<PAGE> 1
FORM 10-Q/A NO.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
(x) Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1995.
( ) 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: 0-17734
IDS/JONES GROWTH PARTNERS 89-B, LTD.
--------------------------------------------------------------------------------
Exact name of registrant as specified in its charter
Colorado #84-1060546
--------------------------------------------------------------------------------
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
------------------------------------------------------------------------
Address of principal executive office
(303) 792-3111
-----------------------------
Registrant's telephone number
Indicate by check mark whether the registrant (l) has filed all reports
required to be filed by Section l3 or l5(d) of the Securities Exchange Act of
l934 during the preceding l2 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
<PAGE> 2
IDS/JONES GROWTH PARTNERS 89-B, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
------------ ------------
<S> <C> <C>
ASSETS $ - $ -
------ ============ ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
LIABILITIES:
Loss in excess of investment in (investment in)
cable television joint venture $ 324,753 $ (888,039)
Accounts payable - affiliate 102,393 102,393
------------- ------------
Total liabilities 427,146 (785,646)
------------- ------------
PARTNERS' CAPITAL (DEFICIT):
General Partners-
Contributed capital 500 500
Accumulated deficit (143,504) (131,376)
------------- ------------
(143,004) (130,876)
------------- ------------
Limited Partners-
Contributed capital (63,383 units outstanding at
June 30, 1995 and December 31, 1994) 12,623,901 12,623,901
Accumulated deficit (12,908,043) (11,707,379)
------------- ------------
(284,142) 916,522
------------- ------------
Total liabilities and partners' capital (deficit) $ - $ -
============ ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
<PAGE> 3
IDS/JONES GROWTH PARTNERS 89-B, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
1995 1994 1995 1994
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
EQUITY IN NET LOSS OF
CABLE TELEVISION
JOINT VENTURE $(551,454) $(494,327) $(1,212,792) $(1,030,691)
-------- -------- ---------- ----------
NET LOSS $(551,454) $(494,327) $(1,212,792) $(1,030,691)
======== ======== ========== ==========
ALLOCATION OF NET LOSS:
General Partners $ (5,515) $ (4,943) $ (12,128) $ (10,307)
======== ======== ========== ==========
Limited Partners $(545,939) $(489,384) $(1,200,664) $(1,020,384)
======== ======== ========== ==========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (8.61) $ (7.72) $ (18.94) $ (16.10)
======== ======== ========== ==========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 63,383 63,383 63,383 63,383
========= ========= =========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
3
<PAGE> 4
IDS/JONES GROWTH PARTNERS 89-B, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
-----------------------------
1995 1994
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(1,212,792) $(1,030,691)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Equity in net loss of cable television
joint venture 1,212,792 1,030,691
----------- -----------
Net cash provided by operating activities - -
----------- -----------
Cash, beginning of period - -
----------- -----------
Cash, end of period $ - $ -
========== ==========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ - $ -
========== ==========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
<PAGE> 5
IDS/JONES GROWTH PARTNERS 89-B, LTD.
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) This Form 10-Q is being filed in conformity with the SEC requirements
for unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a fair presentation of the Balance Sheets and
Statements of Operations and Cash Flows in conformity with generally accepted
accounting principles. However, in the opinion of management, this data
includes all adjustments, consisting only of normal recurring accruals,
necessary to present fairly the financial position of IDS/Jones Growth Partners
89-B, Ltd. (the "Partnership") at June 30, 1995 and December 31, 1994, its
Statements of Operations for the three and six months ended June 30, 1995 and
1994, and its Statements of Cash Flows for the six month periods ended June 30,
1995 and 1994. Results of operations for these periods are not necessarily
indicative of results to be expected for the full year.
The Partnership owns an interest in IDS/Jones Joint Venture Partners
(the "Venture") through a capital contribution of $14,008,000 made in 1990.
Upon final capitalization of the Venture, the Partnership owns an approximate
24 percent interest in the Venture. The Venture acquired the cable television
systems serving areas in and around Aurora, Illinois on May 31, 1990.
The Partnership's investment in the Venture is accounted for using the
equity method. At June 30, 1995, the Partnership had recorded equity losses in
excess of its investment in the Venture, resulting in a liability of $324,753.
The Partnership will continue to record equity losses because the Venture is a
general partnership. It is anticipated that the Venture will continue to
generate cash from operations; however, the net losses will result from
depreciation and amortization of the Venture's asset base. The Partnership
anticipates recovering the losses in excess of its investment in the Venture
upon the eventual sale of the Venture's Aurora System.
(2) Jones Cable Corporation (the "Managing General Partner") manages the
Partnership and the Venture and receives a fee for its services equal to 5
percent of the gross revenues of the Venture, excluding revenues from the sale
of cable television systems or franchises. Management fees paid during the
three and six month periods ended June 30, 1995 (reflecting the Partnership's
approximate 24 percent interest in the Venture) were $52,276 and $101,277,
respectively, as compared to $46,591 and $92,565, respectively, for the similar
1994 periods.
IDS Cable Corporation (the "Supervising General Partner") participates
in certain management decisions of the Partnership and receives a fee for its
services equal to one-half percent of the Partnership's portion of the gross
revenues of the Venture, excluding revenues from the sale of cable television
systems or franchises. Supervision fees paid during the three and six month
periods ended June 30, 1995 (reflecting the Partnership's approximate 24
percent interest in the Venture) were $5,228 and $10,128, respectively, as
compared to $4,659 and $9,256, respectively, for the similar 1994 periods.
The Venture reimburses Jones Intercable, Inc. ("JIC"), an affiliate of
the Managing General Partner, for certain allocated overhead and administrative
expenses. These expenses represent the salaries and related benefits paid for
corporate personnel, rent, data processing services and other corporate
facilities costs. Such personnel provide engineering, marketing,
administrative, accounting, legal and investor relations services to the
Venture. Allocations of personnel costs are based primarily on actual time
spent by employees of JIC with respect to each partnership managed. Remaining
expenses are allocated based on the pro rata relationship of the Partnership's
revenues to the total revenues of all systems owned or managed by JIC and
certain of its affiliates. Systems owned by JIC and all other systems owned by
partnerships for which JIC is general partner are also allocated a
proportionate share of these expenses. The Managing General Partner believes
that the methodology used in allocating overhead and administrative expenses is
reasonable. Reimbursements made to JIC by the Partnership for allocated
overhead and administrative expenses during the three and six months ended June
30, 1995 (reflecting the Partnership's approximate 24 percent interest in the
Venture) were $67,953 and $145,188, respectively, as compared to $69,190 and
$140,610, respectively, for the similar 1994 periods. The Supervising General
Partner may also be reimbursed for certain expenses incurred on behalf of the
Venture. There were no reimbursements made to the Supervising General Partner
during the three and six month periods ended June 30, 1995 and 1994.
5
<PAGE> 6
(3) Financial information regarding the Venture is presented below.
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, 1995 December 31, 1994
------------- -----------------
<S> <C> <C>
ASSETS
------
Cash and accounts receivable $ 582,742 $ 460,712
Investment in cable television properties 53,004,222 56,983,830
Other assets 429,736 307,504
------------ ------------
Total assets $ 54,016,700 $ 57,752,046
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Debt $ 44,915,477 $ 43,566,064
Accounts payable and accrued liabilities 2,070,404 2,184,705
Partners' contributed capital 57,344,709 57,344,709
Accumulated deficit (50,313,890) (45,343,432)
------------ ------------
Total liabilities and partners' capital $ 54,016,700 $ 57,752,046
=========== ===========
</TABLE>
6
<PAGE> 7
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- ---------------------------
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ 4,284,920 $ 3,818,958 $ 8,301,415 $ 7,587,291
Operating expenses 2,535,660 2,091,835 4,881,044 4,255,650
Management fees and allocated overhead
from General Partners 514,168 493,606 1,051,609 993,571
Depreciation and amortization 2,585,899 2,557,518 5,405,909 5,259,389
----------- ----------- ----------- -----------
Operating loss (1,350,807) (1,324,001) (3,037,147) (2,921,319)
----------- ----------- ----------- -----------
Interest expense (873,517) (649,011) (1,894,008) (1,205,582)
Other, net (35,732) (52,919) (39,303) (97,243)
----------- ----------- ----------- -----------
Net loss $(2,260,056) $(2,025,931) $(4,970,458) $(4,224,144)
========== ========== ========== ==========
</TABLE>
Management fees paid to the Managing General Partner by the Venture
totaled $214,246 and $415,071, respectively, for the three and six months ended
June 30, 1995 as compared to $190,948 and $379,365, respectively, for the
comparable 1994 periods. Supervision fees paid to the Supervising General
Partners totaled $21,425 and $41,507, respectively, for the three and six
months ended June 30, 1995 as compared to $19,094 and $37,936, respectively,
for the comparable 1994 periods. Reimbursements for overhead and
administrative expenses paid to JIC totaled $278,497 and $595,031,
respectively, for the three and six months ended June 30, 1995 as compared to
$283,564 and $576,270, respectively, for the comparable 1994 periods.
7
<PAGE> 8
IDS/JONES GROWTH PARTNERS 89-B, LTD.
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Partnership owns an approximate 24 percent interest in IDS/Jones
Joint Venture Partners (the "Venture"). The Venture owns the cable television
system serving certain areas in and around Aurora, Illinois. The Partnership's
investment in this cable television joint venture, accounted for under the
equity method, decreased by $1,212,792 compared to the December 31, 1994
balance. This decrease represents the Partnership's share of losses generated
by the Venture during the first six months of 1995. These losses are
anticipated to continue.
As discussed above, the Partnership's investment in the Venture is
accounted for using the equity method. At June 30 1995, the Partnership had
recorded equity losses in excess of its investment in the Venture, resulting in
a liability of $324,753. The Partnership will continue to record equity losses
because the Venture is a general partnership. It is anticipated that the
Venture will continue to generate cash from operations; however, the net losses
will result from depreciation and amortization of the Venture's asset base.
The Partnership anticipates recovering the losses in excess of its investment
in the Venture upon the eventual sale of the Venture's Aurora System.
For the six months ended June 30, 1995, the Venture generated net cash
from operating activities totaling $350,464, which is available to fund capital
expenditures and non-operating costs. During the first six months of 1995, the
Venture expended approximately $1,409,000 on capital expenditures.
Approximately 41 percent of the expenditures related to construction of service
drops to subscriber homes. Approximately 38 percent of the expenditures
related to plant extensions. The remainder of the expenditures were used for
various enhancements in the Aurora System. Funding for these expenditures was
provided by borrowings from the Venture's credit facility and cash generated
from operations. Anticipated capital expenditures for the remainder of 1995
are approximately $1,846,000. Approximately 61 percent of the expenditures are
for plant extensions. Approximately 20 percent of the expenditures are for
construction of service drops to subscriber homes. Funding for the
expenditures is expected to be provided by cash on hand, cash generated from
operations and borrowings from the Venture's credit facility.
On December 5, 1991, Jones Intercable, Inc. ("JIC") made an equity
investment in the Venture in the amount of $2,872,000 and a loan of $1,800,000
to the Venture. On that date, IDS Management Corporation also made an equity
investment of $2,872,000 in the Venture and a loan to the Venture in the amount
of $1,800,000. A portion of the $1,800,000 loan from IDS Management
Corporation has been repaid. See discussion below. The loans from JIC and IDS
Management Corporation are subordinate to the Venture's revolving credit and
term loan. These loans matured in the fourth quarter of 1994. IDS Management
Corporation extended its loan until December 5, 1995 and, although JIC has not
formally extended its loan, it has not demanded repayment. In the first
quarter of 1994, JIC agreed to subordinate to all other Venture debt the
$1,406,647 advance to the Venture outstanding at March 30, 1994 and IDS
Management Corporation made an additional loan of $1,000,000 to the Venture to
fund principal repayments due at the end of March 1994 on the Venture's
then-outstanding term loan. In the second quarter of 1994, JIC made a loan of
$1,000,000 to the Venture to fund principal repayments due at the end of June
1994 on the Venture's then-outstanding term loan. This loan was repaid with
interest in November 1994. The interest rates on the respective loans, which
will vary from time to time, with respect to IDS Management Corporation's
loans, are at its cost of borrowing, and, with respect to JIC's loans, are at
its weighted average cost of borrowing. It is anticipated that the remaining
loans will be repaid over time with borrowings from the Venture's revolving
credit and term loan, as discussed below. If the December 5, 1991 loans are
not fully repaid, JIC and IDS Management Corporation, respectively, will have
the right, among other rights, to convert the unpaid portion of these loans to
equity in the Venture.
In November 1994, the Venture entered into a revolving credit and term
loan agreement with a commercial bank. This credit facility has a maximum
amount available of $45,000,000. At June 30, 1995, $39,800,000 was outstanding
under this agreement, leaving $5,200,000 available for future needs of the
Venture. Borrowings from this credit facility were used to repay the balance
of the Venture's previous term loan of $36,000,000, to repay to JIC the
$1,000,000 advanced by JIC to fund the Venture's second quarter debt repayment
plus interest, to repay to IDS Management Corporation $880,000 of principal
plus interest on the $1,800,000 loan from IDS Management Corporation dated
8
<PAGE> 9
December 5, 1991, to pay certain fees incurred in obtaining the new credit
facility and to provide liquidity for capital expenditures. During the second
quarter of 1995, the Venture repaid IDS Management Corporation an additional
$120,000 of principal plus interest on the $1,800,000 loan dated December 5,
1991, leaving $800,000 of principal remaining to be paid on this loan. The
revolving credit period of the Venture's credit facility expires December 31,
1996, at which time the then-outstanding balance converts to a term loan
payable in 28 consecutive quarterly installments. Interest on the new credit
facility is at the Venture's option of the Base Rate plus .75 percent, the
London Interbank Offered Rate ("LIBOR") plus 1.75 percent or the Certificate of
Deposit Rate plus 1.875 percent. The effective interest rates on outstanding
obligations to third parties as of June 30, 1995 and 1994 were 8.11 percent and
6.29 percent, respectively. The Venture anticipates repaying the remaining
notes outstanding to related parties with borrowings from this credit facility.
As borrowings become available, subject to leverage covenants, the related
parties' notes will be repaid including accrued interest in the following
order: first, to IDS Management Corporation the remaining $800,000 of the
$1,800,000 note dated December 5, 1991; second, to JIC the $1,800,000 note
dated December 5, 1991; third, to IDS Management Corporation the $1,000,000
note dated March 30, 1994; and fourth, to JIC the $1,406,647 outstanding
advance.
In January 1995, the Venture entered into an interest rate protection
contract covering outstanding debt obligations of $25,000,000. The Venture
paid a fee of $105,000. The agreement protects the Venture from LIBOR interest
rates that exceed 9 percent for two years from the date of the agreement. The
fee is being charged to interest expense over the life of the agreement using
the straight-line method.
As a result of their equity contributions to the Venture, IDS
Management Corporation and JIC each have an approximate 5 percent equity
interest in the Venture, the Partnership has an approximate 66 percent interest
and IDS/Jones 89-B has an approximate 24 percent interest. If any unpaid
portion of the December 5, 1991 subordinated loans are converted to equity, the
ownership percentages will be adjusted accordingly.
RESULTS OF OPERATIONS
All of Partnership's operations are represented exclusively by its
approximate 24 percent interest in the Venture. Revenues of the Venture totaled
$4,284,920 for the three month period ended June 30, 1995 as compared to
$3,818,958 for the comparable 1994 period, an increase of $465,962, or
approximately 12 percent. Revenues totaled $8,301,415 for the six months ended
June 30, 1995 as compared to $7,587,291 for the comparable 1994 period, an
increase of $714,124, or approximately 9 percent. Increases in the subscriber
base and basic service rate adjustments primarily accounted for the increase in
revenues for the three and six month periods. The number of basic subscribers
increased 3,108, or approximately 8 percent, from 39,352 at June 30, 1994 to
42,460 at June 30, 1995. Premium service subscriptions increased 1,393, or
approximately 6 percent, from 24,946 at June 30, 1994 to 26,339 at June 30,
1995. Basic service rate adjustments accounted for approximately 34 percent
and 28 percent, respectively, of the increases in revenues for the three and
six month periods ended June 30, 1995. No other individual factor was
significant to the increases in revenues.
Operating expenses consist primarily of costs associated with the
administration of the Venture's cable television systems. The principal cost
components are salaries paid to system personnel, programming expenses,
professional fees, subscriber billing costs, rent for leased facilities, cable
system maintenance expenses and consumer marketing expenses.
Operating expenses totaled $2,535,660 for the three month period ended
June 30, 1995 as compared to $2,091,835 for the comparable 1994 period, an
increase of $443,825, or approximately 21 percent. Operating expenses totaled
$4,881,044 for the six months ended June 30, 1995 as compared to $4,255,650 for
the comparable 1994 period, an increase of $625,394, or approximately 15
percent. Operating expenses represented 59 percent and 55 percent,
respectively, of revenues for the three month periods ended June 30, 1995 and
1994, and 59 percent and 56 percent, respectively, for the six month periods
ended June 30, 1995 and 1994. Increases in programming fees and personnel
expenses, due in part to the increase in the subscriber base, primarily
accounted for the increase in operating expenses for the three and six month
periods. No other individual factors contributed significantly to the
increase.
Management fees and allocated overhead from the General Partners
totaled $514,168 for the three month period ended June 30, 1995 as compared to
$493,606 for the comparable 1994 period, an increase of $20,562, or
approximately 4 percent. The increase for the three month period was due to
the increase in revenues, upon which management fees and allocated overhead are
based. Management fees and allocated overhead from the General Partners
totaled $1,051,609 for the six months ended June 30, 1995 as compared to
$993,571 for the comparable 1994 period, an increase of $58,038, or
9
<PAGE> 10
approximately 6 percent. The increase for the six month period was due to the
increase in revenues, upon which management fees and allocated overhead are
based.
Depreciation and amortization expense totaled $2,585,899 for the three
month period ended June 30, 1995 as compared to $2,557,518 for the comparable
1994 period, an increase of $28,381, or approximately 1 percent. Depreciation
and amortization expense totaled $5,405,909 for the six months ended June 30,
1995 as compared to $5,259,389 for the comparable 1994 period, an increase of
$146,520, or approximately 3 percent. These increases were due to capital
additions in 1994 and the amortization of capitalized loan fees.
Operating loss totaled $1,350,807 for the three month period ended
June 30, 1995 as compared to $1,324,001 for the comparable 1994 period, an
increase of $26,806, or approximately 2 percent. Operating loss totaled
$3,037,147 for the six months ended June 30, 1995 as compared to $2,921,319, an
increase of $115,828, or approximately 4 percent. The increases for the three
and six month periods were due to the increases in operating expenses,
management fees and allocated overhead from the General Partners and
depreciation and amortization expense exceeding the increase in revenues.
The cable television industry generally measures the performance of a
cable television system in terms of cash flow or operating income before
depreciation and amortization. The value of a cable television system is often
determined using multiples of cash flow. This measure is not intended to be a
substitute or improvement upon the items disclosed on the financial statements,
rather it is included because it is an industry standard. Operating income
before depreciation and amortization expense totaled $1,235,092 for the three
month period ended June 30, 1995 as compared to $1,233,517 for the comparable
1994 period, an increase of $1,575, or less than 1 percent. Operating income
before depreciation and amortization expense totaled $2,368,762 for the six
months ended June 30, 1995 as compared to $2,338,070 for the comparable 1994
period, an increase of $30,692, or approximately 1 percent. The increases for
the three and six month periods were due to the increases in revenues exceeding
the increases in operating expenses and management fees and allocated overhead
from the General Partners.
Interest expense totaled $873,517 for the three month period ended
June 30, 1995 as compared to $649,011 for the comparable 1994 period, an
increase of $224,506, or approximately 35 percent. Interest expense totaled
$1,894,008 for the six months ended June 30, 1995 as compared to $1,205,582 for
the comparable 1994 period, an increase of $688,426, or approximately 57
percent. The increases were due to higher effective interest rates and higher
outstanding balances on interest bearing obligations. Consolidated loss
totaled $2,260,056 for the three month period ended June 30, 1995 as compared
to $2,025,931 for the comparable 1994 period, an increase of $234,125, or
approximately 12 percent. Consolidated loss totaled $4,970,458 for the six
months ended June 30, 1995 as compared to $4,224,144 for the comparable 1994
period, an increase of $746,314, or approximately 18 percent. The increases
were primarily due to the increases in interest expense. Such losses are
expected to continue.
10
<PAGE> 11
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
11
<PAGE> 12
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.
IDS/JONES GROWTH PARTNERS 89-B, LTD.
BY: JONES CABLE CORPORATION,
its Managing General Partner
By: /S/ Kevin P. Coyle
------------------------------
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: September 20, 1995
12
<PAGE> 13
EXHIBIT INDEX
Exhibit
Number Exhibit Description Page
------ ------------------- ----
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 427,146
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> (427,146)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> (1,212,792)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,212,792)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,212,792)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,212,792)
<EPS-PRIMARY> (18.94)
<EPS-DILUTED> (18.94)
</TABLE>
