Company Quick10K Filing
Price-0.00 EPS0
Shares28 P/E-0
MCap-0 P/FCF-0
Net Debt-7 EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-12
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-21
8-K 2020-10-28 Regulation FD, Exhibits
8-K 2020-09-28 Regulation FD, Exhibits
8-K 2020-09-01 Regulation FD, Exhibits
8-K 2020-08-17 Other Events
8-K 2020-08-17 Other Events
8-K 2020-08-12 Earnings, Exhibits
8-K 2020-07-29 Regulation FD, Exhibits
8-K 2020-06-29 Other Events, Exhibits
8-K 2020-05-28
8-K 2020-05-27
8-K 2020-05-14
8-K 2020-05-05
8-K 2020-03-16
8-K 2020-03-03
8-K 2020-02-03
8-K 2020-01-30
8-K 2019-11-19
8-K 2019-11-18
8-K 2019-11-12
8-K 2019-11-12
8-K 2019-10-30
8-K 2019-10-11
8-K 2019-08-21
8-K 2019-08-16
8-K 2019-08-07

XPEL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2020q2exhibitno311.htm
EX-31.2 a2020q2exhibitno312.htm
EX-32.1 a2020q2exhibitno321.htm
EX-32.2 a2020q2exhibitno322.htm

XPEL Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin


Washington, D.C. 20549
(Mark One)
        For the quarterly period ended June 30, 2020
        For the transition period from   to
Commission file number 001-38858
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
618 W. Sunset Road
San Antonio
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (210) 678-3700
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareXPELThe Nasdaq Stock Market LLC
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  x   No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  Yes  x  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth 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 Act).     Yes      No  
The registrant had 27,612,597 shares of common stock outstanding as of August 12, 2020.


Part I. Financial Information

Item 1. Financial Statements

Condensed Consolidated Balance Sheets
June 30, 2020December 31, 2019
Cash and cash equivalents
$25,795,909  $11,500,973  
Accounts receivable, net7,215,230  7,154,084  
Inventory, net14,706,582  15,141,153  
Prepaid expenses and other current assets2,103,656  2,391,340  
Income tax receivable  93,150  
Total current assets
49,821,377  36,280,700  
Property and equipment, net
4,549,533  4,014,653  
Right-of-Use lease assets5,260,732  5,079,110  
Intangible assets, net4,586,343  3,820,460  
Other assets457,020    
Goodwill3,497,883  2,406,512  
Total assets$68,172,888  $51,601,435  
Current portion of notes payable$2,543,301  $462,226  
Current portion lease liabilities1,321,116  1,126,701  
Accounts payable and accrued liabilities13,787,059  10,197,353  
Income tax payable1,456,136    
Total current liabilities19,107,612  11,786,280  
Deferred tax liability, net844,928  604,715  
Non-current portion of lease liabilities4,001,669  4,009,949  
Non-current portion of notes payable4,819,237  307,281  
Total liabilities28,773,446  16,708,225  
Stockholders’ equity
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding
27,613  27,613  
Additional paid-in-capital10,412,471  11,348,163  
Accumulated other comprehensive loss(1,220,564) (908,764) 
Retained earnings30,179,922  24,594,878  
39,399,442  35,061,890  
Non-controlling interest  (168,680) 
Total stockholders’ equity39,399,442  34,893,210  
Total liabilities and stockholders’ equity$68,172,888  $51,601,435  
See notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
Product revenue
$30,961,996  $25,425,489  $54,711,913  $46,480,212  
Service revenue4,843,862  4,668,665  9,482,408  8,339,388  
Total revenue
35,805,858  30,094,154  64,194,321  54,819,600  
Cost of Sales
Cost of product sales22,556,696  18,551,030  39,318,109  34,239,063  
Cost of service1,510,085  917,111  2,840,247  1,804,444  
Total cost of sales24,066,781  19,468,141  42,158,356  36,043,507  
Gross Margin11,739,077  10,626,013  22,035,965  18,776,093  
Operating Expenses
Sales and marketing1,919,529  2,064,836  4,662,778  3,663,942  
General and administrative4,679,092  4,589,906  9,748,863  8,667,857  
Total operating expenses
6,598,621  6,654,742  14,411,641  12,331,799  
Operating Income5,140,456  3,971,271  7,624,324  6,444,294  
Interest expense74,554  29,074  105,112  57,780  
Foreign currency exchange loss (gain)4,141  (3,518) 419,718  14,908  
Income before income taxes5,061,761  3,945,715  7,099,494  6,371,606  
Income tax expense1,088,071  938,405  1,514,450  1,504,293  
Net income3,973,690  3,007,310  5,585,044  4,867,313  
Income attributed to non-controlling interest  1,293    2,709  
Net income attributable to stockholders of the Company$3,973,690  $3,006,017  $5,585,044  $4,864,604  
Earnings per share attributable stockholders of the Company
Basic and diluted$0.14  $0.11  $0.20  $0.18  
Weighted Average Number of Common Shares
Basic and diluted27,612,597  27,612,597  27,612,597  27,612,597  

See notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
Other comprehensive income
Net income
$3,973,690  $3,007,310  $5,585,044  $4,867,313  
Foreign currency translation443,722  133,306  (316,333) 212,564  
Total comprehensive income4,417,412  3,140,616  5,268,711  5,079,877  
Total comprehensive income attributable to:
Stockholders of the Company4,417,412  3,145,330  5,273,244  5,078,367  
Non-controlling interest  (4,714) (4,533) 1,510  
Total comprehensive income$4,417,412  $3,140,616  $5,268,711  $5,079,877  

See notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

Stockholders' Equity - Three Months Ended June 30
Common Stock
Additional Paid-in-CapitalRetained
Attributable to
Stockholders of
the Company
Total Stockholders’ Equity
Balance as of March 31, 201927,612,597  $27,613  $11,348,163  $12,475,840  $(1,115,605) $22,736,011  $(183,805) $22,552,206  
Net income
—  —  —  3,006,017  —  3,006,017  1,293  3,007,310  
Foreign currency translation—  —  —  —  139,313  139,313  (6,007) 133,306  
Balance as of June 30, 201927,612,597  27,613  11,348,163  15,481,857  (976,292) 25,881,341  (188,519) 25,692,822  
Balance as of March 31, 202027,612,597  27,613  10,412,471  26,206,232  (1,664,286) 34,982,030    34,982,030  
Net income—  —  —  3,973,690  —  3,973,690  —  3,973,690  
Foreign currency translation—  —  —  —  443,722  443,722    443,722  
Balance as of June 30, 202027,612,597  $27,613  $10,412,471  $30,179,922  $(1,220,564) $39,399,442  $  $39,399,442  

Stockholders' Equity - Six Months Ended June 30
Common StockAdditional Paid-in-CapitalRetained
Attributable to
Stockholders of
the Company
Total Stockholders’ Equity
Balance as of December 31, 2018
27,612,597  $27,613  $11,348,163  $10,617,253  $(1,190,055) $20,802,974  $(190,029) $20,612,945  
Net income—  —  —  4,864,604  —  4,864,604  2,709  4,867,313  
Foreign currency translation—  —  —  —  213,763  213,763  (1,199) 212,564  
Balance as of June 30, 201927,612,597  27,613  11,348,163  15,481,857  (976,292) 25,881,341  (188,519) 25,692,822  
Balance as of December 31, 2019
27,612,597  27,613  11,348,163  24,594,878  (908,764) 35,061,890  (168,680) 34,893,210  
Net income—  —  —  5,585,044  —  5,585,044  —  5,585,044  
Foreign currency translation—  —  —  —  (311,800) (311,800) (4,533) (316,333) 
Purchase of minority interest—  —  (935,692) —  —  (935,692) 173,213  (762,479) 
Balance as of June 30, 202027,612,597  $27,613  $10,412,471  $30,179,922  $(1,220,564) $39,399,442  $  $39,399,442  
See notes to condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,
Cash flows from operating activities
Net income
$5,585,044  $4,867,313  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
564,177  421,088  
Amortization of intangible assets466,121  371,372  
Impairments  66,364  
Loss on sale of property and equipment5,106  24,605  
Bad debt expense88,451  123,753  
Deferred income tax(50,738) 58,405  
Accretion on notes payable24,956  36,843  
Changes in assets and liabilities:
Accounts receivable(45,427) (2,063,400) 
Inventory, net270,890  (4,427,940) 
Prepaid expenses and other current assets257,599  (603,016) 
Income tax receivable94,729    
Other assets(419,802) 26,194  
Accounts payable and accrued liabilities3,520,202  4,975,948  
Income tax payable1,421,453  (799,700) 
Net cash provided by operating activities11,782,761  3,077,829  
Cash flows used in investing activities
Purchase of property, plant and equipment
(1,041,987) (764,125) 
Proceeds from sale of property and equipment38,469  11,386  
Acquisition of a business, net of cash acquired(1,247,843)   
Development of intangible assets(198,284) (138,097) 
Net cash used in investing activities(2,449,645) (890,836) 
Cash flows from financing activities
Borrowings on revolving credit agreements8,932,016    
Repayments of revolving credit agreements(8,932,016)   
Borrowing on term loan6,000,000    
Repayments of notes payable(392,394) (714,668) 
Purchase of minority interest(784,653)   
Net cash provided by (used in) financing activities4,822,953  (714,668) 
Net change in cash and cash equivalents14,156,069  1,472,325  
Foreign exchange impact on cash and cash equivalents138,867  30,413  
Increase in cash and cash equivalents during the period14,294,936  1,502,738  
Cash and cash equivalents at beginning of period11,500,973  3,971,226  
Cash and cash equivalents at end of period$25,795,909  $5,473,964  
Supplemental schedule of non-cash activities
Notes payable issued for acquisitions$893,317  $  
Supplemental cash flow information
Cash paid for income taxes$77,026  $2,058,925  
Cash paid for interest$50,955  $10,997  
See notes to condensed consolidated financial statements.

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, which has been derived from audited financial statements, and (b) unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2020 and 2019 have been prepared by XPEL, Inc. (“XPEL” or the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period due to variability in customer purchasing patterns and seasonal, operating and other factors.
 These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10-K as filed with the SEC on March 16, 2020.  These condensed consolidated financial statements also should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations section appearing in this Report.
Certain immaterial amounts in the prior year consolidated financial statements have been reclassified in order to conform to the presentation adopted in the current year. None of these changes in presentation affect previously reported results of operations.
On February 1, 2020, the Company acquired the remaining 15% minority interest in XPEL, Ltd., the subsidiary of the Company operating in the United Kingdom, for a purchase price of £600,000, or $762,479. This purchase is reflected in the Condensed Consolidated Statement of Changes in Stockholders' Equity.

Nature of Business - The Company is based in San Antonio, Texas and is a global provider of protective films and coatings, including automotive paint protection film, surface protection film, and automotive and commercial/residential window films and ceramic coatings as well as a provider of complementary proprietary software.
The Company was incorporated in the state of Nevada, U.S.A. in October 2003 and its registered office is 618 W. Sunset Road, San Antonio, Texas, 78216.
Basis of Presentation - The condensed consolidated financial statements are prepared in conformity with United States Generally Accepted Accounting Principles ("U.S. GAAP") and include the accounts of the Company and its wholly owned or majority owned subsidiaries. In applicable years, the ownership interest of non-controlling participants in subsidiaries that are not wholly-owned is included as a separate component of stockholders’ equity. The non-controlling participants’ share of the net income is included as “Income attributable to noncontrolling interest” on the Condensed Consolidated Statements of Income and Comprehensive Income. Intercompany accounts and transactions have been eliminated.
The functional currency for the Company is the United States dollar. The assets and liabilities of each of its foreign subsidiaries are translated into U.S dollars using the exchange rate at the end of the balance sheet date. Revenues and expenses are translated at the average exchange rates for the

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
period. Gains and losses from translations are recognized in foreign currency translation included in accumulated other comprehensive income in the accompanying consolidated balance sheets. Foreign currency exchange gains and losses are presented as foreign currency exchange loss in the accompanying condensed consolidated statements of income. The ownership percentages and functional currencies of the entities included in these condensed consolidated financial statements are as follows:
SubsidiariesFunctional Currency% Owned by XPEL, Inc.
XPEL, Ltd.UK Pound Sterling100 %*
Armourfend CAD, LLCUS Dollar100 %
XPEL Canada Corp.Canadian Dollar100 %
XPEL B.V.Euro100 %
XPEL Germany GmbHEuro100 %
XPEL de Mexico S. de R.L. de C.V.Peso100 %
XPEL Acquisition Corp.Canadian Dollar100 %
Protex Canada, Inc.Canadian Dollar100 %
Apogee Corp.New Taiwan Dollar100 %
XPEL SlovakiaEuro100 %
*Refer to Note 1 for information related to purchase of minority interest
Segment Reporting - Management has concluded that our chief operating decision maker (“CODM”) is our chief executive officer. The Company’s CODM reviews the entire organization’s consolidated results as a whole on a monthly basis to evaluate performance and make resource allocation decisions. Management views the Company’s operations and manages its business as one operating segment.
Use of Estimates - The preparation of these condensed consolidated financial statements in conformity to U.S. GAAP requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual outcomes may differ from these estimates under different assumptions and conditions.
Accounts Receivable - Accounts receivable are shown net of an allowance for doubtful accounts of $198,786 and $182,488 as of June 30, 2020 and December 31, 2019, respectively. The Company evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition, historical collection experience, the value of any collateral and other economic and industry factors. Actual collections may differ from historical experience, and if economic, business or customer conditions deteriorate significantly, adjustments to these reserves may be required. When the Company becomes aware of factors that indicate a change in a specific customer’s ability to meet its financial obligations, the Company records a specific reserve for credit losses. Accounts receivable from a large customer accounted for 18.8% of the Company's total accounts receivable balance as of December 31, 2019. As of June 30, 2020, the Company had no similar accounts receivable concentration.
Provisions and Warranties - We provide a warranty on our products. Liability under the warranty policy is based on a review of historical warranty claims. Adjustments are made to the accruals as claims data experience warrant. Our liability for warranties as of June 30, 2020 and December 31, 2019 was $57,434 and $65,591, respectively. The following tables present a summary of our accrued warranty liabilities for the six months ended June 30, 2020 and the twelve months ended December 31, 2019:

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
Warranty liability, January 1$65,591  
Warranties assumed in period128,599  
Warranty liability, June 30$57,434  

Warranty liability, January 1$70,250  
Warranties assumed in period384,214  
Warranty liability, December 31$65,591  
Recent Accounting Pronouncements Issued and Not Yet Adopted
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, “Financial Instruments — Measurement of Credit Losses on Financial Instruments”, which requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for the Company beginning January 1, 2023 and is required to be applied prospectively. We are currently evaluating the impact that ASU 2016-13 will have on our consolidated financial statements.
In December 2019, the FASB issued Accounting Standards Update ASU 2019-12, “Simplifying the Accounting for Income Taxes”, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company beginning January 1, 2021. We do not expect this standard to have a material effect on our consolidated financial statements.

Revenue recognition
The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods and services to a customer, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. This is achieved through applying the following five-step model:
Identification of the contract, or contracts, with a customer
Identification of the performance obligations in the contract
Determination of the transaction price
Allocation of the transaction price to the performance obligations in the contract
Recognition of revenue when, or as, the Company satisfies a performance obligation
The Company generates substantially all of its revenue from contracts with customers, whether formal or implied. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes, with the exception of taxes assessed during the procurement process of select inventories. Shipping and handling costs are included in cost of sales.
Revenues from product and services sales are recognized when control of the goods is transferred to the customer which occurs at a point in time typically upon shipment to the customer or completion of the service. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments.
Based upon the nature of the products the Company sells, its customers have limited rights of return which are immaterial. Discounts provided by the Company to customers at the time of sale are recognized as a reduction in sales as the products are sold.
Warranty obligations associated with the sale of our products are assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Warranty expense is included in cost of sales.
We apply a practical expedient to expense direct costs of obtaining a contract when incurred because the amortization period would have been one year or less.
Under its contracts with customers, the Company stands ready to deliver product upon receipt of a purchase order. Accordingly, the Company has no performance obligations under its contracts until its customers submit a purchase order. The Company does not enter into commitments to provide goods or services that have terms greater than one year. In limited cases, the Company does require payment in advance of shipping product. Typically, product is shipped within a few days after prepayment is received. These prepayments are recorded as contract liabilities on the consolidated balance sheet and are included in accounts payable and accrued liabilities (Note 9). As the performance obligation is part of a contract that has an original expected duration of less than one year, the Company has applied the practical expedient under ASC 606 to omit disclosures regarding remaining performance obligations.
When the Company transfers goods or provides services to a customer, payment is due, subject to normal terms, and is not conditional on anything other than the passage of time. Typical payment terms range from due upon receipt to 30 days, depending on the type of customer and relationship. At contract inception, the Company expects that the period of time between the transfer of goods to the customer and when the customer pays for those goods will be less than one year, which is consistent with the Company’s standard payment terms. Accordingly, the Company has elected the practical expedient under ASC 606 to not adjust for the effects of a significant financing component. As such, these amounts are recorded as receivables and not contract assets.
The following table summarizes transactions within contract liabilities for the three and six months ended June 30, 2020:

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
Balance, December 31, 2019$559,232  
Revenue recognized related to payments included in the December 31, 2019 balance(526,202) 
Payments received for which performance obligations have not been satisfied1,043,767  
Effect of foreign currency translation(734) 
Balance, March 31, 2020$1,076,063  
Revenue recognized related to payments included in the March 31, 2020 balance(1,022,851) 
Payments received for which performance obligations have not been satisfied163,903  
Effect of foreign currency translation1,215  
Balance, June 30, 2020$218,330  
The table below sets forth the disaggregation of revenue by product category for the periods indicated below:
Three Months Ended
June 30,
Six Months Ended
June 30,
Product Revenue
Paint protection film$24,248,115  $21,166,420  $44,019,235  $39,622,775  
Window film5,954,800  3,171,155  9,044,906  5,004,071  
Other759,081  1,087,914  1,647,772  1,853,366  
30,961,996  25,425,489  54,711,913  46,480,212  
Service Revenue
Software$809,897  $775,745  $1,661,469  $1,519,513  
Cutbank credits1,611,858  2,064,962  3,225,122  3,530,096  
Installation labor2,391,570  1,647,954  4,413,020  2,946,343  
Training30,537  180,004  182,797  343,436  
Total4,843,862  4,668,665  9,482,408  8,339,388  
Total$35,805,858  $30,094,154  $64,194,321  $54,819,600  
Because many of our international customers require us to ship their orders to freight forwarders located in the United States, we cannot be certain about the ultimate destination of the product. The

Notes to Condensed Consolidated Financial Statements
June 30, 2020 and 2019
following table represents our estimate of sales by geographic regions based on our understanding of ultimate product destination based on customer interactions, customer locations and other factors:
Three Months Ended
June 30,
Six Months Ended
June 30,
United States
$16,118,729  $16,497,347  $31,671,767  $29,007,097