<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
OR
/ /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: 0-26002
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3702808
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK 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. Yes _CK_ No __
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $ 1,173,938 $1,440,981
U.S. Treasury bills, at amortized cost 4,031,620 4,312,089
Net unrealized gain on open commodity positions 243,835 203,654
------------- ------------
Total assets $ 5,449,393 $5,956,724
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 247,991 $ 280,222
Accrued expenses 77,635 69,230
Management fees payable 8,942 9,806
Options, at market 5,700 2,856
------------- ------------
Total liabilities 340,268 362,114
------------- ------------
Commitments
Partners' capital
Limited partners (49,245.806 and 51,636.285 units outstanding) 5,057,874 5,538,514
General partner (499 and 523 units outstanding) 51,251 56,096
------------- ------------
Total partners' capital 5,109,125 5,594,610
------------- ------------
Total liabilities and partners' capital $ 5,449,393 $5,956,724
------------- ------------
------------- ------------
Net asset value per limited and general partnership unit ('Units') $ 102.71 $ 107.26
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1999 1998
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions $(159,656) $433,219
Change in net unrealized gain on open commodity positions 37,613 101,433
Interest income 61,713 84,048
--------- --------
(60,330) 618,700
--------- --------
EXPENSES
Commissions 110,511 127,421
Other transaction fees 1,665 2,579
Management fees 27,276 32,599
General and administrative 37,712 41,857
Amortization of organizational costs -- 582
--------- --------
177,164 205,038
--------- --------
Net income (loss) $(237,494) $413,662
--------- --------
--------- --------
ALLOCATION OF NET INCOME (LOSS)
Limited partners $(235,114) $409,523
--------- --------
--------- --------
General partner $ (2,380) $ 4,139
--------- --------
--------- --------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL
PARTNERSHIP UNIT
Net income (loss) per weighted average limited and general
partnership unit $ (4.55) $ 6.23
--------- --------
--------- --------
Weighted average number of limited and general partnership
units outstanding 52,159 66,364
--------- --------
--------- --------
- --------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
UNITS PARTNERS PARTNER TOTAL
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1998 52,159.285 $5,538,514 $56,096 $5,594,610
Net income -- (235,114) (2,380 ) (237,494)
Redemptions (2,414.479) (245,526) (2,465 ) (247,991)
---------- ---------- ------- ----------
Partners' capital--March 31, 1999 49,744.806 $5,057,874 $51,251 $5,109,125
---------- ---------- ------- ----------
---------- ---------- ------- ----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Prudential Securities Aggressive Growth Fund L.P. (the
'Partnership') as of March 31, 1999 and the results of its operations for the
three months ended March 31, 1999 and 1998. However, the operating results for
the interim periods may not be indicative of the results expected for a full
year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1998.
B. Related Parties
The general partner of the Partnership is Prudential Securities Futures
Management Inc. (the 'General Partner'), a wholly owned subsidiary of Prudential
Securities Incorporated ('PSI'). The General Partner and its affiliates perform
services for the Partnership which include, but are not limited to: brokerage
services; accounting and financial management; registrar, transfer and
assignment functions; investor communications; printing services and other
administrative services. The costs incurred for these services for the three
months ended March 31, 1999 and 1998 were:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
----------------------------------------------------------------------
Commissions $ 110,511 $ 127,421
General and administrative 18,682 22,912
--------- ---------
$ 129,193 $ 150,333
--------- ---------
--------- ---------
</TABLE>
Expenses payable to the General Partner and its affiliates (which are
included in accrued expenses) as of March 31, 1999 and December 31, 1998 were
$33,228 and $16,583, respectively.
The Partnership's assets are maintained either in trading or cash accounts
with PSI, the Partnership's commodity broker, or for margin purposes, with the
various exchanges on which the Partnership is permitted to trade.
The Partnership, acting through its trading managers, executes
over-the-counter, spot, forward and/or option foreign exchange transactions with
PSI. PSI then engages in back-to-back trading with an affiliate,
Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on
such transactions. PBGM keeps its prices on foreign currency competitive with
other interbank currency trading desks. All over-the-counter currency
transactions are conducted between PSI and the Partnership pursuant to a line of
credit. PSI may require that collateral be posted against the marked-to-market
position of the Partnership.
In addition to interest earned on approximately 75% of Partnership assets
invested in U.S. Treasury bills, PSI credits the Partnership monthly with 100%
of the interest it earns on the average remaining equity balances in the
Partnership's accounts (approximately 25% of Partnership assets).
As of March 31, 1999, a non-U.S. affiliate of the General Partner owns
207.751 limited partnership units of the Partnership.
4
<PAGE>
C. Credit and Market Risk
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk).
Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level or volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in the Partnership's
unrealized gain (loss) on open commodity positions reflected in the statements
of financial condition. The Partnership's exposure to market risk is influenced
by a number of factors including the relationships among the contracts held by
the Partnership as well as the liquidity of the markets in which the contracts
are traded.
Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, the Partnership must rely solely on the credit of its broker (PSI)
with respect to forward transactions. The Partnership presents unrealized gains
and losses on open forward positions as a net amount in its statements of
financial condition because it has a master netting agreement with PSI.
The General Partner attempts to minimize both credit and market risks by
requiring the Partnership's trading managers to abide by various trading
limitations and policies. The General Partner monitors compliance with these
trading limitations and policies which include, but are not limited to:
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker), limiting the amount of margin or
premium required for any one commodity or all commodities combined and generally
limiting transactions to contracts which are traded in sufficient volume to
permit the taking and liquidating of positions. The General Partner may impose
additional restrictions (through modifications of such trading limitations and
policies) upon the trading activities of the trading managers as it, in good
faith, deems to be in the best interests of the Partnership.
PSI, when acting as the Partnership's futures commission merchant in
accepting orders for the purchase or sale of domestic futures and options
contracts, is required by Commodity Futures Trading Commission ('CFTC')
regulations to separately account for and segregate as belonging to the
Partnership all assets of the Partnership relating to domestic futures and
options trading and is not to commingle such assets with other assets of PSI. At
March 31, 1999 such segregated assets totalled $3,607,183. Part 30.7 of the CFTC
regulations also requires PSI to secure assets of the Partnership related to
foreign futures and options trading which totalled $1,712,266 at March 31, 1999.
There are no segregation requirements for assets related to forward trading.
As of March 31, 1999, the Partnership's open futures, forward and options
contracts mature within one year.
At March 31, 1999 and December 31, 1998, gross contract amounts of open
futures, forward and options contracts were:
<TABLE>
<CAPTION>
1999 1998
-------------- -----------------
<S> <C> <C>
Financial Futures and Options Contracts:
Commitments to purchase $ 27,603,784 $24,959,772
Commitments to sell 966,313 13,403,515
Currency Futures and Options Contracts:
Commitments to purchase 393,547 913,406
Commitments to sell 4,988,804 413,435
Currency Forward Contracts:
Commitments to purchase 40,539 112,012
Commitments to sell 7,015,960 --
Other Futures Contracts:
Commitments to purchase 22,247 --
Commitments to sell 997,542 2,069,906
</TABLE>
5
<PAGE>
The gross contract amounts represent the Partnership's potential involvement
in a particular class of financial instrument (if it were to take or make
delivery on an underlying futures, forward or options contract). The gross
contract amounts significantly exceed the future cash requirements as the
Partnership intends to close out open positions prior to settlement and thus is
generally subject only to the risk of loss arising from the change in the value
of the contracts. As such, the Partnership considers the 'fair value' of its
futures, forward and options contracts to be the net unrealized gain or loss on
the contracts (plus premiums on options). Thus, the amount at risk associated
with counterparty nonperformance of all contracts is the net unrealized gain
included in the statements of financial condition. The market risk associated
with the Partnership's commitments to purchase commodities is limited to the
gross contract amounts involved, while the market risk associated with its
commitments to sell is unlimited since the Partnership's potential involvement
is to make delivery of an underlying commodity at the contract price; therefore,
it must repurchase the contract at prevailing market prices.
At March 31, 1999 and December 31, 1998, the fair value of open futures,
forward and options contracts was:
<TABLE>
<CAPTION>
1999 1998
------------------------ ------------------------
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 312 $ -- $ 43,125 $ --
Currencies 97,586 4,476 13,010 14,225
Other 19,830 -- 21,750 6,870
Foreign exchanges
Financial 25,630 2,441 241,300 1,536
Other 5,397 22,247 19,112 --
Forward Contracts:
Currencies 164,783 40,539 -- 112,012
Options Contracts:
Domestic exchanges
Financial -- 2,250 -- 656
Currencies -- 3,450 -- 2,200
-------- ----------- -------- -----------
$313,538 $75,403 $338,297 $ 137,499
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
The following table presents the average fair value of futures, forward and
options contracts during the three months ended March 31, 1999 and 1998,
respectively.
<TABLE>
<CAPTION>
1999 1998
------------------------ ------------------------
<S> <C> <C> <C> <C>
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
Futures Contracts:
Domestic exchanges
Financial $ 34,734 $ 1,650 $ 18,741 $ 3,584
Currencies 51,856 25,029 74,359 8,489
Other 30,239 5,564 44,334 1,709
Foreign exchanges
Financial 138,970 18,472 174,352 13,909
Other 25,801 5,562 22,274 13,639
Forward Contracts:
Currencies 75,853 75,348 81,123 119,947
Options Contracts:
Domestic exchanges
Financial -- 1,627 -- 1,984
Currencies -- 2,256 -- 4,531
-------- ----------- -------- -----------
$357,453 $ 135,508 $415,183 $ 167,792
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
6
<PAGE>
The following table presents trading revenues from futures, forward and
options contracts during the three months ended March 31, 1999 and 1998,
respectively.
<TABLE>
<CAPTION>
1999 1998
--------- ---------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ (78,620) $ (33,932)
Currencies 86,700 22,248
Other (14,515) 75,563
Foreign exchanges
Financial (263,420) 498,589
Other 14,496 38,671
Forward Contracts:
Currencies 115,287 (102,157)
Options Contracts:
Domestic exchanges
Financial 15,579 28,019
Currencies 2,450 7,651
--------- ---------
$(122,043) $ 534,652
--------- ---------
--------- ---------
</TABLE>
7
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership commenced trading operations on August 2, 1993 with net
proceeds of $10,180,534. The Partnership continued to offer Units on a monthly
basis until the continuous offering was terminated on January 31, 1995.
Additional contributions raised through the continuous offering resulted in
additional net proceeds to the Partnership of $9,988,243.
At March 31, 1999, 100% of the Partnership's total net assets were allocated
to commodities trading. A significant portion of the net asset value was held in
U.S. Treasury bills (which represented approximately 75% of the net asset value
prior to redemptions payable) and cash, which are used as margin for the
Partnership's trading in commodities. Inasmuch as the sole business of the
Partnership is to trade in commodities, the Partnership continues to own such
liquid assets to be used as margin.
The commodity contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the daily limit. Commodity futures prices have occasionally moved the
daily limit for several consecutive days with little or no trading. Such market
conditions could prevent the Partnership from promptly liquidating its commodity
futures positions.
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk). The Partnership's exposure to market risk is
influenced by a number of factors including the volatility of interest rates and
foreign currency exchange rates, the liquidity of the markets in which the
contracts are traded and the relationships among the contracts held. The
inherent uncertainty of the Partnership's speculative trading as well as the
development of drastic market occurrences could result in monthly losses
considerably beyond the Partnership's experience to date and could ultimately
lead to a loss of all or substantially all of investors' capital. The General
Partner attempts to minimize these risks by requiring the Partnership's trading
managers to abide by various trading limitations and policies. See Note C to the
financial statements for a further discussion on the credit and market risks
associated with the Partnership's futures, forward and options contracts.
Redemptions recorded for the three months ended March 31, 1999 were $245,526
for the limited partners and $2,465 for the General Partner, and from
commencement of operations, August 2, 1993 through March 31, 1999, totalled
$14,369,746 for limited partners and $145,276 for the General Partner. Future
redemptions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.
The Partnership does not have, nor does it expect to have, any capital
assets.
Results of Operations
The net asset value per Unit as of March 31, 1999 was $102.71, a decrease of
4.24% from the December 31, 1998 net asset value per Unit of $107.26.
First quarter trading resulted in net losses for the Partnership. Gains were
experienced in the currency and grain sectors. Losses were incurred in the
financial, index, energy and metal sectors. The U.S. dollar benefited from the
considerable slow down in European growth and market sentiment that the European
Central Bank will have to smooth the transition to the Euro by cutting rates.
Profits in U.S. dollar crossrate positions against various European currencies
were partially offset by losses in long U.S. dollar/short British pound
crossrate positions, which were liquidated at a loss. The Partnership benefited
further from its long U.S. dollar/short Singapore dollar position. The Japanese
government bond and British bond positions
8
<PAGE>
incurred losses for the financial sector. In the metal sector, markets rallied
until events in Kosovo led to NATO military attacks, resulting in losses for the
Partnership.
Interest income is earned on the Partnership's investment in U.S. Treasury
bills (approximately 75% of its net asset value) and on the remaining 25% of its
net asset value which receives an interest credit from PSI. Interest income
varies monthly according to interest rates, trading performance and redemptions.
Interest income decreased by approximately $22,000 for the three months ended
March 31, 1999 compared to the corresponding period in 1998. The decline in
interest income was the result of lower interest rates in 1999 as well as fewer
funds being invested in U.S. Treasury bills due to redemptions.
Commissions are calculated on the Partnership's net asset value as of the
first day of each month and, therefore, vary according to trading performance
and redemptions. Commissions decreased by approximately $17,000 for the three
months ended March 31, 1999 as compared to the corresponding period in 1998
primarily due to the effect of 1998 redemptions on the monthly net asset values.
Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the trading managers
execute. Other transaction fees decreased by approximately $1,000 during the
three months ended March 31, 1999 as compared to the corresponding period in
1998. This decline was due to a decrease in trading volume resulting from lower
average net assets caused by redemptions.
All trading decisions are currently being made by Eagle Trading Systems, Inc.
and Welton Investment Corporation (the 'Trading Managers'). Management fees are
calculated on the portion of the Partnership's net asset value allocated to each
Trading Manager at the end of each month and, therefore, are affected by trading
performance and redemptions. Management fees decreased by approximately $5,000
for the three months ended March 31, 1999 as compared to the corresponding
period in 1998 primarily for the same reason commissions decreased as described
above.
Incentive fees are based on the New High Net Trading Profits generated by
each Trading Manager, as defined in the Advisory Agreement among the
Partnership, the General Partner and each Trading Manager. No incentive fees
were earned during the three months ended March 31, 1999 and 1998.
General and administrative expenses decreased by approximately $4,000 for the
three months ended March 31, 1999 as compared to the same period in 1998. These
expenses include reimbursements of costs incurred by the General Partner on
behalf of the Partnership in addition to accounting, audit, tax and legal fees
as well as printing and postage costs related to reports sent to limited
partners.
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of the
Partnership is included in the Partnership's annual report on Form 10-K filed
with the Securities and Exchange Commission for the year ended December 31,
1998.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the General Partner.
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--Effective April 1999, Eleanor L. Thomas and Joseph
A. Filicetti have been elected by the Board of
Directors of the General Partner as directors. In
addition, Mr. Filicetti has also been elected by the
Board of Directors as President of the General
Partner replacing Thomas M. Lane. Mr. Filicetti
joined PSI in September 1998 and is the Director of
Sales and Marketing for Managed Futures. Ms. Thomas
was elected by the Board of Directors of the General
Partner as Executive Vice President. Ms. Thomas
joined PSI in February 1993 and is primarily
responsible for origination, asset allocation, and
due diligence for Managed Futures.
Item 6. (a) Exhibits--
3.1-- Agreement of Limited Partnership of the Registrant, dated as
of March 19, 1993 as amended and restated as of May 6, 1993
(Incorporated by reference to Exhibit A to Registrant's
Amendment No. 1 to Registration Statement on Form S-1, File
No. 33-59828 dated May 7, 1993)
27.1-- Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<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 hereunto duly authorized.
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
By: Prudential Securities Futures Management Inc.
A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: May 14, 1999
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Securities Aggressive
Growth Fund, L.P. and is qualified in its
entirety by reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000899174
<NAME> Prudential Securities Aggressive Growth Fund, L.P.
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-1-1999
<PERIOD-END> Mar-31-1999
<PERIOD-TYPE> 3-Mos
<CASH> 1,173,938
<SECURITIES> 4,275,455
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,449,393
<CURRENT-LIABILITIES> 340,268
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,109,125
<TOTAL-LIABILITY-AND-EQUITY> 5,449,393
<SALES> 0
<TOTAL-REVENUES> (60,330)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 177,164
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (237,494)
<EPS-PRIMARY> (4.55)
<EPS-DILUTED> 0
</TABLE>
