGH JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PERIOD FROM
THREE MONTHS SIX MONTHS AUGUST 3, 1999
ENDED ENDED TO
JUNE 30, JUNE 30, JUNE 30,
2000 1999 2000 1999 2000 (NOTE 1)
------------ --------- ------------ ----------- ---------------
<S> <C> <C> <C> <C> <C>
Revenues
Consulting revenues $ -- $71,656 $ -- $147,673 $ --
Software revenues -- -- -- -- --
---------- --------- ----------- --------- -----------
Total Revenues -- 71,656 -- 147,673 --
Operating expenses (income):
Research and development 422,769 97,175 710,435 142,986 984,793
General and administrative 295,608 2,253 503,335 4,118 816,754
Interest and foreign
currency translations gains 3,785 90 4,035 655 3,161
Amortization 23,687 3,632 54,173 23,566 80,680
---------- --------- ----------- --------- -----------
745,850 103,150 1,271,979 171,335 1,885,389
Net loss $(745,850) $(31,949) $(1,271,979) $(23,662) $(1,885,389)
========== ========= =========== ========= ===========
Loss per share $(0.06) $(0.00) $(0.10) $(0.00) $(0.15)
========== ========= =========== ========= ===========
Weighted average number of common
shares outstanding during period 12,415,980 8,459,000 12,247,344 8,459,000 12,203,489
========== ========= =========== ========= ===========
</TABLE>
See accompanying notes to unaudited interim period consolidated condensed
financial statements.
Pg. 3
<PAGE> 4
SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND
2000 AND THE PERIOD FROM AUGUST 3, 1999 ENDED
JUNE 30,
(UNAUDITED)
<TABLE>
<CAPTION>
SIX PERIOD FROM
MONTHS AUGUST 3,
ENDED 1999 TO JUNE
JUNE 30, 30, 2000
2000 1999 (NOTE 1)
------------ ------------ --------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(1,271,979) $(23,662) $(1,885,389)
Adjustments to reconcile net income (loss) to net cash used in
Operating activities:
Amortization of fixed assets 54,173 23,566 80,680
Increase (decrease) in cash resulting from changes in:
Current assets (46,121) (99,878) (58,954)
Accounts payable and accrued liabilities 397,109 164,718 520,147
----------- -------- -----------
Net cash used in operating activities (866,817) 64,745 (1,343,516)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets (152,830) -- (280,350)
Cash pledged as collateral for operating lease (112,210) (32,205) (139,138)
----------- -------- -----------
Net cash used in investing activities (265,040) (32,205) (419,488)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common shares 1,240,000 -- 2,030,000
Share issuance costs (62,000) -- (96,750)
----------- -------- -----------
Net cash provided by financing activities 1,178,000 -- 1,933,250
Effects of exchange rates on cash and cash equivalents (9,477) (4,638) 3,248
----------- -------- -----------
Net Increase (decrease) in cash and cash equivalents 36,665 27,902 173,494
Cash and cash equivalents:
Beginning of period 171,628 7,056 34,799
----------- -------- -----------
End of Period $208,293 $34,958 $208,293
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ -- $ -- $ --
Income taxes $ -- $ -- $ --
</TABLE>
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SOCHRYS.COM, INC. AND SUBSIDIARIES
A DEVELOPMENT STAGE ENTERPRISE
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
for the three and six months ended June 30, 2000
(Unaudited)
SOCHRYS.com Inc. (the "Company") was incorporated in the State of Nevada on
April 12, 1989 as CCC Funding Corp. The Company went through several name
changes before being renamed to SOCHRYS.com Inc on August 9, 1999.
Since August 3, 1999, the efforts of the Company have been devoted to the
development of a high speed, highly secure method of transacting business
using the internet. As of the date of these financial statements, no
software applications were ready for commercial use. Prior to August 3,
1999, the Company provided consulting services for web site implementation,
multimedia CD design, computer graphic publication, as well as
implementation of dedicated software solutions used in connection with the
French Minitel and the internet. The Company also conducted research and
development on its Universal Computer technology.
1. Basis of Presentation
The accompanying consolidated condensed financial statements include the
accounts of Sochrys.com, Inc. and its wholly owned subsidiaries
(collectively, the "Company") after elimination of all significant
intercompany balances and transactions. The financial statements have been
prepared in conformity with generally accepted accounting principles in the
United States which require management to make estimates and assumptions
that affect the amounts reported in the financial statements and
accompanying notes. While management has based its assumptions and
estimates on the facts and circumstances currently known, final amounts may
differ from such estimates.
The interim financial statements contained herein are unaudited but, in the
opinion of management, include all adjustments (consisting only of normal
recurring entries) necessary for a fair presentation of the financial
position and results of operations of the Company for the periods
presented. The results of operations for the three and six months ended
June 30, 2000 are not necessarily indicative of the operating results for
the full fiscal year ending December 31, 2000. Moreover, these financial
statements do not purport to contain complete disclosure in conformity with
generally accepted accounting principles used in the United States and
should be read in conjunction with the Company's report filed on Form 10-SB
as filed on December 6, 1999.
Since August 1999 the efforts of the Company have been devoted to the
development of the Universal Computer Technology range of software
products. As such, the Company is reporting its cumulative earnings and
cash flows as a development stage company commencing at August 3, 1999. To
date, the Company has not sold any of its products and is considered to be
in the development stage. The Company expects to continue the development
of related software applications.
In June 1997, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("FAS") No. 130, "Reporting
Comprehensive Income" ("FAS 130"), which established standards for
reporting and display of comprehensive income and its components in a full
set of general-purpose financial statements. Comprehensive income is
defined as the change in equity of a business enterprise during a period
from transactions and other events and circumstances from non-owner
sources. For the three and six months ended June 30, 2000 the Company's net
loss and comprehensive income were $745,850 and $1,271,979 respectively.
In June 1998, the FASB issued FAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("FAS 133") which established
accounting and reporting standards for derivative instruments, including
certain derivative instruments embedded in other contracts, and for hedging
activities. FAS 133 requires that an entity recognize all derivatives as
either assets or liabilities in the statement of financial position and
measure those instruments at fair value. The Company is not a party to any
transactions that are contemplated by FAS 133.
Pg. 5
<PAGE> 6
2. Foreign Currency Translation
The reporting currency for the financial statements of the Company is the
United States dollar. The functional currency for the Company's wholly
owned subsidiaries, Graph-O-Logic S.A. and Sochrys Technologies S.A. is the
Swiss franc. Accordingly, their assets and liabilities are included in the
financial statements by translating them in the reporting currency at the
exchange rates applicable at the end of the reporting period. The
statements of operations and cash flows are translated at the average
monthly exchange rates during the reporting period. Translation gains or
losses are accumulated as a separate component of shareholders' equity.
Currency transaction gains or losses arising from transactions in
currencies other than the Swiss franc are included in the statement of
operations for each period.
3. Related Party Transactions
During the three and six months ended June 30, 1999 the Company performed
consulting services to a related party, generating $71,656 and $147,673 in
revenue, respectively. These amounts were receivable at June 30, 2000.
There were no such services during the three or six months ended June 30,
2000.
4. Common Stock Transactions
During the three and six months ended June 30, 2000 the Company issued
345,000 and 620,000 shares of its common stock as a result of the exercise
of 345,000 and 620,000 Series 'A' warrants respectively, each with a cash
strike price of $2.00 per common share issued.
Pg. 6
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
We caution readers that certain important factors may affect our actual results
and could cause results to differ materially from any forward-looking statements
that we make in this report. For this purpose, any statements that are not
statements of historical fact may be deemed to be forward-looking statements.
This report contains disclosures that constitute "forward-looking statements".
These forward-looking statements can be identified by the use of predictive,
future-tense or forward-looking terminology, such as "believes", "anticipates",
"expects", "estimates", "plans", "may", "will", or similar terms. These
statements appear in a number of places in the report and include statements
regarding our intent, belief or current expectations with respect to many
things. Some of these things are:
- trends affecting our financial condition or results of operations for
our limited history;
- our business and growth strategies;
- our technology;
- the Internet; and
- our financing plans.
We caution readers that any such forward-looking statements are not guarantees
of future performance and involve significant risks and uncertainties. In fact,
actual results more likely will differ materially from those projected in the
forward-looking statements as a result of various factors. Some factors that
could adversely affect actual results and performance include:
- our limited operating history;
- our lack of sales to date;
- our need for additional capital funding;
- if our technology and products do not perform as specified;
- if use of the Internet does not continue to grow;
- if new adverse government regulations are enacted;
- if better technology and products are developed by others.
You should carefully consider and evaluate all of these factors. In addition, we
do not undertake to update forward-looking statements after we file with report
with the Securities and Exchange Commission, even if new information, future
events or other circumstances have made them incorrect or misleading.
RESULTS OF OPERATIONS
In this section, we discuss our earnings for the periods indicated and the
factors affecting them that resulted in changes from one period to the other.
To date, our principal operations have been conducted in Switzerland. Our
revenues were earned in Swiss francs and our expenses are incurred in Swiss
francs. Our financial statements have been conformed to US GAAP and presented in
US dollars for purposes of this report. The rates of exchange between the Swiss
franc and the US dollar set out below were used to convert the various financial
statement balances from Swiss francs to US dollars. In the tables we set forth:
- the rates of exchange for the US dollar, expressed in Swiss francs
(CH), in effect at the end of each of the periods indicated;
- the average of the exchange rates in effect during such periods.
2000 1999
<TABLE>
<CAPTION>
<S> <C> <C>
Rate at June 30 0.6109 0.6441
Average rate for six months ended June 30 0.6059 0.6810
Average rate for three months ended June 30 0.5974 0.6609
</TABLE>
Pg. 7
<PAGE> 8
THE THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE 30,
1999.
REVENUE: We generated no revenues during the three months ended June 30, 2000.
This is down from the $71,656 we generated during the three months ended June
30, 1999. During the three months ended June 30, 1999 we provided consulting
services to related parties. As of August 1999 we directed all of our attention
towards the completion of the software applications for a high speed, highly
secure method of transacting business on the internet. We believe that if we are
successful in our development and marketing efforts, we will generate a source
of revenues in the future from sales and/or licensing of our software
applications.
RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses consist
primarily of personnel costs and consulting expenses directly associated with
the development of our software applications. During the three months ended June
30, 2000, we spent $422,769, an increase of $325,594 (335%) in developing our
Universal Computer Technology, and implemented it into two commercial products:
Universal Commerce and Universal Banking. In addition, we continued to develop
related software applications. During the three months ended June 30, 1999 we
spent $97,175 on research and development directed towards the early stages of
the core software for the Universal Computer. In August 1999 we made the
strategic decision to direct all of our efforts towards the development of the
software applications. We have significantly increased our research and
development team. During the three months ended June 30, 2000 we had an average
of 20 people working directly on the project, compared to only three in the
comparable period in 1999. This increase in staffing is the primary reason for
the increase in research and development costs.
GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses consist
primarily of personnel costs, professional fees, communications, occupancy costs
and other miscellaneous costs associated with supporting our research and
development activities. During the three months ended June 30, 2000 we spent
$295,608 as compared to $2,253 during the three months ended June 30, 1999. This
increase of $293,355 (13,021%) is a reflection of our increased activity as we
shifted our focus from a consulting service to research and development
activities.
AMORTIZATION: Amortization expense was $23,687 during the three months ended
June 30, 2000, an increase of $20,055, approximately 552%, over the $3,632
charged to this expense during the three months ended June 30, 1999. This
significant increase resulted from our acquisition of a significant quantity of
computer equipment during the last 12 months.
EFFECTS OF EXCHANGE RATES ON CASH: The reporting currency for our financial
statements is the United States dollar. The functional currency for our
operating subsidiaries is the Swiss franc. Accordingly, the assets and
liabilities of these subsidiaries are included in the financial statements by
translating them from Swiss francs to United States dollars at the exchange
rates applicable at the end of reporting period. Revenues and expenses are
translated from Swiss francs to United States dollars at the average monthly
exchange rates during the period. The exchange rates used are disclosed above.
Translation gains and losses are accumulated as a separate component of
shareholders' equity. During the three months ended June 30, 2000, we recorded
translation gains of $45,675 compared to the $5,945 in translation gains we
recorded during the three months ended June 30, 1999. This $39,730 difference
relates predominantly to the increase in our assets and liabilities, which
increased by $816,687 during the last 12 months, offset by a decline of
approximately 10% in the value of the Swiss franc as compared to the US dollar.
NET LOSS: We incurred a loss of $745,850 ($0.06 per share) for the three months
ended June 30, 2000, compared to a loss of $31,949 ($0.00 per share) for the
three months ended June 30, 1999. Our revenues and future profitability and
future rate of growth are substantially dependent on our ability to:
- identify clients willing to install beta sites for our Universal Commerce
and Universal Banking products;
- operate successfully these beta sites, integrating our technology into
their operations;
- modify the software applications based on the results of the beta site
results;
- license the software applications to sufficient number of clients;
- modify the successful software applications, over time, to provide enhanced
benefits to existing users;
- successfully develop related software applications.
Pg. 8
<PAGE> 9
THE SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
REVENUE: We generated no revenues during the six months ended June 30, 2000.
This is down from the $147,673 we generated during the six months ended June 30,
1999. During the six months ended June 30, 1999 we provided consulting services
to related parties. As of August 1999 we directed all of our attention towards
the completion of the software applications for a high speed, highly secure
method of transacting business on the internet. We believe that if we are
successful in our development and marketing efforts, we will generate a source
of revenues in the future from sales and/or licensing of our software
applications.
RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses consist
primarily of personnel costs and consulting expenses directly associated with
the development of our software applications. During the six months ended June
30, 2000, we spent $710,435, an increase of $567,449 (397%) in developing our
Universal Computer Technology, and implemented it into two commercial products:
Universal Commerce and Universal Banking. In addition, we continued to develop
related software applications. During the six months ended June 30, 1999 we
spent $142,986 on research and development directed towards the early stages of
the core software for the Universal Computer. In August 1999 we made the
strategic decision to direct all of our efforts towards the development of the
software applications. We have significantly increased our research and
development team. During the six months ended June 30, 2000 we had an average of
20 people working directly on the project, compared to only six in the
comparable period in 1999. This increase in staffing is the primary reason for
the increase in research and development costs.
GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses consist
primarily of personnel costs, professional fees, communications, occupancy costs
and other miscellaneous costs associated with supporting our research and
development activities. During the six months ended June 30, 2000 we spent
$503,335 as compared to $4,118 during the six months ended June 30, 1999. This
increase of $499,217 (12,123%) is a reflection of our increased activity as we
shifted our focus from a consulting service to research and development
activities.
AMORTIZATION: Amortization expense of $54,173 during the six months ended June
30, 2000, an increase of $30,607, approximately 130%, over the $23,566 charged
to expense during the six months ended June 30, 1999. This significant increase
resulted from our acquisition of a significant quantity of computer equipment
during the last 12 months.
EFFECTS OF EXCHANGE RATES ON CASH: The reporting currency for our financial
statements is the United States dollar. The functional currency for our
operating subsidiaries is the Swiss franc. Accordingly, the assets and
liabilities of these subsidiaries are included in the financial statements by
translating them from Swiss francs to United States dollars at the exchange
rates applicable at the end of reporting period. Revenues and expenses are
translated from Swiss francs to United States dollars at the average monthly
exchange rates during the period. The exchange rates used are disclosed above.
Translation gains and losses are accumulated as a separate component of
shareholders' equity. During the six months ended June 30, 2000, we recorded
translation gains of $9,477 compared to the $4,638 in translation gains we
recorded during the six months ended June 30, 1999. This $4,839 difference
relates predominantly to the increase in our assets and liabilities, which
increased by $816,687 during the last 12 months, offset by a decline of
approximately 11% in the value of the Swiss franc as compared to the US dollar.
NET LOSS: We incurred a loss of $1,271,979 ($0.10 per share) for the six months
ended June 30, 2000, compared to a loss of $23,662 ($0.00 per share) for the six
months ended June 30, 1999. Our revenues and future profitability and future
rate of growth are substantially dependent on our ability to:
- identify clients willing to install beta sites for our Universal Commerce
and Universal Banking products;
- operate successfully these beta sites, integrating our technology into
their operations;
- modify the software applications based on the results of the beta site
results;
- license the software applications to sufficient number of clients;
- modify the successful software applications, over time, to provide enhanced
benefits to existing users;
- successfully develop related software applications.
Pg. 9
<PAGE> 10
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2000, we had negative working capital of $276,677 compared to
working capital of $37,646 at December 31, 1999. We had $208,293 of cash on hand
at June 30, 2000 compared to $171,628 at December 31, 1999.
NET CASH FLOW FROM OPERATIONS: During the six months ended June 30, 2000, we
used $866,817 in operations, compared to generating $64,745 during the six
months ended June 30, 1999. This decrease of $931,562 in cash from operations
during the six months ended June 30, 2000 is a primarily the result of the
$1,271,979 loss incurred during the six months ended June 30, 2000 offset by
$54,173 of amortization expenses and $350,988 of cash from changes to working
capital accounts.
NET CASH USED IN INVESTING ACTIVITIES: During the six months ended June 30,
2000, we invested $152,830 in computer equipment and office furniture and
pledged as a cash collateral deposit on an operating lease a further $112,210.
NET CASH FROM FINANCING ACTIVITIES: During the six months ended June 30, 2000,
we raised a net of $1,178,000 by issuing 620,000 common shares pursuant to the
exercise of 620,000 Series A warrants at an exercise price of $2.00 per warrant,
less costs of $62,000.
Since commencing operations in February 1995 through July 1999 we generated
revenues from consulting contracts and used the funds in excess of that required
to perform the consulting services to fund the development of the software
applications. Since August 1999 we have directed our efforts towards the
development of our Universal Commerce and Universal Banking and other related
software applications. In May 2000, we started to actively market our Universal
Commerce and Universal Business products.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
NONE.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
ISSUANCES OF COMMON STOCK. During the three and six months ended June 30, 2000
pursuant to Section 4 (2) of the Securities Act, we issued an aggregate of and
345,000 and 620,000 shares, respectively, of common stock to holders of 345,000
and 620,000 Series 'A' warrants, respectively, upon the exercise of the
warrants. The exercise price was $2.00 per common share.
ITEM 3. DEFAULTS ON SENIOR SECURITIES
NONE.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE.
ITEM 5. OTHER INFORMATION
NONE.
Pg. 10
<PAGE> 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
NONE
Pg. 11
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
SOCHRYS.COM, INC.
By: /s/Jean-Pierre Hofman
-------------------------------------
Jean-Pierre Hofman
President and Chief Executive Officer
By: /s/Andre Hensler
-----------------------
Andre Hensler
Chief Financial Officer
Dated: August 14, 2000
Pg. 12
