Table of Contents
Selling,
General and Administrative.
Selling, general and administrative expense was $7.9 million for
the three months ended September 30, 2009, compared to $6.3 million for
the three months ended September 30, 2008. The increase of $1.6 million,
or 26%, was primarily due to an increase in sales, marketing and operations
costs associated with the production and commercialization of our products and
an increase in general and administrative costs to support growth and costs
associated with operating as a public company. Selling, general and
administrative expense for the three months ended September 30, 2009 also
included $883,000 of stock-based compensation expense compared with $501,000
for the three months ended September 30, 2008. The increase in stock-based
compensation expense was primarily due to additional option and restricted
stock grants made in 2009. We expect our selling, general and
administrative expenses to continue to increase substantially due to our
planned increase in the number of employees necessary to support the sales and
marketing efforts associated with the growing commercialization of MAKOplasty,
continued growth in operations and the costs associated with operating as a
public company.
Research
and Development.
Research and development expense was $3.8 million for the three months
ended September 30, 2009, compared to $3.1 million for the three months
ended September 30, 2008. The increase of $647,000, or 21%, was primarily due
to an increase in research and development activities associated with on-going
development of our RIO system, our MAKO implant systems and potential future
products. We expect our research and development expense to increase as we
continue to expand our research and development activities, including the
support of existing products and the research of potential future products.
Depreciation
and Amortization.
Depreciation and amortization expense was $595,000 for the three months ended
September 30, 2009, compared to $483,000 for the three months ended September
30, 2008. The increase of $112,000, or 23%, was primarily due to an increase in
depreciation of property and equipment as a result of purchases made during
2009 and 2008.
Interest
and Other Income.
Interest and other income was $59,000 for the three months ended September 30,
2009, compared to $241,000 for the three months ended September 30, 2008. The
decrease of $182,000, or 76%, was primarily due to lower yields realized on our
cash, cash equivalents and investments for the three months ended
September 30, 2009 compared with the same period of 2008.
Income
Taxes.
No income
taxes were recognized for the three months ended September 30, 2009 and 2008,
due to net operating losses in each period. In addition, no current or deferred
income taxes were recorded for the three months ended September 30, 2009 and
2008, as all income tax benefits were fully offset by a valuation allowance
against our net deferred income tax assets.
Comparison of the
Nine Months Ended September 30, 2009 to the Nine Months Ended September 30,
2008
Revenue.
Revenue was $25.4 million for the nine
months ended September 30, 2009, compared to $2.0 million for the nine months
ended September 30, 2008. The increase in revenue of $23.4 million was
primarily due to the recognition of approximately $11.3 million of revenue from
seventeen previously deferred unit sales of our TGS and $8.9 million of revenue
from twelve unit sales of our RIO system. In accordance with our revenue
recognition policy, recognition of revenue on unit sales of our TGS was deferred
until delivery of the RIO system, which we commercially released in the first
quarter of 2009. Prior to 2009, recognized revenue was primarily generated from
the sale of implants and disposable products utilized in knee MAKOplasty
procedures. Total revenue was also positively impacted by a $3.2 million
increase in procedure revenue attributable to an increase in knee MAKOplasty
procedures performed during the nine months ended September 30, 2009 as
compared with the nine months ended September 30, 2008. There were 1,041 knee
MAKOplasty procedures performed during the nine months ended September 30, 2009
compared to 401 knee MAKOplasty procedures performed during nine months ended
September 30, 2008.
Cost
of Revenue.
Cost of
revenue was $17.3 million for the nine months ended September 30, 2009,
compared to $2.2 million for the nine months ended September 30, 2008. The
increase in cost of revenue of $15.1 million was primarily due to the
recognition of the direct cost of revenue from seventeen previously deferred
unit sales of our TGS, including the cost of providing the RIO system upgrades,
as described in the Factors Which May Influence Future Results of Operations
section above, the cost of revenue from twelve unit sales of our RIO system and
an increase in knee MAKOplasty procedures performed.
20
Table of Contents
Selling,
General and Administrative.
Selling, general and administrative expense was $22.1 million for
the nine months ended September 30, 2009, compared to $16.0 million for
the nine months ended September 30, 2008. The increase of $6.1 million, or
38%, was primarily due to an increase in sales, marketing and operations costs
associated with the production and commercialization of our products and an
increase in general and administrative costs to support growth and costs
associated with operating as a public company. Selling, general and
administrative expense for the nine months ended September 30, 2009 also
included $2.4 million of stock-based compensation expense compared with $1.4
million for the nine months ended September 30, 2008. The increase in
stock-based compensation expense was primarily due to additional option and
restricted stock grants made in 2009.
Research
and Development
.
Research and development expense was $9.4 million for the nine months
ended September 30, 2009, compared to $9.2 million for the nine months
ended September 30, 2008. The increase of $155,000, or 2%, was primarily due to
an increase in research and development activities associated with on-going
development of our RIO system, our MAKO implant systems and potential future
products. This was partially offset by a nonrecurring charge of $949,000
incurred in the first quarter of 2008 associated with the vesting in full, upon
completion of our IPO in February 2008, of restricted common stock issued
pursuant to business consultation agreements entered into in December 2004.
Depreciation
and Amortization.
Depreciation and amortization expense was $1.7 million for the nine months
ended September 30, 2009, compared to $1.3 million for the nine months ended
September 30, 2008. The increase of $332,000, or 25%, was primarily due to an
increase in depreciation of property and equipment as a result of purchases
made during 2009 and 2008.
Interest
and Other Income.
Interest and other income was $348,000 for the nine months ended September 30,
2009, compared to $642,000 for the nine months ended September 30, 2008. The
decrease of $294,000, or 46%, was primarily due to lower yields realized on our
cash, cash equivalents and investments for the nine months ended
September 30, 2009 compared with the same period of 2008.
Interest
and Other Expense.
Interest and other expense was $0 for the nine months ended September 30, 2009,
compared to $110,000 for the nine months ended September 30, 2008. Through
February 2008, interest and other expense consisted primarily of the
amortization of a $590,000 discount associated with a deferred payment to IBM
of $4.0 million which had been fully amortized and paid upon the completion of
our IPO in February 2008.
Income
Taxes.
No income
taxes were recognized for the nine months ended September 30, 2009 and 2008,
due to net operating losses in each period. In addition, no current or deferred
income taxes were recorded for the nine months ended September 30, 2009 and
2008, as all income tax benefits were fully offset by a valuation allowance
against our net deferred income tax assets.
Liquidity and Capital Resources
|
|
|
|
|
|
|
|
(in thousands)
|
|
Nine
Months Ended September 30,
|
|
|
|
2009
|
|
2008
|
|
Cash used in operating
activities
|
|
$
|
(36,473
|
)
|
$
|
(22,308
|
)
|
Cash used in investing
activities
|
|
|
(15,353
|
)
|
|
(2,981
|
)
|
Net cash provided by
financing activities
|
|
|
54,308
|
|
|
46,489
|
|
Net increase in cash and
cash equivalents
|
|
$
|
2,482
|
|
$
|
21,200
|
|
We
have incurred net losses and negative cash flow from operating activities for
each period since our inception in November 2004. As of September 30, 2009, we
had an accumulated deficit of $104.9 million and have financed our
operations principally through the sale of Series A, B and C redeemable
convertible preferred stock, the sale of common stock in our IPO in February
2008, our equity financing in October 2008 and our equity financing in August
2009. We received net proceeds of $52.2 million from the issuance of
Series A, B and C redeemable convertible preferred stock. In February
2008, we completed our IPO of common stock, issuing a total of 5.1 million
shares at an offering price to the public of $10.00 per share, resulting in net
proceeds to us, after underwriting discounts and commission and expenses, of
approximately $43.8 million. In conjunction with the closing of the IPO in
February 2008, all of our outstanding Series A, Series B and
Series C redeemable convertible preferred stock was converted into
10,945,080 shares of common stock, as adjusted for a one-for-3.03 reverse
stock split, which has been retroactively reflected in the accompanying financial
statements.
21
Table of Contents
In
October 2008, we entered into a Securities Purchase Agreement for an equity
financing of up to approximately $60 million, with initial gross proceeds of
approximately $40.2 million, which we closed on October 31, 2008, and
conditional access at our discretion to an additional $20 million, which we
refer to as the Second Closing. In connection with the financing, we issued and
sold to the participating investors 6,451,613 shares of our common stock at a
purchase price of $6.20 per share and issued warrants to the participating
investors to purchase 1,290,323 shares of common stock at a purchase price of
$0.125 per warrant and an exercise price of $7.44 per share. In addition, we
issued warrants to purchase 322,581 shares of common stock at a purchase price
of $0.125 per warrant and an exercise price of $6.20 per share to investors
that agreed to purchase an additional $20 million of common stock in the Second
Closing. The financing resulted in net proceeds of approximately $39.7 million,
after expenses of approximately $525,000.
In
August 2009, we completed a public offering of our common stock, issuing
8,050,000 shares at an offering price to the public of $7.25 per share,
resulting in net proceeds of approximately $54.3 million, after underwriting
discounts and commissions and expenses.
As
of September 30, 2009, we had approximately $80.1 million in cash, cash
equivalents and investments. Our cash and investment balances are held in a
variety of interest bearing instruments, including notes and bonds from U.S.
government agencies and investment grade rated U.S. corporate debt.
Net Cash Used in
Operating Activities
Net
cash used in operating activities primarily reflects the net loss for those
periods, which was reduced in part by depreciation and amortization,
stock-based compensation and inventory write-downs. Net cash used in operating
activities was also affected by changes in operating assets and liabilities.
Included in changes in operating assets and liabilities for the nine months
ended September 30, 2009 are approximately $11.3 million and $3.6 million of
decreases to the deferred revenue balance and deferred cost of revenue balance,
respectively, due to the recognition of seventeen previously deferred unit sales
of our TGS, and $7.9 million of increases in inventory necessitated by the
commercial release of the RIO system, the commercial release of the RESTORIS
MCK implant system and increased sales of implants and disposable products.
Included in changes in operating assets and liabilities for the nine months
ended September 30, 2008 are approximately $5.5 million and $2.0 million of
increases to the deferred revenue balance and deferred cost of revenue balance,
respectively, due primarily to unit sales of our TGS, and $2.9 million of
increases in inventory necessitated by the commercial release of our RESTORIS
unicompartmental knee implant system in the third quarter of 2008. In
accordance with our revenue recognition policy, recognition of revenue and
direct cost of revenue associated with the unit sales of our TGS was deferred
until delivery of the RIO system, which we commercially released in the first
quarter of 2009
Net Cash Used in
Investing Activities
Net
cash used in investing activities for the nine months ended September 30, 2009
was primarily attributable to the purchase of investments of $17.4 million,
which was partially offset by proceeds of $3.3 million from sales and
maturities of investments. Net cash used in investing activities for the nine
months ended September 30, 2008 was primarily attributable to the payment of a
$4.0 million deferred license fee due to IBM upon completion of our IPO and to
$2.0 million of purchases of investments, which was partially offset by
proceeds of $4.0 million from sales and maturities of investments.
Net Cash Provided
by Financing Activities
Net
cash provided by our financing activities for the nine months ended September
30, 2009 was primarily attributable to net proceeds received in connection with
our equity financing in August 2009. Net cash provided by our financing
activities for the nine months ended September 30, 2008 was primarily
attributable to net proceeds received in connection with our IPO in February
2008.
22
Table of Contents
Operating Capital
and Capital Expenditure Requirements
To
date, we have not achieved profitability. We anticipate that we will continue
to incur substantial net losses for at least the next two or three years as we
expand our sales and marketing capabilities in the orthopedic products market,
commercialize our RIO system and RESTORIS unicompartmental and RESTORIS MCK
multicompartmental knee implant systems, continue research and development of
existing and future products and continue development of the corporate infrastructure
required to sell and market our products, support operations and operate as a
public company. We also expect to experience increased cash requirements for
inventory and property and equipment in conjunction with the continued
commercialization of our RESTORIS unicompartmental and RESTOIS MCK
multicompartmental knee implant systems and our RIO system.
In
executing our current business plan, we believe our existing cash, cash
equivalents and investment balances, and interest income we earn on these
balances will be sufficient to meet our anticipated cash requirements for at
least the next twelve months. To the extent our available cash, cash
equivalents and investment balances are insufficient to satisfy our operating
requirements after that period, we will need to seek additional sources of
funds, including selling additional equity, debt or other securities or
entering into a credit facility, or modify our current business plan. The sale
of additional equity and convertible debt securities may result in dilution to
our current stockholders. If we raise additional funds through the issuance of
debt securities, these securities may have rights senior to those of our common
stock and could contain covenants that could restrict our operations and
issuance of dividends. We may also require additional capital beyond our
currently forecasted amounts. Any required additional capital, whether
forecasted or not, may not be available on reasonable terms, or at all. If we
are unable to obtain additional financing, we may be required to reduce the
scope of, delay or eliminate some or all of our planned research, development
and commercialization activities, which could materially harm our business and
results of operations.
Because
of the numerous risks and uncertainties associated with the development of
medical devices and the current economic situation, we are unable to estimate
the exact amounts of capital outlays and operating expenditures necessary to
complete the development of our products and successfully deliver commercial
products to the market. Our future capital requirements will depend on many
factors, including but not limited to the following:
|
|
|
the revenue generated by
sales of our current and future products;
|
|
|
|
the expenses we incur in
selling and marketing our products;
|
|
|
|
the costs and timing of
regulatory clearance or approvals for upgrades or changes to our products;
|
|
|
|
the rate of progress, cost
and success of on-going product development activities;
|
|
|
|
the emergence of competing
or complementary technological developments;
|
|
|
|
the costs of filing,
prosecuting, defending and enforcing any patent or license claims and other
intellectual property rights, or participating in litigation related
activities;
|
|
|
|
the acquisition of
businesses, products and technologies, although we currently have no
understandings, commitments or agreements relating to any material
transaction of this type; and
|
|
|
|
the continued downturn in
general economic conditions and interest rates.
|
Contractual
Obligations
At
September 30, 2009, we were committed to make future purchases for inventory
related items under various purchase arrangements with fixed purchase
provisions aggregating approximately $5.0 million.
23
Table of Contents
In
May 2009, we entered into a license agreement for patents relating to our RIO
system, which we refer to as the robotic arm license. The robotic arm license
requires minimum running royalties on sales of our RIO systems. The minimum
running royalties are estimated to be approximately $200,000 for the year ended
December 31, 2009, and increase annually thereafter through 2013. The minimum
running royalties for the year ended December 31, 2013 and for each subsequent
year through the term of the agreement are estimated to be approximately $1.0
million annually.
In
June 2009, we entered into a Research and Development License and Supply
Agreement, or the R&D Agreement, associated with a potential future product
for RIO enabled hip procedures. The R&D Agreement required an up-front
payment of $450,000, and requires future milestone payments based on
development progress. The aggregate milestone payments we are obligated to pay
under the R&D Agreement are $1.6 million assuming the achievement of all
development milestones. Through September 30, 2009, we had paid the $450,000
up-front payment and we had paid a $350,000 milestone payment which became due
upon the achievement of the related milestone. The aggregate up-front payment
and milestone payments of $2.0 million we are required to pay under the R&D
Agreement will be recognized as research and development expense on a
straight-line basis over the period development services are performed based on
our current expectation that all development milestones will be achieved.
Other
than as described above and scheduled payments through September 30, 2009,
there have been no significant changes in our contractual obligations during
the nine months ended September 30, 2009 as compared to the contractual
obligations described in our Form 10-K for the year ended December 31, 2008.
Recent Accounting Pronouncements
Adopted Accounting Pronouncements
In
June 2008, the Financial Accounting Standards Board, or FASB, issued an
accounting standard update. As codified in Accounting Standards Codification
815-40, or ASC 815-40,
Derivatives and Hedging
, this
update provides guidance for determining whether an equity-linked financial
instrument (or embedded feature) is indexed to an entitys own stock. The
update applies to any freestanding financial instrument or embedded feature
that has all the characteristics of a derivative, for purposes of determining
whether that instrument or embedded feature qualifies for the first part of the
scope exception under ASC 815-10-15. The update also applies to any
freestanding financial instrument that is potentially settled in an entitys
own stock, regardless of whether the instrument has all the characteristics of
a derivative under previous derivative Generally Accepted Accounting
Principals, or GAAP, for purposes of determining whether the instrument is
within the scope of derivative accounting. ASC 815-40 was effective beginning
first quarter of fiscal 2009. The adoption did not have a material impact on our
results of operations and financial position.
Effective
January 1, 2009, we adopted a new accounting standard update regarding
business combinations. As codified under ASC 805,
Business Combinations
, this
update requires an entity to recognize the assets acquired, liabilities
assumed, contractual contingencies, and contingent consideration at their fair
value on the acquisition date. It further requires that acquisition-related
costs be recognized separately from the acquisition and expensed as incurred;
that restructuring costs generally be expensed in periods subsequent to the
acquisition date; and that changes in accounting for deferred tax asset
valuation allowances and acquired income tax uncertainties after the
measurement period be recognized as a component of provision for taxes. In
addition, acquired in-process research and development is capitalized as an
intangible asset and amortized over its estimated useful life. The adoption did
not have a material impact on our results of operations and financial position.
In
December 2007, the FASB issued accounting guidance regarding noncontrolling
interests, as codified in ASC 810-10-65. ASC 810-10-65 establishes accounting
and reporting standards for ownership interests in subsidiaries held by parties
other than the parent, the amount of consolidated net income attributable to
the parent and to the noncontrolling interest, changes in a parents ownership
interest and the valuation of retained noncontrolling equity investments when a
subsidiary is deconsolidated. ASC 810-10-65 also establishes reporting
requirements that provide sufficient disclosures that clearly identify and
distinguish between the interests of the parent and the interests of the
noncontrolling owners. The adoption did not have a material impact on our
results of operations and financial position.
24
Table of Contents
Effective
April 1, 2009, we adopted a new accounting standard, as codified in ASC
820-10-65, which provides additional guidance for estimating fair value when the
volume and level of activity for the asset or liability have significantly
decreased. ASC 820-10-65 also includes guidance on identifying circumstances
that indicate a transaction is not orderly. The adoption did not have a
material impact on our results of operations and financial position.
In
April 2009, the FASB issued an accounting standard update, as codified in
ASC 320-10-65, to amend the other-than-temporary impairment guidance in debt
securities to be based on intent to sell instead of ability to hold the
security and to improve the presentation and disclosure of other-than-temporary
impairments on debt and equity securities in the financial statements. This
pronouncement is effective for periods ending after June 15, 2009. The
adoption did not have a material impact on our results of operations and
financial position.
Effective
April 1, 2009, we adopted a new accounting standard for subsequent events,
as codified in ASC 855-10, which establishes general standards of accounting
for and disclosure of events that occur after the balance sheet date, but
before the financial statements are issued or available to be issued
(subsequent events). ASC 855-10 is effective for interim or annual periods
ending after June 15, 2009. In accordance with ASC 855-10, we have evaluated
subsequent events through the time of filing this Form 10-Q with the Securities
and Exchange Commission, or SEC, on November 4, 2009. No material subsequent
events have occurred since September 30, 2009 that required recognition or
disclosure in these financial statements.
Effective
July 1, 2009, we adopted
The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles
, or ASC 105.
ASC 105 establishes the FASB Accounting Standards Codification as the source of
authoritative accounting principles recognized by the FASB to be applied in the
preparation of financial statements in conformity with generally accepted
accounting principles. ASC 105 explicitly recognizes rules and interpretive
releases of the SEC under federal securities laws as authoritative GAAP for SEC
registrants. As ASC 105 was not intended to change or alter existing GAAP, it
did not have any impact on our financial statements.
Recent Accounting Pronouncements
In
September 2009, the FASB issued Update No. 2009-13,
Multiple-Deliverable Revenue
Arrangements, a consensus of the FASB Emerging Issues Task Force
, or
ASU 2009-13. ASU 2009-13 updates the existing multiple-element revenue
arrangements guidance currently included under ASC 605-25. ASU 2009-13
eliminates the need for objective and reliable evidence of the fair value for
the undelivered element in order for a delivered item to be treated as a
separate unit of accounting and eliminates the residual method to allocate the
arrangement consideration. In addition, the guidance also expands the
disclosure requirements for revenue recognition. ASU 2009-13 will be effective
for the first annual reporting period beginning on or after June 15, 2010,
with early adoption permitted provided that the revised guidance is
retroactively applied to the beginning of the year of adoption. We are
currently evaluating the future impact that ASU 2009-13 will have on our
financial statements.
In
September 2009, the FASB issued Update No. 2009-14,
Certain Revenue Arrangements That
Include Software Elements, a consensus of the FASB Emerging Issues Task Force
,
or ASU 2009-14. ASU 2009-14 modifies the scope of ASC 985-605 to exclude from
its requirements (a) non-software components of tangible products and
(b) software components of tangible products that are sold, licensed, or
leased with tangible products when the software components and non-software
components of the tangible product function together to deliver the tangible
products essential functionality. ASU 2009-14 will be effective for the first
annual reporting period beginning on or after June 15, 2010, with early
adoption permitted provided that the revised guidance is retroactively applied to
the beginning of the year of adoption. We are currently evaluating the future
impact that ASU 2009-14 will have on our financial statements.
Other
than as described above, there have been no significant changes in Recent
Accounting Pronouncements during the nine months ended September 30, 2009 as
compared to the Recent Accounting Pronouncements described in our Form 10-K for
the year ended December 31, 2008.
25
Table of Contents
Off-Balance Sheet Arrangements
We
do not have any off-balance sheet arrangements.
I
TEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK.
Our
exposure to market risk is confined to our cash, cash equivalents and
investments. The goals of our cash investment policy are the security of the
principal invested and fulfillment of liquidity needs, with the need to
maximize value being an important consideration. To achieve our goals, we
maintain a portfolio of cash equivalents and investments in a variety of
securities including notes and bonds from U.S. government agencies and
investment grade rated U.S. corporate debt. The securities in our investment
portfolio are not leveraged and are classified as available for sale. We
currently do not hedge interest rate exposure. We do not believe that a
variation in market rates of interest would significantly impact the value of
our investment portfolio.
I
TEM 4T. CONTROLS AND PROCEDURES.
In
accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934, or the
Exchange Act, our management evaluated, with the participation of our chief
executive officer and chief financial officer, or the Certifying Officers, the
effectiveness of the design and operation of our disclosure controls and
procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of September
30, 2009. Based upon their evaluation of these disclosure controls and
procedures, our Certifying Officers concluded that the disclosure controls and
procedures were effective as of September 30, 2009 to provide reasonable
assurance that information required to be disclosed by us in the reports we
file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time period specified in the SEC rules and forms, and to
provide reasonable assurance that information required to be disclosed by us in
the reports we file or submit under the Exchange Act is accumulated and
communicated to our management, including our principal executive and principal
financial officers, as appropriate, to allow timely decisions regarding required
disclosure.
We
believe that a controls system, no matter how well designed and operated, is
based in part upon certain assumptions about the likelihood of future events,
and therefore can only provide reasonable, not absolute, assurance that the objectives
of the controls system are met, and no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any,
within a company have been detected.
26
Table of Contents
P
ART II
OTHER INFORMATION
I
TEM 1A. RISK FACTORS.
There
have been no material changes in our risk factors from those disclosed in our
Form 10-Q for the quarter ended June 30, 2009.
I
TEM 6. EXHIBITS.
|
|
|
|
Exhibit
No.
|
|
Description
|
|
|
|
|
|
|
|
|
31.1
|
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
31.2
|
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
32.1
|
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. §1350
|
32.2
|
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. §1350
|
27
Table of Contents
S
IGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
|
|
|
|
MAKO
Surgical Corp.
|
|
|
|
|
|
Date:
November 4, 2009
|
By:
|
/s/ Fritz L.
LaPorte
|
|
|
|
|
|
|
|
Fritz L.
LaPorte
|
|
|
Senior Vice
President of Finance and
|
|
|
Administration,
Chief Financial Officer and
|
|
|
Treasurer
|
28
Table of Contents
E
XHIBIT INDEX
|
|
|
|
Exhibit
No.
|
|
Description
|
|
|
|
|
|
|
|
|
31.1
|
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
31.2
|
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
32.1
|
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. §1350
|
32.2
|
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. §1350
|
29
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