2023 Q3 Form 10-Q Financial Statement

#000121390023066203 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.367M $2.327M
YoY Change -13.97% -30.9%
Cost Of Revenue $770.0K $727.3K
YoY Change -26.48% -46.7%
Gross Profit $1.597M $1.600M
YoY Change -6.28% -20.14%
Gross Profit Margin 67.47% 68.75%
Selling, General & Admin $2.538M $2.962M
YoY Change -12.71% 23.89%
% of Gross Profit 158.91% 185.14%
Research & Development $242.7K $250.3K
YoY Change -35.25% 22.32%
% of Gross Profit 15.19% 15.64%
Depreciation & Amortization $217.8K $210.0K
YoY Change 3.38% 7.87%
% of Gross Profit 13.63% 13.13%
Operating Expenses $3.377M $3.876M
YoY Change -12.12% 23.9%
Operating Profit -$1.780M -$2.276M
YoY Change -16.77% 102.27%
Interest Expense $88.98K $10.00K
YoY Change 99.55% -24.01%
% of Operating Profit
Other Income/Expense, Net $54.30K $50.65K
YoY Change 21.78% 284.88%
Pretax Income -$1.444M -$2.268M
YoY Change -31.0% 103.9%
Income Tax
% Of Pretax Income
Net Earnings -$1.444M -$2.268M
YoY Change -31.0% 103.9%
Net Earnings / Revenue -61.02% -97.46%
Basic Earnings Per Share -$1.10 -$1.83
Diluted Earnings Per Share -$1.10 -$1.83
COMMON SHARES
Basic Shares Outstanding 1.325M shares 1.288M shares
Diluted Shares Outstanding 1.380M shares 1.283M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.683M $7.650M
YoY Change -28.36% -31.35%
Cash & Equivalents $6.700M $7.650M
Short-Term Investments
Other Short-Term Assets $740.9K $660.0K
YoY Change -21.97% -20.82%
Inventory $1.136M $987.2K
Prepaid Expenses
Receivables $12.19K $20.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.572M $9.314M
YoY Change -27.18% -27.57%
LONG-TERM ASSETS
Property, Plant & Equipment $228.5K $253.5K
YoY Change -7.37% 47.25%
Goodwill $10.96M $10.96M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.58M $16.33M
YoY Change 5.03% 3.92%
TOTAL ASSETS
Total Short-Term Assets $8.572M $9.314M
Total Long-Term Assets $16.58M $16.33M
Total Assets $25.15M $25.64M
YoY Change -8.73% -10.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $715.8K $446.7K
YoY Change -46.21% -43.35%
Accrued Expenses $1.211M $850.0K
YoY Change 21.56% 4.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.927M $1.294M
YoY Change -19.06% -21.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $390.3K $410.0K
YoY Change 17.78% 17.48%
Total Long-Term Liabilities $390.3K $410.0K
YoY Change 17.78% 17.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.927M $1.294M
Total Long-Term Liabilities $390.3K $410.0K
Total Liabilities $2.317M $1.702M
YoY Change -14.56% -14.89%
SHAREHOLDERS EQUITY
Retained Earnings -$91.16M -$89.71M
YoY Change 9.59% 10.65%
Common Stock $142.00 $133.00
YoY Change -85.22% -86.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.03M $22.13M
YoY Change
Total Liabilities & Shareholders Equity $25.15M $25.64M
YoY Change -8.73% -10.26%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.444M -$2.268M
YoY Change -31.0% 103.9%
Depreciation, Depletion And Amortization $217.8K $210.0K
YoY Change 3.38% 7.87%
Cash From Operating Activities -$395.6K -$1.820M
YoY Change -72.85% 143.99%
INVESTING ACTIVITIES
Capital Expenditures $2.370K $40.00K
YoY Change -103.34% -128.42%
Acquisitions
YoY Change
Other Investing Activities -$493.8K -$350.0K
YoY Change 132.37% 29.98%
Cash From Investing Activities -$496.2K -$400.0K
YoY Change 75.06% -2.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.00K 80.00K
YoY Change 0.0% -206.67%
NET CHANGE
Cash From Operating Activities -395.6K -1.820M
Cash From Investing Activities -496.2K -400.0K
Cash From Financing Activities -75.00K 80.00K
Net Change In Cash -966.7K -2.140M
YoY Change -46.75% 73.85%
FREE CASH FLOW
Cash From Operating Activities -$395.6K -$1.820M
Capital Expenditures $2.370K $40.00K
Free Cash Flow -$397.9K -$1.860M
YoY Change -71.29% 207.33%

Facts In Submission

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IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
251173 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-75681 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-372865 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
296080 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-840937 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-17433 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3195912 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-453489 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
48697 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
172908 usd
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
400630 usd
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
176285 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
90050 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
92983 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4808 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-539377 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-446984 usd
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
5211428 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
816017 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
162494 usd
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
150000 usd
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
150000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4407905 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-150000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
672616 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1050473 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7037102 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12254546 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7709718 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11204073 usd
lgmk Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
26145 usd
lgmk Conversion Of Series E Preferred Stock To Common Stocks
ConversionOfSeriesEPreferredStockToCommonStocks
201000 usd
us-gaap Stock Issued1
StockIssued1
48389 usd
lgmk Website Development Included In Accounts Payabl
WebsiteDevelopmentIncludedInAccountsPayabl
130027 usd
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
16478 usd
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
400000 usd
CY2023Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
4100000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4100000 usd
CY2023Q2 lgmk Cash And Cash Equivalents
CashAndCashEquivalents
7600000 usd
CY2023Q2 lgmk Working Capital
WorkingCapital
8000000 usd
CY2022Q4 lgmk Working Capital
WorkingCapital
7100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>USE OF ESTIMATES IN THE CONDENSED FINANCIAL STATEMENTS</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management evaluates these significant estimates and assumptions, including those related to the fair value of acquired assets and liabilities, stock-based compensation, income taxes, allowance for doubtful accounts, long-lived assets, and inventories, and other matters that affect the condensed financial statements and disclosures. Actual results could differ from those estimates.</p>
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
7100000 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
6600000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
60000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
60000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents balances in large well-established financial institutions located in the United States. At times, the Company’s cash balances may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits.</p>
CY2023Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
200000 usd
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
400000 usd
CY2022Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
200000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
800000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
200000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
600000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1200000 usd
CY2023Q2 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
400000 usd
CY2022Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
10000.00 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
150000000 usd
CY2022Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
75000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
150000000 usd
lgmk Voting Rights Description
VotingRightsDescription
One share of Series C Redeemable Preferred Stock carries the same voting rights as one share of common stock.
lgmk Stock Options To Purchase
StockOptionsToPurchase
35928 shares
lgmk Stock Options To Purchase
StockOptionsToPurchase
18270 shares
CY2023Q2 us-gaap Development Costs
DevelopmentCosts
300000 usd
us-gaap Development Costs
DevelopmentCosts
500000 usd
CY2023Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
100000 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
100000 usd
us-gaap Development Costs
DevelopmentCosts
200000 usd
CY2022Q2 us-gaap Development Costs
DevelopmentCosts
200000 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
100000 usd
CY2022Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
100000 usd
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
600000 usd
CY2022 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
300000 usd
CY2023Q2 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
126732 usd
CY2022Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
114030 usd
CY2023Q2 lgmk Accrued Merchant Bank Fees
AccruedMerchantBankFees
15583 usd
CY2022Q4 lgmk Accrued Merchant Bank Fees
AccruedMerchantBankFees
15062 usd
CY2023Q2 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
80000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
25000 usd
CY2023Q2 lgmk Accrued Managements Incentives
AccruedManagementsIncentives
303800 usd
CY2022Q4 lgmk Accrued Managements Incentives
AccruedManagementsIncentives
519800 usd
CY2023Q2 lgmk Lease Liability
LeaseLiability
65875 usd
CY2022Q4 lgmk Lease Liability
LeaseLiability
69402 usd
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
48389 usd
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
812970 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
255647 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
135837 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Revolving Converted To Term Loan
FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan
847637 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Revolving Converted To Term Loan
FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan
1740490 usd
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
1 shares
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.0001
CY2023Q2 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
40228 shares
CY2023Q1 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
3440000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.02
CY2023Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
3440000 usd
CY2023Q1 lgmk Aggregate Share
AggregateShare
258000 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
2.52 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
815198 shares
CY2023Q1 lgmk Shares Of Common Stock
SharesOfCommonStock
61140 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.52
CY2023Q1 lgmk Gross Proceeds
GrossProceeds
5200000 usd
CY2023Q1 lgmk Percentage Of Underwriting Discounts And Commissions
PercentageOfUnderwritingDiscountsAndCommissions
0.07 pure
CY2023Q1 lgmk Percentage Of Gross Proceeds
PercentageOfGrossProceeds
0.035 pure
CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
75000 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
68723 shares
lgmk Real Estate Lease Term Description
RealEstateLeaseTermDescription
The Company’s real estate lease, which is for office space and a fulfillment center, with a lease term of 5 years expiring in August 2025. The Company also leases a copier with a lease term of 5 years, ending August 2023.
CY2022Q3 lgmk Monthly Rent Amount
MonthlyRentAmount
6400 usd
CY2022Q3 lgmk Increasing Annual Rent Percentage
IncreasingAnnualRentPercentage
0.03 pure
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
25300 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
50700 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
25200 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
49800 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
42231 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
80000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
54400 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
176631 usd
CY2023Q2 lgmk Payment With Imputed Interest Premium
PaymentWithImputedInterestPremium
23258 usd
CY2023Q2 lgmk Total Present Value Of Future Minimum Lease Payments
TotalPresentValueOfFutureMinimumLeasePayments
153373 usd
CY2022Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
usd
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
lgmk Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
usd
lgmk Conversion Of Series E Preferred Stock To Common Stocks
ConversionOfSeriesEPreferredStockToCommonStocks
usd
us-gaap Stock Issued1
StockIssued1
usd
lgmk Website Development Included In Accounts Payabl
WebsiteDevelopmentIncludedInAccountsPayabl
usd
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
usd
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
usd
CY2023Q2 us-gaap Inventory Adjustments
InventoryAdjustments
usd
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001566826

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