<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
/x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED COMMISSION FILE NO. 017833
JUNE 30, 1996
GREENLAND
CORPORATION
NEVADA 87-0439051
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
4180 LA JOLLA VILLAGE DRIVE
SUITE 315
LA JOLLA, CA 92037
(ADDRESS AND ZIP CODE OF PRINCIPAL EXECUTIVE OFFICES
(619) 458-4226
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
/x/ YES / / NO
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
CLASS A COMMON STOCK 15,925,747 SHARES OUTSTANDING
$0.001 PAR VALUE AS OF JULY 22, 1996
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
REPORT ON FORM 10-QSB
QUARTER ENDED JUNE 30, 1996
Table of Contents
- --------------------------------------------------------------------------------
PART I. Financial Information
ITEM 1. Financial Statements
- Condensed consolidated balance sheets as of June 30, 1996
and December 31, 1995
- Condensed consolidated statements of operations
Three months ended June 30, 1996 and 1995
Six months ended June 30, 1996 and 1995
- Condensed consolidated statements of changes in
stockholders' equity as of June 30, 1996
- Condensed consolidated statements of cash flows as of June
30, 1996
- Notes to condensed consolidated financial statements
ITEM 2. Management's discussion and analysis of financial
condition and results of operations
PART II. Other information
Signatures
1
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GREENLAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
QUARTER ENDED JUNE 30, 1996
ASSETS JUNE 30, 1996 DEC. 31, 1995
------------- -------------
(UNAUDITED) (AUDITED)
Current assets:
Cash in bank $ 69,389 $ 8,523
Refundable deposits 5,186 1,969
Accounts receivable 20,600 -
Notes receivable 59,668 59,668
Accounts receivable, officers 55,035 -
---------- ----------
Total current assets 209,878 70,160
Rental properties, net of depreciation 5,120,972 5,096,627
Other assets:
Land option 2,515,000 2,515,000
Licenses 959,432 959,432
Investments 152,893 152,893
Capitalized software 89,646 -
---------- ----------
Total assets $ 9,047,821 $ 8,794,112
---------- ----------
---------- ----------
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 91,888 $ 28,321
Tenant deposits 20,764 21,829
Property taxes payable 22,364 22,364
Accrued salaries 30,400 -
Accrued interest payable 5,365 5,365
Notes payable 5,000 50,000
Current portion of long-term debt 128,535 139,644
---------- ----------
Total current liabilities 304,316 267,523
Payable to stockholders 290,790 300,790
Long-term debt 4,102,589 3,925,089
---------- ----------
Total liabilities 4,697,695 4,493,402
STOCKHOLDERS' EQUITY
Common stock
$0.001 par value: 25,000,000
authorized;15,805,747 shares
issued and outstanding (13,190,253
at 12/31/95) 15,806 13,190
Less subscriptions receivable (14,195) (54,195)
Additional paid-in capital 5,,605,889 5,298,818
Retained deficit (1,257,374) (957,103)
---------- ----------
Total stockholders' equity 4,350,126 4,300,710
---------- ----------
$ 9,047,821 $ 8,794,112
---------- ----------
---------- ----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
2
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 1996
Three Months Ended June 30,
1996 1995
---- ----
(UNAUDITED) (UNAUDITED)
Revenue:
Rental income $ 104,236 $ 129,280
Other income 21,030 -
---------- ----------
Net revenue 125,266 129,280
Expenses:
General and administrative 181,732 55,201
Depreciation 40,727 46,713
Property and other taxes 13,863 12,000
Interest 78,554 87,928
---------- ----------
314,876 201,622
---------- ----------
Income (loss) from operations (189,610) (74,382)
Other income (expense) - (20,194)
Provision for income taxes - -
---------- ----------
Net income (loss) $ (189,610) $ (92,576)
---------- ----------
---------- ----------
Net income (loss) per share* $ (0.01) $ (0.03)
---------- ----------
---------- ----------
*Weighted average number of common
shares used to compute income (loss)
per share 15,339,167 2,981,691
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
Six Months Ended June 30,
1996 1995
---- ----
(UNAUDITED) (UNAUDITED)
Revenue:
Rental income $ 209,397 $ 234,675
Other income 81,218 -
---------- ----------
Net revenue 290,615 234,675
Expenses:
General and administrative 339,784 129,169
Depreciation 81,455 93,426
Property and other taxes 17,120 26,000
Interest 152,427 160,244
---------- ----------
590,786 400,839
---------- ----------
Income (loss) from operations (300,171) (166,164)
Other income (expense) - -
Provision for income taxes - -
---------- ----------
Net income (loss) $ (300,171) $ (166,164)
---------- ----------
---------- ----------
Net income (loss) per share* $ (0.01) $ (0.06)
---------- ----------
---------- ----------
*Weighted average number of common
shares used to compute income (loss)
per share 15,339,167 2,971,047
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
QUARTER ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
COMMON STOCK
PAR VALUE $0.001 ADDITIONAL
------------------------------- PAID-IN RETAINED
SHARES AMOUNT CAPITAL DEFICIT
<S> <C> <C> <C> <C>
Balances at 12/31/91 1,000,000 $ 1,000 $ 1,000 $ (2,000)
Net loss for year - - - -
---------- ----------- ----------- -----------
Balances at 12/31/92 1,000,000 1,000 1,000 (2,000)
Net income for year - - - -
---------- ----------- ----------- -----------
Balances at 12/31/93 1,000,000 1,000 1,000 (2,000)
Issuance of common (restricted) for cash 1,200,000 1,200 38,000 -
Issuance of common (restricted) to acquire subsidiary 100,000 100 303,893 (257,612)
Issuance of common (restricted) to acquire properties 524,147 524 1,529,803 -
Issuance of common (restricted) for services 132,000 132 - (110,338)
Net loss for year - - - (110,338)
---------- ----------- ----------- -----------
Balances at 12/31/94 2,956,147 2,956 1,873,496 (369,950)
Issuance of common (restricted) to cancel debt 25,544 26 123,294 -
Issuance of common (Regulation S - Phase I) 1,100,000 1,100 108,900 -
Issuance of common (restricted) for services 209,400 209 -
Issuance of common (restricted) for assets 8,500,000 8,500 710,829 -
Issuance of common (restricted) to cancel debt 8,400 8 16,800 -
Issuance of common (restricted) to cancel debt 5,000 5 25,714 -
Issuance of common (restricted) for land option 408,512 409 2,464,591 -
Cancellation of restricted common stock (42,750) (43) (124,786) -
Net loss for year - - - (587,153)
---------- ----------- ----------- -----------
Balances at 12/31/95 13,190,253 $ 13,190 $ 5,298,818 $ (957,103)
---------- ----------- ----------- -----------
Issuance of common pursuant to acquisitions 1,080,299 1,080 - -
Issuance of common (Regulation S - Phase II) 100,000 100 10,000 -
Issuance of common (restricted) at $2/share 25,000 25 50,000 -
Cancellation of common stock and adjustments (337,252) (337) (1,910,577) -
Issuance of common (restricted) for land option 1,270,359 1,270 1,908,539 -
Issuance of common (restricted) 3,500 4 6,996 -
Issuance of common (restricted) 2,000 2 5,998 -
Issuance of common (restricted) 1,000 1 1,999 -
Net loss for period (110,661)
---------- ----------- ----------- -----------
Balances at 3/31/96 15,335,159 $ 15,335 $ 5,371,773 $ (1,067,764)
---------- ----------- ----------- -----------
---------- ----------- ----------- -----------
Issuance of common (restricted) at $5/share 200 0.2 1,000
Issuance of common (restricted) at $3/share 1,000 1 2,999
Issuance of common (restricted) at $2/share 25,000 25 49,975
Issuance of common (restricted) at $0.50/share 131,000 131 65,369
Issuance of common (Regulation S) 250,000 250 62,250
Issuance of common (restricted) for services 500 0.5 499
Issuance of common (restricted) for services 2,888 2.9 3,084
Issuance of common (restricted) to cancel debt 60,000 60 48,940
Net loss for period (189,610)
---------- ----------- ----------- -----------
Balances at 6/30/96 15,805,747 $ 15,806 $ 5,605,889 $ (1,257,374)
---------- ----------- ----------- -----------
---------- ----------- ----------- -----------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
QUARTER ENDED JUNE 30, 1996
6 Months Ended
1996
----
(UNAUDITED)
OPERATING ACTIVITIES
Net loss $ (300,171)
Adjustments to reconcile net loss to cash used
by operating activities:
Depreciation 81,455
Changes in operating assets and liabilities:
Increase in accounts receivable (20,600)
Increase in accounts receivable, officer (55,035)
Increase in accounts payable 63,567
Increase in deposits (3,217)
Decrease in tenant deposits (1,065)
Increase in capitalized software (89,646)
Decrease in notes payable (45,000)
Increase in accrued salaries 30,400
Increase in current portion long-term debt (11,109)
---------
Net cash required by operating activities (297,834)
FINANCING ACTIVITIES
Amounts paid to stockholder (10,000)
Retirement of long-term debt 177,500
Repayment of loans -
Proceeds from sale of stock 297,000
---------
Net cash provided by financing activities 464,500
---------
INVESTING ACTIVITIES
Acquisition of rental properties (105,800)
Purchase of Equipment -
---------
Net cash used by investing activities (105,800)
---------
Increase (decrease) in cash and cash equivalents 60,866
Cash and cash equivalents at beginning of period 8,523
---------
Cash and cash equivalents at end of period $ 69,389
---------
---------
SUPPLEMENTAL INFORMATION
Cash paid for interest $ 78,554
Debt reduced by issuance of stock 52,587
---------
$ 131,141
---------
---------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
<PAGE>
GREENLAND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
QUARTER ENDED JUNE 30, 1996
PART I - FINANCIAL INFORMATION
BASIS OF PRESENTATION
GENERAL
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB. Therefore, they do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows, and stockholders' equity in
conformity with generally accepted accounting principles. Except as disclosed
herein, there has been no material change in the information disclosed in the
notes to the financial statements included in the Company's annual report on
Form 10-KSB for the year ended December 31, 1995. In the opinion of Management,
all adjustments considered necessary for a fair presentation of the results of
operations and financial position have been included and all such adjustments
are of a normal recurring nature. Operating results for the quarters ended June
30, 1996 are not necessarily indicative of the results that can be expected for
the year ended December 31, 1996.
NOTE 2: PRIVATE PLACEMENT
The Company issued a Private Placement Memorandum pursuant to
Regulation D, Rule 505 during the first quarter (and revised on April 9, 1996)
to sell an aggregate of 400,000 shares of restricted common stock for a total
of $2,000,000. During the period ended June 30, 1996, a total of $157,000 was
raised pursuant to the Private Placement. During the prior three-month period
ended March 31, 1996, a total of $65,000 was raised. The total amount raised
pursuant to the Private Placement for the six-month period ended June 30, 1996
was $222,000.
7
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
INTRODUCTION
The following discussion pertains to the Company's results of
operations and financial condition as of June 30, 1996 and 1995, respectively.
The operations of the Company's meter reading operations are
consolidated in the Company's financial statements. On June 12, 1996, the
Company reported, on Form 8-K, that it had entered a new Exchange Agreement with
Ariel Systems, Inc., dated May 1, 1996, which provides for the transfer of the
AMR technology to Greenland, including the assignment of associated patents
applied for by Ariel engineers to Greenland. Additionally pursuant to this
Agreement, the Company entered into a consulting agreement with Ariel for a
period of three (3) years under which Greenland will pay certain monthly fees
for engineering services and facilities and equipment use. However, key
engineering personnel originally employed by Ariel were hired by Greenland.
The Company's AMR operations have been, until recently, exclusively
devoted to research and development. Until the current period, operations have
been limited to expenses related to engineering and administration. The Company
has filed for two patents with the U.S. Patent Office. The Company has begun its
marketing and sales efforts, and is scheduled to begin testing its AirLink
- -TM- automated meter reading system in the State of Oregon in August of 1996.
Additionally test installations are anticipated. The Company charges utility
customers for its costs and expenses associated with such testing.
The Company's other operations have been largely devoted to those of
its wholly-owned GAM Properties, Inc. subsidiary. GAM owns and manages a number
of residential and commercial income properties in California.
The Company's ICAN subsidiary's operations, which are consolidated in
the Company's financial statements, have been limited. ICAN holds IVDS licenses
in three U.S. cities as its only assets. There is currently a moratorium
instituted by the FCC on build-out of such licenses and the Company is currently
evaluating its strategies related to potential business operations. At present,
the Company has not provided the capital resources that will be required to
build-out the licenses, to acquire other, new licenses, and to begin actual
operations in interactive television services.
The Company owns a 49% interest in Signature Leasing, LLC, a Nevada
Corporation ("Signature"). Signature is a commercial leasing company that has
issued Series A Convertible Notes, secured by property and/or equipment, in an
amount of approximately $840,000. The Company has converted, as of June 30,
1996, $676,318 principal amount of Notes plus $48,699 accrued interest.
Greenland has been discussing with Signature management the exercise of its
right to an additional 26% ownership. However, management has not determined
definitively whether it will acquire additional equity in Signature. The Company
has not consolidated the operations of Signature as it was a minority
shareholder at June 30, 1996.
RESULTS OF OPERATIONS
REVENUES
Rental income totaled $104,236 for the three month period ended June
30, 1996, a decrease of $25,044 of 19.4% from the prior year period. This
decrease was due primarily to changes in the composition of the Company's
property portfolio and to variable occupancy rates from the prior year period.
Rental income for the six month period ended June 30, 1996 was $209,397 compared
to $234,675
8
<PAGE>
for the prior six month period; a decrease of $25,278. The San Diego rental
market remains essentially flat; but the Company has been able to stabilize
occupancy rates.
Other income for the three months ended June 30, 1996 was $21,030, of
which $20,000 is attributed to sales related to its automated meter reading
activities. The Company had no income from such activities in the prior year.
For the six month period ended June 30, 1996, the Company had other income of
$81,218 compared to no other income in the prior year six month period.
EXPENSES
General and administrative expenses for the three month period ended
June 30, 1996 were $181,732 as compared to $55,201 for the prior year period, an
increase of $126,531 or 229.2%. This increase is attributable to increased costs
related to the broadened management and operations of the Company over the past
year, particularly related to increased staff to support the Company's automated
meter reading operations. For the six month period ended June 30, 1996, general
and administrative expenses were $339,784 as compared to $129,169 for the prior
year, an increase of $210,615.
Depreciation expense was $40,727 for the second quarter of fiscal 1996
as compared to $46,713 in the previous year period, a decrease of $5,986 or
12.8%, which is attributable to changes in the Company's portfolio of
properties. For the six month period ended June 30, 1996, depreciation was
$81,455 as compared to $93,426, a 12.8% decrease.
Interest expense was $78,863 in the second quarter period of 1996, a
decrease of $9,374 or 10.7% compared to the prior year second quarter period.
Interest expense for the six month period ended June 30, 1996 was $152,427
compared to $160,244 for the prior year, a decrease of $7,817, or 4.9%. The
decreases in interest expense are due to changes in the Company's real estate
portfolio and the associated indebtedness.
Property and other taxes for the three month period ended June 30,
1996 were $13,863 compared to $12,000 in the previous year's second quarter, a
decrease of $1,863 or 15.5%. For the six month period ended June 30, 1996, taxes
were $17,120 compared to taxes of $26,000 for the prior year's six month period,
a decrease of $8,880 or 34.2%. The decreases are attributable to the changes in
the composition of the Company's of real estate properties upon which value
property taxes are assessed.
REAL ESTATE OPERATIONS
The Company's wholly-owned GAM Properties, Inc. subsidiary continued
to improve the composition of its real estate portfolio during the second
quarter of fiscal 1996 with the objective of maintaining and improving its
current assets. Management is encouraged by the market indications that show an
improvement in the rental property market in and around San Diego County.
Notwithstanding management's belief that its gross rental income will increase
in subsequent periods, the Company continues to reduce its debt on its
properties. The combination of these factors are expected to have a positive
effect on the Company's cash flow and equity.
On May 31, 1996, GAM acquired a single family residence in Temecula,
California. GAM acquired the property for $104,500. Instead of cash, the
Company created a note and deed of trust on its Chase Avenue property for the
purchase price of the Temecula property, payable interest only or more at
8 3/4%, due five years from close of escrow. The deed of trust was
cross-collateralized by the newly acquired Temecula property and the
Company's 44th Street property in San Diego. Concurrent with the Temecula
acquisition, GAM obtained and funded a new first deed and note in the amount
of $73,000 payable 11 1/2% due three years from close of escrow. This
transaction provided cash for operations in the amount of $67,616, which
included transaction fees. Of this amount, $15,000 was provided to GAM for
working capital.
9
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During the three month period ended June 30, 1996, GAM has increased
occupancy rates of its rental properties from 84% to 93%, which has enabled the
Company to operate closer to break-even than previously.
The Company expects to continue to look for asset enhancement through
prudent acquisition or other properties that also serve to enhance it's cash
flow.
AUTOMATED METER READING OPERATIONS
The Company has continue to fund the research and development efforts
of its automated meter reading operations. During the second quarter, the
Company participated as an exhibitor at the National Meter Reading Conference in
Sacramento, California and demonstrated, through a live field test, its AirLink
- -TM- system.
The Company has an agreement to install test systems in Oregon with
Emerald Peoples Utility District and intends to install such systems in the
third quarter. This test, and an additional test at an as-yet-unnamed utility,
were paid for through an agreement with The Utility Forum, a California-based
consortium of utilities.
The Company continues to modify and improve its technology, and will
use its field testing to continue this process in order to provide competitive
advantage.
OTHER OPERATIONS
Management is, as yet, unsure about the operations of the Company's
ICAN, Inc. subsidiary, which holds the Company's IVDS broadcast licenses, which
will require the Company to make progress payments to the FCC regardless of the
Company's operations associated with them. At this time, management is uncertain
as to the legal status of its licenses, which were acquired from Integrated
Communications Access Network, Inc. in December 1995. Accordingly, the Company
may be required to write down the assets associated with the licenses should its
ownership rights be denied.
LIQUIDITY AND CAPITAL RESOURCES
The Company's total assets were by $9,047,821 at June 30, 1996, an
increase of $253,709, or 2.9%, over to the year ended December 31, 1995. This
increase in assets is based on additions to cash and the capitalization of
software associated with the development of its automated meter reading
technology. Such capitalization is pursuant to SFAS 86 "Accounting for the costs
of computer software to be sold, leased or otherwise marketed."
At June 30, 1996, the Company's total liabilities were $4,697,695, an
increase of $204,293 (4.5%) over the year ended December 31, 1995. The increase
is attributable to increases in long-term debt associated with the Company's
real estate properties, and increased payments associated with expanded
operations of the Company. Stockholders' equity was $4,350,126 at June 30, 1996,
an increase of $49,416 (1.13%) over the year ended December 31, 1995.
The Company had negative working capital of $94,438 at June 30, 1996.
The Company's working capital has improved by $68,308 since the period ended
March 31, 1996 and by $102,925 since the year ended December 31, 1995. The
Company is in the process of a private placement offering to sell up to
4,000,000 shares of restricted common stock to raise $2,000,000, which would
eliminate the pressures associated with this condition. The Company continues to
seek buyers and/or lenders to leverage its purchase option on property in
Arizona, which could assist in providing additional working capital. The Company
is also investigating other corporate financing activities in order meet its
ongoing requirements for working capital to grow its business.
10
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PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
The Company is not involved in any litigation that would have a
material adverse effect on the Company; and the officers and directors are aware
of no threatened or pending litigation which would have a material, adverse
effect on the Company.
ITEM 2 - CHANGES IN SECURITIES
Not applicable.
ITEM 3 - DEFAULTS ON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTER TO 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
Form 8-K (and associated exhibits) filed June 26, 1996, related to
acquisition of automated meter reading technology from Ariel Systems,
Inc., the divestiture of Ariel Systems as an 80%-owned subsidiary of
Greenland, and the engagement of Ariel Systems as a consultant to the
Company.
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GREENLAND CORPORATION
July 25, 1996 SIGNED
-------------------------------
Kevin G. Smith
Chairman and Chief Executive Officer
July 25, 1996 SIGNED
-------------------------------
Eric W. Gaer
President and Chief Operating Officer
July 25, 1996 SIGNED
-------------------------------
Michael H. deDomenico
Director and Principal Accounting Officer
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 74,575
<SECURITIES> 0
<RECEIVABLES> 20,600
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 209,878
<PP&E> 5,120,972
<DEPRECIATION> 0
<TOTAL-ASSETS> 9,047,821
<CURRENT-LIABILITIES> 304,316
<BONDS> 4,393,379
0
0
<COMMON> 15,806
<OTHER-SE> 4,334,320
<TOTAL-LIABILITY-AND-EQUITY> 9,047,821
<SALES> 0
<TOTAL-REVENUES> 125,266
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 236,322
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 78,554
<INCOME-PRETAX> (189,610)
<INCOME-TAX> 0
<INCOME-CONTINUING> (189,610)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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<NET-INCOME> (189,610)
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