2021 Q2 Form 10-K Financial Statement

#000107997321000987 Filed on September 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 2020 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $369.4K $2.078M $2.113M
YoY Change -82.52% -32.74% 367.46%
% of Gross Profit
Research & Development $170.0K $748.5K $751.0K
YoY Change -77.37% -33.39% 466.19%
% of Gross Profit
Depreciation & Amortization $210.00 $827.00 $210.00
YoY Change 0.0% -33.73% -38.24%
% of Gross Profit
Operating Expenses $539.6K $2.828M $2.864M
YoY Change -81.16% -32.91% 389.6%
Operating Profit -$2.828M
YoY Change -32.91%
Interest Expense -$112.5K $657.9K -$103.5K
YoY Change 8.75% 40.92% -15.86%
% of Operating Profit
Other Income/Expense, Net $0.00 -$623.1K $6.000K
YoY Change -100.0% 84.11%
Pretax Income -$652.1K -$3.451M -$2.839M
YoY Change -77.03% -24.21% 301.04%
Income Tax
% Of Pretax Income
Net Earnings -$651.6K -$3.451M -$2.834M
YoY Change -77.01% -24.21% 300.65%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$17.42K -$104.3K -$93.76K
COMMON SHARES
Basic Shares Outstanding 30.15M
Diluted Shares Outstanding 33.07M

Balance Sheet

Concept 2021 Q2 2021 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.216M $4.216M $560.8K
YoY Change 651.8% 651.8% 1256.63%
Cash & Equivalents $4.216M $560.8K
Short-Term Investments
Other Short-Term Assets $125.1K $125.1K $8.970K
YoY Change 1294.09% 1294.09% -0.44%
Inventory
Prepaid Expenses $124.0K $7.965K
Receivables
Other Receivables
Total Short-Term Assets $4.341M $4.341M $569.8K
YoY Change 661.92% 661.92% 1031.89%
LONG-TERM ASSETS
Property, Plant & Equipment $541.00 $540.00 $1.368K
YoY Change -60.45% -60.58% -47.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $541.00 $540.00 $1.368K
YoY Change -60.45% -60.58% -47.71%
TOTAL ASSETS
Total Short-Term Assets $4.341M $4.341M $569.8K
Total Long-Term Assets $541.00 $540.00 $1.368K
Total Assets $4.342M $4.342M $571.2K
YoY Change 660.19% 660.19% 978.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $570.1K $570.1K $628.9K
YoY Change -9.36% -9.36% -12.11%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.869M $9.869M $9.601M
YoY Change 2.79% 2.79% 3.2%
Total Short-Term Liabilities $10.96M $10.96M $11.04M
YoY Change -0.8% -0.8% 1.07%
LONG-TERM LIABILITIES
Long-Term Debt $4.793M $4.793M $4.616M
YoY Change 3.84% 3.84% 21.43%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.793M $4.793M $4.616M
YoY Change 3.84% 3.84% 21.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.96M $10.96M $11.04M
Total Long-Term Liabilities $4.793M $4.793M $4.616M
Total Liabilities $15.75M $15.79M $15.66M
YoY Change 0.57% 0.55% 6.33%
SHAREHOLDERS EQUITY
Retained Earnings -$132.3M -$128.9M
YoY Change 2.68% 3.66%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.45M -$11.45M -$15.13M
YoY Change
Total Liabilities & Shareholders Equity $4.342M $4.342M $571.2K
YoY Change 660.19% 660.19% 978.56%

Cashflow Statement

Concept 2021 Q2 2021 2020 Q2
OPERATING ACTIVITIES
Net Income -$651.6K -$3.451M -$2.834M
YoY Change -77.01% -24.21% 300.65%
Depreciation, Depletion And Amortization $210.00 $827.00 $210.00
YoY Change 0.0% -33.73% -38.24%
Cash From Operating Activities -$505.6K -$1.389M -$213.1K
YoY Change 137.27% 43.78% 5.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $300.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.051M 5.045M 417.3K
YoY Change 631.18% 239.52% 343.98%
NET CHANGE
Cash From Operating Activities -505.6K -1.389M -213.1K
Cash From Investing Activities 0.000
Cash From Financing Activities 3.051M 5.045M 417.3K
Net Change In Cash 2.546M 3.655M 204.2K
YoY Change 1146.56% 603.67% -289.36%
FREE CASH FLOW
Cash From Operating Activities -$505.6K -$1.389M -$213.1K
Capital Expenditures $0.00
Free Cash Flow -$1.389M -$213.1K
YoY Change 43.78% 5.58%

Facts In Submission

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<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="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-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-weight: bold;">Concentrations of credit risk:</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times <div style="display: inline; font-style: italic; font: inherit;"> may </div>exceed federally insured limits. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any losses on such accounts.</div></div></div></div></div></div></div></div></div></div>
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CY2020 us-gaap Nonoperating Income Expense
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CY2021Q2 us-gaap Operating Loss Carryforwards
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CY2021 us-gaap Other Nonoperating Income
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CY2020 us-gaap Other Nonoperating Income
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Unsecured Debt
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34800
CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
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1584000
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CY2020 us-gaap Proceeds From Related Party Debt
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35000
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3049490
CY2020 us-gaap Proceeds From Warrant Exercises
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2795625
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2795625
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541
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1368
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CY2020 us-gaap Repayments Of Related Party Debt
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20000
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748545
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1123836
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-132339873
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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1126481
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
2589134
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10471600
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0.77
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110000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2210000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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960000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.06
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20375
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6064335
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7411600
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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9511600
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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1.08
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0.74
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.77
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.72
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1.10
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.69
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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6064335
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y255D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y36D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y182D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y255D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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1017700
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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429200
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
960000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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1.06
CY2021Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Current
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37400
CY2020Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Current
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35400
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2020 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2021 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2020 us-gaap Stock Issued During Period Value Issued For Services
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CY2021 us-gaap Stock Issued During Period Value Issued For Services
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72000
CY2021 us-gaap Stock Issued During Period Value New Issues
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300000
CY2021Q2 us-gaap Stockholders Equity
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CY2020Q2 us-gaap Stockholders Equity
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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2021Q2 us-gaap Unsecured Debt Current
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CY2020Q2 us-gaap Unsecured Debt Current
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CY2020Q2 us-gaap Unsecured Long Term Debt
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19919
CY2021 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="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-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-weight: bold;">Use of estimates:</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In preparing the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div>
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29031106
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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33068832
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29031106

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