UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C.  20549

** **

## **FORM 10-Q**

(MarkOne)

 

[x]  **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

** **

For the quarterly period endedJuly 31, 2010.

 

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

** **

For the transition periodfrom _______________________________________ to___________________________________

 

Commission File Number:_______________________________________________________________________________                  

 
| FirstHartford Corporation                                                                                |
|----------------------------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in its charter)                                                   |
|                                                                                                     |
| Maine                                                                                                    | 01-0185800 |
|  (State or other jurisdictionof incorporation ororganization)                                  | (I.R.S.Employer Identification No.) |
|                                                                                                     |   |
| 149 Colonial Road    Manchester, CT          | 06045-1270 |
| (Address of principalexecutiveoffices)                                                         |  (Zip		Code) |
|                                                                                                     |
| 860-646-6555                                                                                             |
|  (Registrant'stelephone number, including area code)                                                |
|                                                                                                     |
| (Former name, former address and former fiscal year,if changed since last report)                        |

 

Indicate by check mark whetherthe registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90days.   XYes   ⁪ No    

 

Indicate by check mark whetherthe registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and postedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or forsuch shorter period that the registrant was required to submit and post suchfiles).  ⁪Yes   ⁪ No

 

Indicate by check mark whetherthe registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company.  See definition of“large accelerated filer”, “accelerated filer” and “smaller reporting company”in Rule 12b-2 of the Exchange Act. 

 
| Large accelerated filer ⁪                                                                       | Accelerated filer ⁪   |
|----------------------------------------------------------------------------------------------------------------------|-----------------------------|
|                                                                                                                 |                        |
| Non-accelerated filer ⁪   (Do not check if a smaller reportingcompany)      | Smaller reporting company X |

 

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act).   ⁪Yes   X No

 

APPLICABLE ONLY TOCORPORATE ISSUERS

 

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

 

3,027,965 as of October 1, 2010   

| 1 |
|---|

 

----

 

 

 

 

 

### FIRST HARTFORD CORPORATION AND SUBSIDIARIES 

#### INDEX

 
| PART I.
FINANCIALINFORMATION                                                                 
PAGE
 
 
 
		Item 1.
FinancialStatements
 
 
 
 
 
CondensedConsolidated Balance Sheets -
 
 
July31, 2010 (unaudited) and April 30, 2010 (audited)  
3 - 4
 
 
 
 
CondensedConsolidated Statements of Operations and Other 
 
 
ComprehensiveIncome (Loss) for the Three Months
 
 
Ended July 31, 2010 and 2009 (unaudited)     
5
 
 
 
 
CondensedConsolidated Statements of Cash Flows for the
 
 
ThreeMonths Ended July 31, 2010 and 2009 (unaudited)               
6 - 7
 
 
 
 
Notesto Condensed Consolidated Financial Statements     
8 - 12
 
 
 
		Item 2.
Management’sDiscussion and Analysis of Financial Condition    
 
 
andResults of Operations  
12 - 13
 
 
 
		Item 3.
Quantitativeand Qualitative Disclosures About Market Risk   
14
 
 
 
		Item 4T. 
Controlsand Procedures   
14
 
 
 
**PART II**
**OTHERINFORMATION**
 
 
 
 
		Item 1.
LegalProceedings  
15
 
 
 
		Item 1A.
RiskFactors   
15
 
 
 
		Item 2.
UnregisteredSales of Equity Securities and Use of Proceeds    
15
 
 
 
		Item 3.
DefaultsUpon Senior Securities   
15
 
 
 
		Item 4.
(Removedand Reserved)     
15
 
 
 
		Item 5. 
OtherInformation      
15
 
 
 
		Item 6.
Exhibits   
15
 
 
 
 
Signatures  
16
 
 
 
 
Exhibits  
17 - 20
 

 

 

 

 

 

 

	2

 

 

 

 

 

 

 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES 
**CONDENSED CONSOLIDATED BALANCE SHEETS**
 ASSETS
** **

 

 

 

 

 

**July 31, 2010**
   
** **

**April 30, 2010**

** **

 

 

 

 

(unaudited)
   
 

(audited)

Real estate and equipment:

 

 

 
   
 

 

 

   Developed properties

 

 

 

$110,459,740
   
 

$131,437,600

 

   Equipment and tenant improvements

 

 

1,449,946
   
1,408,206

 

 

111,909,686
   
132,845,806

 

 

 
   
 

   Less: accumulated depreciation and amortization

 

 

8,999,444
   
 

11,200,570

 

 

 

102,910,242
   
121,645,236

 

 

 
   
 

   Property under construction

 

11,473,810
   
5,525,858

 

 

114,384,052
   
127,171,094

 

 

 
   
 

 

Cash and cash equivalents   

 

 

2,686,136
   
5,179,164

 

 

 

 
   
 

Cash and cash equivalents - restricted

 

2,687,055
   
 

2,350,003

 

 

 
   
 

Marketable securities  

 

12,216
   
1,323,571

 

 

 
   
 

 

Accounts and notes receivable, less allowance for doubtful accounts

 

 

 

 
   
 

 

 

   of $500,000 and $214,000 as of July 31, 2010 and April 30, 2010,  respectively

 

 

1,631,836
   
 

2,175,177

 

 

 

Other receivables

 

11,613,286
   
 

15,654,514

 

 
   
 

 

Deposits, escrows, prepaid and deferred expenses, net

 

10,382,702
   
 

10,316,964

 

 
   
 

 

Investments in affiliates

 

 

 

9,665 
   
 

9,665 

 

 

 
   
 

 

Due from related parties and affiliates

 

 

 

486,704
   
454,467

 

 

 
   
 

Deferred tax assets, net

 

 

1,238,000
   
1,238,000

 

 

 
   
 

 

Total Assets

 

 

 

 

$145,131,652
   
 

$165,872,619

 

 

 

 

 

 

 

 

The accompanying notes are an integralpart of these condensed consolidated financial statements.

 

	3

 

 

 
 FIRST HARTFORDCORPORATION AND SUBSIDIARIES 
**CONDENSEDCONSOLIDATED BALANCE SHEETS (continued)**

 

 **LIABILITIES AND SHAREHOLDERS’ DEFICIENCY**

 

 

** **

 

 

 

 

 
   
 

 

 

 

 

 

 

**July 31, 2010**
   
** **

**April 30, 2010**

** **

Liabilities:

 

 

 

(unaudited)
   
 

(audited)

 

   Mortgages and notes payable:

 

 

 

 
   
 

 

 

   Construction loans payable

 

 

 

$57,487,978
   
 

$52,683,189

 

   Mortgages payable

 

 

 

66,129,673
   
 

86,613,734

 

   Notes payable

 

 

 

1,683,792
   
 

2,165,321

 

 

125,301,443
   
141,462,244

 

 

 
   
 

 

Accounts payable

 

 

 

2,998,398
   
1,815,727

 

Other payables

 

 

6,594,583
   
10,133,280

 

Accrued liabilities

 

 

 

6,740,571
   
 

7,454,741

 

Deferred income

 

 

 

43,916
   
 

198,090

 

Derivative liabilities

 

 

 

-0-
   
 

2,677,363

 

Other liabilities

 

 

 

4,494,682
   
 

4,709,772

 

Due to related parties and affiliates

 

 

 

89,141
   
 

62,418

 

Total Liabilities

 

 

146,262,734
   
168,513,635

 

 

 

 

 

 
   
 

 

 

Shareholders’ Deficiency:

 

 

 

 
   
 

 

 

Preferred stock, $1 par value; $.50 cumulative and convertible;

 

 

  authorized 4,000,000 shares; no shares issued and outstanding 

 

-0-
   
-0-

 

Common stock, $1 par value; authorized 6,000,000 shares;

 

 
   
 

 

 

  issued 3,298,609 shares

 

3,298,609 
   
 

3,298,609 

 

Capital in excess of par

 

 

 

2,176,704 
   
 

2,176,704 

 

Accumulated deficit

 

 

 

(14,163,082)
   
 

(15,118,235)

 

Accumulated other comprehensive loss

 

 

-0-
   
 

(85,414)

Treasury stock, at cost, 270,644 shares as of July 31, 2010 and April  30, 2010

 

 

 

(2,044,429)
   
(2,044,429)

 

Total Company Shareholders’ Deficiency

 

 

 

 

(10,732,198)
   
 

(11,772,765)

 

Noncontrolling interests

 

 

 

9,601,116
   
9,131,749

 

 

 
   
 

 

Total Shareholders’ Deficiency

 

 

 

(1,131,082)
   
 

(2,641,016)

 

 

 
   
 

 

Total Liabilities and Shareholders’ Deficiency

 

 

 

$145,131,652
   
 

$165,872,619

 

 

 

 

 

 

The accompanying notes are an integralpart of these condensed consolidated financial statements.

	4

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND**

**OTHER COMPREHENSIVE (LOSS)INCOME**

(Unaudited)

 
   
**Three Months Ended**
   
**July  31, 2010**

**July 31, 2009**

 Operating revenues:

 

 

**(As Restated)**

         Rental income

$4,198,477 

 

$3,106,372 

         Service income

767,839 

 

1,594,634 

         Other Income

85,312 

 

246,187 

 

5,051,628 

 

4,947,193 

 

 

 

 

Operating costs and expenses:

 

 

 

        Rental expenses

3,148,451 

 

1,906,504 

        Service expenses

633,396 

 

903,227 

        Selling, general and administrative expenses

772,598 

 

872,787 

 

4,554,445 

 

3,682,518 

 

 

 

 

Income from operations

497,183 

 

1,264,675 

 

 

 

 

Non-operating income (expense):

 

 

 

        Interest expense

(1,690,195)

 

(1,527,295)

        Other income

-0- 

 

37,510 

        Gain on derivatives

-0- 

 

824,565

        Equity in earnings of unconsolidated subsidiaries

215,437 

 

142,975 

 

(1,474,758)

 

(522,245)

 

 

 

 

(Loss) income before income taxes

(977,575) 

 

742,430

 

 

 

 

Provision for income taxes

2,350 

 

16,717 

 

 

 

 

Net (loss) income 

(979,925) 

 

725,713

 

 

 

 

Net (income) loss attributable to noncontrolling  interests

(30,922) 

 

119,991 

 

 

 

 

Net (loss) income attributable to Company

(1,010,917)

 

845,704

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

Unrealized holding gains on securities during the period

-0- 

 

293,732

 

 

 

 

Comprehensive (loss) income

$(1,010,917) 

 

$1,139,436

 

 

 

 

Net ( loss) income per share - basic

$(0.33)

 

$0.28 

  

 

 

 

Net (loss) income per share - diluted

$(0.33) 

 

$0.28

 

 

 

 

Shares used in basic per share computation

3,027,998

 

3,028,065

 

 

 

 

Shares used in diluted per share computation

3,027,998

 

3,064,681

* *

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

	5

 

 

 

 

 

 

 

**      **

** **

**FIRST HARTFORD CORPORATION AND  SUBSIDIARIES**

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS**

** **

**(Unaudited)**

** **

 

 

 

 

 

 

 

 

 

 
Three Months Ended
 

 

 

**July 31,  2010**
   
** **

**July 31,  2009**

** **

 

 
   
 

**(As  Restated)**

 

Cash flows from operating  activities:

 

 
   
 

 

 

  Net (loss) income

   

 

$(979,925)

 

 

$725,713

 

Adjustments to reconcile net (loss) income  

 

 

 

 

 

 

 

  to net cash provided by operating activities:

 

 

 

 

 

 

 

  Equity in earnings of unconsolidated subsidiaries

 

(215,437)

 

 

 

(142,975)

 

  Gain on sales of marketable securities

 

-0-

 

 

(37,510)

  Depreciation

 

699,599

 

 

 

709,871

  Amortization

 

78,609

 

 

74,663

 

  Gain on derivatives

-0-

 

 

(824,565)

 

 

 

 

 

 

 

 

(Increase) decrease in:

 

 

 

 

 

 

 

  Accounts, notes and other receivables, net

 

4,222,887

 

 

2,853,857

 

  Deposits, escrows, prepaid and deferred expenses

 

(572,699)

 

 

 

(301,977)

 

  Cash and cash equivalents – restricted

 

(337,052)

 

 

(595,538)

 

 

 

 

 

Increase (decrease) in:

 

 

 

 

 

 

 

  Accrued liabilities

 

(521,916)

 

 

 

(255,018)

 

  Deferred income

 

(16,821)

 

 

141,670

 

  Accounts and other payables

(2,356,026)

 

 

(2,286,490)

 
         
 

Net cash provided by operating activities

 

1,219

 

 

 

61,701

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

  Distributions from affiliates, net

347

 

 

 

549

 

  Investment in marketable securities, net

 

-0-

 

 

(35,738)

 

  Purchase of equipment and tenant improvements

 

(41,740)

 

 

 

(13,974)

 

  Deconsolidation of CP Associates, LLC

 

(1,891,798)

 

 

-0-
  Additions to developed properties and properties under construction
(5,545,797)   
(647,326)
Net cash used in investing activities

 

(7,478,988)

 

 

 

(696,489)

 

 

 

 

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

	6

 

 
****
**FIRST HARTFORD CORPORATION AND  SUBSIDIARIES**

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS (continued)**

(Unaudited)

 

** **

** **

** **

 

 

**Three Months Ended**

 

 

**July 31,  2010**
   
**July 31,  2009**

 

 

 
   
 

**(As Restated)**

 

Cash flows from financing activities:

 

 

 

 

 

 

   Limited partners investment in consolidated joint ventures

936,401

 

374,664

   Purchase of treasury stock

-0-

 

(315)

   

 

 

 

Proceeds from:

 

 

 

 

 Construction loans payable

 

4,804,789

 

 

 

841,872

 

Principal payments on:

 

 

 

 

 

 

 

 Construction loans payable

 

-0-

 

 

(245,033)

 

  Mortgages payable

 

(252,118)

 

 

(244,666)

 

  Notes payable

 

(481,529)

 

 

 

(1,516)

 

  Advances to related parties and affiliates, net

 

(22,802)

 

 

 

(8,613)

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

4,984,741

 

 

 

716,393

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(2,493,028)

 

 

81,605

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

5,179,164

 

 

 

2,760,342

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

$2,686,136

 

$2,841,947

 

 

 

 

Cash paid during the period  for interest

$1,913,167

 

$1,434,726

 

Cash paid during the period for income taxes

$34,641

 

 

$28,417
                                                                                                
** **

** **

**                                                              **

 

 The accompanying notes are an integral part of these condensedconsolidated financial statements.

	7

 

 
****
 

 

 

 

 

 

 

 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**1.         Nature of Business and Significant AccountingPolicies:**

 

Description of Business

 

First Hartford Corporation was incorporated in Maine in 1909 and is engaged in the purchase, development, ownership, management and saleof real estate.

 

Principles of Consolidation

 

The accompanying condensed consolidated financialstatements include the accounts of First Hartford Corporation, its wholly ownedsubsidiaries and other controlled subsidiaries (collectively referred to as the“Company”).  The Company reflects noncontrolling interest for the non-ownedportions of consolidated subsidiaries.  All significant intercompanytransactions and accounts have been eliminated in the condensed consolidatedfinancial statements, including construction revenues and costs of developmentfor the Company’s own use (rental/future sale).  

 

Financial Statement Presentation

 

The accompanying unaudited condensed consolidatedfinancial statements have been prepared in accordance with generally acceptedaccounting principles for interim financial information and with theinstructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, theydo not include all of the information and footnotes required by generallyaccepted accounting principles for complete financial statements.  In theopinion of management, all adjustments (consisting of normal recurring accrualsand adjustments to previously established loss provisions) considered necessaryfor a fair presentation have been included.  Operating results for the three monthsended July 31, 2010 are not necessarily indicative of the results that may beexpected for the year ending April 30, 2011.  For further information, refer tothe consolidated financial statements and footnotes thereto included in theCompany’s annual report on Form 10-K for the fiscal year ended April 30, 2010.

            

Certain amounts in the statements of operations andcash flows for the three months ended July 31, 2009 have been restated tocorrect an error in the period as reported in Note 9 of the Company’s Form 10-Qfor the quarterly period ended January 31, 2010. The error related to thecapitalization of project costs associated with the acquisition and developmentof a low income multi-residential housing complex. Note 4 summarizes the impactof the error on our previously reported condensed consolidated financialstatements for the quarterly period ended July 31, 2009.

 

Because the Company is engaged in the development andsale of real estate at various stages of construction, the operating cycle mayextend beyond one year. Accordingly, following the usual practice of the realestate industry, the accompanying condensed consolidated balance sheets areunclassified. 

 

Estimates

 

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamount of assets and liabilities, and the disclosure of contingent assets andliabilities as of the date of the financial statements, and the reportedamounts of revenues and expenses during the reporting period.  Actual resultscould differ from those estimates.

 

 

 

	8

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

 

**1.         Nature ofBusiness andSignificant Accounting Policies (continued):**
 

Significant Accounting Policies

 

There has been no change in the Company's significantaccounting policies from those contained in our Annual Report on Form 10-K forthe year ended April 30, 2010, except as discussed below.

 

In June 2009, the Financial Accounting Standards Board(“FASB”) issued consolidation guidance, which amended the previousconsolidation guidance applicable to variable interest entities.  Under theupdated guidance, the identification of a primary beneficiary of a variableinterest entity (“VIE”) is defined as the enterprise that has both of thefollowing characteristics: a) the power to direct the activities of a VIE thatmost significantly impacts the VIE’s economic performance, and b) theobligation to absorb losses of the VIE or the right to receive benefits fromthe VIE that could potentially be significant to the VIE.  The application ofthis updated guidance was effective for the Company as of May 1, 2010.  Basedon this updated guidance, the Company determined that it is no longerconsidered to be the primary beneficiary of the Company’s joint venture, CP Associates,LLC (“CP Associates”).  As a result of the initial application of this updatedguidance, the Company has deconsolidated CP Associates as of May 1, 2010 andhas measured its 50% retained interest in CP Associates at the carrying amountof the Company’s retained interest had this updated guidance been effectivewhen CP Associates was initially formed.  The difference between the net amountremoved from the Company’s balance sheet and the amount of the Company’s 50%retained interest in CP associates has been recognized as a cumulative effectadjustment to the Company’s beginning equity as of May 1, 2010 (see Note 2).

 

Net Income (Loss) Per Common Share

 

Basic net income (loss) per share is computed bydividing the net income (loss) attributable to the common stockholders (thenumerator) by the weighted average number of shares of common stock outstanding(the denominator) during the reporting periods. Diluted net income (loss) pershare is computed by increasing the denominator by the weighted average numberof additional shares that could have been outstanding from securitiesconvertible into common stock, such as stock options and warrants (using the “treasurystock” method).

 
**2.         Investments in Affiliated Partnerships**
 

On May 1, 2010, the Company deconsolidated CPAssociates based on updated consolidation guidance issued by the FASB.  Thefollowing is a summary of the carrying amount of CP Associates’ assets andliabilities and the resulting cumulative effect adjustment to the Company’sequity as of May 1, 2010.

 

Assets                   
$21,685,455
Liabilities                  
23,238,912
Equity:Cumulative effect adjustment     
($1,553,457)
    

 

AtApril 30, 2010, the Company reported approximately $1,892,000 of unrestrictedcash and cash equivalents belonging to CP Associates, LLC.  Due to thedeconsolidation, it is no longer included in the Company’s balance sheet as ofJuly 31, 2010. 

 

 

 

 

	9

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

 

**2.         Investments in Affiliated Partnerships (continued):**

** **

The following is a summary of the effects of CPAssociates included in the Company’s condensed consolidated statement ofoperations for the three month period ended July 31, 2009.

 

Operatingrevenue   
$780,943
Operatingexpenses     
691,956
Incomefrom operations    
88,957
Gainon derivatives     
824,565
Netincome   
$913,552
 

The Company has prospectively accounted for itsretained interest in CP Associates under the equity method of accounting.  Inaddition, the Company also accounts for its 50% interest in Cranston Parkade,LLC and Dover Parkade, LLC under the equity method of accounting.  Thefollowing is a summary of the unconsolidated operating results of CP Associatesfor the three month period ended July 31, 2010 and of the unconsolidatedoperating results of Cranston Parkade, LLC and Dover Parkade, LLC for the threemonth periods ended July 31, 2010 and 2009.

 

 

	Three Months Ended

	July 31

 

2010
CP Associates, LLC
      
      Revenues
   $  780,555 
      Expenses
     627,297 
      Loss on derivatives
   (1,086,004)
Net loss 
   $ (932,746)  
 

 

Three Months Ended

July 31

 
   
2010
   
2009

Cranston Parkade, LLC
   
 
   
 

      Revenues
$
1,293,757
$
1,245,828

      Expenses
   
     993,834
   
  1,014,774

Net Profit 
$
   299,923
$
   231,054

 
   
 
   
 

Dover Parkade, LLC
   
 
   
 

     Revenues
$
   672,673
$
   559,956

     Expenses
   
     547,079
   
     506,160

Net Profit 
$
   125,594
$
     53,796

 

The Company’s investments in CP Associates, CranstonParkade and Dover Parkade have been recorded at cost and have been subsequentlyadjusted for gains, losses and distributions such that the carrying value isless than zero. Although the Company no longer considers itself liable for theobligations of Cranston Parkade and Dover Parkade, it had not previouslydiscontinued applying the equity method on these investments since the Companyhad previously considered itself to be committed to providing financial supportto these partnerships. Other liabilities in the condensed consolidated balancesheets represents the negative carrying value of these investments.

 

	10

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**3.        ****Income Taxes**

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subjectto U.S. federal tax examinations for years before May 1, 2007. Statejurisdictions could remain subject to examination for longer periods. 

 

Deferred tax assets or liabilities are computed basedon the difference between the financial statement and income tax bases ofassets and liabilities using the enacted marginal tax rate. Deferred income taxexpenses or benefits are based on the changes in the deferred tax assets andliabilities from period to period.

 

In assessing the need for a valuation allowance, theCompany estimates future taxable income, considering the feasibility of ongoingtax planning strategies and the realizability of tax loss carryforwards.Valuation allowances related to deferred tax assets can beimpacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were todetermine that it would not be able to realize all or a portion of its deferredtax assets in the future, it would reduce such amounts through a charge toincome in the period in which that determination is made. Conversely, if theCompany were to determine that it would be able to realize its deferred taxassets in the future in excess of the net carrying amounts, it would decreasethe recorded valuation allowance through an increase to income in the period inwhich that determination is made.

 

As of July 31, 2010, the Company has concluded that itis more likely than not that the Company will realize $1,238,000 in deferredtax assets. 

 

**4.         Correction of Error**

** **

As described in Note 1, theCompany identified an error in our condensed consolidated financial statementsfor the quarterly period ended July 31, 2009.  The error related to thecapitalization of project costs associated with the acquisition and developmentof a low income multi-residential housing complex. The following tablesummarizes the impact of the error on the Company’s previously reportedconsolidated financial statements for the quarterly period ended July 31, 2009.

             

 

 

Three months ended July 31, 2009

 

 

Previously		Reported

 

 

Adjustment

 

 

Restated

Revenues 

 

$4,947,193

 

$0

 

$4,947,193

Costs and

   expenses

 

3,860,518

 

(178,000)

 

3,682,518

Net income attributable to  company

 

667,704

 

178,000

 

845,704

Net loss per 

   common share:

 

 

 

 

 

 

     Basic

 

$0.22

 

$0.06

 

$0.28

     Diluted 

 

$0.22

 

$0.06

 

$0.28

 

 

 

 

 

 

 

Assets 

 

134,213,213

 

178,000

 

134,391,213

Liabilities 

 

135,692,026

 

0

 

135,693,026

Equity

 

(1,478,813)

 

178,000

 

(1,300,813)

** **

** **

** **

** **

	11

 

 

 

 

 

 

** **
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**5.         Commitments and Contingencies**

            

TheCompany has been instructed by the Court to buy back the minority interest heldby Richard Kaplan.  The Judge has set a value of approximately $2.9 millionpayable with a $500,000 initial payment and 20 quarterly installments of approximately$120,000 each with a balloon payment of approximately $725,000 for accruedinterest from September 15, 2005.  The Company will pay the quarterly paymentfrom a dedicated account which will retain the net cash flow of three shoppingcenters (Putnam, Plainfield, and Union Street, West Springfield). It isexpected that the cash flow will adequately fund the buy back. A liability ofapproximately $3,675,000 is included in accrued liabilities in the consolidatedbalance sheet.

 

**Item 2.             MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS**

 

Thefinancial and business analysis below provides information which the Companybelieves is relevant to an assessment and understanding of the Company’sfinancial position and results of operations.  This financial and businessanalysis should be read in conjunction with the condensed consolidatedfinancial statements and related notes.

 

The following discussion and certain other sections of this Report on Form 10-Qcontain statements reflecting the Company's views about its future performanceand constitutes “forward-looking statements” under the Private SecuritiesLitigation Reform Act of 1995.  These views may involve risks anduncertainties that are difficult to predict and may cause the Company's actualresults to differ materially from the results discussed in such forward-lookingstatements.  Readers should consider how various factors including changesin general economic conditions, cost of materials, interest rates andavailability of funds, and the nature of competition and relationships with keycustomers may affect the Company's performance.  The Company undertakes noobligation to update publicly any forward-looking statements, whether as aresult of new information, future events or other.

 
Critical Accounting Policies
 

Thediscussion and analysis of financial condition and results of operations isbased upon the condensed consolidated financial statements contained in Item 1in this Quarterly Report.  The condensed consolidated financial statementsinclude the accounts of the Company and its controlled affiliates.  Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and the disclosure of contingent assets and liabilities as of thedate of the financial statements and the reported amounts of revenues andexpenses for the reporting period.  Actual results could differ from thoseestimates.

 

The discussion included in Item 7 of our Annual Report on Form10-K for the year ended April 30, 2010 under the subheading "CriticalAccounting Policies and Estimates" is still considered current and applicable,and is hereby incorporated into this Quarterly Report on Form 10-Q.

 

Results of Operations:

 

RentalIncome

 

Rentalincome increased approximately $1,092,000 for the three months ended July 31,2010 compared to the period ended July 31, 2009.  

 

The increasewas mainly due to the acquisition of Clarendon Towers during April 2010,resulting in additional rental income of approximately $1,873,000 offset by thedeconsolidation of CP Associates (approximately $756,000).

 

	12

 

 

 

**Item 2.**           **MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS (continued):**

 

ServiceIncome

 

Serviceincome decreased approximately $827,000 over the three months ended July 31,2009.  Fees from CVS Pharmacy amounted to approximately $665,000 of thedecrease, which we expect to make up in the 2nd half of our fiscalyear. During the period ended July 31, 2009, the Company recognized $94,494 ofmanagement fees from Clarendon Towers.  In April 2010, we acquired an interestin Clarendon Towers resulting in consolidation of Clarendon Towers andelimination of management fees of $75,642 during the period ended July 31,2010.

 

RentalExpense

 

Rentalexpense increased approximately $1,242,000 over the three months ended July 31,2009.  Of that amount approximately $1,450,000 was from Clarendon.  Due to the deconsolidationat May 1, 2010, expenses for CP Associates are not reflected in rental expensesfor the period ended July 31, 2010. During the period ended July 31, 2009, approximately$341,000 of rental expenses were from CP Associates.

 

ServiceExpense

 

Serviceexpense decreased approximately $270,000 from the three month period ended July31, 2009.  This reduction is mostly from a decline in activity related to ourCVS Pharmacy business, which is consistent with the decline in our incomegenerated from this business. 

 

Gain(Loss) on Derivative.  

 

The gain(loss) on derivatives relates to the change in fair value of interest rateswaps held by CP Associates, which was deconsolidated as of May 1, 2010.

 

For theperiod ended July 31, 2009, the Company recognized a gain of approximately$825,000 on these swaps.

 

CapitalResource and Liquidity.  

 

TheCompany ended the period with approximately $2,686,000 of unrestricted cash andcash equivalents.  The unrestricted cash and cash equivalent includingapproximately $2,425,000 belonging to less than wholly owned consolidatedpartnerships (Rockland Place, LP, $1,577,000 and Clarendon Hill Somerville, LP,$848,000).  Funds received from CVS Pharmacy, which are to be paid out inconnection with CVS developments amounted to approximately $2,687,000 and isincluded in restricted cash and cash equivalents.

 

AtApril 30, 2010, the Company reported approximately $1,892,000 of unrestrictedcash and cash equivalents belonging to CP Associates, LLC.  Due to thedeconsolidation, it is no longer included in the Company’s balance sheet. 

 

TheCompany has been instructed by the Court to buy back the minority interest heldby Richard Kaplan.  The Judge has set a value of approximately $2.9 millionpayable with a $500,000 initial payment and 20 quarterly installments ofapproximately $120,000 each with a balloon payment of approximately $725,000for accrued interest from September 15, 2005.  The Company will pay thequarterly payment from a dedicated account which will retain the net cash flowof three shopping centers (Putnam, Plainfield, and Union Street, WestSpringfield). It is expected that the cash flow will adequately fund the buyback.

 

 

	13

 

 

 

 

 

**Item 2.**            **MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS (continued):**

 

CapitalResource and Liquidity (continued):  

 

Thefollowing schedule outlines our long-term obligations.

 

 

Contractual Obligations

Total

Less Than

1 year

1-3 years

3-5 years

More Than 

5 years

 

 

 

 

 

 

Long-Term  Debt

$124,751,443

$1,273,307

$47,320,447

$15,162,636

$60,995,053

 

 

 

 

 

 

Short-Term  Debt

550,000

550,000

 

 

 

 

 

 

 

 

 

Stock Repurchase 

3,625,000

860,000

960,000

960,000

845,000

 

 

 

 

 

 

Purchase  Obligations

4,107,000

4,107,000

 

 

 

 

 

 

 

 

 

Total  

$133,033,443

$6,790,307

$48,280,447

$16,122,636

$61,840,053

** **

**Item 3.             QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK**

 

Smallerreporting companies are not required to provide the information required bythis item.

 

**Item 4T.                       CONTROLS AND PROCEDURES**

 

Evaluation of Disclosure Controls and Procedures 

 

We maintain “disclosure controls andprocedures,” as such term is defined in Rule 13a-15(e) under the SecuritiesExchange Act of 1934 (the “Exchange Act”), that are designed to ensure thatinformation required to be disclosed in our Exchange Act reports is recorded,processed, summarized and reported within the time periods specified in theSecurities and Exchange Commission rules and forms, and that such informationis accumulated and communicated to our management, including our President andTreasurer, as appropriate, to allow timely decisions regarding requireddisclosure. We conducted an evaluation (the “Evaluation”), under thesupervision and with the participation of our President and Treasurer, of theeffectiveness of the design and operation of our disclosure controls andprocedures (“Disclosure Controls”) as of the end of the period covered by thisreport pursuant to Rule 13a-15b of the Exchange Act. Based on this Evaluation,our President and Treasurer concluded that because of weaknesses in our controlenvironment, our Disclosure Controls were not fully effective as of the end ofthe period covered by this report. Notwithstanding weaknesses in our controlenvironment, as of July 31, 2010, we believe that the condensed consolidatedfinancial statements contained in this report present fairly the Company’sfinancial condition, results of operations and cash flows for the periodspresented.

 

Changes in Internal Control Over FinancialReporting

 

Asof the end of the period covered by this report, there have been no changes ininternal control over financial reporting (as defined in Rule 13a-15(f) of theExchange Act) during the period covered by this report, that materiallyaffected, or are reasonably likely to materially affect, the Company’s internalcontrol over financial reporting.

 

	14

 

 

 

 

 

 

PARTII           OTHER INFORMATION

 

**Item 1.             LEGAL PROCEEDINGS**

 

There have not been any material developments in thelegal proceedings we described in our Annual Report on Form 10-K for the yearended April 30, 2010.

 

**Item 1A.          RISK FACTORS**

 

Smallerreporting companies are not required to provide the information required bythis item.

 

**Item 2.             UNREGISTEREDSALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

 

**                       **None

 

**Item 3.             DEFAULTS UPON SENIOR SECURITIES**

 

                        None

 

**Item 4.             (REMOVED AND RESERVED)**

 

**Item 5.             OTHER INFORMATION**

** **

None

**Item 6.             EXHIBITS**

 

a)         Exhibits:

 

Exhibit 31.1       Certificationof Chief Executive Officer, pursuant to Rule 13a-14(c) under the SecuritiesExchange Act of 1934.

 

Exhibit 31.2       Certificationof Chief Financial Officer, pursuant to Rule 13a-14(c) under the SecuritiesExchange Act of 1934.

 

Exhibit 32.1       Certificationof Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.

 

Exhibit 32.2       Certificationof Chief Financial Officer, pursuant to 18 U.S.C. Section 1350.
	15

 

 

 

 

 

 

 

 

 

 

 
SIGNATURES
 

Pursuant to therequirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

 
 
First Hartford Corporation
 
(Registrant)
 
 
 
/s/ Neil H. Ellis

October 6, 2010
______________________________

Date
Neil H. Ellis B President and 
 
Chief Executive Officer
 
 
 
/s/ Stuart I. Greenwald

October 6, 2010
______________________________

Date
Stuart I. Greenwald B Treasurer 
 
and Chief Financial Officer

 

 
                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|