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Near-future quarterly financial projections

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to be perfectly clear: there are many auditors that do poor work, so many that i don't trust audited financials that don't make sense in a few other ways.
I agree, the idea that the auditors can be independent when the company they are auditing is their customer is pretty much a joke. I also think a company that is competent in auditing techniques (which isn't tough) can shape a GL so that it passes audit even if it's highly unreliable. Controls testing with SOX is still a joke, but it is headed in the right direction. I also think that 'off balance sheet' items are nearly impossible to audit and are an enormous risk in almost every company.


I have a lot of opinions on this subject because i think it is a huge problem, especially when you get into capitalization and non gaap measurements. Most of this view has very little to do with Tesla though.
 
Also Montana Skeptic does a lot of research and provides a lot of support to his work.
No, he doesn't. He lies outright; I've caught him doing this repeatedly. When he gets caught making an outright provable lie, he tried to get the person who caught him banned from commenting on his articles. It's happened to three or four of us here.
 
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after listening to several podcasts i decided he must be a lobbyist or paid shrill of some sort. he certainly doesn't seem to know anything about money management.

ms appears to me an educated sounding pied piper who rounds up a herd of unsuspecting mice to line the pockets of me and others with gold. that's probably the only reason I could be grateful to him.

No, he doesn't. He lies outright; I've caught him doing this repeatedly. When he gets caught making an outright provable lie, he tried to get the person who caught him banned from commenting on his articles. It's happened to three or four of us here.
 
after listening to several podcasts i decided he must be a lobbyist or paid shrill of some sort. he certainly doesn't seem to know anything about money management.

ms appears to me an educated sounding pied piper who rounds up a herd of unsuspecting mice to line the pockets of me and others with gold. that's probably the only reason I could be grateful to him.

Can you please share links to those podcasts? I was only able to find this one with a quick search Grant’s Podcast | Finance Expert Jim Grant on Investment, Stock Markets, Real Estate & Federal Reserve by CLNS Media Network on Apple Podcasts Are there others?
 
same as yours, that opex scales with revenue and so higher revenue always = higher losses.

What's your feeling about current workload for delivery centers? For example there is this testimonial from a former delivery specialist. And there are plenty of complaints to be found on the forums about clear failings in customer service which can only be reasonably explained by an overloaded staff. On the other hand my experience from dealing with a sales/service center that's working a less busy area, it's just the other way around. 4 sales people sitting at the desk looking like a dear caught in the headlights when you approach them for a question. To me it looks like a serious imbalance in workforce allocation that's entirely due to the dealer-less business model. I am not sure Tesla has a good handle on things there. And responding by firing 9% of staff seems like the sledgehammer approach that's not necesarilly going to lead to a finetuned optimized-for-costs sales organisation.

Much the same can be said about their service department. It's a hit and miss for sure. Some people get great service to the point of Rolls-Royce levels, others have their cars in for repairs for months on end with bodyshop and Tesla blaming each other. Despite repeated claims that Tesla is going to do better and some attempts (executive escalation, the special parts teams, more certified bodyshops together with more stringent rules, ...) none seem to really work. And the executives that were in headline roles to solve this are all on leave or left the company, only to either not be replaced or by unfamiliar names. Again to me this is due to the business model : rapid and continuous innovation creates service costs because there are many iterations of some parts, an explosion of combinations and basically no two cars are the same (nightmare of any service tech really) Here Tesla has now chosen to also inhouse more (body shops) but again this risks the issue that we're seeing with imbalance in work allocation between different locations that they have in other parts of their organisation.

So opex obviously shouldn't scale with revenue, but on the other hand some of the reasons we've been hearing about why it has so far may also continue to be true in the medium term (short term they'll deal with it by across the board measures, long term by having an overwhelming amount of revenue)

I also have continued concerns about the manufacturing side of things to the point that I am thinking of cashing in on a significant portion of the large gains that I am now sitting on. Basically, the risk was always there but the reward of skipping out of the risk is just very tempting. Human psychology is very strange, I never worried as much about the money side of my Tesla position as today, even not when I was significantly down.
 
Can you please share links to those podcasts?
you could probably find them on twitter, i refuse to link to his garbage.

What's your feeling about current workload for delivery centers?...

So opex obviously shouldn't scale with revenue, but on the other hand some of the reasons we've been hearing about why it has so far may also continue to be true in the medium term (short term they'll deal with it by across the board measures, long term by having an overwhelming amount of revenue)...

I also have continued concerns about the manufacturing side of things to the point that I am thinking of cashing in on a significant portion of the large gains that I am now sitting on. Basically, the risk was always there but the reward of skipping out of the risk is just very tempting. Human psychology is very strange, I never worried as much about the money side of my Tesla position as today, even not when I was significantly down.

i think the delivery workload / scheduling will probably look like a huge mess. at 5k/weekly in the united states alone, they will be increasing delivery volumes by nearly an order of magnitude per week. so it's going to be messy, no one could reasonably scale that much well on such a manual process.

a lot of the reason opex has scaled with revenue is due to addition of business lines. if you try to back out solarcity (and maybe even tesla energy) you should find meaningful operating leverage when production ramps up. that was the 2 charts post a while back in this thread.

What is everyone's take on the whole sabateur thing?

i believe it is true. i believe it did damage or delay operations. and i believe it was a corporate or state actor (spy) vs. a short desperate to help their position as some have theorized.

What is this strange yellow-blueish color that my account is right now? Its never this color

that's me hurling all over your screen. i'm sure my stomach will settle down whenever we cross 400.
 
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What's your feeling about current workload for delivery centers? For example there is this testimonial from a former delivery specialist. And there are plenty of complaints to be found on the forums about clear failings in customer service which can only be reasonably explained by an overloaded staff. On the other hand my experience from dealing with a sales/service center that's working a less busy area, it's just the other way around. 4 sales people sitting at the desk looking like a dear caught in the headlights when you approach them for a question. To me it looks like a serious imbalance in workforce allocation that's entirely due to the dealer-less business model.

To me it seems like an imbalance in workforce allocation which is due to lack of competent management at the top level in that area (and same in the service department). I don't think "franchised dealerships" would help with the problem. I think having a top exec for service (and/or for delivery) who was capable of reallocating resources geographically, and did so competently, would help. They've *never* had one. I don't think anything substitutes for competent management.
 
As for the saboteur thing... I think it's (a) true, and (b) bullish. They caught the saboteur. Ramping up the production lines sure will go faster without a saboteur.
I am hopeful that details will come out regarding the individual, their motives, and who the third parties were that received the stolen data. This information along with potential punishment coming to light would be a good deterrent for others.
 
the most recent update was posted on page 11.

which bl article? didn't see it, please link.

did you see the lawsuit against the saboteur? debunks a lot of the nonsense that had been floating around.
Tesla sues alleged saboteur engineer who also apparently leaked false reports to media

@luvb2b is your model in the first post the most recent one? Seems like your 23k might be a tad high but a really great forecast given the time you made it.

Does the BI article make you questions your Q3 FCST at all?
 
i had to raise my estimates a bit this morning. there are several reasons/changes.
1. deliveries for q2 have adjusted modestly higher for s/x and model 3. this is because i now believe that the irs is counting vehicles towards the tax credit based on the date they are officially titled with the state. there are reports of tesla scheduling friday evening and saturday deliveries, which would mean july is the soonest a title could get registered with the state. however the friday and saturday deliveries will count towards the total for q2. not sure how many they could do this way but i assume it's 2k model 3 and 500 s/x.

2. higher deliveries in q2 means fewer holdovers to q3 and thus lower inventory. this improves cash burn in q2.

3. deliveries for model 3 in q3 and q4 have been updated higher. there are multiple reports indicating that model 3 production is now in excess of 4k per week. several vague sources have confirmed 5k weekly. an analyst note today where they counted trucks leaving the factory estimated 4300-4900 model 3's per week.

here's the old version. q2-q4 2018 financial projections

full update below

s deliveries
x deliveries
s+x deliveries
3 deliveries
lease s/x % veh
avg price s+x
avg price model 3
revenue
auto sales ex 3
auto sales mod 3
auto leasing
1 time autopilot
zev credits
total auto
energy storage
solarcity
grohmann
services/other
total revenue
cost of revenue
auto sales ex 3
auto sales mod 3
auto leasing
total auto
energy storage
solarcity
grohmann
services & other
total cost of rev
gross profit
auto gaap ex 3 gm
auto-zev ex 3 gm
model 3 gm
auto-zev incl 3 gm
storage gm
scty gm
grohmann gm
services gm
opex
tesla r&d
tesla sg&a
1 time costs
solarcity r&d
solarcity sg&a
total opex
op income
interest inc
interest exp
scty interest
other income exp
1time scty gain
pretax income
income tax
net income
non-cont int.
net inc to common
basic shares
diluted shares
diluted gaap eps
gaap net income
+ stock based comp
+ one time scty
non-gaap net income
non-gaap diluted eps
balance sheet
current assets
cash & eq.
restricted cash
accts rcvbl
inventory
prepaids+other
total current assets
op lease vehicles
solar energy sys
pp&e
intangible assets
goodwill
mypower rcvbls
restricted cash
other assets
total assets
current liabiliites
accts payable
accrued liabs+other
deferred revenue
resale value guar
cust deposits
curr debt+leases
curr solar bonds
total current liabs
lt debt+leases
solar bonds
rel party conv debt
deferred revenue
resale value guar
other lt liabilities
comm stk warrants
capital lease oblg
total liabilities
commits/contings
rdmbl ncis in subs
conv senior notes
nci in subsidiaries
common equity
cash flow statement
cash flows from ops
net loss
dep/amortization
stock-based comp
am of debt discount
inv write-down
loss on disposals
forex loss (gain)
loss on acq scty
non-cash int/other
chgs in op as/lb
accts rcbl
inv / op leases
prepaids/other ca
mypower rcvbls + other
accts pybl/accr liabs
deferred revenue
customer deposits
other lt liabs
net cash from ops
cash flows from inv
pp&e purchases
purchase solar sys
net cash from inv
cash flows from fin
stock issued
debt issued
debt repayments
rel pty solar repaids
coll lease borrowing
stock option excrs
capital lease paids
stock+debt issue cost
investment by nci in subs
dist to nci in subs
buyouts of nci in subs
net cash from fin
forex effect
net change in cash
cash & eq start
cash & eq end
[TD2] luv q4-18e [/TD2][TD2] luv q3-18e [/TD2][TD2] luv q2-18e [/TD2][TD2] Mar-18 [/TD2] [TD2]15,000[/TD2][TD2]15,000[/TD2][TD2]12,000[/TD2][TD2]11,738[/TD2] [TD2]13,000[/TD2][TD2]12,000[/TD2][TD2]10,500[/TD2][TD2]10,077[/TD2] [TD2] 28,000 [/TD2][TD2] 27,000 [/TD2][TD2] 23,000 [/TD2][TD2] 21,815 [/TD2] [TD2] 65,000 [/TD2][TD2] 54,000 [/TD2][TD2] 25,000 [/TD2][TD2] 8,182 [/TD2] [TD2] 0.11 [/TD2][TD2] 0.11 [/TD2][TD2] 0.11 [/TD2][TD2] 0.11 [/TD2] [TD2] 106.00 [/TD2][TD2] 106.00 [/TD2][TD2] 106.00 [/TD2][TD2] 105.76 [/TD2] [TD2] 58.00 [/TD2][TD2] 60.00 [/TD2][TD2] 56.00 [/TD2][TD2] 56.00 [/TD2] [TD2]2,641,520[/TD2][TD2]2,547,180[/TD2][TD2]2,169,820[/TD2][TD2]2,053,375[/TD2] [TD2]3,770,000[/TD2][TD2]3,240,000[/TD2][TD2]1,400,000[/TD2][TD2]458,192[/TD2] [TD2]187,499[/TD2][TD2]181,557[/TD2][TD2]175,888[/TD2][TD2]173,436[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]0[/TD2][TD2]50,314[/TD2] [TD2] 6,699,019 [/TD2][TD2] 6,068,737 [/TD2][TD2] 3,745,708 [/TD2][TD2] 2,735,317 [/TD2] [TD2]180,000[/TD2][TD2]180,000[/TD2][TD2]164,500[/TD2][TD2]185,022[/TD2] [TD2]220,000[/TD2][TD2]275,000[/TD2][TD2]275,000[/TD2][TD2]225,000[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]300,000[/TD2][TD2]300,000[/TD2][TD2]275,000[/TD2][TD2]263,412[/TD2] [TD2] 7,399,019 [/TD2][TD2] 6,823,737 [/TD2][TD2] 4,460,208 [/TD2][TD2] 3,408,751 [/TD2] [TD2]1,973,475[/TD2][TD2]1,903,069[/TD2][TD2]1,623,256[/TD2][TD2]1,540,031[/TD2] [TD2]3,072,550[/TD2][TD2]2,689,200[/TD2][TD2]1,400,000[/TD2][TD2]551,366[/TD2] [TD2]120,000[/TD2][TD2]116,197[/TD2][TD2]112,568[/TD2][TD2]104,496[/TD2] [TD2] 5,166,024 [/TD2][TD2] 4,708,465 [/TD2][TD2] 3,135,824 [/TD2][TD2] 2,195,893 [/TD2] [TD2]180,000[/TD2][TD2]189,000[/TD2][TD2]180,950[/TD2][TD2]217,863[/TD2] [TD2]154,000[/TD2][TD2]192,500[/TD2][TD2]192,500[/TD2][TD2]157,500[/TD2] [TD2]10,999[/TD2][TD2]10,999[/TD2][TD2]11,000[/TD2][TD2]11,000[/TD2] [TD2]375,000[/TD2][TD2]384,000[/TD2][TD2]365,750[/TD2][TD2]369,969[/TD2] [TD2] 5,886,023 [/TD2][TD2] 5,484,964 [/TD2][TD2] 3,886,024 [/TD2][TD2] 2,952,225 [/TD2] [TD2] 1,512,996 [/TD2][TD2] 1,338,773 [/TD2][TD2] 574,184 [/TD2][TD2] 456,526 [/TD2] [TD2]28.5%[/TD2][TD2]28.6%[/TD2][TD2]26.0%[/TD2][TD2]27.8%[/TD2] [TD2]26.0%[/TD2][TD2]26.0%[/TD2][TD2]26.0%[/TD2][TD2]26.1%[/TD2] [TD2]18.5%[/TD2][TD2]17.0%[/TD2][TD2]0.0%[/TD2][TD2]-20.3%[/TD2] [TD2]21.7%[/TD2][TD2]21.1%[/TD2][TD2]16.3%[/TD2][TD2]18.2%[/TD2] [TD2]0.0%[/TD2][TD2]-5.0%[/TD2][TD2]-10.0%[/TD2][TD2]-17.7%[/TD2] [TD2]30.0%[/TD2][TD2]30.0%[/TD2][TD2]30.0%[/TD2][TD2]30.0%[/TD2] [TD2]-100.0%[/TD2][TD2]-100.0%[/TD2][TD2]-100.0%[/TD2][TD2]-100.0%[/TD2] [TD2]-25.0%[/TD2][TD2]-28.0%[/TD2][TD2]-33.0%[/TD2][TD2]-40.5%[/TD2] [TD2]315,000[/TD2][TD2]309,060[/TD2][TD2]340,000[/TD2][TD2]322,096[/TD2] [TD2]510,000[/TD2][TD2]499,950[/TD2][TD2]550,000[/TD2][TD2]551,404[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]85,000[/TD2][TD2]0[/TD2] [TD2]42,000[/TD2][TD2]40,905[/TD2][TD2]45,000[/TD2][TD2]45,000[/TD2] [TD2]132,000[/TD2][TD2]127,260[/TD2][TD2]140,000[/TD2][TD2]135,000[/TD2] [TD2] 999,000 [/TD2][TD2] 977,175 [/TD2][TD2] 1,160,000 [/TD2][TD2] 1,053,500 [/TD2] [TD2] 513,996 [/TD2][TD2] 361,598 [/TD2][TD2] -585,816 [/TD2][TD2] -596,974 [/TD2] [TD2]6,000[/TD2][TD2]6,000[/TD2][TD2]6,000[/TD2][TD2]5,214[/TD2] [TD2]-107,000[/TD2][TD2]-107,000[/TD2][TD2]-107,000[/TD2][TD2]-102,546[/TD2] [TD2]-53,000[/TD2][TD2]-53,000[/TD2][TD2]-53,000[/TD2][TD2]-47,000[/TD2] [TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]-37,716[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2] 347,996 [/TD2][TD2] 195,598 [/TD2][TD2] -751,816 [/TD2][TD2] -779,022 [/TD2] [TD2]19,999[/TD2][TD2]19,999[/TD2][TD2]20,000[/TD2][TD2]5,605[/TD2] [TD2] 327,997 [/TD2][TD2] 175,599 [/TD2][TD2] -771,816 [/TD2][TD2] -784,627 [/TD2] [TD2]-50,001[/TD2][TD2]-50,001[/TD2][TD2]-50,000[/TD2][TD2]-75,076[/TD2] [TD2] 377,998 [/TD2][TD2] 225,600 [/TD2][TD2] -721,816 [/TD2][TD2] -709,551 [/TD2] [TD2]172,000[/TD2][TD2]170,900[/TD2][TD2]170,000[/TD2][TD2]169,146[/TD2] [TD2]183,000[/TD2][TD2]181,900[/TD2][TD2]170,000[/TD2][TD2]169,146[/TD2] [TD2] 2.07 [/TD2][TD2] 1.24 [/TD2][TD2] -4.25 [/TD2][TD2] -4.19 [/TD2] [TD2]377,998[/TD2][TD2]225,600[/TD2][TD2]-721,816[/TD2][TD2]-709,551[/TD2] [TD2]133,000[/TD2][TD2]133,000[/TD2][TD2]165,000[/TD2][TD2]141,639[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]510,998[/TD2][TD2]358,600[/TD2][TD2]-556,816[/TD2][TD2]-567,912[/TD2] [TD2] 2.79 [/TD2][TD2] 1.97 [/TD2][TD2] -3.28 [/TD2][TD2] -3.36 [/TD2] [TD2]2,045,867[/TD2][TD2]1,444,728[/TD2][TD2]1,915,716[/TD2][TD2]2,665,673[/TD2] [TD2]150,000[/TD2][TD2]130,000[/TD2][TD2]100,000[/TD2][TD2]120,194[/TD2] [TD2]1,216,277[/TD2][TD2]1,121,710[/TD2][TD2]821,167[/TD2][TD2]652,848[/TD2] [TD2]4,644,314[/TD2][TD2]4,808,736[/TD2][TD2]3,534,685[/TD2][TD2]2,565,826[/TD2] [TD2]312,293[/TD2][TD2]305,001[/TD2][TD2]366,089[/TD2][TD2]379,379[/TD2] [TD2] 8,368,752 [/TD2][TD2] 7,810,175 [/TD2][TD2] 6,737,657 [/TD2][TD2] 6,383,920 [/TD2] [TD2]2,527,493[/TD2][TD2]2,447,866[/TD2][TD2]2,368,898[/TD2][TD2]2,315,124[/TD2] [TD2]6,345,887[/TD2][TD2]6,349,381[/TD2][TD2]6,352,910[/TD2][TD2]6,346,374[/TD2] [TD2]12,420,083[/TD2][TD2]11,695,516[/TD2][TD2]11,061,438[/TD2][TD2]10,519,226[/TD2] [TD2]361,502[/TD2][TD2]361,502[/TD2][TD2]361,502[/TD2][TD2]346,428[/TD2] [TD2]60,237[/TD2][TD2]60,237[/TD2][TD2]60,237[/TD2][TD2]61,284[/TD2] [TD2]428,754[/TD2][TD2]435,754[/TD2][TD2]442,754[/TD2][TD2]449,754[/TD2] [TD2]440,000[/TD2][TD2]440,000[/TD2][TD2]440,000[/TD2][TD2]433,841[/TD2] [TD2]273,123[/TD2][TD2]273,123[/TD2][TD2]273,123[/TD2][TD2]415,478[/TD2] [TD2] 31,225,831 [/TD2][TD2] 29,873,554 [/TD2][TD2] 28,098,518 [/TD2][TD2] 27,271,429 [/TD2] [TD2]4,966,836[/TD2][TD2]4,868,845[/TD2][TD2]3,598,565[/TD2][TD2]2,603,498[/TD2] [TD2]1,998,000[/TD2][TD2]1,905,491[/TD2][TD2]1,913,500[/TD2][TD2]1,898,431[/TD2] [TD2]606,598[/TD2][TD2]587,488[/TD2][TD2]544,846[/TD2][TD2]536,465[/TD2] [TD2]600,000[/TD2][TD2]600,000[/TD2][TD2]600,000[/TD2][TD2]629,112[/TD2] [TD2]965,000[/TD2][TD2]965,000[/TD2][TD2]965,000[/TD2][TD2]984,823[/TD2] [TD2]1,500,000[/TD2][TD2]1,500,000[/TD2][TD2]1,800,000[/TD2][TD2]1,915,530[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]82,500[/TD2] [TD2] 10,736,434 [/TD2][TD2] 10,526,824 [/TD2][TD2] 9,521,911 [/TD2][TD2] 8,650,359 [/TD2] [TD2]9,000,000[/TD2][TD2]9,200,000[/TD2][TD2]9,000,000[/TD2][TD2]8,761,070[/TD2] [TD2]100[/TD2][TD2]100[/TD2][TD2]100[/TD2][TD2]100[/TD2] [TD2]2,519[/TD2][TD2]2,519[/TD2][TD2]2,519[/TD2][TD2]2,556[/TD2] [TD2]884,622[/TD2][TD2]856,753[/TD2][TD2]829,114[/TD2][TD2]818,250[/TD2] [TD2]650,000[/TD2][TD2]670,000[/TD2][TD2]700,000[/TD2][TD2]756,800[/TD2] [TD2]2,747,250[/TD2][TD2]2,638,373[/TD2][TD2]2,633,750[/TD2][TD2]2,561,886[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2] 24,020,926 [/TD2][TD2] 23,894,569 [/TD2][TD2] 22,687,394 [/TD2][TD2] 21,551,021 [/TD2] [TD2]402,943[/TD2][TD2]402,943[/TD2][TD2]402,943[/TD2][TD2]405,835[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]2[/TD2] [TD2]900,000[/TD2][TD2]900,000[/TD2][TD2]900,000[/TD2][TD2]863,876[/TD2] [TD2] 5,901,962 [/TD2][TD2] 4,676,042 [/TD2][TD2] 4,108,181 [/TD2][TD2] 4,450,695 [/TD2] [TD2]327,997[/TD2][TD2]175,599[/TD2][TD2]-771,816[/TD2][TD2]-784,627[/TD2] [TD2]484,383[/TD2][TD2]456,125[/TD2][TD2]442,458[/TD2][TD2]416,233[/TD2] [TD2]133,000[/TD2][TD2]133,000[/TD2][TD2]165,000[/TD2][TD2]141,639[/TD2] [TD2]35,000[/TD2][TD2]35,000[/TD2][TD2]35,000[/TD2][TD2]39,345[/TD2] [TD2]48,087[/TD2][TD2]35,347[/TD2][TD2]25,658[/TD2][TD2]18,546[/TD2] [TD2]45,000[/TD2][TD2]45,000[/TD2][TD2]45,000[/TD2][TD2]52,237[/TD2] [TD2]25,000[/TD2][TD2]25,000[/TD2][TD2]25,000[/TD2][TD2]47,661[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-3,984[/TD2] [TD2]-94,567[/TD2][TD2]-300,543[/TD2][TD2]-168,319[/TD2][TD2]-169,142[/TD2] [TD2]84,795[/TD2][TD2]-1,353,019[/TD2][TD2]-1,022,632[/TD2][TD2]-419,277[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-50,001[/TD2] [TD2]-15,000[/TD2][TD2]-15,000[/TD2][TD2]-15,000[/TD2][TD2]-57,583[/TD2] [TD2]140,500[/TD2][TD2]1,212,272[/TD2][TD2]960,136[/TD2][TD2]317,983[/TD2] [TD2]75,000[/TD2][TD2]65,000[/TD2][TD2]50,000[/TD2][TD2]45,795[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]-19,823[/TD2][TD2]67,359[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-60,560[/TD2] [TD2] 1,289,195 [/TD2][TD2] 513,780 [/TD2][TD2] -249,339 [/TD2][TD2] -398,376 [/TD2] [TD2]-900,000[/TD2][TD2]-800,000[/TD2][TD2]-700,000[/TD2][TD2]-655,662[/TD2] [TD2]-60,000[/TD2][TD2]-60,000[/TD2][TD2]-70,000[/TD2][TD2]-72,975[/TD2] [TD2] -960,000 [/TD2][TD2] -860,000 [/TD2][TD2] -770,000 [/TD2][TD2] -728,637 [/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]1,775,481[/TD2] [TD2]0[/TD2][TD2]-400,000[/TD2][TD2]0[/TD2][TD2]-1,389,388[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-17,500[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]-87,092[/TD2] [TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]94,018[/TD2] [TD2]-30,000[/TD2][TD2]-30,000[/TD2][TD2]-30,000[/TD2][TD2]-18,787[/TD2] [TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]-2,913[/TD2] [TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]73,704[/TD2] [TD2]-50,000[/TD2][TD2]-50,000[/TD2][TD2]-50,000[/TD2][TD2]-52,942[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-2,921[/TD2] [TD2] 258,000 [/TD2][TD2] -142,000 [/TD2][TD2] 258,000 [/TD2][TD2] 371,660 [/TD2] [TD2]13,944[/TD2][TD2]17,232[/TD2][TD2]11,382[/TD2][TD2]10,102[/TD2] [TD2] 601,139 [/TD2][TD2] -470,988 [/TD2][TD2] -749,957 [/TD2][TD2] -745,251 [/TD2] [TD2] 1,444,728 [/TD2][TD2] 1,915,716 [/TD2][TD2] 2,665,673 [/TD2][TD2] 3,367,914 [/TD2] [TD2] 2,045,867 [/TD2][TD2] 1,444,728 [/TD2][TD2] 1,915,716 [/TD2][TD2] 2,665,673 [/TD2]