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TIMMY GLOBAL HEALTH, INC.

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT

For the Years Ended June 30, 2018 and 2017

TIMMY GLOBAL HEALTH, INC. TABLE OF CONTENTS

Page(s) INDEPENDENT AUDITOR’S REPORT ........................................................................ 1-2 FINANCIAL STATEMENTS Statements of Financial Position .................................................................................. 3 Statements of Activities ............................................................................................... 4-5 Statements of Functional Expenses .............................................................................. 6-7 Statements of Cash Flows ............................................................................................ 8 Notes to Financial Statements ...................................................................................... 9-17

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INDEPENDENT AUDITOR’S REPORT To the Board of Directors Timmy Global Health, Inc. Report on the Financial Statements We have audited the accompanying financial statements of Timmy Global Health, Inc., (an Indiana nonprofit organization) which comprise the statements of financial position as of June 30, 2018 and 2017, and the related statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Timmy Global Health, Inc. as of June 30, 2018 and 2017, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Indianapolis, Indiana December 7, 2018

FINANCIAL STATEMENTS


STATEMENTS OF FINANCIAL POSITION

As of June 30,

See accompanying notes to financial statements. - 3 -

2018 2017

Cash and cash equivalents 954,579$ 1,018,781$ Accounts receivable, net 68,411 - Other receivables - 20,612 Inventory 66,857 112,011 Prepaid expenses 101,901 39,197 Property and equipment, net 257,417 258,527

TOTAL ASSETS 1,449,165$ 1,449,128$

Accounts payable 40,530$ 50,369$ Accrued expenses 13,593 13,676 Deferred service trip revenue 172,504 127,537 Note payable 102,203 110,999

Total liabilities 328,830 302,581

NET ASSETS

Unrestricted 956,756 1,024,831 Temporarily restricted 163,579 121,716

Total net assets 1,120,335 1,146,547

TOTAL LIABILITIES AND NET ASSETS 1,449,165$ 1,449,128$

ASSETS

LIABILITIES AND NET ASSETS


STATEMENTS OF ACTIVITIES

For the Year Ended June 30, 2018


TemporarilyUnrestricted Restricted Total

REVENUES AND SUPPORTContributions 439,792$ 173,384$ 613,176$ In-kind contributions 1,190,702 - 1,190,702 Service trip fee revenue 1,136,046 - 1,136,046 Grant income 32,000 - 32,000

Special event revenue 172,635 - 172,635 Less: Cost of direct benefit to donors (29,385) - (29,385)

Net revenues from special events 143,250 - 143,250

Other revenue 14,844 - 14,844 Interest income 2,246 - 2,246 Net assets released from restrictions 131,521 (131,521) -

Total revenues and support 3,090,401 41,863 3,132,264

EXPENSESProgram services 2,723,590 - 2,723,590 Supporting services

Management and general 281,361 - 281,361 Fundraising 153,525 - 153,525

Total expenses 3,158,476 - 3,158,476

CHANGE IN NET ASSETS (68,075) 41,863 (26,212)

NET ASSETS, BEGINNING OF YEAR 1,024,831 121,716 1,146,547

NET ASSETS, END OF YEAR 956,756$ 163,579$ 1,120,335$


STATEMENTS OF ACTIVITIES



TemporarilyUnrestricted Restricted Total

REVENUES AND SUPPORTContributions 553,940$ 164,085$ 718,025$ In-kind contributions 2,644,801 - 2,644,801 Service trip fee revenue 1,219,987 - 1,219,987

Special event revenue 143,634 - 143,634 Less: Cost of direct benefit to donors (18,875) - (18,875) Net revenues from special events 124,759 - 124,759

Other revenue 98 - 98 Interest income 1,910 - 1,910 Net assets released from restrictions 179,239 (179,239) -

Total revenues and support 4,724,734 (15,154) 4,709,580

EXPENSESProgram services 4,303,356 - 4,303,356 Supporting services

Management and general 275,537 - 275,537 Fundraising 178,642 - 178,642

Total expenses 4,757,535 - 4,757,535

CHANGE IN NET ASSETS (32,801) (15,154) (47,955)

NET ASSETS, BEGINNING OF YEAR 1,057,632 136,870 1,194,502

NET ASSETS, END OF YEAR 1,024,831$ 121,716$ 1,146,547$


STATEMENTS OF FUNCTIONAL EXPENSES



ManagementProgram and Cost of Services General Fundraising Sales Total

Salaries and payroll wages 1 376,044$ 138,434$ 100,514$ -$ 614,992$ Employee benefits 2 56,810 16,480 9,932 - 83,222 Medicine and related services 3 1,405,999 - - - 1,405,999 International travel 4 715,271 138 - - 715,409 Domestic travel 5 35,041 3,227 1,725 - 39,993 Printing and reproduction 6 138 336 2,791 - 3,265 Supplies 7 724 173 3,557 - 4,454 Office expense 8 9,208 1,369 1,431 - 12,008 Computer expense 9 3,996 481 308 - 4,785 Payroll taxes 10 14,003 9,344 8,100 - 31,447 Professional fees 11 40,637 62,911 19,409 - 122,957 Marketing 12 7,243 2,479 3,221 - 12,943 Postage and delivery 13 107 17 309 - 433 Bank service charges 14 25,367 3,874 - - 29,241 Telephone and utilities 15 13,722 2,131 2,228 - 18,081 Insurance 16 - 14,772 - - 14,772 Dues and subscription 17 - 948 - - 948 Scholarships 18 17,138 - - - 17,138 Miscellaneous 19 2,142 1,367 - - 3,509 Interest expense 20 - 5,542 - - 5,542 Depreciation expense 21 - 10,936 - - 10,936 Bad debt expense 22 - 6,402 - - 6,402

TOTAL EXPENSES BEFORE COST OF DIRECT BENEFIT TO DONORS 2,723,590$ 281,361$ 153,525$ 3,158,476

Cost of direct benefit to donors - supplies 753 753 Cost of direct benefit to donors - entertainment 28,632 28,632

Total cost of direct benefit to donors 29,385

TOTAL EXPENSES 3,187,861$


STATEMENTS OF FUNCTIONAL EXPENSES



ManagementProgram and Cost of Services General Fundraising Sales Total

Salaries and payroll wages $ 358,189 $ 114,293 $ 102,168 -$ 574,650$ Employee benefits 34,449 9,810 8,661 - 52,920 Medicine and related services 2,909,903 - - - 2,909,903 International travel 817,425 3,051 - - 820,476 Donor cultivation - - 183 - 183 Printing and reproduction - 814 2,010 - 2,824 Supplies 3,325 542 3,018 - 6,885

Office expense 4,923 802 913 - 6,638 Computer expense 2,183 1,081 836 - 4,100 Payroll taxes 22,983 11,922 11,825 - 46,730 Professional fees 44,731 92,403 10,472 - 147,606 Marketing 3,165 1,582 3,165 - 7,912 Postage and delivery - 203 654 - 857 Bank service charges 22,690 3,492 - - 26,182 Telephone and utilities 13,463 2,582 2,397 - 18,442

Insurance - 8,177 - - 8,177 Dues and subscription - 1,694 - - 1,694 Domestic travel 18,389 6,420 1,534 - 26,343 Scholarships 11,252 - - - 11,252 Conferences and retreats 36,286 1,983 30,806 - 69,075 Interest expense - 3,594 - - 3,594 Depreciation expense - 11,092 - - 11,092

TOTAL EXPENSES BEFORE COST OF DIRECT BENEFIT TO DONORS 4,303,356$ 275,537$ 178,642$ 4,757,535

Cost of direct benefit to donors - entertainment 18,875 18,875

TOTAL EXPENSES 4,776,410$


STATEMENTS OF CASH FLOWS

For the Years Ended June 30,

See accompanying notes to financial statements.

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2018 2017CASH FLOWS FROM OPERATING ACTIVITIESChanges in net assets (26,212)$ (47,955)$ Adjustments to reconcile change in net assets

to net cash and cash equivalents provided by operating activities:Depreciation 10,936 11,092 Contributions of in-kind inventory 55,228 (105,226) (Increase) decrease in:

Receivables (47,799) (16,328) Inventory (10,074) (6,785) Prepaid expense (62,704) 70,043

Increase (decrease) in:Accounts payable (9,839) 2,050 Accrued expenses (83) 7,461 Deferred service trip revenue 44,967 (23,495)

Net cash and cash equivalents (used) by operating activities (45,580) (109,143)

CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property and equipment (9,826) -

Net cash and cash equivalents (used) by investing activities (9,826) -

CASH FLOWS FROM FINANCING ACTIVITIESNote payable payments (8,796) (5,292)

Net cash and cash equivalents (used) by financing activities (8,796) (5,292)

NET (DECREASE) IN CASH AND CASH EQUIVALENTS (64,202) (114,435)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,018,781 1,133,216

CASH AND CASH EQUIVALENTS, END OF YEAR 954,579$ 1,018,781$

SUPPLEMENTAL DISCLOSURE OF CASH FLOWINFORMATIONCash paid during the year for:

Interest 5,542$ 3,594$


NOTES TO FINANCIAL STATEMENTS

For the Years Ended June 30, 2018 and 2017

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Timmy Global Health, Inc. (the Organization), an Indiana not-for-profit corporation, was founded in 1997 to expand access to healthcare while empowering students and volunteers to address today’s most pressing global health challenges. The Organization currently supports healthcare initiatives in six (6) countries, with the vision of a world in which everyone has access to quality healthcare. As a part of its mission, the Organization sends medical service teams to support the work of international partner organizations, and channels financial, medical, and human resources to community-based health and development projects. Through our work, we seek to strengthen local health systems while promoting a spirit of humanitarianism, global awareness, and a long-term commitment to ending health disparities amongst our students and volunteers. Basis of Accounting The financial statements of the Organization have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (USGAAP). Cash and Cash Equivalents The Organization considers all investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents designated for long-term purposes or received with donor-imposed restrictions limiting their use to long-term purposes are not considered cash and cash equivalents. The Organization maintains its operating bank accounts at two financial institutions. The Federal Deposit Insurance Corporation (FDIC) insures accounts at these institutions. The Organization maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits of $250,000. As of June 30, 2018, and 2017, the Organization had a balance in excess of the insured limit of $675,600 and $750,090, respectively. Accounts receivable Accounts receivable consists of service trip fees from medical service team participants for trips that have occurred prior to June 30. The Organization determines an allowance for doubtful accounts for uncollectable receivables based on individual credit evaluations and specific circumstances of the participants. Based on management’s evaluation an allowance of $3,685 and $0 has been provided as of June 30, 2018 and 2017, respectively, however, write-offs may exceed the allowance amount.

TIMMY GLOBAL HEALTH, INC. NOTES TO FINANCIAL STATEMENTS (Continued)

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Inventory Inventory represents product (medicines and supplies) both donated and purchased to fulfill future service trips. Inventory is stated at the estimated fair value of Wholesale Acquisition Cost (WAC price) during 2018, and the Published Wholesale Price (AWP) during 2017, for donated medicines and supplies, on a first-in, first-out basis. Deferred Revenue and Prepaids Deferred revenue represents the service trip fees collected for trips scheduled, but that have not yet occurred. Prepaid expenses consist of travel costs for scheduled service trips that have not yet occurred. Property and Equipment Property and Equipment are recorded at cost or, if contributed, at the estimated fair value at the date of the gift. The Organization capitalizes additions of property and equipment in excess of $2,500 cost or fair value, if contributed. Depreciation of property and equipment is computed using the straight-line method based upon the estimated useful lives of the assets ranging from 3 to 39 years. Expenditures for property and equipment and for renewals or improvements which extend the originally estimated economic life of the assets are capitalized. Expenditures for maintenance and repairs are charged to expense when incurred. When an asset is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the statement of activities.

Net Assets Net assets, revenues and expenses, and gains and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, net assets and changes therein are classified as: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Unrestricted net assets

Undesignated – Net assets that are not subject to donor-imposed restrictions or Board of Directors imposed stipulations.

Temporarily restricted net assets

Temporarily restricted net assets are those which have donor-imposed restrictions as to time, purpose, or both.


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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Assets (Continued)

Permanently restricted net assets

Permanently restricted amounts are those which are subject to donor-imposed stipulations that require that they be maintained permanently by the Organization. Generally, the donors of these assets permit the use of all or part of the income earned on the related investments for general or specific purposes. As of June 30, 2018 and 2017, the Organization had no permanent restrictions on its net assets.

Service Trip Fee Revenue Service trip fee revenue consists of travel and related costs for medical professionals and student volunteers to participate in medical service teams abroad and is recognized when services are performed by the Organization or when the trip occurs. Service trip fees are refundable to the participant until the trip occurs. Contributions Contributions are recognized when the donor makes a promise to give to the Organization that is, in substance, unconditional. Contributions that are restricted by the donor are reported as increase in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are recognized. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Restrictions on gifts of capital assets or cash for the purchase of capital assets expire when the asset is placed in service. In-Kind Donations of Medicines and Professional Volunteers Contributed services are recognized as contributions, if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Organization. Contributions of tangible assets are recognized at fair value when received. The amounts reflected in the accompanying financial statements as in-kind contributions are offset by like amounts included in expenses or additions to property and equipment. In-kind contributions are recorded at fair value and recognized as revenue when they are received. Professional doctors and nurses that accompany other volunteers on trips are valued at the estimated fair value per hour. Student and other volunteers do not meet the definition and as such are not recorded as in-kind contributions.


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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In-Kind Donations of Medicines and Professional Volunteers (Continued) The Organization collects medicines, and medical equipment/supplies (“collectively product”) from various individuals and corporate donors and classifies the amount collected as in-kind contributions. Management estimates the fair market value of the products contributed based on its experience, various publications, and if applicable, supplied invoices from donors when the products are received. Prior to fiscal 2018, all products were valued at the published wholesale price (AWP) for the estimated fair value of all donated product as well as the difference between the actual cost paid on certain medicines and the estimated fair value of the product. During 2018, the Organization changed its estimate of fair value from AWP to the WAC. The WAC price is the most commonly used benchmark in pharmacy purchasing of drugs and is published by the manufacturer for sale via a wholesaler. The Organization purchases these medicines from a wholesaler at significant discounts and as such believes the WAC price is a more appropriate estimate of the fair value of the donated medicine. The effect of the change reduced in-kind donations by approximately $793,000 or approximately 53% of AWP. Management believes that this change in valuation methodology better reflects the estimated fair value of the donated product and allows better comparison to peer world health organizations that distribute medicine. In accordance with USGAAP, this change in estimate has been implemented on a prospective basis in the accompanying financial statements

Income Taxes The Organization is exempt from federal income taxes under Section 501(c)(3) of the U.S. Internal Revenue Code. However, from time to time the Organization may pay income tax on unrelated business income. Federal and state taxes on unrelated business income, if applicable are provided at the statutory tax rates. The Organization is not a private foundation. Use of Estimates Management uses estimates and assumptions in preparing these financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues, expenses, gains, losses, and other changes in net assets during the reporting period. Actual results could vary from the estimates that were used. See In-Kind Medicines and Professional Volunteers for a discussion on a significant change in estimate.


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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Advertising costs

The Organization uses advertising to promote its programs among the audiences it serves. Advertising costs are expensed as incurred. Advertising expenses for the year ended June 30, 2018 and 2017 were insignificant. Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the statement of activities. Some expenses relate directly to specific programs or supportive services while others do not. Expenses that relate to more than one program or supporting service are allocated among the applicable functions. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers,” as amended by ASU 2015-14, which supersedes or replaces nearly all GAAP revenue recognition guidance. This standard establishes a new contract and control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. ASU 2014-09, as amended, is effective for non-public companies for annual reporting periods beginning after December 15, 2018 and interim periods within the annual period beginning after December 15, 2019. The Organization is currently assessing the impact of this new standard. In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020 and requires a modified retrospective approach to adoption. The Organization is currently assessing the impact of this new standard. The Financial Accounting Standards Board (FASB) has issued ASU No. 2016-14, “Not-for-Profit Entities (Subtopic 958): Presentation of Financial Statements of Not-for-Profit Entities”. ASU No. 2016-14 is intended to simplify and improve current net asset classification requirements and the information presented in financial statements and notes about a not-for-profit entity’s liquidity, financial performance, expense classifications and cash flows. ASU No. 2016-14 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. Management is currently evaluating the impact of ASU No. 2016-14 on the Organization’s financial statements.


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2. CONTRIBUTED MATERIALS AND SERVICES For the years ended June 30, 2018 and 2017, contributed materials and services consisted of the following:

2018 2017

Medicine and supplies 633,570$ 2,108,200$ Professional medical services 517,051 481,372 Auction items 10,210 14,603 Legal Services 29,871 40,626

TOTAL 1,190,702$ 2,644,801$

Volunteers provide program services throughout the year that are not recognized as contributions in the financial statements since they do not meet the recognition criteria under USGAAP. These services include assistance and instruction of some education programs and fundraising events.

3. PROPERTY AND EQUIPMENT

Property and equipment consists of the following at June 30,:

Years 2018 2017

Land 27,900$ 27,900$ Building 39 251,100 251,100 Building improvements 15-39 79,101 69,275 Computers 5 21,492 21,492 Furniture and fixtures 3-10 17,558 17,558 Software 3 7,857 7,857

405,008 395,182 Less: Accumulated depreciation (147,591) (136,655)

TOTAL 257,417$ 258,527$

Depreciation expense was $10,936 and $11,092 for the years ended June 30, 2018 and 2017, respectively.


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4. NOTE PAYABLE

2018 2017

Note payable due in monthly installments of$1,195; including interest (bank index 1.857% asof June 30, 2018) plus 3.25% due May 19, 2027.The note is secured by a first mortgage on thereal estate. 102,203$ 110,999$

Annual maturities of the note payable as of June 30, 2018 are as follows:

2019 9,263$ 2020 9,742 2021 10,271 2022 10,815 2023 11,389 Thereafter 50,723

TOTAL 102,203$

5. TEMPORARILY RESTRICTED NET ASSETS

Temporarily restricted net assets are available to support the following purposes as of June 30,:

2018 2017

Dominican Republic (Banelino) 19,306$ 7,475$ Ecuador (Centro Medico) 10,179 3,907 Ecuador (Guangaje) - 3,114 Ecuador (Tena - Archidona) 25,322 27,637 Ecuador (Tierra Nueva) 19,431 - Guatemala (Pop Wuj) 21,260 24,484 Hank Benjamin Memorial Scholarship Fund 13,397 27,034 Nigeria (Bebor School) 23,661 15,230 Nigeria (Mercy Medical Mission) 7,819 767 Equador Earthquake Relief - 3,000 Student leaders support 5,386 6,250 Patient Emergency Fund 801 801 Timmy Care 15,000 - Surgeons medical trips 2,017 2,017

TOTAL TEMPORARY RESTRICTED NET ASSETS 163,579$ 121,716$


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6. RETIREMENT PLAN

The Organization has a 401(k) plan (the Plan) that covers all eligible employees. Employees are eligible to participate in the Plan after one year of eligible service. The Organization contributes up to 4% of each eligible employee’s compensation to the Plan and may also make discretionary contribution. Employer contributions totaled $1,634 and $147 for the years ended June 30, 2018 and 2017, respectively.

7. OPERATING LEASES

The Organization leases equipment under an operating lease expiring in April 2021. As of June 30, 2018, $345 was incurred and expensed related to the lease. There were no operating leases held by the Organization during the year ended June 30, 2017. The future minimum rental payments required under the operating leases for subsequent years ending June 30, are as follows:

Amount2019 1,116$ 2020 1,116 2021 930

TOTAL FUTURE MINIMUM LEASE PAYMENTS 3,162$

8. RELATED PARTY TRANSACTIONS

During 2018 and 2017, approximately $195,900 and $167,810 of contribution revenue was received from related parties, including certain members of the Board of Directors. During the year ended June 30, 2018 and 2017, the Organization made medicine purchases of $48,599 and $37,529 from a company owned by a member of the Board of Directors. Management believes that these transactions have been conducted on an arms-length basis and no preferential treatment has been afforded to the Organization or the board member.


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9. CONCENTRATIONS The Organization had two major vendors during 2018 and one major vendor during 2017. The percentage of purchases and related payables are as follows:

Vendor % of

Purchases

Accounts Payable Balance

% of Purchases

Accounts Payable Balance

A 14% 21,284$ * *B 12% 2,436 * *C * * 28% *

*Not a major vendor

2018 2017

10. SUBSEQUENT EVENT Subsequent events are events or transactions that occur after the statement of financial position date but before financial statements are issued or are available to be issued. These events and transactions either provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events), or provide evidence about conditions that did not exist at the date of the statement of financial position but arose after that date (that is, recognized subsequent events). The Organization has evaluated subsequent events through December 7, 2018, which was the date that these financial statements were available for issuance, and determined that there were no significant non-recognized subsequent events through that date.

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