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[Montypower]

News von HBSC

Form 10QSB for HUMAN BIOSYSTEMS INC


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14-Nov-2006

Quarterly Report



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
THIS QUARTERLY REPORT CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING OUR EXPECTATIONS, BELIEFS, INTENTIONS OR FUTURE STRATEGIES THAT ARE SIGNIFIED BY THE WORDS "EXPECTS," "ANTICIPATES," "INTENDS," "BELIEVES," OR SIMILAR LANGUAGE. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS, UNCERTAINTIES AND OTHER FACTORS. ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THIS DOCUMENT ARE BASED ON INFORMATION AVAILABLE TO US ON THE DATE HEREOF AND SPEAK ONLY AS OF THE DATE HEREOF. THE FACTORS DISCUSSED BELOW UNDER "RISK FACTORS" AND ELSEWHERE IN THIS QUARTERLY REPORT ON FORM 10-QSB ARE AMONG THOSE FACTORS THAT IN SOME CASES HAVE AFFECTED OUR RESULTS AND COULD CAUSE THE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.

The following discussion should be read in conjunction with the Condensed Financial Statements and Notes thereto.

Overview/ Recent Developments

We are a developmental stage company, and have a very limited operating history and no revenue to date. Our prospects must be considered in light of the risks and uncertainties encountered by companies in an early stage of development involving new technologies and overcoming regulatory approval process requirements before any revenue is possible.

We have experienced operating losses since our inception. These losses have resulted from the significant costs incurred in the development of our technology and the establishment of our research and development facility. Expenditures will increase in all areas in order to execute our business plan, particularly in research and development and in gaining regulatory approval to market our products in the U.S. and abroad.

From time to time since 2003, we have experienced increased difficulty in raising outside capital. Although research continued in organ preservation, we were forced to suspend animal testing and human infusion testing in late 2003 due to a lack of funds. Our employees accepted a temporary 50% salary reduction in January 2004 to conserve cash, and several of these employees as well as certain of our outside consultants elected to convert a portion of their deferred compensation to shares of our common stock. On September 1, 2004, we restored all employee salaries; however, employees received 50% of their salaries in cash and 50% in shares of restricted common stock. In February 2005, we changed our overall compensation structure to reduce recurring payroll expenses in non- critical areas in order to provide additional resources for the completion of our scientific objectives. In March 2005, we made the decision to pay all of the accrued salaries in cash rather than in stock.

During the six-month period ended June 30, 2005, we pursued various alternatives for raising capital, including but not limited to transactions with Dutchess, Langley Park Investments PLC ("Langley") and Pini Ben David ("Ben David"). In October 2005, we entered into an agreement with Ascendiant Capital to assist in the capital-raising process, and in March 2006, we entered into a loan transaction and received approximately $71,000 in net proceeds. In November 2006, we received a $1,000,000 loan from Dutchess to provide capital for the development of several ethanol production facilities (see "Liquidity and Capital Resources" below for detailed descriptions of all of the above transactions).
We also have continued to raise funds through the sales of our capital stock through Regulation S under the Securities Act. To date, we continue to seek alternative sources for capital.


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We are a developer of preservation platforms for organs and other biomaterial, specializing in the development of proprietary above zero (HBS-AZ) and below zero (HBS-BZ) organ and tissue preservation systems and methods for preserving blood platelets. We have been successful in preserving blood platelets for ten days under refrigeration while maintaining cell structure and morphology, which has never been done before to our knowledge. We had originally contemplated submitting our findings to the FDA in the first half of 2003; however, additional pre-human infusion tests were necessary to address certain aspects of our findings. We believe that we have now satisfactorily resolved all issues raised by these findings, and resumed our human infusion tests in February 2005.
Some delays have been encountered at the centers conducting the tests, as it was necessary for the centers to repeat our in-vitro (test tube) tests prior to proceeding to the actual human tests. Internal approval for starting the pre-human infusion studies had to be secured, which is now in place. Additional approvals to commence human in-vivo studies will be required from the internal review board and possibly from the FDA. We currently anticipate that these tests will be completed within the next four to six months.

We began research on kidney preservation in 2002 and have developed what we believe is a solution that will operate under refrigerated temperature storage conditions for over 30 hours, allowing organ preservation beyond current capabilities. In our most recent preliminary tests, we successfully transplanted a rat kidney that had been frozen at a temperature of negative 80 degrees Centigrade for three months in our patent-pending HBS sub-zero solution. In October 2005, we successfully completed the initial phase of our survival studies of animals with transplanted kidneys preserved using our HBS organ preservation solution, and were able to preserve a rat's kidney at negative 196 degrees Centigrade for up to five days while maintaining some functionality when transplanted back into the animal, evidenced by urine production. We previously preserved rats' kidneys at negative 20 and negative 80 degrees Centigrade. We will continue to conduct further tests on a larger animal sample size, and conduct histology and survival studies as well. Our goal is to extend the kidney shelf life for up to 72 to 96 hours at above freezing temperatures and even longer at sub-zero temperatures. We believe that the extended shelf life should enable better matching of donor kidneys to recipients. In the third quarter of 2005, we also purchased a special freezer and equipment used to conduct experiments at negative 80 degrees Centigrade. Recent survival studies on animals with kidneys stored in the HBS-AZ solution for 14 days showed an 83% survival rate versus 42% and 10% for the respective UW and HTK (European) solutions. Further recent studies using biochemical test markers have corroborated these studies. In 2007, we intend to seek opportunities to license our organ preservation technology for storage at temperatures above zero degrees Centigrade.

In July 2002, we received our first patent on our technology and methodology for preserving blood platelets. We filed a provisional patent application in June 2001 to cover our improved platelet preservation methods. In August 2003, we filed another patent application covering improved platelet preservation methods. In May 2006, the U.S. Patent Office approved our patent for organ preservation entitled "Methods and Solutions for Storing Donor Organs" U.S. patent number 7/029,839. We will seek strategic alliances with companies that have the capability to provide technical and clinical expertise as well as financial and marketing expertise to leverage our current expertise in these areas.

In addition to our attempts to raise outside capital, we have pursued opportunities to acquire existing products and businesses that currently produce, or have the potential to produce, revenue. In September 2003, we signed a binding letter of intent to acquire all rights to a cream product with potential skin healing and antibacterial properties. The purpose of the acquisition is to develop a product to generate revenues while our blood platelet preservation technology is awaiting human infusion tests. During 2004, using minimal funding, we were able to reformulate the cream for better appearance and use. We then tested the reformulated cream for safety at an independent laboratory, and received positive results. We are now seeking a business partner to produce and market the cream. There is no guarantee that we will be able to develop a marketable product based on the cream. If we are able to develop a marketable product, it will require additional research and development as well as additional capital. At this time, we do not have an estimate of the time or the amount of funds that would be required to produce and market such a product.


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We also entered the alternative energy market through our wholly owned subsidiary, HBS Bio. We believe the ethanol industry has substantial potential for growth, and as such entered into agreements with EXL III Group, Inc. ("EXL") to develop several ethanol production facilities. The purpose of these agreements is to develop ethanol facilities to generate revenues while our blood platelet preservation technology is awaiting human infusion tests.

We entered into an Asset Purchase Agreement with EXL effective September 1, 2006. Pursuant to the Asset Purchase Agreement, EXL agreed to sell options to purchase certain property in Lumberton County, North Carolina, to HBS Bio. In consideration for the options, HBS Bio issued fifty thousand (50,000) shares of the Company's common stock to EXL and reimbursed EXL $40,000 for expenses incurred with respect to the options and related proposed ethanol projects, discussed further below.

Also effective September 1, 2006, we entered into a Consulting Services Agreement with EXL. That Agreement provides that EXL will supervise, manage, and coordinate the development, construction, and operation of up to three ethanol facilities. The Consulting Services Agreement also provides that EXL's President, Claude Luster, III, will have the title of President of HBS Bio during the term of the Agreement, and will report to HBS Bio's Chief Executive Officer. The term of the Agreement is two years from the effective date, with an option to extend the term for two additional years by mutual written agreement.

In consideration for its consulting services, EXL will receive an annual consulting fee of $199,000. Upon the funding of the first ethanol facility, the annual consulting fee will increase to $224,000. The consulting fee will increase again to $324,000 upon the funding of the second ethanol facility, and to $424,000 in the event a third ethanol facility is funded.

EXL will also be entitled to receive up to 3,450,000 shares of HBS common stock.
The stock will be placed in escrow, and to that end, HBS Bio, EXL, and Silicon Valley Law Group as escrow agent entered into an Escrow Agreement. The Escrow Agreement provides that 1,000,000 shares of the Company's common stock will be released to EXL upon the execution of certain agreements necessary for the development of the first ethanol facility, the submission of preliminary environmental and land use permits for the first ethanol facility, and the assignment and conveyance of the option to purchase the second facility. An additional 1,000,000 shares will be released to EXL upon the acquisition of certain permits for the first facility and the execution of certain agreements necessary for development of the first facility, as well as the submission of preliminary environmental and land use permits for the second facility. The 1,450,000 remaining shares will be released to EXL when a funding commitment for the first facility is obtained. In the event funding for the first facility is not obtained within four months from the date on which the funding commitment is received, any shares still in escrow will be dispersed to HBS Bio and any shares previously released to EXL will be returned to HBS Bio.

Under the Consulting Services Agreement, the facilities will be funded by the Company according to a schedule, with $300,000 due upon closing of the Asset Purchase Agreement and additional amounts upon completion of certain milestones thereafter. The Company will contribute $150,000 upon completing the following milestones: (1) raw product supply agreement for the first plant; (2) environmental services agreement for the first plant; (3) risk management agreement for the first plant; and (4) distilled grain marketing agreement for the first plant. The Company will contribute an additional $150,000 upon completing the following milestones: (1) ethanol off take agreement for the first plant; (2) preliminary engineering study for the first plant; (3) land use permit submittal for the first plant; (4) environmental permits submittal for the first plant; (5) financial advisory services agreement or letter of interest from financial entity; (6) land option agreement for the second plant; and (7) fuel supply agreement for the first plant. The Company will contribute an additional $400,000 upon reaching the following milestones: (1) utility services agreement for the first plant; (2) Phase I engineering and environmental for the first plant; (3) raw product supply agreement for the second plant; (4) environmental services agreement for the second plant; (5) risk management agreement for the second plant; and (6) distilled grain marketing agreement for the second plant. The Company will contribute an additional $450,000 upon reaching the following milestones: (1) EPC Agreement and Phase II engineering for the first plant; (2) fuel supply agreement for the second plant; (3) utility services agreement for the second plant; (4) ethanol off take agreement for the second plant; (5) environmental permits submittal for the second plant; (6) preliminary engineering study for the second plant; (7) land use permit submittal for the second plant; (8) Phase I engineering and environmental studies for the second plant; (9) long term equity commitment for first plant
(10) long term debt commitment for the first plant; (11) issuance of authority to construct permits for the first plant; and (12) final funding documentation for the first plant. Finally, the Company will contribute $400,000 upon completing the following milestones: (1) EPC Agreement and Phase II engineering for the second plant; (2) long term equity commitment for the second plant; (3) long term debt commitment for the second plant; (4) final environmental permits for the second plant; (5) authority to construct permits for the second plant; and (6) final funding documentation for the second plant.

There is no guarantee that we will be able to complete development of any of the proposed ethanol facilities. The development of the ethanol facilities will require additional capital. If we are able to complete one or more of the proposed facilities, there is no guarantee that the facility will be able to generate sufficient revenue to fund our research and development activities, or any revenue at all. At this time, we do not have an estimate of the time or the amount of funds that will be required to complete the ethanol facilities, but we believe it will cost at least $1,890,000, including our funding obligation under the Consulting Services Agreement and reimbursement to EXL under the Asset Purchase Agreement. There will be additional costs, including but not limited to EXL's consulting fee, which will differ depending on when certain facilities are funded and how long the project takes.


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Results of Operations

THREE MONTHS ENDED SEPTEMBER 30, 2006 COMPARED WITH THREE MONTHS ENDED SEPTEMBER
30, 2005

Revenues. We did not generate any revenue in either of the three-month periods ended September 30, 2006 or 2005, and we have not generated revenues since our inception in February 1998, as our focus to date has been on the research and development of products. We are a development stage company in the ninth year of research and development activities, and do not anticipate receiving revenue until we complete product development and clinical testing.

General and Administrative Expenses. Total general and administrative expenses in the three months ended September 30, 2006 were $743,600, a decrease from $2,542,300 for the three months ended September 30, 2005. The decrease was due primarily to a significant decrease in public relations expenses to $308,500 for the three months ended September 30, 2006, from $2,084,300 for the three months ended September 30, 2005. This decrease is primarily due to the expiration and non-renewal of one large investor awareness program that was active during the previous nine month comparison period.

We experienced a decrease in stock-based compensation in the three months ended September 30, 2006 to $52,900, from $411,500 for the three months ended September 30, 2005. From time to time, our staff has worked for under market rate compensation or has had to accrue pay for extended periods of time when financing was not available.

We experienced an increase in other general and administrative expenses to $382,200 for the three months ended September 30, 2006, from $46,500 for the comparable period in 2005. This increase was due to increases in legal and professional fees and other expenses due to the obligation of being a public company.

Research and Development. Our research and development expenses were $40,600 for the three months ended September 30, 2006, a slight decrease from $42,300 for the comparable period in 2005. This decrease was primarily due to our attempts to moderate research and development spending. In the fourth quarter of 2003, due to a funding shortfall, we suspended human infusion studies and animal testing pending receipt of funding, and this suspension remained in place for all of 2004 and the first half of the first quarter of 2005. In February 2005, however, we resumed our infusion studies and organ preservation research and in the near future plan to double the number of animal organ preservation experiments as compared to the current schedule. We believe that recent reduced payroll reductions should allow us to maintain and possibly accelerate our scientific program.

Sales and Marketing Expenses. We had no sales and marketing expenses for the three months ended September 30, 2006, or for the comparable period in 2005. We recently eliminated payroll in the sales and marketing area in order to give priority to the completion of our scientific objectives - to complete human infusion studies for platelets and move closer to human testing utilizing our organ preservation technology.

Other Income and Expense. We incurred interest expense of $7,900 during the three months ended September 30, 2006, due primarily to interest on certain accounts payable. We did not incur interest expense during the comparable period in 2005. We also recognized $3,200 in the three months ended September 30, 2006 from the forgiveness of debt on an account payable converted to stock, as compared to $80,100 for the same period in 2005.

Net Loss. As a result of the foregoing factors, our net loss decreased to $790,500 for the three months ended September 30, 2006, from a net loss of $2,504,500 for the three months ended September 30, 2005. We had an unrealized loss of $10,500 on our investment in Langley securities during the three months ended September 30, 2006, resulting in a total comprehensive loss of $801,000 for the period. Our net loss per share was $0.01 for the three months ended September 30, 2006, a decrease from the loss per share of $0.04 for the comparable period in 2005.


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NINE MONTHS ENDED SEPTEMBER 30, 2006 COMPARED WITH NINE MONTHS ENDED SEPTEMBER
30, 2005

Revenues. We did not generate any revenue in either of the nine-month periods ended September 30, 2006 or 2005, and we have not generated revenues since our inception in February 1998, as our focus to date has been on the research and development of products. We are a development stage company in the ninth year of research and development activities, and do not anticipate receiving revenue until we complete product development and clinical testing.

General and Administrative Expenses. Total general and administrative expenses in the nine months ended September 30, 2006 were $2,019,200, a decrease from $4,441,700 for the nine months ended September 30, 2005. The decrease was due primarily to a significant decrease in public relations expenses to $905,600 for the nine months ended September 30, 2006, from $3,202,600 for the nine months ended September 30, 2005. This decrease is primarily due to the expiration and non-renewal of one large investor awareness program that was active during the previous nine month comparison period.

We experienced a decrease in stock-based compensation in the nine months ended September 30, 2006 to $105,500, from $450,300 for the nine months ended September 30, 2005. From time to time, our staff has worked for under market rate compensation or has had to accrue pay for extended periods of time when financing was not available. We have granted stock options to certain employees in partial consideration for salary reductions, and certain employees have elected to receive stock in lieu of compensation. Our employees accepted a temporary 50% salary reduction in January 2004 to conserve cash, and several of these employees as well as certain of our outside consultants elected to convert a portion of their deferred compensation to shares of our common stock. On September 1, 2004, we restored all employee salaries; however, employees received 50% of their salaries in stock and 50% in shares or restricted common stock. In February 2005, we changed our overall compensation structure to reduce recurring payroll expenses in non-critical areas in order to provide additional resources for the completion of our scientific objectives. In March 2005, we made the decision to pay all of the accrued salaries in cash rather than in stock.

We experienced an increase in other general and administrative expenses to $1,008,100 for the nine months ended September 30, 2006, from $788,800 for the comparable period in 2005. This increase was due to increases in legal and professional fees and other expenses due to the obligation of being a public company.

Research and Development. Our research and development expenses were $115,100 for the nine months ended September 30, 2006, a slight decrease from $138,300 for the comparable period in 2005. This decrease was primarily due to our attempts to moderate research and development spending. In the fourth quarter of 2003, due to a funding shortfall, we suspended human infusion studies and animal testing pending receipt of funding, and this suspension remained in place for all of 2004 and the first half of the first quarter of 2005. In February 2005, however, we resumed our infusion studies and organ preservation research and in the near future plan to double the number of animal organ preservation experiments as compared to the current schedule. We believe that recent reduced payroll reductions should allow us to maintain and possibly accelerate our scientific program.

Sales and Marketing Expenses. We had no sales and marketing expenses for the nine months ended September 30, 2006, a decrease from $25,400 for the comparable period in 2005. We recently eliminated payroll in the sales and marketing area in order to give priority to the completion of our scientific objectives - to complete human infusion studies for platelets and move closer to human testing utilizing our organ preservation technology.

Other Income and Expense. We incurred interest expense of $19,900 during the nine months ended September 30, 2006, due primarily to interest on certain accounts payable. We did not incur interest expense during the comparable period in 2005. We also recognized $1,600 in the nine months ended September 30, 2006 from the forgiveness of debt on an account payable converted to stock, as compared to $80,100 for the same period in 2005.


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Net Loss. As a result of the foregoing factors, our net loss decreased to $2,146,000 for the nine months ended September 30, 2006, from a net loss of $4,526,900 for the nine months ended September 30, 2005. We had an unrealized loss of $13,700 on our investment in Langley securities during the nine months ended September 30, 2006, resulting in a total comprehensive loss of $2,159,700 for the period. Our net loss per share was $0.03 for the nine months ended September 30, 2006, a decrease from the loss per share of $0.08 for the comparable period in 2005.

Liquidity and Capital Resources

Our operating plan for calendar years 2006 and 2007 is focused on continued development of our products. It is our estimate that a cash requirement of $4 million is required to support this plan for the next twelve months. During the nine-month period ended September 30, 2006, we received an aggregate of $1,152,100 from the issuance of common stock and $75,000 from borrowing on notes payable, compared to an aggregate of $795,100 received in from the issuance of common stock in the nine-month period ended September 30, 2005. We are actively seeking additional funding. Once we receive the required additional financing, we anticipate continued growth in our operations and a corresponding growth in our operating expenses and capital expenditures. We do not anticipate any revenue from operations for the next two or three years. Therefore, our success will be dependent on funding from private placements of equity securities. Although we have entered into certain agreements with Dutchess, Ascendiant and Strategic Growth Ventures (see below) there can be no assurance that we will be successful in raising any capital pursuant to any of these agreements. At the present time, we have no other agreements or arrangements for any private placements.

In 2003, we experienced increased difficulty in raising outside capital. This difficulty continued through the third quarter of 2004. Although research continued in organ preservation, we were forced to suspend animal testing and human infusion testing due to a lack of funds. Our employees accepted a temporary 50% salary reduction in January 2004 to conserve cash, and several of these employees as well as certain of our outside consultants elected to convert a portion of their deferred compensation to shares of our common stock. On September 1, 2004, we restored all employee salaries; however, employees received 50% of their salaries in cash and 50% in shares of restricted common stock. In February 2005, we changed our overall compensation structure to reduce recurring payroll expenses in non-critical areas in order to provide additional resources for the completion of our scientific objectives. In March 2005, we made the decision to pay all of the accrued salaries in cash rather than in stock.

We are in the ninth year of research and development, with an accumulated loss during the development stage of $22,611,100. As of September 30, 2006, we are uncertain as to the completion date of our research and development, or if products will ever be completed as a result of this research and development activity. We anticipate that the funds spent on research and development activities will need to increase prior to completion of a product. Additionally, we may not be able to secure funding in the future necessary to complete our intended research and development activities.

These conditions give rise to substantial doubt about our ability to continue as a going concern. Our financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should we be unable to continue as a going concern. Our continuation as a going concern is dependent upon our ability to obtain additional financing from the sale of our common stock, as may be required, and ultimately to attain profitability. The report of our independent certified public accountants, included in the Company's 10-KSB for the fiscal year ended December 31, 2005, contains a paragraph regarding our ability to continue as a going concern.

During the nine-month period ended September 30, 2006, we continued to spend cash to fund our operations. Cash used by operating activities for the nine-month period ended September 30, 2006 equaled $1,073,200 and consisted principally of our net loss of $2,146,000 plus decreases of $3,100 in other assets, offset by increases of $847,600 in public relations expenses paid or to be paid in common stock, $105,500 provided by stock-based compensation, $59,900 .

[clerrenz]

Der Markt in USA hat auch schon "raketenhaft" reagiert

[Kuhmuckl]

Antwort auf Beitrag Nr.: 25.433.654 von clerrenz am 15.11.06 23:02:07

Da hast völlig recht! Schau Dir mal an, was die in vier Jahren an Per-

formance geschafft haben, einfach s u p e r!

Diese OTC- Saftläden sind einfach scheinbar nur dazu da, um viele

Kleinaktionäre zu verarschen. Da kaufen sich ein paar Schufte

1000-sende von dem Mist, der nichts kostet, rufen unbedarfte Personen

an, machen sie gierig in dem irgend ein Scheissdreck vorgegaukelt

wtrd. Die armen Säcke kaufen und haben dieses Zeugs ewig am Backen!

Du kannnst die Vorgaukelphase genau am Chart erkennen!

[gsx1100e]

mannometer, wenn ich mir den Kursverfall dieser Scheissaktie ansehe, bin ich direkt froh, den Mist auf dem Weg nach unten noch bei 17ct verkauft zu haben ( KK 50ct vor dem Umtausch )

wat n Nepp

[clerrenz]

es macht mich nur wild wenn ich immer wieder den gleichen Themenstarter erleben muß der hier einen Sch --- nach dem
Anderen losläßt.
Ich werde nicht ruhen und auf jedes neue Thema meine Meinung
schreiben.
Ich bitte die Gleichgesinnten es mir gleichzutun um Mitmenschen
vor diesen Leuten zu schützen.
Es wird "Eigeninteresse" im Spiel sein.
Ansonsten "so blöde kann niemand sein"

[Kuhmuckl]

17 k habe ich Vollidiot von der Klitsche , ist zwar nicht die Menge
aber viel zu viel, wenn man sie für 0,45 auf Lager hat. Wenn das
meine Zimmerkollegin wüsste, die würde mich notschlachten!

[Montypower]

Income Statement Get Income Statement for:




View: Annual Data | Quarterly Data All numbers in thousands
PERIOD ENDING 30-Sep-06 30-Jun-06 31-Mar-06 31-Dec-05
Total Revenue - - - -
Cost of Revenue - - - -

Gross Profit - - - -

Operating Expenses
Research Development 41 33 42 45
Selling General and Administrative 744 636 640 1,252
Non Recurring - - - -
Others - - - -

Total Operating Expenses - - - -


Operating Income or Loss (784) (668) (682) (1,296)

Income from Continuing Operations
Total Other Income/Expenses Net 3 - 7 17
Earnings Before Interest And Taxes (781) (668) (676) (1,279)
Interest Expense 8 10 2 1
Income Before Tax (789) (678) (678) (1,280)
Income Tax Expense 2 - - -
Minority Interest - - - -

Net Income From Continuing Ops (791) (678) (678) (1,280)

Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -


Net Income (791) (678) (678) (1,280)
Preferred Stock And Other Adjustments - - - -

Net Income Applicable To Common Shares ($791) ($678) ($678) ($1,280)