☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 85-3869337 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
Rockefeller Center 45 Rockefeller Plaza New York, New York | 10111 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-fifth of one redeemable warrant | TSIBU | The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share | TSIB | The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | TSIBW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
1 | |||||||||
Item 1. | 1 | ||||||||
1 | |||||||||
2 | |||||||||
3 | |||||||||
4 | |||||||||
5 | |||||||||
Item 2. | |||||||||
Item 3. | 22 | ||||||||
Item 4. | 22 | ||||||||
Item 1. | 24 | ||||||||
Item 1A. | 24 | ||||||||
Item 2. | 24 | ||||||||
Item 3. | 24 | ||||||||
Item 4. | 24 | ||||||||
Item 5. | 24 | ||||||||
Item 6. | 24 | ||||||||
ITEM 1. CONDENSED FINANCIAL STATEMENTS |
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||
(unaudited) | ||||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 598,711 | $ | 1,975 | $ | 287,309 | $ | 546,159 | ||||||||
Prepaid expenses | 347,228 | — | 348,675 | 341,014 | ||||||||||||
Deferred offering costs associated with IPO | — | 228,025 | ||||||||||||||
Due from related party | 971 | 0 | ||||||||||||||
Total current assets | 945,939 | 230,000 | 636,955 | 887,173 | ||||||||||||
Prepaid expenses, non-current | 125,194 | — | 0 | 39,240 | ||||||||||||
Cash and cash equivalents held in trust account | 300,011,222 | — | ||||||||||||||
Investments held in trust account | 300,039,841 | 300,016,455 | ||||||||||||||
Total assets | $ | 301,082,355 | $ | 230,000 | $ | 300,676,796 | $ | 300,942,868 | ||||||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ (Deficit) Equity | ||||||||||||||||
Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable and accrued expenses | $ | 440,982 | $ | 205,998 | 2,249,496 | 2,461,184 | ||||||||||
Due to related party | 74,286 | — | 134,286 | 104,286 | ||||||||||||
Total current liabilities | 515,268 | 205,998 | 2,383,782 | 2,565,470 | ||||||||||||
Deferred underwriters’ discount | 10,500,000 | 10,500,000 | ||||||||||||||
Derivative warrant liabilities | 10,313,438 | — | 4,437,944 | 9,244,272 | ||||||||||||
Deferred underwriters’ discount | 10,500,000 | — | ||||||||||||||
Total liabilities | 21,328,706 | 205,998 | 17,321,726 | 22,309,742 | ||||||||||||
Commitments and Contingencies | 0 | |||||||||||||||
Class A Common stock subject to possible redemption, $0.0001 par value; 30,000,000 and 0 shares at redemption value of $10.00 per share at September 30, 2021 and December 31, 2020 | 300,000,000 | — | ||||||||||||||
Stockholders’ deficit: | ||||||||||||||||
Commitments and Contingencies (see Note 6) | 0 | 0 | ||||||||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 250,000,000 shares authorized; 30,000,000 shares at redemption value of $10.00 per share | 300,000,000 | 300,000,000 | ||||||||||||||
Stockholders’ Deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 2,500,000 shares authorized; 0shares issued or outstanding | 0— | 0— | 0— | 0— | ||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 7,500,000 and 8,625,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively (1)(2) | 750 | 863 | ||||||||||||||
Additional paid-in capital | 0 | 24,137 | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 7,500,000 shares issued and outstanding | 750 | 750 | ||||||||||||||
Accumulated deficit | (20,247,101 | ) | (998 | ) | (16,645,680 | ) | (21,367,624 | ) | ||||||||
Total stockholders’ deficit | (20,246,351 | ) | 24,002 | (16,644,930 | ) | (21,366,874 | ) | |||||||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ (Deficit) Equity | $ | 301,082,355 | $ | 230,000 | ||||||||||||
Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit | $ | 300,676,796 | $ | 300,942,868 | ||||||||||||
For the three months ended September 30, 2021 | For the nine months ended September 30, 2021 | |||||||
Formation and operating costs | $ | 427,524 | $ | 949,475 | ||||
Loss from operations | (427,524 | ) | (949,475 | ) | ||||
Other income/(expense) | ||||||||
Interest income on Trust Account | 4,609 | 11,222 | ||||||
Change in fair value of warrant liabilities | 10,527,846 | 6,882,845 | ||||||
Offering expenses allocated to warrant issuance | — | (521,695 | ) | |||||
Total other income | 10,532,455 | 6,372,372 | ||||||
Net income | $ | 10,104,931 | $ | 5,422,897 | ||||
Weighted average shares outstanding, basic and diluted - Class A common stock | 30,000,000 | 24,835,165 | ||||||
Basic and diluted net income per common share – Class A common stock | $ | 0.27 | $ | 0.17 | ||||
Weighted average shares outstanding, basic and diluted - Class B common stock (1) | 7,500,000 | 7,500,000 | ||||||
Basic and diluted net income per common share – Class B common stock | $ | 0.27 | $ | 0.17 | ||||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||
Formation and operating costs | $ | 107,770 | $ | 218,393 | ||||
Loss from operations | (107,770 | ) | (218,393 | ) | ||||
Other income (expense) | ||||||||
Interest income on investments held in Trust Account | 23,386 | 2,054 | ||||||
Change in fair value of warrant liabilities | 4,806,328 | (1,339,063 | ) | |||||
Transaction costs allocated to warrant liabilities | 0 | (521,695 | ) | |||||
Total other income (expense) | 4,829,714 | (1,858,704 | ) | |||||
Net income (loss) | $ | 4,721,944 | $ | (2,077,097 | ) | |||
Weighted average shares outstanding, basic and diluted—Class A common stock, subject to possible redemption | 30,000,000 | 14,333,333 | ||||||
Basic and diluted net income (loss) per common stock—Class A common stock, subject to possible redemption | $ | 0.13 | $ | (0.10 | ) | |||
Weighted average shares outstanding, basic and diluted—Class B common stock | 7,500,000 | 7,500,000 | ||||||
Basic and diluted net income (loss) per common stock—Class B common stock | $ | 0.13 | $ | (0.10 | ) | |||
Common Stock | Additional | Total | ||||||||||||||||||
Class B (1) | Paid-In | Accumulated | Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance as of December 31, 2020 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (998 | ) | $ | 24,002 | ||||||||||
Forfeiture of Class B shares by Sponsor | (1,125,000 | ) | (113 | ) | 113 | — | — | |||||||||||||
Accretion of Class A common stock to redemption amount | — | — | (24,250 | ) | (25,669,000 | ) | (25,693,250 | ) | ||||||||||||
Net loss | — | — | — | (2,077,097 | ) | (2,077,097 | ) | |||||||||||||
Balance as of March 31, 2021 | 7,500,000 | $ | 750 | $ | — | $ | (27,747,095 | ) | $ | (27,746,345 | ) | |||||||||
Net loss | — | — | — | (2,604,937 | ) | (2,604,937 | ) | |||||||||||||
Balance as of June 30, 2021 | 7,500,000 | $ | 750 | $ | — | $ | (30,352,032 | ) | $ | (30,351,282 | ) | |||||||||
Net income | — | — | — | 10,104,931 | 10,104,931 | |||||||||||||||
Balance as of September 30, 2021 | 7,500,000 | $ | 750 | $ | — | $ | (20,247,101 | ) | $ | (20,246,351 | ) | |||||||||
For the three months ended March 31, 2022 | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2021 | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | — | $ | (21,367,624 | ) | $ | (21,366,874 | ) | ||||||||||||||
Net income | — | — | — | — | — | 4,721,944 | 4,721,944 | |||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | — | $ | (16,645,680 | ) | $ | (16,644,930 | ) | ||||||||||||||
For the three months ended March 31, 2021 | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2020 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (998 | ) | $ | 24,002 | |||||||||||||||
Forfeiture of Class B shares by Sponsor | 0 | 0 | (1,125,000 | ) | (113 | ) | 113 | — | — | |||||||||||||||||||
Accretion of Class A common stock to redemption amount | — | — | 0 | 0 | (24,250 | ) | (25,669,000 | ) | (25,693,250 | ) | ||||||||||||||||||
Net loss | — | — | — | 0 | 0 | (2,077,097 | ) | (2,077,097 | ) | |||||||||||||||||||
Balance as of March 31, 202 1 (unaudited) | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | 0 | $ | (27,747,095 | ) | $ | (27,746,345 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 5,422,897 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on investments held in trust | (11,222 | ) | ||
Change in fair value of warrant liabilities | (6,882,845 | ) | ||
Offering costs allocated to warrants | 521,695 | |||
Changes in current assets and current liabilities: | ||||
Prepaid expenses | (472,422 | ) | ||
Accounts payable and accrued expenses | 440,982 | |||
Due to related party | 74,286 | |||
Net cash used in operating activities | (906,629 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into trust account | (300,000,000 | ) | ||
Net cash used in investing activities | (300,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from Initial Public Offering, net of underwriters’ discount | 294,000,000 | |||
Proceeds from issuance of Private Placement Warrants | 8,000,000 | |||
Payments of offering costs | (496,635 | ) | ||
Net cash provided by financing activities | 301,503,365 | |||
Net Change in Cash | 596,736 | |||
Cash - Beginning | 1,975 | |||
Cash - Ending | $ | 598,711 | ||
Supplemental Disclosure of Non-cash Financing Activities: | ||||
Deferred underwriters’ discount payable charged to temporary equity | $ | 10,500,000 | ||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 4,721,944 | $ | (2,077,097 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on investments held in Trust Account | (23,386 | ) | (2,054 | ) | ||||
Change in fair value of warrant liabilities | (4,806,328 | ) | 1,339,063 | |||||
Transaction costs allocated to warrant liabilities | 0 | 521,695 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 31,579 | (651,069 | ) | |||||
Due from related party | (971 | ) | 0 | |||||
Accounts payable and accrued expenses | (211,688 | ) | 394,286 | |||||
Due to related party | 30,000 | 0 | ||||||
Net cash used in operating activities | (258,850 | ) | (475,176 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment in trust account | 0 | (300,000,000 | ) | |||||
Net cash used in investing activities | 0 | (300,000,000 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from issuance of founder’s shares | 0 | 0 | ||||||
Proceeds from Initial Public Offering, net of underwriters’ discount | 0 | 294,000,000 | ||||||
Proceeds from issuance of private placement warrants | 0 | 8,000,000 | ||||||
Payments of offering costs | — | (496,635 | ) | |||||
Net cash provided by financing activities | 0 | 301,503,365 | ||||||
Net change in cash | (258,850 | ) | 1,028,189 | |||||
Cash, beginning of the period | 546,159 | 1,975 | ||||||
Cash, end of the period | $ | 287,309 | $ | 1,030,164 | ||||
Supplemental Disclosure of Non-cash Financing Activities: | ||||||||
Deferred underwriters’ discount payable charged to temporary equity | $ | 0 | $ | 10,500,000 | ||||
As Previously Reported | Revision Adjustment | As Revised | ||||||||||
Condensed Balance Sheet as of June 30, 2021 | ||||||||||||
Class A common stock, $0.0001 par value; stock subject to possible redemption at redemption value of $10.00 | $ | 264,648,710 | $ | 35,351,290 | $ | 300,000,000 | ||||||
Stockholders’ equity | ||||||||||||
Class A common stock - $0.0001 par value | 354 | (354 | ) | 0 | ||||||||
Class B common stock - $0.0001 par value | 750 | 0 | 750 | |||||||||
Additional paid-in capital | 9,681,936 | (9,681,936 | ) | 0 | ||||||||
Accumulated deficit | (4,683,032 | ) | (25,669,000 | ) | (30,352,032 | ) | ||||||
Total stockholders’ equity (deficit) | $ | 5,000,008 | $ | (35,351,290 | ) | $ | (30,351,282 | ) | ||||
Class A shares subject to possible redemption | 26,464,871 | 3,535,129 | 30,000,000 | |||||||||
Condensed Statement Of Operations for the Three and Six Months Ended June 30, 2021 | ||||||||||||
Basic and diluted net income per common share – Class A common stock for the three months ended June 30, 2021 | $ | 0 | $ | (0.07 | ) | $ | (0.07 | ) | ||||
Basic and diluted net income per common share – Class B common stock for the three months ended June 30, 2021 | (0.35 | ) | 0.28 | (0.07 | ) | |||||||
Basic and diluted net loss per share for the six months ended June 30, 2021 | $ | 0 | $ | (0.12 | ) | $ | (0.12 | ) | ||||
Basic and diluted net income per common share – Class B common stock for the six months ended June 30, 2021 | (0.62 | ) | 0.50 | (0.12 | ) | |||||||
Condensed Statement Of Cash Flows For The Six Months Ended March 31, 202 1 | ||||||||||||
Initial value of Class A common stock subject to possible redemption, as corrected | $ | 268,490,170 | $ | 31,509,830 | $ | 300,000,000 | ||||||
Change in value of Class A common stock subject to possible redemption | $ | (3,841,460 | ) | $ | 3,841,460 | $ | 0 |
Condensed Balance Sheet as of March 31, 2021 | ||||||||||||
Class A common stock, $0.0001 par value; stock subject to possible redemption at redemption value of $10.00 | $ | 267,253,650 | $ | 32,746,350 | $ | 300,000,000 | ||||||
Stockholders’ equity | ||||||||||||
Class A common stock - $0.0001 par value | 327 | (327 | ) | 0 | ||||||||
Class B common stock - $0.0001 par value | 750 | 0 | 750 | |||||||||
Additional paid-in capital | 7,077,023 | (7,077,023 | ) | 0 | ||||||||
Accumulated deficit | (2,078,095 | ) | (25,669,000 | ) | (27,747,095 | ) | ||||||
Total stockholders’ equity (deficit) | $ | 5,000,005 | $ | (32,746,350 | ) | $ | (27,746,345 | ) | ||||
Class A shares subject to possible redemption | 26,725,365 | 3,274,635 | 30,000,000 | |||||||||
Condensed Statement Of Operations For The Three Months Ended March 31, 2021 | ||||||||||||
Basic and diluted net income per common share – Class A common stock for the three months ended March 31, 2021 | $ | 0 | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Basic and diluted net income per common share – Class B common stock for the three months ended March 31, 2021 | (0.28 | ) | 0.26 | (0.02 | ) | |||||||
Condensed Statement Of Cash Flows For The Three Months Ended March 31, 2021 | ||||||||||||
Initial value of Class A common stock subject to possible redemption, as corrected | $ | 268,490,170 | $ | 31,509,830 | $ | 300,000,000 | ||||||
Change in value of Class A common stock subject to possible redemption | $ | (1,236,520 | ) | $ | 1,236,530 | $ | 0 | |||||
Balance Sheet as of February 17, 202 1 | ||||||||||||
Class A common stock, $0.0001 par value; stock subject to possible redemption at redemption value of $10.00 | $ | 285,999,730 | $ | 14,000,270 | $ | 300,000,000 | ||||||
Stockholders’ equity | ||||||||||||
Class A common stock - $0.0001 par value | 140 | (140 | ) | 0 | ||||||||
Class B common stock - $0.0001 par value | 863 | 0 | 863 | |||||||||
Additional paid-in capital | 5,005,603 | (5,005,603 | ) | 0 | ||||||||
Accumulated deficit | (6,604 | ) | (8,994,527 | ) | (9,001,131 | ) | ||||||
Total stockholders’ equity (deficit) | $ | 5,000,002 | $ | (14,000,270 | ) | $ | (9,000,268 | ) | ||||
Class A shares subject to possible redemption | 28,599,973 | 1,400,027 | 30,000,000 | |||||||||
Gross proceeds | $ | 300,000,000 | ||
Less: Proceeds allocated to Public Warrants | (9,196,283 | ) | ||
Less: Class A common stock issuance costs | (16,496,967 | ) | ||
Add: Accretion of carrying value to redemption value | 25,693,250 | |||
Class A common stock subject to possible redemption | $ | 300,000,000 | ||
For the three months ended September 30, 2021 | For the nine months ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 8,083,945 | $ | 2,020,986 | $ | 4,165,080 | $ | 1,257,814 | ||||||||
Denominator | ||||||||||||||||
Weighted-average shares outstanding | 30,000,000 | 7,500,000 | 24,835,165 | 7,500,000 | ||||||||||||
Basic and diluted net income per share | $ | 0.27 | $ | 0.27 | $ | 0.17 | $ | 0.17 |
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 3,777,555 | $ | 944,389 | $ | (1,363,590 | ) | $ | (713,507 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 30,000,000 | 7,500,000 | 14,333,333 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per share | $ | 0.13 | $ | 0.13 | $ | (0.10 | ) | $ | (0.10 | ) |
September 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and Cash equivalents held in Trust Account | $ | 300,011,222 | $ | 300,011,222 | $ | — | $ | — | ||||||||||||||||||||||||
Investments held in Trust Account | $ | 300,039,841 | $ | 300,039,841 | $ | — | $ | — | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant liabilities | $ | 10,313,438 | $ | 5,040,000 | $ | — | $ | 5,273,438 | $ | 4,437,944 | $ | 2,280,000 | $ | — | $ | 2,157,944 |
December 31, 2021 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Investments held in Trust Account | $ | 300,016,455 | $ | 300,016,455 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities | $ | 9,244,272 | $ | 4,626,600 | $ | — | $ | 4,617,672 |
September 30, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||
Stock price | $ | 9.80 | $ | 9.80 | $ | 9.75 | ||||||
Strike price | $ | 11.5 | $ | 11.5 | $ | 11.5 | ||||||
Term (in years) | 5.48 | |||||||||||
Weighted term (in years) | 5.88 | 5.60 | ||||||||||
Volatility | 17.1 | % | 5.6 | % | 14.9 | % | ||||||
Risk-free rate | 1.06 | % | 2.41 | % | 1.31 | % | ||||||
Dividend yield | 0.0 | % | 0.0 | % | 0.0 | % |
Derivative warrant liabilities | ||||
Fair value at January 1, 2022 | $ | 4,617,672 | ||
Change in fair value | (2,459,728 | ) | ||
Fair Value at March 31, 2022 | $ | 2,157,944 |
Derivative warrant liabilities | ||||
Fair value at January 1, 2021 | $ | 0— | ||
Initial value at IPO date | 17,509,557 | |||
Change in fair value | 1,025,789 | |||
Fair Value at March 31, 2021 | $ | 18,535,346 |
Derivative warrant liabilities | ||||
Fair value at January 1, 2021 | $ | 0— | ||
Initial value at IPO date | 17,509,557 | |||
Change in fair value | (4,616,719 | ) | ||
Transfer of Public warrants from Level 3 to Level 1 | (7,619,400 | ) | ||
Fair Value at September 30, 2021 | $ | 5,273,438 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4. | CONTROLS AND PROCEDURES. |
ITEM 1. | LEGAL PROCEEDINGS. |
ITEM 1A. | RISK FACTORS. |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. | MINE SAFETY DISCLOSURES. |
ITEM 5. | OTHER INFORMATION. |
ITEM 6. | EXHIBITS. |
TISHMAN SPEYER INNOVATION CORP. II | ||||||||
By: | /s/ | |||||||
Name: | Paul A. Galiano | |||||||
Dated: | Title: | Chief Operating Officer, Chief Financial Officer and Director (Principal Accounting Officer) |