<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1995
COMMISSION FILE NUMBER 0-13465
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
(Exact name of registrant as specified in its charter)
MARYLAND 52-1358879
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1225 EYE STREET, N.W.
WASHINGTON, D.C. 20005
(Address of principal executive offices)
(Zip Code)
(202) 347-6247
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report.)
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
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF FINANCIAL POSITION
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
<S> <C> <C>
ASSETS
------
Cash and cash equivalents $ 6,780 $ 47,636
Investments in and advances to
Local Limited Partnerships (Note 2) - -
---------- ---------
$ 6,780 $ 47,636
========== =========
LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Liabilities:
Administrative and reporting fee
payable to General Partner (Note 3) $ 635,582 $ 570,788
Accrued expenses 30,750 37,250
---------- ---------
666,332 608,038
---------- ---------
Partners' deficit:
General Partner -- The National
Housing Partnership (NHP) (101,960) (100,969)
Original Limited Partner --
1133 Fifteenth Street Associates (106,860) (105,869)
Other Limited Partners -- 11,519
investment units (450,732) (353,564)
---------- ---------
(659,552) (560,402)
---------- ---------
$ 6,780 $ 47,636
========== =========
</TABLE>
See notes to financial statements.
-1-
<PAGE> 3
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
1995 1994 1995 1994
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
REVENUES:
Distributions and repayments received
in excess of investment in and
advances to Local Limited Partnerships $ - $ - $ - $ 91,746
Interest income 259 139 1,030 937
--------- --------- --------- --------
259 139 1,030 92,683
--------- --------- --------- --------
COSTS AND EXPENSES:
Loss on investment in Local
Limited Partnerships (Note 2) - - - 2,300
Administrative and reporting fees
to General Partner (Note 3) 21,598 21,598 64,794 64,794
Other operating expenses 10,655 9,858 35,386 31,886
--------- --------- --------- --------
32,253 31,456 100,180 98,980
--------- --------- --------- --------
NET LOSS $ (31,994) $ (31,317) $ (99,150) $ (6,297)
--------- --------- --------- --------
NET LOSS ASSIGNABLE TO
LIMITED PARTNERS $ (31,356) $ (30,691) $ (97,168) $ (6,171)
========= ========= ========= ========
NET LOSS PER LIMITED
PARTNERSHIP INTEREST $ (3) $ (3) $ (8) $ (1)
========= ========= ========= ========
</TABLE>
See notes to financial statements.
-2-
<PAGE> 4
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENT OF PARTNER'S DEFICIT
<TABLE>
<CAPTION>
The National 1133
Housing Fifteenth Other
Partnership Street Limited
(NHP) Associates Partners Total
------------- ---------- -------- -----
<S> <C> <C> <C> <C>
Deficit at January 1, 1995 $(100,969) $(105,869) $(353,564) $(560,402)
Net loss -- nine months ended
September 30, 1995 (991) (991) (97,168) (99,150)
--------- --------- --------- ---------
Deficit at September 30, 1995 $(101,960) $(106,860) $(450,732) $(659,552)
========= ========= ========= =========
Percentage interest at
September 30, 1995 1% 1% 98% 100%
========== ========== ========== ==========
(A) (B) (C)
</TABLE>
(A) General Partner
(B) Original Limited Partner
(C) Consists of 11,519 investments units of 0.0085% held by 1,113 investors
See notes to financial statements.
-3-
<PAGE> 5
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months
Ended September 30,
-----------------------------------
1995 1994
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Distributions received in excess of investment in and advances to
Local Limited Partnerships $ - $ 91,746
Interest received 1,030 937
Operating expenses paid (41,886) (39,486)
Administrative and reporting fees paid to General Partner - (82,996)
--------- -------
Net cash used in operating activities (40,856) (29,799)
--------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Advances to Local Limited Partnerships - (2,300)
--------- --------
Net decrease in cash and cash equivalents (40,856) (32,099)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 47,636 86,538
--------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,780 $ 54,439
========= ========
RECONCILIATION OF NET LOSS TO NET CASH USED IN
OPERATING ACTIVITIES:
Net loss $ (99,150) $ (6,297)
--------- --------
Adjustments to reconcile net loss to net cash used in operating
activities:
Loss on investment in Local Limited Partnerships - 2,300
Increase (decrease) in administrative and reporting fees payable 64,794 (18,202)
Decrease in other accrued expenses (6,500) (7,600)
--------- --------
Total adjustments 58,294 (23,502)
--------- --------
Net cash used in operating activities $ (40,856) $(29,799)
========= ========
</TABLE>
See notes to financial statements.
-4-
<PAGE> 6
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
(1) ACCOUNTING POLICIES
ORGANIZATION
National Housing Partnership Realty Fund I (the "Partnership") is a
limited partnership organized under the laws of the State of Maryland
under the Maryland Revised Uniform Limited Partnership Act on October
21, 1983. The Partnership was formed for the purpose of raising
capital by offering and selling limited partnership interests and then
investing in limited partnerships ("Local Limited Partnerships"), each
of which owns and operates an existing rental housing project which is
financed and/or operated with one or more forms of rental assistance
or financial assistance from the U.S. Department of Housing and Urban
Development ("HUD").
The General Partner raised capital for the Partnership by offering and
selling to additional limited partners 11,519 investment units at a
price of $1,000 per unit. The Partnership acquired limited partnership
interests ranging from 98% to 99% in ten Local Limited Partnerships,
each of which was organized to acquire and operate an existing rental
housing project.
BASIS OF PRESENTATION
The accompanying unaudited interim financial statements reflect all
adjustments 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. All such adjustments are of a
normal and recurring nature.
While the General Partner believes that the disclosures presented are
adequate to make the information not misleading, it is suggested that
these financial statements be read in conjunction with the financial
statements and notes included in NHP Realty Fund I's Annual Report
filed in Form 10-K, as amended, for the year ended December 31, 1994.
(2) INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS
The Partnership owns a 98% limited partnership interest in Gates Mills
I Limited Partnership and 99% limited partnership interests in nine
other Local Limited Partnerships. Because the Partnership, as a
limited partner, does not exercise control over the activities of the
Local Limited Partnerships in accordance with the partnership
agreements, the investments in Local Limited Partnerships are
accounted for using the equity method. Thus, the investments (and the
advances made to the Local Limited Partnerships as discussed below)
are carried at cost less the Partnership's share of the Local Limited
Partnerships'
-5-
<PAGE> 7
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
losses and distributions. However, because the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,
and is not otherwise committed to provide additional support to them,
it does not recognize losses once its investments, reduced for its
share of losses and cash distributions, reach zero in each of the
individual Local Limited Partnerships. As of September 30, 1995 and
December 31, 1994, investments in all ten Local Limited Partnerships
had been reduced to zero. As a result, the Partnership did not
recognize $1,145,734 and $1,088,360 of losses from Local Limited
Partnerships during the nine months ended September 30, 1995 and 1994,
respectively. As of September 30, 1995 and December 31, 1994, the
Partnership has not recognized a total of $12,622,143 and $11,476,409,
respectively, of its allocated share of cumulative losses from the
Local Limited Partnerships in which its investment is zero.
Advances made by the Partnership to the individual Local Limited
Partnerships are considered part of the Partnership's investment in
Local Limited Partnerships. When advances are made, they are charged
to operations as a loss on investment in the Local Limited Partnership
using previously unrecognized cumulative losses. As discussed above,
due to the cumulative losses incurred by the Local Limited
Partnerships, the aggregate balance of investments in and advances to
Local Limited Partnerships has been reduced to zero at September 30,
1995 and December 31, 1994. To the extent these advances are repaid by
the Local Limited Partnerships in the future, the repayments will be
credited as distributions and repayments received in excess of
investment in Local Limited Partnerships. These advances are carried
as a payable to the Partnership by the Local Limited Partnerships.
During the nine months ended September 30, 1994, the Partnership
advanced $2,300 of working capital to two Local Limited Partnerships,
while no advances of working capital were made by the Partnership
during the nine months ended September 30, 1995. These advances were
charged to operations as loss on investment in Local Limited
Partnerships. No repayments of advances were made to the Partnership
during the nine months ended September 30, 1995 and 1994. The combined
amount carried as due to the Partnership by the Local Limited
Partnerships was $297,500 as of September 30, 1995.
The following are combined statements of operations for the three
months and nine months ended September 30, 1995 and 1994,
respectively, of the Local Limited Partnerships in which the
Partnership has invested. The statements are compiled from financial
statements of the Local Limited Partnerships, prepared on the accrual
basis of accounting, as supplied by the management agents of the
projects, and are unaudited.
-6-
<PAGE> 8
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
COMBINED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------------- ---------------------------------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Rental income $ 1,770,108 $ 1,754,732 $ 5,369,608 $ 5,207,896
Other income 54,211 42,583 178,402 167,157
---------- ---------- ---------- ----------
Total income 1,824,319 1,797,315 5,548,010 5,375,053
---------- ---------- ---------- ----------
Operating expenses 1,295,071 1,210,649 3,609,748 3,601,696
Interest, taxes and
insurance 716,128 688,311 2,224,424 1,997,945
Depreciation 298,698 296,311 873,037 876,448
---------- ---------- ---------- ----------
Total expenses 2,309,897 2,195,271 6,707,209 6,476,089
---------- ---------- ---------- ----------
Net loss $ (485,578) $ (397,956) $(1,159,199) $(1,101,036)
========== ========== ========== ==========
National Housing
Partnership Realty
Fund I share of losses $ (480,083) $ (393,381) $(1,145,734) $(1,088,360)
========== ========== ========== ==========
</TABLE>
(3) TRANSACTIONS WITH THE GENERAL PARTNER
During the nine month periods ended September 30, 1995 and 1994, the
Partnership accrued administrative and reporting fees payable to the
General Partner in the amount of $64,794 for services provided to the
Partnership. The Partnership made payments of $82,996 to the General
Partner for these fees during the nine months ended September 30, 1994.
No payments for these fees were made during the nine months ended
September 30, 1995. The amount due the General Partner by the
Partnership was $635,582 and $570,788 at September 30, 1995 and December
31, 1994, respectively.
The accrued administrative and reporting fees payable to the General
Partner will be paid only as cash flow permits or from the sale or
refinancing of one or more of the underlying properties of the Local
Limited Partnerships.
-7-
<PAGE> 9
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
LIQUIDITY AND CAPITAL RESOURCES
The properties in which the Partnership has invested, through its investments
in the Local Limited Partnerships, receive one or more forms of assistance from
Federal, state or local governments or agencies. As a result, the Local Limited
Partnerships' ability to transfer funds either to the Partnership or among
themselves in the form of cash distributions, loans or advances is generally
restricted by these government-assistance programs. These restrictions,
however, are not expected to impact the Partnership's ability to meet its cash
obligations.
Net cash used in operations for the nine months ended September 30, 1995 was
$40,856 as compared to cash used in operations of $29,799 for the nine months
ended September 30, 1994. The increase in cash used in operations resulted from
a decrease in distributions received in excess of investment in and advances to
Local Limited Partnerships, offset by a decrease of $82,996 of administrative
and reporting fees paid to the General Partner and an increase in operating
expenses paid during the nine months ended September 30, 1995 compared to the
nine months ended September 30, 1994.
During the nine months ended September 30, 1994, the Partnership advanced
$2,300 to two of the Local Limited Partnerships for working capital. No
advances were made during the nine months ended September 30, 1995. At
September 30, 1995, the combined amount carried by the Local Limited
Partnerships, as due to the Partnership, amounted to $297,500. Future advances
made will be charged to operations; likewise, future repayments will be
credited to operations.
Distributions received from Local Limited Partnerships represent the
Partnership's proportionate share of the excess cash available for distribution
from the Local Limited Partnerships. As a result of the use of the equity
method of accounting for the Partnership's investments, as of September 30,
1995, investments in all Local Limited Partnerships had been reduced to zero.
For these investments, cash distributions received are recorded in income as
distributions received in excess of investment in Local Limited Partnerships.
There were no cash distributions during the nine months ended September 30,
1995. Cash distributions of $91,746 from three Local Limited Partnerships were
received during the nine months ended September 30, 1994. The receipt of
distributions in future quarters and years is dependent upon the operations of
the underlying properties of the Local Limited Partnerships.
Cash and cash equivalents amounted to $6,780 at September 30, 1995. The ability
of the Partnership to meet its on-going cash requirements, in excess of cash on
hand at September 30,
-8-
<PAGE> 10
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
1995, is dependent upon the future receipt of distributions from the Local
Limited Partnerships or proceeds from sales or refinancing of one or more of
the underlying properties of the Local Limited Partnerships. Cash on hand at
September 30, 1995, plus any distributions from the underlying operations of
the combined Local Limited Partnerships is expected to adequately fund the
operations of the Partnership in the current year. However, there can be no
assurance that future distributions will be adequate to fund the operations
beyond the current year.
The Partnership currently owes the General Partner $635,582 for administrative
and reporting services performed. During the nine months ended September 30,
1994, the Partnership paid $82,996 for these fees to the General Partner. This
payment was made with distributions received from the Local Limited
Partnerships. No payments for these fees were made during the nine months ended
September 30, 1995. The future payment of these unpaid administrative and
reporting fees will most likely result from the sale or refinancing of the
underlying properties of the Local Limited Partnerships, rather than through
recurring operations.
Some of the Properties in which the Partnership has invested may be eligible to
participate in the Low Income Housing Preservation and Resident Homeownership
Act of 1990 (LIHPRHA). LIHPRHA creates a procedure under which properties
assisted under the HUD Section 236 or 221(d)(3) programs may be eligible to
receive financial incentives in return for agreeing to extend their property's
use as low income housing.
Congress and the Administration are currently considering various proposals to
significantly reduce or eliminate funding for the LIHPRHA program, and to
restructure various federal housing programs under the jurisdiction of the
Department of Housing and Urban Development (HUD). NHP is actively working to
affect the policy decisions being made and to limit any detrimental effect on
its portfolio. Depending on the final outcome of this process, however,
operations at the Properties and/or the ability to sell or refinance under
LIHPRHA could be affected.
All the Local Limited Partnerships in which the Partnership has invested carry
deferred acquisition notes due to the original owners of the Properties. In the
event of a default on these notes, the noteholders would assume ownership of
both NHP's and the Partnership's interests in the Local Limited Partnerships.
Notes related to the acquisition of Fairmeadows and Southridge had final
maturity dates in 1994, and the notes related to Gates Mills and Hurbell IV had
1994 due dates but were extended for five years. All of the other notes have
final maturity dates between 1997 and 1999.
In their audit report dated March 18, 1995, the Partnership's auditors added an
additional "emphasis" paragraph to their report on the Partnership's 1994 and
1993 financial statements included in the Form 10-K. The comments made in the
"emphasis" paragraph generally repeat
-9-
<PAGE> 11
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
disclosures made by the Partnership in the footnotes to the 1994 financial
statements, primarily footnote 3. In the "emphasis" paragraph, the auditors
stated "Two of the Local Limited Partnerships, Fairmeadows and Southridge,
carry deferred acquisition notes which matured in 1994, and have not been
extended." The auditors further stated that "The Local Limited Partnerships do
not have funds sufficient to retire these obligations," and "This event raises
substantial doubt about the ability of these Partnerships to continue as going
concerns." A loss of interests in these Local Limited Partnerships may cause
the partners in the Partnership to incur adverse tax consequences. The impact
of the tax consequences is dependent upon each partner's individual tax
situation.
The Fairmeadows and Southridge notes became due on September 24, 1994 and
October 18, 1994, respectively. The noteholders have not yet formally declared
the notes in default. The General Partner has been negotiating with the
noteholders to extend the maturity date of the notes and to discount the notes
in order that both the noteholders and the partners can receive a financial
benefit from participation in LIHPRHA. To date, these negotiations have been
unsuccessful. The General Partner has filed Notice of Intent to have
Fairmeadows and Southridge participate in LIHPRHA and has begun processing the
properties through the program. Should no agreement be reached, and the
noteholders declare the notes in default, the Partnership may not be able to
participate in the LIHPRHA program and may lose its interest in these Local
Limited Partnerships.
On October 2, 1995, Village Green and Forest Green Limited Partnerships entered
into Note Purchase and Sale Agreements ("Agreements") for the discounted
purchase of the deferred acquisition notes due to the original owners of these
Properties. The Agreements require two installment payments totaling $175,000
for the purchase of each of the notes. The initial installment payments of
$120,000 each were made upon execution of the Agreements on October 2, 1995.
On October 2, 1995, the Partnership advanced $79,625 and $15,605 to Village
Green and Forest Green, respectively, to enable the properties to make the
first installment payments. The final installment of $55,000 each is due May 1,
1996 (with the Properties retaining an option to extend payment to June 3,
1996). It is projected that Village Green and Forest Green will have
sufficient surplus cash from 1995 operations to fully cover the final
installment payment. The notes remain in effect until the final installment
payment is made. The balances of the deferred acquisition notes at September
30, 1995 were $717,622 and $712,508 with accrued interest of $794,250 and
$788,589 for Village Green and Forest Green, respectively.
Upon payment of the final installments during 1996, the Partnership will
recognize income from the extinguishment of debt for income tax purposes and
for financial reporting in accordance with generally accepted accounting
principles. For tax purposes, it is expected that the 1996 gain arising from
the discounted pay-off of these notes will be approximately equal to the 1996
passive losses generated by the operations of the properties in the
Partnership. Should actual 1996 passive losses
-10-
<PAGE> 12
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
from operations be less than currently anticipated, the partners may have
sufficient suspended passive losses to fully offset the resulting net passive
income. However, the impact of these tax consequences is also dependent upon
each partner's individual tax situation.
RESULTS OF OPERATIONS
The Partnership has invested as a limited partner in Local Limited Partnerships
which operate ten rental housing properties. In prior years, results of
operations of NHP Realty Fund I were significantly impacted by the
Partnership's share of the losses of the Local Limited Partnerships. These
losses included depreciation and accrued deferred acquisition note interest
expense which are noncash in nature. Because the investments in and advances to
Local Limited Partnerships have been reduced to zero, the Partnership's share
of the operations of the Local Limited Partnerships is no longer being
recorded.
The Partnership incurred a net loss of $99,150 for the nine months ended
September 30, 1995, compared to a net loss of $6,297 for the nine months ended
September 30, 1994. Net loss per unit of limited partnership interest was $8
compared to a net loss per unit of $1 for the 11,519 units outstanding for both
periods. The increase in net loss was primarily due to the decrease in
distributions received in excess of investment in and advances to Local Limited
Partnerships. The Partnership did not recognize $1,145,734 of its allocated
share of losses from the ten Local Limited Partnerships for the nine months
September 30, 1995, as the Partnership's net carrying basis in these
Partnerships had been reduced to zero. The Partnership's share of losses from
the Local Limited Partnerships, if not limited to its investment account
balance, would have increased $57,374 between periods, primarily due to an
increase in operating expenses partially offset by an increase in rental income
between periods.
-11-
<PAGE> 13
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.
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
(Registrant)
By: The National Housing Partnership,
its sole General Partner
By: National Corporation for Housing
Partnerships, its sole General Partner
November 10, 1995 By: /s/ Jeffrey J. Ochs
-------------------------------------
Jeffrey J.Ochs
As Vice President, Finance and Accounting,
and Chief Accounting Officer
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 6,780
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,780
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,780
<CURRENT-LIABILITIES> 666,332
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> (659,552)
<TOTAL-LIABILITY-AND-EQUITY> 6,780
<SALES> 0
<TOTAL-REVENUES> 1,030
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 100,180
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (99,150)
<INCOME-TAX> 0
<INCOME-CONTINUING> (99,150)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (99,150)
<EPS-PRIMARY> (8)
<EPS-DILUTED> (8)
</TABLE>
