UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended September 30, 1995
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 0-14409
DELPHI FILM ASSOCIATES V
(Exact name of registrant as specified in its charter)
New York 13-3276727
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
666 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
(212) 983-9040
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has
filed all reports
required to be filed by Section 13 or 15(d) of the
Securities Exchange
Act of 1934 during the preceding 12 months (or for such
shorter period
that the registrant was required to file such reports),
and (2) has been
subject to such filing requirements for the past 90
days.
Yes X No____
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Cash and Cash Equivalents $ $
59 482
Short-Term Investments 1,192 1,076
Receivable from Columbia-Delphi
V
Productions (Note 2) 177 198
Receivable from Tri-Star-Delphi
V
Productions (Note 2) 506
507
Prepaid Expense 100 0
Interest in Motion Picture
Venture-Columbia-
Delphi V Productions
0 5
Total $ $
Assets 2,034 2,268
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 49 104
Total
Liabilities 49 104
Partners' Capital (Note 2):
General Partner 67 69
Limited Partners
1,918 2,095
Total
Partners' Capital 1,985 2,164
Total
Liabilities and Partners'
$ $
Capital 2,034 2,268
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
STATEMENTS OF OPERATIONS
(000's Omitted, except net (loss) profit per unit)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995
1994 1995 1994
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
16 58 47 82
Expenses:
Management Fee 100 100 300 300
Operating Expenses
14 11 30 37
114 111 330 337
Loss before Share of
Profit (Loss)
in Motion Picture (98) (53) (283) (255)
Ventures
Share of Profit (Loss)
in Motion
Picture Venture--
Columbia-
Delphi V Productions 5
(2) 47 10
Share of Profit in
Motion
Picture Venture--
TriStar-
Delphi V Productions
3 10 57 1,139
Net (Loss) Profit $ $ $ $
(90) (45) (179) 894
Net (Loss) Profit Per
Unit of
Limited Partnership
Interest
(8,000 units) $ $ $ $
(11) (5) (22) 111
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net (Loss) Profit $ $
(179) 894
Adjustments to reconcile Net
(Loss) Profit to net
cash (used) provided by
operating activities:
Share of Profit in Motion (104) (1,149)
Picture Ventures
Distributions from Joint 109 1,152
Ventures
Changes in Assets and
Liabilities:
Increase in Prepaid (100) (100)
Expense
Decrease in Receivables
from Joint
Ventures, net 22 6,437
Decrease in Accrued
Expenses and
Accounts Payable
(55) (35)
Net Cash (Used) Provided
by Operating
Activities
(307) 7,199
Cash Flow From Investing
Activities:
Purchases of Short-Term (2,268) (16,625)
Investments
Redemptions of Short-Term
Investments 2,152 15,927
Net Cash Used by Investing
Activities (116) (698)
Cash Flow from Financing
Activities:
Distributions to Partners
0 (6,869)
Net Cash Used by
Financing Activities 0 (6,869)
Decrease In Cash (423) (368)
Cash at beginning of period
482 456
Cash at end of period $ $
59 88
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Partnership included in the Annual Report
on Form 10-K for the year ended December 31, 1994. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Partnership as of September 30,
1995 and the results of operations and cash flows for the
periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
As of September 30, 1995, all twenty-five films in
which the Partnership has an interest have been released.
All of these films have completed their theatrical release
and are being distributed in various ancillary markets.
Based on the anticipated performance of one film
released through the Tri-Star Joint Venture, it is expected
that the Distributor of the Tri-Star Joint Venture will be
required to make an Additional Payment with respect to that
film. Accordingly, distribution fees earned and expected to
be earned by the Distributor of the Tri-Star Joint Venture
as of September 30, 1995 of approximately $353,000 have been
accrued by the Partnership as a receivable from the Tri-Star
Joint Venture.
For the purpose of computing the net (loss) profit per
unit, the net (loss) profit for the period is allocated 99%
to the limited partners and 1% to the General Partner.
3. Additional Information
Additional information, including the audited year end
1994 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Partnership's Annual
Report on Form 10-K for the year ended December 31, 1994 on
file with the Securities and Exchange Commission.
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations
a. Financial Condition
The Partnership has satisfied its commitments to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of September
30, 1995, the Partnership held cash of approximately $59,000
and short-term investments of approximately $1,192,000.
Since the Partnership's obligations to make
contributions to the Joint Ventures for the production of,
and acquisition of interests in, films have been satisfied,
all revenue received by the Partnership is used to pay
operating expenses of the Partnership and to make cash
distributions to partners
The Partnership commenced cash distributions to its
partners in October 1987. Distributions through September
30, 1995 to the limited partners have aggregated $3,300 per
unit (66% of the limited partners' original investment in
the Partnership).
b. Results of Operations
The Partnership's operating results are primarily
dependent upon the operating results of the Joint Ventures'
and are significantly impacted by the Joint Ventures'
policies.
The performance of each film is based upon the amount
expended for production and other costs associated with a
film and the revenue generated by a film. The amount and
timing of revenue generated by each film is dependent upon
the degree of acceptance by the consumer public and the
particular ancillary market in which the film is then being
exhibited.
Amounts contributed toward each film are compared
periodically to the expected total revenue to be generated
for that film, and write-downs may occur to the extent the
amounts invested exceed the expected total revenue for that
film.
Additionally, each Joint Venture has recorded income
with respect to Additional Payments, to the extent
available, which has allowed it to recover its investment in
films.
For the three months ended September 30, 1995, the
Columbia Joint Venture had
a net loss; however, the Partnership reported a net profit
from that Joint Venture of approximately $5,000, due
primarily to the profitable results of one film. The Tri-
Star Joint Venture had a net loss; however, the Partnership
reported a net profit from that Joint Venture of
approximately $3,000, due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $16,000 of interest income from its
short-term investments and incurred approximately $114,000
of expenses from its operations, resulting in an overall
net loss to the Partnership of approximately $90,000.
For the three months ended September 30, 1994, the
Columbia Joint Venture had a net loss of which the
Partnership's share was approximately $2,000, due primarily
to the unprofitable results of one film. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $10,000, due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $58,000 of interest income from its
short-term investments and incurred approximately $111,000
of expenses from its operations, resulting in an overall net
loss to the Partnership of approximately $45,000.
For the nine months ended September 30, 1995, the
Columbia Joint Venture had a net loss; however, the
Partnership reported a net profit from that Joint Venture of
approximately $47,000, due primarily to the profitable
results of one film. The Tri-Star Joint Venture had a net
loss; however, the Partnership reported a net profit from
that Joint Venture of approximately $57,000, due primarily
to the profitable results of one film. In addition, the
Partnership earned approximately $47,000 of interest income
from its short-term investments and incurred approximately
$330,000 of expenses from its operations, resulting in an
overall net loss to the Partnership of approximately
$179,000.
For the nine months ended September 30, 1994, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $10,000, due primarily
to the profitable results of one film. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $1,139,000, due primarily to interest
income related to the accrual of Additional Payments and the
profitable results of one film. In addition, the
Partnership earned approximately $82,000 of interest income
from its short-term investments and incurred approximately
$337,000 of expenses from its operations, resulting in an
overall net profit to the Partnership of approximately
$894,000.
The decrease in interest income for the three and nine
month periods ended September 30, 1995 as compared with the
corresponding periods in 1994 is due primarily to the
availability of less funds for short-term investments during
1995 offset, in part, by higher interest rates earned on
short-term investments.
The Partnership's total expenses for the three month
period ended September 30, 1995 as compared with the
corresponding period in 1994 were virtually unchanged.
The decrease in the Partnership's total expenses for
the nine month period ended September 30, 1995 as compared
with the corresponding period in 1994 is primarily due to a
decrease in Operating Expenses. The decrease in Operating
Expenses is primarily attributable to a decrease in
professional fees resulting from the performance of fewer
production audits in 1995.
<PAGE>
COLUMBIA-DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $241,318 and $241,146, $ $
respectively 849 1,021
Motion Picture Costs Recoverable
from
Additional Payments 922 655
Receivable from Columbia
Pictures
(Distributor)
131 2,369
Total $ $
Assets 1,902 4,045
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 876 2,826
Payable to Delphi Film
Associates V 177 198
Total
Liabilities 1,053 3,024
Venturers' Capital:
Columbia Pictures Industries, 849 1,016
Inc.
Delphi Film Associates V
0 5
Total
Venturers' Capital 849 1,021
Total
Liabilities and Venturers'
$ $
Capital 1,902 4,045
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net Revenues (Loss) From
Motion
Picture Exploitation $ $ $ $
53 (71) 496 129
Less: Amortization
(Recapture) of
Motion Picture
Production
and
Advertising Costs 26 (69) 172 126
Income (Loss) from 27 (2) 324 3
Operations
Additional Payments
Accrual
(Recapture) 86 267
(33) 98
Other Expense
(1,208 0 (1,208 0
) )
Net (Loss) Income $(1,09 $ $ $
5) (35) (617) 101
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net (Loss) Income $ $
(617) 101
Adjustments to reconcile Net
(Loss) Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 172 126
Write-off of Receivable from (1,208) 0
Distributor
Accrued Distributions 1,361 639
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates V (21) (35)
Decrease in Payable to
Columbia
Pictures Industries, (1,950) (604)
Inc.
Decrease in Receivable from
Columbia
Pictures (Distributor) 3,446 736
Increase in Motion Picture
Costs
Recoverable from
Additional Payments (267) (97)
Net Cash Provided by Operating
Activities 916 866
Cash Flow From Financing
Activities:
Distributions to Venturers
(916) (866)
Net Cash Used by Financing
Activities (916) (866)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates V (the
"Partnership") for the year ended December 31, 1994. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Joint Venture as of September 30,
1995 and the results of its operations and cash flows for
the periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All eleven films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three and nine month periods ended September 30, 1995 the
Joint Venture is reporting net revenue from Motion Picture
Exploitation of $53,000 and $496,000, respectively, due
primarily to the performance of the films in the worldwide
free television market. For the three and nine month
periods ended September 30, 1995, the Joint Venture has
recorded an increase in the Additional Payment accrual of
$86,000 and $267,000, respectively, due to changes in the
estimated distribution fee to be earned by the Distributor.
For the three and nine month periods ended September 30,
1995, the Joint Venture recorded an Other Expense of
$1,208,000 relating to the write down of the Receivable from
Columbia Pictures (Distributor) due to three films which
were fully recouped for both Columbia and Delphi as of the
Additional Payment date.
For the three and nine month periods ended September
30, 1994, the Joint Venture reported a net (loss) revenue
from Motion Picture Exploitation of ($71,000) and $129,000,
respectively. The net loss from Motion Picture Exploitation
for the three month period ended September 30, 1994 is due
primarily to the decline in the performance of certain films
in the international theatrical and home video markets.
Accordingly, for the three month period ended September 30,
1994 the Joint Venture recorded a recapture of amortization
of $69,000. The net revenue reported for the nine month
period ended September 30, 1995 is due primarily to the
performance of certain films in the worldwide pay television
market. For the nine month period ended September 30, 1994,
the Joint Venture has recorded an increase in the Additional
Payment accrual of $98,000 due to changes in the estimated
distribution fee to be earned by the Distributor.
3. Additional Information
Additional information, including the audited year end
1994 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1994.
<PAGE>
TRI-STAR -DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$57,423 and $57,392, $ $
respectively 385 416
Motion Picture Costs Recoverable
from
Additional Payments 513 635
Receivable from TriStar
Pictures, Inc.
(Distributor)
816 1,308
Total $ 1,714 $
Assets 2,359
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ $
Inc. 823 1,436
Payable to Delphi Film
Associates V 506 507
Total 1,329
Liabilities 1,943
Venturers' Capital:
TriStar Pictures, Inc. 385 416
Delphi Film Associates V
0 0
Total
Venturers' Capital 385 416
Total
Liabilities and Venturers'
$ 1,714 $
Capital 2,359
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR-DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
27 8 245 669
Less: Amortization
(Recapture) of
Motion Picture
Production
and
Advertising Costs 3 (14) 31 138
Income from Operations 24 22 214 531
Additional Payments
(Recapture)
Accrual (21) 10 (122) 1,267
Other Expense
(444) 0 (444) 0
Interest Income
0 0 0 1,082
Net (Loss) Income $ $ $ $
(441) 32 (352) 2,880
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net (Loss) Income $ $
(352) 2,880
Adjustments to reconcile Net
(Loss) Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 31 138
Write-off of Receivable from (444) 0
Distributor
Accrued Distributions 614 15,170
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates V, net (1) (6,402)
Decrease in Payable to (613) (8,768)
TriStar Pictures, Inc.
Decrease (Increase) in
Receivable from
TriStar Pictures, Inc. 936 (185)
(Distributor)
Decrease in Motion Picture
Costs
Recoverable from
Additional Payments 122 15,355
Net Cash Provided by
Operating Activities 293 18,188
Cash Flow From Financing
Activities:
Distributions to Venturers
(293) (18,188)
Net Cash Used by
Financing Activities (293) (18,188)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI V PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates V (the
"Partnership") for the year ended December 31, 1994. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Joint Venture as of September 30,
1995 and the results of its operations and cash flows for
the periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All fourteen films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three
and nine month periods ended September 30, 1995, the Joint
Venture is reporting net revenue of $27,000 and $245,000,
respectively, due primarily to the performance of certain
films in the pay television, worldwide free television and
foreign theatrical markets. For the three and nine month
periods ended September 30, 1995, the Joint Venture has
recorded a decrease in the Additional Payment accrual of
$21,000 and $122,000, respectively, due to a change in the
estimated distribution fee to be earned by its Distributor.
For the nine month period ended September 30, 1995, the
Joint Venture recorded an Other Expense of $444,000 relating
to the write down of the Receivable from TriStar Pictures,
Inc. (Distributor) due to seven films which were fully
recouped for both TriStar and Delphi as of the Additional
Payment date.
For the three and nine month periods ended September
30, 1994, the Joint Venture reported net revenue of $8,000
and $669,000, respectively, due primarily to the performance
of certain films in the pay television and worldwide free
television markets. For the three and nine month periods
ended September 30, 1994, the Joint Venture recorded an
increase in the Additional Payment accrual of $10,000 and
$1,267,000, respectively, due to a change in the estimated
distribution fee to be earned by the Distributor. In
addition, for the nine month period ended September 30,
1994, the Joint Venture recorded interest income of
$1,082,000 due to the decrease in the discount period
relating to the Additional Payment. The Joint Venture
received approximately $17,704,000 in June 1994 representing
a significant portion of the Joint Venture's Additional
Payment.
3. Additional Information
Additional information, including the audited year end
1994 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1994.
<PAGE>
PART II
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3.Defaults Upon Senior Securities
None
Item 4.Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6.Exhibits and Reports on Form 8-K
A). Exhibits
<TABLE>
<CAPTION>
EXHIBIT
NUMBERDESCRIPTIONPAGE NUMBER
<S> <C>
<C>
27 Financial Data Schedule
</TABLE>
B). Reports on Form 8-K
None
<PAGE>
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.
DELPHI FILM ASSOCIATES V
A New York Limited Partnership
By:
DELPHI MANAGEMENT ASSOCIATES,
General Partner
By:
ML Film Entertainment Inc.,
Managing Partner
November 10, 1995 /s/ Diane T.
Herte
Date Diane T. Herte
Treasurer of the Managing
Partner of the
General Partner
(principal financial officer
and principal
accounting officer of the
Registrant)
November 10, 1995 /s/ Steven N.
Baumgarten
Date Steven N. Baumgarten
Director and Vice President of
the Managing Partner
of the General Partner
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Balance Sheets and Statement of
Operations for the third quarter ended September 30, 1995
Form 10Q of Delphi Film Associates V and is qualified in its
entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 59,000
<SECURITIES> 1,192,000
<RECEIVABLES> 683,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,034,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,985,000
<TOTAL-LIABILITY-AND-EQUITY> 2,034,000
<SALES> 0
<TOTAL-REVENUES> 47,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 330,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (179,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (179,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (179,000)
<EPS-PRIMARY> (22.00)
<EPS-DILUTED> 0
</TABLE>
