<SEC-DOCUMENT>0001437749-24-023348.txt : 20250227
<SEC-HEADER>0001437749-24-023348.hdr.sgml : 20250227
<ACCEPTANCE-DATETIME>20240724161058
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ACCESSION NUMBER:		0001437749-24-023348
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALUE LINE INC
		CENTRAL INDEX KEY:			0000717720
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				133139843
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		551 FIFTH AVE., 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176-0001
		BUSINESS PHONE:		212 907-1500

	MAIL ADDRESS:	
		STREET 1:		551 FIFTH AVE., 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176-0001
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>VALUE LINE, INC</b></p>

			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>551 5th Ave Third Floor</b></p>

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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>New York, NY 10176</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">July 24, 2024</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mr. Lory Empie and Mr. Robert Klein</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">United States Securities and Exchange Commission</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Division of Corporation Finance</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Washington, DC 20549</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Re: Form 10-K</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">SEC Response dated June 14, 2024 to Value Line letter dated May 10, 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fiscal Year Ended April 30, 2023</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">File No. 000-11306</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dear Mr. Empie and Mr. Klein,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:11pt;">Value Line, Inc. (&#8220;Value Line&#8221; or the &#8220;Company&#8221;) sets forth its responses to the follow-up comments of the staff of the Division of Corporation Finance contained in your letter, dated June 14, 2024, with respect to Value Line&#8217;s Form 10-K for the fiscal year ended April 30, 2023 filed on July 28, 2023. The Staff&#8217;s comments are in bold, italic followed by the responses (&#8220;<b>Answers:</b>&#8221;) of the Company. The Company appreciates that the Staff was kind enough to grant a 20 business day extension of time to respond to your follow-up letter dated June 14, 2024.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">SEC wrote:&nbsp;We have reviewed your May 10, 2024 response to our comment letter and have the following comments.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our March 1, 2024 letter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i><u>Form 10-K filed July 28, 2023 </u></i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i><u>Exhibit 99.1, page 46 </u></i></b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>1.</i></b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>We note your response to prior comment 1. Please clarify which financial statement periods you intend to include pursuant to Rule 3-09 of Regulation S-X in your April 30, 2024 Form 10-K. In this regard, your response indicates that you intend to include the three year conventional presentation for the year ended April 30, 2025 due to a change in auditor; however, it is unclear as to whether you intend to file all of the required periods, along with the separate audit reports, in your April 30, 2024 Form 10-K. </i></b><b><i><u>Note 18 - Business Segments, page 72 </u></i></b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Pursuant to Rule 3-09 of Regulation S-X, Value Line intends to include the financial statements issued by EAM and certified by Cohen &amp; Company, LTD that includes the two year comparative statements for the period ended 4-30-24 and 4-30-23 as an exhibit in our April 30, 2024, Form 10-K. Additionally, the Company also intends to include, as an additional exhibit, the financial statements issued by EAM and certified by EisnerAmper LLP for the third fiscal year ended 4-30-22, in our April 30, 2024, Form 10-K.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>2.</i></b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>We note your response to our prior comment 2 identifies</i></b>&nbsp;<b><i>that Sales, led by a lead salesman, are</i></b>&nbsp;<b><i>one of the roles that report directly to the CODM. Please clarify the roles and responsibilities of the lead salesman and more specifically explain how you determined that they do not meet the definition of a segment manager under ASC-280-10</i></b>&#8208;<b><i>50-7. In addition, clarify if there is only one lead salesman for all products that reports directly to the CODM or if there are separate and distinct lead salesmen, that each directly report to the CODM, for their respective product / title. </i></b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our reference to &#8220;Lead Salesperson&#8221; in our reply to prior Comment 2 is based upon his experience and talent, which results in the responsibilities he assumes with respect to the other salespersons and the CODM. He maintains his own sales accounts and provides advice to other salespersons along with communicating information pertaining to sales revenue to the CODM.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">ASC-280-10-50-7 states that &#8220;an operating segment has a segment manager who is directly accountable to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment.&#8221; VLI&#8217;s lead salesperson does not perform those functions. He does prepare sales reports for the CODM that focus on revenues for the different products, but is not accountable to, and does not maintain regular contact with the CODM, for those other purposes.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our lead salesperson is the only salesperson that reports directly to the CODM. As that relates to the definition of a segment manager under ASC-280-10-50-7, since that individual reports to the CODM for all products/titles, we believe that reinforces our contention that there is only one segment.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>We note your response to our prior comments 2 and 3 describing the budgeting process and further</i></b> <b><i>indicate</i></b> <b><i>that the CODM reviews both Company-wide and product-oriented financial information, which</i></b> <b><i>includes periodic budget updates and a monthly operating statement that reflects major operating revenues and expenses of the business, by product/title. Please address the following. </i></b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b><i>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Describe the process for preparing the budget. For example, clarify if the budget is initially prepared at the product level for each product / title or if it is initially prepared at the consolidated level and then subsequently allocated to the products. Tell us who is responsible for preparing the initial budgets for the product / title (e.g., lead salesman) as well as who provides or proposes the periodic updates to the budget. </i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The PAO is responsible for preparing the budget. Based upon the prior year information and anticipated trends and circumstances, he determines revenues on a product-oriented basis and expenses on a combination of company-wide and product-oriented financial information. As such, it is neither initially prepared at the product level or the company wide level, but simultaneously prepared for both.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Budgeted revenues are product specific (some smaller products may be combined) as are the paper, printing, and distribution costs. Certain expenses, such as advertising and marketing, are attributable to specific products and partially allocated on a discretionary basis as determined by the POA. The majority of the other expenses are allocated to products as one total amount at the discretion of the POA.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The POA meets with the CODM to review the budget. Through their collaboration, periodic updates to the budget are made by the POA.</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b><i>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Provide us with an illustrative example of the financial information by product / title that is provided to the CODM on a regular basis. </i></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We have included an illustrative example of the financial information by product/title that is provided to the CODM on a regular basis. (See attachment)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b><i>&#8226;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tell us specifically how many and which products / titles are included in these reports. </i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">All of the products/titles are included in the budget reports, although some smaller products are aggregated. The specific products/titles are as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><u>Group Products</u></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VLIS Print &amp; Digital, VL Investment Analyzer (01,02,12,32,37)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL 600 (04)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total Return, Data File, Estimates &amp; Projections (16,25)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fund Advisor Plus &amp; MF Data (17,36)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><u>Individual Products</u></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VLIS - Small and Mid Cap, Small Cap Investor (7)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Special Situations (8)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Retirement Newsletter (10)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Select (14)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Select: Dividend Income &amp; Growth (15)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The New Value Line ETFs Service (31)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Select: ETFs (34)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Daily Options (35)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">VL Research Center, VL ProEquity Research Center, Library Research Center (39)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mergers and Acquisitions (42)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2Quant (43)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Climate Change (48)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Copyright Fees (66)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Investment (181)-(including Eulav investment income)</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b><i>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; Tell us which</i></b>&nbsp;<b><i>financial measures are included and presented to the CODM in these reports, and which are the primary measures that the CODM uses to make the decisions described in your response. </i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The budget reports are presented in an income statement format. On a company-wide basis, the budget report is presented with line items for revenues and most all expenses. On a product/title basis, the budget reports contain revenues and certain expenses, including certain direct variable production costs, distribution costs, and marketing costs, separately stated. A significant amount of production costs, along with general and administrative expenses are reflected in one total amount at the discretion of the PAO.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The primary measures used by the CODM to make decisions on a company-wide basis are revenues, operating expenses, income from operations, and net income. On a product/title basis, the primary measures reviewed by the CODM are revenues, advertising expenses, certain production expenses, and distribution expenses.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>4. Your response to our prior comment 2 indicates that the CODM uses</i></b>&nbsp;<b><i>both the Company-wide and product-oriented financial information, in discussion with his direct reports, to make decisions</i></b>&nbsp;<b><i>such as</i></b>&nbsp;<b><i>increase or decrease advertising expense, introduce or discontinue a product/title,</i></b>&nbsp;<b><i>product pricing</i></b>&nbsp;<b><i>and compensation. However, your response to prior comment 5 indicates that the information is not sufficient for the CODM to assess performance and make resource allocation decisions. In light of the decisions made by the CODM described above, please further explain how you have determined that the characteristics described in ASC 280-10-50-1(b) have not been met. </i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">ASC 280-10-50-1(b) states that for a component of a business entity to be considered as an operating segment, &#8220;its operating results are regularly reviewed by the public entity&#8217;s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.&#8221; Although VLI&#8217;s CODM reviews information by product/title, the allocation of resources for most of the expenses is not made on a product/title basis, but instead, on a company-wide consolidated basis. Therefore, the characteristics of ASC 280-10-50-1(b) have been met only if VLI&#8217;s business components are viewed as one segment.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">As indicated in our response to your prior comment 2, except for certain direct variable costs to produce and distribute a product, other expenses are allocated to the product/titles in an arbitrary or discretionary manner as proposed to the CODM by the PAO. As a result, that information is not used by the CODM to make decisions about resources to be allocated to the specific products/titles, or other components of the entity from which it may recognize revenues and incur expenses. However, he does use that information to make decisions about allocating resources on a company-wide basis. For that reason, as mentioned above, we have determined that the characteristics described in ASC-280-10-50-1(b) have not been satisfied.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">5. <b><i>We note your response to comment 4 that you</i></b>&nbsp;<b><i>look at EAM's periodic expense and revenue reports and other monthly information as a matter of interest since the monies received from EAM are significant for Value Line</i></b>&#8217;<b><i>s financial reporting purposes. We also note that you plan to modify your disclosure</i></b>&nbsp;<b><i>to more closely reflect the guidance described in ASC 280-10-55-2. Please address the following: </i></b></p>

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			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Tell us whether or not you review these reports for</i></b>&nbsp;<b><i>purposes of evaluating whether to retain your</i></b>&nbsp;<b><i>investor-investee relationship with EAM, as described in ASC 280-10-55</i></b>&#8208;<b><i>2. </i></b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Value Line does not review the reports it receives from EAM for purposes of evaluating whether to retain its investor-investee relationship with EAM. Value Line anticipates that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so that EAM will not need additional funding. It has no intention to terminate or alter its relationship with EAM and the CODM&#8217;s review of EAM&#8217;s periodic expense and revenue reports and other monthly information is not for purposes of evaluating whether to retain Value Line&#8217;s investor-investee relationship with EAM.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;"><b><i>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarify the extent that you intend to modify your disclosure and whether that modification includes identifying EAM as an operating segment. </i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The segment disclosure will state that EAM is not considered to be an operating segment because it does not satisfy one of the required characteristics of an operating segment pursuant to ASC 280-10-50-1. Specifically, VLI&#8217;s chief operating decision maker does not regularly review EAM&#8217;s operating results to make decisions about resources to be allocated to EAM.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>6. We note your response to our prior comment 5 stating that the requirements of</i></b>&nbsp;<b><i>ASC 280</i></b>&#8208;<b><i> 10-50-1(a) - (c) have not been satisfied.</i></b>&nbsp;<b><i>Please provide us with an individual analysis of each criteria clarifying which you have determined have been satisfied and which have not, along with an explanation as to why you do not believe it has been satisfied.</i></b>&nbsp;<b><i>Specifically, to the extent that you have determined that the financial information provided to the CODM does not represent discrete financial information as contemplated by ASC 280-10-50-1(c) due to the arbitrary nature and</i></b>&nbsp;<b><i>allocation of costs, tell us why. In this regard, we note your response to comment 3 states that</i></b>&nbsp;<b><i>cost allocation methods are consistent to</i></b>&nbsp;<b><i>assist the CODM</i></b>&nbsp;<b><i>in evaluating major changes or variations.</i></b>&nbsp;<b><i>As part of your response, please clarify the proportion or percentage of costs that are considered to be direct variable vs. allocated.</i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>Answer:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Value Line Inc. engages in business activities from which it recognizes revenues and incurs expenses therefore satisfying the first criteria of ASC 280-10-50-1. As for the second criteria, as discussed in Item #4, while it is true that the CODM regularly reviews the entity&#8217;s operating results to make decisions about resource allocation, it is mainly to allocate resources on a company-wide basis.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Moreover, Value Line does not satisfy the third characteristic of ASC-280-10-50-1 because it does not have sufficient discrete financial information available for separate business components. As mentioned in our May 10, 2024 response, the Company has significant production costs that are arbitrarily allocated to products/titles at the discretion of the PAO. Those costs relate to all of the products/titles without any specificity as to how much of each of those costs relate to any one (or more) products/titles. Any attempt to specifically allocate those costs to each product/title ultimately result in a guesstimate. Furthermore, even if the company aggregated certain products/titles into a few business components, such as print and electronic products, or retail and institutional customers, the production costs would still spread across the separate components without specificity because those costs relate to all of the products/titles regardless of their aggregation.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The production expenses that are allocated are predominantly comprised of the Research department costs and the Information Technology department costs. In the aggregate, those departmental costs, excluding overhead allocation to those departments, represent approximately 40% of the company&#8217;s total expenses.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Please contact Stephen Anastasio if you have questions regarding answers provided to your comments on the financial statements and related matters.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sincerely,</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stephen Anastasio</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stephen Anastasio</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Principal Financial Officer,</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vice President, Treasurer &amp; Director</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>(Attachment)</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Value Line, Inc.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Monthly Operating Statement</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">For the Twelve Months Ending Tuesday, April 30, 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Special Situations - 08</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">CURRENT</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">PERIOD</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">YEAR TO</p>

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			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">% to</p>
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			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">% to</p>
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			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">% to</p>
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			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">% to</p>
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		</tr>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">BUDGET</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">BUDG</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">ACTUAL</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">PRIOR</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">MO</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">PRIOR</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">MO</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">BUDGET</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">BUDG</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">ACTUAL</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">LAST</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">YR</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">LAST YR</p>
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			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$15,824</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(18.4%)</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$12,909</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(0.4%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$12,961</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Earned Income - Print</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$188,684</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(18.3%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$154,234</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(21.0%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$195,325</p>
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			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">15,824</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(18.4%)</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">12,909</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(0.4%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">12,961</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Earned Income - Print</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">188,684</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(18.3%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">154,234</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(21.0%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">195,325</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3,746</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(15.0%)</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3,183</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1.2%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">S3,146</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Earned Income - Digital</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">44,505</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(16.1%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">37,350</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(17.8%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">45,417</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3,746</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(15.0%)</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3,183</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1.2%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3,146</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Earned Income - Digital</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">44,505</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(16.1%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">37,350</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(17.8%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">45,417</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">19,570</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(17.8%)</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">16,092</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(0.1%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">16,107</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">TOTAL REVENUES</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">233,188</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(17.8%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">191,584</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(20.4%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">240,743</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">50</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(1.0%)</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">49</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Paper for Publications</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">594</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(16.8%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">495</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(16.8%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">594</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">426</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">10.1%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">469</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">469</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Printing &amp; Duplicating Costs</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,473</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3.7%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,678</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2.2%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,553</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">69</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">92.1%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">132</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(67.1%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">401</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Service Mailers</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">825</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">163.9%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2,176</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">127.5%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">957</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">544</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">19.5%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">650</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(25.3%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">870</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Service Production</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,891</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">21.1%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8,348</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">17.5%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">7,104</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,241</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(23.1%)</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">954</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(11.5%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,079</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Service Postage</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">15,619</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">15,929</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5.4%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">15,114</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">342</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">452.8%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,892</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Distribution Expense - Mailing</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4,377</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">9.3%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4,782</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">10.9%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4,312</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,583</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">79.8%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2,846</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">163.9%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,079</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Service Distribution</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">19,996</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3.6%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">20,711</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6.6%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">19,426</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">General Advertising &amp; Promotion</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2,100</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Direct Mail Expense</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">32,708</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(73.3%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8,730</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(29.3%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">12,353</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">116</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">557.8%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">760</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">387.9%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">156</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales Commissions &amp; Discounts IS</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,793</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">36.4%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2,445</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">21.2%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2,018</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">278</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">32.9%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">370</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(16.8%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">444</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales Commissions &amp; Discounts TM</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4,068</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">50.7%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,129</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">42.6%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4,297</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">394</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">187.1%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1,130</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">88.3%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">600</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Promotion &amp; Selling</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">38,569</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(49.7%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">19,404</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3.9%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">18,668</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,000</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,000</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,000</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Salaries &amp; Accrued Salaries</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">60,000</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">60,000</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">60,000</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">755</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">755</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">755</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Allocation of Fringe Benefits</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">9,060</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">9,060</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(9.6%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">10,020</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,755</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,755</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">5,755</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Compensation &amp; Benefits</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">69,060</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">69,060</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(1.4%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">70,020</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Allocations</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">78,472</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">78,472</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(3.8%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">81,588</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: bottom; width: 9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">6,539</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL Allocations</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">78,472</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">0.0%</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">78,472</p>
			</td>
			<td style="vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(3.8%)</p>
			</td>
			<td style="vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">81,588</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">14,815</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">14.2%</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">16,921</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">14.0%</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">14,844</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">TOTAL EXPENSES</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">212,988</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(8.0%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">195,995</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(0.4%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">196,805</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: bottom; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 22%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 7%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 8%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$4,754</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(117.4%)</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">($829)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(165.6%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$1,263</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 22%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">TOTAL INCOME (LOSS)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$20,200</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(121.8%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">($4,411)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">(110.0%)</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">$43,938</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
