Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | EXP World Holdings, Inc. | |
Entity Central Index Key | 1,495,932 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 51,131,069 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 886,193 | $ 571,814 |
Restricted cash | 349,117 | 148,613 |
Accounts receivable, net of allowance $13,341 and $2,342, respectively | 1,021,061 | 341,643 |
Prepaids and other assets | 190,815 | 84,451 |
TOTAL CURRENT ASSETS | 2,447,186 | 1,146,521 |
OTHER ASSETS | ||
Fixed assets, net | 233,967 | 110,195 |
TOTAL OTHER ASSETS | 233,967 | 110,195 |
TOTAL ASSETS | 2,681,153 | 1,256,716 |
CURRENT LIABILITIES | ||
Accounts payable | 61,662 | 89,984 |
Customer deposits | 349,117 | 148,613 |
Accrued expenses | 1,029,105 | 425,613 |
TOTAL CURRENT LIABILITIES | 1,439,884 | 664,210 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common Stock, $0.00001 par value 220,000,000 shares authorized; 51,131,069 shares and 50,168,195 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 511 | 502 |
Additional paid-in capital | 13,894,520 | 6,611,781 |
Accumulated deficit | (12,616,862) | (5,991,088) |
Accumulated other comprehensive (loss) | (4,024) | (9,113) |
Total eXp World Holdings, Inc. Stockholders' Equity | 1,274,145 | 612,082 |
Non-controlling interests in subsidiary | (32,876) | (19,576) |
TOTAL STOCKHOLDERS' EQUITY | 1,241,269 | 592,506 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,681,153 | $ 1,256,716 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 13,341 | $ 2,342 |
Common stock shares authorized | 220,000,000 | 7,700,000,000 |
Common stock par value | $ .00001 | $ 0.00001 |
Common stock shares issued | 51,131,069 | 50,168,195 |
Common stock shares outstanding | 51,131,069 | 50,168,195 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net Revenues | $ 13,282,028 | $ 5,584,963 | $ 20,424,840 | $ 9,034,204 |
Operating expenses | ||||
Cost of revenues | 11,463,125 | 4,767,527 | 17,574,112 | 7,645,271 |
General and administrative | 7,565,698 | 5,669,105 | 8,990,856 | 6,119,041 |
Professional fees | 130,018 | 98,832 | 273,393 | 175,435 |
Sales and marketing | 122,285 | 43,006 | 199,428 | 89,363 |
Total expenses | 19,281,126 | 10,578,470 | 27,037,789 | 14,029,110 |
Net loss from operations | (5,999,098) | (4,993,507) | (6,612,949) | (4,994,906) |
Other income and (expenses) | ||||
Other income | 439 | 2,897 | 446 | 6,583 |
Interest expense | 0 | (464) | 0 | (925) |
Total other income and (expenses) | 439 | 2,433 | 446 | 5,658 |
Income (loss) before income tax expense | (5,998,659) | (4,991,074) | (6,612,503) | (4,989,248) |
Income tax expense | (13,968) | (7,080) | (25,571) | (25,723) |
Net loss | (6,012,627) | (4,998,154) | (6,638,074) | (5,014,971) |
Net loss attributable to non-controlling interest in subsidiary | 6,720 | 0 | 12,300 | 0 |
Net loss attributable to common shareholders | $ (6,005,907) | $ (4,998,154) | $ (6,625,774) | $ (5,014,971) |
Net loss per share attributable to common shareholders | ||||
Basic | $ (.12) | $ (.10) | $ (.13) | $ (.10) |
Diluted | $ (0.12) | $ (0.10) | $ (0.13) | $ (0.10) |
Weighted average shares outstanding | ||||
Basic | 50,940,460 | 49,182,952 | 50,779,114 | 48,955,168 |
Diluted | 50,940,460 | 49,182,952 | 50,779,114 | 48,955,168 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net loss | $ (6,012,627) | $ (4,998,154) | $ (6,638,074) | $ (5,014,971) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net of tax | (1,919) | (5,050) | 5,089 | (14,462) |
Comprehensive loss | (6,014,546) | (5,003,204) | (6,632,985) | (5,029,433) |
Comprehensive loss attributable to non-controlling interest in subsidiary | 6,720 | 0 | 12,300 | 0 |
Comprehensive loss attributable to common shareholders | $ (6,007,826) | $ (5,003,204) | $ (6,620,685) | $ (5,029,433) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (6,638,074) | $ (5,014,971) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 25,555 | 13,147 |
Stock compensation expense | 731,709 | 772,125 |
Stock option expense | 6,551,040 | 4,212,731 |
Changes in operating assets and liabilities | ||
Accounts receivable | (679,418) | (101,152) |
Accounts receivable, related party | 0 | 2,477 |
Prepaids and other assets | (106,364) | (55,627) |
Accounts payable | (28,322) | 15,707 |
Accrued expenses | 603,492 | 157,126 |
Accrued interest | 0 | 925 |
CASH PROVIDED BY OPERATING ACTIVITIES | 459,618 | 2,488 |
INVESTING ACTIVITIES | ||
Acquisition of property and equipment | (150,328) | (34,974) |
CASH USED IN INVESTING ACTIVITIES | (150,328) | (34,974) |
FINANCING ACTIVITIES | ||
Repurchase and retirement of subsidiary common stock | (1,000) | 0 |
Exercise of options | 1,000 | 0 |
Repurchase and retirement of shares | 0 | (3,132) |
Principal payments of notes payable | 0 | (15,000) |
CASH USED IN FINANCING ACTIVITIES | 0 | (18,132) |
Effect of changes in exchange rates on cash and cash equivalents | 5,089 | (14,462) |
Net change in cash and cash equivalents | 314,379 | (65,080) |
Cash and cash equivalents, beginning of period | 571,814 | 353,374 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 886,193 | 288,294 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 32,235 | $ 18,643 |
1. Background and Basis of Pres
1. Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | eXp World Holdings, Inc. formerly known as eXp Realty International Corporation (the Company or we or eXp) was incorporated in the State of Delaware on July 30, 2008. The Company is a cloud-based real estate company. It currently operates a real estate brokerage operating in 40 States, the District of Columbia, and in Alberta, Canada. We also operate a loan brokerage origination company which currently operates in California, Arizona, New Mexico, Virginia, and Texas. As a cloud-based company, eXp has embraced and adopted a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six-month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Principles of Consolidation The accompanying condensed consolidated unaudited financial statements include the accounts of eXp World Holdings, Inc. (formerly eXp Realty International Corporation) and its subsidiaries eXp Realty Holdings, Inc. (formerly eXp Acquisition Corp); First Cloud Mortgage, Inc.; eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.(formerly eXp Realty of Washington, Inc.); eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All material intercompany accounts and transactions have been eliminated upon consolidation. Non-controlling interests Non-controlling interests in the Companys subsidiaries are reported as a component of equity, separate from the parent companys equity. Results of operations attributable to the non-controlling interests are included in the Companys condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss. On July 23, 2015 the Company formed First Cloud Mortgage, Inc. In January 2016 we repurchased and retired 1,000 shares of common stock in this subsidiary for $1,000 of which it currently holds an 89.4% majority and controlling interest. The other 10.6% non-controlling interest is owned by the President of First Cloud Mortgage, Inc.. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Foreign currency translation The Companys functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, Foreign Currency Translation Matters Other Comprehensive Loss Other comprehensive loss for the six months ended June 30, 2016 and June 30, 2015 consisted of foreign exchange translation gain in the amount of $5,089 and loss in the amount of $14,462, respectively. Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation Stock Compensation |
3. Related Party Transactions
3. Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company had no known related party balances as of June 30, 2016 or December 31, 2015 respectively. |
4. Stockholders' Equity
4. Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | In January of 2016 we re-purchased and retired 1,000 shares of common stock in our subsidiary First Cloud Mortgage, Inc. for $1,000 in cash. During the six months ended June 30, 2016, the Company issued 829,196 restricted shares of common stock to directors, employees, and contractors for services with a value of $731,709. On April 22, 2016 the Company amended its articles of incorporation whereby we reduced our number of authorized shares of common stock with a par value of $0.00001 from 7,700,000,000 down to 220,000,000. |
5. Stock Based Compensation
5. Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Intrinsic Value Options At June 30, 2016 the Company had 6,785,808 stock options outstanding that were granted prior to Company becoming public in September 2013, which the Company accounts for based on the intrinsic value method and re-measures the intrinsic value at each reporting date through the date of exercise or other settlement. Compensation cost or benefit is recognized based on the change in intrinsic value at each reporting date. For the six months ended June 30, 2016 the Companys stock options had intrinsic values between $1.50 and $1.69 and the Company recognized a stock option expense of $6.45 million, which consisted of a $6.0 million change in intrinsic value and $450 thousand in vesting costs. For the six months ended June 30, 2015 the Companys stock options had intrinsic values between $0.03 and $0.81 and the Company recognized stock option expense of $4.21 million, which consists of a $4.08 million change in intrinsic value and $123 thousand in current vesting costs. Traditional Stock Options During the six months ended June 30, 2016 the Company granted 1,380,000 stock options and has elected to account for the fair value u xpected volatility has been determined using the historical stock price. The expected term of options represents the period of time that options granted are expected to be outstanding giving consideration to the vesting schedule. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company has not paid and does not anticipate paying dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. The company recognized $99 thousand and $6 thousand in stock option expense for the six months ended June 30, 2016 and June 30, 2015 respectively. |
6. Commitments and Contingencie
6. Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company is subject to legal proceedings and claims that arise in the ordinary course of business. In the opinion of Management, the ultimate liability with respect to current proceedings and claims will not have a material adverse effect upon the Companys financial position or results of operations. |
7. Segment Information and Geog
7. Segment Information and Geographic Data | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | The reportable segments presented below represent the Companys operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon net revenues. Net Revenues Six months Ended June 30, 2016 2015 Real Estate Brokerage Services $ 20,448,528 $ 9,082,289 Mortgage Origination Services 118,327 Corporate and Other (a) (142,015 ) (48,085 ) $ 20,424,840 $ 9,034,204 (a) Includes elimination of transactions between segments The geographic segment information provided below is classified based on the geographic location of the Companys subsidiaries. For the six months ended June 30, 2016 US CANADA TOTAL Net revenues $ 19,939,963 $ 484,877 $ 20,424,840 Total assets 2,442,715 238,438 2,681,154 For the six months ended June 30, 2015 Net revenues $ 8,388,468 $ 645,736 $ 9,034,204 Total assets 872,748 219,498 1,092,244 |
8. Subsequent Events
8. Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | As of August 15, 2016, management does not believe there are any subsequent events requiring recognition or disclosure to either the financial statements or notes to the financial statements. |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated unaudited financial statements include the accounts of eXp World Holdings, Inc. (formerly eXp Realty International Corporation) and its subsidiaries eXp Realty Holdings, Inc. (formerly eXp Acquisition Corp); First Cloud Mortgage, Inc.; eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.(formerly eXp Realty of Washington, Inc.); eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All material intercompany accounts and transactions have been eliminated upon consolidation. |
Non-controlling interests | Non-controlling interests Non-controlling interests in the Companys subsidiaries are reported as a component of equity, separate from the parent companys equity. Results of operations attributable to the non-controlling interests are included in the Companys condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss. On July 23, 2015 the Company formed First Cloud Mortgage, Inc. In January 2016 we repurchased and retired 1,000 shares of common stock in this subsidiary for $1,000 of which it currently holds an 89.4% majority and controlling interest. The other 10.6% non-controlling interest is owned by the President of First Cloud Mortgage, Inc. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Foreign currency translation | Foreign currency translation The Companys functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, Foreign Currency Translation Matters |
Other Comprehensive Loss | Other Comprehensive Loss Other comprehensive loss for the six months ended June 30, 2016 and June 30, 2015 consisted of foreign exchange translation gain in the amount of $5,098 and loss in the amount of $14,462, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation Stock Compensation |
7. Segment Information and Ge16
7. Segment Information and Geographic Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Net Revenues Six months Ended June 30, 2016 2015 Real Estate Brokerage Services $ 20,448,528 $ 9,082,289 Mortgage Origination Services 118,327 Corporate and Other (a) (142,015 ) (48,085 ) $ 20,424,840 $ 9,034,204 |
Revenue and Assets by Geographic Area | The geographic segment information provided below is classified based on the geographic location of the Companys subsidiaries. For the six months ended June 30, 2016 US CANADA TOTAL Net revenues $ 19,939,963 $ 484,877 $ 20,424,840 Total assets 2,442,715 238,438 2,681,154 For the six months ended June 30, 2015 Net revenues $ 8,388,468 $ 645,736 $ 9,034,204 Total assets 872,748 219,498 1,092,244 |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Principles (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Foreign exchange translation loss | $ (1,919) | $ (5,050) | $ 5,089 | $ (14,462) | |
First Cloud Mortgage, Inc. [Member] | |||||
Shares repurchased and retired, shares | 1,000 | ||||
Shares repurchased and retired, value | $ 1,000 | ||||
Controlling percentage owned | 89.40% | 89.40% | |||
Non-controlling percentage owned | 10.60% | 10.60% |
3. Related Party Transactions (
3. Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Due from related parties | $ 0 | $ 0 |
4. Stockholders' Equity (Detail
4. Stockholders' Equity (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Shares repurchased and retired, value | $ 0 | $ 3,132 | |
Stock issued to directors, employees and contractors for services, shares | 829,196 | ||
Stock issued to directors, employees and contractors for services, value | $ 731,709 | ||
Stock authorized | 220,000,000 | 7,700,000,000 | |
First Cloud Mortgage, Inc. [Member] | |||
Shares repurchased and retired, shares | 1,000 | ||
Shares repurchased and retired, value | $ 1,000 |
5. Stock Based Compensation (De
5. Stock Based Compensation (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Intrinsic Value Options [Member] | ||
Stock options outstanding | 6,785,808 | |
Intrinsic stock price range | $1.50 to $1.69 | $0.03 to $0.81 |
Stock option expense (benefit) | $ 6,450,000 | $ 4,210,000 |
Intrinsic Value Options [Member] | Change in Intrinsic Value [Member] | ||
Stock option expense (benefit) | 6,000,000 | 4,080,000 |
Intrinsic Value Options [Member] | Vesting Costs [Member] | ||
Stock option expense (benefit) | 450,000 | 123,000 |
Stock Options [Member] | ||
Stock option expense (benefit) | $ 99,000 | $ 6,000 |
Stock options granted, shares | 1,380,000 |
7. Segment Information and Ge21
7. Segment Information and Geographic Data (Details Segments) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net revenues | $ 13,282,028 | $ 5,584,963 | $ 20,424,840 | $ 9,034,204 |
Corporate and Other [Member] | ||||
Net revenues | (142,015) | (48,085) | ||
Real Estate Brokerage Services [Member] | ||||
Net revenues | 20,448,528 | 9,082,289 | ||
Mortgage Origination Services [Member] | ||||
Net revenues | $ 118,327 | $ 0 |
7. Segment Information (Details
7. Segment Information (Details Geographic) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Net revenues | $ 13,282,028 | $ 5,584,963 | $ 20,424,840 | $ 9,034,204 | ||
Total assets | 2,681,153 | 2,681,153 | $ 1,256,716 | $ 1,092,244 | ||
UNITED STATES | ||||||
Net revenues | 19,939,963 | 8,338,468 | ||||
Total assets | 2,442,715 | 2,442,715 | 872,748 | |||
CANADA | ||||||
Net revenues | 484,877 | $ 645,736 | ||||
Total assets | $ 238,438 | $ 238,438 | $ 219,498 |