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<PAGE> 1
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
September 30, 1997 Commission File Number 0-21276
- --------------------- -------------------------------
DATRONIC FINANCE INCOME FUND I, L.P.
------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 36-3744792
- ----------------- ---------------------------
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
--- ---
<PAGE> 2
DATRONIC FINANCE INCOME FUND I, L.P.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
PART I - FINANCIAL INFORMATION
Item 1.
- -------
Index to Financial Statements
Balance Sheets
September 30, 1997 (unaudited) 3
December 31, 1996 4
Statements of Revenue and Expenses (unaudited)
For the three months ended September 30, 1997 5
For the three months ended September 30, 1996 6
For the nine months ended September 30, 1997 7
For the nine months ended September 30, 1996 8
Statements of Changes in Partners' Equity
For the nine months ended September 30, 1997 9
(unaudited)
Statements of Cash Flows (unaudited)
For the nine months ended September 30, 1997 10
For the nine months ended September 30, 1996 11
Notes to Financial Statements (unaudited) 12
Item 2.
- -------
Management's Discussion and Analysis of
Financial Condition and Results of Operations 13 - 15
PART II - OTHER INFORMATION
Items 1-6. 16
- ----------
2
<PAGE> 3
DATRONIC FINANCE INCOME FUND I, L.P.
BALANCE SHEETS
September 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
ASSETS
- ------
Cash and cash equivalents $315,142 $1,385,640 $1,700,782
Net investment in direct
financing leases 4,065 1,760,727 1,764,792
Diverted and other assets, net 144,697 949,836 1,094,533
Datronic assets, net - - -
-------- ---------- ----------
$463,904 $4,096,203 $4,560,107
======== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 985 $ 15,604 $ 16,589
Lessee rental deposits 6,951 64,754 71,705
-------- ---------- ----------
Total liabilities 7,936 80,358 88,294
Total partners' equity 455,968 4,015,845 4,471,813
-------- ---------- ----------
$463,904 $4,096,203 $4,560,107
======== ========== ==========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
DATRONIC FINANCE INCOME FUND I, L.P.
BALANCE SHEETS
December 31, 1996
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
ASSETS
- ------
<S> <C> <C> <C>
Cash and cash equivalents $ 388,154 $1,233,075 $1,621,229
Due from management company 3,725 33,628 37,353
Net investment in direct
financing leases 12,084 3,091,844 3,103,928
Diverted and other assets, net 144,697 949,836 1,094,533
Datronic assets, net - - -
---------- ---------- ----------
$ 548,660 $5,308,383 $5,857,043
========== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 7,019 $ 56,404 $ 63,423
Lessee rental deposits 20,240 177,855 198,095
---------- --------- ----------
Total liabilities 27,259 234,259 261,518
Total partners' equity 521,401 5,074,124 5,595,525
---------- ---------- ----------
$ 548,660 $5,308,383 $5,857,043
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended September 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 713 $ 69,900 $ 70,613
Interest income 1,715 18,484 20,199
-------- --------- ---------
2,428 88,384 90,812
-------- --------- ---------
Expenses:
General Partner's
expense reimbursement 16,234 138,258 154,492
Professional fees 5,405 42,219 47,624
Other operating expenses 986 6,482 7,468
-------- --------- ---------
22,625 186,959 209,584
-------- --------- ---------
Net loss $(20,197) $ (98,575) $(118,772)
======== ========= =========
Net loss - General Partner $ (202) $ (986) $ (1,188)
======== ========= =========
Net loss - Limited Partners $(19,995) $ (97,589) $(117,584)
======== ========= =========
Net loss per limited
partnership unit $ (2.60) $ (1.93)
======== =========
Weighted average number
of limited partnership units
outstanding 7,699 50,535
======== =========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income (loss) $ (3,975) $ 107,866 $ 103,891
Interest income 1,002 23,057 24,059
-------- --------- ---------
(2,973) 130,923 127,950
-------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 7,911 51,933 59,844
General Partner's
expense reimbursement 21,075 184,845 205,920
Professional fees 4,658 36,437 41,095
Other operating expenses 834 6,165 6,999
Provision for lease losses - 125,000 125,000
-------- --------- ---------
34,478 404,380 438,858
-------- --------- ---------
Net loss $(37,451) $(273,457) $(310,908)
======== ========= =========
Net loss - General Partner $ (375) $ (2,734) $ (3,109)
======== ========= =========
Net loss - Limited Partners $(37,076) $(270,723) $(307,799)
======== ========= =========
Net loss per limited
partnership unit $ (4.82) $ (5.36)
======== =========
Weighted average number
of limited partnership units
outstanding 7,699 50,535
======== =========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the nine months ended September 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
----------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 948 $ 255,632 $ 256,580
Interest income 4,816 42,726 47,542
--------- --------- ---------
5,764 298,358 304,122
--------- --------- ---------
Expenses:
General Partner's
expense reimbursement 51,477 428,152 479,629
Professional fees 17,838 132,275 150,113
Other operating expenses 1,882 13,316 15,198
--------- --------- ---------
71,197 573,743 644,940
--------- --------- ---------
Net loss $ (65,433) $(275,385) $(340,818)
========= ========= =========
Net loss - General Partner $ (654) $ (2,754) $ (3,408)
========= ========= =========
Net loss - Limited Partners $ (64,779) $(272,631) $(337,410)
========= ========= =========
Net loss per limited
partnership unit $ (8.41) $ (5.39)
========= =========
Weighted average number
of limited partnership units
outstanding 7,699 50,535
========= =========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the nine months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
----------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income (loss) $ (5,619) $ 414,159 $ 408,540
Interest income 8,921 104,635 113,556
--------- --------- ---------
3,302 518,794 522,096
--------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 23,734 155,798 179,532
Management fees-New Era 39,505 366,816 406,321
General Partner's
expense reimbursement 29,884 242,672 272,556
Professional fees 20,903 149,665 170,568
Other operating expenses 2,548 21,208 23,756
Provision for lease losses - 250,000 250,000
--------- --------- ---------
116,574 1,186,159 1,302,733
--------- --------- ---------
Net loss $(113,272) $(667,365) $(780,637)
========= ========= =========
Net loss - General Partner $ (1,133) $ (6,674) $ (7,807)
========= ========= =========
Net loss - Limited Partners $(112,139) $(660,691) $(772,830)
========= ========= =========
Net loss per limited
partnership unit $ (14.57) $ (13.07)
========= =========
Weighted average number
of limited partnership units
outstanding 7,699 50,535
========= =========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF CHANGES IN PARTNERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
General Limited Limited Total
Partner's Partners' Partners' Partners'
Equity Equity Equity Equity
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Balance, December 31, 1996 $(260,963)* $540,745 $5,315,743 $5,595,525
Distributions to
Partners (2,895) - (779,999) (782,894)
Net loss (3,408) (64,779) (272,631) (340,818)
Allocation of General
Partner's equity 267,266 (19,998) (247,268) -
-------- -------- ---------- ----------
Balance, September 30, 1997 $ - $455,968 $4,015,845 $4,471,813
======== ======== ========== ==========
</TABLE>
* Balance as previously reported was $0 due to allocation of $19,344 and
$241,619 to Liquidating and Continuing Limited Partners' Equity,
respectively.
See accompanying notes to financial statements.
9
<PAGE> 10
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows used for operating activities:
Net loss $ (65,433) $ (275,385) $ (340,818)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Changes in assets and liabilities:
Accounts payable and
accrued expenses (6,034) (40,800) (46,834)
Lessee rental deposits (13,289) (113,101) (126,390)
Due from management company 3,725 33,628 37,353
---------- ---------- ----------
(81,031) (395,658) (476,689)
-------- ---------- ----------
Cash flows from investing activities:
Principal collections on leases 8,019 1,331,117 1,339,136
--------- ---------- ----------
Cash flows used for financing activities:
Distributions to Limited Partners - (779,999) (779,999)
Distributions to General Partner - (2,895) (2,895)
-------- ---------- ----------
- (782,894) (782,894)
-------- ------------ -----------
Net increase (decrease) in
cash and cash equivalents (73,012) 152,565 79,553
Cash and cash equivalents:
Beginning of year 388,154 1,233,075 1,621,229
-------- ---------- ----------
End of third quarter $315,142 $1,385,640 $1,700,782
======== ========== ==========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
DATRONIC FINANCE INCOME FUND I, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows used for operating activities:
Net loss $(113,272) $(667,365) $ (780,637)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Amortization expense 23,734 155,798 179,532
Provision for lease
losses - 250,000 250,000
Changes in assets and
liabilities:
Accounts payable and
accrued expenses (4,672) (31,976) (36,648)
Lessee rental deposits (15,040) (126,079) (141,119)
Due to management company 130 853 983
-------- ---------- ----------
(109,120) (418,769) (527,889)
-------- ---------- ----------
Cash flows from investing activities:
Principal collections on leases 49,316 1,868,817 1,918,133
Release of restricted cash 44,363 291,209 335,572
-------- ---------- ----------
93,679 2,160,026 2,253,705
--------- ---------- ----------
Cash Flows used for financing activities:
Distributions to Limited Partners - (1,138,099) (1,138,099)
Distributions to General Partner - (16,119) (16,119)
-------- ---------- ----------
- (1,154,218) (1,154,218)
--------- ---------- ----------
Net increase (decrease) in
cash and cash equivalents (15,441) 587,039 571,598
Cash and cash equivalents:
Beginning of year 469,897 1,079,361 1,549,258
-------- ---------- ----------
End of third quarter $454,456 $1,666,400 $2,120,856
======== ========== ==========
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
DATRONIC FINANCE INCOME FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Finance Income Fund I, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on November 21, 1990 for the purpose of leasing both
high- and low-technology equipment. Reference is made to Notes 3, 4, 5 and 6 to
the Partnership's financial statements included in the 1996 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 1996 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.
In December 1996, the Court approved a Management Termination Agreement between
New Era Funding Corp. and Lease Resolution Corporation ("LRC"). Pursuant to
that agreement, LRC assumed day-to-day management responsibility for the
Partnership and for the related expenses incurred on its behalf retroactive to
July 1, 1996. Accordingly, management fees totaling $194,672 for the period
July 1 - September 30, 1996 originally reported as Management fees-New Era in
the Partnership's Statements of Revenue and Expenses for the three and nine
months ended September 30, 1996 have been reclassified as General Partner's
expense reimbursement. This reclassification has no effect on the
Partnership's net loss for these periods and is consistent with the manner in
which these expenses were reported for the full year in the Partnership's 1996
financial statements included in Form 10-K.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the April 1, 1995 distribution and distributions to Continuing Limited Partners
were suspended after payment of the April 1, 1997 distribution.
12
<PAGE> 13
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,
1996 through September 30, 1997. The discussion and analysis of results of
operations is for the three and nine months ended September 30, 1997 as
compared to the corresponding periods in 1996.
Financial Condition, Liquidity and Capital Resources
During the nine months ended September 30, 1997, Partnership assets continued
to be converted to cash in order to pay Partnership operating expenses,
liquidate Partnership liabilities and make distributions to limited partners.
Net investment in direct financing leases decreased $1,339,000 during the nine
months ended September 30, 1997. This decrease is due to principal collections
on leases.
Lessee rental deposits decreased $126,000 from the return of lease deposits at
the expiration of the respective leases.
In the aggregate, partners' equity decreased $1,124,000 during the nine months
ended September 30, 1997 due to a net loss of $341,000 and distributions to
partners of $783,000.
During the nine months ended September 30, 1997, the Partnership's operating
activities resulted in a use of $477,000 of cash. This was due principally to
a net loss of $341,000, decreases in accounts payable and lessee rental
deposits of $173,000, partially offset by a decrease in due from management
company of $37,000. During the period, cash flows from investing activities
aggregated $1,339,000 from collections on leases. Cash flows used for
financing activities of $783,000, consisted of distributions to limited
partners of $780,000 and the general partner of $3,000.
The Partnership's sources of liquidity on both a long-term and short-term basis
are expected to come principally from cash-on-hand and cash receipts from
leases owned by the Partnership. In addition, the Partnership's sources of
liquidity on a long-term basis are expected to include proceeds from the sale
of Diverted and other assets and 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, provide for the ongoing pursuit of litigation and an orderly
liquidation of the Partnership. Distributions to the Liquidating Limited
Partners were suspended after payment of the April 1, 1995 distribution.
Distributions to the Continuing Limited Partners were suspended after the April
1, 1997 distribution.
The continued operation and eventual liquidation of the Partnership involves
numerous complex issues which have to be resolved. These
13
<PAGE> 14
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 Notes 3, 5 and 9 to the Partnership's financial
statement included in the 1996 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 unlikely that
any additional distributions will be made until all remaining assets are
liquidated and the pending litigation is resolved. The amount of future
distributions, if any, to the Limited Partners are likely to be significantly
less than the amount of partners' equity reflected in the September 30, 1997
Balance Sheets (see the financial statements included in Item 1).
Results of Operations
Lease income decreased $33,000 and $152,000 for the three and nine months ended
September 30, 1997 compared to the corresponding periods in 1996. The decrease
is primarily due to a decline in the lease portfolios partially offset by a
$45,000 reduction of lease income in the second quarter 1996 which provided for
the return of lessee overpayments previously recorded as income.
Interest income decreased $4,000 and $66,000 for the three and nine months
ended September 30, 1997 as compared to the corresponding periods in 1996. The
decrease is primarily due to the recognition in the second quarter 1996 of
interest previously earned on restricted cash balances.
Management fees-New Era represents payments to New Era Funding for managing the
day-to-day operations of the Partnership pursuant to a Management Agreement
that was terminated effective June 30, 1996. Accordingly, no management fees
were paid to New Era for any periods after that date. Management fees of
$406,000 for the nine months ended September 30, 1996 are all attributable to
the first six months of the year. Effective July 1, 1996, the General Partner,
Lease Resolution Corporation ("LRC") assumed responsibility for the day-to-day
management of the Partnership and the related expenses are included in General
Partner's expense reimbursement (see Note 8 to the financial statements
included in the 1996 Form 10-K).
The General Partner's expense reimbursement includes (i) payments to LRC for
expenses it incurred as general partner beyond those covered by its partner
distributions, and (ii) effective July 1, 1996, reimbursement of additional
expenses incurred by LRC in the day-to-day management of the Partnership. The
following table summarizes all payments to LRC for the three and nine months
ended September 30, 1996 and 1997.
14
<PAGE> 15
<TABLE>
<CAPTION>
General
Expense Partner
Reimbursement Distributions Total
----------------------------------------
<S> <C> <C> <C>
Three months ended
9/30/97 $ 154,000 $ - $ 154,000
9/30/96 206,000 9,000 215,000
----------------------------------------
Increase (decrease) $ (52,000) $ (9,000) $ (61,000)
========================================
Nine months ended
9/30/97 $ 480,000 $ 3,000 $ 483,000
9/30/96 273,000 16,000 289,000
----------------------------------------
Increase (decrease) $ 207,000 $ (13,000) $ 194,000
========================================
</TABLE>
Total payments to LRC for the three months ended September 30, 1997 decreased
$61,000 compared to last year because of staff reductions and other cost
savings associated with the management of the Partnership. These 1997 savings
were partially offset by a $35,000 premium for insurance coverage that extends
through the ultimate liquidation of the Partnership.
The nine month increase of $194,000 reflects the fact that LRC managed the
day-to-day operations of the Partnership for all three quarters through
September 30, 1997 versus only one quarter in 1996, partially offset by staff
reductions and other cost savings. The increase also includes the $35,000
insurance premium noted above and a $19,000, one-time charge for relocating the
former New Era staff to reduced office space.
Professional Fees increased $7,000 and decreased $20,000 for the three and nine
months ended September 30, 1997 as compared to the corresponding periods in
1996. The increase for the three month period is due to increased legal fees
relating to Partnership claims against former accountants and others partially
offset by decreased legal fees related to collections. The decrease for the
nine month period is due to decreased legal fees related to collections, other
legal matters and audit fees partially offset by increased legal fees relating
to Partnership claims against former accountants and others.
The provision for lease losses reflects Management's ongoing assessment of
potential losses inherent in the lease portfolios.
15
<PAGE> 16
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to Item 3 - Legal Proceedings in the Partnership's December
31, 1996 Form 10-K for a discussion of material legal proceedings involving the
Partnership.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
See Exhibit Index.
(b) Reports on Form 8-K
None.
16
<PAGE> 17
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 13th day of November 1997.
DATRONIC FINANCE INCOME FUND I, L.P.
Registrant
By: /s/DONALD D. TORISKY
-------------------------------------
Donald D. Torisky
Chairman and Chief Executive Officer,
Lease Resolution Corporation
General Partner of
Datronic Finance Income Fund I, L.P.
By: /s/ROBERT P. SCHAEN
-------------------------------------
Robert P. Schaen
Vice Chairman and Chief Financial Officer,
Lease Resolution Corporation
General Partner of
Datronic Finance Income Fund I, L.P.
17
<PAGE> 18
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.
18
<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> 0000870255
<NAME> DATRONIC FINANCE INCOME FUND I, L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,700,782
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,560,107
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,471,813
<TOTAL-LIABILITY-AND-EQUITY> 4,560,107
<SALES> 0
<TOTAL-REVENUES> 304,122
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 15,198
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (340,818)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
|
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