NEVADA
(State
or other jurisdiction of
incorporation
or organization)
|
88-0397234
(I.R.S.
Employer Identification
No.)
|
Page Number
|
||
PART
I. FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements (Unaudited)
|
|
Condensed
Consolidated Balance Sheets as of September 30, 2009 and December 31,
2008
|
3-4
|
|
|
||
Condensed
Consolidated Statements of Income for the three months ended September 30,
2009 and 2008
|
5
|
|
Condensed
Consolidated Statements of Income for the nine months ended September 30,
2009 and 2008
|
6
|
|
Condensed
Consolidated Statements of Cash Flows for the nine months ended September
30, 2009 and 2008
|
7-8
|
|
Notes
to Condensed Consolidated Financial Statements
|
9-26
|
|
Item 2. |
Management's
Discussion and Analysis
|
27-34
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
34
|
|
||
Item
4.
|
Controls
and Procedures
|
34-37
|
Part
II. OTHER INFORMATION
|
38
|
|
Item
1.
|
Legal
Proceedings
|
38
|
Item
1A.
|
Risk
Factors
|
38
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
38
|
Item
3.
|
Defaults
Upon Senior Securities
|
38
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
38
|
Item
5.
|
Other
Information
|
38
|
Item
6.
|
Exhibits
|
38
|
SIGNATURES
|
39
|
2009
|
2008
|
|||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 787,125 | $ | 527,553 | ||||
Accounts
receivable, net of allowance of $51,274 and
$26,764
|
978,990 | 738,824 |
|
|||||
Prepaid
expenses
|
1,382 | 1,227 | ||||||
Total
current assets
|
1,767,497 | 1,267,604 | ||||||
PROPERTY
AND EQUIPMENT, net
|
202,350 | 225,212 | ||||||
CUSTOMER
LIST, net of accumulated amortization of $9,688,705
and $7,973,341
|
2,546,448 | 4,224,414 | ||||||
GOODWILL,
net of impairment
|
1,288,559 | 1,288,559 | ||||||
DEFERRED
INCOME TAXES
|
998,034 | 421,031 | ||||||
OTHER
ASSETS
|
460,543 | 583,637 | ||||||
TOTAL
ASSETS
|
$ | 7,263,431 | $ | 8,010,457 |
2009
|
2008
|
|||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 106,286 | $ | 80,892 | ||||
Accrued
income taxes
|
366,666 | 339,016 | ||||||
Accrued
expenses
|
94,187 | 94,882 | ||||||
Deferred
revenue
|
1,086,175 | 1,157,597 | ||||||
Notes
payable
|
347,429 | 569,372 | ||||||
Total
current liabilities
|
2,000,743 | 2,241,759 | ||||||
NOTES
PAYABLE, less current portion
|
700,615 | 915,615 | ||||||
NOTES
PAYABLE - STOCKHOLDERS, less current portion
|
476,296 | 539,281 | ||||||
TOTAL
LIABILITIES
|
3,177,654 | 3,696,655 | ||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
Stock, $.001 par value, 10,000,000 shares authorized, 0 shares
issued and outstanding
|
- | - | ||||||
Common
stock, $.001 par value, 300,000,000 shares authorized,
84,526,510 and 91,326,463 shares issued and outstanding
on September 30, 2009 December 31, 2008 respectively
|
84,526 | 91,326 | ||||||
Additional
paid-in capital
|
13,887,747 | 13,880,947 | ||||||
Treasury
stock, at cost, 15,037,758 and 8,237,805 common shares
on September 30, 2009 and December 31,
2008
|
(731,426 | ) | (64,220 | ) | ||||
Accumulated
deficit
|
(9,155,070 | ) | (9,594,251 | ) | ||||
Total
stockholders’ equity
|
4,085,777 | 4,313,802 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 7,263,431 | $ | 8,010,457 |
2009
|
2008
|
|||||||
REVENUE
|
$ | 2,012,619 | $ | 2,485,294 | ||||
COST
OF REVENUE
|
695,157 | 709,708 | ||||||
GROSS
PROFIT
|
1,317,462 | 1,775,586 | ||||||
OPERATING
EXPENSES:
|
||||||||
Selling
general and administrative expenses
|
1,219,689 | 1,351,087 | ||||||
INCOME
FROM OPERATIONS
|
97,773 | 424,499 | ||||||
OTHER
INCOME (EXPENSES)
|
(21,045 | ) | (32,439 | ) | ||||
INCOME
BEFORE INCOME TAXES
|
76,728 | 392,060 | ||||||
INCOME
TAXES (EXPENSE) BENEFIT
|
37,417 | 56,165 | ||||||
NET
INCOME
|
$ | 114,145 | $ | 448,225 | ||||
BASIC
AND DILUTED EARNINGS PER SHARE
|
$ | 0.00 | $ | 0.00 | ||||
WEIGHTED
AVERAGE SHARES OUTSTANDING - BASIC AND
DILUTED
|
86,589,181 | 91,326,463 |
2009
|
2008
|
|||||||
REVENUE
|
$ | 6,845,230 | $ | 7,644,538 | ||||
COST
OF REVENUE
|
2,367,879 | 2,097,509 | ||||||
GROSS
PROFIT
|
4,477,351 | 5,547,029 | ||||||
OPERATING
EXPENSES:
|
||||||||
Selling
general and administrative expenses
|
4,095,179 | 4,335,119 | ||||||
INCOME
FROM OPERATIONS
|
382,172 | 1,211,910 | ||||||
OTHER
INCOME (EXPENSES)
|
(71,626 | ) | (118,971 | ) | ||||
INCOME
BEFORE INCOME TAXES
|
310,546 | 1,092,939 | ||||||
INCOME
TAXES (EXPENSE) BENEFIT
|
128,635 | 44,888 | ||||||
NET
INCOME
|
$ | 439,181 | $ | 1,137,827 | ||||
BASIC
AND DILUTED EARNINGS PER SHARE
|
$ | 0.00 | $ | 0.01 | ||||
WEIGHTED
AVERAGE SHARES OUTSTANDING - BASIC AND
DILUTED
|
86,589,181 | 91,326,463 |
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 439,181 | $ | 1,137,827 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization expense
|
1,895,893 | 2,223,989 | ||||||
Bad
debt expense
|
1,869 | 31,048 | ||||||
(Increase)
decrease in:
|
||||||||
Accounts
receivable
|
(242,034 | ) | (413,704 | ) | ||||
Prepaid
expenses
|
(155 | ) | 15,084 | |||||
Deferred
tax asset
|
(577,003 | ) | (299,150 | ) | ||||
Increase
(decrease) in:
|
||||||||
Accounts
payable
|
25,393 | (56,305 | ) | |||||
Accrued
expenses
|
(695 | ) | (31,673 | ) | ||||
Deferred
revenue
|
(71,422 | ) | (96,576 | ) | ||||
Accrued
income taxes
|
27,650 | 254,262 | ||||||
Net
cash provided by operating activities
|
1,498,677 | 2,764,802 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Other
assets held for resale
|
(574 | ) | 1,081 | |||||
Purchase
of property and equipment
|
(3,000 | ) | (32,000 | ) | ||||
Purchase
of non-compete
|
(1,000 | ) | (80,000 | ) | ||||
Purchase
of customer list
|
(67,398 | ) | (935,322 | ) | ||||
Net
cash (used in) investing activities
|
(71,972 | ) | (1,046,241 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net
proceeds from notes payable
|
- | 559,729 | ||||||
Repayment
of notes payable – stockholders
|
(62,984 | ) | (147,406 | ) | ||||
Purchase
treasury stock
|
(667,206 | ) | - | |||||
Repayment
of notes payable
|
(436,943 | ) | (2,073,938 | ) | ||||
Net
cash (used in) financing activities
|
(1,167,133 | ) | (1,661,615 | ) | ||||
NET
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
|
259,572 | 56,946 | ||||||
CASH
AND CASH EQUIVALENTS –BEGINNING OF PERIOD
|
527,553 | 232,249 | ||||||
CASH
AND CASH EQUIVALENTS -END OF PERIOD
|
$ | 787,125 | $ | 289,195 |
2009
|
2008
|
|||||||
Net
income available to common shareholders
|
$ | 439,181 | $ | 1,137,827 | ||||
Weighted
average number of common shares
|
86,589,181 | 91,326,463 | ||||||
Basic
and diluted income per share
|
$ | 0.00 | $ | 0.01 |
September
30, 2009
|
||||||||||||
Corporate
|
Internet
|
Consolidated
|
||||||||||
Revenue
|
$ | - | $ | 2,012,619 | $ | 2,012,619 | ||||||
Operating
Income (loss)
|
$ | (13,841 | ) | $ | 111,614 | $ | 97,773 | |||||
Depreciation
and amortization
|
$ | - | $ | 608,601 | $ | 608,601 | ||||||
Interest
expense
|
$ | - | $ | 17,842 | $ | 17,842 | ||||||
Intangible
assets
|
$ | - | $ | 5,157,463 | $ | 5,157,463 | ||||||
Total
assets
|
$ | - | $ | 7,263,431 | $ | 7,263,431 |
September
30, 2008
|
||||||||||||
Corporate
|
Internet
|
Consolidated
|
||||||||||
Revenue
|
$ | - | $ | 2,485,294 | $ | 2,485,294 | ||||||
Operating
Income (loss)
|
$ | (19,185 | ) | $ | 443,684 | $ | 424,499 | |||||
Depreciation
and amortization
|
$ | - | $ | 737,703 | $ | 737,703 | ||||||
Interest
expense
|
$ | - | $ | 34,069 | $ | 34,069 | ||||||
Intangible
assets
|
$ | - | $ | 6,198,095 | $ | 6,198,095 | ||||||
Total
assets
|
$ | - | $ | 7,777,806 | $ | 7,777,806 |
September
30, 2009
|
||||||||||||
Corporate
|
Internet
|
Consolidated
|
||||||||||
Revenue
|
$ | - | $ | 6,845,230 | $ | 6,845,230 | ||||||
Operating
Income (loss)
|
$ | (93,456 | ) | $ | 475,628 | $ | 382,172 | |||||
Depreciation
and amortization
|
$ | - | $ | 1,895,893 | $ | 1,895,893 | ||||||
Interest
expense
|
$ | - | $ | 66,293 | $ | 66,293 | ||||||
Intangible
assets
|
$ | - | $ | 5,157,463 | $ | 5,157,463 | ||||||
Total
assets
|
$ | - | $ | 7,263,431 | $ | 7,263,431 |
September
30, 2008
|
||||||||||||
Corporate
|
Internet
|
Consolidated
|
||||||||||
Revenue
|
$ | - | $ | 7,644,538 | $ | 7,644,538 | ||||||
Operating
Income (loss)
|
$ | (88,893 | ) | $ | 1,300,803 | $ | 1,211,910 | |||||
Depreciation
and amortization
|
$ | - | $ | 2,223,989 | $ | 2,223,989 | ||||||
Interest
expense
|
$ | - | $ | 144,587 | $ | 144,587 | ||||||
Intangible
assets
|
$ | - | $ | 6,198,095 | $ | 6,198,095 | ||||||
Total
assets
|
$ | - | $ | 7,777,806 | $ | 7,777,806 |
Customer
list
|
$ | 62,223 | ||
Non-compete
agreement
|
5,000 | |||
Accounts
receivable
|
2,343 | |||
Deferred
revenue
|
(22,858 | ) | ||
Purchase
price
|
$ | 46,708 |
2008
|
||||
Net
sales
|
$ | 7,703,363 | ||
Gross
profit
|
$ | 5,585,955 | ||
Selling,
general and administrative expenses
|
$ | 4,363,649 | ||
Net
income
|
$ | 1,148,223 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 40,512 | ||
Non-compete
agreement
|
5,000 | |||
Accounts
receivable
|
2,328 | |||
Equipment
|
10,000 | |||
Deferred
revenue
|
(12,019 | ) | ||
Purchase
price
|
$ | 45,821 |
2008
|
||||
Net
sales
|
$ | 7,713,682 | ||
Gross
profit
|
$ | 5,592,125 | ||
Selling,
general and administrative expenses
|
$ | 4,362,868 | ||
Net
income
|
$ | 1,154,957 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 250,000 | ||
Non-compete
agreement
|
5,000 | |||
Deferred
revenue
|
(25,100 | ) | ||
Purchase
price
|
$ | 229,900 |
2008
|
||||
Net
sales
|
$ | 7,779,720 | ||
Gross
profit
|
$ | 5,635,770 | ||
Selling,
general and administrative expenses
|
$ | 4,424,172 | ||
Net
income
|
$ | 1,137,515 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 277,965 | ||
Non-compete
agreement
|
50,000 | |||
Deferred
revenue
|
(64,208 | ) | ||
Purchase
price
|
$ | 263,757 |
2008
|
||||
Net
sales
|
$ | 8,065,588 | ||
Gross
profit
|
$ | 5,831,592 | ||
Selling,
general and administrative expenses
|
$ | 4,478,810 | ||
Net
income
|
$ | 1,278,699 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 15,428 | ||
Non-compete
agreement
|
5,000 | |||
Accounts
receivable
|
164 | |||
Equipment
|
2,000 | |||
Deferred
revenue
|
(4,050 | ) | ||
Purchase
price
|
$ | 18,542 |
2008
|
||||
Net
sales
|
$ | 7,666,164 | ||
Gross
profit
|
$ | 5,561,657 | ||
Selling,
general and administrative expenses
|
$ | 4,348,702 | ||
Net
income
|
$ | 1,138,872 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 400,000 | ||
Non-compete
agreement
|
10,000 | |||
Deferred
revenue
|
(50,000 | ) | ||
Purchase
price
|
$ | 360,000 |
2008
|
||||
Net
sales
|
$ | 8,092,497 | ||
Gross
profit
|
$ | 5,837,392 | ||
Selling,
general and administrative expenses
|
$ | 4,347,192 | ||
Net
income
|
$ | 1,416,117 | ||
Basic
income per share
|
$ | 0.01 |
Customer
list
|
$ | 530,000 | ||
Non-compete
agreement
|
20,000 | |||
Deferred
revenue
|
(75,000 | ) | ||
Purchase
price
|
$ | 475,000 |
2008
|
||||
Net
sales
|
$ | 8,414,664 | ||
Gross
profit
|
$ | 6,057,134 | ||
Selling,
general and administrative expenses
|
$ | 4,547,575 | ||
Net
income
|
$ | 1,407,892 | ||
Basic
income per share
|
$ | 0.01 |
Equipment
|
$ | 3,000 | ||
Customer
list
|
62,907 | |||
Non-compete
agreement
|
1,000 | |||
Deferred
revenue
|
(42,000 | ) | ||
Purchase
price
|
$ | 24,907 |
2009
|
||||
Net
sales
|
$ | 7,740,548 | ||
Gross
profit
|
$ | 5,612,975 | ||
Selling,
general and administrative expenses
|
$ | 4,369,460 | ||
Net
income
|
$ | 1,169,432 | ||
Basic
income per share
|
$ | 0.01 |
2009
|
2008
|
|||||||
Federal
and state income tax rate
|
40.0 | % | 40.0 | % | ||||
Effect
of net operating loss
|
(0.0 | )% | (0.0 | )% | ||||
Effective
income tax rate
|
40.0 | % | 40.0 | % |
2009
|
2008
|
|||||||
Current
provision:
|
||||||||
Federal
|
$ | 381,113 | $ | 216,123 | ||||
State
|
67,255 | 38,139 | ||||||
Deferred
provision:
|
||||||||
Federal
|
(490,453 | ) | (254,278 | ) | ||||
State
|
(86,550 | ) | (44,872 | ) | ||||
Total
income tax provision
|
$ | (128,635 | ) | $ | (44,888 | ) |
2009
|
2008
|
|||||||
Accounts
receivable
|
$ | 20,510 | $ | 19,762 | ||||
Amortization
of Intangible assets
|
3,529,944 | 2,953,689 | ||||||
Less
valuation allowance
|
(2,552,420 | ) | (2,552,420 | ) | ||||
Deferred
tax
asset
|
$ | 998,034 | $ | 421,031 |
2009
|
2008
|
|||||||
Non-interest
bearing amount due on acquisition of N2theNet paid in eleven monthly
installments of $4,046 starting May 2008.
|
$ | - | $ | 11,921 | ||||
Non-interest
bearing amount due on acquisition of DONOBI payable in twelve
monthly installments of $27,083 through November 2009
|
47,429 | 257,451 | ||||||
Non-interest
bearing amount due on acquisition of USA Telephone payable in thirty six
monthly installments starting January 2008
|
1,000,615 | 1,215,615 | ||||||
Totals
|
1,048,044 | 1,484,987 | ||||||
Less
current portion
|
(347,429 | ) | (569,372 | ) | ||||
Long-term
portion
|
$ | 700,615 | $ | 915,615 |
Twelve
months ending September 30, 2010
|
$
|
347,429
|
||
Twelve
months ending September 30, 2011
|
300,000
|
|||
Twelve
months ending September 30, 2012
|
300,000
|
|||
Twelve
months ending September 30, 2013
|
100,615
|
|||
Twelve
months ending September 30, 2014
|
-
|
|||
Thereafter
|
-
|
|||
Total
|
$
|
1,048,044
|
2009
|
2008
|
|||||||
Note
payable to officer and stockholder on a line of credit of $750,000 at an
annual interest rate of 10% interest. The accrued interest and
principal are due on January 1, 2012.
|
$ | 371,711 | $ | 379,711 | ||||
Note
payable to stockholder. The note is payable on January 1, 2012 and bears
interest at an annual rate of 8.0%.
|
104,585 | 104,585 | ||||||
Note
payable to stockholder. The note was paid in full on June 30, 2009 and
bore interest at an annual rate of 8.0%.
|
- | 54,985 | ||||||
Totals
|
476,296 | 539,281 | ||||||
Less
current portion
|
- | - | ||||||
Long-term
portion
|
$ | 476,296 | $ | 539,281 |
Year
ending September 30, 2010
|
$ | - | ||
Year
ending September 30, 2011
|
- | |||
Year
ending September 30, 2012
|
476,296 | |||
Year
ending September 30, 2013
|
- | |||
Year
ending September 30, 2014
|
- | |||
Total
|
$ | 476,296 |
For the nine months ended September 30, 2009
(unaudited)
|
||||||||||||
Corporate
|
Internet
|
Total
|
||||||||||
Revenue
|
$ | - | $ | 6,845,230 | $ | 6,845,230 | ||||||
Cost
of revenue
|
- | 2,367,879 | 2,367,879 | |||||||||
Gross
profit
|
- | 4,477,351 | 4,477,351 | |||||||||
Operating
expenses
|
93,456 | 4,001,723 | 4,095,179 | |||||||||
Income
(loss) from operations
|
(93,456 | ) | 475,628 | 382,172 | ||||||||
Other
income (expense)
|
- | (71,626 | ) | (71,626 | ) | |||||||
Income
(loss) before income taxes
|
(93,456 | ) | 404,002 | 310,546 | ||||||||
Income
taxes expense (benefit)
|
(128,635 | ) | - | (128,635 | ) | |||||||
Net
income (loss)
|
$ | 35,179 | $ | 404,002 | $ | 439,181 |
For the nine months ended September 30, 2008
(unaudited)
|
||||||||||||
Corporate
|
Internet
|
Total
|
||||||||||
Revenue
|
$ | - | $ | 7,644,538 | $ | 7,644,538 | ||||||
Cost
of revenue
|
- | 2,097,509 | 2,097,509 | |||||||||
Gross
profit
|
- | 5,547,029 | 5,547,029 | |||||||||
Operating
expenses
|
88,893 | 4,246,226 | 4,335,119 | |||||||||
Income
(loss) from operations
|
(88,893 | ) | 1,300,803 | 1,211,910 | ||||||||
Other
income (expense)
|
- | (118,971 | ) | (118,971 | ) | |||||||
Income
(loss) before income taxes
|
(88,893 | ) | 1,181,832 | 1,092,939 | ||||||||
Income
taxes
|
(44,888 | ) | - | (44,888 | ) | |||||||
Net
income (loss)
|
$ | (44,005 | ) | $ | 1,181,832 | $ | 1,137,827 |
|
Corporate
|
Internet
|
Total
|
|||||||||
EBITDA
|
$ | (93,456 | ) | $ | 2,366,188 | $ | 2,272,732 | |||||
Interest
expense
|
- | (66,293 | ) | (66,293 | ) | |||||||
Taxes
|
128,635 | - | 128,635 | |||||||||
Depreciation
|
- | (25,862 | ) | (25,862 | ) | |||||||
Amortization
|
- | (1,870,031 | ) | (1,870,031 | ) | |||||||
Net
income (loss)
|
$ | 35,179 | $ | 404,002 | $ | 439,181 |
Corporate
|
Internet
|
Total
|
||||||||||
EBITDA
|
$ | (88,893 | ) | $ | 3,550,408 | $ | 3,461,515 | |||||
Interest
expense
|
- | (144,587 | ) | (144,587 | ) | |||||||
Taxes
|
44,888 | - | 44,888 | |||||||||
Depreciation
|
- | (31,039 | ) | (31,039 | ) | |||||||
Amortization
|
- | (2,192,950 | ) | (2,192,950 | ) | |||||||
Net
income (loss)
|
$ | (44,005 | ) | $ | 1,181,832 | $ | 1,137,827 |
2009
|
2008
|
|||||||
EBITDA
for the nine months ended September 30,
|
$ | 2,272,732 | $ | 3,461,515 | ||||
Interest
expense
|
(66,293 | ) | (144,587 | ) | ||||
Taxes
|
128,635 | 44,888 | ||||||
Depreciation
|
(25,862 | ) | (31,039 | ) | ||||
Amortization
|
(1,870,031 | ) | (2,192,950 | ) | ||||
Net
income for the nine months ended September 30,
|
$ | 439,181 | $ | 1,137,827 |
2009
|
2008
|
|||||||||||||||
Current
|
$ | 631,365 | 65 | % | $ | 433,518 | 59 | % | ||||||||
30
< 60
|
168,749 | 17 | % | 159,585 | 22 | % | ||||||||||
60
+
|
178,876 | 18 | % | 145,721 | 19 | % | ||||||||||
Total
|
$ | 978,990 | 100 | % | $ | 738,824 | 100 | % |
(a)
|
The
following are filed as exhibits to this form 10-Q:
|
31.1
|
Certification
of President Pursuant to the Securities Exchange Act of 1934, Rules 13a-14
and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
|
31.2
|
Certification
of Chief Financial Officer Pursuant to the Securities Exchange Act of
1934, Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the
Sarbanes- Oxley Act of 2002.
|
32
|
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
|
SITESTAR
CORPORATION
|
||
Date:
November 13, 2009
|
||
By:
|
/s/
Frank Erhartic, Jr.
|
|
Frank
Erhartic, Jr.
|
||
President,
Chief Executive Officer
|
||
(Principal
Executive Officer and
|
||
Principal
Accounting Officer)
|
||
Date:
November 13, 2009
|
||
By:
|
/s/
Daniel A. Judd.
|
|
Daniel
A. Judd
|
||
(Principal
Financial
Officer)
|