UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Under Section 13
or 15 (d) of the Securities
Exchange Act of 1934
----------------------------------
For the Quarter Ended
June 30, 1996 Commission File Number 0-17744
- --------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 36-3581924
- --------------------- ---------------------------
State or other IRS Employer Identification
jurisdiction of Number
incorporation or
organization
1300 E. Woodfield Road, Suite 312 Schaumburg, Illinois 60173
- --------------------------------- ---------------------------
Address of principal City, State, Zip Code
executive offices
Registrant's telephone number: (847)240-6200
----------------------------
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.
(1) Yes x No
--- ---
(2) Yes x No
--- ---
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
FORM 10-Q
---------
FOR THE QUARTER ENDED June 30, 1996
-----------------------------------
PART I - FINANCIAL INFORMATION
------------------------------
Item 1.
- -------
Index to Financial Statements
Balance Sheets
June 30, 1996 (unaudited)
December 31, 1995
Statements of Revenue and Expenses (unaudited)
For the three months ended June 30, 1996
For the three months ended June 30, 1995
For the six months ended June 30, 1996
For the six months ended June 30, 1995
Statements of Changes in Partners' Equity
For the six months ended June 30, 1996
(unaudited)
Statements of Cash Flows (unaudited)
For the six months ended June 30, 1996
For the six months ended June 30, 1995
Notes to Financial Statements (unaudited)
Item 2.
- ------
Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II - OTHER INFORMATION
Items 1-6.
- ----------
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
BALANCE SHEETS
--------------
June 30, 1996 - Unaudited
-------------------------
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- ------
ASSETS
- ------
Cash and cash equivalents $2,431,409 $2,968,250 $5,399,659
Installment contract
receivable 37,913 82,369 120,282
Net investment in direct
financing leases 115,218 2,899,315 3,014,533
Diverted and other assets,
net 100,249 217,800 318,049
---------- ---------- ----------
$2,684,789 $6,167,734 $8,852,523
========== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 50,410 $ 136,782 $ 187,192
Lessee rental deposits 156,896 388,916 545,812
Due to management company 152 330 482
---------- ---------- ---------
Total liabilities 207,458 526,028 733,486
Total partners' equity 2,477,331 5,641,706 8,119,037
----------- ---------- ----------
$2,684,789 $6,167,734 $8,852,523
========== ========== ==========
[FN]
See accompanying notes to financial statements.
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
BALANCE SHEETS
--------------
December 31, 1995
-----------------
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- -----------
ASSETS
- ------
Cash and cash equivalents $2,379,752 $1,515,551 $ 3,895,303
Installment contract
receivable 54,427 118,246 172,673
Net investment in direct
financing leases 544,282 5,066,223 5,610,505
Diverted and other assets,
net 100,249 217,800 318,049
Restricted cash 10,812 23,489 34,301
----------- ----------- -----------
$3,089,522 $ 6,941,309 $10,030,831
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 125,264 $ 303,393 $ 428,657
Lessee rental deposits 253,067 602,291 855,358
Due to management company 134 276 410
----------- ---------- -----------
Total liabilities 378,465 905,960 1,284,425
Total partners' equity 2,711,057 6,035,349 8,746,406
----------- ---------- -----------
$3,089,522 $6,941,309 $10,030,831
=========== ========== ===========
[FN]
See accompanying notes to financial statements.
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF REVENUE AND EXPENSES
----------------------------------
For the three months ended June 30, 1996
----------------------------------------
(Unaudited)
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- -----------
Revenue:
Lease income $ 15,592 $ 132,540 $ 148,132
Interest income 10,538 72,529 83,067
--------- --------- ---------
26,130 205,069 231,199
--------- --------- ---------
Expenses:
Management fees-New Era 76,885 185,285 262,170
General Partner's
expense reimbursement 15,771 34,265 50,036
Professional fees 44,814 101,180 145,994
Other operating expenses 349 942 1,291
--------- --------- ---------
137,819 321,672 459,491
--------- --------- ---------
Net loss $(111,689) $(116,603) $(228,292)
========= ========= =========
Net loss - General Partner $ (1,117) $ (1,166) $ (2,283)
========= ========= =========
Net loss - Limited Partners $(110,572) $(115,437) $(226,009)
========= ========= =========
Net loss per Limited
Partnership Unit $(1.75) $ (.84)
====== =======
Weighted average number
of Limited Partnership
Units outstanding 63,030 136,969
====== ========
[FN]
See accompanying notes to financial statements.
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF REVENUE AND EXPENSES
----------------------------------
For the three months ended June 30, 1995
----------------------------------------
(Unaudited)
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- -----------
Revenue:
Lease income $ 36,861 $ 266,395 $ 303,256
Interest income 30,033 67,028 97,061
--------- --------- ---------
66,894 333,423 400,317
--------- --------- ---------
Expenses:
Management fees-New Era 76,144 193,015 269,159
General Partner's
expense reimbursement 42,344 91,995 134,339
Professional fees 68,120 152,495 220,615
Other operating expenses 6,702 19,807 26,509
Credit for lease losses (100,000) (200,000) (300,000)
--------- --------- ---------
93,310 257,312 350,622
--------- --------- ---------
Net earnings (loss) $ (26,416) $ 76,111 $ 49,695
========= ========= =========
Net earnings (loss) -
General Partner $ (264) $ 761 $ 497
========= ========= =========
Net earnings (loss) -
Limited Partners $ (26,152) $ 75,350 $ 49,198
========= ========= =========
Net earnings (loss) per
Limited Partnership Unit $(0.41) $ 0.55
====== =======
Weighted average number
of Limited Partnership
Units outstanding 63,030 136,969
====== =======
[FN]
See accompanying notes to financial statements.
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF REVENUE AND EXPENSES
----------------------------------
For the six months ended June 30, 1996
--------------------------------------
(Unaudited)
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- -----------
Revenue:
Lease income $ 33,924 $ 290,267 $324,191
Interest income 20,367 134,140 154,507
--------- --------- --------
54,291 424,407 478,698
--------- --------- -------
Expenses:
Management fees-New Era 156,713 382,178 538,891
General Partner's
expense reimbursement 56,511 122,776 179,287
Professional fees 68,147 160,572 228,719
Other operating expenses 6,646 15,554 22,200
--------- --------- --------
288,017 681,080 969,097
--------- --------- --------
Net loss $(233,726) $(256,673) $(490,399)
========= ========= =========
Net loss - General Partner $ (2,337) $ (2,567) $ (4,904)
========= ========= =========
Net loss - Limited Partners $(231,389) $(254,106) $(485,495)
========= ========= =========
Net loss per Limited
Partnership Unit $(3.67) $ (1.86)
====== =======
Weighted average number
of Limited Partnership
Units outstanding 63,030 136,969
====== =======
<cn>
See accompanying notes to financial statements.
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF REVENUE AND EXPENSES
----------------------------------
For the six months ended June 30, 1995
--------------------------------------
(Unaudited)
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- -----------
Revenue:
Lease income $ 91,101 $ 594,903 $ 686,004
Interest income 49,938 121,033 170,971
--------- --------- ---------
141,039 715,936 856,975
--------- --------- ---------
Expenses:
Management fees-New Era 171,856 457,697 629,553
General Partner's
expense reimbursement 44,981 97,724 142,705
Professional fees 110,702 246,663 357,365
Other operating expenses 11,024 31,763 42,787
Credit for lease losses (100,000) (200,000) (300,000)
--------- --------- ---------
238,563 633,847 872,410
--------- --------- ---------
Net earnings (loss) $ (97,524) $ 82,089 $ (15,435)
========= ========= =========
Net earnings (loss) -
General Partner $ (975) $ 821 $ (154)
========= ========= =========
Net earnings (loss) -
Limited Partners $ (96,549) $ 81,268 $ (15,281)
========= ========= =========
Net earnings (loss) per
Limited Partnership Unit $(1.53) $ 0.59
====== =======
Weighted average number
of Limited Partnership
Units outstanding 63,030 136,969
====== =======
[FN]
See accompanying notes to financial statements.
<PAGE>
<TABLE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENT OF CHANGES IN PARTNERS' EQUITY
-----------------------------------------
(Unaudited)
<CAPTION>
Liquidating Continuing
General Limited Limited Total
Partner's Partners' Partners' Partners'
Equity Equity Equity Equity
--------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Balance, December 31, 1995 $(378,417)* $2,803,733 $6,321,090 $8,746,406
Distributions to partners
(Note 3) - - (136,970) (136,970)
Net loss (4,904) (231,389) (254,106) (490,399)
Allocation of General
Partner's equity 383,321 (95,013) (288,308) -
--------- ---------- ---------- -----------
Balance, June 30, 1996 $ - $2,477,331 $5,641,706 $ 8,119,037
========= ========== ========== ===========
<FN>
* Balance as previously reported was $0 due to allocation of $92,676 and $285,741 to
Liquidating and Continuing Limited Partners' Equity, respectively.
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
For the six months ended June 30, 1996
--------------------------------------
(Unaudited)
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ------------ -----------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (233,726) $ (256,673) $ (490,399)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Changes in assets and liabilities:
Accounts payable and accrued
expenses (74,854) (166,611) (241,465)
Lessee rental deposits (96,171) (213,375) (309,546)
Due to management company 18 54 72
------------ ------------ ----------
(404,733) (636,605) (1,041,338)
------------ ------------ ----------
Cash flows from investing activities:
Principal collections on leases 429,064 2,166,908 2,595,972
Principal collections on
installment contract receivable 16,514 35,877 52,391
Release of restricted cash 10,812 23,489 34,301
------------- ------------ ----------
456,390 2,226,274 2,682,664
------------- ------------ ----------
Cash flows from financing activities:
Distributions to Limited Partners (a) - (136,970) (136,970)
------------- ------------ ----------
- (136,970) (136,970)
------------- ------------ ----------
Net increase in cash
and cash equivalents 51,657 1,452,699 1,504,356
Cash and cash equivalents:
Beginning of year 2,379,752 1,515,551 3,895,303
------------- ------------ -----------
End of second quarter $2,431,409 $2,968,250 $5,399,659
============= ========== ==========
<FN>
(a) Distributions during the period were $1.00 per unit for Continuing Limited Partners (see
Note 3).
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
For the six months ended June 30, 1995
--------------------------------------
(Unaudited)
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ------------ -----------
<S> <C> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ (97,524) $ 82,089 $ (15,435)
Adjustments to reconcile net earnings
(loss) to net cash used in
operating activities:
Credit for lease losses (100,000) (200,000) (300,000)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (38,156) (82,177) (120,333)
Lessee rental deposits (8,298) (15,204) (23,502)
Due to management company (29) (608) (637)
------------- ------------ ----------
(244,007) (215,900) (459,907)
------------- ------------ ----------
Cash flows from investing activities:
Principal collections on leases 957,242 3,339,504 4,296,746
Distribution of diverted and
other assets 37,116 80,634 117,750
Distribution of Datronic assets 19,786 42,988 62,774
Principal collections on
installment contract receivable 14,948 32,477 47,425
------------- ------------ ----------
1,029,092 3,495,603 4,524,695
------------- ------------ ----------
Cash flows from financing activities:
Distributions to Limited Partners (a) (150,200) (5,350,465) (5,500,665)
Distributions to General Partner (7,217) (43,193) (50,410)
------------- ------------ ----------
(157,417) (5,393,658) (5,551,075)
------------- ------------ ----------
Net increase (decrease) in cash
and cash equivalents 627,668 (2,113,955) (1,486,287)
Cash and cash equivalents:
Beginning of year 1,489,393 5,559,822 7,049,215
------------- ------------ ----------
End of second quarter $2,117,061 $3,445,867 $5,562,928
============= ========== ==========
<FN>
(a)Distributions during the period were $2.38 per unit for Liquidating Limited Partners and $39.06
per unit for Continuing Limited Partners.
<FN>
See accompanying notes to financial statements.
</TABLE>
PAGE
<PAGE>
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
-----------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
June 30, 1996
-------------
(Unaudited)
NOTE 1 - ORGANIZATION:
- ----------------------
Datronic Equipment Income Fund XVII, L.P., a Delaware Limited
Partnership (the "Partnership"), was formed on May 12, 1988 for
the purpose of acquiring and leasing both high-and low- technology
equipment. Reference is made to Notes 4, 6, 7 and 8 to the
Partnership's financial statements included in the 1995 Form 10-K
for a discussion of the alleged diversion of Partnership assets in
1991 and 1992 and the subsequent litigation and settlement, change
in general partner, new classes of limited partners established and
amendments to the Partnership Agreement which occurred.
NOTE 2 - BASIS OF FINANCIAL STATEMENTS:
- ---------------------------------------
The accompanying financial statements should be read in conjunction
with the Partnership's financial statements included in the 1995
Form 10-K. The financial information furnished herein is unaudited
but in the opinion of Management includes all adjustments necessary
(all of which are normal recurring adjustments) for a fair
presentation of financial condition and results of operations. See
Note 3 to the Partnership's financial statements included in the
1995 Form 10-K.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
- -------------------------------------------
Distributions to Liquidating Limited Partners were suspended after
payment of the April 1, 1995 distribution. Distributions to
Continuing Limited Partners were suspended after payment of the
January 1, 1996 distribution.
<PAGE>
PART I
- ------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- ----------------------------------------------------------
The following discussion and analysis of liquidity and capital
resources covers material changes in the Partnership's financial
condition from December 31, 1995 through June 30, 1996. The
discussion and analysis of results of operations is for the three
and six month periods ended June 30, 1996 as compared to the
corresponding periods in 1995.
Financial Condition, Liquidity and Capital Resources
- ----------------------------------------------------
During the six months ended June 30, 1996, Partnership assets were
converted to cash to pay Partnership operating expenses and the
January 1, 1996 distribution to the Continuing Limited Partners and
to increase cash balances to ensure that sufficient cash will be
available to pursue pending litigation and liquidate the
Partnership in an orderly manner.
Installment contract receivable decreased approximately $52,000
during the six months ended June 30, 1996 primarily due to
scheduled principal collections.
Net investment in direct financing leases decreased approximately
$2,596,000 during the six months ended June 30, 1996 primarily due
to principal collections.
Restricted cash of approximately $34,000 has been included in cash
and cash equivalents due to the removal of claims against such cash
(see Part II, Item 1 - Legal Proceedings). This cash was repaid to
the Partnership with interest in June 1996.
Accounts payable and accrued expenses decreased approximately
$241,000 during the six months ended June 30, 1996 primarily due to
payment of legal fees and sales and use taxes.
Lessee rental deposits decreased approximately $310,000 during the
six months ended June 30, 1996 primarily resulting from the
application of certain rental deposits to the respective deficient
leases.
In the aggregate, partners' equity decreased approximately $627,000
during the six months ended June 30, 1996 due to distributions to
Continuing Limited Partners of approximately $137,000, and a net
loss of approximately $490,000.
During the six months ended June 30, 1996, the Partnership's
operating activities resulted in an approximate use of $1,041,000
of cash. This was due principally to decreases in accounts payable
and lessee rental deposits of approximately $551,000 and a net loss
of approximately $490,000. During the period, cash flows from
investing activities aggregated approximately $2,683,000 relating
to principal collections on leases of approximately $2,596,000,
availability of restricted cash of approximately $34,000, and
collections on an installment contract of approximately $52,000.
Cash flows used for financing activities consisted of a
distribution to Continuing Limited Partners of approximately
$137,000.
The Partnership's principal sources of liquidity on both a
long-term and short-term basis are receipts from leases and cash on
hand. Additional sources of liquidity on a long-term basis are
expected to include proceeds from the sale of diverted and other
assets and possibly portions of the Partnership's lease portfolio
which may be sold in bulk. Management believes that its sources of
liquidity in the short and long-term are sufficient to meet its
operating cash obligations. Distributions to the Liquidating
Limited Partners were suspended after the April 1, 1995
distribution and distributions to the Continuing Limited Partners
were suspended after the January 1, 1996 distribution.
Distributions were suspended to ensure that sufficient cash will be
available to pursue recoveries under pending litigation with the
Partnership's former accountants and others and to liquidate the
Partnership in an orderly manner.
The continued operation and eventual liquidation of the Partnership
involves numerous complex issues which have to be resolved. These
issues relate to the timing and realizability of lease-related
assets, diverted and other assets, Datronic assets, litigation and
the liquidation of the other Datronic Partnerships (see Note 4, 6
and 9 to the financial statements included in the 1995 Form 10-K).
These issues make it difficult to predict the time and costs
necessary to operate and liquidate the Partnership in an orderly
manner. As a result of these uncertainties, it is not possible to
predict the timing and availability of cash for future
distributions to Limited Partners. However, it is likely that the
amount of future distributions, if any, to the Limited Partners
will ultimately be significantly less than the amount of Partner's
Equity reflected in the June 30, 1996 Balance Sheets (see financial
statements included in Item 1).
Results of Operations
- ---------------------
Lease income decreased approximately $155,000 and $362,000 for the
three month and six month periods ended June 30, 1996 as compared
to the corresponding periods in 1995 primarily due to declining
lease portfolios.
Management fees-New Era represent amounts paid New Era for managing
the Partnership on a day-to-day basis. These fees amounted to
approximately $262,000 and $539,000 for the three and six months
ended June 30, 1996 as compared to $269,000 and $630,000 for the
same periods in 1995. See Note 8 to the Partnership's financial
statements included in the 1995 Form 10-K.
The General Partner's expense reimbursement represents the amount
paid to LRC in excess of LRC's 1% share of cash flow available for
distribution. Total amounts paid to LRC are primarily a function
of the amount of time LRC spends on the activities of the
Partnership and the timing of certain LRC expenses. Total amounts
paid to LRC for the three and six month periods ended June 30, 1996
were approximately $50,000 and $179,000 (all of which represents
the General Partner's expense reimbursement) as compared to
$156,000 and $193,000 ($134,000 and $143,000, respectively,
representing the General Partner's expense reimbursement and
$21,000 and $50,000, respectively, representing LRC's 1% cash
available for distribution) for the corresponding periods ended
June 30, 1995. See Note 7 to the Partnership's financial
statements included in the 1995 Form 10-K.
Professional fees decreased approximately $124,000 and $129,000 for
the three and six month periods ended June 30, 1996 as compared to
the corresponding periods in 1995 due to decreases in audit fees,
consulting fees and legal fees for collections and Partnership
claims against former accountants and others.
The 1995 credit for lease losses reflects Management's ongoing
assessment of potential losses inherent in the lease portfolio and
actual collections for certain leases in excess of those
anticipated in prior years.
<PAGE>
PART II - OTHER INFORMATION
- ---------------------------
ITEM 1. LEGAL PROCEEDINGS
- --------------------------
Reference is made to Item 3 - Legal Proceedings in the
Partnership's December 31, 1995 Form 10-K for a discussion of
material legal proceedings involving the Partnership.
Reference is made to Part II, Item 1 - Legal Proceedings in the
Partnership's March 31, 1996 Form 10-Q for a discussion of legal
proceedings involving claims against restricted cash and diverted
and other assets.
ITEM 2. CHANGES IN SECURITIES
- ------------------------------
None.
ITEM 3.
- -------
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ------------------------------------------------------------
None.
ITEM 5.
- -------
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- -----------------------------------------
(a) Exhibits
- -------------
See Exhibit Index.
(b) Reports on Form 8-K
- ------------------------
None.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized, on the 12th day of
August 1996.
DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
Registrant
By: DONALD D. TORISKY
Donald D. Torisky
Chairman and Chief Executive Officer
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XVII, L.P.
By: DOUGLAS E. VAN SCOY
Douglas E. Van Scoy
Chief Financial Officer and Director
New Era Funding Corp.
Managing Agent of
Datronic Equipment Income Fund XVII, L.P.
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
27 Financial Data Schedule, which
is submitted electronically to
the Securities and Exchange
Commission for Information only
and not filed.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Balance
Sheet and the Statements of Revenue and Expenses and is qualified in its
entirety by reference to such Report on Form 10-Q
</LEGEND>
<CIK> 0000833409
<NAME> DATRONIC EQUIPMENT INCOME FUND XVII, L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 5,399,659
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,852,523
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,119,037
<TOTAL-LIABILITY-AND-EQUITY> 8,852,523
<SALES> 0
<TOTAL-REVENUES> 478,698
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 22,200
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (490,399)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
