2021 Q3 Form 10-Q Financial Statement

#000110465921105544 Filed on August 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $20.32M $12.95M $3.438M
YoY Change 276.7%
Cost Of Revenue $15.82M $9.976M
YoY Change
Gross Profit $4.500M $2.975M
YoY Change
Gross Profit Margin 22.15% 22.97%
Selling, General & Admin $13.60M $790.0K $329.0K
YoY Change 140.12%
% of Gross Profit 302.11% 26.55%
Research & Development $844.0K $323.0K $220.0K
YoY Change 46.82%
% of Gross Profit 18.76% 10.86%
Depreciation & Amortization $191.0K $405.0K
YoY Change
% of Gross Profit 4.24% 13.61%
Operating Expenses $14.23M $20.72M $4.914M
YoY Change 8793.12% 321.69%
Operating Profit -$9.729M -$7.771M -$1.476M
YoY Change 426.49%
Interest Expense -$3.109M -$14.77M $110.0K
YoY Change -10463.33% -13530.0%
% of Operating Profit
Other Income/Expense, Net -$3.098M -$16.52M $151.0K
YoY Change -11037.09%
Pretax Income -$12.83M -$24.29M -$10.00K
YoY Change 9766.92% 242760.0%
Income Tax -$3.643M $0.00
% Of Pretax Income
Net Earnings -$9.184M -$24.29M -$1.325M
YoY Change 9084.0% 1732.91%
Net Earnings / Revenue -45.21% -187.52% -38.54%
Basic Earnings Per Share -$0.13 -$0.47
Diluted Earnings Per Share -$132.5K -$0.47 -$291.00
COMMON SHARES
Basic Shares Outstanding 69.43M 51.57M shares
Diluted Shares Outstanding 69.01M shares 51.57M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $304.1M $333.2M $1.000M
YoY Change 2400.63% 33216.6%
Cash & Equivalents $6.952M $30.00M $13.05M
Short-Term Investments $297.2M $303.2M
Other Short-Term Assets $6.555M $7.993M $100.0K
YoY Change 6455.0% 7893.0% 0.0%
Inventory
Prepaid Expenses
Receivables $3.765M $1.712M
Other Receivables $0.00 $0.00
Total Short-Term Assets $314.4M $342.7M $1.100M
YoY Change 2086.85% 31057.18% 1000.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.958M $1.725M
YoY Change 11.31%
Goodwill $13.27M
YoY Change
Intangibles $12.64M $895.0K
YoY Change 2272.23%
Long-Term Investments $200.0K $200.0K $277.2M
YoY Change -99.93% -99.93%
Other Assets $220.0K $142.0K
YoY Change 105.61%
Total Long-Term Assets $28.95M $3.420M $277.3M
YoY Change 767.72% -98.77%
TOTAL ASSETS
Total Short-Term Assets $314.4M $342.7M $1.100M
Total Long-Term Assets $28.95M $3.420M $277.3M
Total Assets $343.4M $346.1M $278.4M
YoY Change 1838.44% 24.34% 278300.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.446M $4.958M $100.0K
YoY Change 4346.0% 4858.0%
Accrued Expenses $431.0K $333.0K $0.00
YoY Change
Deferred Revenue $4.654M $5.266M
YoY Change 17.14%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.531M $10.56M $500.0K
YoY Change 50.24% 2011.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.44M $38.89M $9.600M
YoY Change 342.07% 305.15%
Total Long-Term Liabilities $42.44M $38.89M $9.600M
YoY Change 342.07% 305.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.531M $10.56M $500.0K
Total Long-Term Liabilities $42.44M $38.89M $9.600M
Total Liabilities $52.17M $49.45M $10.10M
YoY Change 686.21% 389.61%
SHAREHOLDERS EQUITY
Retained Earnings -$77.19M -$68.01M
YoY Change 107.85%
Common Stock $7.000K $7.000K
YoY Change 133.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $291.2M $296.7M $11.56M
YoY Change
Total Liabilities & Shareholders Equity $343.4M $346.1M $278.4M
YoY Change 1838.44% 24.34% 278300.0%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$9.184M -$24.29M -$1.325M
YoY Change 9084.0% 1732.91%
Depreciation, Depletion And Amortization $191.0K $405.0K
YoY Change
Cash From Operating Activities -$5.790M -$9.465M -$80.00K
YoY Change 4353.85% 11731.25%
INVESTING ACTIVITIES
Capital Expenditures -$67.00K -$230.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$17.38M -$303.7M
YoY Change
Cash From Investing Activities -$17.44M -$303.9M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 181.0K 332.1M
YoY Change
NET CHANGE
Cash From Operating Activities -5.790M -9.465M -80.00K
Cash From Investing Activities -17.44M -303.9M
Cash From Financing Activities 181.0K 332.1M
Net Change In Cash -23.05M 18.72M -80.00K
YoY Change 17631.54% -23496.25%
FREE CASH FLOW
Cash From Operating Activities -$5.790M -$9.465M -$80.00K
Capital Expenditures -$67.00K -$230.0K
Free Cash Flow -$5.723M -$9.235M
YoY Change

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13165000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30003000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13049000
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
630000
CY2020Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
116000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30633000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13165000
us-gaap Interest Paid Net
InterestPaidNet
12000
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
788000
expcu Prepaid Expenses And Other Current Assets
PrepaidExpensesAndOtherCurrentAssets
90000
expcu Accounts Payable And Accrued Expenses
AccountsPayableAndAccruedExpenses
-348000
expcu Warrant Liability
WarrantLiability
-23886000
CY2021Q2 expcu Working Capital
WorkingCapital
332160
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30003000
us-gaap Net Income Loss
NetIncomeLoss
-30868000
us-gaap Net Income Loss
NetIncomeLoss
-9447000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Reclassification</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain amounts in prior periods related to the classification of disaggregated revenue have been reclassified to conform to current period presentation. These reclassifications had no effect on the previously reported net loss.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment evolves.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the financial statements. Significant estimates and assumptions by management include the allowance for doubtful accounts, the carrying value of long-lived assets, the carrying value of intangible assets, the fair value of warrant liabilities, revenue recognition, contingencies, the provision for income taxes and related deferred tax accounts and the fair value of stock options and other stock-based awards.</p>
CY2020Q2 expcu Number Of Vendors
NumberOfVendors
1
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Financial instruments which potentially subject the Company to concentrations of credit risk consists principally of cash amounts on deposit with financial institutions. At times, the Company’s cash in banks is in excess of the Federal Deposit Insurance corporation (“FDIC”) insurance limit. The Company has not experienced any loss as a result of these deposits.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 2 – Summary of Significant Accounting Policies (Continued)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations (Continued)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-weight:normal;">Major Customers</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">For the three and nine months ended June 30, 2021 and 2020, there was no single customer that generated 10% or more of the Company’s revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Most of the Company’s customers remit payment in advance of the date of the flight. Accounts receivable consists principally of amounts due from the Company’s MediMobility organ transport customers, which are large hospitals that receive terms for payment, along with receivables from our credit card processors. Three of these customers accounted for 29%, 25%, and 16%, respectively, of accounts receivable as of June 30, 2021 and three customers accounted for 36%, 29% and 10%, respectively, of accounts receivable as of September 30, 2020. These concentrations make the Company vulnerable to a near-term severe impact should these relationships be terminated. To limit such risks, the Company performs ongoing credit evaluations of its customers’ financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-weight:normal;">Major Vendors</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Three vendors accounted for 16%, 12%, and 12<span style="white-space:pre-wrap;">% of the Company’s purchases from operating vendors for the three months ended June 30, 2021. For the three months ended June 30, 2020, one vendor accounted for 12% of the Company’s purchases from operating vendors.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">No vendor accounted for 10% or more of the Company’s purchases from operating vendors for the nine months ended June 30, 2021 and 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Three vendors accounted for 26%, 22%, and 11% of the Company’s outstanding accounts payable as of June 30, 2021. One vendor accounted for 26% of the Company’s outstanding accounts payable as of September 30, 2020.</p>
expcu Number Of Customers
NumberOfCustomers
3
CY2020 expcu Number Of Customers
NumberOfCustomers
3
CY2021Q2 expcu Number Of Vendors
NumberOfVendors
3
expcu Number Of Vendors
NumberOfVendors
3
CY2020 expcu Number Of Vendors
NumberOfVendors
1
us-gaap Advertising Expense
AdvertisingExpense
1093000
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5266000
CY2021Q2 expcu Annual Airport Pass Amount
AnnualAirportPassAmount
79500
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3973000
CY2021Q2 expcu Per Seat For Purchase Of Annual Airport Pass Amount
PerSeatForPurchaseOfAnnualAirportPassAmount
9500
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24559630
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8486974
CY2021Q2 expcu Customer Credit Period
CustomerCreditPeriod
P1Y
expcu Number Of Key Lines Of Business
NumberOfKeyLinesOfBusiness
3
expcu Number Of Key Lines Of Business
NumberOfKeyLinesOfBusiness
3
expcu Price Charged For New York Area Airports And Manhattans
PriceChargedForNewYorkAreaAirportsAndManhattans
19500
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12951000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3438000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30210000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15115000
CY2021Q2 us-gaap Advertising Expense
AdvertisingExpense
383000
CY2020Q2 us-gaap Advertising Expense
AdvertisingExpense
138000
us-gaap Advertising Expense
AdvertisingExpense
1019000
us-gaap Recapitalization Costs
RecapitalizationCosts
27263000
expcu Recapitalization Costs Attributable To Equity
RecapitalizationCostsAttributableToEquity
25521000
expcu Recapitalization Costs Attributable To Warrant Liabilities
RecapitalizationCostsAttributableToWarrantLiabilities
1742000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1451000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-556000
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
895000
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
948000
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-415000
CY2020Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
533000
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
142000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
142000
us-gaap Operating Lease Cost
OperatingLeaseCost
329000
us-gaap Lease Cost
LeaseCost
377000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
458000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
737000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
333000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
430000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
95000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
291000
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
66000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
118000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
48000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
116000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
147000
us-gaap Operating Lease Cost
OperatingLeaseCost
343000
CY2021Q2 us-gaap Lease Cost
LeaseCost
182000
CY2020Q2 us-gaap Lease Cost
LeaseCost
165000
us-gaap Lease Cost
LeaseCost
461000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0500
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0500
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13M
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P21M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0063
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
133000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
270000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
36000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
439000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
428000
CY2021Q2 us-gaap Share Price
SharePrice
10.00
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
10.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1100000
CY2020Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
184000
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2039000
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1142000
CY2021Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
RecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
0
CY2021Q2 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
4424000
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
13000000
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
expcu Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Warrants In Recapitalization
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityWarrantsInRecapitalization
23886000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
14913000
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
38799000

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