$HNNA
HENNESSY ADVISORS INC

2018 Q3 Form 10-K Financial Statement

#000119312519305328 Filed on December 03, 2019

View on sec.gov

Income Statement

Concept 2018 Q3 2018 2017 Q3
Revenue $13.20M $54.59M $13.25M
YoY Change -0.35% 3.09% 1.35%
Cost Of Revenue $2.620M $10.46M $2.360M
YoY Change 11.02% 13.33% 2.16%
Gross Profit $10.59M $44.13M $10.88M
YoY Change -2.67% 0.91% 1.12%
Gross Profit Margin 80.23% 80.84% 82.13%
Selling, General & Admin $4.870M $19.42M $5.070M
YoY Change -3.94% 2.1% 7.42%
% of Gross Profit 45.99% 44.01% 46.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $231.0K -$60.00K
YoY Change -200.0% 5.48% -175.0%
% of Gross Profit 0.57% 0.52% -0.55%
Operating Expenses $4.930M $30.12M $7.524M
YoY Change -34.48% 5.81% 5.59%
Operating Profit $5.660M $24.48M $5.723M
YoY Change -1.1% -0.07% -3.72%
Interest Expense -$310.0K $1.227M $284.0K
YoY Change -209.15% -2.31% 0.35%
% of Operating Profit -5.48% 5.01% 4.96%
Other Income/Expense, Net $70.00K $150.0K $9.000K
YoY Change 677.78% 1150.0%
Pretax Income $5.410M $23.39M $5.448M
YoY Change -0.7% 0.62% -3.76%
Income Tax $1.960M $2.778M $2.090M
% Of Pretax Income 36.23% 11.88% 38.36%
Net Earnings $3.660M $20.62M $3.358M
YoY Change 8.99% 37.97% -5.14%
Net Earnings / Revenue 27.73% 37.76% 25.35%
Basic Earnings Per Share $2.64 $0.44
Diluted Earnings Per Share $462.7K $2.61 $0.42
COMMON SHARES
Basic Shares Outstanding 7.809M shares 7.808M 7.691M shares
Diluted Shares Outstanding 7.891M

Balance Sheet

Concept 2018 Q3 2018 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.40M $25.40M $15.70M
YoY Change 61.78% 61.78% 348.57%
Cash & Equivalents $25.40M $25.40M $15.70M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $700.0K $700.0K $1.600M
YoY Change -56.25% -56.25% 175.86%
Inventory
Prepaid Expenses $668.0K $1.614M
Receivables $4.259M $4.300M $4.325M
Other Receivables $413.0K $400.0K $584.0K
Total Short-Term Assets $30.74M $30.70M $22.23M
YoY Change 38.29% 38.29% 119.35%
LONG-TERM ASSETS
Property, Plant & Equipment $382.0K $400.0K $254.0K
YoY Change 50.39% 33.33% -14.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $191.0K $200.0K $145.0K
YoY Change 31.72% 100.0% -2.68%
Total Long-Term Assets $78.74M $78.80M $75.03M
YoY Change 4.94% 4.93% 0.3%
TOTAL ASSETS
Total Short-Term Assets $30.74M $30.70M $22.23M
Total Long-Term Assets $78.74M $78.80M $75.03M
Total Assets $109.5M $109.5M $97.26M
YoY Change 12.57% 12.54% 14.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.100M $7.100M $7.400M
YoY Change -4.05% -4.05% 12.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.228M $4.200M $4.228M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $12.04M $12.00M $12.46M
YoY Change -3.4% -4.0% 11.03%
LONG-TERM LIABILITIES
Long-Term Debt $17.50M $17.50M $21.73M
YoY Change -19.46% -19.35% -16.29%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $17.50M $17.50M $21.73M
YoY Change -19.46% -19.35% -16.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.04M $12.00M $12.46M
Total Long-Term Liabilities $17.50M $17.50M $21.73M
Total Liabilities $38.50M $38.50M $45.73M
YoY Change -15.81% -15.75% -3.95%
SHAREHOLDERS EQUITY
Retained Earnings $54.20M $36.59M
YoY Change 48.13% 52.12%
Common Stock $16.78M $14.94M
YoY Change 12.31% 12.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.98M $71.00M $51.53M
YoY Change
Total Liabilities & Shareholders Equity $109.5M $109.5M $97.26M
YoY Change 12.57% 12.54% 14.5%

Cashflow Statement

Concept 2018 Q3 2018 2017 Q3
OPERATING ACTIVITIES
Net Income $3.660M $20.62M $3.358M
YoY Change 8.99% 37.97% -5.14%
Depreciation, Depletion And Amortization $60.00K $231.0K -$60.00K
YoY Change -200.0% 5.48% -175.0%
Cash From Operating Activities $6.870M $21.53M $5.800M
YoY Change 18.45% 8.49% 15.54%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K $360.0K -$170.0K
YoY Change 23.53% 104.55% -98.51%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$210.0K -$3.895M -$170.0K
YoY Change 23.53% 775.28% -98.51%
FINANCING ACTIVITIES
Cash Dividend Paid $2.883M
YoY Change 30.45%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.375M
YoY Change 0.0%
Cash From Financing Activities -2.410M -7.941M -2.260M
YoY Change 6.64% 9.74% 51.68%
NET CHANGE
Cash From Operating Activities 6.870M 21.53M 5.800M
Cash From Investing Activities -210.0K -3.895M -170.0K
Cash From Financing Activities -2.410M -7.941M -2.260M
Net Change In Cash 4.250M 9.695M 3.370M
YoY Change 26.11% -20.3% -142.77%
FREE CASH FLOW
Cash From Operating Activities $6.870M $21.53M $5.800M
Capital Expenditures -$210.0K $360.0K -$170.0K
Free Cash Flow $7.080M $21.17M $5.970M
YoY Change 18.59% 7.63% -63.66%

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CY2018 us-gaap Payments Of Stock Issuance Costs
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39000
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4750000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;width:4%;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;;width:5%;">(j)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 revenues and expenses during the reporting periods. Actual results could differ from those estimates. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
21825000
CY2018Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
22987000
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2019Q3 hnna Deposit In Excess Of Insured Amount
DepositInExcessOfInsuredAmount
2600000
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
13776
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
82337
CY2019Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
130000
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
350000
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
130000
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
230000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1740000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1536000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1379000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1154000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2216000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4420000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
724000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
935000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2940000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
5355000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1049000
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3150000
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
255000
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
573000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1304000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2577000
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.039
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.036
CY2019 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.002
CY2018 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.001
CY2019 hnna Effective Income Tax Rate Reconciliation Deferred Tax Liability Revaluation Adjustment
EffectiveIncomeTaxRateReconciliationDeferredTaxLiabilityRevaluationAdjustment
0.004
CY2018 hnna Effective Income Tax Rate Reconciliation Deferred Tax Liability Revaluation Adjustment
EffectiveIncomeTaxRateReconciliationDeferredTaxLiabilityRevaluationAdjustment
-0.167
CY2019 hnna Effective Income Tax Rate Reconciliation Amendment Of Prior Period Tax Return
EffectiveIncomeTaxRateReconciliationAmendmentOfPriorPeriodTaxReturn
-0.013
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.013
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.004
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.003
CY2019Q3 hnna Trading Securities Amortized Cost
TradingSecuritiesAmortizedCost
4000
CY2019 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
22000
CY2019 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
17000
CY2019Q3 us-gaap Trading Securities Cost
TradingSecuritiesCost
9000
CY2018Q3 hnna Trading Securities Amortized Cost
TradingSecuritiesAmortizedCost
4000
CY2018 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
20000
CY2018 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
15000
CY2018Q3 us-gaap Trading Securities Cost
TradingSecuritiesCost
9000
CY2019Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
81000
CY2018Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
77000
CY2019Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
14000
CY2018Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
75000
CY2019Q3 us-gaap Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
200000
CY2018Q3 us-gaap Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
212000
CY2019Q3 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
7000
CY2018Q3 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
7000
CY2019Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
302000
CY2018Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
371000
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7000
CY2018Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7000
CY2019Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
295000
CY2018Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
364000
CY2019Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
42000
CY2018Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
39000
CY2019Q3 hnna Deferred Tax Liabilities Management Contracts
DeferredTaxLiabilitiesManagementContracts
10522000
CY2018Q3 hnna Deferred Tax Liabilities Management Contracts
DeferredTaxLiabilitiesManagementContracts
9290000
CY2019Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10564000
CY2018Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
9329000
CY2019Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
10269000
CY2018Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
8965000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4375000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4375000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8750000
CY2019Q3 us-gaap Long Term Loans Payable
LongTermLoansPayable
17500000
CY2019 us-gaap Interest Expense Debt
InterestExpenseDebt
340000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
473000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
299000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
772000
CY2019Q3 hnna Number Of Mutual Funds
NumberOfMutualFunds
30
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q4 hnna Increase Decrease In Income Tax Expense
IncreaseDecreaseInIncomeTaxExpense
4000000
CY2018Q4 hnna Income Tax Expense Non Cash Benefit Diluted Earnings Per Share
IncomeTaxExpenseNonCashBenefitDilutedEarningsPerShare
0.54
CY2019Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2018Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2019 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
more than 50% of the outstanding shares
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2019 hnna Maximum Aggregate Fair Market Value Of Options Granted To Individual
MaximumAggregateFairMarketValueOfOptionsGrantedToIndividual
100000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.50
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3763520
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2019Q1 dei Entity Public Float
EntityPublicFloat
44085431
CY2019 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2019 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2019 dei Trading Symbol
TradingSymbol
HNNA
CY2019Q3 hnna Business Combination Accrued Consideration Payable Current
BusinessCombinationAccruedConsiderationPayableCurrent
710000
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.019
CY2019 hnna Business Combination Accrued Consideration Payable
BusinessCombinationAccruedConsiderationPayable
710000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.245
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000
CY2018 hnna Federal And State Tax Returns
FederalAndStateTaxReturns
19
CY2017 hnna Federal And State Tax Returns
FederalAndStateTaxReturns
15
CY2016 hnna Federal And State Tax Returns
FederalAndStateTaxReturns
11
CY2015 hnna Federal And State Tax Returns
FederalAndStateTaxReturns
5
CY2014 hnna Federal And State Tax Returns
FederalAndStateTaxReturns
1

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