UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
- --------------------------------------------------------------------------------
(Mark one)
XX QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended January 31, 2000
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF
1934
For the transition period from ______________ to _____________
- --------------------------------------------------------------------------------
Commission File Number: 0-28557
Humatech, Inc.
(Exact name of small business issuer as specified in its charter)
Illinois 36-3559839
----------------------- -----------------------
(State of incorporation) (IRS Employer ID Number)
1718 Fry Road, Suite 450, Houston TX 77084
------------------------------------------
(Address of principal executive offices)
(281) 828-2500
-------------------------
(Issuer's telephone number)
- --------------------------------------------------------------------------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the 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
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: March 22, 2000: 8,455,114
Transitional Small Business Disclosure Format (check one): YES NO X
---- ---
<PAGE>
Humatech, Inc.
Form 10-QSB for the Quarter ended January 31, 2000
Table of Contents
Page
Part I - Financial Information
Item 1 Financial Statements 3
Item 2 Management's Discussion and Analysis or Plan of Operation 8
Part II - Other Information
Item 1 Legal Proceedings 9
Item 2 Changes in Securities 9
Item 3 Defaults Upon Senior Securities 9
Item 4 Submission of Matters to a Vote of Security Holders 9
Item 5 Other Information 9
Item 6 Exhibits and Reports on Form 8-K 9
Signatures 9
2
<PAGE>
<TABLE>
<CAPTION>
Part 1 - Item 1 - Financial Statements
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Balance Sheets
January 31, 2000 and 1999
(Unaudited)
2000 1999
----------- -----------
ASSETS
<S> <C> <C>
Current Assets
Cash on hand and in bank $ 68,605 $ 8,354
Accounts receivable - trade,
net of allowance for doubtful accounts of $-0- and $-0-, respectively 341,853 --
Inventories 55,587 94,506
----------- -----------
Total current assets 466,045 102,860
----------- -----------
Property and Equipment - at cost
Transportation equipment 249,936 140,296
Manufacturing and processing equipment 181,407 42,755
Office furniture and fixtures 18,726 7,903
----------- -----------
450,069 190,954
Accumulated depreciation (197,433) (136,341)
----------- -----------
Net property and equipment 252,636 54,613
----------- -----------
Other assets 395 360
----------- -----------
Total Assets $ 719,076 $ 157,833
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes payable to banks and finance companies $ 212,772 $ 87,954
Notes and leases payable to affiliates 33,811 36,750
Customer deposits 8,800 6,000
Accounts payable - trade 68,063 69,660
Accrued interest payable 36,525 8,235
Due to officers 730,578 589,301
----------- -----------
Total current liabilities 1,090,549 797,900
----------- -----------
Long-term Liabilities
Notes and commitments payable to affiliates 922,327 273,077
----------- -----------
Total liabilities 2,012,876 1,070,977
----------- -----------
Commitments and Contingencies
Stockholders' Equity (Deficit)
Common stock - no par value.
25,000,000 shares authorized
8,455,114 issued and outstanding 123,157 123,157
Accumulated deficit (1,416,957) (1,036,301)
----------- -----------
Total stockholders' deficit (1,293,800) (913,144)
----------- -----------
Total Liabilities and Stockholders' Deficit $ 719,076 $ 157,833
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
3
<PAGE>
<TABLE>
<CAPTION>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Statements of Operations and Comprehensive Income
Nine and Three months ended January 31, 2000 and 1999
(Unaudited)
Nine months Nine months Three months Three months
ended ended ended ended
January 31, January 31 January 31, January 31,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues
Sales - net of discounts and returns
Domestic $ 101,065 $ 123,405 $ (431) $ 285
Foreign, principally United Kingdom 314,719 -- 275,959 --
----------- ----------- ----------- -----------
Total revenues 415,784 123,405 275,528 285
----------- ----------- ----------- -----------
Cost of Sales
Materials 57,068 33,169 55,229 --
Other direct costs 90,450 25,068 22,143 3,259
----------- ----------- ----------- -----------
Total cost of sales 147,518 58,237 77,372 3,259
----------- ----------- ----------- -----------
Gross Profit 268,266 65,168 198,156 (2,974)
----------- ----------- ----------- -----------
Operating Expenses
Research and development expenses 13,500 -- 10,760 --
Commissions and other sales
and marketing expenses 39,742 60,356 11,425 19,264
Officer compensation 210,417 218,750 60,417 72,917
Other operating expenses 170,146 69,947 50,670 19,086
Interest expense 50,721 8,152 42,735 1,869
Depreciation expense 65,170 16,991 50,732 6,054
----------- ----------- ----------- -----------
Total operating expenses 549,696 374,196 226,739 119,190
----------- ----------- ----------- -----------
Loss from operations (281,430) (309,028) (28,583) (122,164)
Provision for income taxes -- -- -- --
----------- ----------- ----------- -----------
Net Loss (281,430) (309,028) (28,583) (122,164)
Other Comprehensive Income -- -- -- --
----------- ----------- ----------- -----------
Comprehensive Income $ (281,430) $ (309,028) $ (28,583) $ (122,164)
=========== =========== =========== ===========
Net loss per weighted-average
share of common stock
outstanding, calculated on
Net Loss - basic and fully diluted $ (0.03) $ (0.04) nil $ (0.01)
=========== =========== =========== ===========
Weighted-average number of shares
of common stock outstanding 8,455,114 8,455,114 8,455,114 8,455,114
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
4
<PAGE>
<TABLE>
<CAPTION>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Statements of Cash Flows
Nine months ended January 31, 2000 and 1999
(Unaudited)
Nine months Nine months
ended ended
January 31, January 31,
2000 1999
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities
Net loss for the period $(281,430) $(309,028)
Adjustments to reconcile net loss to
net cash provided by operating activities
Depreciation 65,170 16,991
(Increase) Decrease in
Accounts receivable - trade (337,232) 5,232
Inventory 33,732 5,153
Other assets (35) --
Increase (Decrease) in
Accounts payable and other accrued liabilities (2,713) (9,160)
Customer deposits (1,700) 6,000
Due to officers 100,818 166,332
--------- ---------
Cash flows provided by (used in) operating activities (423,390) (118,480)
--------- ---------
Cash Flows from Investing Activities
Purchase of property and equipment (31,473) (131)
--------- ---------
Cash flows used in investing activities (31,473) (131)
--------- ---------
Cash Flows from Financing Activities
Increase (Decrease) in cash overdraft (1,819) --
Proceeds from loans payable to affiliates 599,250 127,922
Principal payments on loans payable (73,963) (5,795)
--------- ---------
Cash flows provided by (used in) financing activities 523,468 122,127
--------- ---------
Increase (Decrease) in Cash and Cash Equivalents 68,605 3,516
Cash and cash equivalents at beginning of period -- 4,838
--------- ---------
Cash and cash equivalents at end of period $ 68,605 $ 8,354
========= =========
Supplemental Disclosure of
Interest and Income Taxes Paid
Interest paid for the period $ 36,546 $ 8,152
========= =========
Income taxes paid for the period $ -- $ --
========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
5
<PAGE>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Notes to Financial Statements
NOTE A - Organization and Description of Business
Humatech, Inc. (formerly Midwest Enterprise Consultants, Inc.) (Company) was
incorporated on February 2, 1988 under the laws of the State of Illinois. The
Company was initially formed for the purposes of assisting local organizations
of labor and corporations with their membership or employee relations by
providing bundled membership or employee benefits for a low per member fee or
per employee cost to the corporation or labor organization. The Company intended
to achieve its goal of placing bundled groups of benefits with labor
organizations or corporations on the beneficial value that such services will
hold for the respective members or employees thereby enhancing satisfaction with
the labor union or corporate management.
From inception through April 16, 1997, the Company was engaged solely in the
process of developing a methodology to achieve its goals and was unsuccessful in
its efforts. The Company became dormant in December 1991.
On April 16, 1997, the Company issued 5,884,614 shares of common stock to
International Humate Fertilizer Co. (IHFC), a Nevada corporation, to acquire
100.0% of the assets of IHFC. IHFC then distributed the 5,884,614 shares of the
Company's stock to its stockholders. For accounting purposes, IHFC is the
surviving entity and all assets and liabilities were acquired by the Company at
the historical founder's cost of IHFC.
Due to the April 16, 1997 acquisition of a significant business operation, the
Company changed its operating year-end to April 30 and changed its corporate
name to Humatech, Inc..
International Humate Fertilizer Co. (IHFC) is a Nevada corporation incorporated
on February 21, 1996 under the laws of the State of Nevada. IHFC was capitalized
with the transfer of certain assets and assumption of all outstanding
liabilities of a Texas sole proprietorship of the same name, effective July 1,
1996. With the acquisition of IHFC, the Company became engaged in the
development, manufacture and sale of carbon-based humate products for use in the
commercial agriculture, animal feed and home horticulture markets.
For segment reporting purposes, the Company operated in only one industry
segment during the periods represented in the accompanying financial statements
and makes all operating decisions and allocates resources based on the best
benefit to the Company as a whole.
During interim periods, the Company follows the accounting policies set forth in
its annual audited financial statements contained elsewhere in this document.
The information presented herein does not include all disclosures required by
generally accepted accounting principles and the users of financial information
provided for interim periods should refer to the annual financial information
and footnotes contained in its annual audited financial statements contained
elsewhere in this document when reviewing the interim financial results
presented herein.
In the opinion of management, the accompanying interim financial statements,
prepared in accordance with the instructions for Form 10-QSB, are unaudited and
contain all material adjustments, consisting only of normal recurring
adjustments necessary to present fairly the financial condition, results of
operations and cash flows of the Company for the respective interim periods
presented. The current period results of operations are not necessarily
indicative of results which ultimately will be reported for the full fiscal year
ending April 30, 2000.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management 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 reporting period.
Actual results could differ from those estimates.
6
<PAGE>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Notes to Financial Statements - Continued
NOTE B - Going Concern Uncertainty
The Company has incurred cumulative net operating losses of approximately
$(1,400,000) and has used cumulative cash in operating activities of
approximately $(500,000) during the period from May 1, 1997 through January 31,
2000. Further, the Company has been irregular in making scheduled payments on
notes payable to banks and other financing entities. Accordingly, the lender(s)
could, at their sole discretion, declare the then outstanding indebtedness to be
immediately due and payable. The lender could then foreclose on a significant
portion of the Company's assets, which could have a material adverse effect on
the Company's financial condition and operations.
Management is of the opinion that current sales trends and foreign demand for
the Company's products will provide sufficient cash to support the Company's
day-to-day liquidity requirements as well as retire outstanding debt and
delinquent trade payables.
The Company's continued existence is dependent upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.
NOTE C - Summary of Significant Accounting Policies
1. Cash and cash equivalents
-------------------------
The Company considers all cash on hand and in banks, including accounts in
book overdraft positions, certificates of deposit and other highly-liquid
investments with maturities of three months or less, when purchased, to be
cash and cash equivalents.
2. Accounts receivable and revenue recognition
-------------------------------------------
In the normal course of business, the Company periodically extends
unsecured credit to repetitive customers which are located principally in
Texas, Arizona and the United Kingdom (England). Because of the credit risk
involved, management has provided an allowance for doubtful accounts which
reflects its opinion of amounts which will eventually become uncollectible.
In the event of complete non-performance, the maximum exposure to the
Company is the recorded amount of trade accounts receivable shown on the
balance sheet at the date of non- performance.
Revenue is recognized at the time materials are shipped to the Company's
customers.
3. Inventory
---------
Inventory consists of finished goods, raw materials and related packaging
materials necessary to manufacture humate-based fertilizer products. These
items are carried at the lower of cost or market using the first-in,
first-out method.
4. Property, plant and equipment
-----------------------------
Property and equipment are recorded at historical cost. These costs are
depreciated over the estimated useful lives of the individual assets,
generally 4 to 10 years, using the straight-line method.
Gains and losses from disposition of property and equipment are recognized
as incurred and are included in operations.
7
<PAGE>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Notes to Financial Statements - Continued
NOTE C - Summary of Significant Accounting Policies - Continued
5. Research and development expenses
---------------------------------
Research and development expenses are charged to operations as incurred.
(6) Advertising expenses
--------------------
Advertising and marketing expenses are charged to operations as incurred.
7. Income taxes
------------
The Company utilizes the asset and liability method of accounting for
income taxes. At January 31, 2000 and 1999, respectively, the deferred tax
asset and deferred tax liability accounts, as recorded when material,
consist entirely the result of temporary differences. Temporary differences
represent differences in the recognition of assets and liabilities for tax
and financial reporting purposes, primarily allowance for doubtful accounts
and accumulated depreciation.
8. Loss per share
--------------
Basic earnings (loss) per share is computed by dividing the net income
(loss) by the weighted-average number of shares of common stock and common
stock equivalents (primarily outstanding options and warrants). Common
stock equivalents represent the dilutive effect of the assumed exercise of
the outstanding stock options and warrants, using the treasury stock
method. The calculation of fully diluted earnings (loss) per share assumes
the dilutive effect of the exercise of outstanding options and warrants at
either the beginning of the respective period presented or the date of
issuance, whichever is later. As of January 31, 2000 and 1999,
respectively, the Company has no warrants and/or options issued and
outstanding.
NOTE D - Fair Value of Financial Instruments
The carrying amount of cash, accounts receivable, accounts payable and notes
payable, as applicable, approximates fair value due to the short term nature of
these items and/or the current interest rates payable in relation to current
market conditions.
NOTE E - Inventory
Inventory consists of the following at January 31, 2000 and 1999, respectively:
January 31, January 31,
2000 1999
Raw materials $55,587 $94,506
Finished goods - -
------- -------
Totals $55,587 $94,506
======= =======
8
<PAGE>
Humatech, Inc.
(formerly Midwest Enterprise Consultants, Inc.)
Notes to Financial Statements - Continued
NOTE F - Due to Officers
The Company had a operating lease payable to the Company's President and
controlling shareholder for the use of an airplane. The lease requires monthly
payments of $2,560 and the Company was required to provide all necessary
insurance coverage and maintenance. The lease term was from July 1, 1996 through
June 30, 1999. The lease was terminated by mutual consent of all parties on July
31, 1998.
The Company has a license agreement with the Company's President and controlling
shareholder for the use of all copyrights, trademarks, patents, trade secrets,
product formulas, customer lists and other proprietary information owned by IHFC
by virtue of the incorporation of the predecessor sole proprietorship. The
agreement requires a payment of 1.0% of the total gross sales of the Company.
The Company entered into an employment agreement with an individual to serve as
the Company's President and Chief Executive Officer. The agreement covers the
term from July 1, 1996 through June30, 2001 and automatically renews for
successive two (2) year terms unless either the President or the Company gives
sixty (60) days written notice to the other. The agreement requires annual
compensation payments of $128,000 for the first year of the agreement term;
$150,000 for the second year of the agreement term and $175,000 for all
successive years of the agreement term.
The Company entered into an employment agreement with an individual to serve as
the Company's Executive Vice President and Chief Financial Officer. The
agreement covers the term from July 1, 1996 through June30, 2001 and
automatically renews for successive two (2) year terms unless either the
Executive Vice President or the Company gives sixty (60) days written notice to
the other. The agreement requires annual compensation payments of $80,000 for
the first year of the agreement term; $100,000 for the second year of the
agreement term and $125,000 for all successive years of the agreement term.
As of January 31, 2000 and 1999, total cumulative amounts unpaid under these
agreements are as follows:
January 31, January 31,
2000 1999
----------- -----------
Officer compensation $730,578 $589,301
Airplane lease payments - -
Royalty fees - -
-------- --------
$697,873 $538,348
======== ========
Future amounts due under the employment agreements are as follows:
Year ending
April 30, Amount
2000 $300,000
2001 300,000
2002 50,000
--------
Totals $650,000
========
NOTE K - Commitments
In April 1998, the Company entered into a Marketing Services Agreement with an
unrelated entity to provide specialized marketing services that will generate
sales into specified mass merchandiser outlets. The agreement provides that the
Company will pay the marketing company a performance fee equal to 10.0% of all
invoiced sales to the respective mass merchandisers and covers virtually all of
the Company's products.
9
<PAGE>
Part I - Item 2
Management's Discussion and Analysis of Financial Condition and Results of
Operations
(1) Caution Regarding Forward-Looking Information
This quarterly report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"anticipate," "believe," "estimate," "expect" and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.
(2) Nine months ended January 31, 2000 compared to the nine months ended
January 31, 1999
During the nine months ended January 31, 2000, the Company experienced net
revenues of approximately $416,000 as compared to the nine months ended January
31, 1999 net revenues of approximately $123,000. This increase relates to the
refocus of management time to generate sales in the commercial agriculture
market during Fiscal 2000 and the entering of the United Kingdom market for the
Company's products as an animal feed supplement during the third quarter of
Fiscal 2000. During the second quarter of fiscal 2000, the Company spent time
and resources to develop its relationship with a new United Kingdom distributor
and prepare for shipments of product into the animal feed market in the European
Union countries. The trials using the Company's products as an animal feed
supplement have proven to be successful and the Company anticipates continued
sales into this market during the last quarter of fiscal 2000. The Company's
products have proven to be a successful replacement for comparable products
which have historically been used in this environment and have been banned for
use in these countries by the respective Governmental and other Regulatory
Agencies.
The Company's cost of sales increased from approximately $28.08% of net revenues
for the nine months ended January 31, 1999 to approximately 35.8% of net
revenues for the nine months ended January 31, 2000. The principal cost increase
contributing to this change was caused by increased usage of direct materials
and related costs associated with other minerals and components of the Company's
products. These costs are impacted by customer demand, the availability of
capital for volume purchasing and the material handling costs of the primary
humus/leonardite component from the mine site to the Company's processing
facilities.
During the first nine months of fiscal 2000, management continues to make every
effort to control operating expenses. Operating expenses increased from
approximately $227,000 to approximately $550,000 between first nine months of
fiscal 1998 and the first nine months of fiscal 1999, respectively. A principal
component of this increase relates to expenditures necessary to develop the
animal feed market through its United Kingdom distributor, which efforts are
expected to have a positive impact on the Company's operations during the last
1/2 of Fiscal 2000. Additionally, the Company has incurred additional debt
related to material processing equipment to allow for prompt and efficient
fulfillment of United Kingdom orders during the fourth quarter of Fiscal 2000
and future periods. This increase in debt has caused increases in interest
expense and, accordingly, increased charges to operations for depreciation.
For the nine months ended January 31, 2000, the Company experienced a net loss
of approximately $(281,000), or $(0.03) per share, as compared to approximately
$(309,000), or $(0.04) per share, for the first nine months ended January 31,
1999.
10
<PAGE>
(3) Liquidity
During the nine months ended January 31, 2000, liquidity continued to he
provided principally from loans to the Company made by individuals and entities
affiliated with the Company's Chief Financial Officer. During the first nine
months of fiscal 2000, the Company used cash in operating activities of
approximately $(423,000) as compared to using cash in operating activities
during the first nine months of fiscal 1999 of approximately $(118,000).
Management is of the opinion that its current plant and equipment holdings, as
of January 31, 2000, are adequate to provide the production and delivery needs
for the Company's products in the foreseeable future. Accordingly, the Company
has identified no further significant capital requirements for the next 12-18
months. Liquidity requirements for future periods are anticipated to be met from
the Company's continuing operations as driven by the Company's development of
the animal feed and home, lawn and garden markets.
(4) Year 2000 Considerations
The Year 2000 (Y2K) date change is believed to affect virtually all computers
and organizations. The Company has undertaken a comprehensive review of its
information systems, including personal computers, software and peripheral
devices, and its general communications systems. The Company has no direct
electronic links with any customer or supplier. In addition, the Company held
discussions with certain of its software suppliers with respect to the Y2K date
change. The Company was not required to modify or replace significant portions
of its computer hardware or software and any such modifications or replacements
may be necessary in future periods, they will be, readily available. The Company
has no known direct Y2K exposures and anticipates that any costs associated with
the Y2K date change compliance to have a material effect on its financial
position or its results of operations. The Company has experienced no
interruptions or problems related to the Y2K issue as of the date of this
filing; however, there can be no assurance that all of the Company's systems,
and the systems of its suppliers, shippers, customers or other external business
partners will continue to function adequately.
(Remainder of this page left blank intentionally)
11
<PAGE>
Part II - Other Information
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults on Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
The Company has held no regularly scheduled, called or special meetings
of shareholders during the reporting period.
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
Reports on Form 8-K - None
- --------------------------------------------------------------------------------
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Humatech, Inc.
March 23 , 2000 /s/ David G. Williams
-------- ---------------------------
David G. Williams
President and Director
March 23 , 2000 /s/ John D. Rottweiler
-------- ---------------------------
John D. Rottweiler
Chief Financial Officer and Director
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
</LEGEND>
<CIK> 0001100976
<NAME> Humatech, Inc.
<MULTIPLIER> 1
<CURRENCY> US Dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> JAN-31-2000
<EXCHANGE-RATE> 1
<CASH> 68605
<SECURITIES> 0
<RECEIVABLES> 341853
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<PP&E> 450069
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<TOTAL-ASSETS> 719076
<CURRENT-LIABILITIES> 1090549
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0
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<COMMON> 123157
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<TOTAL-LIABILITY-AND-EQUITY> 719076
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<OTHER-EXPENSES> 0
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<INCOME-PRETAX> (281430)
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