10-Q 1 len-20210831.htm 10-Q len-20210831
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
Delaware95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305559-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10
LENNew York Stock Exchange
Class B Common Stock, par value $.10
LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerRAccelerated filer¨Emerging growth company
Non-accelerated filer¨Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Common stock outstanding as of August 31, 2021:
Class A 271,852,156
Class B 37,621,152




LENNAR CORPORATION
FORM 10-Q
For the period ended August 31, 2021
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3 - 5.
Item 6.





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
August 31,November 30,
2021 (1)2020 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$2,623,320 2,703,986 
Restricted cash21,519 15,211 
Receivables, net369,492 298,671 
Inventories:
Finished homes and construction in progress10,891,592 8,593,399 
Land and land under development7,210,032 7,495,262 
Consolidated inventory not owned1,004,319 836,567 
Total inventories19,105,943 16,925,228 
Investments in unconsolidated entities983,429953,177 
Goodwill3,442,3593,442,359 
Other assets1,034,6911,190,793 
27,580,753 25,529,425 
Financial Services2,282,8732,708,118 
Multifamily1,226,6921,175,908 
Lennar Other1,653,872 521,726 
Total assets$32,744,190 29,935,177 
(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2021, total assets include $1.0 billion related to consolidated VIEs of which $61.1 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $623.9 million in Homebuilding land and land under development, $284.7 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $17.1 million in Homebuilding other assets and $17.7 million in Multifamily assets.
As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except share amounts)
(unaudited)
August 31,November 30,
2021 (2)2020 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,230,577 1,037,338 
Liabilities related to consolidated inventory not owned841,539 706,691 
Senior notes and other debts payable, net5,542,513 5,955,758 
Other liabilities2,716,872 2,225,864 
10,331,501 9,925,651 
Financial Services1,272,218 1,644,248 
Multifamily259,145 252,911 
Lennar Other101,787 12,966 
Total liabilities11,964,651 11,835,776 
Stockholders’ equity:
Preferred stock  
Class A common stock of $0.10 par value; Authorized: August 31, 2021 and November 30, 2020 - 400,000,000 shares; Issued: August 31, 2021 - 300,499,577 shares and November 30, 2020 - 298,942,836 shares
30,050 29,894 
Class B common stock of $0.10 par value; Authorized: August 31, 2021 and November 30, 2020 - 90,000,000 shares; Issued: August 31, 2021 - 39,443,168 shares and November 30, 2020 - 39,443,168 shares
3,944 3,944 
Additional paid-in capital8,778,609 8,676,056 
Retained earnings13,570,626 10,564,994 
Treasury stock, at cost; August 31, 2021 - 28,647,421 shares of Class A common stock and 1,822,016 shares of Class B common stock; November 30, 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock
(1,731,741)(1,279,227)
Accumulated other comprehensive loss(1,300)(805)
Total stockholders’ equity20,650,188 17,994,856 
Noncontrolling interests129,351 104,545 
Total equity20,779,539 18,099,401 
Total liabilities and equity$32,744,190 29,935,177 
(2)Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2021, total liabilities include $320.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $25.4 million is included in Homebuilding accounts payable, $232.8 million in Homebuilding liabilities related to consolidated inventory not owned, $50.0 million in Homebuilding senior notes and other debts payable and $12.5 million in Homebuilding other liabilities.
As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.
See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
(unaudited)

Three Months EndedNine Months Ended
August 31,August 31,
2021202020212020
Revenues:
Homebuilding$6,558,509 5,505,120 17,529,606 14,626,720 
Financial Services206,973 237,068 669,789 631,992 
Multifamily167,921 115,170 476,837 370,904 
Lennar Other8,000 12,896 20,884 33,348 
Total revenues6,941,403 5,870,254 18,697,116 15,662,964 
Costs and expenses:
Homebuilding5,225,497 4,673,158 14,253,299 12,684,295 
Financial Services94,890 101,989 290,179 363,688 
Multifamily174,410 118,786 474,389 379,607 
Lennar Other9,010 2,062 18,994 3,564 
Corporate general and administrative94,942 85,998 296,190 246,815 
Charitable foundation contribution15,199 6,663 42,006 16,144 
Total costs and expenses5,613,948 4,988,656 15,375,057 13,694,113 
Homebuilding equity in earnings (loss) from unconsolidated entities2,391 (6,431)(3,862)(20,077)
Homebuilding other income (expense), net(5,570)(11,787)3,043 (16,845)
Financial Services gain on deconsolidation   61,418 
Multifamily equity in earnings (loss) from unconsolidated entities and other gain(2,904)(1,532)9,682 4,702 
Lennar Other realized and unrealized gain (loss)495,202  847,377  
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net(2,220)(2,835)59,954 (38,907)
Earnings before income taxes1,814,354 859,013 4,238,253 1,959,142 
Provision for income taxes(405,136)(189,690)(975,354)(382,498)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)1,409,218 669,323 3,262,899 1,576,644 
Less: Net earnings (loss) attributable to noncontrolling interests2,330 2,905 23,279 (5,632)
Net earnings attributable to Lennar$1,406,888 666,418 3,239,620 1,582,276 
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale$131 175 (495)(209)
Reclassification adjustments for loss included in earnings, net of tax   (452)
Total other comprehensive income (loss), net of tax$131 175 (495)(661)
Total comprehensive income attributable to Lennar$1,407,019 666,593 3,239,125 1,581,615 
Total comprehensive income (loss) attributable to noncontrolling interests$2,330 2,905 23,279 (5,632)
Basic earnings per share$4.52 2.13 10.37 5.05 
Diluted earnings per share$4.52 2.12 10.36 5.03 




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Nine Months Ended
August 31,
20212020
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)$3,262,899 1,576,644 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization65,845 68,771 
Amortization of discount/premium on debt, net(6,257)(18,632)
Equity in (earnings) loss from unconsolidated entities(64,571)50,971 
Distributions of earnings from unconsolidated entities40,552 39,036 
Share-based compensation expense105,386 83,799 
Deferred income tax expense288,259 124,906 
Loans held-for-sale unrealized loss26,156  
Lennar Other unrealized/realized gain(847,377) 
Gain on sale of other assets and operating properties and equipment(18,596)(15,846)
Loss on consolidation 4,824 
Gain on deconsolidation of previously consolidated entity (61,418)
Gain on sale of interest in unconsolidated entity and other Multifamily gain(1,167)(4,661)
Gain on sale of Financial Services' portfolio/businesses
(2,528)(5,014)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
16,020 76,630 
Changes in assets and liabilities:
Decrease in receivables131,282 264,643 
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs(2,252,820)113,429 
Increase in other assets(154,005)(124,641)
Decrease in loans held-for-sale209,262 557,757 
Increase in accounts payable and other liabilities514,007 165,646 
Net cash provided by operating activities1,312,347 2,896,844 
Cash flows from investing activities:
Net additions of operating properties and equipment(39,959)(42,856)
Proceeds from the sale of operating properties and equipment, other assets36,882 33,096 
Investments in and contributions to unconsolidated entities(354,588)(412,474)
Distributions of capital from unconsolidated entities292,466 135,677 
Proceeds from sale of investment in consolidated joint venture15,950  
Proceeds from sale of commercial mortgage-backed securities bonds11,307 3,248 
Proceeds from sale of Financial Services' portfolio/business3,327 14,978 
Increase in Financial Services loans held-for-investment, net13,249 2,427 
Purchases of investment securities(121,675)(49,293)
Proceeds from maturities/sales of investment securities11,861 46,091 
Other receipts, net12 1,639 
Net cash used in investing activities$(131,168)(267,467)





See accompanying notes to condensed consolidated financial statements.
6

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (continued)
(In thousands)
(unaudited)

Nine Months Ended
August 31,
20212020
Cash flows from financing activities:
Net repayments under warehouse facilities$(357,472)(789,339)
Redemption of senior notes(299,999)(313,000)
Principal payments on notes payable and other borrowings(165,403)(550,256)
Proceeds from other borrowings13,973 70,032 
Proceeds from liabilities related to consolidated inventory not owned441,177  
Payments related to consolidated inventory not owned(238,273) 
(Payments) proceeds related to other liabilities, net(7,142)6,559 
Receipts related to noncontrolling interests18,575 175,565 
Payments related to noncontrolling interests(20,859)(29,450)
Common stock:
Repurchases(452,508)(318,989)
Dividends(233,988)(117,112)
Net cash used in financing activities$(1,301,919)(1,865,990)
Net (decrease) increase in cash and cash equivalents and restricted cash(120,740)763,387 
Cash and cash equivalents and restricted cash at beginning of period2,932,730 1,468,691 
Cash and cash equivalents and restricted cash at end of period$2,811,990 2,232,078 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$2,623,320 1,966,796 
Financial Services137,021 217,442 
Multifamily15,302 21,591 
Lennar Other3,498 3,302 
Homebuilding restricted cash21,519 11,959 
Financial Services restricted cash11,330 10,988 
$2,811,990 2,232,078 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers$139,111 117,097 
Non-cash contributions to unconsolidated entities20,423 13,859 
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Financial Services assets$ 217,565 
Financial Services liabilities (115,175)
Financial Services noncontrolling interests (102,390)
Inventories 95,476 
Operating properties and equipment and other assets 6,870 
Investments in unconsolidated entities (68,290)
Notes payable (44,924)
Other liabilities (1,455)
Noncontrolling interests 12,323 

See accompanying notes to condensed consolidated financial statements.
7


Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
(1)Basis of Presentation
Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2020. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 31, 2021 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of August 31, 2021 and November 30, 2020 included $666.8 million and $314.3 million, respectively, of cash held in escrow. On average for the three months ended August 31, 2021, cash was held in escrow for approximately three days.
Share-based Payments
During the three months ended August 31, 2021, the Company granted employees an immaterial number of nonvested shares. During the three months ended August 31, 2020, the Company granted employees 0.9 million of nonvested shares. During the nine months ended August 31, 2021 and 2020, the Company granted employees 1.4 million and 1.8 million nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which generally results in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 was effective for the Company's fiscal year beginning December 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 was effective for the Company’s fiscal year beginning December 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company's condensed consolidated financial statements.
New Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2021. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.
8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

Reclassifications
Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2021 presentation. The Company reclassed the balance of its investment in Doma, formerly States Title, to which the Company sold the majority of the Financial Services segment's retail title agency business and title insurance underwriter in the first quarter of 2019, from the Financial Services segment to the Lennar Other segment in the condensed consolidated balance sheets for all periods presented. This was reclassed to be included in our strategic technology investments as the entity had announced that it would merge with a publicly traded special purpose acquisition company and during the three months ended August 31, 2021 completed the merger and became a publicly traded entity. In addition, the Company reflected its contributions to its charitable foundation in a new line on its condensed consolidated statements of operations for all periods presented. This was previously reflected in the Corporate general and administrative line. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.
(2)Operating and Reporting Segments
The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:
Homebuilding segments: (1) East (2) Central (3) Texas (4) West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)August 31, 2021
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$2,623,320 137,021 15,302 3,498 2,779,141 
Restricted cash21,519 11,330   32,849 
Receivables, net (1)369,492 408,367 96,649  874,508 
Inventories19,105,943  351,753  19,457,696 
Loans held-for-sale (2) 1,254,589   1,254,589 
Investments in equity securities (3)   1,149,520 1,149,520 
Investments available-for-sale (4)   41,695 41,695 
Loans held-for-investment, net 61,283   61,283 
Investments held-to-maturity 161,532   161,532 
Investments in unconsolidated entities983,429  682,819 387,453 2,053,701 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,034,691 59,052 80,169 71,706 1,245,618 
$27,580,753 2,282,873 1,226,692 1,653,872 32,744,190 
Liabilities:
Notes and other debts payable, net$5,542,513 1,106,447  1,906 6,650,866 
Other liabilities4,788,988 165,771 259,145 99,881 5,313,785 
$10,331,501 1,272,218 259,145 101,787 11,964,651 
9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

(In thousands)November 30, 2020
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$2,703,986 116,171 38,963 3,918 2,863,038 
Restricted cash15,211 54,481   69,692 
Receivables, net (1)298,671 552,779 86,629  938,079 
Inventories16,925,228  249,920  17,175,148 
Loans held-for-sale (2) 1,490,105   1,490,105 
Investments in equity securities (3)   68,771 68,771 
Investments available-for-sale (4)   53,497 53,497 
Loans held-for-investment, net 72,626   72,626 
Investments held-to-maturity 164,230   164,230 
Investments in unconsolidated entities953,177  724,647 387,097 2,064,921 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,190,793 68,027 75,749 8,443 1,343,012 
$25,529,425 2,708,118 1,175,908 521,726 29,935,177 
Liabilities:
Notes and other debts payable, net$5,955,758 1,463,919  1,906 7,421,583 
Other liabilities3,969,893 180,329 252,911 11,060 4,414,193 
$9,925,651 1,644,248 252,911 12,966 11,835,776 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)Investments in equity securities include investments of $63.9 million and $61.6 million without readily available fair values as of August 31, 2021 and November 30, 2020, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended August 31, 2021
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
unallocated
Total
Revenues$6,558,509 206,973 167,921 8,000  6,941,403 
Operating earnings (loss)1,329,833 112,083 (9,393)491,972  1,924,495 
Corporate general and administrative expenses    94,942 94,942 
Charitable foundation contribution    15,199 15,199 
Earnings (loss) before income taxes1,329,833 112,083 (9,393)491,972 (110,141)1,814,354 
Three Months Ended August 31, 2020
Revenues$5,505,120 237,068 115,170 12,896  5,870,254 
Operating earnings (loss)813,744 135,079 (5,148)7,999  951,674 
Corporate general and administrative expenses    85,998 85,998 
Charitable foundation contribution    6,663 6,663 
Earnings (loss) before income taxes813,744 135,079 (5,148)7,999 (92,661)859,013 

10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

Nine Months Ended August 31, 2021
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
unallocated
Total
Revenues
$17,529,606 669,789 476,837 20,884  18,697,116 
Operating earnings3,275,488 379,610 12,130 909,221  4,576,449 
Corporate general and administrative expenses
    296,190 296,190 
Charitable foundation contribution    42,006