2015 Q3 Form 10-Q Financial Statement

#000117184315004473 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $10.99M $25.84M $1.466M
YoY Change 239.31% 1662.76% 78.56%
Cost Of Revenue $1.346M
YoY Change
Gross Profit $9.641M $25.84M $1.466M
YoY Change 197.75% 1662.76% 78.78%
Gross Profit Margin 87.75% 100.0% 100.0%
Selling, General & Admin $2.731M $3.534M $2.010M
YoY Change 50.88% 75.82% 40.56%
% of Gross Profit 28.33% 13.68% 137.11%
Research & Development $20.07M $16.52M $11.07M
YoY Change 53.94% 49.31% -4.02%
% of Gross Profit 208.14% 63.94% 754.91%
Depreciation & Amortization $50.00K $40.00K $50.00K
YoY Change 25.0% -20.0% -37.5%
% of Gross Profit 0.52% 0.15% 3.41%
Operating Expenses $22.80M $20.06M $11.07M
YoY Change 74.88% 81.24% -14.61%
Operating Profit -$13.16M $5.342M -$11.62M
YoY Change 13.37% -145.98% -4.29%
Interest Expense $1.241M $1.306M $1.225M
YoY Change 1.97% 6.61% -4183.33%
% of Operating Profit 24.45%
Other Income/Expense, Net
YoY Change
Pretax Income -$14.62M $4.900M -$14.65M
YoY Change 67.47% -133.45% 20.38%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.62M $4.901M -$14.65M
YoY Change 67.46% -133.46% 20.35%
Net Earnings / Revenue -133.08% 18.97% -999.25%
Basic Earnings Per Share -$0.20 $0.07 -$0.23
Diluted Earnings Per Share -$0.20 $0.06 -$0.23
COMMON SHARES
Basic Shares Outstanding 73.24M 72.64M 63.65M
Diluted Shares Outstanding 73.26M 76.76M 63.65M

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.33M $94.37M $132.1M
YoY Change -44.67% -28.57% 353.95%
Cash & Equivalents $46.63M $76.78M $121.5M
Short-Term Investments $23.70M $17.58M $10.60M
Other Short-Term Assets $7.100M $7.100M $5.200M
YoY Change 51.06% 36.54% 52.94%
Inventory $1.308M
Prepaid Expenses
Receivables $4.300M $4.300M $900.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $84.50M $107.1M $138.3M
YoY Change -37.45% -22.57% 312.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.146M $1.047M $200.0K
YoY Change 473.0% 423.5% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.10M $36.10M $600.0K
YoY Change 11933.33% 5916.67%
Other Assets $5.239M $5.699M $2.900M
YoY Change 249.27% 96.52% -51.67%
Total Long-Term Assets $54.45M $43.09M $3.700M
YoY Change 2622.7% 1064.68% -42.19%
TOTAL ASSETS
Total Short-Term Assets $84.50M $107.1M $138.3M
Total Long-Term Assets $54.45M $43.09M $3.700M
Total Assets $139.0M $150.2M $142.0M
YoY Change 1.35% 5.76% 255.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.782M $3.822M $2.400M
YoY Change 64.43% 59.25% 140.0%
Accrued Expenses $23.03M $19.00M $11.10M
YoY Change 43.02% 71.18% 18.09%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $30.00M $30.00M
YoY Change 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.44M $63.77M $44.90M
YoY Change 29.41% 42.03% 274.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $10.30M $10.30M $6.900M
YoY Change 171.05% 49.28% -1.43%
Total Long-Term Liabilities $10.30M $10.30M $6.900M
YoY Change 171.05% 49.28% -81.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.44M $63.77M $44.90M
Total Long-Term Liabilities $10.30M $10.30M $6.900M
Total Liabilities $74.10M $74.10M $51.90M
YoY Change 37.99% 42.77% 5.92%
SHAREHOLDERS EQUITY
Retained Earnings -$492.8M -$478.2M
YoY Change
Common Stock $733.0K $732.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.05M $76.09M $90.10M
YoY Change
Total Liabilities & Shareholders Equity $139.0M $150.2M $142.0M
YoY Change 1.35% 5.76% 255.89%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$14.62M $4.901M -$14.65M
YoY Change 67.46% -133.46% 20.35%
Depreciation, Depletion And Amortization $50.00K $40.00K $50.00K
YoY Change 25.0% -20.0% -37.5%
Cash From Operating Activities -$12.66M $18.10M -$7.100M
YoY Change 47.21% -354.93% 145.67%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$360.0K $0.00
YoY Change 400.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$18.00M $7.440M $9.270M
YoY Change -467.35% -19.74% 262.11%
Cash From Investing Activities -$18.14M $7.070M $9.260M
YoY Change -472.48% -23.65% 266.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 640.0K 3.250M 105.8M
YoY Change -81.07% -96.93% 1884.43%
NET CHANGE
Cash From Operating Activities -12.66M 18.10M -7.100M
Cash From Investing Activities -18.14M 7.070M 9.260M
Cash From Financing Activities 640.0K 3.250M 105.8M
Net Change In Cash -30.16M 28.42M 107.9M
YoY Change 8517.14% -73.67% 2071.63%
FREE CASH FLOW
Cash From Operating Activities -$12.66M $18.10M -$7.100M
Capital Expenditures -$150.0K -$360.0K $0.00
Free Cash Flow -$12.51M $18.46M -$7.100M
YoY Change 45.97% -360.0% 148.25%

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-16061000
us-gaap Net Income Loss
NetIncomeLoss
-10263000
us-gaap Net Income Loss
NetIncomeLoss
-24786000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
4901000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-14649000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5342000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11619000
us-gaap Operating Income Loss
OperatingIncomeLoss
-9088000
us-gaap Operating Income Loss
OperatingIncomeLoss
-19005000
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5699000
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6031000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-102000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
38000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
19407000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
12651000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
934000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7000
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5449000
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6172000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div><div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Certain balance sheet amounts as of December 31, 2014 have been reclassified to conform to the 2015 presentation.</div></div></div></div></div></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1175000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
106600000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
24884000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
20900000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3399000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4145000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
171000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
128000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1047000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
207000
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
4296000
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3849000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
12000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16524000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11067000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33644000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20250000
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1569000
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
150000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-478161000
us-gaap Revenues
Revenues
4924000
CY2015Q2 us-gaap Royalty Expense
RoyaltyExpense
442000
CY2014Q2 us-gaap Royalty Expense
RoyaltyExpense
5000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-467898000
CY2015Q2 us-gaap Revenues
Revenues
25842000
CY2014Q2 us-gaap Revenues
Revenues
1466000
us-gaap Royalty Expense
RoyaltyExpense
502000
us-gaap Royalty Expense
RoyaltyExpense
78000
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
132000
CY2014Q2 us-gaap Royalty Revenue
RoyaltyRevenue
125000
us-gaap Royalty Revenue
RoyaltyRevenue
1650000
us-gaap Royalty Revenue
RoyaltyRevenue
1946000
us-gaap Revenues
Revenues
32668000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
537000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
25842000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1466000
us-gaap Sales Revenue Net
SalesRevenueNet
32668000
us-gaap Sales Revenue Net
SalesRevenueNet
4924000
us-gaap Share Based Compensation
ShareBasedCompensation
5934000
us-gaap Share Based Compensation
ShareBasedCompensation
5129000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
153000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2362000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1103000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
28000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1135000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9605000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9779000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y219D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y182D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
933000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
76089000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
75635000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div><div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div>
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4118000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76760000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63647000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72492000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61629000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72642000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63647000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72492000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61629000

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