2024 Q4 Form 10-Q Financial Statement

#000149315224044315 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $169.5K
YoY Change
Cost Of Revenue $100.1K
YoY Change
Gross Profit $69.47K
YoY Change
Gross Profit Margin 40.97%
Selling, General & Admin $10.34M $5.502M
YoY Change 87.97% 409.4%
% of Gross Profit 14886.49%
Research & Development $5.941M
YoY Change
% of Gross Profit
Depreciation & Amortization $70.78K $22.01K
YoY Change 221.61% 1926.52%
% of Gross Profit 101.89%
Operating Expenses $10.33M $11.44M
YoY Change -9.68% 817.1%
Operating Profit -$10.27M -$11.44M
YoY Change -10.29% 799.63%
Interest Expense $555.8K
YoY Change
% of Operating Profit
Other Income/Expense, Net $552.0K $295.7K
YoY Change 86.67% -15526.76%
Pretax Income -$9.713M -$11.74M
YoY Change -17.25% 824.27%
Income Tax $4.300K $0.00
% Of Pretax Income
Net Earnings -$9.029M -$11.28M
YoY Change -19.95% 997.02%
Net Earnings / Revenue -5325.18%
Basic Earnings Per Share -$0.60 -$1.09
Diluted Earnings Per Share -$0.60 -$1.09
COMMON SHARES
Basic Shares Outstanding 15.25M shares 15.25M shares 10.66M shares
Diluted Shares Outstanding 14.96M shares 10.36M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.06M $22.86M
YoY Change -3.5% 5342.23%
Cash & Equivalents $22.06M $22.86M
Short-Term Investments
Other Short-Term Assets $105.4K $68.75K
YoY Change 53.28% 129.17%
Inventory $545.3K
Prepaid Expenses
Receivables $151.1K
Other Receivables $4.020K $2.360K
Total Short-Term Assets $22.86M $22.93M
YoY Change -0.29% 4867.56%
LONG-TERM ASSETS
Property, Plant & Equipment $36.56M $285.5K
YoY Change 12708.05% 142.89%
Goodwill
YoY Change
Intangibles $388.1K $5.912M
YoY Change -93.43% 22.41%
Long-Term Investments
YoY Change
Other Assets $122.7K
YoY Change
Total Long-Term Assets $37.63M $6.197M
YoY Change 507.27% 21.59%
TOTAL ASSETS
Total Short-Term Assets $22.86M $22.93M
Total Long-Term Assets $37.63M $6.197M
Total Assets $60.49M $29.13M
YoY Change 107.7% 423.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.006M $2.164M
YoY Change -7.32% 391.79%
Accrued Expenses $165.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $245.8K
YoY Change
Total Short-Term Liabilities $6.461M $2.648M
YoY Change 144.04% -9.86%
LONG-TERM LIABILITIES
Long-Term Debt $9.782M $0.00
YoY Change
Other Long-Term Liabilities $21.68K $56.63K
YoY Change -61.72% 124.62%
Total Long-Term Liabilities $21.68K $56.63K
YoY Change -61.72% 124.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.461M $2.648M
Total Long-Term Liabilities $21.68K $56.63K
Total Liabilities $36.68M $22.70M
YoY Change 61.58% 666.4%
SHAREHOLDERS EQUITY
Retained Earnings -$133.6M -$83.96M
YoY Change 59.08% 46.3%
Common Stock $15.26K $10.69K
YoY Change 42.74% -99.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.28M $6.546M
YoY Change
Total Liabilities & Shareholders Equity $60.49M $29.13M
YoY Change 107.7% 423.99%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.029M -$11.28M
YoY Change -19.95% 997.02%
Depreciation, Depletion And Amortization $70.78K $22.01K
YoY Change 221.61% 1926.52%
Cash From Operating Activities -$476.4K -$8.465M
YoY Change -94.37% -891.12%
INVESTING ACTIVITIES
Capital Expenditures $9.226M -$1.158M
YoY Change -896.74% -149.91%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.226M $1.158M
YoY Change -896.74% -149.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 151.3K 10.14M
YoY Change -98.51% 692.39%
NET CHANGE
Cash From Operating Activities -476.4K -8.465M
Cash From Investing Activities -9.226M 1.158M
Cash From Financing Activities 151.3K 10.14M
Net Change In Cash -9.552M 2.836M
YoY Change -436.85% 9351.77%
FREE CASH FLOW
Cash From Operating Activities -$476.4K -$8.465M
Capital Expenditures $9.226M -$1.158M
Free Cash Flow -$9.703M -$7.307M
YoY Change 32.79% 484.56%

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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Profit Loss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Profit Loss
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CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q3 us-gaap Stock Issued During Period Value Issued For Services
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CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Use Of Estimates
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<p id="xdx_841_eus-gaap--UseOfEstimates_zDKqh5cfxjNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_866_znFjatkY3UYf">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zqUTBMk7wt44" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline"><span id="xdx_86A_zZv2Ee6PxlW7">Restatement of Previously Issued Financial Statements</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As previously reported on Amendment No. 1 to our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, filed with the SEC on November 8, 2024 (the “Amended Annual Report”), we have restated our previously reported financial statements for the two fiscal years ending December 31, 2023 in connection with certain errors relating to the presentation, timing, omission and classification of certain items in the previously reported financial statements. In addition, as also reported on Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the three months ended March 31, 2024, filed with the SEC on November 8, 2024 (the “Amended First Quarter Report”) and Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the three and six months ended June 30, 2024, filed with the SEC on November 8, 2024, we restated the interim financial statements for such periods to correct, as applicable to such interim periods, the same errors restated in the Amended Annual Report relating to the presentation, timing, omission and classification of certain items therein. The Amended First Quarter Report was also restated to correct a clerical error in the calculation of weighted average shares outstanding during such period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">With respect to the restatements relating to the fiscal year ended December 31, 2023, all of the corrections to the consolidated statements of operations and comprehensive loss were recorded in the fourth quarter of such period. As a result, the presentation of the relevant comparative three and nine month periods ending September 30, 2023, respectively, indicates no changes from the previously reported numbers of those periods. In addition, because the restatements did not result in a change in the Company’s cash position and impacted only non-cash charges, the consolidated statements of cash flows for the prior periods which have been included in this report do not reflect any material changes from the previously reported consolidated statements of cash flows.</p>
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us-gaap Operating Lease Expense
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CY2023Q4 us-gaap Operating Lease Liability
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us-gaap Operating Lease Expense
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OperatingLeasePayments
109827 usd
ATLX Operating Lease Foreign Exchange
OperatingLeaseForeignExchange
-21375 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
585135 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
164962 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
195975000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
177453000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
90307000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
75256000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
646070000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
646070000 usd
CY2024Q3 us-gaap Convertible Debt
ConvertibleDebt
10027449 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
9770724 usd
CY2024Q3 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
245754 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
9703700 usd
CY2024Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
163800 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
487881 usd
CY2024Q3 us-gaap Accretion Expense
AccretionExpense
26188 usd
us-gaap Accretion Expense
AccretionExpense
77995 usd
CY2024Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
261221 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1000060 usd
CY2023 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
486304 usd
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
89652 usd
CY2024Q3 ATLX Fair Value Adjustments Net
FairValueAdjustmentsNet
-84934 usd
CY2024Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21680 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
58579 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10000023 usd
CY2024Q3 us-gaap Convertible Debt
ConvertibleDebt
10027449 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
9770724 usd
CY2024Q3 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
245754 usd
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
67024 usd
CY2024Q3 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
9781695 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
9703700 usd
CY2024Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
163800 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
487881 usd
CY2024Q3 us-gaap Accretion Expense
AccretionExpense
26188 usd
us-gaap Accretion Expense
AccretionExpense
77995 usd
CY2024Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
261221 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1000060 usd
CY2023 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
486304 usd
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
89652 usd
CY2024Q3 ATLX Fair Value Adjustments Net
FairValueAdjustmentsNet
-84934 usd
ATLX Fair Value Adjustments Net
FairValueAdjustmentsNet
-396651 usd
CY2024Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21680 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
58579 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10000023 usd
ATLX Cashless Exercise Of Warrants
CashlessExerciseOfWarrants
5291 usd
ATLX Cashless Exercise Of Warrants
CashlessExerciseOfWarrants
58791 usd
CY2024Q3 us-gaap Contractual Obligation
ContractualObligation
2908010 usd
ATLX Cashless Exercise Of Warrants
CashlessExerciseOfWarrants
58791 usd
CY2024Q3 us-gaap Contractual Obligation
ContractualObligation
2908010 usd
CY2024Q3 ATLX Contractual Obligation Due In Less Than One Year
ContractualObligationDueInLessThanOneYear
2908010 usd
CY2024Q3 ATLX Contractual Obligation Due In Less Than One Year
ContractualObligationDueInLessThanOneYear
2908010 usd
CY2024Q1 ATLX Gross Proceeds Before Deducting Offering Expenses
GrossProceedsBeforeDeductingOfferingExpenses
30000000.0 usd
us-gaap Intercompany Agreements Description
IntercompanyAgreementsDescription
(i) the spot quantity of fifteen thousand (15,000) dry metric tons of Atlas Brazil’s product, and, subject to the fulfillment of certain conditions precedent, (ii) up to sixty thousand (60,000) dry metric tons of Atlas Brazil’s product for each year, up to a total of three hundred thousand (300,000) dry metric tons.
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
2005509 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2791406 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1954145 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1462405 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80C_eus-gaap--LossContingencyDisclosures_zTieTku41knd" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 – <span id="xdx_82F_z24d3dTtEH9b">RISKS AND UNCERTAINTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Currency Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates primarily in Brazil which exposes it to currency risks. The Company’s business activities may generate intercompany receivables or payables that are in a currency other than the functional currency of the Company. Changes in exchange rates from the time the activity occurs to the time payments are made may result in the Company receiving either more or less in local currency than the local currency equivalent at the time of the original activity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar affect the translation of each foreign subsidiary’s financial results into U.S. dollars for purposes of reporting in the consolidated financial statements. The Company’s foreign subsidiaries translate their financial results from the local currency into U.S. dollars in the following manner: (a) income statement accounts are translated at average exchange rates for the period; (b) balance sheet asset and liability accounts are translated at end of period exchange rates; and (c) equity accounts are translated at historical exchange rates. Translation in this manner affects the shareholders’ equity account referred to as the foreign currency translation adjustment account. This account exists only in the foreign subsidiaries’ U.S. dollar balance sheets and is necessary to keep the foreign subsidiaries’ balance sheets in agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2791406 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1954145 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1462405 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80C_eus-gaap--LossContingencyDisclosures_zTieTku41knd" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 – <span id="xdx_82F_z24d3dTtEH9b">RISKS AND UNCERTAINTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Currency Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates primarily in Brazil which exposes it to currency risks. The Company’s business activities may generate intercompany receivables or payables that are in a currency other than the functional currency of the Company. Changes in exchange rates from the time the activity occurs to the time payments are made may result in the Company receiving either more or less in local currency than the local currency equivalent at the time of the original activity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar affect the translation of each foreign subsidiary’s financial results into U.S. dollars for purposes of reporting in the consolidated financial statements. The Company’s foreign subsidiaries translate their financial results from the local currency into U.S. dollars in the following manner: (a) income statement accounts are translated at average exchange rates for the period; (b) balance sheet asset and liability accounts are translated at end of period exchange rates; and (c) equity accounts are translated at historical exchange rates. Translation in this manner affects the shareholders’ equity account referred to as the foreign currency translation adjustment account. This account exists only in the foreign subsidiaries’ U.S. dollar balance sheets and is necessary to keep the foreign subsidiaries’ balance sheets in agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>

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