VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 7A
______________________________________________________________________________ TO: Board of Directors
FROM: Mitch Sears, Interim General Manager
Edward Burnham, Finance and Operations Director
SUBJECT: Financial Update – October 31, 2021 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending October 31, 2021
DATE: January 27, 2022
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of October 1, 2021 to October 31, 2021 (with comparative year to date information) and Actual vs. Budget year to date ending October 31, 2021.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending October 31, 2021.
Financial Statements for the period October 1, 2021 – October 31, 2021 In the Statement of Net Position, VCEA, as of October 31, 2021, has a total of $4,459,682 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, $1,986,833 restricted assets related to supplier deposits, and $2,207,786 restricted assets for the Power Purchases Reserve account. VCE has incurred obligations from Member agencies and owes as of October 31, 2021, $149,619. VCE member obligations are incurred monthly due to staffing, accounting, and legal services.
The term loan with River City Bank includes a current portion of $1,218,913. On October 31, 2021, VCE’s net position is $10,884,443.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCEA recorded $3,736,485 of revenue (net of allowance for doubtful accounts), of which $4,616,159 was billed in October and $1,968,070 represent estimated unbilled revenue. The cost of the electricity for the October revenue totaled $3,802,919. For October, VCEA’s gross margin was approximately (1.78%), and operating loss totaled ($418,287). The year-to-date change in net position was ($1,596,947).
In the Statement of Cash Flows, VCEA cash flows from operations were ($404,886) due to October cash receipts of revenues being lower than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending October 31, 2021 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue - $4,398,407 and 24% – variance is due to load being more favorable year-to-date than planned; the continued COVID and recessionary impacts and the weather has been warmer than forecast. • Purchased Power - $2,128,691 and 10% – variance is due to load being more favorable year-to-date than planned; the COVID and recessionary impacts and the weather has been warmer than forecast.
Attachments:
1) Financial Statements (Unaudited) October 1, 2021 to October 31, 2021 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending October 31, 2021
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF OCTOBER 1 TO OCTOBER 31, 2021
PREPARED ON NOVEMBER 29, 2021
2 ASSETS
Current assets:
Cash and cash equivalents $ 4,459,682
Accounts receivable, net of allowance 8,285,674
Accrued revenue 1,968,070
Prepaid expenses 29,841
Other current assets and deposits 1,986,883
Total current assets 16,730,150
Restricted assets:
Debt service reserve fund 1,100,000
Power purchase reserve fund 2,207,786
Total restricted assets 3,307,786
Noncurrent assets:
Other noncurrent assets and deposits
Total noncurrent assets -
TOTAL ASSETS $ 20,037,936
LIABILITIES
Current liabilities:
Accounts payable $ 534,498
Accrued payroll 49,967
Interest payable 2,988
Due to member agencies 149,619
Accrued cost of electricity 4,527,897
Other accrued liabilities 528,898
Security deposits - energy supplies 1,980,000
User taxes and energy surcharges 160,713
Limited Term Loan 1,218,913
Total current liabilities 9,153,493
Noncurrent liabilities
Term Loan- RCB
Total noncurrent liabilities -
TOTAL LIABILITIES $ 9,153,493
NET POSITION
Restricted
Local Programs Reserve 224,500
Restricted 3,307,786
Unrestricted 7,352,157
TOTAL NET POSITION $ 10,884,443
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
OCTOBER 31, 2021
3 FOR THE PERIOD
ENDING
OCTOBER 31, 2021 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 3,736,485 $ 22,566,375
TOTAL OPERATING REVENUES 3,736,485 22,566,375
OPERATING EXPENSES
Cost of electricity 3,802,919 22,634,520
Contract services 184,933 909,706
Staff compensation 141,967 409,901
General, administration, and other 22,577 199,836
TOTAL OPERATING EXPENSES 4,152,396 24,153,963
TOTAL OPERATING INCOME (LOSS) (415,911) (1,587,588)
NONOPERATING REVENUES (EXPENSES)
Other Revenue
Interest income 1,371 6,113
Interest and related expenses (3,747) (15,472)
TOTAL NONOPERATING REVENUES
(EXPENSES) (2,376) (9,359)
CHANGE IN NET POSITION (418,287) (1,596,947)
Net position at beginning of period 11,302,730 12,481,390 Net position at end of period $ 10,884,443 $ 10,884,443 (UNAUDITED)
FOR THE PERIOD OF OCTOBER 1, 2021 TO OCTOBER 31, 2021
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
4 FOR THE
PERIOD ENDING
OCTOBER 31, 2021 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 4,865,570 $ 23,142,527 Receipts for security deposits with energy suppliers - - Payments to purchase electricity (4,897,025) (24,685,434) Payments for contract services, general, and adminstration (222,543) (1,500,246) Payments for staff compensation (150,888) (403,639)
Other cash payments - -
Net cash provided (used) by operating activities (404,886) (3,446,792)
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt (32,943) (131,774)
Interest and related expenses (3,724) (15,743)
Net cash provided (used) by non-capital financing activities (36,667) (147,517)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 1,371 6,113
Net cash provided (used) by investing activities 1,371 6,113 NET CHANGE IN CASH AND CASH EQUIVALENTS (440,182) (3,588,196) Cash and cash equivalents at beginning of period 8,207,650 11,355,664 Cash and cash equivalents at end of period $ 7,767,468 $ 7,767,468 Cash and cash equivalents included in:
Cash and cash equivalents 4,459,682 4,459,682
Restricted assets 3,307,786 3,307,786
Cash and cash equivalents at end of period $ 7,767,468 $ 7,767,468
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FOR THE PERIOD OF OCTOBER 1 TO OCTOBER 31, 2021
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
OCTOBER 31, 2021 YEAR TO DATE
Operating Income (Loss) $ (415,911) $ (1,587,588)
(Increase) decrease in net accounts receivable 1,328,278.00 (481,463.00) (Increase) decrease in accrued revenue (220,224) 967,221.00 (Increase) decrease in prepaid expenses (9,212) (14,698.00) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable (83,801) 50,537.00 Increase (decrease) in accrued payroll (8,921) 6,262.00 Increase (decrease) in due to member agencies 94,564 26,213.00 Increase (decrease) in accrued cost of electricity (1,094,106) (2,050,914.00) Increase (decrease) in other accrued liabilities (16,584) (452,756.00) Increase (decrease )security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges 21,031 90,394.00 Net cash provided (used) by operating activities $ (404,886) $ (3,446,792)
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
FOR THE PERIOD OF OCTOBER 1 TO OCTOBER 31, 2021
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
VALLEY CLEAN ENERGY
ACTUAL VS. BUDGET FYE 6-30-2022
FOR THE YEAR TO DATE ENDING 10/31/21
10/31/2021 10/31/2021
YTD YTD YTD %
GL# Description FY2022 Actuals FY2022 Budget Variance over/-under 301.00 Electric Revenue 22,566,375 18,167,968 4,398,407 24% 311.00 Interest Revenues 6,113 18,800 (12,687) -67%
415.00 Purchased Power 22,634,520 20,505,829 2,128,691 10% Labor & Benefits 409,902 388,327 21,575 6%
451.10 Salaries & Wages/Benefits 353,451 325,826 27,625 8% 451.20 Contract Labor - 17,476 (17,476) -100%
453.41 Human Resources & Payroll 56,451 45,024 11,427 25% Office Supplies & Other Expenses 76,080 62,816 13,265 21% 452.10 Technology Costs 8,429 11,344 (2,915) -26%
452.15 Office Supplies 1,143 768 375 49%
452.25 Travel - 2,032 (2,032) -100%
452.30 CalCCA Dues 37,845 41,405 (3,560) -9%
CC Power 28,440 6,667 21,774 327%
452.35 Memberships 224 600 (376) -63%
Contractual Services 855,430 924,828 (69,398) -8%
453.10 Other Contract Services - 8,000 (8,000) -100%
453.15 Don Dame 4,616 3,333 1,283 38%
453.20 SMUD - Credit Support 241,990 211,936 30,054 14% 453.21 SMUD - Wholesale Energy Services 195,948 195,324 624 0% 453.22 SMUD - Call Center 265,230 262,212 3,018 1%
453.23 SMUD - Operating Services 36,256 20,000 16,256 81% 453.24 Commercial Legal Support - - - 100%
453.25 Legal General Counsel 30,842 50,430 (19,588) -39% 453.36 Regulatory Counsel 37,055 64,887 (27,831) -43%
453.37 Joint CCA Regulatory counsel 204 10,506 (10,303) -98% 453.38 Legislative - (Lobbiest) 25,000 20,000 5,000 25% 453.40 Accounting Services 2,290 8,405 (6,115) -73%
453.41 Financial Consultant - 8,333 (8,333) -100%
453.42 Audit Fees 16,000 61,462 (45,462) -74%
453.60 PG&E Acquisition Consulting - - - 100%
Marketing 44,407 78,002 (33,595) -43%
459.05 Marketing Collateral 44,357 75,913 (31,556) -42% 459.15 Community Engagement Activities & Sponsorships 50 2,088 (2,038) -98% Programs - 45,000 (45,000) -100%
Program Costs - 45,000 (45,000) -100%
Rents & Leases 4,770 8,040 (3,270) -41%
457.10 Hunt Boyer Mansion 4,770 8,040 (3,270) -41%
Other A&G 126,907 136,046 (9,139) -7%
459.08 Development - New Members - 8,000 (8,000) -100%
459.09 Strategic Plan Implementation 25,611 25,000 611 2% 459.10 PG&E Data Fees 67,694 100,049 (32,355) -32%
459.20 Insurance 6,681 2,577 4,104 159%
459.70 Banking Fees 26,921 420 26,500 6306%
463.10 Miscellaneous Operating Expenses 1,946 2,147 (201) 0% 463.99 Contingency - 45,666 (45,666) -100%
TOTAL OPERATING EXPENSES 24,153,962 22,196,700 1,957,262 9% 481.10 Interest on RCB loan 15,472 15,743 (271) -2%
NET INCOME (1,596,947) (4,025,675) 2,428,729 -60%
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 7B
______________________________________________________________________________ TO: Board of Directors
FROM: Mitch Sears, Interim General Manager
Edward Burnham, Finance and Operations Director
SUBJECT: Financial Update – November 1, 2021 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending November 30, 2021
DATE: January 27, 2022
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of November 1, 2021 to November 30, 2021 (with comparative year to date information) and Actual vs. Budget year to date ending November 30, 2021.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending November 30, 2021.
Financial Statements for the period November 1, 2021 – November 30, 2021 In the Statement of Net Position, VCEA, as of November 30, 2021, has a total of $4,476,243 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, $1,989,603 restricted assets related to supplier deposits, and $2,460,740 restricted assets for the Power Purchases Reserve account. VCE has incurred obligations from Member agencies and owes as of November 30, 2021, $96,982. VCE member obligations are incurred monthly due to staffing, accounting, and legal services.
The term loan with River City Bank includes a current portion of $1,185,969. On November 30, 2021, VCE’s net position is $10,907,459.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCEA recorded $3,493,719 of revenue (net of allowance for doubtful accounts), of which $3,168,670 was billed in November and $2,025,445 represent estimated unbilled revenue. The cost of the electricity for the November revenue totaled $3,039,444. For November, VCEA’s gross margin was approximately 13.01%, and net income totaled $23,016. The year-to-date change in net position was ($1,573,931).
In the Statement of Cash Flows, VCEA cash flows from operations were $304,913 due to November cash receipts of revenues being more than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending November 30, 2021 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue - $4,566,782 and 21% – variance is due to load being more favorable year-to-date than planned; the continued COVID and recessionary impacts and the weather has been warmer than forecast. • Purchased Power - $1,850,679 and 8% – variance is due to load being more favorable year-to-date than planned; the COVID and recessionary impacts and the weather has been warmer than forecast. • Program Costs – ($56,250) and (100%) – favorable variance to budget is due to not having utilized budgeted annual program costs expected in later periods.
• Contingency – ($56,900) and (100%) – favorable variance to budget is due to not having a need yet to utilize the contingency funds set aside in the budget.
Attachments:
3) Financial Statements (Unaudited) November 1, 2021 to November 30, 2021 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending November 30, 2021
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF NOVEMBER 1 TO NOVEMBER 30, 2021
PREPARED ON JANUARY 18, 2022
2 ASSETS
Current assets:
Cash and cash equivalents $ 4,476,243
Accounts receivable, net of allowance 7,434,060
Accrued revenue 2,025,445
Prepaid expenses 567,260
Other current assets and deposits 1,989,603
Total current assets 16,492,611
Restricted assets:
Debt service reserve fund 1,100,000
Power purchase reserve fund 2,460,740
Total restricted assets 3,560,740
Noncurrent assets:
Other noncurrent assets and deposits
Total noncurrent assets -
TOTAL ASSETS $ 20,053,351
LIABILITIES
Current liabilities:
Accounts payable $ 562,447
Accrued payroll 54,089
Interest payable 2,769
Due to member agencies 96,982
Accrued cost of electricity 4,754,278
Other accrued liabilities 407,324
Security deposits - energy supplies 1,980,000
User taxes and energy surcharges 102,034
Limited Term Loan 1,185,969
Total current liabilities 9,145,892
Noncurrent liabilities
Term Loan- RCB
Total noncurrent liabilities -
TOTAL LIABILITIES $ 9,145,892
NET POSITION
Restricted
Local Programs Reserve 224,500
Restricted 3,560,740
Unrestricted 7,122,219
TOTAL NET POSITION $ 10,907,459
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
NOVEMBER 30, 2021
3 FOR THE PERIOD
ENDING
NOVEMBER 30,
2021 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 3,493,719 $ 26,060,094
TOTAL OPERATING REVENUES 3,493,719 26,060,094
OPERATING EXPENSES
Cost of electricity 3,039,444 25,673,964
Contract services 278,843 1,188,549
Staff compensation 33,098 442,999
General, administration, and other 117,083 316,919
TOTAL OPERATING EXPENSES 3,468,468 27,622,431
TOTAL OPERATING INCOME (LOSS) 25,251 (1,562,337)
NONOPERATING REVENUES (EXPENSES)
Other Revenue
Interest income 1,293 7,406
Interest and related expenses (3,528) (19,000)
TOTAL NONOPERATING REVENUES
(EXPENSES) (2,235) (11,594)
CHANGE IN NET POSITION 23,016 (1,573,931)
Net position at beginning of period 10,884,443 12,481,390 Net position at end of period $ 10,907,459 $ 10,907,459 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
(UNAUDITED)
CHANGES IN NET POSITION
FOR THE PERIOD OF NOVEMBER 1, 2021 TO NOVEMBER 30, 2021 4 FOR THE
PERIOD ENDING
NOVEMBER 30, 2021 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 4,229,279 $ 27,371,806 Receipts for security deposits with energy suppliers - - Payments to purchase electricity (2,813,063) (27,498,497) Payments for contract services, general, and adminstration (1,079,607) (2,579,853) Payments for staff compensation (28,976) (432,615)
Other cash payments (2,720) (2,720)
Net cash provided (used) by operating activities 304,913 (3,141,879)
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt (32,944) (164,718)
Interest and related expenses (3,747) (19,490)
Net cash provided (used) by non-capital financing
activities (36,691) (184,208)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 1,293 7,406
Net cash provided (used) by investing activities 1,293 7,406 NET CHANGE IN CASH AND CASH EQUIVALENTS 269,515 (3,318,681) Cash and cash equivalents at beginning of period 7,767,468 11,355,664 Cash and cash equivalents at end of period $ 8,036,983 $ 8,036,983 Cash and cash equivalents included in:
Cash and cash equivalents 4,476,243 4,476,243
Restricted assets 3,560,740 3,560,740
Cash and cash equivalents at end of period $ 8,036,983 $ 8,036,983
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FOR THE PERIOD OF NOVEMBER 1 TO NOVEMBER 30, 2021
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
NOVEMBER 30, 2021 YEAR TO DATE
Operating Income (Loss) $ 25,251 $ (1,562,337)
(Increase) decrease in net accounts receivable 851,614.00 370,151.00 (Increase) decrease in accrued revenue (57,375) 909,846.00 (Increase) decrease in prepaid expenses (537,419) (552,117.00) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (2,720) (2,720.00) Increase (decrease) in accounts payable 27,949 78,486.00 Increase (decrease) in accrued payroll 4,122 10,384.00
Increase (decrease) in due to member agencies (52,637) (26,424.00) Increase (decrease) in accrued cost of electricity 226,381 (1,824,533.00) Increase (decrease) in other accrued liabilities (121,574) (574,330.00) Increase (decrease )security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges (58,679) 31,715.00 Net cash provided (used) by operating activities $ 304,913 $ (3,141,879)
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
FOR THE PERIOD OF NOVEMBER 1 TO NOVEMBER 30, 2021
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
VALLEY CLEAN ENERGY
ACTUAL VS. BUDGET FYE 6-30-2022
FOR THE YEAR TO DATE ENDING 11/30/21
11/30/2021 11/30/2021
YTD YTD YTD %
GL# Description FY2022 Actuals FY2022 Budget Variance over/-under 301.00 Electric Revenue 26,060,094 21,493,312 4,566,782 21% 311.00 Interest Revenues 7,406 23,500 (16,094) -68%
415.00 Purchased Power 25,673,964 23,823,285 1,850,679 8% Labor & Benefits 442,999 483,952 (40,953) -8%
451.10 Salaries & Wages/Benefits 374,233 407,283 (33,050) -8% 451.20 Contract Labor - 20,389 (20,389) -100%
453.41 Human Resources & Payroll 68,766 56,280 12,486 22% Office Supplies & Other Expenses 90,318 78,520 11,798 15% 452.10 Technology Costs 13,213 14,180 (967) -7%
452.15 Office Supplies 1,481 960 521 54%
452.25 Travel - 2,540 (2,540) -100%
452.30 CalCCA Dues 46,960 51,756 (4,796) -9%
CC Power 28,440 8,333 20,107 241%
452.35 Memberships 224 750 (526) -70%
Contractual Services 1,115,011 1,151,357 (36,346) -3%
453.10 Other Contract Services - 10,000 (10,000) -100%
453.15 Don Dame 5,010 4,167 843 20%
453.20 SMUD - Credit Support 287,557 275,430 12,128 4%
453.21 SMUD - Wholesale Energy Services 244,935 244,155 780 0% 453.22 SMUD - Call Center 330,745 327,943 2,802 1%
453.23 SMUD - Operating Services 56,736 25,000 31,736 127% 453.24 Commercial Legal Support - - - 100%
453.25 Legal General Counsel 41,139 63,038 (21,899) -35% 453.36 Regulatory Counsel 68,012 81,108 (13,096) -16%
453.37 Joint CCA Regulatory counsel 204 13,133 (12,929) -98% 453.38 Legislative - (Lobbiest) 30,000 25,000 5,000 20% 453.40 Accounting Services 3,374 10,506 (7,132) -68%
453.41 Financial Consultant - 10,417 (10,417) -100%
453.42 Audit Fees 47,300 61,462 (14,162) -23%
453.60 PG&E Acquisition Consulting - - - 100%
Marketing 64,850 97,534 (32,684) -34%
459.05 Marketing Collateral 64,800 94,921 (30,120) -32% 459.15 Community Engagement Activities & Sponsorships 50 2,614 (2,564) -98% Programs - 56,250 (56,250) -100%
Program Costs - 56,250 (56,250) -100%
Rents & Leases 7,950 10,050 (2,100) -21%
457.10 Hunt Boyer Mansion 7,950 10,050 (2,100) -21%
Other A&G 225,391 170,089 55,302 33%
459.08 Development - New Members - 10,000 (10,000) -100% 459.09 Strategic Plan Implementation 57,436 31,250 26,186 84% 459.10 PG&E Data Fees 133,144 125,093 8,051 6%
459.20 Insurance 7,891 3,221 4,670 145%
459.70 Banking Fees 26,921 525 26,395 5025%
463.10 Miscellaneous Operating Expenses 1,946 2,684 (738) 0% 463.99 Contingency - 56,900 (56,900) -100%
TOTAL OPERATING EXPENSES 27,622,430 25,930,621 1,691,809 7% 481.10 Interest on RCB loan 19,000 19,490 (490) -3%
NET INCOME (1,573,931) (4,433,300) 2,859,369 -64%