SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB
(Mark One)
[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the fiscal year ended December 31, 2000.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from ------------ to --------------
Commission file number: 000-28457
LOUGHRAN/GO CORPORATION.
--------------------------------------
(Exact name of small business issuer as specified in its charter)
Nevada 86-0955239
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
18036 N 15th Street
Phoenix, AZ 85022
------------------------------------------
(Address of principal executive office) (Zip Code)
(602) 647-9700
----------------------
(Issuer's telephone number)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $001
par value.
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such report(s), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No ___.
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
Yes No _X__.
At December 31, 2000, the aggregate market value of all shares of voting stock
held by non-affiliates was $0.00. In determining this figure, the Registrant has
assumed that all directors and executive officers are affiliates. Such
assumption shall not be deemed conclusive for any other purpose. The number of
shares outstanding of each class of the Registrant's common stock, as of
December 31, 2000, was as follows: Common Stock $.001 par value, 500,000 shares.
Total revenues for fiscal year ended December 31, 2000: $0
At December 31, 2000, the number of shares of common stock outstanding was
500,000.
Transitional Small Business Disclosure Format (check one): Yes ; No X
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1
PART I
ITEM 1. DESCRIPTION OF BUSINESS
The Company has not engaged in any operations other than organizational
matters. Loughran/Go Corporation, a Nevada corporation (the "Company") was
incorporated on April 29, 1996 , and was formed specifically to be a "clean
public shell" and for the purpose of either merging with or acquiring an
operating company with operating history and assets.
The primary activity of the Company has involved and will involve seeking
merger or acquisition candidates with whom it can either merge or acquire. The
Company has not selected any company for acquisition or merger and does not
intend to limit potential acquisitions candidates to any particular field or
industry, but does retain the right to limit acquisition or merger candidates,
if it so chooses, to a particular field or industry. The Company's plans are in
the conceptual stage only.
The proposed business activities described herein classify the Company as a
"blank check" or "shell company" whose sole purpose at this time is to locate
and consummate a merger or acquisition. Many states have enacted statutes, rules
and regulations limiting the sale of securities of "blank check" companies in
their respective jurisdictions. Management does not believe it will undertake
any efforts to cause a trading market to develop in the Company's securities
until such time as the Company has successfully implemented its business plan
described herein. However, if the Company intends to facilitate the eventual
creation of a public trading market in its outstanding securities, it must
consider that the Company's securities, when available for trading, will be
subject to a Securities and Exchange Commission rule that imposes special sales
practice requirements upon broker-dealers who sell such securities to persons
other than established customers or accredited investors. For purposes of the
rule, the phrase "accredited investors" means, in general terms, institutions
with assets in excess of $5,000,000, or individuals having a net worth in excess
of $1,000,000 or having an annual income that exceeds $200,000 (or that, when
combined with a spouse's income, exceeds $300,000). For transactions covered by
the rule, the broker-dealer must make a special suitability determination for
the purchaser and receive the purchaser's written agreement to the transaction
prior to the sale. Consequently, the rule may affect the ability of
broker-dealers to sell the Company's securities and also may affect the ability
of purchasers in this offering to sell their securities in any market that might
develop therefor.
Competition
The Company expects to encounter substantial competition in its efforts to
locate attractive opportunities, primarily from business development companies,
venture capital partnerships and corporations, venture capital affiliates of
large industrial and financial companies, small investment companies, and
wealthy individuals. Many of these entities will have significantly greater
experience, resources and managerial capabilities than the Company and will
therefore be in a better position than the Company to obtain access to
attractive business opportunities.
Employees
As of the date hereof, the Company does not have any employees and has no
plans for retaining employees until such time as the Company's business warrants
the expense, or until the Company successfully acquires or merges with an
operating business. The Company may find it necessary to periodically hire
part-time clerical help on an as-needed basis.
ITEM 2. DESCRIPTION OF PROPERTY
The Company's executive office is located at 18036 North 15th Street, Phoenix,
AZ 85022. The Company shares office space with another company controlled by the
president and pays a nominal amount for the use of the office, the telephone
system, the copying equipment and the computers. The Company owns no equipment
and does not plan to purchase anything more than daily activities would require.
The company has no outstanding obligations other than equity to its
shareholders.
ITEM 3. LEGAL PROCEEDINGS
No material legal proceedings to which the Company (or its director and
officer in his capacity as such) is party or to which property of the Company is
subject is pending and no such material proceeding is known by management of the
Company to be contemplated.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
2
PART II
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
There is no established public trading market for the Units, and it is not
anticipated that such a market will develop.
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS OR PLAN OF OPERATION
The following discussion should be read in conjunction with the Financial
Statements and notes thereto.
OPERATIONS
The Company intends to seek, investigate and, if such investigation
warrants, acquire an interest in one or more business opportunities presented to
it by persons or firms who or which desire to seek perceived advantages of a
publicly held corporation.
The Company will not restrict its search to any specific business, industry
or geographical location, and the Company may participate in a business venture
of virtually any kind or nature. The discussion of the proposed business under
this caption and throughout is purposefully general and is not meant to be
restrictive of the Company's virtually unlimited discretion to search for and
enter into potential business opportunities.
The Company may obtain funds in one or more private placements to finance
the operation of any acquired business, if necessary. Persons purchasing
securities in these placements and other shareholders will likely not have the
opportunity to participate in the decision relating to any acquisition. The
Company's proposed business is sometimes referred to as a "blind pool" because
any investors will entrust their investment monies to the Company's management
before they have a chance to analyze any ultimate use to which their money may
be put. Consequently, the Company's potential success is heavily dependent on
the Company's management, which will have unlimited discretion in searching for
and entering into a business opportunity. The sole officer and director of the
Company likely has had no experience in any proposed business of the Company.
There can be no assurance that the Company will be able to raise any funds in
private placement.
LIQUIDITY AND CAPITAL RESOURCES
The Company remains in the development stage and, since inception, has
experienced no significant change in liquidity or capital resources or
stockholder's equity. The Company's balance sheet as of December 31, 2000,
reflects a current asset value of $0.00, and a total asset value of $0.00.
The Company will carry out its plan of business as discussed above. The
Company cannot predict to what extent its liquidity and capital resources will
be diminished prior to the consummation of a business combination or whether its
capital will be further depleted by the operating losses (if any) of the
business entity which the Company may eventually acquire.
3
RESULTS OF OPERATIONS
During the period from April 29, 1996 through December 31, 2000, the
Company has engaged in no significant operations other than organizational
activities and preparation for registration of its securities under the
Securities Exchange Act of 1934. No revenues were received by the Company during
this period.
For the current fiscal year, the Company anticipates incurring a loss as a
result of organizational expenses, expenses associated with registration under
the Securities Exchange Act of 1934, and expenses associated with locating and
evaluating acquisition candidates. The Company anticipates that until a business
combination is completed with an acquisition candidate, it will not generate
revenues other than interest income, and may continue to operate at a loss after
completing a business combination, depending upon the performance of the
acquired business.
Need for Additional Financing
The Company believes that its existing capital will be sufficient to meet
the Company's cash needs, including the costs of compliance with the continuing
reporting requirements of the Securities Exchange Act of 1934, as amended, for a
period of approximately two years. Accordingly, in the event the Company is able
to complete a business combination during this period, it anticipates that its
existing capital will be sufficient to allow it to accomplish the goal of
completing a business combination. There is no assurance, however, that the
available funds will ultimately prove to be adequate to allow it to complete a
business combination, and once a business combination is completed, the
Company's needs for additional financing are likely to increase substantially.
FEDERAL INCOME TAX ASPECTS OF INVESTMENT IN THE COMPANY
The discussion contained herein has been prepared by the Company and is
based on existing law as contained in the Code, amended United States Treasury
Regulations ("Treasury Regulations"), administrative rulings and court decisions
as of the date of this Annual Report. No assurance can be given that future
legislative enactments, administrative rulings or court decisions will not
modify the legal basis for statements contained in this discussion. Any such
development may be applied retroactively to transactions completed prior to the
date thereof, and could contain provisions having an adverse affect upon the
Company and the holders of the Common Stock. In addition, several of the issues
dealt with in this summary are the subjects of proposed and temporary Treasury
Regulations. No assurance can be given that these regulations will be finally
adopted in their present form.
4
FORWARD LOOKING STATEMENT
This Management's Discussion and Analysis of Financial Condition and
Results of Operations includes a number of forward-looking statements that
reflect Management's current views with respect to future events and financial
performance. Those statements include statements regarding the intent, belief or
current expectations of the Company and members of its management team as well
as the assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risk and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking statements.
Readers are urged to carefully review and consider the various disclosures made
by the Company in this report and in the Company's other reports filed with the
Securities and Exchange Commission. Important factors currently known to
Management could cause actual results to differ materially from those in
forward-looking statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes in the future operating results over time.
The Company believes that its assumptions are based upon reasonable data derived
from and known about its business and operations and the business and operations
of the Company. No assurances are made that actual results of operations or the
results of the Company's future activities will not differ materially from its
assumptions.
ITEM 7. FINANCIAL STATEMENTS
The financial statements are included beginning at F-1. See Index to the
Financial Statements.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
5
PART III
ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
Directors and Executive Officers.
The members of the Board of Directors of the Company serve until the next
annual meeting of stockholders, or until their successors have been elected. The
officers serve at the pleasure of the Board of Directors. Information as to the
director and executive officer of the Company is as follows.
Name
Philip M. Young President, Chairman of the Board
of Directors
David M. Young Vice President
& Secretary, Director
Conflicts of Interest
The Company has no arrangement, understanding or intention to enter into
any transaction for participating in any business opportunity with any officer,
director, or principal shareholder or with any firm or business organization
with which such persons are affiliated, whether by reason of stock ownership,
position as an officer or director, or otherwise.
Compliance with Section 16(a) of the Securities Exchange Act of 1934
Section 16(a) of the Exchange Act, requires the Company's officers,
directors and persons who beneficially own more than 10 percent of the Common
Stock to file reports of securities ownership and changes in such ownership with
the Securities and Exchange Commission. Officers, directors and greater than 10
percent beneficial owners also are required by rules promulgated by the
Securities and Exchange Commission to furnish the Company with copies of all
Section 16(a) forms they file.
ITEM 10. EXECUTIVE COMPENSATION
No compensation is paid or anticipated to be paid by the Company. It is
possible that upon an acquisition some compensation may be paid to management.
On acquisition of a business opportunity, current management may resign and be
replaced by persons associated with the business opportunity acquired,
particularly if the Company participates in a business opportunity by effecting
a reorganization, merger or consolidation. If any member of current management
remains after effecting a business opportunity acquisition, that member's time
commitment will likely be adjusted based on the nature and method of the
acquisition and location of the business which cannot be predicted. Compensation
of management will be determined by the new board of directors, and shareholders
of the Company will not have the opportunity to vote on or approve such
compensation.
6
ITEM 11. SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of December 31, 2000, the beneficial
ownership of the Company's Common Stock by each person known by the Company to
beneficially own more than 5 percent of the Company's Common Stock, including
options, outstanding as of such date and by the officers and directors of the
Company as a group. All shares are owned directly.
Title of Name and address of Amount and Nature Percent Class Beneficial Owner of
beneficial owner
Common Philip M. Young 150,000 30.0 Stock Restricted
Common David M. Young 150,000 30.0 Stock Restricted
Common John Hickey 50,000 10.0 Stock Free trading
The company has no authorized or outstanding options, warrants, preferred stock
or convertible debt.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
During the past two fiscal years, there have been no transactions between
the Company and any officer, director, nominee for election as director, or any
shareholder owning greater than 5 percent of the Company's outstanding shares,
nor any member of the above referenced individuals' immediate family.
The Company's officers and directors are subject to the doctrine of
corporate opportunities only insofar as it applies to business opportunities in
which the Company has indicated an interest, either through its proposed
business plan or by way of an express statement of interest contained in the
Company's minutes. If directors are presented with business opportunities that
may conflict with business interests identified by the Company, such
opportunities must be promptly disclosed to the Board of Directors and made
available to the Company. In the event the Board shall reject an opportunity so
presented and only in that event, any of the Company's officers and directors
may avail themselves of such an opportunity. Every effort will be made to
resolve any conflicts that may arise in favor of the Company. There can be no
assurance, however, that these efforts will be successful.
In the event of a successful acquisition or merger, a finder's fee, in the
form of cash or securities, may be paid to persons instrumental in facilitating
the transaction. The Company has not established any criteria or limits for the
determination of a finder's fee, although it is likely that an appropriate fee
will be based upon negotiations by the Company and the appropriate business
opportunity and the finder. Such fees are estimated to be customarily between 1
percent and 5 percent of the size of the transaction, based upon a sliding scale
of the amount involved. Management cannot at this time make an estimate as to
the type or amount of a potential finder's fee that might be paid, but is
expected to be comparable to consideration normally paid in like transactions.
It is unlikely that a finder's fee will be paid to an affiliate of the Company
because of the potential conflict of interest that might result. Any such fee
would have to be approved by the shareholders or a disinterested Board of
Directors. See Item 1 "Description of Business - Form of Potential Acquisition
or Merger" above.
7
ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
The following documents are filed herewith or have been included as exhibits to
previous filings with the Commission and are incorporated herein by this
reference:
Exhibit No. Exhibit
*3 Articles of Incorporation
*3.2 Bylaws
*3.1 Amended Articles of Incorporation
(b) Report on Form 8-K:
Registrant has not filed any Form 8-K during the last quarter of the fiscal
year:
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
theRegistrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
03/27/2001 /s/ Philip M. Young
---------------------
Philip M. Young
President
LOUGHRAN/GO CORPORATION
8
C O N T E N T S
Independent Auditors' Report F-1
Balance Sheet F-2
Statements of Operations F-3
Statements of Stockholders' Equity (Deficit) F-4
Statements of Cash Flows F-5
Notes to the Financial Statements F-6
INDEPENDENT AUDITORS' REPORT
INDEPENDENT AUDITORS' REPORT To the Board of Directors and Stockholders We have
audited the accompanying balance sheet of Loughran/Go Corporation as of December
31, 2000, and the related statements of operations, changes in stockholders'
equity (deficit), and cash flows for each of the two years in the period ended
December 31, 2000 and for the period from April 29, 1996 (inception) to December
31, 2000. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with U.S. generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in all
material respects, the financial position of Loughran/Go Corporation. as of
December 31, 2000, and the results of its operations and its cash flows for each
of the two years in the period ended December 31, 2000 and for the period from
April 29, 1996 (inception) to December 31, 2000, in conformity with U.S.
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company is in the development stage and has not commenced
operations. Its ability to continue as a going concern is dependent upon its
ability to develop additional sources of capital, and/or achieve profitable
operations. These conditions raise substantial doubt about its ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of these uncertainties.
Braverman & Company, P.C.
Prescott, Arizona
January 18, 2001
F-1
9
LOUGHRAN/GO CORPORATION
( a Development Stage Company)
BALANCE SHEET
December 31, 2000
ASSETS
TOTAL ASSETS $ -
=============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable-trade $ 3,090
Accounts payable-shareholder 10,125
-------------
13,215
-------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.001, 25,000,000 shares
authorized, 500,000 issued and outstanding 500
Paid-in capital 500
Contributed capital 11,836
(Deficit) accumulated during the development stage (26,051)
------------
Total Stockholders' Equity (Deficit) (13,215)
------------
$ -
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-2
10
LOUGHRAN/GO CORPORATION
( a Development Stage Company)
STATEMENTS OF OPERATIONS
Cummulative
from
April 29,
1996
(Inception)
For the Years Ended to
December 31, December 31,
2000 1999 2000
REVENUE $ - $ - $ -
-------- -------- -----------
EXPENSES:
General and administrative 10,156 8,191 26,051
-------- -------- -----------
Total Expenses 10,156 8,191 26,051
-------- -------- -----------
NET (LOSS) $(10,156) $ (8,191) $ (26,051)
======== ======== ===========
NET (LOSS) PER COMMON SHARE-Basic $ (0.02) $ (0.02)
======== ========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 500,000 500,000
======== =======
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-3
11
LOUGHRAN/GO CORPORATION
( a Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM APRIL 29, 1996 (INCEPTION)
TO DECEMBER 31, 2000
(Deficit)
Accumulated
During the
Common Stock Paid-in Contirbuted Development
Shares Amount Capital Capital Stage Total
Balances, at inception - $ - $ - $ - $ - $ -
Issuance of stock to insiders
for services on May 25, 1996
at $1 per share 1,000 1,000 1,000
Contributed capital 1,759 1,759
Net (loss) (2,759) (2,759)
--------- --------- --------- --------- --------- ---------
Balances, December 31, 1996 1,000 1,000 - 1,759 (2,759) -
Contributed capital 2,392 2,392
Net (loss) (2,492) (2,492)
--------- --------- --------- --------- --------- ---------
Balances, December 31, 1997 1,000 1,000 - 4,151 (5,251) (100)
Contributed capital 2,353 2,353
Net (loss) (2,453) (2,453)
--------- --------- --------- --------- --------- ---------
Balances, December 31, 1998 1,000 1,000 - 6,504 (7,704) (200)
Contributed capital 3,096 3,096
500:1 forward stock split 499,000 (500) 500
Net (loss) (8,191) (8,191)
--------- --------- --------- --------- --------- ---------
Balances, December 31, 1999 500,000 $ 500 $ 500 $ 9,600 $(15,895) $(5,295)
Contributed capital 2,236 2,236
Net (loss) (10,156) (10,156)
--------- --------- --------- --------- --------- ---------
Balances, December 31, 2000 500,000 $ 500 $ 500 $ 11,836 $(26,051) $(13,215)
========= ========= ========= ========= ========= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-4
12
LOUGHRAN/GO CORPORATION
( a Development Stage Company)
STATEMENTS OF CASH FLOWS
Cummulative
from
April 29,
1996
(Inception)
For the Years Ended to
December 31, December 31,
2000 1999 2000
CASH FLOWS FROM OPERATING ACTIVITIES: --------- --------- ---------
Net (loss) from operations $ 10,156) $ (8,191) $ (26,051)
Adjustments to reconcile net (loss) to net
cash used by operating activities:
Common stock issued for services 1,000
Capital contributed for services 2,236 3,096 11,836
Changes in:
Accounts payable 7,920 5,095 13,215
--------- --------- ---------
Net Cash (Used) by Operating Activities - - -
--------- --------- ---------
NET INCREASE IN CASH - - -
CASH, beginning of period - - -
--------- --------- ---------
CASH, end of period $ - $ - $ -
========= ========= =========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
F-5
13
LOUGHRAN/GO CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
History
Loughran/Go Corporation (the Company), is in the development stage as defined in
Financial Accounting Standards Board Statement No. 7. It is a Nevada
corporation, formed April 29, 1996. Since inception it has had no operations and
is in the process of seeking a merger candidate. Its year end is December 31.
Pursuant to the filing of a Form 10-SB with the Securities and Exchange
Commission, which became effective in January 2000, it became a reporting
company, 2000.
Going Concern
The Company's financial statements have been presented on the basis tha it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilitie in the normal course of business. The Company's ability to
continue in existence is dependent on its abilit to develop additional sources
of capital, locate and merge with a profitable merger candidate, or achieve
profitable operations as a result of a merger. The accompanying financial
statements do not include any adjustments that might result from the outcome of
these uncertainties. Management's plans are to seek a merger candidate and
obtain additional debt or equity capital in order to sustain future cash flow
requirements.
Income Taxes
The Company uses the liability method of accounting for income taxes pursuant to
Statement of Financial Accounting Standards No. 109. Under this method, deferred
income taxes are recorded to reflect the tax consequences in future periods of
temporary differences between the tax basis of assets and liabilities and their
financial amounts at year end.
For income tax purposes, substantially all deductible expenses incurred to date
must be deferred until the Company commences business and then they may be
charged against operations over a 60-month period or permanently capitalized.
Since the Company is not in business as of December 31, 1999, accumulated
deductible expenses incurred since inception of $14,865 resulted in a $3,419
deferred tax asset. Most of the capital contributed through December 31, 2000,
is not tax deductible. A valuation allowance of $3,419 has been provided since
there is no assurance of future taxable income. Tax deductible losses, when
provided, can be carried forward for 20 years until utilized.
Earnings (loss) Per Common Share Loss per common share has been calculated based
upon the weighted average number of common shares outstanding during the period
in accordance with the Statement of Financial Accounting Standards Statement No.
128, "Earnings per Share".
The preparation of financial statements in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates and assumptions.
14