2015 Q3 Form 10-Q Financial Statement

#000162828015008348 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $17.99M $15.88M
YoY Change 13.23% 26.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.610M $2.030M
YoY Change 77.83% -34.73%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.800M $5.300M
YoY Change 9.43% -11.67%
% of Gross Profit
Operating Expenses $17.26M $13.92M
YoY Change 24.01% 9.0%
Operating Profit
YoY Change
Interest Expense $7.221M $5.943M
YoY Change 21.5% 88.61%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $727.0K $1.967M
YoY Change -63.04% -1036.67%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $727.0K $1.967M
YoY Change -63.04% -820.51%
Net Earnings / Revenue 4.04% 12.38%
Basic Earnings Per Share $0.02 $0.09
Diluted Earnings Per Share $0.02 $0.09
COMMON SHARES
Basic Shares Outstanding 39.13M shares 22.26M shares
Diluted Shares Outstanding 39.13M shares 22.44M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.10M $88.80M
YoY Change -86.37%
Cash & Equivalents $12.10M $88.85M
Short-Term Investments
Other Short-Term Assets $300.0K $400.0K
YoY Change -25.0%
Inventory
Prepaid Expenses
Receivables $3.000M $2.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.40M $92.10M
YoY Change -83.28%
LONG-TERM ASSETS
Property, Plant & Equipment $659.8M $415.0M
YoY Change 58.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.200M
YoY Change
Other Assets $9.800M $10.80M
YoY Change -9.26%
Total Long-Term Assets $669.6M $425.8M
YoY Change 57.23%
TOTAL ASSETS
Total Short-Term Assets $15.40M $92.10M
Total Long-Term Assets $669.6M $425.8M
Total Assets $685.0M $517.9M
YoY Change 32.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $107.7M $108.3M
YoY Change -0.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $115.4M $108.3M
YoY Change 6.56%
LONG-TERM LIABILITIES
Long-Term Debt $305.0M $260.0M
YoY Change 17.31%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $305.0M $260.0M
YoY Change 17.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.4M $108.3M
Total Long-Term Liabilities $305.0M $260.0M
Total Liabilities $420.4M $368.3M
YoY Change 14.14%
SHAREHOLDERS EQUITY
Retained Earnings $2.423M
YoY Change
Common Stock $410.3M $147.2M
YoY Change 178.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.6M $149.6M
YoY Change
Total Liabilities & Shareholders Equity $685.0M $517.9M
YoY Change 32.25%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $727.0K $1.967M
YoY Change -63.04% -820.51%
Depreciation, Depletion And Amortization $5.800M $5.300M
YoY Change 9.43% -11.67%
Cash From Operating Activities $13.40M $9.800M
YoY Change 36.73% 11.36%
INVESTING ACTIVITIES
Capital Expenditures -$197.9M -$300.0K
YoY Change 65866.67% -96.84%
Acquisitions
YoY Change
Other Investing Activities $1.500M $0.00
YoY Change -100.0%
Cash From Investing Activities -$196.4M -$300.0K
YoY Change 65366.67% -96.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $163.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 165.1M -1.000M
YoY Change -16610.0% -266.67%
NET CHANGE
Cash From Operating Activities 13.40M 9.800M
Cash From Investing Activities -196.4M -300.0K
Cash From Financing Activities 165.1M -1.000M
Net Change In Cash -17.90M 8.500M
YoY Change -310.59% 608453700266666800.0%
FREE CASH FLOW
Cash From Operating Activities $13.40M $9.800M
Capital Expenditures -$197.9M -$300.0K
Free Cash Flow $211.3M $10.10M
YoY Change 1992.08% -44.81%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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29035000 USD
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us-gaap Net Income Loss
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CY2014Q4 us-gaap Notes Payable
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CY2014Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2015Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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CY2014Q3 us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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0 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
167000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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167000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments Of Dividends Common Stock
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0 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
13282000 USD
us-gaap Payments Of Financing Costs
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2113000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
145000 USD
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
0 USD
us-gaap Proceeds From Unsecured Lines Of Credit
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0 USD
us-gaap Proceeds From Unsecured Lines Of Credit
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45000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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19079000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
256000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
us-gaap Payments To Acquire Real Estate
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231501000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
254000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
143000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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100000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
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0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q3 us-gaap Preferred Stock Value
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0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
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CY2015Q3 us-gaap Prepaid Expense And Other Assets
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
CY2015Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
163466000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
us-gaap Proceeds From Sale Of Land Heldforinvestment
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0 USD
us-gaap Proceeds From Sale Of Land Heldforinvestment
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30000 USD
us-gaap Proceeds From Secured Lines Of Credit
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10000000 USD
us-gaap Proceeds From Secured Lines Of Credit
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35000000 USD
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
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us-gaap Proceeds From Unsecured Notes Payable
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260000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
103405000 USD
CY2015Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
120498000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
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539620000 USD
CY2015Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
772052000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
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436215000 USD
CY2015Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
651554000 USD
CY2014Q4 us-gaap Real Estate Investments Other
RealEstateInvestmentsOther
7532000 USD
CY2015Q3 us-gaap Real Estate Investments Other
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8229000 USD
CY2014Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1228000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
3726000 USD
CY2015Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1320000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
3866000 USD
CY2014Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
1228000 USD
us-gaap Reimbursement Revenue
ReimbursementRevenue
1624000 USD
CY2015Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
0 USD
us-gaap Reimbursement Revenue
ReimbursementRevenue
1406000 USD
CY2014Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0 USD
CY2015Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0 USD
us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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35000000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
67493000 USD
us-gaap Repayments Of Notes Payable
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2509000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
65624000 USD
us-gaap Repayments Of Secured Debt
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0 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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-145000 USD
CY2014Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
14000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
18667000 USD
CY2015Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
16308000 USD
CY2014Q3 us-gaap Revenues
Revenues
15884000 USD
CY2015Q3 us-gaap Revenues
Revenues
17985000 USD
us-gaap Revenues
Revenues
42820000 USD
us-gaap Revenues
Revenues
52319000 USD
CY2015Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.50
CY2015Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
16330000 shares
CY2015Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
163000000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
162963000 USD
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
162689000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
113462000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
264562000 USD
CY2014 us-gaap Stockholders Equity Note Spinoff Transaction
StockholdersEquityNoteSpinoffTransaction
0 USD
CY2014Q3 us-gaap Tenant Reimbursements
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1228000 USD
us-gaap Tenant Reimbursements
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CY2015Q3 us-gaap Tenant Reimbursements
TenantReimbursements
1320000 USD
us-gaap Tenant Reimbursements
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3866000 USD
CY2014Q4 us-gaap Unsecured Long Term Debt
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CY2015Q3 us-gaap Unsecured Long Term Debt
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260000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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22436000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22238000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39125000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33916000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22255000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22238000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39125000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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33916000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1208000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company is subject to concentrations of credit risk consisting primarily of operating leases on our owned properties. See Note&#160;12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Risk</font><font style="font-family:inherit;font-size:10pt;">, for a discussion of major operator concentration.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">&#8212;Certain amounts in the Company&#8217;s condensed consolidated and combined financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Estimates and Assumptions</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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