ART Advanced Research Technologies Inc.
TSX : ARA

ART Advanced Research Technologies Inc.

November 14, 2007 16:32 ET

ART Advanced Research Technologies Announces 2007 Third Quarter Financial Results

MONTREAL, CANADA--(Marketwire - Nov. 14, 2007) - ART Advanced Research Technologies Inc. ("ART")(TSX:ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, today announces its financial results for the third quarter ended September 30, 2007. All dollar amounts referenced herein are in US dollars, unless otherwise stated.

ART incurred a net loss for the three-month period ended September 30, 2007 of $2,200,777 or $0.04 per share, compared to $3,324,441 or $0.07 per share for the three-month period ended September 30, 2006. For the nine-month period ended September 30, 2007, the net loss was $6,939,854 or $0.12 per share, compared to $10,109,538 or $0.21 per share, for the nine-month period ended September 30, 2006.

Third Quarter Highlights:

- ART appointed Mr. Dino DiCamillo to take on responsibility for direct distribution of the Optix® preclinical imaging system in North America and Europe, as part of several key additions to the ART commercialization team, an initiative which will offer improved service and applications support, as well as a significant gross margin increase for each system sold.

- ART announced the initiation of a prepurchase and evaluation process for a SoftScan® optical breast imaging system at the Ville Marie Medical and Women's Health Center in Montreal, Canada, and anticipates that it will soon make its first breakthrough sale of SoftScan in Canada. Other key reference medical accounts are in the process of being established.

- ART formed a collaboration with the National Research Council of Canada's Institute for Biological Sciences for the development of client-oriented diagnostic applications using the Company's proprietary time domain technology, in the emerging discipline of molecular imaging.

- ART announced an agreement to develop and conduct clinical research with the Stanford Breast Imaging Section of Stanford University to evaluate the effectiveness of the SoftScan optical breast imaging system in treatment monitoring and diagnosis of breast cancer.

- ART presented Optix- and Fenestra®-based research at the Joint Molecular Imaging Conference of the Academy of Molecular Imaging (AMI) and the Society for Molecular Imaging (SMI), held in Rhode Island

- ART initiated a process designed to rationalize its operations and reduce expenses with a focus on commercialization and support of all of its products.

Post-Quarter Highlights:

- ART has signed an underwriting and agency agreement with a syndicate of underwriters for the offering of up to 31,250,000 common shares of ART at a price of CAD$0.16, for total gross proceeds of up to CAD$5,000,000.

- ART has secured a Letter of Purchase Intent from Sunnybrook Health Sciences Centre for a SoftScan breast imaging system, engaging the facility in a formal purchasing process.

- ART has been granted a new U.S. patent for optimal selection of SoftScan optical wavelengths.

Revenues

For the three-month period ended September 30, 2007, revenues were $267,741, compared to $821,640 for the same period ended September 30, 2006. Sales resulting from products amounted to $267,741, compared to $821,640 for the same quarter of last year. There were no sales resulting from maintenance for the nine-month period, compared to $164,617 in the same period ended September 30, 2006. Revenues resulting from sales of products for the nine-month period ended September 30, 2007 amounted to $703,907, compared to $2,288,251 for the same period of last year. During the quarter ended September 30, 2007, the Company sold add-ons and Fenestra products. There were no Optix units sold during that period (1 unit during the nine-month period ended September 30, 2007) compared to two units (nine for the nine-month period ended September 30, 2006) during the same quarter in the previous year. In 2007, the Company did not perform any upgrades of single-wavelength systems to the new multiwavelength system. Two systems were upgraded during the three-month period ended September 30, 2006. Sales from products include the multi-wavelength Optix system as well as add-ons and the sales of the Fenestra product. Sales resulting from maintenance include upgrades of the single-wavelength system to the multiwavelength system and the sale of demonstration units.

As explained in the past, the Company is in a transition phase for the distribution of its Optix system. ART is now implementing a new sales distribution model, comprised of a mix of direct and indirect sales channels. In August 2007, ART indicated that it has retained exclusivity for itself with respect to distributing directly in North America and in Europe. In light of this transition, the distribution agreement with GE Healthcare for the distribution of the Optix system is no longer in effect. However, the Company is still in discussions with GE Healthcare for the distribution of the Optix system in Asia, and more specifically in Japan where ART's Fenestra contrast agent product is already distributed by GE Healthcare Bio-Sciences KK. Through this distribution model, ART intends to develop a closer rapport with its customers, in particular with large pharmaceutical companies, with whom it has established favourable relationships. As part of its new marketing strategy, ART is in the process of recruiting up to five sales professionals, combined with in-house application specialists. This will allow the Company to solidify sales while providing higher gross margins per system sold. The strategy ART has adopted has been benchmarked against highly successful sales programs used by high-end imaging product companies, and validated through consultations with senior and experienced sales executives.

Furthermore, ART has developed a commercialization plan to allow for the sale and support of SoftScan systems in Canada and in Europe, including the hiring of an experienced executive director responsible for the effective marketing and sale of SoftScan. In the third quarter of 2007, ART announced the initiation of a prepurchase and evaluation process for a SoftScan optical breast imaging system at the Ville Marie Medical and Women's Health Center ("Ville Marie") in Montreal, Quebec. Ville Marie thus intends to introduce SoftScan into its future first-line multi-imaging breast cancer detection and treatment monitoring process, after an evaluation by its staff of the on-site capabilities of SoftScan and its seamless integration into the patients' workflow. Following the close of the third quarter, ART also announced that it had secured a letter of purchase intent from the Sunnybrook Health Sciences Centre ("Sunnybrook") in Toronto, for the purchase of a SoftScan system. Sunnybrook had based its decision on encouraging preliminary results obtained during an ongoing pilot study at their facility to determine the role for the SoftScan system in monitoring response to treatment of breast cancer. These sales activities reflect the strategy of the Company to establish reference accounts with facilities and thought leaders that are in a position to demonstrate the value of the technology from an economic point of view. This approach is expected to lead the way for future growth opportunities.

Cost of sales

Cost of sales for the three-month period ended September 30, 2007 was $91,120, compared to $452,020 in the third quarter of 2006. For the nine-month period ended September 30, 2007, cost of sales was $313,312, compared to $1,457,686 for the nine-month period ended September 30, 2006. During the three and nine-month periods ended September 30, 2007, ART generated a gross margin of 66% and 55% respectively from the sales of its products compared to 45% and 42% for the same periods in the previous year. The gross margin generated on the sales of maintenance was 16% for both the three and nine-month periods ended September 30, 2006. The increase of the gross margin, as a percentage of sales, in the three-month and nine-month periods ended in September 30, 2007 compared to the same periods of the previous year, is due to the mixed composition of sales. The sales of Fenestra products represented a higher proportion of the total sales in the current period of 2007 and provided a higher margin as a percentage of sales than the sales of Optix systems. Cost of sales consisted principally of raw materials, royalties and manufacturing costs.

Operating expenses

The Company's research and development ("R&D") expenditures for the three-month period ended September 30, 2007, net of investment tax credits amounted to $1,093,057, compared to $1,970,493 for the same period ended September 30, 2006. For the nine-month period ended September 30, 2007, R&D expenditures, net of investment tax credits, were $3,990,556, compared to $6,319,605 for the nine-month period ended September 30, 2006. The R&D expenditures consist principally of the salaries and fringe benefit expenses of employees involved in R&D projects, the consultation fees paid for clinical studies, the cost associated with the preparation and conduct of the clinical studies and of the cost of prototypes. The decrease in R&D expenditures during the three-month and the nine-month periods ended September 30, 2007, compared to the same periods last year, relates to the medical sector and in particular the SoftScan program, and is mainly due to lower contract research costs engaged in the current period of 2007 following the Health Canada approval obtained in December 2006 and the CE marking received for Europe in February 2007. The decrease of clinical testing expenses incurred in the nine-month period ended September 30, 2007 compared to the same period of 2006 approximates $2,003,561.

Selling, general, and administrative ("SG&A") expenses for the three-month period ended September 30, 2007 totaled $1,088,071, compared to $999,682 for the same period ended September 30, 2006. For the nine-month period ended September 30, 2007, SG&A expenses were $3,706,266, compared to $2,979,117 for the nine-month period ended September 30, 2006. SG&A expenses consist principally of salaries, professional fees and other costs associated with marketing activities and intellectual property maintenance fees. The increase in SG&A expenses during the three-month and the nine-month periods ended September 30, 2007 compared to the same periods of 2006 mainly results from direct marketing activities to support the commercialization of the Optix, SoftScan and Fenestra products.

Net Loss

As a result, the net loss for the three-month period ended September 30, 2007 was $2,200,777 or $0.04 per share, compared to $3,324,441 or $0.07 per share for the three-month period ended September 30, 2006. For the nine-month period ended September 30, 2007, the net loss was $6,939,854 or $0.12 per share, compared to $10,109,538 or $0.21 per share, for the nine-month period ended September 30, 2006.

Financial Outlook

On November 13, 2007, the Company has signed an underwriting and agency agreement with a syndicate of underwriters. Simultaneously, the Company filed a final prospectus with securities regulatory authorities for a total offering of up to CAD$5,000,000 at a price of CAD$0.16 per common share which would result in the issuance of a total of up to 31,250,000 common shares. The underwriters also have the option to acquire up to an additional 4,351,875 common shares at the same issue price of CAD$0.16 per share within 30 days of the closing of the offering. ART currently anticipates to close the offering on November 27, 2007. On a pro forma basis, as at September 30, 2007, considering this financing round, the Company will have US$6,153,417 of cash (net of financing fees and related costs) and US$1,834,495 in accounts receivable and investment tax credits to fund new and ongoing activities. The Company also has an Optix systems inventory already funded and which could generate between US$3 million and US$4 million of revenue.

The financial statements, accompanying notes to the financial statements, and Management's Discussion and Analysis for the three-month period ended September 30, 2007, will be available online at www.sedar.com or at www.art.ca. Summary financial tables are provided below. A detailed list of the risks and uncertainties affecting the Company can be found in the Management's Discussion and Analysis.

Conference Call

ART will host a conference call today at 5:00 PM (EDT). The telephone number to access the conference call is (514) 861-1531 when dialing within the Montreal area, or (877) 667-7766 for the rest of North America. Outside of North America, please dial (514) 861-1531. A replay of the call will be available until November 22, 2007. To listen to the replay from the Montreal area, please dial (514) 861-2272, or, (800) 408-3053 for the rest of North America. From outside of North America, please dial (514) 861-2272. The access code for the replay is 3241023#.

About ART

ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is distributed directly by ART in North America and Europe and is used by industry and academic leaders worldwide. The SoftScan® optical breast imaging device is designed to improve the diagnosis and treatment of breast cancer. ART is commercializing the SoftScan optical medical imaging device via a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. Finally, the Fenestra® line of molecular imaging contrast products provide image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. The distribution of the Fenestra line of imaging contrast agents is made through GE Healthcare Bio-Science KK in Japan and is sold directly by the Company in the rest of the world. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at www.art.ca .

This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the most recent Annual Information Form and the financial statements for the year ended December 31, 2006, available on SEDAR (www.sedar.com).

Financial Statements (in U.S. dollars)



ART Advanced Research Technologies Inc.
Balance Sheets
(In U.S. dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
September 30, December 31,
2007 2006
--------------------------------------------------------------------------
ASSETS (unaudited) (audited)
Current assets
Cash $544,606 $6,546,936
Term deposit, 3.35%, maturing in
October 2007 150,000 -
Term deposits, 4%, maturing in July 2008 1,103,411 -
Accounts receivable 913,011 625,189
Investment tax credits receivable 921,484 353,583
Inventories 1,987,201 1,715,592
Prepaid expenses 314,645 331,782
--------------------------------------------------------------------------
5,934,358 9,573,082

Property and equipment 574,385 504,426
Patents 2,151,316 1,962,038
Deferred development costs 1,081,109 459,488
--------------------------------------------------------------------------
$9,741,168 $12,499,034
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES
Current liabilities
Credit facility $603,136 $-
Accounts payable and accrued liabilities 2,406,024 3,256,756
Deferred grant 151,769 129,552
Income taxes payable -- 806,751
--------------------------------------------------------------------------
3,160,929 4,193,059

SHAREHOLDERS' EQUITY
Share capital and share purchase warrants 27,953,017 24,126,432
Contributed surplus 3,776,881 3,586,059
Deficit (28,382,900) (21,247,643)
Accumulated other comprehensive income 3,233,241 1,841,127
--------------------------------------------------------------------------
6,580,239 8,305,975
--------------------------------------------------------------------------
$9,741,168 $12,499,034
--------------------------------------------------------------------------
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ART Advanced Research Technologies Inc.
Shareholders' Equity and Comprehensive Income
(In U.S. dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Common Shares Preferred Shares
------------------------ ------------------
(audited) Number Amount Number Amount
------------------------ ------------------
Balance as at
January 1, 2006 42,664,523 $78,678,625 6,341,982 $5,900,000

Net loss - - - -
Translation adjustment - - - -
--------------------------------------------------------------------------
Comprehensive income - - - -
--------------------------------------------------------------------------

Reduction of stated
capital - (70,585,829) - -

Issue of shares for cash 9,333,400 6,283,708 2,000,000 2,007,043

Issue of shares for
business acquisition 251,058 185,000 - -

Issue of share purchase
warrants - - - -

Share and share purchase
warrant issue expenses - - - -

Stock-based compensation - - - -

Convertible debentures
settlement - - - -

Expired warrants - - - -

Shares to be issued for
business acquisition 162,369 95,262 - -
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Balance as at December
31, 2006 52,411,350 $14,656,766 8,341,982 $7,907,043
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Shares to be issued as at
December 31, 2006 (162,369) (95,262) - -

Balance as at
January 1, 2007 52,248,981 $14,561,504 8,341,982 $7,907,043

(unaudited)

Net loss - - - -
Translation adjustment - - - -
--------------------------------------------------------------------------
Comprehensive income - - - -
--------------------------------------------------------------------------

Issue of shares for
business acquisition 162,369 95,262 - -

Issue of shares for cash 10,879,242 3,390,696 - -

Issue of share purchase
warrants - - - -

Share and share purchase
warrant issue expenses - - - -

Stock-based compensation - - - -

Expired warrants - - - -
--------------------------------------------------------------------------

Balance as at September
30, 2007 63,290,592 $18,047,462 8,341,982 $7,907,043
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--------------------------------------------------------------------------
Share capital and
Share purchase Equity
Warrants Warrants Component of
--------------------------------------- Convertible
(audited) Number Amount Total Debentures
---------- --------------------------- -----------

Balance as at
January 1, 2006 4,022,817 $2,553,099 $87,131,724 $1,510,467

Net loss - - - -
Translation
adjustment - - - -
--------------------------------------------------------------------------
Comprehensive
income - - - -
--------------------------------------------------------------------------

Reduction of stated
capital - - (70,585,829) -

Issue of shares for
cash - - 8,290,751 -

Issue of shares for
business acquisition - - 185,000 -

Issue of share
purchase warrants 678,891 146,648 146,648 -

Share and share
purchase warrant
issue expenses - - - -

Stock-based
compensation - - - -

Convertible
debentures
settlement - - - (1,510,467)

Expired warrants (743,185) (1,137,124) (1,137,124) -

Shares to be issued
for business
acquisition - - 95,262 -
--------------------------------------------------------------------------

Balance as at
December 31, 2006 3,958,523 $1,562,623 $24,126,432 $-
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Shares to be issued
as at December 31,
2006 - - (95,262) -

Balance as at
January 1, 2007 3,958,523 $1,562,623 $24,031,170 $-

(unaudited)

Net loss - - - -
Translation
adjustment - - - -
--------------------------------------------------------------------------
Comprehensive
income - - - -
--------------------------------------------------------------------------

Issue of shares for
business acquisition - - 95,262 -

Issue of shares for
cash - - 3,390,696 -

Issue of share
purchase warrants 2,175,841 497,303 497,303 -

Share and share
purchase warrant
issue expenses - - - -

Stock-based
compensation - - - -

Expired warrants (373,336) (61,414) (61,414) -
--------------------------------------------------------------------------

Balance as at
September 30, 2007 5,761,028 $1,998,512 $27,953,017 $-
--------------------------------------------------------------------------
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--------------------------------------------------------------------------
Accumulated
Other
Contributed Comprehensive
(audited) Surplus Deficit Income Total
------------ -------------- -------------- ----------

Balance as at
January 1, 2006 $721,051 $(82,033,557) $2,039,128 $9,368,813

Net loss - (8,754,767) - (8,754,767)
Translation
adjustment - - (198,001) (198,001)
--------------------------------------------------------------------------
Comprehensive
income - (8,754,767) (198,001) (8,952,768)
--------------------------------------------------------------------------

Reduction of
stated capital - 70,585,829 - -

Issue of shares
for cash - - - 8,290,751

Issue of shares
for business
acquisition - - - 185,000

Issue of share
purchase warrants - - - 146,648

Share and share
purchase warrant
issue expenses - (1,045,148) - (1,045,148)

Stock-based
compensation 268,206 - - 268,206

Convertible
debentures
settlement 1,459,678 - - (50,789)

Expired
warrants 1,137,124 - - -

Shares to be
issued for
business
acquisition - - - 95,262
--------------------------------------------------------------------------

Balance as at
December 31,
2006 $3,586,059 $(21,247,643) $1,841,127 $8,305,975
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Shares to be
issued as at
December 31,
2006 - - - (95,262)

Balance as at
January 1, 2007 $3,586,059 $(21,247,643) $1,841,127 $8,210,713

(unaudited)

Net loss - (6,939,854) - (6,939,854)
Translation
adjustment - - 1,392,114 1,392,114
--------------------------------------------------------------------------
Comprehensive
income - (6,939,854) 1,392,114 (5,547,740)
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Issue of shares
for business
acquisition - - - 95,262

Issue of shares
for cash - - - 3,390,696

Issue of share
purchase warrants - - - 497,303

Share and share
purchase warrant
issue expenses - (195,403) - (195,403)

Stock-based
compensation 129,408 - - 129,408

Expired
warrants 61,414 - - -
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Balance as at
September 30,
2007 $3,776,881 $(28,382,900) $3,233,241 $6,580,239
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ART Advanced Research Technologies Inc.
Operations
(In U.S. dollars)
(unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month Nine-month
periods ended periods ended
September 30 September 30
2007 2006 2007 2006
--------------------------------------------------------------------------

Sales
Products $267,741 $821,640 $703,907 $2,288,251
Maintenance - - - 164,617
--------------------------------------------------------------------------
267,741 821,640 703,907 2,452,868
--------------------------------------------------------------------------

Cost of sales
Products 91,120 452,020 313,312 1,319,851
Maintenance - - - 137,835
--------------------------------------------------------------------------
91,120 452,020 313,312 1,457,686
--------------------------------------------------------------------------
Gross margin 176,621 369,620 390,595 995,182
--------------------------------------------------------------------------

Operating expenses
Research and
development,
net of
investment
tax credits 1,093,057 1,970,493 3,990,556 6,319,605
Selling,
general and
administrative 1,088,071 999,682 3,706,266 2,979,117
Severance and
related costs - 361,118 - 361,118
Amortization 85,301 68,594 259,989 213,194
--------------------------------------------------------------------------
2,266,429 3,399,887 7,956,811 9,873,034
--------------------------------------------------------------------------

Operating loss 2,089,808 3,030,267 7,566,216 8,877,852
Financial
expenses 110,969 294,174 184,943 1,231,686
--------------------------------------------------------------------------
Loss from
operations
before income
taxes 2,200,777 3,324,441 7,751,159 10,109,538
Current income
taxes - - (811,305) -
--------------------------------------------------------------------------
Net loss $2,200,777 $3,324,441 $6,939,854 $10,109,538
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Basic and
diluted net loss
per share $0.04 $0.07 $0.12 $0.21
--------------------------------------------------------------------------
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Basic and
diluted weighted
average number
of common shares
outstanding 63,290,592 52,248,981 60,148,336 47,518,138
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Number of common
shares
outstanding,
end of period 63,290,592 52,248,981 63,290,592 52,248,981
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ART Advanced Research Technologies Inc.
Cash Flows
(In U.S. dollars)
(Unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month Nine-month
periods ended periods ended
September 30 September 30
2007 2006 2007 2006
--------------------------------------------------------------------------

OPERATING
ACTIVITIES
Net loss $(2,200,777) $(3,324,441) $(6,939,854) $(10,109,538)
Items not
affecting
cash
Amortization 85,301 68,594 259,988 213,194
Stock-based
compensation 28,274 69,299 129,274 210,754
Interest on
convertible
debentures - 259,272 - 926,232
Net changes
in working
capital items
Accounts
receivable (90,352) 91,640 (229,936) 313,266
Investment
tax credits
receivable (178,725) 433,686 (461,078) 363,941
Inventories 19,805 114,878 19,866 18,927
Prepaid
expenses 55,568 38,161 70,703 (14,833)
Accounts
payable and
accrued
liabilities (165,761) (364,808) (1,096,831) (383,748)
Deferred
grant - - - 40,190
Income taxes
payable - - (811,304) -
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Cash flows
from
operating
activities (2,446,667) (2,613,719) (9,059,172) (8,421,615)
--------------------------------------------------------------------------

INVESTING
ACTIVITIES
Business
acquisition - 148,201 - (452,455)
Short-term
investments 2,017,154 (1,017,631) (742,305) 3,271,107
Property and
equipment (16,629) - (112,780) (181,733)
Deferred
development
costs (251,829) (25,696) (493,635) (57,028)
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Cash flows
from
investing
activities 1,748,696 (895,126) (1,348,720) 2,579,891
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FINANCING
ACTIVITIES
Credit
facility - - 546,398 -
Repayment of
senior
convertible
debentures - (625,000) - (1,875,000)
Issue of
convertible
preferred
shares - - - 2,031,361
Issue of
common shares
and share
purchase
warrant - - 3,887,999 6,283,707
Equity issue
expenses - - (195,403) (909,956)
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Cash flows
from
financing
activities - (625,000) 4,238,994 5,530,112
Effect of
foreign
currency
translation
adjustments 59,985 24,306 316,568 208,663
--------------------------------------------------------------------------
59,985 (600,694) 4,555,562 5,738,775
--------------------------------------------------------------------------

Net decrease
in cash and
cash
equivalents (637,986) (4,109,539) (5,852,330) (102,949)
Cash and cash
equivalents,
beginning of
period 1,332,592 8,865,732 6,546,936 4,859,142
--------------------------------------------------------------------------
Cash and cash
equivalents,
end of period $694,606 $4,756,193 $694,606 $4,756,193
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--------------------------------------------------------------------------

CASH AND CASH
EQUIVALENTS
Cash $544,606 $4,750,377 $544,606 $4,750,377
Term deposit 150,000 - 150,000 -
Commercial
paper - 5,816 - 5,816
--------------------------------------------------------------------------
$694,606 $ 4,756,193 $694,606 $4,756,193
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Supplemental
disclosure of
cash flow
information
Interest
received $69,912 $31,193 $93,344 $ 112,699
Interest paid 17,315 93,853 44,193 340,689

Contact Information