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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT III
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from...............to...............
Commission file number 0-17560
ENEX OIL & GAS INCOME PROGRAM IV - Series 2, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0251420
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 Rockmead Drive
Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (713) 358-8401
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act:
Limited Partnership Interest
Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes x No
Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]
State issuer's revenues for its most recent fiscal year. $140,712
State the aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified date within
the past 60 days (See definition of affiliate in Rule 12b-2 of the Exchange
Act):
Not Applicable
Documents Incorporated By Reference:
None
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<PAGE>
PART II
Item 5. Market for Common Equity and Related Security Holder Matters
Market Information
There is no established public trading market for the Company's
outstanding limited partnership interests.
Number of Equity Security Holders
Number of Record Holders
Title of Class (as of March 1, 1996)
----------------- -----------------------------
General Partner's Interests 1
Limited Partnership Interests 1,401
Dividends
The Company made cash distributions to partners of $2 and $16 per $500
investment in 1995 and 1994, respectively. The Company suspended the payment of
distributions in the second quarter of 1995. The payment of future distributions
will depend on the Company's earnings, financial condition, working capital
requirements and other factors. Based upon current projected cash flows from its
property, it does not appear that the Company will have sufficient net cash flow
after debt service to pay distributions in the near future.
II-1
<PAGE>
Item 6. Management's Discussion and Analysis or Plan of Operation
Results of Operations
This discussion should be read in conjunction with the financial
statements of the Company and the notes thereto included in this Form 10-KSB.
Oil and gas sales decreased to $140,712 in 1995 from $204,474 in
1994. This represents a decrease of $63,762 or 31%. Oil sales decreased by
$12,050 or 15%. A 22% decline in oil production caused sales to decrease by
$17,077. This decrease was partially offset by an 8% increase in the average oil
sales price. Gas sales decreased by $51,712 or 41%. A 33% decrease in gas
production reduced sales by $41,445. A 12% decrease in the average gas sales
price reduced sales by an additional $10,267. The decrease in oil production was
primarily due to natural production declines which were especially pronounced on
the Bagley and Brighton acquisitions. The decrease in gas production was
primarily a result of natural production declines, which were especially
pronounced on the Barnes Estate acquisition, coupled with the shut-in of
production to repair a casing leak on the Credo acquisition, which was
successfully completed in the first quarter of 1995. The changes in average
prices correspond with changes in the overall market for the sale of oil and
gas.
Lease operating expenses decreased to $75,920 in 1995 from $82,267
in 1994. The decrease of $6,347 or 8% was primarily the result of the decreases
in production, noted above, partially offset by the payment of $5,000 for a
litigation settlement of a property dispute on the Barnes Estate acquisition.
Depreciation and depletion expense decreased to $94,417 in 1995 from
$140,476 in 1994. This represents a decrease of $46,059 or 33%. The changes in
production, noted above, caused depreciation and depletion expense to decrease
by $41,371. A 5% decrease in the depletion rate caused an additional $4,688
decrease. This rate decrease is primarily due to an upward revision of the gas
reserves during 1995, partially offset by a downward revision of the oil
reserves during 1995.
Due to lower prices and reserve revisions, in December 1994, the
Company recorded an impairment of property for $109,732, which represented the
excess of the net capitalized costs over the undiscounted future net revenues of
the reserves.
General and administrative expenses increased to $35,448 in 1995
from $34,294 in 1994 in 1993. The increase of $1,154 or 3% was primarily due to
a $4,819 increase in direct expenses resulting from legal fees associated with a
property interest dispute on the Barnes Estate acquisition, partially offset by
lower costs allocated by the general partner in 1995. This case is set for trial
in the second quarter of 1996. The Company does not expect the settlement of the
dispute to have a material impact on the financial statements.
Capital Resources and Liquidity
The Company's cash flow from operations is a direct result of the
amount of net proceeds from the sale of oil and gas production after payment of
its debt obligations. Accordingly, the changes in cash flow from 1994 to 1995
are primarily due to the changes in oil and gas sales described above. It is the
general partner's intention to distribute substantially all of the Company's
available net cash flow to the Company's partners.
II-2
<PAGE>
The Company discontinued the payment of distributions in the second
quarter of 1995. Future distributions are dependent upon among other things, an
increase in the prices received for oil and gas. The Company will continue to
recover its reserves and reduce its obligations in 1996. The Company does not
intend to purchase additional properties or fund extensive development of
existing oil and gas properties, and as such; has no long-term liquidity needs.
The Company's projected cash flows from operations will provide sufficient
funding to pay its operating expenses and debt obligations. The general partner
does not intend to accelerate the repayment of the debt beyond the cash flow
provided by operating, financing and investing activities. Based upon current
projected cash flows from its property, it does not appear that the Company will
have sufficient cash to pay distributions and pay its operating expenses, and
meet its debt obligations in the next twelve montths . The Company plans to
repay the amount owed to the general partner over a two year period.
At December 31, 1995, the Company had no material commitments for
capital expenditures. The Company does not intend to engage in any significant
developmental drilling activity.
II-3
<PAGE>
Item 7. Financial Statements and Supplementary Data
INDEPENDENT AUDITORS' REPORT
The Partners
Enex Oil & Gas Income
Program IV - Series 2, L.P.
We have audited the accompanying balance sheet of Enex Oil & Gas Income Program
IV-Series 2, L.P. (a New Jersey limited partnership) as of December 31, 1995 and
the related statements of operations, changes in partners' capital, and cash
flows for each of the two years in the period ended December 31, 1995. These
financial statements are the responsibility of the general partner of Enex Oil &
Gas Income Program IV- Series 2, L.P. Our responsibility is to express an
opinion on the financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Enex Oil & Gas Income Program IV-Series 2,
L.P. at December 31, 1995 and the results of its operations and its cash flows
for each of the two years in the period ended December 31, 1995 in conformity
with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Houston, Texas
March 18, 1996
II-4
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
BALANCE SHEET, DECEMBER 31, 1995
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ASSETS
1995
--------------
CURRENT ASSETS:
<S> <C>
Cash $ 1,630
Accounts receivable - oil & gas sales 16,006
Other current assets 529
--------------
Total current assets 18,165
--------------
OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 2,538,167
Less accumulated depreciation and depletion 2,342,640
--------------
Property, net 195,527
--------------
TOTAL $ 213,692
==============
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 6,582
Payable to general partner 69,544
--------------
Total current liabilities 76,126
--------------
PARTNERS' CAPITAL (DEFICIT):
Limited partners 103,583
General partner 33,983
--------------
Total partners' capital 137,566
--------------
TOTAL $ 213,692
==============
Number of $500 Limited Partner units outstanding 4,938
</TABLE>
See accompanying notes to financial statements.
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II-5
<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------------- -------------------
REVENUES:
<S> <C> <C>
Oil and gas sales $ 140,712 $ 204,474
------------------- -------------------
EXPENSES:
Depreciation, depletion and amortization 94,417 140,476
Impairment of property - 109,732
Lease operating expenses 75,920 82,267
Production taxes 8,470 10,524
General and administrative:
Allocated from general partner 19,511 23,176
Direct expense 15,937 11,118
------------------- -------------------
Total expenses 214,255 377,293
------------------- -------------------
NET LOSS $ (73,543) $ (172,819)
=================== ===================
</TABLE>
See accompanying notes to financial statements.
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II-6
<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- --------------------------------------------------------------
<TABLE>
<CAPTION>
PER $500
LIMITED
PARTNER
GENERAL LIMITED UNIT OUT-
TOTAL PARTNER PARTNERS STANDING
-------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
BALANCE, JANUARY 1, 1994 $ 483,078 $ 34,064 $ 449,014 $ 91
CASH DISTRIBUTIONS (89,715) (8,964) (80,751) (16)
NET INCOME (LOSS) (172,819) 7,739 (180,558) (37)
-------------- ----------------- ----------------- -----------------
BALANCE, DECEMBER 31, 1994 220,544 32,839 187,705 38
CASH DISTRIBUTIONS (9,435) (944) (8,491) (2)
NET INCOME (LOSS) (73,543) 2,088 (75,631) (15)
-------------- ----------------- ----------------- -----------------
BALANCE, DECEMBER 31, 1995 $ 137,566 $ 33,983 $ 103,583 (1) $ 21
============== ================= ================= =================
</TABLE>
(1) Includes 640 units purchased by the general partner as a limited partner.
See accompanying notes to financial statements.
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II-7
<PAGE>
ENEX OIL AND GAS INCOME PROGRAM IV - SERIES 2, L.P.
STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
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<TABLE>
<CAPTION>
1995 1994
------------------- -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net loss $ (73,543) $ (172,819)
------------------- -------------------
Adjustments to reconcile net loss to net cash
provided by operating activities
Depreciation, depletion and amortization 94,417 140,476
Impairment of property - 109,732
(Increase) decrease in:
Accounts receivable - oil & gas sales 4,839 14,956
Other current assets (529) -
Increase (decrease) in:
Accounts payable (6,166) (5,188)
Payable to general partner (10,976) 2,873
------------------- -------------------
Total adjustments 81,585 262,849
------------------- -------------------
Net cash provided by operating activities 8,042 90,030
------------------- -------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions - development costs (3,736) (2,031)
------------------- -------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions (9,435) (89,715)
------------------- -------------------
NET DECREASE IN CASH (5,129) (1,716)
CASH AT BEGINNING OF YEAR 6,759 8,475
------------------- -------------------
CASH AT END OF YEAR $ 1,630 $ 6,759
=================== ===================
</TABLE>
See accompanying notes to financial statements.
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II-8
<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
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1. PARTNERSHIP ORGANIZATION
Enex Oil & Gas Income Program IV-Series 2, L.P. (the "Company"), a New
Jersey limited partnership, commenced operations on December 28, 1988,
for the purpose of acquiring proved oil and gas properties. Total
limited partner contributions were $2,468,972, of which $24,690 was
contributed by Enex Resources Corporation ("Enex"), the general
partner.
In accordance with the partnership agreement, the Company paid
commissions of $237,565 for solicited subscriptions to Enex Securities
Corporation, a subsidiary of Enex, and reimbursed Enex for organization
expenses of approximately $74,000.
Information relating to the allocation of costs and revenues between
Enex, as general partner, and the limited partners is as follows:
Limited
Enex Partners
Commissions and selling expenses 100%
Company reimbursement of organization
expense 100%
Company property acquisition 100%
General and administrative costs 10% 90%
Costs of drilling and completing
development wells 10% 90%
Revenues from temporary investment of
partnership capital 100%
Revenues from producing properties 10% 90%
Operating costs (including general and
administrative costs associated with
operating producing properties) 10% 90%
At the point in time when the cash distributions to the limited
partners equal their subscriptions ("payout"), the costs of
drilling and completing development wells, revenues from producing
properties, general and administrative costs and operating costs
will be allocated 15% to the general partner and 85% to the limited
partners.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Oil and Gas Properties - The Company uses the successful efforts
method of accounting for its oil and gas operations. Under this
method, the costs of all development wells are capitalized.
Capitalized costs are amortized on the units-of-production method
based on estimated total
II-9
<PAGE>
proved reserves. The acquisition costs of improved oil and gas
properties are capitalized and periodically assessed for
impairment.
The Financial Accounting Standards Board has issued Statement of
Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long Lived Assets and for Long-Lived Assets to Be
Disposed Of." This statement requires that long-lived assets and
certain identifiable intangibles held and used by the Company be
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be
recoverable.
The Company has not determined the effect, if any, on its financial
position or results of operations which may result from the
adoption of this statement in the first quarter of 1996.
The Company's operating interests in oil and gas properties are
recorded using the pro rata consolidation method pursuant to
Interpretation 2 of Accounting Principles Board Opinion 18.
Cash Flows - The Company has presented its cash flows using the
indirect method and considers all highly liquid investments with an
original maturity of three months or less to be cash equivalents.
General and Administrative Expenses - The Company reimburses the
General Partner for direct costs and administrative costs incurred
on its behalf. Administrative costs allocated to the Company are
computed on a cost basis in accordance with standard industry
practices by allocating the time spent by the General Partner's
personnel among all projects and by allocating rent and other
overhead on the basis of the relative direct time charges.
Uses of Estimates - The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contigent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during
the reporting periods. Actual results could differ from these
estimates.
3. FEDERAL INCOME TAXES
General - The Company is not a taxable entity for federal income
tax purposes. Such taxes are liabilities of the individual partners
and the amounts thereof will vary depending on the individual
situation of each partner. Accordingly, there is no provision for
income taxes in the accompanying financial statements.
II-10
<PAGE>
Set forth below is a reconciliation of net income (loss) as reflected in the
accompanying financial statements and net income (loss) for federal income tax
purposes for the year ended December 31, 1995:
<TABLE>
<CAPTION>
Allocable to Per $500 Limited
-------------------------------------
General Limited Partner Unit
TOTAL Partner Partners Outstanding
------------------ ------------------ ----------------- ----------------------
Net income (loss) as reflected in the
<S> <C> <C> <C> <C>
accompanying financial statements $ (73,543) $ 2,088 $ (75,631) $ (15)
Reconciling item:
Intangible drilling costs
capitalized for financial
reporting purposes which
were charged-off for federal
income tax purposes (2,828) (283) (2,545) (1)
Difference in depreciation,
depletion and amortization
computed for federal income
tax purposes and the amount
computed for financial
reporting purposes (49,060) - (49,060) (10)
------------------ ------------------ ----------------- ----------------------
Net income (loss) for federal
income tax purposes $ (125,431) $ 1,805 $ (127,236) $ (26)
================== ================== ================= ======================
</TABLE>
Net income (loss) for federal income tax purposes is a summation of ordinary
income (loss), portfolio income (loss), cost depletion and intangible drilling
costs as presented in the Company's federal income tax return.
Set forth below is a reconciliation between partners' capital as reflected in
the accompanying financial statements and partners' capital for federal income
tax purposes as of December 31, 1995:
<TABLE>
<CAPTION>
Allocable to Per $500 Limited
-------------------------------------
General Limited Partner Unit
TOTAL Partner Partners Outstanding
------------------ ------------------ ----------------- ----------------------
Partners' capital as reflected in the
<S> <C> <C> <C> <C>
accompanyng financial statements $ 137,566 $ 33,983 $ 103,583 $ 21
Reconciling items:
Intangible drilling costs
capitalized for financial
reporting purposes which
were charged-off for federal
income tax purposes (324,533) (32,457) (292,076) (59)
Difference in accumulated
depreciation, depletion and
amortization for financial
reporting and federal income
tax purposes 387,924 - 387,924 79
Commissions and syndication
fees capitalized for federal
income tax purposes 237,565 - 237,565 48
------------------ ------------------ ----------------- ----------------------
Partners' capital for federal
income tax purposes $ 438,522 $ 1,526 $ 436,996 $ 89
================== ================== ================= ======================
</TABLE>
II-11
<PAGE>
4. PAYABLE TO GENERAL PARTNER
The payable to general partner primarily consists of general and
administrative expenses allocated to the Company by Enex during the
Company's start-up phase and for its ongoing operations. The
Company plans to repay the amount owed to the general partner over
a two year period.
5. REPURCHASE OF LIMITED PARTNER INTERESTS
In accordance with the partnership agreement, the general partner
is required to purchase limited partner interests (at the option of
the limited partners) at annual intervals beginning after the
second year following the formation of the Company. The purchase
price, as specified in the partnership agreement, is based
primarily on reserve reports prepared by independent petroleum
engineers as reduced by a specified risk factor.
6. SIGNIFICANT PURCHASERS
Valero Industrial Gas L.P., Terra Pipeline Company, GPM Gas
Corporation, Fina Oil Company and Pride Pipeline Company accounted
for 25%, 19%, 13%, 13% and 11%, respectively of the Company's total
sales in 1995. Valero Industrial Gas L.P., Terra Pipeline Company,
Pride Pipeline Company and GPM Gas Corporation accounted for 24%,
16%, 13% and 12%, respectively of the Company's total sales in
1994. No other purchaser individually accounted for more than 10%
of such sales.
7. IMPAIRMENT OF PROPERTY
A noncash write-down of capitalized costs of $109,732 was made in
1994. The write-down was computed as the excess of the net
capitalized costs over the undiscounted future net revenues from
proved oil and gas reserves. The undiscounted future net revenues
were computed using certain arbitrary assumptions such as holding
the oil and gas prices constant at the prices in effect at the time
of the computation.
II-12
<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- -----------------------------------------------------------------------------
Proved Oil and Gas Reserve Quantities (Unaudited)
The following presents an estimate of the Company's proved oil and gas reserve
quantities and changes therein for each of the two years in the period ended
December 31, 1995. Oil reserves are stated in barrels ("BBLS") and natural gas
in thousand cubic feet ("MCF"). The amounts per $500 limited partner unit do not
include a potential 5% reduction after payout. All of the Company's reserves are
located within the United States.
<TABLE>
<CAPTION>
Per $500 Per $500
Limited Natural Limited
Oil Partner Unit Gas Partner Unit
(BBLS) Outstanding (MCF) Outstanding
-------------- ------------------ ------------------ ------------------
PROVED DEVELOPED AND
UNDEVELOPED RESERVES:
<S> <C> <C> <C> <C>
January 1, 1994 23,925 4 273,901 50
Revisions of previous estimates (4,700) (1) (51,252) (10)
Production (5,015) (1) (66,587) (12)
-------------- ------------------ ------------------ ------------------
December 31, 1994 14,210 2 156,062 28
Revisions of previous estimates (2,197) - 53,151 10
Production (3,927) (1) (44,640) (8)
-------------- ------------------ ------------------ ------------------
December 31, 1995 8,086 1 164,573 30
============== ================== ================== ==================
PROVED DEVELOPED RESERVES:
January 1, 1994 23,925 4 273,901 50
============== ================== ================== ==================
December 31, 1994 14,210 2 156,062 28
============== ================== ================== ==================
December 31, 1995 8,086 1 164,573 30
============== ================== ================== ==================
</TABLE>
II-13
<PAGE>
Item 8. Changes In and Disagreements With Accountants on Accounting and
Financial Disclosure
Not Applicable
II-14
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
ENEX OIL AND GAS INCOME PROGRAM IV -
SERIES 2, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
December 23, 1996 By: /s/ G. B. Eckley
-------------------
G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on December 23, 1996, by the following persons in the capacities
indicated.
ENEX RESOURCES CORPORATION General Partner
By: /s/ G. B. Eckley
------------------------
G. B. Eckley, President
/s/ G. B. Eckley
President, Chief Executive
------------------ Officer and Director
G. B. Eckley
/s/ R. E. Densford Vice President, Secretary, Treasurer,
Chief Financial Officer and Director
-------------------
R. E. Densford
/s/ James A. Klein Controller and Chief Accounting Officer
-----------------
James A. Klein
S-1
<PAGE>
/s/ Robert D. Carl, III
--------------------------
Robert D. Carl, III Director
/s/ Martin J. Freedman
--------------------------
Martin J. Freedman Director
/s/ William C. Hooper, Jr.
--------------------------
William C. Hooper, Jr. Director
/s/ Tom Shorney
--------------------------
Tom Shorney Director
/s/ Stuart Strasner
--------------------------
Stuart Strasner Director
S-2
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000848463
<NAME> ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> dec-31-1996
<PERIOD-START> jan-01-1996
<PERIOD-END> dec-31-1996
<CASH> 1630
<SECURITIES> 0
<RECEIVABLES> 16006
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 18165
<PP&E> 2538167
<DEPRECIATION> 2342640
<TOTAL-ASSETS> 213692
<CURRENT-LIABILITIES> 76126
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 137566
<TOTAL-LIABILITY-AND-EQUITY> 213692
<SALES> 140712
<TOTAL-REVENUES> 140712
<CGS> 178807
<TOTAL-COSTS> 214255
<OTHER-EXPENSES> 35448
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (73543)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
