Vanderbilt Gold Corp – ‘10-Q’ for 9/30/94

As of:  Monday, 11/14/94   ·   For:  9/30/94   ·   Accession #:  931302-94-2   ·   File #:  1-09904

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Quarterly Report   —   Form 10-Q
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Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      12     49K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     1      7K 

10-Q   —   Quarterly Report
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE                  
SECURITIES EXCHANGE ACT OF 1934                 

For the quarterly period ended September 30, 1994                               

OR                

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE                 
SECURITIES EXCHANGE ACT OF 1934               

For the transition period from                  to                              

Commission File Number 1-9904                                                   

VANDERBILT GOLD CORPORATION 
(Exact name of registrant as specified in its charter)

     Delaware                               88-0224117
(State or other jurisdiction of               (I.R.S. Employer    
 incorporation or organization)              Identification No.)

4625 Wynn Road, Suite 103, Building C, Las Vegas NV 89103         
(Address of principal executive offices)
(Zip Code)

(702) 362-3152
(Registrant's telephone number, including area code)

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 reports), and (2) has been subject to such 
filing requirements for the past 90 days.                                       

Yes [X]  No [ ]                                                                 

Indicate the number of shares outstanding of each of the issuer's classes of    
common stock as of the latest practicable date.                                 

Common stock outstanding on November 7, 1994:              26,245,585 shares    

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                                                                [Download Table]
                         PART I - FINANCIAL INFORMATION                        
                          VANDERBILT GOLD CORPORATION                          
                     Condensed Consolidated Balance Sheets                     
                                 (In Thousands)                                

                                                         September    December 
                                                             30,         31,   
                                                            1994        1993   
                                                          Unaudited            
                                                                               
Current Assets:                                                                
   Cash and Temporary Investments                         $      2    $     36 
   Accounts Receivable - Trade                                   2           - 
   Employee Advances Receivable                                 19           5 
   Due from Related Parties                                     17           - 
   Inventories                                                 855         851 
   Prepaid Expenses                                              3           4 
   Other                                                         2           3 
                                                            ______      ______ 
      Total Current Assets                                     900         899 
Plant and Equipment - Net                                    2,092       2,129 
                                                            ______      ______ 
      Total Assets                                           2,992       3,028 
                                                            ======      ====== 
Current Liabilities:                                                           
   Accounts Payable                                       $  1,000    $    959 
   Accrued Expenses                                            162         169 
   Accrued Salaries & Wages                                    454         370 
   Notes Payable - Other                                         -          14 
   Due to Related Parties                                        -           5 
   Deferred Revenue - Gold Sales                                45          70 
   Gold Loan Payable                                            38          38 
                                                            ______      ______ 
      Total Current Liabilities                              1,699       1,625 
Long Term Liabilities:                                                         
   Accrued Reclamation Expense                                  45          47 
Shareholders' Equity:                                                          
   Preferred Stock, Par Value $.01 Per Share;                                  
     Authorized 5,000,000 Shares;                                              
     Series A, 100,000 shares Designated,                                      
     Issued and Outstanding 9,670 Shares                       148         148 
   Common Stock, Par Value $.01 Per Share;                                     
     Authorized 45,000,000 Shares at September 30, 1994;                       
     25,000,000 shares at December 31, 1993; Issued and                        
     Outstanding 25,945,585 Shares at September 30, 1994                       
     and 23,558,412 at December 31, 1993                       259         235 
   Common Stock Subscribed but Unissued (358,068 shares)        57           - 
   Additional Paid in Capital                               24,010      23,682 
   Accumulated Deficit                                     (23,226)    (22,709)
      Net Shareholders' Equity                               1,248       1,356 
                                                            ______      ______ 
Total Liabilities and Shareholders' Equity                $  2,992    $  3,028 
                                                            ======      ====== 
<FN>                                                                           
     See Accompanying Notes to Condensed Consolidated Financial Statements     

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                                                                [Download Table]
                          VANDERBILT GOLD CORPORATION                        
                Condensed Consolidated Statements of Operations              
                    (In Thousands, Except per Share Amounts)                 

                                             Three Months      Nine Months   
                                                Ended             Ended      
                                            September 30,     September 30,  
                                             1994     1993     1994     1993 
                                               Unaudited         Unaudited   
                                                                             
Revenues:                                                                    
  Bullion Sales                           $     -  $     -  $    14  $     4 
  Rental Income                                 -        7        -        7 
                                            _____    _____    _____    _____ 
    Total Revenues                              -        7       14       11 

Expenses:                                                                    
  Refining and Shipping Costs                   -        1       10        1 
  Reclamation & Environmental Expenses         75       19      132       50 
  Claim Lease/Rentals & Property Taxes         10       15       39       31 
  Debt Restructuring Expenses                   -       31       13       31 
  Depreciation and Amortization                14       16       43       89 
  Exploration Costs                             2        -        3        - 
  General and Administrative Expenses          32       68      304      125 
                                            _____    _____    _____    _____ 
    Total Expenses                            133      150      544      327 
                                            _____    _____    _____    _____ 
Operating Loss                                133      143      530      316 
                                            _____    _____    _____    _____ 
Interest Expense                               (1)      (3)     (30)     (66)
Debt Cancellation Income                        -       96       11       96 
Gain on Termination of Joint Venture           32        -       32        - 
Loss on Disposal of Assets                      -        -        -     (166)
                                            _____    _____    _____    _____ 
Net Loss                                  $   102  $    50  $   517  $   452 
                                            =====    =====    =====    ===== 
Net Loss Per Share                        $  0.00  $  0.00  $  0.02  $  0.03 
                                            =====    =====    =====    ===== 
Weighted Average Number of Shares                                            
Outstanding Used in Calculation of                                           
Loss Per Share                             26,085   19,777   24,850   13,821 
                                           ======   ======   ======   ====== 

<FN>                                                                         
     See Accompanying Notes to Condensed Consolidated Financial Statements   

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                          VANDERBILT GOLD CORPORATION                          
                 Condensed Consolidated Statement of Cash Flows                
                                 (in thousands)                                

                                                  Nine Months      Nine Months 
                                                     Ended            Ended    
                                                 September 30,    September 30,
                                                      1994             1993    
                                                   Unaudited        Unaudited  
                                                                               
Cash Flows from Operating Activities:                                          
     Net Loss                                        $  (517)         $  (452) 
     Adjustments for Noncash Items Included                                    
       in Net (Loss):                                                          
         Depreciation and Amortization Charged:                                
           to Costs and Expenses from Current Period      43               89  
           included in Ending Inventory                    1                4  
         Payments for Accrued Reclamation Costs           (2)              (7) 
         Deferred Revenue Settled with Common Stock       13               31  
         Current Period Expenses Settled with                                  
           Common Stock                                   45               41  
         Income from Cancellation of Debt                (11)             (96) 
         (Gain) Loss on Disposal of Assets                 -              166  
       Changes in Current Assets and Liabilities:                              
         Accounts Receivable                              (2)               3  
         Employee Advances                               (14)               -  
         Due from Related Parties                        (17)               -  
         Inventories - Net of Depreciation and                                 
           Amortization Charged to Costs and Expenses     (5)               2  
         Other Current Assets                              2                6  
         Accounts Payable                                165               87  
         Accrued Expenses                                 (7)             (44) 
         Accrued Salaries and Wages                       84               85  
         Deferred Credit                                   -               50  
         Bank Overdraft                                    -                3  
                                                       _____            _____  
               Net Cash Provided by (Used in) Operating                        
                 Activities                             (222)             (32) 
                                                       _____            _____  
Cash Flows from Investing Activities:                                          
         Purchase of Fixed Assets                         (7)               -  
         Proceeds from Fixed Asset Disposals               -                6  
                                                       _____            _____  
               Net Cash Provided by (Used in) Investing                        
                 Activities                               (7)               6  
                                                       _____            _____  
<FN>                                                                           
     See Accompanying Notes to Condensed Consolidated Financial Statements     

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                          VANDERBILT GOLD CORPORATION                          
           Condensed Consolidated Statement of Cash Flows, Continued           
                                 (in thousands)                                

                                                  Nine Months      Nine Months 
                                                     Ended            Ended    
                                                 September 30,    September 30,
                                                      1994             1993    
                                                   Unaudited        Unaudited  
                                                                               
Cash Flows from Financing Activities:                                          
         Proceeds from Common Stock Sold                                       
            and Subscribed                               204               99  
         Increase in Notes Payable - Other                 -               12  
         Payment of Notes Payable - Other                 (4)              (8) 
         Increase in Amounts Due Related Parties           -                6  
         Payment of Amounts Due Related Parties           (5)             (13) 
                                                       _____            _____  
               Net Cash Provided by (Used in) Financing                        
                 Activities                              195               96  
                                                       _____            _____  
Increase (Decrease) in Cash and Cash Equivalents         (34)              70  
Cash and Cash Equivalents at Beginning of Period          36                0  
                                                       _____            _____  
Cash Equivalents at End of Period                          2               70  
                                                      ======           ======  

Supplemental Information:                                                      
     Payment of Amounts Due Related Parties                                    
       with Common Stock                                   -               12  
     Payment of Amounts Due Related Parties                                    
       with Preferred Stock (Subscribed)                   -               48  
     Settlement of Forward Gold Sale with Common                               
       Stock (Subscribed)                                 25              118  
     Payment of Notes Payable - Other with Common                              
       Stock (Subscribed)                                 10              400  
     Payment of Accounts Payable with Preferred                                
       Stock (Subscribed)                                  -              100  
     Payment of Accounts Payable with Common Stock                             
       (Subscribed)                                      112              914  
     Interest Paid with Common Stock (Subscribed)         25               60  
     Interest Paid                                         1                -  
     Noncash Investment in Joint Venture                  50                -  

<FN>                                                                           
     See Accompanying Notes to Condensed Consolidated Financial Statements     

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VANDERBILT GOLD CORPORATION 
Notes to Condensed Consolidated Financial Statements
September 30, 1994
Unaudited 

1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:                                

    The Condensed Consolidated Balance Sheet as of September 30, 1994, and the
   related Condensed Consolidated Statements of Operations for the three and
nine months ended September 30, 1994 and 1993 and of Consolidated Cash
Flows for the nine months ended September 30, 1994 and 1993 have been 
 prepared without audit.  The Condensed Consolidated Balance Sheet as of
   December 31, 1993 was taken from the audited financial statements of that
  date.  In the opinion of management, all adjustments (which include only
 normal recurring adjustments) necessary to present fairly the financial
    position as of September 30, 1994, the results of operations for the three
   and nine months ended September 30, 1994 and 1993, and cash flows for the
nine months ended September 30, 1994 and 1993 have been made.         

Certain information and footnote disclosures normally included in     
financial statements prepared in accordance with generally accepted   
    accounting principles have been condensed or omitted.  It is intended that
  these condensed consolidated financial statements be read in conjunction
 with the audited financial statements and notes thereto included in the
   Company's December 31, 1993 Form 10-K.  The results of operations for the
three and nine months ended September 30, 1994 and 1993 are not       
necessarily indicative of the operating results for the full year.    

   These condensed consolidated financial statements include the accounts of
the Registrant and its proportionate share of the assets, liabilities,
income and expenses of a joint venture in which it was a 50% member   
through August, 1994, at which time the joint venture was terminated. 

  Loss per common share is computed based upon the weighted average number
of shares outstanding during each period, including common shares     
   subscribed for which the Registrant has received full consideration.  The
    effect on loss per common share resulting from the exercise of outstanding
options would be antidilutive.                                        

  Inventories of ores on the heap leach pad and gold-in-process are stated
   at the lower of average cost or market.  Operating materials and supplies
are stated at the lower of cost (as determined under the first-in     
first-out method) or market.  The $855,000 shown as inventories on the
  balance sheet at September 30, 1994 consists entirely of ore in process.

   Certain reclassifications have been made to the 1993 financial statements
 for comparability to 1994.  Such reclassifications had no effect on the
amount of net loss.                                                   

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VANDERBILT GOLD CORPORATION 
Notes to Condensed Consolidated Financial Statements, continued 
September 30, 1994
Unaudited 

 During 1991, due to the existence of a small leak in the top pad liner of
heap leach pad #2, the Company was prohibited by regulatory authorities 
from adding any further cyanide to the leaching solution. Vanderbilt    
 continued to circulate untreated liquids through the pad, during 1991 and
   into 1992, from which it was able to recover measurable amounts of gold and
   silver.  However, by the end of 1992, virtually no gold or silver was being
   recovered from the pad.  In light of the Company's financial condition, the
 fact that the pad was no longer suitable for its originally intended use,
  and the fact that the pad had reached the end of its estimated useful life
  of two years, Management decided it would be appropriate to remove it from
the books of account.  In February 1993, the cost associated with the   
original construction of heap leach pad #2 was written off excluding any
salvageable equipment and materials. The net book value at the date of  
write-off was $43,000.  Pad #2 is currently in the process of being     
detoxified.                                                             

In 1987, Vanderbilt developed a land site upon which a contractor could 
  place a mobile ore crushing facility.  The costs incurred, primarily those
for grading the site and laying concrete pads, were capitalized. The    
  contractor has long since removed its equipment from the site and the site
is no longer in use. Management has determined that the site is not     
  compatible with more modern day equipment and it is no longer suitable for
the purpose for which it was originally intended.  Therefore, Management
   elected to write it off of the books of account.  The net book value at the
date of write-off, February 28, 1993, was $126,000.                     

The accumulated depreciation and amortization at September 30, 1994 is  
$6,905,000 and $6,860,000 at December 31, 1993.                         

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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND        
RESULTS OF OPERATIONS                                         

General Commentary                                                              

During the first nine months of 1994, Vanderbilt Gold Corporation continued the 
progress which it started in 1993.  The Company has reduced old debts by        
$147,000; the creditors agreed to accept the Company's common shares for the    
debt.  Funds were generated by private placements ($205,000) during the nine    
months ended September 30, 1994.  The Company was able to pay $58,000 of its    
current expenses with common shares.  The Registrant brought its filings        
current with the United States Securities and Exchange Commission by filing all 
required reports for 1991, 1992 and 1993.  The private placement funds were     
used to pay the necessary legal, accounting, auditing, printing, proxy,         
mailing, and meeting costs to bring the filings current and hold the            
shareholders' meeting as well as pay for ongoing reclamation, permitting and    
licensing and environmental expenses. Vanderbilt held its shareholders' meeting 
(the first in three years) in June, 1994.  The shareholders approved an         
increase in the authorized number of common shares to 45,000,000, voted in      
favor of the recommended Board of Directors, which now consists of seven (7)    
members, and approved amendments to the Company's 1989 Stock Option Plan.       

On August 11, 1994, the California Regional Water Quality Control Board,        
Lahontan Region, met at Mammoth Lakes, California, in formal session, and       
approved and adopted the amended waste discharge requirements for Vanderbilt    
Gold Corporation's Morning Star Mine.  This approval means that the Company may 
now begin operations at the mine and that heap leach pad #1 is reclassified as  
detoxified.                                                                     

The California Desert Protection Act of 1994 ("ACT") was passed by Congress and 
signed into law by the President.  The Morning Star Mine ("Morning Star") is    
located in the newly designated "Mojave National Preserve".  In general, the    
Morning Star's mining and processing operations, under the new Act, may be      
conducted as provided in the existing Plan of Operations ("Plan").  One change  
will be that the public land, including the Morning Star, will be administered  
by the National Park Service ("NPS") instead of the Bureau of Land Management   
("BLM").  The timetable for this transfer has not yet been announced.  The NPS  
has, however, notified the Company that operating mines, with approved BLM      
Plans, that are now on lands to be administered by the NPS will be temporarily  
allowed to continue until the approved BLM Plan can be converted to an          
approvable NPS Plan and a validity determination of its claims can be made.     

The land around the Morning Star will no longer be open to new mining claims,   
but the new Act expressly provides that this withdrawal of land from mineral    
entry is "subject to valid existing rights", which would obligate the United    
States Government to honor the Morning Star's valid mining claims, permits and  
the approved Plan of Operation.                                                 

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Since the Morning Star has an approved Plan (approved by BLM) and state water   
permits, it appears that the mining and processing operations can proceed in    
accordance with the Company's plans.  However, it is not possible at this time  
to assess the ultimate impact(s), if any, that the Act will have upon the       
Company's operations at Morning Star and when the Act will be fully             
implemented.                                                                    

RESULTS OF OPERATIONS:                                                          

COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 1994 TO NINE MONTHS ENDED         
SEPTEMBER 30, 1993:                                                             

The Company realized a net loss of $517,000 ($0.02 per share) for the nine      
months ended September 30, 1994 which is $65,000 more than the $452,000 ($0.03  
per share) loss for the nine months ended September 30, 1993.  Note that the    
number of shares used in the computation for the 1994 per share amount are      
nearly double the amount for the 1993 per share calculation as the Company      
utilized a significant number of its common shares to retire debt and pay other 
obligations.  For 1994, the loss is attributable to increased general and       
administrative expenses and higher reclamation and environmental expenses.  The 
1994 general and administrative expenses are higher because the Company         
incurred the expense in the first nine months of 1994 to complete its           
independent audits for 1991, 1992 and 1993, completion and filing of its Forms  
10-K for 1991, 1992 and 1993, together with the costs of compiling the          
information and preparing Forms 10-Q for 1992 and 1993 (three quarterly reports 
for each year), preparing a proxy and proxy statement, mailing the proxy        
statements together with the 1993 Annual Reports to shareholders, and holding a 
shareholders' meeting in June 1994.  The reclamation and environmental expenses 
include the costs of the continuing cleanup of the minesite, environmental      
compliances, payment for bonds, permits, fees and other charges related to      
reclamation and remediation at the Morning Star mine.                           

The following financial and operational highlights summarize the Company's      
results of operations and financial position:                                   

                                                                [Download Table]

                                                         Nine Months Ended     
                                                    September 30, September 30,
                                                         1994          1993    
                                                        (in thousands except   
                                                        percentages, per share,
                                                        ounces, and per ounce  
                                                               amounts)        
                                                             (Unaudited)       
                                                                               
Overburden and waste removed (tons)                             0            0 
Ore mined (tons)                                                0            0 
Payable gold (troy ounces):                                                    
  Produced                                                      0            0 
  Sold                                                         36 *         12 
Payable Silver (troy ounces):                                                  
  Produced                                                      0            0 
  Sold                                                         33 *          1 

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                                                                [Download Table]

                                                         Nine Months Ended     
                                                    September 30, September 30,
                                                         1994          1993    
                                                        (in thousands except   
                                                        percentages, per share,
                                                        ounces, and per ounce  
                                                               amounts)        
                                                              (Unaudited)      
                                                                               
Average realization:                                                           
  Gold (per payable ounce) *                             $ 373.10     $ 334.02 
  Silver (per payable ounce)                                 5.16         3.64 
Estimated ounces of recoverable gold                                           
  remaining on heap leach pads                              2,449        2,449 
Estimated Percentage of Recoverable                                            
  Gold Remaining on the heap leach pads                      4.52%        4.52%
Bullion Sales                                            $     14     $      4 
Operating Loss                                                530          316 
Net Loss                                                      517          452 
Cash Flow Used in Operations                                  222           32 
Cash Flow Provided (Used by) Investing Activities              (7)           6 
Cash Flow Provided by Financing Activities                    195           96 
Loss Per Common Share                                         .02          .03 
Total Assets                                                2,992        3,074 
Total Liabilities                                           1,744        1,713 
Accumulated Deficit                                        23,226       22,634 
Shareholders' Equity                                        1,248        1,361 
Working Capital (Deficit)                                    (799)        (700)
<FN>                                                                           
*  Metals recovered from the spent carbon removed from the recovery tanks.     

COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 1994 TO THREE MONTHS ENDED       
SEPTEMBER 30, 1993:                                                             

During the three months ended September 30, 1994, the Company earned no         
revenues as the California Regional Water Quality Control Board consent to      
resume operations under the revised Plan of Operations was not received until   
August 11, 1994.  By September 30, 1994, the Company had not raised the funding 
necessary to resume operations at Morning Star although several possibilities   
were being explored and negotiations had commenced.  Reclamation, remediation   
and other environmental related expenses of $75,000 were incurred in the three  
months ended September 30, 1994 as opposed to $19,000 in the same quarter of    
1993.  The 1994 reclamation, remediation and other environmental expenditures   
were higher in anticipation of the resumption of operations.  General and       
administrative expenses were $32,000 for the quarter ended September 30, 1994   
as compared to $68,000 for the same period in 1993.  During 1993, there was     
considerable commission expense ($34,000) relating to private placements made   
during that quarter.                                                            

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The Morning Star Joint Venture (a joint venture between Vanderbilt Gold         
Corporation and some private persons) was terminated during the third quarter;  
such termination giving rise to a $32,000 gain.                                 

LIQUIDITY AND CAPITAL RESOURCES:                                                

The following financial highlights summarize the Company's cash flows:          

                                                                [Download Table]

                                                    Nine Months Ended        
                                                September 30,   September 30,
                                                     1994            1993    
                                                         (in thousands)      
                                                           (Unaudited)       
                                                                             
Cash Used in Operating Activities                     $   222      $       32
Cash Used to Acquire Capital Assets                         7               -
Cash Provided by Disposals of Fixed Assets                  -               6
Cash Provided from Proceeds from Common Stock                                
  Sold and Subscribed                                      204             99
Cash Provided from Notes Payable - Other Proceeds            -             12
Cash Used for Payment of Notes Payable - Other               4              8
Cash Provided by Loans from Related Parties                  -              6
Cash Used for Payment of Related Parties Loans               5             13

As stated in the General Commentary to this Management Discussion and Analysis, 
Management has been able to reduce old accounts payable and debts by $147,000   
as the creditors agreed to accept the Company's common shares in payment.  The  
Registrant still is operating with a working capital deficit, at $799,000 at    
September 30, 1994, as compared to a working capital deficit of $700,000 at     
September 30, 1993.  Although Management has not been able to restore the       
Company's working capital to a positive balance, it has been able to, with      
limited resources and no net income, reduce its working capital deficit by      
$1,531,000 since December 31, 1992.                                             

Like other companies, Vanderbilt is subject to the existing and evolving        
standards relating to the protection of the environment. It has established a   
reserve for the reclamation costs it can estimate that it will probably incur   
when the operations at the Mine finally cease.  However, the Company is subject 
to contingencies as a result of changing environmental laws and regulations.    
The related future cost is indeterminable due to such factors as the unknown    
timing and extent of corrective actions which may be required and due to the    
application of joint and several liability. Vanderbilt believes that those      
costs, if and when incurred, will not have a material adverse effect on its     
operations or financial position.                                               

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The Company's continued existence and resumption of operations at the Mine and  
the possible continuation of evaluation, exploration and development of other   
mineral properties is dependent upon its ability to continue to raise           
additional capital through private placements, restructuring of debt, joint     
venture and other financing arrangements.                                       

During the period from October 1, 1994 through November 7, 1994, the Company    
has entered into agreements for additional private placements totalling more    
than $200,000 and a gold forward sale for $50,000.                              

PART II - OTHER INFORMATION                                                     

ITEM 1.  LEGAL PROCEEDINGS                                                      

    There have been no current period changes in the legal proceedings
        against the company as outlined in the December 31, 1993 Annual Report
on Form 10-K and subsequent Quarterly Reports on Forms 10-Q.  

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                       

(A) Exhibits:                                                 

None.                                                         

(B) Reports on Form 8-K:                                      

None                                                          

SIGNATURE 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the    
registrant has caused this report to be signed on its behalf by the undersigned 
thereunto duly authorized.                                                      

                                           VANDERBILT GOLD CORPORATION
                                          (Registrant)

Dated: November 7, 1994                     By      /S/Howard T. Urband         
                                       Howard T. Urband,  Vice President
                         and Secretary

Dates Referenced Herein

				Referenced-On Page
This ‘10-Q’ Filing		Date		First		Last			Other Filings
Filed on:		11/14/94							None on these Dates
		11/7/94		1		12
		10/1/94		12
For Period End:		9/30/94		1		11
		8/11/94		8		10
		12/31/93		2		12
		9/30/93		6		11
		2/28/93		7
		12/31/92		11
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