SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended March 31, 1999.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from ________to________.
Commission file number: 0-20033
AMERIRESOURCE TECHNOLOGIES, INC.
--------------------------------
(Exact Name of Small Business Issuer as Specified in its Charter)
DELAWARE 84-1084784
-------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
8815 Long Street Lenexa, Kansas 66215
-------------------------------------
(Address if principle executive office) (Zip Code)
(913) 859-9292
--------------
(Issuer's telephone number)
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
The number of outstanding shares of the issuer's common stock, $0.0001
par value (the only class of voting stock), as of May 14, 1999 was 494,061,312.
1
<PAGE>
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS ..................................................3
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS ...................................4
PART II
ITEM 1. LEGAL PROCEEDINGS .....................................................7
ITEM 6. REPORTS ON FORM 8-K ...................................................7
SIGNATURES ....................................................................7
INDEX TO EXHIBITS .............................................................8
[THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK]
2
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
As used herein, the term "Company" refers to AmeriResource Technologies,
Inc., a Delaware corporation, and its subsidiaries and predecessors unless
otherwise indicated. Consolidated, unaudited, condensed interim financial
statements including a balance sheet for the Company as of the quarter ended
March 31, 1999, statement of operations, statement of shareholders equity and
statement of cash flows for the interim period up to the date of such balance
sheet and the comparable period of the preceding year are attached hereto as
Pages F-1 through F-9 and are incorporated herein by this reference.
[THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK]
3
<PAGE>
INDEX TO FINANCIAL STATEMENTS PAGE
Consolidated Balance Sheet, March 31, 1999 .................................F-2
Consolidated Statement of Operations, for the three months ended
March 31, 1999 and 1998 ..................................................F-4
Consolidated Statement of Stockholder's Equity for the Quarter ended
March 31, 1999 and 1998 ..................................................F-5
Consolidated Statement of Cash Flows, for the three months ended March 31, 1999
and 1998 .................................................................F-6
Notes to Consolidated Financial Statements, March 31, 1999 ..................F-9
F-1
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
March 31, 1999
ASSETS
- ------
March 31, December 31,
1999 1998
(Unaudited) (Audited)
----------- ------------
Current assets:
Cash and cash equivalents (Note 1) $ 38,059 36,152
------ ------
Receivables:
Trade 759,404 759,404
Notes receivable - related party (Note 2 and 3) 283,190 283,190
Notes receivable - other (Note 3) 75,000 75,000
Allowance for doubtful accounts (711,937) (711,937)
--------- ---------
Net receivables 405,657 405,657
------- --------
Total current assets 443,716 441,809
------- --------
Property, Plant and Equipment (Note 1):
Equipment 618,452 617,581
Furniture, fixtures and library 120,989 120,989
Vehicles 53,087 53,087
Less accumulated depreciation (749,299) (749,299)
--------- ---------
Net property, plant and equipment 43,299 42,358
------ ------
Other assets:
Organization costs (Net) (Note 1) 450 450
Publication rights (Net) (Note 1) 1,139,012 1,139,010
Marketable securities (Note 12) 257,893 257,893
------- -------
Total other assets 1,397,353 1,397,353
--------- ----------
Total assets $1,907,734 1,881,520
========== ==========
The accompanying notes are an integral part of these financial statements.
F-2
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
March 31, 1999
(continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, December 31,
1999 1998
(Unaudited) (Audited)
Current liabilities:
Accounts payable:
Trade $ 657,366 653,011
Related party (Note 2) 36,231 36,231
Current portion of long-term debt:
Related party (Note 2 and 4) 369,752 369,752
Other (Note 4) 615,352 606,693
Accrued payroll and related expenses 692,143 687,427
Accrued interest:
Related party (Note 2) 144,003 144,003
Other 180,779 180,779
Escrow Fees 3,552 4,224
Income Tax Payable 35,960 35,960
--------- ----------
Total current liabilities 2,702,530 2,718,080
Long-term debt:
Notes payable (Note 4) 1,535,857 1,535,857
Convertible debentures 3,350,000 3,350,000
Commitments and contingencies (Note 10) 105,000 105,000
--------- ----------
Total liabilities 7,693,387 7,708,937
--------- ----------
Stockholders' equity (Note 6)
Preferred stock, $.001 par value; authorized,
5,000,000 shares; issued and outstanding,
3,089,621 shares (Note 6) 3,090 3,090
Common Stock, $.0001 par value; authorized,
500,000,000 shares issued and outstanding, 40,206
472,060,312 shares 49,206
Additional paid-in capital 8,395,968 7,934,968
Common stock held in treasury; (24,981) (76,886)
2,458,000 shares at cost
Accumulated deficit (14,255,335) (13,728,795)
Total stockholders' equity (5,832,053) (5,827,417)
Total liabilities and stockholders' equity $1,907,734 1,881,520
========== ==========
The accompanying notes are an integral part of these financial statements.
F-3
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three months ended March 31, 1999 and 1998
1999 1998
------------ -----------
Net service income $ 42,498 802
Operating expenses (348) -
General and administrative expenses (573,743) (11,763)
Operating loss (531,593) (10,961)
Other income (expense):
Gain on sale of treasury stock 3,666 -
Gain on marketable securities - -
Interest expense (151) -
Total Other Income (Expenses) 3,515 (10,961)
--------- --------
Net loss before income tax (528,078) (10,961)
Income tax provision - -
Net loss $ (528,078) $ (10,961)
----------- ----------
Earnings per share .00 .00
Weighted average common shares outstanding 427,060,312 164,213,803
=========== ============
The accompanying notes are an integral part of these financial statements.
F-4
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statement of Stockholders' Equity
For the Quarter Ended March 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$.0001 Par Value $.001 Par Value
Common Stock Preferred Stock Additional Stock
---------------- ----------------
Number Number Paid-In Subscription Treasury Accumulated
of Shares Amount of Shares Amount Capital Receivable Stock Deficit Total
--------- ------ --------- ------ ---------- ------------- -------- ----------- -----------
Balance at December 31, 1997 164,213,803 $ 16,420 3,089,621 $ 3,090 $6,347,954 $ - $(5,625) $(9,600,861) $(3,239,022)
Issuance of Shares for:
S-8 options exercised 33,000,000 3,300 3,300 -
Subscriptions Receivable 41,000,000 4,100 460,900 (465,000) -
Consulting services 62,535,978 6,254 676,151 682,406
Debt 1,958,281 196 137,304 137,500
Accrued Salaries 11,275,327 1,128 42,373 43,501
Stock 23,076,923 2,308 255,586 257,893
Acquisition of FAMC 45,000,000 4,500 4,500
Acquired from FAMC (71,261) (71,261)
Reduction in Subscription Receivable 465,000 465,000
Consideration for guarantee 20,000,000 2,000 18,000 20,000
Net loss for the year ended
December 31, 1998 (4,127,934) (4,127,934)
----------- -----------
Balance at December 31, 1998 382,060,312 $ 40,206 3,089,621 $ 3,090 $7,934,968 $ - $(76,886)$(13,728,795) $(5,827,417)
=========== ======== ========= ======= ========== ============ ========= ============ ============
Issuance of Shares for:
Consulting Services 50,000,000 5,000 245,000 250,000
Legal Services 40,000,000 4,000 216,000 - 220,000
Sale of Treasury stock 51,905
Net loss for the quarter ended
March 31, 1999 (526,540) (526,540)
------------ ------------
Balance at March 31, 1999 472,060,312 $ 49,206 3,089,621 $ 3,090 $8,395,968 $ - $(24,981)$(14,255,335) $ ()
=========== ======== ========= ======= ========== ============ ========= ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-5
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the three months ended March 31, 1999 and 1998
1999 1998
------------ ------------
Reconciliation of net loss provided by (used in)
operating activities:
Net loss $ (528,078) $ (10,961)
Non-cash items:
Non-cash services through issuance of stock 470,000 -
Provision for bad debts -
(Gain)/Loss on investments (3,336) -
Changes in assets affecting operations - (increase) decrease
Accounts receivable -
Work-in-process -
Prepaid insurance and other expenses -
Changes in liabilities affecting operations - increase (decrease)
Accounts payable 4,355 9,878
Accrued payroll and related 8,659 -
Escrow fees (672) -
Accrued interest -
Commitments and contingencies - -
Other current liabilities - -
Net cash provided by (used in) operating activities $ (49,072) $ (1,083)
======== =======
The accompanying notes are an integral part of thes financial statements.
F-6
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the three months ended March 31, 1999 and 1998
1999 1998
------------ -----------
Cash flows from financing activities:
Proceeds from issuance of debt 20,959 -
------ --------
Net cash provided by (used in) financing activities 20,959 -
------ --------
Cash flows from investing activities:
Purchase of fixed assets (27,305) -
-------- --------
Proceeds from sale of securities 57,325 4,750
-------- --------
Net cash provided by (used in) investing activities 30,020 4,750
-------- --------
Increase (decrease) in cash 1,907 3,667
-------- --------
Cash - beginning of period 36,152 188
-------- --------
Cash - end of period $ 38,059 $ 3,855
=========== ==========
The accompanying note are an integral part of these financial statements.
F-7
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC.
Consolidated Statements of Cash Flows
For the three months ended March 31, 1999 and 1998
SCHEDULE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS
---------------------------------------------------------
1999 1998
------------ -----------
Purchase of fixed assets through issuance of debt $ - $ -
Debt paid through issuance of stock $ - $ -
Stock issued for services $ 470,000 $ -
Additional cash flow information Cash paid for:
Interest $ - $ -
Income taxes $ - $ -
============ ===========
The accompanying notes are an integral part of these financial statements.
F-8
<PAGE>
AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES Notes to Unaudited
Consolidated Condensed Financial Statements
March 31, 1999
1. Summary of Significant Accounting Policies
The accompanying financial statements have been prepared in accordance with
the instructions of Form 10-QSB and do not include all of the information and
footnotes required by Generally Accepted Accounting Principles for complete
accounting statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation
have been included.
2. Corporations Included in the Consolidated Financial Statements
Name Location
----------------------------------------- ------------------------
First American Mortgage Corporation Shawnee Mission, Kansas
KLH Engineers & Contractors, Inc. Closed
KLH Engineering of Colorado Springs, Inc. Closed
KLH Engineering of Lakewood, Inc. Closed
KLH Engineering of Grand Junction, Inc. Closed
KLH Engineering of San Mateo, Inc. Closed
KLH Engineering of Greeley, Inc. Closed
Tomahawk Construction Company, Inc. Shawnee Mission, Kansas
The Travel Agent's Hotel Guide, Inc. Shawnee Mission, Kansas
3. Basis of Presentation and Principles of Consolidation
The consolidated financial statements include the combined accounts of
AmeriResource Technologies, Inc., First Americans Mortgage Corporation, Tomahawk
Construction Company Inc., the Travel Agent's Hotel Guide, Inc. and the accounts
of all the closed subsidiaries. All material inter-company transactions have
been eliminated in consolidation.
4. Additional footnotes included by reference
Except as indicated in Notes above, there have been no other material
changes 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, 1998. Therefore, those footnotes are included herein by reference.
F-9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION
General
- -------
The Company's operations for the first quarter consisted of bidding for
construction projects, developing a new mortgage program to be utilized in major
cities with the Indian Centers that would target Urban Native Americans which
are not being serviced at this time, searching for companies to be acquired that
are in the mortgage business, and formulating a plan of operation for The Travel
Agent's Hotel Guide, Inc. ("TAHG").
First Americans Mortgage Corporation
The Company's operations during the first quarter of 1999 were conducted
through First Americans Mortgage Corporation ("FAMC"), which was acquired as a
wholly-owned subsidiary on August 6, 1998. The Company's plan to increase its
revenues by servicing loans through FAMC continued to move forward during the
first quarter of operations in 1999.
Furthermore, the Company made modest progress towards achieving its
long-term plan of creating a fully integrated company possessing all the
necessary resources to provide housing for Native Americans throughout the
United States which include constructing homes for Native Americans through a
construction subsidiary while also providing financing through FAMC.
Accordingly, the Company's efforts to find an operating construction company
that may be interested in being acquired by the Company continued during the
first quarter of 1999.
FAMC also made substantial process in its effort to implement a specialized
mortgage program which targets Native American nations. Under this program,
Native Americans can purchase a home with less than 1% down at closing. FAMC has
already increased its staff from 2 to 6 people since the Company acquired FAMC.
FAMC intends to further increase its staff to approximately 15 by the end of
1999 to process the additional loans.
The specialized program FAMC designed is now being utilized with five of
the largest Native American nations in the State of Oklahoma, which should
provide mortgages for over 500 families in 1999. FAMC continued to review and
develop relationships with other Native American Nations to implement these
programs on a national level.
FAMC also continued to search for other mortgage companies to acquire.
Specifically, FAMC continued to search for small mortgage companies that provide
services via the Internet. If successful, FAMC believes that this will allow it
to enter new markets, because this segment of the market is still very new and
is likely to be largely untapped with regard to Native Americans.
FAMC also made substantial progress in its efforts to implement a Web site
that will allow FAMC to originate mortgages over the Internet. FAMC hopes to
have a fully operational Web site that will allow an applicant to complete a
mortgage application over the Internet by the end of the second quarter in 1999.
By the end of 1999, FAMC hopes to have a completely operational system that will
have video conferencing, allowing the loan processor to view the applicant at
the same time the applicant views the loan processor. Using the Web site will
hopefully allow FAMC to enter another market--urban Native Americans-which is
presently not well-served.
4
<PAGE>
Tomahawk Construction
Tomahawk continued to bid for work in the construction management field
during the first quarter of 1999, but obtained no new projects. Tomahawk's
likelihood for success in obtaining new construction contracts jobs will remain
low until a construction partner or a substantial amount of capital obtained
that would allow Tomahawk to gain bonding. For more information on Tomahawk, see
"Item 1 Description of Business" in the Company's Form 10KSB for December 31,
1998. Consequently, management is currently planning to explore opportunities to
combine Tomahawk with a more profitable company through merger or acquisition.
The Company continues to search for a construction company that is interested in
being acquired. Such an acquisition would help fulfill the Company's long-term
plan of becoming a full-service housing resource for providing construction and
mortgage services to Native American communities across the United States.
The Travel Agent's Hotel Guide, Inc.
The Company acquired a 100% interest in the Travel Agent's Hotel Guide,
Inc. ("TAHG") for the purpose of reselling TAHG's sole asset The Travel Agents
Hotel Guide (the "Guide"). The Guide is a publication that lists over 10,000
hotels in North America. TAHG charges for advertising space in the Guide which
historically has been published and distributed twice year. The Company's plan
is to sell the Guide at a profit. Unfortunately, the Guide has been out of
publication for several years. However, management believes that the potential
purchaser of the Guide has adequate resources to resume publication of the
Guide. In the event the Company is unable to sell the Guide in 1999, the Company
is considering the possibility of a joint venture with an Internet company that
could post the Guide on the Internet and thereby, reduce the substantial cash
outlay needed to publish and distribute the Guide in a conventional manner. The
Company has begun preliminary negotiations with a potential purchaser.
Results of Operations
- ---------------------
Net service income for the quarter ended March 31, 1999, was $42,491 as
compared to $802 for the first quarter in 1998. The increase is attributable to
revenues generated by FAMC.
Operating expenses increased from $0 for the quarter ended March 31, 1998
to $348 for the quarter ended on March 31, 1999.
General and administrative expenses were $573,743 for the quarter ended on
March 31, 1999 as compared to $11,763 for the same quarter in 1998. The $561,980
increase in general and administrative expenses was due to the Company's
issuance of shares for services performed by employees and outside
professionals. The Company issued a large number of shares to these employees
and professionals because of the Company's poor financial condition.
The Company's net loss went from $10,961 for the quarter ended March 31,
1998 to $528,078 for the quarter ended on March 31, 1999. The Company's net loss
increased as a result of issuing S-8 Options for services, to consultants, legal
expenses incurred, write-down of doubtful accounts.
Liquidity and Capital Resources
- -------------------------------
The Company and its subsidiaries continue to have very restricted
liquidity. The Company has experienced severe financial difficulty as a result
of Bankruptcy proceedings involving its subsidiary Tomahawk. Although Tomahawk
emerged from Bankruptcy in August of 1995, Tomahawk's ability to obtain
construction projects has been severely limited as a result of those
proceedings.
5
<PAGE>
FAMC began to generate revenues in 1999. The Company believes that this new
revenue stream will continue to make a positive impact in the liquidity during
the year of 1999 and into the future.
The Company also believes that its plans to sell TAHG will provide
additional revenues during 1999. In the event the Company is unable to sell
TAHG, the Company will be required to expend considerable fund in order commence
operations.
Until FAMC, TAHG, and Tomahawk begin generating sufficient revenues to
cover the expenses of the Company, the Company will continue to use its equity
and the resources of its CEO, Delmar Janovec to finance its operations. Mr.
Janovec has advanced $262,544 to date as a loan to support the Company's limited
operations and has continued to work without pay since October 1, 1996. However,
there is no guarantee that Mr. Janovec will continue such support. The Company
will also need to increase its authorized shares of common stock in order to
continue using its equity as a means to finance its operations.
During the quarter ended March 31, 1999, the Company's working capital
deficit was approximately $2,258,814 compared to a deficit of $2,276,271 for the
quarter ended March 31, 1998.
The Company's net stockholders' deficit increased from $3,076,717 for the
quarter ended March 31, 1998 to $5,827,417 for the quarter ended March 31, 1999.
The Company's deficit increased primarily as a result of acquiring TAHG at a
substantial loss.
The Company issued a total of ninty million (90,000,000) shares of its
common stock to consultants and attorneys during the first quarter of 1999.
Year 2000 Compliance
- --------------------
The Year 2000 presents potential concerns for businesses throughout the
world. The consequences of this issue may include systems failures and business
process interruptions. It may also include additional business and competitive
differentiation. Aside from the well-known calculation problems with the use of
2-digit date formats as the year changes from 99 to 00, the year 2000 is a
special case leap year, and in many organizations using older technology,
2-digit dates may have been used for special programmatic functions.
To respond to the Year 2000 issue, the Company hired an outside computer
consultant in October of 1998 who completed a review of the Company's existing
systems and upgraded approximately 90% of its existing system with hardware and
software that purports to be Year 2000 compliant. Based on the advice of the
consultant, the Company expects to be fully compliant by June 30, 1999.
The cost associated with updating the Company's computer systems is not
expected to have a material impact on the financial condition of the Company.
Nonetheless, there can be no assurance that this will be the case
All organizations dealing with the Year 2000 issue must address the effect
this issue will have on their clients, associates, and third-party supply chain.
Although the Company currently has limited information concerning the Year 2000
compliance status of its clients, associates, and suppliers, the Company is
undertaking steps to identify key third parties and formulate a system for
working with them to understand their ability to continue providing services (or
buying the Company's) through the Year 2000 change. The impact of the Year 2000
issue on future Company revenue is hard to discern but is a risk to be
considered in evaluating the further growth of the Company.
6
<PAGE>
Forward Looking Statements
- --------------------------
The forward-looking statements contained in this Item 2 and elsewhere in
this Form 10QSB are subject to various risks, uncertainties and other factors
that could cause actual results to differ materially from the results
anticipated in such forward-looking statements.
The management highly recommends reading this Form 10-QSB in conjunction
with the Company's Form 10-KSB for the year ended December 31, 1998, in order to
gain a more complete picture of the Company's financial condition.
PART II
ITEM 1. LEGAL PROCEEDINGS
No material developments occurred in the first quarter regarding the
Company's legal proceedings. For more information please see the Company's Form
10-KSB for the year ended December 31, 1998.
ITEM 6. REPORTS ON FORM 8-K
No reports were filed on Form 8-K during the quarter.
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this Annual
Report on Form 10-QSB to be executed on its behalf by the undersigned, hereunto
duly authorized.
AMERIRESOURCE TECHNOLOGIES, INC.
_/s/ Delmar Janovec _____________ May 17,1999
Delmar Janovec
Chairman of the Board of Directors
and Chief Executive Officer
7
<PAGE>
INDEX TO EXHIBITS
Exhibits marked with an asterisk have been filed previously with the
Commission and are incorporated herein by reference.
EXHIBIT PAGE DESCRIPTION
NO. NO.
3.1 * Articles of Incorporation and Bylaws. Incorporated by
reference to the Company's Form S-4 registration state-
ments, effective February 11,1992. File No. 33-44104.
8
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
UNAUDITED CONDENSED FINANCIAL STATEMENTS FILED WITH THE COMPANY'S SEPTEMBER 30,
1998, QUARTERLY REPORT ON FORM 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U. S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<CASH> 38,059
<SECURITIES> 257,893
<RECEIVABLES> 1,117,594
<ALLOWANCES> 711,937
<INVENTORY> 0
<CURRENT-ASSETS> 443,716
<PP&E> 43,299
<DEPRECIATION> 6,010
<TOTAL-ASSETS> 1,907,734
<CURRENT-LIABILITIES> 2,702,530
<BONDS> 0
0
0
<COMMON> 3,090
<OTHER-SE> (5,832,053)
<TOTAL-LIABILITY-AND-EQUITY> 1,907,734
<SALES> 0
<TOTAL-REVENUES> 42,498
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 528,078
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
