Massachusetts
|
|
04-2652826
|
(State
or Other Jurisdiction of
|
|
(I.R.S.
Employer
|
Incorporation
or Organization)
|
|
Identification
No.)
|
|
|
|
321
Manley St.
|
|
|
West
Bridgewater, Massachusetts
|
|
02379-1040
|
(Address
of Principal Executive Offices)
|
|
(Zip
Code)
|
Page
|
|||
PART
I - FINANCIAL INFORMATION
|
|||
Item
1. Financial Statements
|
|||
|
Consolidated
Balance Sheets as of September 30, 2006 (Unaudited) and December
31, 2005
(Restated)
|
3
|
|
|
Consolidated
Statements of Operations for the Three Months and Nine Months Ended
September 30, 2006 and 2005 (Unaudited)
|
4
|
|
|
|
||
|
Consolidated
Statements of Comprehensive Income (Loss) for the Three Months and
Nine
Months Ended September 30, 2006 and 2005 (Unaudited)
|
5
|
|
|
Consolidated
Statements of Cash Flows for the Nine Months Ended September 30,
2006 and
2005 (Unaudited)
|
6
|
|
|
Notes
to Consolidated Financial Statements as of September 30, 2006 (Unaudited)
|
7
|
|
Item
2. Management's Discussion and Analysis of Financial Condition or Plan of
Operations
|
14
|
||
Item
3. Controls and Procedures
|
25
|
||
PART
II - OTHER INFORMATION
|
|
||
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
26
|
||
Item
6. Exhibits
|
26
|
September
30,
|
|
|
December
31,
|
|
|||
ASSETS
|
|
|
2006
|
|
|
2005
|
|
(unaudited)
|
|
|
(restated)
|
|
|||
CURRENT
ASSETS:
|
|||||||
Cash
and cash equivalents
|
$
|
5,850,427
|
$
|
6,416,772
|
|||
Restricted
cash
|
17,484
|
255,612
|
|||||
Accounts
receivable (less allowance for doubtful accounts of $115,908 in
2005)
|
45,048
|
58,798
|
|||||
Inventories,
net
|
44,859
|
85,207
|
|||||
Investments
in marketable securities
|
-
|
1,533
|
|||||
Escrow
deposit related to sale of assets to SeraCare
|
-
|
1,117,305
|
|||||
Prepaid
income taxes
|
28,687
|
-
|
|||||
Income
tax receivable
|
781,457
|
531,122
|
|||||
Prepaid
expenses, deposits, and other current assets
|
274,855
|
75,286
|
|||||
Total
current assets
|
7,042,817
|
8,541,635
|
|||||
PROPERTY
AND EQUIPMENT, NET
|
200,146
|
282,780
|
|||||
|
|||||||
OTHER
ASSETS:
|
|||||||
Intangible
assets, net
|
389,080
|
425,554
|
|||||
Assets
transferred under contractual arrangements
|
1,420,996
|
1,420,996
|
|||||
Investments
in marketable securities
|
2,549,113
|
3,962,810
|
|||||
Total
other assets
|
4,359,189
|
5,809,360
|
|||||
TOTAL
ASSETS
|
$
|
11,602,152
|
$
|
14,633,775
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Accounts
payable
|
$
|
142,762
|
$
|
56,395
|
|||
Accrued
employee compensation
|
144,649
|
94,354
|
|||||
Other
accrued expenses
|
200,102
|
99,718
|
|||||
Income
taxes payable
|
173,256
|
63,730
|
|||||
Current
deferred tax liability
|
-
|
219,949
|
|||||
Accrued
SeraCare liabilities
|
26,584
|
264,713
|
|||||
Liabilities
from discontinued operations
|
2,040
|
2,040
|
|||||
Total
current liabilities
|
689,393
|
800,899
|
|||||
LONG
TERM LIABILITIES
|
|||||||
Liabilities
from discontinued operations
|
4,253
|
6,120
|
|||||
Deferred
revenue
|
13,500
|
-
|
|||||
Deferred
tax liability
|
866,134
|
1,419,662
|
|||||
Liabilities
transferred under contractual arrangements
|
1,042,493
|
1,042,493
|
|||||
Total
long term liabilities
|
1,926,380
|
2,468,275
|
|||||
TOTAL
LIABILITIES
|
2,615,773
|
3,269,174
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
|||||||
STOCKHOLDERS'
EQUITY:
|
|||||||
Common
stock, $.01 par value; 20,000,000 shares authorized;
|
|||||||
2,426,189
issued and 2,319,589 outstanding in 2006 and 2,424,189
|
|||||||
issued
and outstanding in 2005
|
23,196
|
24,242
|
|||||
Additional
paid-in capital
|
6,267,549
|
6,027,020
|
|||||
Loan
receivable from Director / CEO
|
(1,000,000
|
)
|
(1,000,000
|
)
|
|||
Accumulated
other comprehensive income
|
1,675,092
|
2,537,963
|
|||||
Retained
earnings
|
2,020,542
|
3,775,376
|
|||||
Total
stockholders' equity
|
8,986,379
|
11,364,601
|
|||||
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY
|
$
|
11,602,152
|
$
|
14,633,775
|
For
the Three Months Ended
|
|
|
For
the Nine Months Ended
|
|
|||||||||
|
|
|
September
30,
|
|
|
September
30,
|
|
||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
|
|
|
|
(restated)
|
|
|
|
|
|
(restated)
|
|
REVENUE:
|
|||||||||||||
PCT
Products, services, other
|
$
|
92,211
|
$
|
11,742
|
$
|
174,409
|
$
|
21,984
|
|||||
Total
revenue
|
92,211
|
11,742
|
174,409
|
21,984
|
|||||||||
COSTS
AND EXPENSES:
|
|||||||||||||
Cost
of PCT products & services
|
90,037
|
33,966
|
188,688
|
61,653
|
|||||||||
Research
and development
|
324,525
|
156,529
|
984,844
|
374,147
|
|||||||||
Selling
and marketing
|
127,419
|
39,954
|
322,803
|
93,590
|
|||||||||
General
and administrative
|
380,065
|
320,195
|
1,665,172
|
1,361,157
|
|||||||||
Total
operating costs and expenses
|
922,046
|
550,644
|
3,161,507
|
1,890,547
|
|||||||||
Operating
loss from continuing operations
|
(829,835
|
)
|
(538,902
|
)
|
(2,987,098
|
)
|
(1,868,563
|
)
|
|||||
OTHER
INCOME (EXPENSE):
|
|||||||||||||
Realized
gain on securities held for sale
|
-
|
2,838,491
|
517,938
|
2,838,491
|
|||||||||
Other
operating, net
|
-
|
(140,648
|
)
|
-
|
(528,285
|
)
|
|||||||
Interest
income
|
88,190
|
62,699
|
305,982
|
187,559
|
|||||||||
Total
other income
|
88,190
|
2,760,542
|
823,920
|
2,497,765
|
|||||||||
(Loss)
income from continuing operations before
income
taxes
|
(741,645
|
)
|
2,221,640
|
(2,163,178
|
)
|
629,202
|
|||||||
Income
tax benefit (provision) from continuing operations
|
111,106
|
(912,671
|
)
|
408,344
|
(457,535
|
)
|
|||||||
(Loss)
income from continuing operations
|
(630,539
|
)
|
1,308,969
|
(1,754,834
|
)
|
171,667
|
|||||||
Discontinued
operations:
|
|||||||||||||
(Loss)
income from discontinued operations (net of income tax benefit
of $1,720
and provision of $913 for the three and nine months ended
in 2005)
|
-
|
(3,340
|
)
|
-
|
1,995
|
||||||||
Gain
on sale of net assets related to discontinued
operations
|
|||||||||||||
(includes
effect of income taxes of $701,699 in 2005)
|
-
|
701,699
|
-
|
701,699
|
|||||||||
Net
income from discontinued operations
|
-
|
698,359
|
-
|
703,694
|
|||||||||
Net
(loss) income
|
$
|
(630,539
|
)
|
$
|
2,007,328
|
$
|
(1,754,834
|
)
|
$
|
875,361
|
|||
(Loss)
income per share from continuing operations - basic
|
$
|
(0.26
|
)
|
$
|
0.54
|
$
|
(0.72
|
)
|
$
|
0.05
|
|||
Income
per share from discontined operations - basic
|
$
|
-
|
$
|
0.29
|
$
|
-
|
$
|
0.23
|
|||||
Net
(loss) income per share, basic
|
$
|
(0.26
|
)
|
$
|
0.83
|
$
|
(0.72
|
)
|
$
|
0.28
|
|||
(Loss)
income per share from continuing operations -
diluted
|
$
|
(0.26
|
)
|
$
|
0.52
|
$
|
(0.72
|
)
|
$
|
0.05
|
|||
Income
per share from discontined operations - diluted
|
$
|
-
|
$
|
0.27
|
$
|
-
|
$
|
0.22
|
|||||
Net
(loss) income per share, diluted
|
$
|
(0.26
|
)
|
$
|
0.79
|
$
|
(0.72
|
)
|
$
|
0.27
|
|||
Weighted
average number of shares used to calculate
net
(loss) income per share - basic
|
2,422,675
|
2,424,189
|
2,424,351
|
3,157,495
|
|||||||||
Weighted
average number of shares used to calculate
net
(loss) income per share - diluted
|
2,422,675
|
2,537,987
|
2,424,351
|
3,202,101
|
For
the Three Months Ended
|
|
|
For
the Nine Months Ended
|
|
|||||||||
|
|
|
September
30,
|
|
|
September
30,
|
|
||||||
Other
Comprehensive Income (loss):
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
(restated)
|
(restated)
|
|
|||||||||||
Net
(loss) income
|
$
|
(630,539
|
)
|
$
|
2,007,328
|
$
|
(1,754,834
|
)
|
$
|
875,361
|
|||
Unrealized
(loss) gain on marketable securities
|
(289,456
|
)
|
1,194,772
|
(1,416,399
|
)
|
6,655,362
|
|||||||
Income
tax benefit (provision) related to items
|
|||||||||||||
other
comprehensive (loss) income
|
115,898
|
(488,842
|
)
|
553,528
|
(2,452,590
|
)
|
|||||||
Total
other comprehensive (loss) income, net of taxes
|
(173,558
|
)
|
705,930
|
(862,871
|
)
|
4,202,772
|
|||||||
Comprehensive
(loss) income
|
$
|
(804,097
|
)
|
$
|
2,713,258
|
$
|
(2,617,705
|
)
|
$
|
5,078,133
|
For
the Nine Months Ended
|
|
||||||
|
|
|
September
30,
|
|
|||
|
|
|
2006
|
|
|
2005
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
(restated)
|
|
|||||
Net
(loss) income
|
$
|
(1,754,834
|
)
|
$
|
875,361
|
||
Less
income from discontinued operations
|
-
|
703,694
|
|||||
(Loss)
income from continuing operations
|
(1,754,834
|
)
|
171,667
|
||||
Adjustments
to reconcile (loss) income from continuing operations to net
cash
|
|||||||
used
in operating activities:
|
|||||||
Depreciation
and amortization
|
108,733
|
61,248
|
|||||
Non-cash,
stock-based, compensation expense
|
543,220
|
-
|
|||||
Loss
on disposal of property and equipment
|
42,781
|
||||||
Realized
gain on sale of marketable securities
|
(517,938
|
)
|
(2,838,491
|
)
|
|||
Interest
receivable on loan outstanding from Director / CEO
|
-
|
134,263
|
|||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable
|
13,750
|
203,866
|
|||||
Inventories
|
40,348
|
(186,131
|
)
|
||||
Investments
in marketable securities
|
-
|
1,787
|
|||||
Income
tax receivable
|
(250,335
|
)
|
(122,666
|
)
|
|||
Prepaid
income taxes
|
(28,687
|
)
|
(189,253
|
)
|
|||
Prepaid
expenses, deposits, and other current assets
|
(199,569
|
)
|
65,913
|
||||
Assets
and liabilities transferred under contractual arrangements,
(net)
|
-
|
490,755
|
|||||
Accounts
payable
|
86,367
|
36,158
|
|||||
Accrued
employee compensation
|
50,295
|
(14,892
|
)
|
||||
Other
accrued expenses
|
100,383
|
(165,969
|
)
|
||||
Deferred
revenue
|
13,500
|
-
|
|||||
Income
taxes payable
|
109,526
|
(175,011
|
)
|
||||
Deferred
tax liability
|
(219,949
|
)
|
-
|
||||
Accrued
expenses due to SeraCare
|
-
|
205,410
|
|||||
Net
cash used in operating activities
|
(1,862,409
|
)
|
(2,321,346
|
)
|
|||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
Payments
for additions to property and equipment
|
(34,097
|
)
|
(64,998
|
)
|
|||
Proceeds
from sale of marketable securities
|
518,463
|
2,841,510
|
|||||
Net
cash provided by investing activities
|
484,366
|
2,776,512
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Use
of funds in repurchase of common stock
|
(309,140
|
)
|
(16,303,862
|
)
|
|||
Proceeds
from the issuance of common stock
|
5,400
|
||||||
Restricted
cash payable to SeraCare
|
-
|
(133,480
|
)
|
||||
Net
cash used in financing activities
|
(303,740
|
)
|
(16,437,342
|
)
|
|||
CASH
FLOW FROM DISCONTINUED OPERATIONS:
|
|||||||
Operating
cash flows, net of taxes
|
(1,867
|
)
|
870,483
|
||||
Investing
cash flows
|
1,117,305
|
-
|
|||||
Net
cash provided by discontinued operations
|
1,115,438
|
870,483
|
|||||
(DECREASE)
IN CASH AND CASH EQUIVALENTS:
|
(566,345
|
)
|
(15,111,693
|
)
|
|||
Cash
and cash equivalents, beginning of period
|
6,416,772
|
21,201,790
|
|||||
Cash
and cash equivalents, end of period
|
$
|
5,850,427
|
$
|
6,090,097
|
|||
SUPPLEMENTAL
INFORMATION:
|
|||||||
Income
Taxes Paid
|
$
|
104,619
|
$
|
-
|
1)
|
Organization
and Business
Activities
|
2)
|
Interim
Financial Reporting
|
3)
|
Summary
of Significant Accounting
Policies
|
Assumptions
|
Outside
Board Members
|
CEO
and other Officers & Employees
|
|||||
Expected
Life
|
5.0
|
6.0
|
|||||
Expected
Volatility
|
74.7
|
%
|
88.2
|
%
|
|||
Risk-Free
Interest Rate
|
4.9
|
%
|
4.9
|
%
|
|||
Expected
Dividend Yield
|
0.0
|
%
|
0.0
|
%
|
Three
Months Ended
|
|
|
Nine
Months Ended
|
|
|||
|
|
|
September
30,
2006
|
|
|
September
30,
2006
|
|
Cost
of PCT products & services
|
$
|
2,621
|
$
|
7,335
|
|||
Research
and development
|
47,748
|
113,363
|
|||||
Selling
and marketing
|
11,761
|
32,259
|
|||||
General
and administrative
|
33,681
|
390,263
|
|||||
Total
stock-based Compensation expense
|
$
|
95,811
|
$
|
543,220
|
Three
Months Ended
|
|
|
Nine
Months Ended
|
|
|||
|
|
|
September
30,
2005
|
|
|
September
30,
2005
|
|
Net
income - as reported
|
$
|
2,007,328
|
$
|
875,361
|
|||
Add
back: Stock-based compensation
|
|||||||
in
net income, as reported
|
-
|
-
|
|||||
Deduct:
Stock-based employee compensation
|
|||||||
expense
determined under fair value based method
|
|||||||
for
all awards, net of related tax effects
|
(29,785
|
)
|
(117,293
|
)
|
|||
Net
income - pro forma
|
$
|
1,977,543
|
$
|
758,068
|
|||
Basic
net income per share - as reported
|
$
|
0.83
|
$
|
0.28
|
|||
Basic
net income per share - pro forma
|
$
|
0.82
|
$
|
0.24
|
|||
Diluted
net income per share - as reported
|
$
|
0.79
|
$
|
0.27
|
|||
Diluted
net income per share - pro forma
|
$
|
0.78
|
$
|
0.24
|
4)
|
Investment
in Marketable
Securities
|
5)
|
Discontinued
Operations
|
6)
|
Assets
and Liabilities Transferred Under Contractual
Arrangements
|
7)
|
Related
Party Transaction
|
8)
|
Inventories
|
September
30,
|
|
|
December
31,
|
|
|||
|
|
|
2006
|
|
|
2005
|
|
Raw
materials
|
$
|
9,471
|
$
|
32,188
|
|||
Work-in-process
|
4,388
|
31,565
|
|||||
Finished
goods
|
31,000
|
21,454
|
|||||
Total
|
$
|
44,859
|
$
|
85,207
|
9)
|
Commitments
and Contingencies
|
Stockholders’
Equity
|
Stock
Options
|
|
||||||
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
Average
price
|
|
|
|
|
Shares
|
|
|
per
share
|
|
Balance
outstanding, 12/31/2005
|
585,000
|
$
|
2.96
|
||||
Granted
|
356,000
|
3.92
|
|||||
Exercised
|
(2,000
|
)
|
2.70
|
||||
Expired
|
(19,500
|
)
|
4.11
|
||||
Forfeited
|
-
|
||||||
Balance
outstanding, 9/30/2006
|
919,500
|
$
|
3.31
|
Options
Outstanding
|
Options
Exercisable
|
||||||||||||||||||||||
Range
of Exercise
Prices
|
Weighted
Average Remaining Life
|
Number
of Options
|
Weighted
Average Exercise Price
|
Number
of Options
|
Weighted
Average Exercise Price
|
||||||||||||||||||
$
|
2.50
|
-
|
$
|
2.70
|
5.9
|
159,000
|
$
|
2.64
|
159,000
|
$
|
2.64
|
||||||||||||
2.71
|
-
|
3.08
|
7.9
|
343,000
|
2.96
|
209,000
|
2.98
|
||||||||||||||||
3.09
|
-
|
3.97
|
9.3
|
269,500
|
3.74
|
21,000
|
3.32
|
||||||||||||||||
3.98
|
-
|
4.25
|
9.2
|
148,000
|
4.04
|
127,000
|
4.05
|
||||||||||||||||
$
|
2.50
|
-
|
$
|
4.25
|
9.4
|
919,500
|
$
|
3.31
|
516,000
|
$
|
3.16
|
|
•
|
our
plans and expectations with respect to our pressure cycling technology
operations;
|
|
|
|
|
•
|
our
anticipated costs and expenses with respect to our
business;
|
|
|
|
|
•
|
market
acceptance and the potential for commercial success of our PCT
products;
|
|
|
|
|
•
|
the
sufficiency of our working capital and our belief that we have sufficient
liquidity to finance operations into 2008;
|
|
|
|
|
•
|
our
ability to develop future collaborations with partners who generate
and
disseminate meaningful and beneficial scientific
data;
|
|
|
|
|
•
|
the
expected results of our current and future collaboration
agreements;
|
|
|
|
|
•
|
our
ability to sell additional Barocycler instruments to existing and
future
collaboration partners;
|
|
|
|
|
•
|
general
economic conditions; and
|
|
|
|
|
•
|
the
anticipated future financial performance and business operations
of our
company.
|
· |
In
October 2006, we announced the sale of PCT Sample Preparation Systems
(Barocycler NEP3229 plus PULSE Tubes) to Johns Hopkins University,
the
National Institutes of Health (NIH), and a state laboratory in
Virginia.
|
· |
In
September 2006, we announced the appointment of UHY LLP as our independent
registered accounting firm.
|
· |
In
July 2006, we announced that Dermtech International leased a Barocycler
NEP3229 for a three year period. Dermtech chose to use the PCT SPS
as the
primary, front-end extraction method for recovering ribonucleic acid
(RNA)
from skin cells harvested via their proprietary Epidermal Genetic
Information Retrieval (EGIR)
platform.
|
· |
In
June 2006, we sold a Barocycler NEP3229 to the Federal Bureau of
Investigation (FBI). Prior to its purchase the FBI worked with our
scientists to evaluate the ability of the PCT SPS to extract DNA
and RNA
from bone fragments, blood, hair, and
skin.
|
· |
In
April 2006, we announced important additions to our Senior Management
Team; including the promotion of Dr. Nathan Lawrence to the newly
created
position of Vice President of Marketing & Business Development, the
hiring of Dr. Alexander V. Lazarev as our Director of Research and
Development, and the hiring of Mr. Edward H. Myles as our Vice President
of Finance & CFO. We also announced the hiring of Dr. Edmund Ting as
our Senior Vice President of
Engineering.
|
· |
In
April 2006, we entered into an agreement with Source Scientific,
LLC to
purchase an additional 25 Barocycler NEP3229
units.
|
· |
During
the first quarter of 2006 we sold a total of 57,900 shares of Panacos
Pharmaceuticals stock for a realized, pre-tax gain of
$517,938.
|
· |
On
March 15, 2006, we received $1,094,162 from Wells Fargo Corporate
Trust
Escrow Services, representing the remaining principal held in escrow
from
the 2004 sale of the assets and certain liabilities of our BBI Core
Businesses to SeraCare Life Sciences Inc. (“SeraCare”), plus interest from
January 1 through February 28,
2006.
|
· |
On
February 1, 2006 we entered into an agreement with the University
of New
Hampshire, pursuant to which UNH agreed to perform certain research
and
development services for us through December 31, 2006. Subject to
the
terms of the agreement, we will pay UNH an aggregate of $157,850
during
the term of the agreement.
|
|
•
|
sample
preparation for genomic, proteomic, and small molecule
studies
|
|
|
|
|
•
|
control
of enzymatic actions
|
|
|
|
|
•
|
protein
purification;
|
|
|
|
|
•
|
Pathogen
inactivation;
|
|
|
|
|
•
|
immunodiagnostics;
|
|
|
|
|
•
|
DNA
sequencing; and
|
|
|
|
|
•
|
food
safety.
|
·
|
the
inactivation of pathogens in human blood, therapeutics, and
vaccines;
|
·
|
the
purification of proteins;
|
·
|
the
control of enzymatic actions; and
|
Period
|
(a)
Total Number of Shares (or Units) Purchased
|
(b)
Average Price Paid per Share (or Unit)
|
(c)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced
Plans or Programs
|
(d)
Maximum Number (or Approximate Dollar Value) of Shares (or Units)
that May
Yet Be Purchased Under the Plans or Programs
|
September
22, 2006 (1)
|
106,600
|
$2.88
|
106,600
|
$192,000
|
|
Reference
|
||
31.1
|
Principal
Executive Officer Certification Pursuant to Item 601(b)(31) of Regulation
S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of
2002
|
|
Filed
herewith
|
|
|
|
|
31.2
|
Principal
Financial Officer Certification Pursuant to Item 601(b)(31) of Regulation
S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of
2002
|
|
Filed
herewith
|
|
|
|
|
32.1
|
Principal
Executive Officer Certification Pursuant to Item 601(b)(32) of Regulation
S-K, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of
2002
|
|
Filed
herewith
|
|
|
|
|
32.2
|
Principal
Financial Officer Certification Pursuant to Item 601(b)(32) of Regulation
S-K, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of
2002
|
|
Filed
herewith
|
|
|
|
|
PRESSURE
BIOSCIENCE, INC.
|
|
|
|
|
Date: November
13, 2006
|
By:
|
/s/ Richard
T. Schumacher
|
|
Richard
T. Schumacher
President,
Chief Executive Officer & Treasurer
(Principal
Executive Officer)
|
|
|
|
|
By:
|
/s/ Edward
H. Myles
|
|
Edward
H. Myles
Vice
President of Finance & Chief Financial Officer
(Principal
Financial and Accounting Officer)
|