$IVDN
INNOVATIVE DESIGNS INC

2013 Q4 Form 10-K Financial Statement

#000114420414006408 Filed on February 06, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4 2012 Q3
Revenue $123.1K $208.4K $7.165K
YoY Change -40.91%
Cost Of Revenue $3.578K
YoY Change
Gross Profit $3.587K
YoY Change
Gross Profit Margin 50.06%
Selling, General & Admin $83.53K
YoY Change
% of Gross Profit 2328.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit 0.0%
Operating Expenses $87.11K
YoY Change
Operating Profit -$42.77K -$22.82K -$79.94K
YoY Change 87.47%
Interest Expense $17.34K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$17.34K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$73.95K -$281.5K -$97.28K
YoY Change -73.73%
Net Earnings / Revenue -60.06% -135.12% -1357.75%
Basic Earnings Per Share $0.00 -$0.02 -$0.01
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 19.02M shares 18.92M shares 18.84M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00K $60.00K $90.00K
YoY Change 16.67% -33.33% 350.0%
Cash & Equivalents $69.61K $55.00K $87.91K
Short-Term Investments
Other Short-Term Assets $40.00K $0.00 $10.00K
YoY Change
Inventory $614.6K $623.7K $710.0K
Prepaid Expenses
Receivables $90.58K $102.4K $10.00K
Other Receivables $4.000K $0.00 $0.00
Total Short-Term Assets $860.2K $829.9K $820.0K
YoY Change 3.64% -18.63% -2.38%
LONG-TERM ASSETS
Property, Plant & Equipment $18.35K $20.45K $10.00K
YoY Change -10.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $18.35K $20.45K $10.00K
YoY Change -10.28%
TOTAL ASSETS
Total Short-Term Assets $860.2K $829.9K $820.0K
Total Long-Term Assets $18.35K $20.45K $10.00K
Total Assets $878.5K $850.4K $830.0K
YoY Change 3.31% -16.63% -1.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.18K $64.46K $30.00K
YoY Change 29.06% -19.43% -50.0%
Accrued Expenses $240.0K $190.0K $130.0K
YoY Change 26.32% 72.73% 30.0%
Deferred Revenue
YoY Change
Short-Term Debt $420.0K $270.0K $310.0K
YoY Change 55.56% 8.0%
Long-Term Debt Due $160.0K $90.00K $40.00K
YoY Change 77.78% -18.18% -66.67%
Total Short-Term Liabilities $898.3K $804.1K $510.0K
YoY Change 11.71% 46.2% 27.5%
LONG-TERM LIABILITIES
Long-Term Debt $340.0K $350.0K $350.0K
YoY Change -2.86% -2.78% -5.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $340.0K $350.0K $350.0K
YoY Change -2.86% -2.78% -5.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $898.3K $804.1K $510.0K
Total Long-Term Liabilities $340.0K $350.0K $350.0K
Total Liabilities $1.234M $1.152M $860.0K
YoY Change 7.11% 26.57% 13.16%
SHAREHOLDERS EQUITY
Retained Earnings -$6.135M -$5.992M
YoY Change 2.38%
Common Stock $5.780M $5.691M
YoY Change 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$355.1K -$301.4K -$20.00K
YoY Change
Total Liabilities & Shareholders Equity $878.5K $850.4K $830.0K
YoY Change 3.31% -16.63% -1.19%

Cashflow Statement

Concept 2013 Q4 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$73.95K -$281.5K -$97.28K
YoY Change -73.73%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$90.00K -$30.00K -$140.0K
YoY Change 200.0% 200.0% -6.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$10.00K -$10.00K
YoY Change -100.0% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 10.00K 180.0K
YoY Change 700.0% -87.5% 200.0%
NET CHANGE
Cash From Operating Activities -90.00K -30.00K -140.0K
Cash From Investing Activities 0.000 -10.00K -10.00K
Cash From Financing Activities 80.00K 10.00K 180.0K
Net Change In Cash -10.00K -30.00K 30.00K
YoY Change -66.67% -142.86% -137.5%
FREE CASH FLOW
Cash From Operating Activities -$90.00K -$30.00K -$140.0K
Capital Expenditures $0.00 -$10.00K -$10.00K
Free Cash Flow -$90.00K -$20.00K -$130.0K
YoY Change 350.0% 100.0% -13.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DepositsOnInventory
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CY2013Q4 ivdn Deposits On Inventory
DepositsOnInventory
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CY2012Q4 us-gaap Prepaid Insurance
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CY2013Q4 us-gaap Prepaid Insurance
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CY2012Q4 us-gaap Assets
Assets
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CY2012Q4 us-gaap Interest Payable Current
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CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Common Stock Shares Authorized
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CY2013Q4 us-gaap Common Stock Shares Issued
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CY2013Q4 us-gaap Common Stock Shares Outstanding
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CY2012 us-gaap Sales Revenue Goods Net
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CY2013Q4 us-gaap Property Plant And Equipment Net
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CY2013Q4 us-gaap Assets
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CY2012Q4 us-gaap Liabilities
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CY2012Q4 us-gaap Preferred Stock Value
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CY2012Q4 us-gaap Common Stock Value
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CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q4 us-gaap Notes Payable Current
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CY2013Q4 us-gaap Liabilities Current
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CY2013Q4 us-gaap Liabilities
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CY2013 us-gaap Loss Contingency Disclosures
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<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 4%; PADDING-RIGHT: 0in; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0; PADDING-TOP: 0in" valign="top" width="4%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">11.</font></div> </td> <td style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 96%; PADDING-RIGHT: 0in; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0; PADDING-TOP: 0in" valign="top" width="96%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt" align="justify"><u> <font style="FONT-SIZE: 10pt">LITIGATION</font></u></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt -4.5pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-SIZE: 10pt">During 2012, the Company filed a civil complaint in which we asserted that the defendants made deceptive claims in advertising and promotions that were aimed at our Arctic Armor products. The Company was then named as a defendant in a countersuit that asserted libel, slander, and torturous interference. The Company did not respond timely to the summons and complaint in the Minnesota action, and as a result recorded a $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">190,000</font> contingent liability as of October 31, 2012.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-SIZE: 10pt">During 2013, a settlement was reached regarding the open litigation. The Company withdrew the complaint in Pennsylvania, and the defendant withdrew the complaint in Minnesota.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> The parties have entered a mutual non-disparagement agreement.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> As a result, the Company has reversed the contingent liability of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">190,000</font> associated with the countersuit as of October 31, 2013.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2012 ivdn Reversal Of Contingent Liability
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CY2013 ivdn Reversal Of Contingent Liability
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CY2012Q4 us-gaap Inventory Valuation Reserves
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CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2013 us-gaap Depreciation
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013 us-gaap Interest Paid
InterestPaid
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CY2013 dei Document Type
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10-K
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Document Period End Date
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2013-10-31
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Fiscal Period Focus
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FY
CY2013 dei Trading Symbol
TradingSymbol
IVDN
CY2014Q1 dei Entity Common Stock Shares Outstanding
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19747243 shares
CY2013 dei Entity Registrant Name
EntityRegistrantName
INNOVATIVE DESIGNS INC
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001190370
CY2013 dei Current Fiscal Year End Date
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CY2013 dei Entity Well Known Seasoned Issuer
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CY2013 dei Entity Voluntary Filers
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CY2013 dei Entity Current Reporting Status
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CY2013 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Entity Public Float
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3120973 USD
CY2012Q4 us-gaap Other Receivables Net Current
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0 USD
CY2013Q4 us-gaap Other Receivables Net Current
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CY2012Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
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0 USD
CY2013Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
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CY2012 us-gaap Other Nonoperating Income Expense
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CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2012Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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948500 USD
CY2012Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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-200 USD
CY2013Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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-200 USD
CY2012Q4 us-gaap Deferred Tax Assets Gross
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872400 USD
CY2013Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
948300 USD
CY2012Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
872400 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
948300 USD
CY2012Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.34 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.34 pure
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2013Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2789000 USD
CY2013 us-gaap Tax Credit Carryforward Expiration Date
TaxCreditCarryforwardExpirationDate
2025-10-31
CY2012Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3800 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
45471 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
55010 USD
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7165 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
11117 USD
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
208354 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
123126 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
551771 USD
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
812761 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
295046 USD
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
484299 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-169474 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-97217 USD
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-79941 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-107870 USD
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-22815 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q1 us-gaap Operating Income Loss
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CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
17351 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-183929 USD
CY2013Q2 us-gaap Net Income Loss
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-117160 USD
CY2012Q3 us-gaap Net Income Loss
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-97283 USD
CY2013Q3 us-gaap Net Income Loss
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55316 USD
CY2012Q4 us-gaap Net Income Loss
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-281521 USD
CY2013Q4 us-gaap Net Income Loss
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CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
108019 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-6972 USD
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18783132 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18964732 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18843352 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18975308 shares
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18918352 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19023134 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18775743 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18830401 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18935743 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18974811 shares
CY2012Q2 us-gaap Earnings Per Share Basic
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CY2013Q2 us-gaap Earnings Per Share Basic
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CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.003
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.006
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2012 us-gaap Shipping Handling And Transportation Costs
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66590 USD
CY2013 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
29827 USD
CY2013 ivdn Licensing And Manufacturing Description
LicensingAndManufacturingDescription
The Company received an exclusive forty (40) year worldwide license, except for Korea and Japan, with an initial term of ten (10) years and an option to renew the License for up to three (3) successive ten (10) year terms. Additionally, the Company was granted the exclusive rights to any current or future inventions, improvements, discoveries, patent applications and letters of patent
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
50400 USD
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
50400 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
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60000 USD
CY2013Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
320000 shares
CY2013Q4 ivdn Sale Of Stock Value Of Shares Issued In Transaction
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64000 USD
CY2012Q4 us-gaap Due To Related Parties Current
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266600 USD
CY2013Q4 us-gaap Due To Related Parties Current
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416500 USD
CY2012Q4 us-gaap Notes Payable
NotesPayable
438961 USD
CY2013Q4 us-gaap Notes Payable
NotesPayable
490424 USD
CY2012Q4 ivdn Total Borrowings
TotalBorrowings
705561 USD
CY2013Q4 ivdn Total Borrowings
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906924 USD
CY2012Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
266600 USD
CY2013Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
416500 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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571553 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12150 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12481 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12874 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
13252 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
284614 USD
CY2013Q4 us-gaap Long Term Debt
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906924 USD
CY2004Q3 us-gaap Notes Payable
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100000 USD
CY2005Q3 us-gaap Notes Payable
NotesPayable
280100 USD
CY2012Q4 us-gaap Interest Payable Current And Noncurrent
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92000 USD
CY2005Q3 us-gaap Debt Instrument Periodic Payment
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1186 USD
CY2012Q4 us-gaap Advances To Affiliate
AdvancesToAffiliate
84100 USD
CY2013Q4 us-gaap Advances To Affiliate
AdvancesToAffiliate
31000 USD
CY2012 ivdn Common Stock Issued For Cash
CommonStockIssuedForCash
0 USD
CY2013 ivdn Common Stock Issued For Cash
CommonStockIssuedForCash
64000 USD
CY2013 us-gaap Fiscal Period
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<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><u><font style="FONT-SIZE: 10pt">Fiscal Year End</font></u> <font style="FONT-SIZE: 10pt">- The Company&#8217;s fiscal year ends on October 31.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> The fiscal years ending October 31, 2013 and 2012 are referred to as 2013 and 2012, respectively, throughout the Company&#8217;s financial statements.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 us-gaap Use Of Estimates
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<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><u><font style="FONT-SIZE: 10pt"> Estimates</font></u> <font style="FONT-SIZE: 10pt">- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> Actual results may differ from these estimates and assumptions.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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