2015 Q1 Form 10-Q Financial Statement

#000072050015000025 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $24.27M $12.72M
YoY Change 90.87% 56.65%
Cost Of Revenue $17.38M $9.819M
YoY Change 77.04% 73.33%
Gross Profit $6.889M $2.898M
YoY Change 137.72% 18.14%
Gross Profit Margin 28.38% 22.79%
Selling, General & Admin $8.075M $5.277M
YoY Change 53.02% 32.99%
% of Gross Profit 117.22% 182.09%
Research & Development $3.540M $2.494M
YoY Change 41.94% 14.19%
% of Gross Profit 51.39% 86.06%
Depreciation & Amortization $930.0K $590.0K
YoY Change 57.63% -13.24%
% of Gross Profit 13.5% 20.36%
Operating Expenses $11.62M $7.771M
YoY Change 49.47% 26.32%
Operating Profit -$1.936M -$4.534M
YoY Change -57.3% 31.0%
Interest Expense -$220.0K -$20.00K
YoY Change 1000.0% -150.0%
% of Operating Profit
Other Income/Expense, Net -$217.0K -$20.00K
YoY Change 985.0% -151.28%
Pretax Income -$2.153M -$4.554M
YoY Change -52.72% 33.08%
Income Tax $170.0K $0.00
% Of Pretax Income
Net Earnings -$2.321M -$3.751M
YoY Change -38.12% 79.3%
Net Earnings / Revenue -9.56% -29.5%
Basic Earnings Per Share -$0.19 -$0.39
Diluted Earnings Per Share -$0.19 -$0.39
COMMON SHARES
Basic Shares Outstanding 12.00M shares 9.679M shares
Diluted Shares Outstanding 12.00M shares 9.679M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.60M $36.70M
YoY Change -11.17% -5.41%
Cash & Equivalents $32.61M $36.65M
Short-Term Investments
Other Short-Term Assets $6.637M $2.042M
YoY Change 225.02% 4.5%
Inventory $33.06M $17.35M
Prepaid Expenses
Receivables $17.31M $7.381M
Other Receivables $0.00 $1.400M
Total Short-Term Assets $102.3M $75.52M
YoY Change 35.46% -15.75%
LONG-TERM ASSETS
Property, Plant & Equipment $20.18M $10.54M
YoY Change 91.49% -8.5%
Goodwill $14.60M $8.525M
YoY Change 71.21% 2.12%
Intangibles $5.378M $3.180M
YoY Change 69.12% -15.13%
Long-Term Investments
YoY Change
Other Assets $3.212M $2.646M
YoY Change 21.39% 144.1%
Total Long-Term Assets $43.49M $26.15M
YoY Change 66.3% 3.86%
TOTAL ASSETS
Total Short-Term Assets $102.3M $75.52M
Total Long-Term Assets $43.49M $26.15M
Total Assets $145.8M $101.7M
YoY Change 43.39% -11.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.52M $5.992M
YoY Change 275.78% 96.85%
Accrued Expenses $7.426M $8.112M
YoY Change -8.46% -24.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $670.0K
YoY Change
Total Short-Term Liabilities $59.72M $35.12M
YoY Change 70.03% 1.47%
LONG-TERM LIABILITIES
Long-Term Debt $8.548M $0.00
YoY Change
Other Long-Term Liabilities $5.100M $2.900M
YoY Change 75.86% 20.83%
Total Long-Term Liabilities $8.548M $2.900M
YoY Change 194.76% 20.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.72M $35.12M
Total Long-Term Liabilities $8.548M $2.900M
Total Liabilities $73.66M $38.02M
YoY Change 93.72% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings -$28.57M -$12.55M
YoY Change 127.64% -317.11%
Common Stock $131.0K $98.00K
YoY Change 33.67% 3.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.67M $64.91M
YoY Change
Total Liabilities & Shareholders Equity $145.8M $101.7M
YoY Change 43.39% -11.45%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.321M -$3.751M
YoY Change -38.12% 79.3%
Depreciation, Depletion And Amortization $930.0K $590.0K
YoY Change 57.63% -13.24%
Cash From Operating Activities -$4.890M $5.030M
YoY Change -197.22% -256.21%
INVESTING ACTIVITIES
Capital Expenditures $30.00K -$60.00K
YoY Change -150.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities $8.850M
YoY Change
Cash From Investing Activities $8.880M -$60.00K
YoY Change -14900.0% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 270.0K 1.210M
YoY Change -77.69%
NET CHANGE
Cash From Operating Activities -4.890M 5.030M
Cash From Investing Activities 8.880M -60.00K
Cash From Financing Activities 270.0K 1.210M
Net Change In Cash 4.260M 6.180M
YoY Change -31.07% -289.57%
FREE CASH FLOW
Cash From Operating Activities -$4.890M $5.030M
Capital Expenditures $30.00K -$60.00K
Free Cash Flow -$4.920M $5.090M
YoY Change -196.66% -260.06%

Facts In Submission

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CY2015Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
670000 USD
CY2014Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
CY2015Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8548000 USD
CY2014Q3 us-gaap Minority Interest
MinorityInterest
-1553000 USD
CY2015Q1 us-gaap Minority Interest
MinorityInterest
452000 USD
CY2014Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
17000000 USD
CY2015Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
16000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
269000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-214000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
8470000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1890000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2991000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3751000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4545000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-2321000 USD
us-gaap Net Income Loss
NetIncomeLoss
-7515000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-803000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-941000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
317000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4534000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-5013000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1936000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-6728000 USD
CY2014Q3 us-gaap Other Assets Current
OtherAssetsCurrent
2082000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
6637000 USD
CY2014Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2426000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3212000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
36000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
741000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2322000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3380000 USD
CY2014Q3 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
6908000 USD
CY2015Q1 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
5497000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-20000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
87000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-217000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-120000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
214000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
125000 USD
CY2014Q3 us-gaap Percentage Of Weighted Average Cost Inventory
PercentageOfWeightedAverageCostInventory
0.70
CY2015Q1 us-gaap Percentage Of Weighted Average Cost Inventory
PercentageOfWeightedAverageCostInventory
0.50
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
5471000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1116000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21051000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
55000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
335000 USD
CY2013Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1454000 USD
CY2014Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
758000 USD
CY2014Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
628000 USD
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1051000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-4554000 USD
us-gaap Profit Loss
ProfitLoss
-5486000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-2323000 USD
us-gaap Profit Loss
ProfitLoss
-7198000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24056000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34531000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9752000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20179000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1408000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-281000 USD
CY2014Q3 us-gaap Purchase Obligation
PurchaseObligation
7900000 USD
CY2015Q1 us-gaap Purchase Obligation
PurchaseObligation
29800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
121000 USD
CY2014Q1 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
339000 USD
us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
2344000 USD
CY2015Q1 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
2790000 USD
us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
3527000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2494000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5388000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3540000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6113000 USD
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2380000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1584000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-28566000 USD
us-gaap Revenue From Grants
RevenueFromGrants
4100000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
12717000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
27488000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
24273000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
36669000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5277000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8075000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9402000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14459000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
373000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
568000 USD
CY2014Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
200000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0.5 USD
CY2015Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
400000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0.7 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
496000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
368000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-200000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
791000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
26625000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
55141000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
71673000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
53588000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
72125000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1600000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1800000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3200000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3200000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9679000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9619000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11997000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10914000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9679000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9619000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11997000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10914000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk &#8211;</font><font style="font-family:inherit;font-size:10pt;"> Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of trade accounts receivable and cash. The Company&#8217;s customers, located throughout the world, consist of manufacturers of solar cells, semiconductors, semiconductor wafers, light-emitting diodes (LEDs) and micro-electro-mechanical systems (MEMS). Credit risk is managed by performing ongoing credit evaluations of the customers&#8217; financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and its country of domicile. Reserves for potentially uncollectible receivables are maintained based on an assessment of collectability.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains its cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States (approximately </font><font style="font-family:inherit;font-size:10pt;">60%</font><font style="font-family:inherit;font-size:10pt;"> of total cash balances) are primarily invested in U.S. Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company&#8217;s cash is maintained in banks in The Netherlands, France, China, and other foreign jurisdictions that are uninsured.</font></div></div>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Deferred Profit</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Revenue deferred pursuant to the Company&#8217;s revenue recognition policy, net of the related deferred costs, if any, is recorded as deferred profit in current liabilities. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates &#8211;</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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