SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1996 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 0-17443
IDS MANAGED FUTURES II, L.P.
(Exact name of registrant as specified in its charter)
Delaware 06-1207252
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification #)
233 South Wacker Drive, Suite 2300, Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 460-4000
Former name, former address and former fiscal year, if changed
since last report: Not Applicable
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
<TABLE>
Part I. Financial Information
Item 1. Financial Statements
Following are Financial Statements for the fiscal quarter ended March 31, 1996,
and the additional time frames as noted:
Fiscal Quarter Year to Date Fiscal Year Fiscal Quarter Year to Date
Ended 3/31/96 To 3/31/96 Ended 12/31/95 Ended 3/31/95 To 3/31/95
-------------- -------------- -------------- --------------------------
<S> <C> <C> <C> <C> <C>
Statement of
Financial Condition X X
Statement of
Operations X X X X
Statement of Changes
in Partners' Capital X
Statement of
Cash Flows X X
Notes to Financial
Statements X
IDS MANAGED FUTURES II, L.P.
STATEMENTS OF FINANCIAL CONDITION
UNAUDITED
Mar 31, 1996 Dec 31, 1995
--------------- --------------
<C> <C>
ASSETS
Equity in commodity futures
trading accounts:
Account balance $10,449,795 $10,585,211
Unrealized gain on open
futures contracts 479,642 565,658
--------------- --------------
10,929,437 11,150,869
Interest receivable 36,373 39,588
--------------- --------------
Total assets $10,965,811 $11,190,457
=============== ==============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accrued commissions on open
futures contracts due to AXP Advisors and $42,457 $36,853
Accrued management fee 32,700 36,944
Accrued incentive fee 0 10,682
Accrued operating expenses 22,825 70,279
Redemptions payable 78,617 19,908
--------------- --------------
Total liabilities 176,599 174,666
Partners' Capital:
Limited partners (21,436.99 units 10,474,327 10,700,674
outstanding at 3/31/96, 21,884.34
units outstanding at 12/31/95) (see Note 1)
General partners (644.45 units out- 314,885 315,117
standing at 3/31/96 and 12/31/95) (see Note 1)
--------------- --------------
Total partners' capital 10,789,212 11,015,791
--------------- --------------
Total liabilities and
partners' capital $10,965,811 $11,190,457
=============== ==============
See accompanying notes to financial statements.
UNAUDITED
IDS MANAGED FUTURES II, L.P.
STATEMENTS OF OPERATIONS
Jan 1, 1996 Jan 1, 1996 Jan 1, 1995 Jan 1, 1995
through through through through
Mar 31, 1996 Mar 31, 1996 Mar 31, 1995 Mar 31, 1995
--------------- -------------- ------------- -------------
<S> <C> <C> <C>
REVENUES
Gains on trading of commodity futures
and forwards contracts, physical
commodities and related options:
Realized gain (loss) on closed positions $173,391 $173,391 $915,211 $915,211
Change in unrealized gain (loss)
on open positions (86,016) (86,016) 1,061,566 1,061,566
Interest income 108,241 108,241 110,285 110,285
Foreign currency transaction gain (loss) (13,269) (13,269) 92,455 92,455
--------------- -------------- ------------- -------------
Total revenues $182,346 $182,346 $2,179,516 $2,179,516
EXPENSES
Commissions paid to AXP Advisors and CIS 102,661 102,661 115,042 115,042
Exchange fees 1,950 1,950 2,096 2,096
Management fees 100,852 100,852 100,163 100,163
Incentive fees 214 214 115,656 115,656
Operating expenses (16,997) (16,997) 37,935 37,935
--------------- -------------- ------------- -------------
Total expenses 188,680 188,680 370,892 370,892
--------------- -------------- ------------- -------------
Net profit (loss) ($6,334) ($6,334) $1,808,624 $1,808,624
=============== ============== ============= =============
PROFIT (LOSS) PER UNIT OF
PARTNERSHIP INTEREST ($0.35) ($0.35) $74.45 $74.45
=============== ============== ============= =============
See accompanying notes to financial statements.
UNAUDITED
IDS MANAGED FUTURES II, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the period January 1, 1996 through March 31, 1996
Limited General
Units* Partners Partners Total
--------------- -------------- ------------- -------------
<S> <C> <C>
Partners' capital at January 1, 1996 21,884.34 $10,700,674 $315,117 $11,015,791
Net profit (loss) (6,102) (232) (6,334)
Redemptions (see Note 1) (447.35) (220,245) 0 (220,245)
--------------- -------------- ------------- -------------
Partners' capital at March 31, 1996 21,436.99 $10,474,327 $314,885 $10,789,212
=============== ============== ============= =============
Net asset value per unit
January 1, 1996 $488.96 $488.96
Net profit (loss) per unit (0.35) (0.35)
-------------- -------------
Net asset value per unit
March 31, 1996 $488.61 $488.61
* Units of Limited Partnership interest.
See accompanying notes to financial statements.
UNAUDITED
IDS MANAGED FUTURES II, L.P.
STATEMENTS OF CASH FLOWS
Jan 1, 1996 Jan 1, 1995
through through
Mar 31, 1996 Mar 31, 1995
--------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net profit/(loss) ($6,334) $1,808,624
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Change in assets and liabilities:
Unrealized gain (loss) on open
futures contracts 86,016 (1,061,566)
Interest receivable 3,215 (6,413)
Accrued liabilities (56,775) 140,465
Redemptions payable 58,709 148,567
--------------- --------------
Net cash provided by (used in)
operating activities 84,830 1,029,676
Cash flows from financing activities:
Partner redemptions (220,245) (336,516)
--------------- --------------
Net cash provided by (used in)
financing activities (220,245) (336,516)
--------------- --------------
Net increase (decrease) in cash (135,415) 693,160
Cash at beginning of period 10,585,211 8,850,144
--------------- --------------
Cash at end of period $10,449,795 $9,543,304
=============== ==============
See accompanying notes to financial statements.
UNAUDITED
IDS MANAGED FUTURES II, L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 1996
(1) GENERAL INFORMATION AND SUMMARY
IDS Managed Futures II, L.P. (the "Partnership") is a limited
partnership organized on April 21, 1987 under the Delaware
Revised Uniform Limited Partnership Act. The Partnership was
formed to speculatively trade commodity interests, including
futures contracts, forward contracts, physical commodities and
related options thereon pursuant to the trading instructions of
independent trading advisors. The General Partners of the
Partnership are CIS Investments, Inc. ("CISI") and IDS Futures
Corporation ("IDS Futures") (collectively, the "General
Partners"). The General Partners are registered commodity pool
operators under the Commodity Exchange Act, as amended, and are
responsible for administering the business and affairs of the
Partnership exclusive of trading decisions. CISI is an
affiliate of Cargill Investor Services, Inc. ("CIS"), the
clearing broker for the Partnership. IDS Futures is an
affiliate of American Express Financial Advisors Inc. ("AXP
Advisors"), formerly IDS Financial Services Inc., which acts as
the Partnership's introducing broker and selling agent.
Effective January 1, 1995, IDS Financial Corporation, the parent
company of IDS Financial Services Inc., changed its name to
American Express Financial Corporation and IDS Financial
Services Inc. changed its name to American Express Financial
Advisors Inc. These were solely name changes; the management
and structure of each company did not change.
Units of limited partnership interest ("Units") were offered by
AXP Advisors commencing July 14, 1987 through December 31, 1988.
The total amount of the offering was $40,000,000. There is no
definite number of Units authorized for the Partnership because
investors affiliated with the Selling Agent of the Partnership
were not required to pay selling commissions. As of December
31, 1988, 60,127.14 Units representing a total investment of
$14,983,249 had been sold and accepted into the Partnership
(excluding 627.95 Units purchased by the General Partners for
$150,110). A final group of investors purchasing Units worth
$423,750 between December 20, 1988 and December 31, 1988 were
admitted into the Partnership on January 31, 1989, at a Net
Asset Value of $255.27. The General Partners also purchased an
additional $3,960 of Units on January 31, 1989.
No redemptions are permitted by a subscriber during the first
six months after he or she has been admitted to the Partnership.
Thereafter, a Limited Partner may cause any or all of his or
her Units to be redeemed by the Partnership effective as of the
last trading day of any month of the Partnership based on the
Net Asset Value per Unit on ten days written notice to the
General Partners. There are no additional charges to the
investors at redemption. The General Partners may declare
additional redemption dates upon notice to the Limited Partners.
Payment will be made within ten business days of the effective
date of the redemption. The Partnership's Limited Partnership
Agreement contains a full description of redemption and
distribution procedures.
The Partnership shall be terminated on December 31, 2007 if
none of the following occur prior to that date: (1) investors
holding more than 50 percent of the outstanding Units notify the
General Partners to dissolve the Partnership as of a specific
date; (2) withdrawal, removal, insolvency, bankruptcy, legal
disability or dissolution of the General Partners of the
Partnership; (3) bankruptcy or insolvency of the Partnership;
(4) decrease in the net asset value to less than $1,500,000; (5)
the Partnership is declared unlawful, or (6) the net asset value
per Unit declines to less than $125 per Unit and the General
Partners elect to withdraw from the Partnership.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the Partnership
conform to generally accepted accounting principles and to
general practices within the commodities industry. The
following is a description of the more significant of those
policies which the Partnership follows in preparing its
financial statements.
Financial Accounting Standards Board ("FASB") Interpretation
No. 39 Reporting
Reporting in accordance with FASB Interpretation No. 39 ("FIN
39") is not applicable to the Partnership and the provisions of
FIN 39 do not have any effect on the Partnership's financial
statements.
Revenue Recognition
Commodity futures contracts, forward contracts, physical
commodities and related options are recorded on the trade date.
All such transactions are reported on an identified cost basis.
Realized gains and losses are determined by comparing the
purchase price to the sales price when the trades are offset.
Unrealized gains and losses reflected in the statements of
financial condition represent the difference between original
contract amount and market value (as determined by exchange
settlement prices for futures contracts and related options and
cash dealer prices at a predetermined time for forward
contracts, physical commodities and their related options) as of
the last business day of the quarter.
The Partnership earns interest on 100 percent of the
Partnership's average monthly cash balance on deposit with the
Clearing Broker at a rate equal to 80 percent of the average
90-day Treasury bill rate for U.S. Treasury bills issued during
that month.
Commissions
Brokerage commissions, National Futures Association fees, and
clearing and exchange fees are accrued on a round-turn basis on
open commodity futures contracts. The Partnership pays
commissions on trades executed on its behalf at a rate of $58.75
per round turn contract to CIS which in turn reallocates $37.25
per round turn contract to AXP Advisors, an affiliate of IDS
Futures.
Foreign Currency Transactions
Trading accounts on foreign currency denominations are
susceptible to both movements on underlying contract markets as
well as fluctuation in currency rates. Foreign currencies are
translated into U.S. dollars for closed positions at an average
exchange rate for the quarter while quarter-end balances are
translated at the quarter-end currency rates. The impact of the
translation is reflected in the statement of operations.
Statements of Cash Flow
For purposes of the statements of cash flows, cash represents
cash on deposit with the Clearing Broker in commodity futures
trading accounts.
(3) FEES
Management fees are accrued and paid monthly, and incentive
fees are accrued monthly and paid quarterly. Trading decisions
for the period of these financial statements were made by John
W. Henry & Co., Inc. ("JWH") and Sabre Fund Management Limited
("Sabre") the Partnership's Commodity Trading Advisors ("CTAs").
Pursuant to an agreement between the Partnership and JWH, JWH
receives 1/3 of 1% of the month-end net asset value of the
Partnership under its management. Pursuant to an agreement
between the Partnership and Sabre dated December 26, 1995 and
effective January 1, 1996, Sabre's monthly management fee was
reduced from 1/6 of 1% to 1/3 of 1% of the Partnership's Net
Asset Value subject to Sabre's trading performance. This
reduction in management fees will continue until such time that
the cumulative trading performance of Sabre reaches 40%. The
Partnership pays each Advisor a quarterly incentive fee of 15%
of trading profits achieved on the NAV of the Partnership
allocated by the General Partners to such Advisor's management.
(4) INCOME TAXES
No provision for Federal Income Taxes has been made in the
accompanying financial statements as each partner is responsible
for reporting income (loss) based on the pro-rata share of the
profits or losses of the Partnership. The Partnership is
responsible for the Illinois Personal Property and Income Tax
based on the operating results of the Partnership. Such tax
amounted to $0 and $49,573 for the periods ended March 31, 1996
and March 31, 1995, respectively, and is included in operating
expenses in the Statements of Operations.
(5) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
The Partnership was formed to speculatively trade Commodity
Interests. It has commodity transactions and all of its cash on
deposit at its Clearing Broker at all times. In the event that
volatility of trading of other customers of the Clearing Broker
impaired the ability of the Clearing Broker to satisfy its
obligations to the Partnership, the Partnership would be exposed
to off-balance sheet risk. Such risk is defined in Statement of
Financial Accounting Standards No. 105 ("SFAS 105") as a credit
risk. To mitigate this risk, the Clearing Broker, pursuant to
the mandates of the Commodity Exchange Act, is required to
maintain funds deposited by customers relating to futures
contracts in regulated commodities in separate bank accounts
which are designated as segregated customers' accounts. In
addition, the Clearing Broker has set aside funds deposited by
customers relating to foreign futures and options in separate
bank accounts which are designated as customer secured accounts.
Lastly, the Clearing Broker is subject to the Securities and
Exchange Commission's Uniform Net Capital Rule which requires the
maintenance of minimum net capital at least equal to 4% of the funds
required to be segregated pursuant to the Commodity Exchange Act.
The Clearing Broker has controls in place to make certain that all
customers maintain adequate margin deposits for the positions which
they maintain at the Clearing Broker. Such procedures should protect
the Partnership from the off-balance sheet risk as mentioned
earlier. The Clearing Broker does not engage in proprietary
trading and thus has no direct market exposure.
The counterparty of the Partnership for futures contracts
traded in the United States and most non-U.S. exchanges on which
the Partnership trades is the Clearing House associated with the
exchange. In general, Clearing Houses are backed by the
membership and will act in the event of non-performance by one
of its members or one of the members' customers and as such
should significantly reduce this credit risk. In the cases
where the Partnership trades on exchanges on which the Clearing
House is not backed by the membership, the sole recourse of the
Partnership for nonperformance will be the Clearing House.
The Partnership holds futures and futures options positions on
the various exchanges throughout the world. The Partnership
does not trade over the counter contracts. As defined by SFAS
105, futures positions are classified as financial instruments.
SFAS 105 requires that the Partnership disclose the market risk
of loss from all of its financial instruments. Market risk is
defined as the possibility that future changes in market prices
may make a financial instrument less valuable or more onerous.
If the markets should move against all of the futures positions
held by the Partnership at the same time, and if the markets
moved such that the Trading Advisors were unable to offset the
futures positions of the Partnership, the Partnership could lose
all of its assets and the partners would realize a 100% loss.
The Partnership has contracts with two CTAs who make the trading
decisions. One of the CTAs trades a program diversified among all
commodity groups, while the other is diversified among the various
futures contracts in the financials and metals group. Both CTAs trade
on U.S. and non-U.S. exchanges. Such diversification should greatly
reduce this market risk. Cash was on deposit with the Clearing Broker
in each time period of the financial statements which exceeded
the cash requirements of the Commodity Interests of the
Partnership.
The following chart discloses the dollar amount of the
unrealized gain or loss on open contracts related to exchange
traded contracts for the Partnership as of March 31, 1996:
COMMODITY GROUP: UNREALIZED GAIN/(LOSS):
AGRICULTURAL COMMODITIES 32,487
FOREIGN CURRENCIES 25,422
STOCK INDICES 7,164
ENERGIES 7,200
METALS (2,503)
INTEREST RATE INSTRUMENTS 409,872
_______
TOTAL 479,642
The range of maturity dates of these exchange traded open
contracts is April of 1996 through March of 1997. The average
open trade equity for the period of January 1, 1996 to March 31,
1996 was $572,034.
The margin requirement at March 31, 1996 was $1,202,653. To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $9,742,132 in segregated funds and $1,187,305 in
secured funds.
(6) FINANCIAL STATEMENT PREPARATION
The interim financial statements are unaudited but reflect all
adjustments that are, in the opinion of management, necessary to
a fair statement of the results for the interim periods
presented. These adjustments consist primarily of normal
recurring accruals.
The results of operations for interim periods will not
necessarily be indicative of the operating results for the
fiscal year.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation
Fiscal Quarter ended March 31, 1996
The Partnership recorded a loss of $6,334 or $0.35 per Unit for
the first quarter of 1996. The first month experienced gains
primarily as a result of profits in foreign exchange. The next
two months saw losses due to unprofitable currency positions and
losses in trading of stock indices and metals. The first
quarter ended negatively for the Partnership's accounts managed
by John W. Henry & Co., Inc. and Sabre Fund Management Limited.
At March 31, 1996, John W. Henry & Co., Inc. was managing 80% of
the Partnership's assets and Sabre Fund Management Limited was
managing 20% of the Partnership's assets.
In January, the primary influence on markets was the U.S.
dollar, which rose against most currencies and hit its highest
level in two years against the Japanese yen. Trading in foreign
exchange generated the majority of profits. Trading in stock
indexes was slightly profitable. The Partnership recorded a
profit of $529,633 or $23.51 per Unit in January.
In February, the U.S. dollar lost ground against the Japanese
yen, British pound, Swiss franc and German mark, resulting in
the Partnership giving back some of the profits earned in
January. The largest decline occurred in Japanese yen
positions. In the metals markets, subsiding inflation fears and
weakening demand pushed gold prices beneath the $400 threshold
reached only a month before. Trading in interest rates and
stock indexes was also unprofitable. The Partnership recorded a
loss of $514,051 or $22.88 per Unit in February.
In March, trading was volatile, reflecting investors' confusion
over the direction of the U.S. economy. In addition, political
tensions between China and Taiwan and "Mad Cow" disease in
Britain further added to economic uncertainties. Elections in
Australia, which put an end to 13 years of Labor Party rule,
boosted the Australian dollar to levels not seen in over 10
months. Trading in stock indices and metals was unprofitable.
As a result, the Partnership recorded a loss of $21,916 or $0.99
per Unit in March.
On March 29, 1996, Janis E. Miller resigned as President and a
Director of IDS Futures Corporation, one of the General Partners
of the Partnership. As of the date of the filing of this Form
10-Q, a replacement for Ms. Miller had not been appointed. The
search for Ms. Miller's replacement is pending.
During the quarter, investors redeemed a total of 447.35 Units.
At the end of the quarter there were 22,081.44 Units
outstanding (including 644.45 Units owned by the General
Partners).
During the fiscal quarter ended March 31, 1996, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange which was material.
The Partnership currently only trades on recognized global
futures exchanges. In the event the Partnership begins trading
over the counter contracts, any credit exposure to a
counterparty which exceeds 10% of the Partnership's total assets
will be disclosed.
See Footnote 5 of the Financial Statements for procedures
established by the General Partners to monitor and minimize
market and credit risks for the Partnership. In addition to the
procedures set out in Footnote 5, the General Partners review on
a daily basis reports of the Partnership's performance,
including monitoring of the daily net asset value of the
Partnership. The General Partners also review the financial
situation of the Partnership's Clearing Broker on a monthly
basis. The General Partners rely on the policies of the
Clearing Broker to monitor specific credit risks. The Clearing
Broker does not engage in proprietary trading and thus has no
direct market exposure which provides the General Partners
assurance that the Partnership will not suffer trading losses
through the Clearing Broker.
Fiscal Quarter ended March 31, 1995
The Partnership recorded a profit of $1,808,624 or $74.45 per
Unit for the first quarter of 1995. The first month of the year
was difficult due in part to losses in global interest rates and
foreign exchange. However, the next two months saw profitable
trends in the financial markets. As a result, the first quarter
ended positively for the Partnership's accounts managed by John
W. Henry & Co., Inc. and Sabre Fund Management Limited.
In January the financial markets were impacted by speculation
regarding a possible Federal Reserve monetary tightening as a
further effort to moderate domestic economic growth and
inflation. The continued uncertainty regarding the financial
crisis in Mexico and possible ramifications of the earthquake in
Kobe, Japan also weighed on the financial markets. Therefore,
the Partnership recorded a loss of $288,704 or $11.72 per Unit
in January.
During the month of February, global political and financial
events, including the sudden demise of the British merchant
bank, Barings PLC, sent stock prices falling around the world
and investors rushing to safety in German marks and U.S. bonds.
The German mark benefited substantially from the uncertain state
of many world economies and gained steadily versus the U.S. and
other European currencies. There was a global lack of support
for the U.S. dollar as it declined against many European
currencies and sank to new postwar lows versus Japanese yen.
Long positions in foreign exchange and favorable positions in
the Japanese markets generated substantial gains for the
Partnership. As a result, the Partnership recorded a profit of
$982,093 or $40.20 per Unit in February.
The decline in value of the U.S. dollar gained momentum and
accelerated in March. Market participants ignored efforts by
central bankers to support the dollar, including an
unanticipated move by the German Bundesbank to lower short term
rates late in March. By month end, the dollar reached yet
another postwar low. Positive performance during the month was
dominated by strong trends in foreign exchange. Gains in
currency positions, global interest rates and stock indexes
resulted in the Partnership recording a profit of $1,115,235 or
$45.97 per Unit in March.
During the quarter, investors redeemed a total of 800.98 Units.
At the end of the quarter there were 23,826.88 Units
outstanding (including 644.45 Units owned by the General
Partners).
Part II. OTHER INFORMATION
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
None
b) Reports on Form 8-K
None
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 and thereunto duly authorized.
Date: May 10, 1996 IDS MANAGED FUTURES II, L.P.
By: CIS Investments, Inc.
One of its General Partners
Date: May 10, 1996 By: /s/ Donald J. Zyck
Donald J. Zyck,
Secretary & Treasurer
(Duly authorized Officer
of the General Partner
and the Principal Financial
Officer of the General
Partner)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from IDS Managed
Futures II, L.P. for the first quarter of 1996 and is qualified in its entirety
by reference to such 10-Q.
</LEGEND>
<CIK> 0000813831
<NAME> IDS MANAGED FUTURES II, L.P.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 10,929,437
<SECURITIES> 0
<RECEIVABLES> 36,373
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 10,965,811
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,965,811
<CURRENT-LIABILITIES> 176,599
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 10,789,212
<TOTAL-LIABILITY-AND-EQUITY> 10,965,811
<SALES> 0
<TOTAL-REVENUES> 182,346
<CGS> 0
<TOTAL-COSTS> 188,680
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,334)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,334)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,334)
<EPS-PRIMARY> (0.35)
<EPS-DILUTED> (0.35)
</TABLE>
