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Bridgewell Preferred Income, LP – ‘1-SA’ for 6/30/23

On:  Wednesday, 9/27/23, at 3:39pm ET   ·   For:  6/30/23   ·   Accession #:  1731122-23-1736

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/27/23  Bridgewell Preferred Income, LP   1-SA        6/30/23    1:180K                                   Electro Filings LLC/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 1-SA        Semi-Annual Report or Special Financial Report      HTML    179K 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 1-SA

☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A

or

☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A

For the fiscal semiannual period ended June 30, 2023

BridgeWell Preferred Income LP

(Exact name of issuer as specified in its charter)

Florida

(State of other jurisdiction of incorporation or organization)

BridgeWell Preferred Income LP

2400 E. Colonial Drive, Ste 200 Orlando, FL 32803

407-447-5000

(Address, including zip code, and telephone number, including area code of issuer’s principal executive office)

81-1588569

(I.R.S. Employer Identification Number)

Limited Partnership Interests, General Partnership Interests

(Title of each class of securities issued pursuant to Regulation A)

Forward-Looking Statement

This Semi-Annual Report of BridgeWell Preferred Income LP, a Florida limited partnership, contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “outlook,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth or anticipated in our forward-looking statements. Factors that could have a material adverse effect on our forward looking statements and upon our business, results of operations, financial condition, funds derived from operations, cash flows, liquidity and prospects include, but are not limited to, the factors referenced in the BridgeWell Preferred Income LP Offering Circular filed pursuant to Regulation A, or the Offering Circular, under the caption “RISK FACTORS” and which are incorporated herein by reference to the Offering Circular.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this report. The matters summarized below and elsewhere in this report could cause our actual results and performance to differ materially from those set forth or anticipated in forward-looking statements. Accordingly, we cannot guarantee future results or performance. Furthermore, except as required by law, we are under no duty to, and we do not intend to, update any of our forward-looking statements after the date of this report, whether as a result of new information, future events or otherwise.

Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations

BridgeWell Preferred Income LP (the “Company”) was formed on January 25, 2016 in the state of Florida for the purpose of investing in (1) mortgages secured by real estate and (2) directly in real estate. The Company invests in commercial real estate for renovation and sale, and land development to hold for appreciation and/or income production.

As of June 30, 2023, the Company had sold 32,725 Limited Partnership Interests (Units) to Investors ($32.725 million).

As of June 30, 2023, the Company is invested in $31.95 million in secured mortgage loan notes, and $3.45 million in real estate investments, of which $1.16 million is real estate owned retention.

The Company held $763,247 in cash at depository insured banks as of June 30, 2023. Of the $763,247 in cash, $100,000 was restricted. Restricted cash comprises a deposit with the warehouse line that is not available to the Company for immediate or general business use.

Liquidity and Capital Resources

The Company is seeking to raise up to $50 million of capital by selling Limited Partnership Interests (Units) to Investors. Most of the capital we raise is invested in secured mortgage notes and income-producing and/or appreciating real estate. In addition, the Company purchases and/or holds real estate that is retained from foreclosures on mortgage loans receivable (“REO” properties).

On January 7, 2020, the Company qualified with the Securities and Exchange Commission by ways of a post-qualification amendment to continue to offer Limited Partnership Units beyond the initial 12 months. Rule 251(D)(3)(I)(F)(4) permits Regulation A Offerings to conduct ongoing, continuous offerings of securities for more than thirty (30) days after the qualification date, but only if not more than three (3) years have elapsed since the initial qualification date of the offering, unless a new offering circular is submitted. The Company intends to offer the Limited Partnership Units on a continuous and ongoing basis pursuant to Rule 251(D)(3)(I)(F).

There is no public market for units of the Company, and none is expected to develop in the foreseeable future. The Company does have a redemption program however, no Limited Partnership unit holder may request a redemption until 90 days after the units were purchased. Any redemption is not subject to penalty. The Company will only redeem Limited Partnership units up to 10% of the value of the assets under management per quarter. During the six months ending June 30, 2023, the Company had withdrawals of $1.044 million, and raised an additional $4.087 million in limited partner capital, for a net increase of $3.043 million. This does not include $1.074 million in earnings distributions for the six months ended June 30, 2023.

The Company obtained a new $5 million dedicated warehouse line of credit (Repurchase Facility) on February 8, 2023 for a period of one year. The line of credit has a variable interest rate based on the daily simple SOFR plus 4.00% with a minimum interest rate of 4.00%. During the first half of 2023, 28 loans were placed on the warehouse line.

Trend Information

We are closely monitoring the impact of changing interest rates and rates of return on the type of secured mortgage notes that the Company purchases. During the reporting period ending June 30, 2023, we have not noticed a material change substantial enough to prevent the Company from acquiring investment inventory at sufficient rates to provide Limited Partner preferred returns.

Item 2. Other Information

None.

Item 3. Financial Statements

BridgeWell Preferred Income LP

A Florida Limited Partnership Financial Statements (Unaudited)

For the six-month period ending June 30, 2023

and June 30, 2022

BridgeWell Preferred Income LP 

Notes to Financial Statements 

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

The Company will continue in perpetuity unless PIM chooses to dissolve it.

On January 31, 2018, the Company received qualification from the U.S. Securities and

Exchange Commission to issue Limited Partnership Units under Regulation A, the Conditional Small Issues Exemption, for a period of 12 months. Under the terms of the Company’s offering, it can issue up to 50,000 Limited Partnership Units at a price of $1,000 per unit. The Limited Partnership Units bear a preferred return of 7.00%. Limited Partners collectively holding more than 75% of the Limited Partnership Units may vote

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

to dissolve the Company. As of June 30, 2023, and December 31, 2022, the number of outstanding Limited Partnership Units were 32,725 and 29,681, respectively.

On January 7, 2020, the Company filed a Post-Qualification Amendment to continue to offer Limited Partnership Units beyond the initial 12 months. Rule 251(D)(3)(I)(F)(4) permits Regulation A Offerings to conduct ongoing, continuous offerings of securities for more than thirty (30) days after the qualification date, but only if not more than three (3) years have elapsed since the initial qualification date of the offering, unless a new offering circular is submitted. The Company intends to offer the Limited Partnership Units on a continuous and ongoing basis pursuant to Rule 251(D)(3)(I)(F).

Profits and Losses

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Profits and Losses (continued)

Distributions

The Company distributes or reinvests amounts equal to the Limited Partners’ 7.00% non-compounded preferred return on their proportionate units based on the Company’s excess distributable cash each month. PIM will distribute funds only to the extent that funds are available.

Management and Related Party Fees

The Manager and/or its affiliates are entitled to receive certain fees, compensation, and expense reimbursements from the Company, such as, but not limited to, the amounts specified below.

BridgeWell Capital LLC services loans and collects a servicing fee of up to 3.00% of the principal balance. This is outlined in the Note Servicing Agreement.

PIM is entitled to receive an asset management fee of 1.00% per annum on assets under management. This is outlined in the Regulation A filing.

The Company receives certain operating and administrative services from PIM, some of which may not be reimbursed to PIM. The Company’s financial position and results of operations would likely be different without this relationship with the Manager.

Basis of Accounting and Use of Estimates

The Company’s financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Company is an investment company that follows the specialized accounting and reporting guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The accrual basis of accounting requires the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting and Use of Estimates (continued)

financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the Company uses its best estimates and judgements, actual results could differ from these estimates as future confirming events occur.

Mortgage Loans Receivable

Mortgage loans receivable are recorded at their outstanding principal balance with interest thereon being accrued as earned. Company loans will have varying terms at the discretion of the Manager. Most Company loans will generally have a term of 12 months and provide for monthly payments of interest with a “balloon payment” at the end of the term. As of June 30, 2023, there are certain loans that have terms of two to 10 years. The Company will not recognize interest income on loans once they are determined to be impaired until the interest is collected in cash. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the underlying collateral.

The Company will from time to time purchase non-performing loans from other individual or institutional investors. At its sole discretion, the Manager may accrue interest on these loans after assessing the likelihood of collection of such interest. This is reassessed at regular intervals by the Manager during the time of non-performance and pending foreclosure. If it is determined at reassessment that some or all of the accrued interest is likely uncollectable, these amounts will be recorded as a loss on the statement of income.

BridgeWell Preferred Income LP

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Allowance for Loan Losses (continued)

portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. As of June 30, 2023 and December 31, 2022, there were no allowances for loan losses recorded.

Real Estate Purchases

Real estate owned includes real estate acquired in full or partial settlement of loan obligations plus capitalized construction and other development costs incurred while preparing the real estate for sale. At the time of foreclosure, the property is recorded at fair value, and the gain or loss on foreclosure is recorded in operating income or expense.

Improvements are capitalized as incurred. Following foreclosure, valuations are periodically performed with any subsequent write-downs recorded as a separate valuation allowance against real estate owned and charged to other operating expenses.

BridgeWell Preferred Income LP 

Notes to Financial Statements 

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Real Estate Investments (continued)

Foreclosed Assets (Real Estate Owned) (continued)

Subsequent increases to real estate owned are recorded as unrealized gains when any rehabilitation improvements to the property are close to completion and management can make an assessment of fair value.

The maintenance of the real estate owned for which rent is collected, is expensed as incurred. The maintenance of real estate owned that does not have rent collected is capitalized. The Company actively works to sell, or prepare for sale, the acquired real estate, and gain and loss on these dispositions are recorded in operating income or expense. Recognition of gains on the sale of real estate is dependent upon the transaction meeting certain criteria related to the nature of the property, terms of sale and potential financing.

While the Company holds real estate properties, it may rent them on a month-to-month basis. Rental income is considered incidental. Therefore, rental income is recorded as received and no depreciation expense is recorded during the current year.

Revenue Recognition

Payoff fees and rebates are recognized when earned according to the contractual terms of the loan or other agreement.

BridgeWell Preferred Income LP

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value Measurements (continued)

an orderly transaction between market participants on the measurement date. The Company determines the fair values of its assets and liabilities based on a fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are 3 levels of inputs that may be used to measure fair value. The 3 levels are defined as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are based on either observable prices for identical assets or liabilities in inactive markets; observable prices for similar assets or liabilities; or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.

The Company has various processes and controls in place to ensure that fair value is reasonably estimated. A model validation policy governs the use and control of valuation models used to estimate fair value. Periodic reassessments of the models are performed to ensure that they are continuing to perform as designed.

While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

The following methods and assumptions were used to estimate the fair value of assets and liabilities:

BridgeWell Preferred Income LP 

Notes to Financial Statements 

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Valuation Process and Techniques (continued)

Performing mortgage loans that management intends to hold to maturity are valued at historical cost, which is considered fair value. Non-performing and impaired mortgage loans are reported at the net realizable value of the underlying collateral based on an observable market price or a current appraised value. Mortgage loans are classified as Level 3.

Real estate investments are fair valued on a quarterly basis when the rehabilitation or development of the asset is close to completion and fair value is determinable. Management determines fair value using valuations or market estimates from third parties. Investments are classified as Level 3. Foreclosed real estate, or real estate owned, is reported at the property’s estimated fair value less estimated costs to sell based on its appraised value at the time of foreclosure. Subsequent changes in value are recorded based on the current appraised value as further discussed in the Real Estate Investments section.

Income Taxes

The Company has elected to be a partnership under the Internal Revenue Code and a similar section of the state code. The members of a partnership are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision or liability for income taxes has been included in these financial statements.

The Company has evaluated its current tax positions and has concluded that as of June 30, 2023, and December 31, 2022, no significant uncertain tax positions exist for which a reserve would be necessary.

The Company’s income tax returns are subject to review and examination by federal, state and local governmental authorities. As of June 30, 2023, there are 18 months open to examination by the Internal Revenue Service, and varies for state and local governmental authorities. To the extent penalties and interest are incurred through the examinations, they would be included in the accompanying statements of income.

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 1 -            SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses for the six months ended June 30, 2023, and June 30, 2022, were $16,804 and $450, respectively. These balances are included in General & Administrative Expenses on the accompanying Statements of Operations.

Recently Issued Accounting Pronouncements

Accounting Standard Issued but Not Yet Effective

Credit Losses – In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), and was clarified by FASB ASU 2019-04, Codification Improvements, and FASB ASUs 2019-05 and 2019-11, Targeted Transition Relief and Clarification. Prior to this pronouncement, generally accepted accounting principles required use of the incurred loss method for recognizing credit losses in the reserve. The incurred loss method recognizes a credit loss when it is probable that a loss has been incurred. The new guidance replaces the incurred loss method with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The pronouncement also allows for the irrevocable election of the fair value measurement for certain financial assets. Management is in the process of evaluating this guidance but does not believe it will have a significant impact on the financial statements of the Company. The effective date of FASB ASUs 2018-19 and 2019-10, Codification Improvements to Topic 326, Financial Instruments – Credit Losses have been deferred until interim and annual periods beginning after December 15, 2022.

NOTE 2 -           CASH CONCENTRATION

The Company maintains funds in a financial institution that is a member of the Federal Deposit Insurance Corporation. As such, funds are insured based on the Federal Reserve

limit of $250,000. The Company has not experienced any losses to date, and management believes it is not exposed to any significant credit risk on the current account balance. At times, cash balances may exceed insured amounts.

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 3 -           CASH AND RESTRICTED CASH

The Company has a restricted cash requirement related to its line of credit for financing transactions. The following table provides a reconciliation of cash and restricted cash reported within the accompanying balance sheets and statements of cash flows as of,

NOTE 4 -            MORTGAGE LOANS RECEIVABLE

Mortgage loans receivable consist of notes to individuals and companies, secured by deeds of trust, generally bearing interest at 8.00% to 14.95% per annum with either a balloon payment due at maturity or periodic amortizing payments. Loans that are past maturity generally bear interest at 18.00%. Notes have maturity dates through April 2033.

Mortgage Loan Participations

The Company periodically sells participations in its mortgage loans receivable. Sold participations that qualify as a sale are removed from the Company’s books and management recognizes its proportionate share of interest income on the remaining mortgage loans receivable as earned.

Sold participations that do not qualify as a sale are recorded as a secured borrowing that is paid down based on the payment terms of the corresponding mortgage loan receivable. Secured borrowings are reflected on the accompanying consolidated balance sheets, and interest expense is reflected in the accompanying consolidated statements of operations. For the periods ended June 30, 2023 and December 31, 2022, the Company did not have participations that did not qualify as a sale.

Rehabilitation Loans

As of June 30, 2023, the Company had a commitment to fund an additional $4,107,880

in rehabilitation loans. As of December 31, 2022, the Company had a commitment to fund an additional $4,143,106 in rehabilitation loans. Commitments are funded by a combination of contributions, collections of mortgage loans receivable and warehouse credit line advances.

BridgeWell Preferred Income LP

Notes to Financial Statements

June 30, 2023

NOTE 4 -            MORTGAGE LOANS RECEIVABLE (CONTINUED)

Loan Modifications

No loans were modified for the periods ended June 30, 2023 and the year ended December 31, 2022.

Loans in Default

As of June 30, 2023, 5 loans amounting to $716,384 were in default. As of December 31, 2022, 13 loans amounting to $2,266,260 were in default. It is presently anticipated that these loans will be resolved between one and three years from year-end 2023. Loans in default will reduce the cashflow and income generated to the Company, however, Management does not anticipate that these loans in default will incur loss of principal upon disposition or resolution.

The Company does not accrue interest owed on past due loans. Loans are restored to accrual status when interest payments are brought current. The exception to this is accrued interest on purchased non-performing loans. At its sole discretion, the Manager may accrue interest on these loans after assessing the likelihood of collection of such interest. As of June 30, 2023, and December 31, 2022, there was no interest accrued on non-performing loans.

NOTE 5 -           LINE OF CREDIT

On February 8, 2023, the Company obtained a new $5 million dedicated Warehouse Line of Credit (Repurchase Facility) for a period of one year. The line of credit has a variable interest rate based on the daily simple SOFR plus 4.00% with a minimum interest rate of 4.00%. The Company paid $107,875 in warehouse credit line interest, and $2,360 in warehouse credit line funding fees for the six months ended June 30, 2023. During that period 28 loans were placed on the warehouse line.

NOTE 6 -            RELATED PARTY TRANSACTIONS

               Management Fees

Management fees are assessed throughout the year. The Manager of the fund (“PIM”) determines the amount of the fees (up to 1% of the dollar value of the limited partner shares), and whether the fees will be expensed, deferred or waived. For the six months ended June 30, 2023, the Company paid $12,000 in management fees.

BridgeWell Preferred Income LP 

Notes to Financial Statements 

June 30, 2023

NOTE 6 -           RELATED PARTY TRANSACTIONS (CONTINUED)

Servicing Fees

BridgeWell Capital LLC (“BWC”) earns up to 3% of the total secured loans serviced at the end of each month. For the six months ended June 30, 2023, the Company paid $48,745 in servicing fees.

Related Party Payable

The balance of related party payable at June 30, 2023 was $34,249. For the six months ended June 30, 2023, the Company owed BWC $32,249. This amount is comprised of fees associated with on-going non-performing notes, real estate owned (REO) assets, servicing fees, and administration expenses. Management fees of $2,000 were booked as payable to PIM.

The balance of related party payable at December 31, 2022 was $32,000. For the year ended December 31, 2022, BWC advanced $193,721 for REO and non-performing loan (NPL) advances related to property taxes, insurance, maintenance and legal fees. These were reimbursed by the Company within the year. Management fees of $32,000 were booked as payable to PIM.

Investments

The General Partner’s equity investment in the Company was $100,859 at June 30, 2023 and at December 31, 2022.

NOTE 7 -           FAIR VALUE MEASUREMENTS

The following table represents the Company’s fair value hierarchy for its assets measured at fair value on a recurring basis as of June 30,

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 7 -           FAIR VALUE MEASUREMENTS (CONTINUED)

The following table represents the Company’s fair value hierarchy for its assets measured at fair value on a recurring basis as of December 31,

For the sixth months ended June 30, 2023, the Company had the following Level 3 assets:

BridgeWell Preferred Income LP

Notes to Financial Statements

June 30, 2023

NOTE 7 -           FAIR VALUE MEASUREMENTS (CONTINUED)

For the year ended December 31, 2022, the Company had the following Level 3 assets:

Due to their short-term nature, the carrying values of cash, accounts payable and accrued liabilities, line of credit and related party payable approximate their fair values at June 30, 2023 and December 31, 2022.

NOTE 8 -           CONTINGENT LIABILITIES AND RISK

In the normal course of business, the Company may become a party to litigation matters involving claims against it. At June 30, 2023, there are no current matters that would have a material effect on the Company’s financial positions or results of operations.

Cyber Security Threats

A cyber incident is an intentional or unintentional event that could threaten the integrity, confidentiality or availability of the Company’s information resources. These events

include, but are not limited to, unauthorized access to information systems, a disruption to our information systems, or loss of confidential information. The Company’s primary risks that could result directly from the occurrence of a cyber incident include operational interruption, and potential damage to our public image and reputation with our customers and investors.

BridgeWell Preferred Income LP 

Notes to Financial Statements

June 30, 2023

NOTE 8 -            CONTINGENT LIABILITIES AND RISK (CONTINUED)

Cyber Security Threats (continued)

We have implemented processes, procedures, and controls to mitigate these risks, including, but not limited to, firewalls and antivirus programs as well as training and awareness programs provided by our banking partners on the risks of cyber incidents.

NOTE 9 -           SUBSEQUENT EVENTS

The Company has evaluated subsequent events through September 27, 2023, the date the financial statements were available to be issued, and the following events are noted:

Investment Capital

From July 1 through September 27, 2023, the Company issued an additional 837 Limited Partnership Units for $837,013 and returned 999.3 Limited Partnership Units for $999,296.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘1-SA’ Filing		Date		Other Filings
		12/31/23
Filed on:		9/27/23
For Period end:		6/30/23
		2/8/23
		12/31/22		1-K
		12/15/22
		6/30/22		1-SA
		1/7/20		1-A POS
		1/31/18		QUALIF
		1/25/16
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