Florida | 84-1047159 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
350 Jim Moran Boulevard, Suite 120, Deerfield Beach, Florida 33442 |
(Address of principal executive offices) |
(954) 570-8889 |
(Issuer's Telephone Number) |
Large accelerated filer [_] | Accelerated filer [_] | |
Non-accelerated filer [_] (Do not check if a smaller reporting company) | Smaller reporting company [x] | |
Emerging Growth company [ ] |
PART 1 | FINANCIAL INFORMATION | 3 |
Item 1. | Financial Statements (Unaudited) | 3 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operation | 17 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. | Controls and Procedures | |
PART II | Other Information | |
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sale of Equity Securities and Use of Proceeds | |
Item 3. | Defaults of Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | | |
Item 6. | Exhibits | |
CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current Assets: | ||||||||
Cash | $ | 3,240,721 | $ | 1,646,128 | ||||
Accounts receivable, net | 4,660,203 | 4,449,179 | ||||||
Inventory | 142,065 | 366,330 | ||||||
Prepaid expenses | 349,410 | 330,020 | ||||||
Total Current Assets | 8,392,399 | 6,791,657 | ||||||
Property and Equipment: | ||||||||
Computer equipment and software | 19,767 | 19,767 | ||||||
Machinery and equipment | 371,323 | 325,750 | ||||||
Furniture and fixtures | 5,665 | 5,665 | ||||||
Less: Accumulated depreciation | (304,176 | ) | (250,465 | ) | ||||
Total Property & Equipment | 92,579 | 100,717 | ||||||
Other Non-current Assets: | ||||||||
Deposit | 13,616 | 12,193 | ||||||
Note receivable | - | 526,887 | ||||||
Goodwill | 1,936,020 | 1,936,020 | ||||||
Total Other Non-current Assets | 1,949,636 | 2,475,100 | ||||||
Total Assets | $ | 10,434,614 | $ | 9,367,474 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 2,122,220 | $ | 2,678,210 | ||||
Income tax payable | 404,088 | 1,588 | ||||||
Notes and loans payable to related parties | 688,384 | 1,321,721 | ||||||
Total Current Liabilities | 3,214,692 | 4,001,519 | ||||||
Long Term Liabilities: | ||||||||
Deferred tax liabilities | 362,000 | 216,000 | ||||||
Total Long Term Liabilities | 362,000 | 216,000 | ||||||
Total Liabilities | 3,576,692 | 4,217,519 | ||||||
Commitments and Contingencies (Note 6) | ||||||||
Stockholders' Equity: | ||||||||
Preferred Stock, Series A, par value $.001 per share, authorized 6,666,667 shares, issued -0- shares | - | - | ||||||
Preferred Stock, Series B-1, par value $.0001 per share, authorized 3,333,333 shares, issued -0- shares | - | - | ||||||
Preferred Stock, Series C, par value $1.00 per share, authorized 67 shares, issued -0- shares | - | - | ||||||
Common Stock, par value $.0001 per share, authorized 56,666,667 shares, issued 47,046,364 shares and 48,132,664 shares | 4,704 | 4,813 | ||||||
Additional paid-in capital | 6,976,678 | 7,411,172 | ||||||
Accumulated deficit | (123,460 | ) | (2,266,030 | ) | ||||
Total Stockholders' Equity | 6,857,922 | 5,149,955 | ||||||
Total Liabilities and Stockholders' Equity | $ | 10,434,614 | $ | 9,367,474 | ||||
The accompanying notes are an integral part of these financial statements. |
CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues, net | $ | 13,817,909 | $ | 11,692,146 | $ | 30,789,653 | $ | 22,672,551 | ||||||||
Cost of sales | (10,707,657 | ) | (8,841,148 | ) | (23,457,070 | ) | (17,079,271 | ) | ||||||||
Gross Profit | 3,110,252 | 2,850,998 | 7,332,583 | 5,593,280 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Sales and marketing | 928,321 | 488,057 | 1,869,596 | 903,888 | ||||||||||||
Compensation | 351,915 | 325,283 | 1,065,621 | 949,753 | ||||||||||||
Professional fees | 109,257 | 111,339 | 429,440 | 286,681 | ||||||||||||
Product development | 80,991 | 127,367 | 219,464 | 227,552 | ||||||||||||
Other general and administrative | 189,780 | 195,046 | 572,461 | 501,458 | ||||||||||||
Total Operating Expenses | 1,660,264 | 1,247,092 | 4,156,582 | 2,869,332 | ||||||||||||
Net Operating Income | 1,449,988 | 1,603,906 | 3,176,001 | 2,723,948 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | (12,945 | ) | 13,664 | - | 13,664 | |||||||||||
Interest expense | (56,514 | ) | (103,363 | ) | (113,431 | ) | (227,522 | ) | ||||||||
Total Other Income (Expense) | (69,459 | ) | (89,699 | ) | (113,431 | ) | (213,858 | ) | ||||||||
Income Before Tax Provision | 1,380,529 | 1,514,207 | 3,062,570 | 2,510,090 | ||||||||||||
Provision for Income Tax | (390,000 | ) | (24,412 | ) | (920,000 | ) | (37,012 | ) | ||||||||
Net Income | $ | 990,529 | $ | 1,489,795 | $ | 2,142,570 | $ | 2,473,078 | ||||||||
Net Income per Common Share | ||||||||||||||||
Basic | $ | 0.021 | $ | 0.031 | $ | 0.046 | $ | 0.051 | ||||||||
Diluted | $ | 0.021 | $ | 0.031 | $ | 0.045 | $ | 0.051 | ||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||
Basic | 46,660,456 | 48,132,664 | 46,989,940 | 48,132,664 | ||||||||||||
Diluted | 47,152,574 | 48,371,158 | 47,462,664 | 48,320,017 | ||||||||||||
The accompanying notes are an integral part of these financial statements. |
CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
March 31, | December 31, | |||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current Assets: | ||||||||
Cash | $ | 1,176,440 | $ | 1,646,128 | ||||
Accounts receivable, net | 5,732,730 | 4,449,179 | ||||||
Inventory | 514,198 | 366,330 | ||||||
Prepaid expenses | 544,381 | 330,020 | ||||||
Total Current Assets | 7,967,749 | 6,791,657 | ||||||
Property and Equipment: | ||||||||
Computer equipment and software | 19,767 | 19,767 | ||||||
Machinery and equipment | 339,184 | 325,750 | ||||||
Furniture and fixtures | 5,665 | 5,665 | ||||||
Less: Accumulated depreciation | (267,961 | ) | (250,465 | ) | ||||
Total Property & Equipment | 96,655 | 100,717 | ||||||
Other Non-current Assets: | ||||||||
Deposit | 12,193 | 12,193 | ||||||
Note receivable | 539,832 | 526,887 | ||||||
Goodwill | 1,936,020 | 1,936,020 | ||||||
Total Other Non-current Assets | 2,488,045 | 2,475,100 | ||||||
Total Assets | $ | 10,552,449 | $ | 9,367,474 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 3,732,285 | $ | 2,678,210 | ||||
Income tax payable | 1,588 | 1,588 | ||||||
Notes and loans payable to related parties | 1,203,468 | 1,321,721 | ||||||
Total Current Liabilities | 4,937,341 | 4,001,519 | ||||||
Long Term Liabilities: | ||||||||
Deferred tax liabilities | 344,000 | 216,000 | ||||||
Total Long Term Liabilities | 344,000 | 216,000 | ||||||
Total Liabilities | 5,281,341 | 4,217,519 | ||||||
Commitments and Contingencies (Note 6) | ||||||||
Stockholders' Equity: | ||||||||
Preferred Stock, Series A, par value $.001 per share, authorized 6,666,667 shares, issued -0- shares | - | - | ||||||
Preferred Stock, Series B-1, par value $.0001 per share, authorized 3,333,333 shares, issued -0- shares | - | - | ||||||
Preferred Stock, Series C, par value $1.00 per share, authorized 67 shares, issued -0- shares | - | - | ||||||
Common Stock, par value $.0001 per share, authorized 56,666,667 shares, issued 47,132,664 shares and 48,132,664 shares | 4,713 | 4,813 | ||||||
Additional paid-in capital | 7,281,747 | 7,411,172 | ||||||
Accumulated deficit | -2,015,352 | -2,266,030 | ||||||
Total Stockholders' Equity | 5,271,108 | 5,149,955 | ||||||
Total Liabilities and Stockholders' Equity | $ | 10,552,449 | $ | 9,367,474 | ||||
The accompanying notes are an integral part of these financial statements. |
CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Revenues, net | $ | 6,752,196 | $ | 2,078,214 | ||||
Cost of sales | (5,172,729 | ) | (1,464,658 | ) | ||||
Gross Profit | 1,579,467 | 613,556 | ||||||
Operating Expenses: | ||||||||
Sales and marketing | 376,756 | 62,977 | ||||||
Compensation | 359,802 | 308,458 | ||||||
Professional fees | 204,802 | 104,285 | ||||||
Product development | 72,025 | 36,274 | ||||||
Other general and administrative | 178,619 | 142,755 | ||||||
Total Operating Expenses | 1,192,004 | 654,749 | ||||||
Operating Income (Loss) | 387,463 | (41,193 | ) | |||||
Other Income (Expense): | ||||||||
Interest income | 12,945 | - | ||||||
Interest expense | (21,730 | ) | (57,736 | ) | ||||
Total Other Income (Expense) | (8,785 | ) | (57,736 | ) | ||||
Income (Loss) Before Tax Provision | 378,678 | (98,929 | ) | |||||
Provision for Income Tax | 128,000 | - | ||||||
Net Income (Loss) | $ | 250,678 | $ | (98,929 | ) | |||
Net Income (Loss) per Common Share | ||||||||
Basic | $ | 0.005 | $ | (0.002 | ) | |||
Diluted | $ | 0.005 | $ | (0.002 | ) | |||
Weighted Average Shares Outstanding | ||||||||
Basic | 47,621,553 | 48,132,664 | ||||||
Diluted | 47,883,977 | 48,132,664 | ||||||
The accompanying notes are an integral part of these financial statements. |
CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | CAPSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | CONSOLIDATED STATEMENTS OF CASH FLOWS | CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
March 31, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income (loss) | $ | 250,678 | $ | (98,929 | ) | |||||||||||
Adjustments necessary to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Net income | $ | 2,142,570 | $ | 2,473,078 | ||||||||||||
Adjustments necessary to reconcile net income to net cash provided by (used in) operating activities: | Adjustments necessary to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 17,495 | 14,061 | 55,725 | 44,400 | ||||||||||||
Accrued interest on note receivable | (12,945 | ) | - | 26,887 | (13,654 | ) | ||||||||||
Stock based compensation expense | 20,475 | 14,250 | 66,594 | 46,581 | ||||||||||||
Provision for deferred income tax | 128,000 | - | 146,000 | - | ||||||||||||
Accrued sales allowance | 206,995 | (94,203 | ) | (831,731 | ) | (94,203 | ) | |||||||||
(Increase) decrease in accounts receivable | (1,539,687 | ) | 3,835,576 | 731,532 | (6,755,174 | ) | ||||||||||
(Increase) in inventory | (147,868 | ) | (26,674 | ) | ||||||||||||
(Increase) in prepaid expenses | (214,361 | ) | (38,057 | ) | ||||||||||||
(Increase) decrease in inventory | 224,265 | (275,049 | ) | |||||||||||||
(Increase) decrease in prepaid expenses | (20,813 | ) | 43,764 | |||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | 1,103,216 | (1,864,020 | ) | (263,912 | ) | 958,580 | ||||||||||
Increase in accrued interest on notes payable | (18,253 | ) | 31,282 | |||||||||||||
(Decrease) in accrued interest on notes payable | (135,337 | ) | (168,492 | ) | ||||||||||||
Net cash provided by (used in) operating activities | -206,255 | 1,773,286 | 2,141,780 | (3,740,169 | ) | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Purchase of property and equipment | -13,433 | -4,700 | (47,587 | ) | (15,501 | ) | ||||||||||
Net cash (used in) investing activities | (13,433 | ) | (4,700 | ) | (47,587 | ) | (15,501 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from notes payable | 5,280,373 | 3,643,356 | 30,559,312 | 19,393,834 | ||||||||||||
Repayments of notes payable | (5,280,373 | ) | (5,564,194 | ) | (30,559,312 | ) | (15,049,345 | ) | ||||||||
Repurchase of shares from Involve, LLC | (150,000 | ) | - | (250,000 | ) | - | ||||||||||
Warrant issued | 7,500 | - | ||||||||||||||
Proceeds from notes and loans payable to related parties | - | 360,000 | - | 860,000 | ||||||||||||
Repayments of notes and loans payable to related parties | (100,000 | ) | (108,847 | ) | (257,100 | ) | (1,453,946 | ) | ||||||||
Net cash (used in) financing activities | -250,000 | -1,669,685 | ||||||||||||||
Net cash provided by (used in) financing activities | (499,600 | ) | 3,750,543 | |||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | -469,688 | 98,901 | ||||||||||||||
Net Increase (decrease) in Cash and Cash Equivalents | 1,594,593 | (5,127 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 1,646,128 | 364,714 | 1,646,128 | 364,714 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1,176,440 | $ | 463,615 | $ | 3,240,721 | $ | 359,587 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid during the year for: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 39,983 | $ | 60,301 | 221,881 | $ | 396,014 | |||||||||
Income taxes | $ | - | $ | 7,500 | $ | 371,500 | $ | 31,912 | ||||||||
Non-cash financing and investing activities: | ||||||||||||||||
Sale of Investment for Note receivable | $ | - | $ | 500,000 | ||||||||||||
Shares issued in satisfaction of loan payable to related party | $ | 240,900 | $ | - | ||||||||||||
The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
3 months ended March 31, 2017 | 3 months ended March 31, 2016 | 3 months ended September 30, 2017 | 3 months ended September 30, 2016 | |||||||
Basic weighted average shares outstanding | 47,621,553 | 48,132,664 | 46,660,456 | 48,132,664 | ||||||
Dilutive warrants | 259,030 | - | 313,211 | 238,494 | ||||||
Dilutive options | 178,907 | - | ||||||||
Diluted weighted average shares outstanding | 47,883,977 | 48,132,664 | 47,152,574 | 48,371,158 |
9 months ended September 30, 2017 | 9 months ended September 30, 2016 | |||||||
Basic weighted average shares outstanding | 46,989,940 | 48,132,664 | ||||||
Dilutive warrants | 308,219 | 187,353 | ||||||
Dilutive options | 164,505 | - | ||||||
Diluted weighted average shares outstanding | 47,462,664 | 48,320,017 |
Gross Revenue % | Gross Accounts Receivable | Revenue % | Gross Accounts Receivable | |||||||||||||||||||||||||||||
Periods Ended March 31, | Periods Ended March 31, | 9 Month Periods Ended September 30, | As of September 30, | As of December 31, | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Customer A | 51.2 | % | 65.6 | % | $ | 2,603,277 | $ | 1,337,076 | 55.5 | % | 62.8 | % | $ | 3,563,515 | $ | 3,760,755 | ||||||||||||||||
Customer B | 48.0 | % | 29.7 | % | 3,512,252 | - | 43.7 | % | 35.8 | % | 1,447,171 | 1,823,785 | ||||||||||||||||||||
99.2 | % | 95.3 | % | $ | 6,115,529 | $ | 1,337,076 | 99.2 | % | 98.6 | % | $ | 5,010,686 | $ | 5,558,540 |
Purchases % | Accounts Payable | |||||||||||||||
9 Month Periods Ended September 30, | As of September 30, | As of December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Vendor A | 90.8 | % | 89.5 | % | $ | 1,172,314 | $ | 1,507,671 |
Purchases % | Accounts Payable | |||||||||||||||
Periods Ended March 31, | Periods Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Vendor A | 93.2 | % | 85.1 | % | $ | 2,890,006 | $ | 148,004 | ||||||||
Vendor B | 3.8 | % | 10.4 | % | 138,183 | 11,311 | ||||||||||
97.0 | % | 95. 5 | % | $ | 3,028,189 | $ | 159,315 |
Balance, December 31, 2016 | $ | 526,887 | ||
Accrued interest income | $ | 12,945 | ||
Balance, March 31, 2017 | $ | 539,832 |
2017 | 2016 | 3 months ended September 30, 2017 | 3 months ended September 30, 2016 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | - | $ | - | $ | 382,000 | $ | - | ||||||||
Deferred: | ||||||||||||||||
Federal | 128,000 | - | 8,000 | 24,412 | ||||||||||||
Income Tax Provision | $ | 128,000 | $ | - | $ | 390,000 | $ | 24,412 |
9 months ended September 30, 2017 | 9 months ended September 30, 2016 | |||||||
Current: | ||||||||
Federal | $ | 774,000 | $ | - | ||||
Deferred: | ||||||||
Federal | 146,000 | 37,012 | ||||||
Income Tax Provision | $ | 920,000 | $ | 37,012 |
(1) | "Capstone Lighting Technologies, L.L.C." or "CLTL" is a wholly owned subsidiary of Capstone Companies, Inc. |
(2) | "Capstone International Hong Kong Ltd" or "CIHK" is a wholly owned subsidiary of Capstone Companies, Inc. and a Hong Kong SAR registered Company. |
(3) | "Capstone Industries, Inc.", a Florida corporation and a wholly owned subsidiary of CAPC, may also be referred to as "CAPI" or "Capstone". |
(4) | "Capstone Companies, Inc.," a Florida corporation, may also be referred to as "we," "us" "our," "Company," or "CAPC." Unless the context indicates otherwise, "Company" includes in its meaning all of Capstone Companies, Inc.'s subsidiaries. |
(5) | "China" or "PRC" means People's Republic of China. |
(6) | "Commission" or "SEC" means the U.S. Securities and Exchange Commission. |
(7) | References to "33 Act" or "Securities Act" means the Securities Act of 1933, as amended. |
(8) | References to "34 Act" or "Exchange Act" means the Securities Exchange Act of 1934, as amended. |
(9) | "Subsidiaries" means the following wholly owned subsidiaries of the Company: Capstone Industries, Inc. ("CAPI"), Capstone International H.K Ltd., ("CIHK"), and Capstone Lighting Technologies, Inc. ("CLTL"). |
(10) | "LED" or "LED's" means a light-emitting diode component(s) which can be assembled into light bulbs or can be used in lighting fixtures. |
· | Designed to make everyday tasks or usage simpler and more enjoyable for consumers; |
· | While continuing to focus on increased profit margins, the products must be affordable to win at the point of sale and deliver increased revenues for retail partners; |
· | The products must represent significant value when compared with items produced or marketed by competitive |
· | Wherever feasible, the products must be unique to the market whether this be accomplished though design techniques, added functionality or some proprietary innovation. |
· | Raw Materials – Components and supplies are subject to sample inspections upon arrival at the contract manufacturer, to ensure the correct specified components are being used in production. |
· | Work in Process – Our quality control team conducts quality control tests at different points during the product stages of our manufacturing process to ensure that quality integrity is maintained. |
· | Finished Goods – Our team performs tests on finished and packaged products to assess product safety, integrity and package compliance. |
For the Three Months Ended | ||||||||
(In thousands) | March 31, 2017 | March 31, 2016 | ||||||
Net cash provided by (used in): | ||||||||
Operating Activities | $ | (206 | ) | $ | 1,773 | |||
Investing Activities | $ | (13 | ) | $ | (5 | ) | ||
Financing Activities | $ | (250 | ) | $ | (1,670 | ) |
For the Nine Months Ended | ||||||||
(In thousands) | September 30, 2017 | September 30, 2016 | ||||||
Net cash provided by (used in): | ||||||||
Operating Activities | $ | 2,142 | $ | (3,740 | ) | |||
Investing Activities | $ | (48 | ) | $ | (16 | ) | ||
Financing Activities | $ | (500 | ) | $ | 3,751 | |||
Total | $ | 1,594 | $ | (5 | ) |
· | The possibility of expropriation, confiscatory taxation or price controls; |
· | Adverse changes in local investment or exchange control regulations; |
· | Political or economic instability, government nationalization of business or industries, government corruption, and civil unrest; |
· | Legal and regulatory constraints; |
· | Tariffs and other trade barriers, including trade disputes between the U.S. and China; |
· | Political or military conflict between the U.S. and China, or between U.S. and North Korea, resulting in adverse or restricted access by U.S.-based companies to Chinese manufacturing and markets; and |
EXHIBIT # | EXHIBIT TITLE |
/s/ Stewart Wallach | ||
Stewart Wallach | Chief Executive Officer | |
Principal Executive Officer | ||
/s/James G. McClinton | ||
James G. McClinton | Chief Financial Officer and | |
Principal Financial Executive and Accounting Officer | Chief Operating Officer |