2016 Q1 Form 10-Q Financial Statement
#000114420416100124 Filed on May 10, 2016
Income Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $830.0K | $960.0K |
| YoY Change | -13.54% | 174.29% |
| % of Gross Profit | ||
| Research & Development | $990.0K | $1.245M |
| YoY Change | -20.48% | 83.09% |
| % of Gross Profit | ||
| Depreciation & Amortization | $16.00K | $20.00K |
| YoY Change | -20.0% | -33.33% |
| % of Gross Profit | ||
| Operating Expenses | $1.810M | $2.205M |
| YoY Change | -17.91% | 113.87% |
| Operating Profit | -$1.812M | -$2.205M |
| YoY Change | -17.82% | 4.45% |
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | $20.00K | -$30.00K |
| YoY Change | -166.67% | -97.22% |
| Pretax Income | -$1.790M | -$2.240M |
| YoY Change | -20.09% | 6.16% |
| Income Tax | $0.00 | |
| % Of Pretax Income | ||
| Net Earnings | -$1.790M | -$2.236M |
| YoY Change | -19.95% | 5.92% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$95.98K | -$123.6K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 18.65M shares | 18.39M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $12.95M | $21.35M |
| YoY Change | -39.34% | 604.62% |
| Cash & Equivalents | $2.213M | $3.494M |
| Short-Term Investments | $10.73M | $17.86M |
| Other Short-Term Assets | $80.00K | $40.00K |
| YoY Change | 100.0% | 33.33% |
| Inventory | ||
| Prepaid Expenses | $36.00K | |
| Receivables | $480.0K | $690.0K |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $13.51M | $22.08M |
| YoY Change | -38.81% | 473.01% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $281.0K | $290.0K |
| YoY Change | -3.1% | -11.31% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $304.0K | $20.00K |
| YoY Change | 1420.0% | 100.0% |
| Total Long-Term Assets | $304.0K | $309.0K |
| YoY Change | -1.62% | -9.12% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $13.51M | $22.08M |
| Total Long-Term Assets | $304.0K | $309.0K |
| Total Assets | $13.81M | $22.39M |
| YoY Change | -38.29% | 433.91% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $281.0K | $922.0K |
| YoY Change | -69.52% | 182.82% |
| Accrued Expenses | $675.0K | $1.571M |
| YoY Change | -57.03% | 51.93% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $0.00 | |
| YoY Change | ||
| Total Short-Term Liabilities | $1.242M | $2.726M |
| YoY Change | -54.44% | 69.63% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $0.00 | |
| YoY Change | -100.0% | |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.242M | $2.726M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $1.240M | $2.726M |
| YoY Change | -54.51% | -18.21% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$71.93M | -$63.89M |
| YoY Change | 12.59% | |
| Common Stock | $11.00K | $83.55M |
| YoY Change | -99.99% | 50.87% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $12.57M | $19.66M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $13.81M | $22.39M |
| YoY Change | -38.31% | 433.91% |
Cashflow Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$1.790M | -$2.236M |
| YoY Change | -19.95% | 5.92% |
| Depreciation, Depletion And Amortization | $16.00K | $20.00K |
| YoY Change | -20.0% | -33.33% |
| Cash From Operating Activities | -$2.980M | -$1.937M |
| YoY Change | 53.85% | 395.4% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $26.00K | $0.00 |
| YoY Change | -100.0% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $4.790M | -$13.57M |
| YoY Change | -135.3% | -135800.0% |
| Cash From Investing Activities | $4.770M | -$13.57M |
| YoY Change | -135.16% | 15858.82% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $2.348M | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 0.000 | $14.75M |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -2.980M | -$1.937M |
| Cash From Investing Activities | 4.770M | -$13.57M |
| Cash From Financing Activities | 0.000 | $14.75M |
| Net Change In Cash | 1.790M | -$757.0K |
| YoY Change | -336.46% | 59.03% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$2.980M | -$1.937M |
| Capital Expenditures | $26.00K | $0.00 |
| Free Cash Flow | -$3.006M | -$1.937M |
| YoY Change | 55.19% | 299.38% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
0 | USD |
| CY2015Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
7000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
-822000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
233000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-888000 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1169000 | USD |
| CY2015Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1500000 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Other Current
AccountsPayableOtherCurrent
|
283000 | USD |
| CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2952000 | USD |
| CY2015Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
84258000 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-70141000 | USD |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
14128000 | USD |
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
17080000 | USD |
| CY2015Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
11000 | USD |
| CY2016Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
31000 | USD |
| CY2016Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
203000 | USD |
| CY2016Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
16000 | USD |
| CY2015Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
23000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-620000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-2981000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1937000 | USD |
| CY2016Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
203000 | USD |
| CY2015Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
347000 | USD |
| CY2016Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
31000 | USD |
| CY2015Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
0 | USD |
| CY2016Q1 | bcli |
Increase Decrease In Accounts Receivable And Prepaid Expenses
IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses
|
-269000 | USD |
| CY2015Q1 | bcli |
Increase Decrease In Accounts Receivable And Prepaid Expenses
IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses
|
-309000 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
26000 | USD |
| CY2016Q1 | us-gaap |
Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
|
-4794000 | USD |
| CY2016Q1 | bcli |
Investment In Lease Deposit
InvestmentInLeaseDeposit
|
2000 | USD |
| CY2015Q1 | bcli |
Investment In Lease Deposit
InvestmentInLeaseDeposit
|
0 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
4766000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-13565000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
0 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
14745000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1785000 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-757000 | USD |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
4251000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
0 | USD |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
12397000 | USD |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
800000000 | shares |
| CY2016Q1 | bcli |
Percentage Of Royalty Paymentif Licensed Product Covered By Valid Claim Or Orphan Drug Status
PercentageOfRoyaltyPaymentifLicensedProductCoveredByValidClaimOrOrphanDrugStatus
|
0.05 | pure |
| CY2016Q1 | bcli |
Validity Of Royalty Payment Not Covered By Valid Claim Or Orphan Drug Status
ValidityOfRoyaltyPaymentNotCoveredByValidClaimOrOrphanDrugStatus
|
P15Y | |
| CY2016Q1 | bcli |
Percentage Of Royalty Payment If Licensed Product Not Covered By Valid Claim Or Orphan Drug Status
PercentageOfRoyaltyPaymentIfLicensedProductNotCoveredByValidClaimOrOrphanDrugStatus
|
0.03 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
234000 | USD |
| CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
347000 | USD |
| CY2014Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1-for-15 | |
| CY2016Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.00005 | |
| CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
74000 | USD |
| CY2016Q1 | us-gaap |
Accounts Payable Other Current
AccountsPayableOtherCurrent
|
286000 | USD |
| CY2016Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
1242000 | USD |
| CY2016Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
11000 | USD |
| CY2016Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
80000 | USD |
| CY2016Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-71931000 | USD |
| CY2015Q4 | us-gaap |
Assets
Assets
|
17080000 | USD |
| CY2016Q1 | us-gaap |
Assets
Assets
|
13814000 | USD |
| CY2016Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
281000 | USD |
| CY2016Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
675000 | USD |
| CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
21000 | USD |
| CY2015Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
292000 | USD |
| CY2016Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
281000 | USD |
| CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
271000 | USD |
| CY2016Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
304000 | USD |
| CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
|
-0.10 | |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2205000 | USD |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2236000 | USD |
| CY2016Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
23000 | USD |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3494000 | USD |
| CY2016Q1 | bcli |
Financial Expenses Income Net
FinancialExpensesIncomeNet
|
-22000 | USD |
| CY2015Q1 | bcli |
Financial Expenses Income Net
FinancialExpensesIncomeNet
|
31000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1790000 | USD |
| CY2015Q1 | us-gaap |
Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
|
-0.12 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
18653804 | shares |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
18128440 | shares |
| CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1812000 | USD |
| CY2016Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2009Q4 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
74667 | shares |
| CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.00005 | |
| CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
18654040 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
18643288 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
18654040 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
18643288 | shares |
| CY2016Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
0 | USD |
| CY2015Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
130000 | USD |
| CY2016Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
12946 | USD |
| CY2016Q1 | us-gaap |
Maturity Of Time Deposits
MaturityOfTimeDeposits
|
P3M | |
| CY2015 | us-gaap |
Maturity Of Time Deposits
MaturityOfTimeDeposits
|
P6M | |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6675000 | USD |
| CY2015 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
108000 | USD |
| CY2015 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
835000 | USD |
| CY2015 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
109000 | USD |
| CY2015 | bcli |
Stock Issued During Period Value Exercise Of Warrants
StockIssuedDuringPeriodValueExerciseOfWarrants
|
2000 | USD |
| CY2015 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8488000 | USD |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2348000 | USD |
| CY2015 | bcli |
Exercise And Reissuance Of Warrants Value
ExerciseAndReissuanceOfWarrantsValue
|
12409000 | USD |
| CY2015 | bcli |
Exercise Of Liability Classified Warrants
ExerciseOfLiabilityClassifiedWarrants
|
145000 | USD |
| CY2015 | bcli |
Exercise Of Equity Classified Warrants
ExerciseOfEquityClassifiedWarrants
|
2333000 | USD |
| CY2016Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 85.05pt" align="justify"></div> <table style="clear:both;WIDTH: 100%; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 56.7pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="76"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 28.35pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="38"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> D.</font></b></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Use of estimates</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: -28.35pt; MARGIN: 0in 0in 0pt 85.05pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 85.05pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
