Getting from A to B: a case study of HE Delivers Unlimited, Inc.(Instructor's Note)

Williams, Jan L.

CASE DESCRIPTION

The primary subject matter of this case is entrepreneurship. Secondary issues examined include female leadership, the impact of FICO credit scores on interest rates, and for-profit versus non-profit organizational status. The case has a difficulty level of four and is appropriate for senior level courses. The case is designed to be taught in one to two class hours and is expected to require two hours of outside preparation by students.

CASE SYNOPSIS

"I need that money today. No I needed that money yesterday," stated Lisa Smith. Lisa Smith, founder, president, and CEO of HE Delivers Unlimited, Inc. is struggling to make ends meet. The company is beginning its third year of operations and is experiencing financial difficulties. Smith is faced with trying to turn around the company and eradicate its financial woes. Its largest customer is delinquent in submitting payments; and without the timely receipt of these payments, the company does not have enough cash to maintain operations. Smith is attempting to operate the company from owner financed funds and cash from operations. Due to personal financial circumstances in the past, Smith is trying to improve her credit score and does not want to incur additional debt. Accordingly, she has not obtained any external funding and has used cash to make major asset purchases. Furthermore, Smith began operating her company without a business plan. Without timely prepared financial statements, she does not know the financial position of the company and is unable to make sound financial business decisions. Smith has dreams of expanding the company. However, she knows that this will not be possible unless she can improve the company's financial position.

INSTRUCTORS' NOTES

Recommendations for Teaching Approaches

The purpose of this case is to expose students to some of the challenges facing new business owners. This is particularly important since most new ventures fail within their first few years of business. It is recommended that the instructor start the discussion with a clear understanding of why the main issue arose (i.e., "where did things go wrong"?). After addressing the lack of business planning, the instructor could lead the students into discussions about issues that the owner should have focused on in planning that could have eradicated some of her problems. Such discussions could center around resources available (especially to women) to help raise operating capital, debt versus equity financing, the impact of the owner's FICO score on obtaining financing and for-profit vs. non-profit organizational status. Instructors could discuss these issues with the class as a whole or arrange students in groups to research, analyze and present possible solutions to the above issues. In order to effectively analyze this case, students should have background knowledge of entrepreneurship, debt versus equity financing, and forms of business organizations.

Case Overview

This case presents several issues that entrepreneurs may face in starting a new business venture. Exposing students to these situations will make them aware of the challenges they may face when starting businesses in the future, strategies they could use to overcome these challenges and the overall importance of business planning. The case could be used to require students to research funding sources and ways to raise capital, along with organizations that provide support for entrepreneurs. In doing so, students can further discuss the use of debt and equity financing in starting and operating a business. The case also provides a platform to discuss the credit crisis that occurred in 2008, and the significance of having a good FICO credit score for acquiring debt financing. Good credit is a meaningful topic to discuss with college students since credit card companies are active in soliciting them for credit cards. Many students obtain these credit cards without full knowledge of interest rates, payment terms and FICO scores, and consequently end up with bad credit before they graduate from college. Amortization schedules are included in the instructors' note to illustrate the impact that FICO scores and related interest rates can have on interest paid over the life of a loan. The case also discusses steps that should be followed when deciding whether to continue or terminate a failing business.

Learning Objectives

[LO1] To present challenges facing entrepreneurs and new business ventures.

[LO2] To identify funding sources that may be available to entrepreneurs (especially female entrepreneurs).

[LO3] To discuss the impact of an entrepreneur's personal credit rating in obtaining debt financing.

[LO4] To provide an understanding of the importance of planning before launching a business.

[LO5] To discuss options for entrepreneurs who want to be a service to the community.

Discussion Questions

1. What are some of the challenges facing entrepreneurs and how can they get help to overcome these challenges? [LO1]

Entrepreneurship is often a very difficult undertaking, and the majority of new businesses fail within the first four years. Starting a new business involves a great deal of risk and sacrifice. Entrepreneurs must decide whether to leave their current career or lifestyle. Many entrepreneurs are knowledgeable about their service or product but lack the skills necessary to operate their business. Challenges facing entrepreneurs include lack of (1) managerial skills necessary to manage employees and the business overall; (2) marketing skills necessary to advertise and promote their business; and (3) financial resources necessary to operate and grow the business.

To help overcome the above challenges and the rapidly growing number of new businesses in the U.S., entrepreneurship education has become a fast growing discipline in colleges and universities in the U.S., and throughout the world. Most business schools offer a course in entrepreneurship while others offer major and minor concentrations in entrepreneurship. Agencies like the U.S. Small Business Administration aid, counsel and assist Americans start, build and grow businesses. Entrepreneurs can also seek help from Small Business Development Centers (SBDC), which are administered by the U.S. Small Business Administration. They provide management assistance and counseling to small business owners. Most SBDCs are located on university campuses and receive a portion of their funding from the university.

2. What are two of the main challenges faced by Smith in this case? [LO1]

(1) The company has a cash flow problem. HE Delivers does not have the financial resources necessary to operate and grow the business (# 3 above). The problem is exasperated by the fact that their largest customer is delinquent in making payments. If the owners are not able to improve the company's cash flow, they may have to terminate the business. The cash flow problem is an underlying result of the lack of business planning.

(2) The company lacks planning. Smith launched the business before developing a business plan and obtaining essential resources. Essential resources for a new venture include basic information about the market and industry, human resources and financial resources; all of which would be included in a business plan. Furthermore, there are no budgets or timely prepared financial statements. Without timely prepared financial statements, Smith is unable to determine the financial position of the company nor prepare monthly budgets or analyses. Accordingly, she does not know whether rates are sufficient to generate an appropriate amount of revenue or whether expenses are too high. Also, the fact that HE Delivers does not have financial statements could hinder the company from getting a loan. Lenders and potential investors are interested in knowing the financial position of a company before providing funding. They may be interested in knowing the financial position of the company for the past calendar years and also the year-to-date financial position at the loan application date.

3. What are some other problems that the company is experiencing? [LO1]

* The company has not raised/obtained any outside funding.

* Cash is used to make major purchases.

* The owner is hesitant about raising prices to a more reasonable level.

* The company needs a more experienced accountant (internal or external) involved in the organization.

* The company is not using the expertise and skills of the board of directors in the operation of the company (i.e., the CPA on the board of directors should prepare or ensure that financial statements are prepared, the board members should require/prepare a business plan).

4. What financing sources are available to Smith? [LO2]

Entrepreneurs can consider two types of financing: debt financing and equity financing. They can also consider using internal or external funding to operate the business. Debt financing includes interest bearing instruments, which usually require collateral. Equity financing does not require repayment or collateral, rather it allows one to purchase ownership in the company. Internally generated funds can result from profits, the collection of accounts receivable (more quickly), sale of assets, etc. External funds include family, friends, banks, government loan programs and grants, and venture capital.

New ventures usually operate on equity financing. Most new ventures have negative cash flows in the early years of the business and, accordingly, have difficulty obtaining debt financing. Smith has operated the company through self-financing and revenues generated from the operation of the company. In self-financing the company, however, she has increased her personal debt (i.e., refinancing her home).

When attempting to raise money, potential investors want to see that the owners have invested in the business. Owners do not want to lose their money. Investing in the business reflects that they believe in their venture and that they are willing to take the risk to start the business. Due to Smith's limited resources, however, she does not have ample funds to effectively operate and grow the business. In Smith's case, she should research programs that are designed to assist women, minorities and small disadvantaged businesses, such as the Small Business Administration (www.sba.gov), Innovation Research Program (www.sbir.com), SCORE (www.score.com), the Office of Women's Business Ownership (www.sba.gov/aboutsba/sbaprograms/onlinewbc), 8(a) Business Development Program (www.8-a.com), and Women-21.gov (www.women-21.gov). The internet is a valuable tool for obtaining information and finding possible resources.

5. What are Smith's other options for financing until she is able to receive outside funding? [LO2]

* Smith could consider establishing a line of credit and/or overdraft protection at her bank. This would be advantageous because additional funds would be there if she needed it for payroll or other expenses. The money could be repaid when payments are received from customers.

* Other sources of funds Smith might consider include family and friends. Once cash on hand has increased to a reasonable balance, the funds can be repaid.

* Smith can either give Simmeons incentives to pay on time (sales discounts) or she can increase the penalties for late payments. The healthcare customer could be given a discount if they pay within the original 15-day period. The $250 late payment could be increased to motivate the customer to pay on time, and offset the cost for bounced checks. Simmeons is the company's largest customer and Smith does not want to 'rock the boat' and lose them. This company, however, is causing Smith to incur additional expenses and stress.

* Smith can bill parents monthly instead of quarterly for the home-to-school transportation service.

* Smith should consider increasing her rates. Smith is losing money and making her cash flow problem worse if she is charging below market rates. The company will not generate a profit if her revenues are not covering her expenses. Perhaps she can seek to compare her rates with her competitors on a periodic basis.

6. How does Smith's credit rating affect her getting a loan? How would you rank her credit rating, assuming it is 624? [LO3]

Credit ratings have become a prominent issue in the current economy. People with average and below average credit ratings are having difficulties obtaining loans, and when they do, it can be costly. The FICO score, developed by the Fair-Isaac Corporation, is a statistical analysis of different credit data in one's credit files. Such data includes payment history, amounts owed, length of credit history, new credit and types of credit used. The score represents one's creditworthiness, and the likelihood that they will repay their debt. The FICO credit score range is between 300 and 850. While it is difficult to increase FICO scores in the short-term, they can be increased over time by paying bills on time, reducing debt balances, not applying for debt frequently and obtaining additional credit if one has limited credit (not having significant credit can have a negative impact on a FICO score).

The owner did not reveal her exact credit score. Assume, however, that her credit score is 624. Smith has developed a less than average credit rating, which means in the current economy (recession) it may be difficult for her to obtain loans for the business. If she does obtain loans, they will be at a higher interest rate, and will cost the company more money. The impact of a FICO score on interest charges is illustrated below.

For example, a score of 624 would likely qualify for a 30-year fixed-rate mortgage of 7.774 percent. If you increased your score by 51 points to 675 your interest rate would drop to 6.624. Over the life of the loan those 51 points would save you $42,026 in interest charges on a $150,000 mortgage (Bucci, 2002).

Credit card companies are becoming more active in soliciting college students for credit cards. Before graduation, many students will accumulate thousands of dollars of debt and incur bad credit which will follow them for years. A credit score can affect one's car payment, car insurance, house payment and even whether one gets a job. It has become common practice for employers to run credit checks on potential employees. A credit score may reflect to an employer whether you are trustworthy, dependable, can manage a department or handle money reliably.

Students, who have credit cards and/or loans, are encouraged to get copies of their credit reports and credit scores. Individuals are allowed one free credit report from each credit agency a year. Credit scores are available for a nominal fee. The three credit agencies are as follows:

Equifax--www.equifax.com

Experian--www.experian.com

TransUnion--www.transunion.com

All three credit reports can be obtained from the website, www.annualcreditreport.com.

Current U.S. credit score rankings are as follows per www.freecreditscore.com: Table Excellent 750 and up Good 720--749 Fair 660--719 Uncertain 620--659 Poor 619 or lower

7. Was it wise for Smith to pay additional money monthly in order to repay the company's auto loan quicker? [LO3]

By making additional payments each month, Smith was able to reduce the amount of interest the company paid over the life of the loan. This is the case since all additional amounts, above the scheduled monthly payments, go directly toward the principal. For example, if the company pays an extra $200 per month, the loan can be paid off 12 months earlier, and save $484.80 in interest (see loan amortization schedules at Exhibit 2 and Exhibit 3). Since the second largest factor in determining a FICO score is the amount of debt one owes, lowering the loan balance can help to improve Smith's credit score. The largest factor in determining a FICO score is making payments on time.

On the other hand, by making extra loan payments each month, Smith had less cash to use to pay operating expenses. Even if a company has extra cash on hand in a given month, it is important that owner's establish budgets and consider expenses due in future months. Doing so, could have helped to reduce the company's future cash flow problems. In this case, however, it appears that Smith's fear of not being able to repay the loan caused her to pay additional money per month in order to pay off the loan faster.

8. What type of planning should Smith have engaged in before launching her business? [LO4]

Careful planning is essential to success. Extensive research and planning should occur before launching a new business. Entrepreneurs need marketing information about their product, target group and the geographical area where the business will be located. They should also become familiar with laws, government regulations and taxes to which they will be subject. It is also pertinent that they explore programs that encourage innovation and entrepreneurship.

Once extensive research is performed, a business plan should be developed. Baron and Shane (2005) note that the components of a business plan should include the following basic requirements:

* What is the basic idea for the new product or service?

* Why is the new product useful or appealing--and to whom?

* How will the idea for the new venture be realized--what is the overall plan for producing the product, for marketing it, for dealing with existing and future competition?

* Who are the entrepreneurs--do they have the required knowledge, experience, and skills to develop this idea and to run a new company?

* If the plan is designed to raise money, how much funding is needed, what type of financing is needed, how will it be used, and how will both the entrepreneurs and other persons realize a return on their investment?

Improving the business venture is a continuous process. After the company begins operations, the owners should redefine their business plan and establish policies and procedures to improve operations and profitability. Owners should periodically analyze and review the financial position of the company, reassess growth and marketing strategies, and reestablish company goals. Exhibit 1 presents a business planning model established by Baron and Shane (2005).

9. Should Smith reconsider her organizational status? [LO5]

Perhaps Smith should reconsider the company's organizational status. A portion of HE Delivers is operating in a charitable capacity by serving a social need. Smith originally established HE Delivers to provide reasonable and dependable transportation to disabled, needy and underprivileged persons. Special (low) rates are given to the disabled as well as to charitable organizations. Smith may find it advantageous to consult with a lawyer and CPA about making the segment of the company that provides transportation to the disabled, low income and underprivileged persons a separate not-for-profit entity. The other segments would remain as a for-profit entity and charge higher/market rates. It is important to realize, however, that even a not-for-profit entity must have positive cash flow to operate effectively.

10. How could Smith benefit from such a change? [LO5]

By establishing a not-for-profit entity to provide transportation service to low income and underprivileged persons, HE Delivers can apply for grants and other sources from foundations, and state and federal governments. These funds would help to provide a service to these persons by subsidizing the reduced rates that are offered them.

11. Should Smith continue the operation of HE Delivers or terminate the business?

In deciding whether to continue or terminate the business, Smith should follow the steps in the business turnaround process.

* First, Smith must detect and analyze her warning signs of trouble and potential bankruptcy. Detecting these signs early and making immediate changes can help improve the operations and cash flow of the company. HE Delivers' warning signs include not having the cash to pay creditors on time, struggling to pay employees on time, bounced checks and charges, and their continued distressed relationship with Simmeons. Other general warning signs of a troubled company include management of finances becomes so lax that no one can explain how money is spent, customers are given large discounts to enhance payments because of poor cash flow, directors cannot document or explain major transactions, key personnel leave the company, suppliers demand payment in cash, payroll taxes are not paid and contracts are accepted below standard amounts to generate cash (Hisrich, Peters & Shepherd 2005, p. 545).

* Second, Smith should seek outside assistance from professional organizations that are established to assist small businesses, such as the Small Business Administration (SBA), Small Business Development Centers, and SCORE. There are also turnaround management consulting firms, such as The Business Finance Turnaround Association, that provide support for struggling companies in hopes of turning them around.

* Third, Smith should consult with an attorney and CPA regarding the business. Many small businesses do not seek the advice of professionals due to the associated high costs. Obtaining professional advice, however, can be instrumental in whether or not a business becomes successful. Smith should take advantage of the attorney and CPA who are on the board of directors for advice on the company.

* Based on the above, Smith has to decide whether the business is worth saving or if it should be terminated. It is pertinent that entrepreneurs not hang on to a company that is going to continuously drain resources with no turnaround in sight. If a turnaround is possible based on gathered advice and information, it is pertinent that Smith establish a plan and a time frame for doing so. If a turnaround does not occur within the established time frame, she should terminate the business.

Failure of a business venture should not be the end for an entrepreneur. History is full of entrepreneurs who failed at numerous ventures before establishing a successful business. Generally, after failing at a business venture, entrepreneurs have a better understanding of the need for planning, research and capital. They can use these lessons to improve their next venture. Possible investors and venture capitalists will not necessarily disregard someone who has failed at a business venture in the past. With a solid business plan, potential investors may assume that the entrepreneur learned from his/her mistakes.

EPILOGUE

At the end of year 3, Smith and Jones decided to terminate HE Delivers, and return to the workforce. They were unable to make ends meet, cash flow was a constant problem, bills were piling up and the days had become too stressful. Smith had refinanced her house and continued to put money into a company that was not profitable. Smith finally decided to throw in the towel and liquidate the business.

[ILLUSTRATION OMITTED]

REFERENCES

Baron, R.A. & S.A. Shane (2005). Entrepreneurship: A Process Perspective. Mason, OH: South Western.

Bucci, S. (2002, December 6). The Debt Advisor. http://www.bankrate.com/brm/news/debt/20021206a.asp.

Pollard, C.W. (2006). Serving Two Masters? Reflections on God and Profit. New York, NY: HarpersCollins Publishers.

Hisrich, R.D., M.P. Peters & D.A. Shepherd. Entrepreneurship (Sixth Edition). New York, NY: McGraw-Hill Irwin.

Ventrella, S. W. (2001). The Power of Positive Thinking in Business: The 10 Traits for Maximum Results. New York, NY: The Free Press.

Exhibit 1: A Model of Business Planning Used by Many Successful Entrepreneurs

Jan L. Williams, University of Baltimore Exhibit 2: Loan Amortization Schedule $13,750 loan, 6.5% interest, no extra payments Pymt Payment Beginning Extra No. Date Balance Payment Payment 1 2/1/2009 $ 13,750.00 $ 421.42 $ -- 2 3/1/2009 13,403.06 $ 421.42 -- 3 4/1/2009 13,054.24 $ 421.42 -- 4 5/1/2009 12,703.53 $ 421.42 -- 5 6/1/2009 12,350.92 $ 421.42 -- 6 7/1/2009 11,996.40 $ 421.42 -- 7 8/1/2009 11,639.96 $ 421.42 -- 8 9/1/2009 11,281.59 $ 421.42 -- 9 10/1/2009 10,921.28 $ 421.42 -- 10 11/1/2009 10,559.02 $ 421.42 -- 11 12/1/2009 10,194.79 $ 421.42 -- 12 1/1/2010 9,828.59 $ 421.42 -- 13 2/1/2010 9,460.41 $ 421.42 -- 14 3/1/2010 9,090.23 $ 421.42 -- 15 4/1/2010 8,718.05 $ 421.42 -- 16 5/1/2010 8,343.85 $ 421.42 -- 17 6/1/2010 7,967.63 $ 421.42 -- 18 7/1/2010 7,589.37 $ 421.42 -- 19 8/1/2010 7,209.06 $ 421.42 -- 20 9/1/2010 6,826.69 $ 421.42 -- 21 10/1/2010 6,442.25 $ 421.42 -- 22 11/1/2010 6,055.73 $ 421.42 -- 23 12/1/2010 5,667.11 $ 421.42 -- 24 1/1/2011 5,276.39 $ 421.42 -- 25 2/1/2011 4,883.55 $ 421.42 -- 26 3/1/2011 4,488.58 $ 421.42 -- 27 4/1/2011 4,091.47 $ 421.42 -- 28 5/1/2011 3,692.21 $ 421.42 -- 29 6/1/2011 3,290.79 $ 421.42 -- 30 7/1/2011 2,887.20 $ 421.42 -- 31 8/1/2011 2,481.42 $ 421.42 -- 32 9/1/2011 2,073.44 $ 421.42 -- 33 10/1/2011 1,663.25 $ 421.42 -- 34 11/1/2011 1,250.84 $ 421.42 -- 35 12/1/2011 836.20 $ 421.42 -- 36 1/1/2012 419.31 $ 421.42 -- Totals $ 15,171.12 Pymt Total Ending No. Payment Principal Interest Balance 1 $ 421.42 $ 346.94 $ 74.48 $ 13,403.06 2 $ 421.42 348.82 72.60 13,054.24 3 $ 421.42 350.71 70.71 12,703.53 4 $ 421.42 352.61 68.81 12,350.92 5 $ 421.42 354.52 66.90 11,996.40 6 $ 421.42 356.44 64.98 11,639.96 7 $ 421.42 358.37 63.05 11,281.59 8 $ 421.42 360.31 61.11 10,921.28 9 $ 421.42 362.26 59.16 10,559.02 10 $ 421.42 364.23 57.19 10,194.79 11 $ 421.42 366.20 55.22 9,828.59 12 $ 421.42 368.18 53.24 9,460.41 13 $ 421.42 370.18 51.24 9,090.23 14 $ 421.42 372.18 49.24 8,718.05 15 $ 421.42 374.20 47.22 8,343.85 16 $ 421.42 376.22 45.20 7,967.63 17 $ 421.42 378.26 43.16 7,589.37 18 $ 421.42 380.31 41.11 7,209.06 19 $ 421.42 382.37 39.05 6,826.69 20 $ 421.42 384.44 36.98 6,442.25 21 $ 421.42 386.52 34.90 6,055.73 22 $ 421.42 388.62 32.80 5,667.11 23 $ 421.42 390.72 30.70 5,276.39 24 $ 421.42 392.84 28.58 4,883.55 25 $ 421.42 394.97 26.45 4,488.58 26 $ 421.42 397.11 24.31 4,091.47 27 $ 421.42 399.26 22.16 3,692.21 28 $ 421.42 401.42 20.00 3,290.79 29 $ 421.42 403.59 17.83 2,887.20 30 $ 421.42 405.78 15.64 2,481.42 31 $ 421.42 407.98 13.44 2,073.44 32 $ 421.42 410.19 11.23 1,663.25 33 $ 421.42 412.41 9.01 1,250.84 34 $ 421.42 414.64 6.78 836.20 35 $ 421.42 416.89 4.53 419.31 36 $ 421.42 419.31 2.11 0.00 Totals $ 15,171.12 $ 13,750.00 $ 1,421.12 Exhibit 3: Loan Amortization Schedule $13,750 loan, 6.5% interest, $200 extra paid per month Pymt Payment Beginning Extra No. Date Balance Payment Payment 1 2/1/2009 $ 13,750.00 $ 421.42 $ 200.00 2 3/1/2009 13,203.06 421.42 200.00 3 4/1/2009 12,653.15 421.42 200.00 4 5/1/2009 12,100.26 421.42 200.00 5 6/1/2009 11,544.38 421.42 200.00 6 7/1/2009 10,985.49 421.42 200.00 7 8/1/2009 10,423.57 421.42 200.00 8 9/1/2009 9,858.61 421.42 200.00 9 10/1/2009 9,290.59 421.42 200.00 10 11/1/2009 8,719.49 421.42 200.00 11 12/1/2009 8,145.30 421.42 200.00 12 1/1/2010 7,568.00 421.42 200.00 13 2/1/2010 6,987.57 421.42 200.00 14 3/1/2010 6,404.00 421.42 200.00 15 4/1/2010 5,817.26 421.42 200.00 16 5/1/2010 5,227.35 421.42 200.00 17 6/1/2010 4,634.24 421.42 200.00 18 7/1/2010 4,037.92 421.42 200.00 19 8/1/2010 3,438.37 421.42 200.00 20 9/1/2010 2,835.57 421.42 200.00 21 10/1/2010 2,229.51 421.42 200.00 22 11/1/2010 1,620.16 421.42 200.00 23 12/1/2010 1,007.51 421.42 200.00 24 1/1/2011 391.54 393.66 0.00 Totals $ 10,086.32 $ 4,600.00 Pymt Total Ending No. Payment Principal Interest Balance 1 $ 621.42 $ 546.94 $ 74.48 $ 13,203.06 2 621.42 549.91 71.52 12,653.15 3 621.42 552.89 68.53 12,100.26 4 621.42 555.88 65.54 11,544.38 5 621.42 558.89 62.53 10,985.49 6 621.42 561.92 59.50 10,423.57 7 621.42 564.96 56.45 9,858.61 8 621.42 568.02 53.40 9,290.59 9 621.42 571.10 50.32 8,719.49 10 621.42 574.19 47.22 8,145.30 11 621.42 577.30 44.12 7,568.00 12 621.42 580.43 40.99 6,987.57 13 621.42 583.57 37.85 6,404.00 14 621.42 586.74 34.68 5,817.26 15 621.42 589.91 31.51 5,227.35 16 621.42 593.11 28.31 4,634.24 17 621.42 596.32 25.10 4,037.92 18 621.42 599.55 21.86 3,438.37 19 621.42 602.80 18.62 2,835.57 20 621.42 606.06 15.36 2,229.51 21 621.42 609.35 12.08 1,620.16 22 621.42 612.65 8.77 1,007.51 23 621.42 615.97 5.46 391.54 24 393.66 391.54 2.12 0.00 Totals $ 14,686.32 $ 13,750.00 $ 936.32