2022 Q4 Form 10-Q Financial Statement

#000119983522000601 Filed on October 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $286.1K
YoY Change -82.93%
Cost Of Revenue $591.1K
YoY Change -65.61%
Gross Profit -$305.0K
YoY Change 611.48%
Gross Profit Margin -106.6%
Selling, General & Admin $469.4K $592.4K $165.0K
YoY Change 117.83% 259.11% 18.03%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.310K $12.88K $13.95K
YoY Change -33.31% -7.71%
% of Gross Profit
Operating Expenses $624.9K $927.7K $165.0K
YoY Change 190.01% 462.4% 18.03%
Operating Profit -$624.9K -$927.7K -$470.0K
YoY Change 24.18% 97.4% 157.33%
Interest Expense $98.50K $82.55K -$1.520K
YoY Change -375.53% -5531.18% -87.54%
% of Operating Profit
Other Income/Expense, Net $23.89K $131.2K
YoY Change -81.79%
Pretax Income -$749.8K -$874.6K $884.6K
YoY Change 39.1% -198.88% -554.03%
Income Tax
% Of Pretax Income
Net Earnings -$749.8K -$874.6K $884.6K
YoY Change 39.1% -198.87% -554.03%
Net Earnings / Revenue 309.16%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$15.84K $16.23K
COMMON SHARES
Basic Shares Outstanding 55.79M shares 55.79M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.67K $116.7K $824.4K
YoY Change -92.51% -85.84% -13.11%
Cash & Equivalents $99.67K $116.7K $824.4K
Short-Term Investments
Other Short-Term Assets $16.70K $25.17K $171.9K
YoY Change -89.33% -85.36% 508.35%
Inventory
Prepaid Expenses
Receivables $11.98K $1.780K
Other Receivables $0.00 $0.00
Total Short-Term Assets $128.3K $143.6K $1.148M
YoY Change -91.82% -87.49% -9.72%
LONG-TERM ASSETS
Property, Plant & Equipment $4.543M $4.453M $911.2K
YoY Change 336.02% 388.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.3K $371.7K $340.1K
YoY Change 1.31% 9.27% -24.23%
Other Assets $30.00K $30.00K
YoY Change 200.0%
Total Long-Term Assets $4.918M $4.855M $1.251M
YoY Change 253.12% 288.0% 178.75%
TOTAL ASSETS
Total Short-Term Assets $128.3K $143.6K $1.148M
Total Long-Term Assets $4.918M $4.855M $1.251M
Total Assets $5.047M $4.999M $2.399M
YoY Change 70.33% 108.34% 39.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.779M $1.684M $185.4K
YoY Change 1924.7% 808.1% 123.1%
Accrued Expenses $2.101M $1.883M $1.602M
YoY Change 29.63% 17.58% -22.66%
Deferred Revenue
YoY Change
Short-Term Debt $1.657M $1.168M $607.9K
YoY Change 112.25% 92.08% 73.68%
Long-Term Debt Due $344.1K $343.8K $73.83K
YoY Change 118.01% 365.65% -89.15%
Total Short-Term Liabilities $7.680M $6.932M $2.564M
YoY Change 105.21% 170.32% -20.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.315M $1.395M $1.184M
YoY Change 19.8% 17.89% 113.92%
Other Long-Term Liabilities $64.85K $63.31K
YoY Change
Total Long-Term Liabilities $1.380M $1.459M $1.184M
YoY Change 25.71% 23.24% 113.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.680M $6.932M $2.564M
Total Long-Term Liabilities $1.380M $1.459M $1.184M
Total Liabilities $9.060M $8.391M $3.748M
YoY Change 87.17% 123.87% -0.94%
SHAREHOLDERS EQUITY
Retained Earnings -$12.84M
YoY Change
Common Stock $5.578K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.014M -$3.392M -$1.349M
YoY Change
Total Liabilities & Shareholders Equity $5.047M $4.999M $2.399M
YoY Change 70.33% 108.34% 39.46%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$749.8K -$874.6K $884.6K
YoY Change 39.1% -198.87% -554.03%
Depreciation, Depletion And Amortization $9.310K $12.88K $13.95K
YoY Change -33.31% -7.71%
Cash From Operating Activities -$477.2K -$402.2K -$272.7K
YoY Change 0.74% 47.46% 102.29%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $303.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$37.34K -$949.2K -$99.50K
YoY Change -79.32% 853.92% -77.83%
Cash From Investing Activities -$37.34K -$949.5K -$99.50K
YoY Change -79.32% 854.22% -77.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 497.5K $1.359M 0.000
YoY Change -57.1%
NET CHANGE
Cash From Operating Activities -477.2K -$402.2K -272.7K
Cash From Investing Activities -37.34K -$949.5K -99.50K
Cash From Financing Activities 497.5K $1.359M 0.000
Net Change In Cash -17.02K $7.515K -372.2K
YoY Change -103.37% -102.02% -36.23%
FREE CASH FLOW
Cash From Operating Activities -$477.2K -$402.2K -$272.7K
Capital Expenditures $0.00 $303.00
Free Cash Flow -$477.2K -$402.5K -$272.7K
YoY Change 47.57%

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RepaymentsOfConvertibleDebt
89698 usd
CY2022Q3 lrdc Proceeds From Revolving Note
ProceedsFromRevolvingNote
798000 usd
CY2022Q3 lrdc Proceeds From Prefunded Drilling Costs
ProceedsFromPrefundedDrillingCosts
715438 usd
CY2022Q3 lrdc Ppp Loan Repayments
PPPLoanRepayments
-64619 usd
CY2022Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1359121 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7515 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-372229 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109183 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1196650 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116698 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
824421 usd
CY2022Q3 lrdc Oil And Gas Acquisition Costs In Accounts Payable
OilAndGasAcquisitionCostsInAccountsPayable
474750 usd
CY2021Q3 lrdc Oil And Gas Acquisition Costs In Accounts Payable
OilAndGasAcquisitionCostsInAccountsPayable
16423 usd
CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
29584 usd
CY2022Q3 lrdc Sale Of Assets In Exchange For Note Payable Repayment
SaleOfAssetsInExchangeForNotePayableRepayment
136479 usd
CY2008Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2008Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2008Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2008Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
4169319 usd
CY2022Q3 lrdc Disclosure Organization And Description Of Business Details Abstact
DisclosureOrganizationAndDescriptionOfBusinessDetailsAbstact
<table cellpadding="0" cellspacing="0" id="xdx_886_ecustom--DisclosureOrganizationAndDescriptionOfBusinessDetailsAbstact_zLpg9qzjEEgi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"/><td/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_49B_20220601__20220831_zpk2tvkIanJ" style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_494_20210601__20210831_z6darR1fa4Sk" style="white-space: nowrap; text-align: center"/><td/></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">For the Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">August 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2021</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Numerator – net income (loss) attributable to common stockholders</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(874,625</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">884,576</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--WeightedAverageNumberOfShareOutstandingBasicAndDiluted1_zU1jkEFJnR87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Denominator – weighted average number of common shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">55,200,901</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">54,514,765</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--EarningsPerShareBasicAndDiluted1_zkXLrqxZmtth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Basic and diluted earnings/(loss) per common share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.02</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.02</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-874625 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
884576 usd
CY2022Q3 lrdc Weighted Average Number Of Share Outstanding Basic And Diluted1
WeightedAverageNumberOfShareOutstandingBasicAndDiluted1
55200901 shares
CY2021Q3 lrdc Weighted Average Number Of Share Outstanding Basic And Diluted1
WeightedAverageNumberOfShareOutstandingBasicAndDiluted1
54514765 shares
CY2022Q3 lrdc Earnings Per Share Basic And Diluted1
EarningsPerShareBasicAndDiluted1
-0.02
CY2021Q3 lrdc Earnings Per Share Basic And Diluted1
EarningsPerShareBasicAndDiluted1
0.02
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
3.149 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
3.146 pure
CY2021Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
2702715 usd
CY2022Q3 lrdc Disclosure Summary Of Significant Accounting Policies Details Abstact
DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstact
<table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstact_zGMJvu2YeFsi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" id="xdx_49E_20220601__20220831_zpPBVS1X1eL" style="white-space: nowrap; text-align: center">August 31,</td><td> </td><td> </td> <td colspan="2" id="xdx_496_20210601__20210831_z28KqKiO8h3b" style="white-space: nowrap; text-align: center">May 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_40F_eus-gaap--CostsIncurredDevelopmentCosts_maCIOAGzemR_zPzN7KEWLi3g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Intangible and tangible drilling costs</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,149,785</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,857,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CostsIncurredAcquisitionOfOilAndGasProperties_maCIOAGzemR_zLlbOo1IGGba" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Acquisition costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,019,534</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">844,748</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities_iT_mtCIOAGzemR_ze19PWt0HzW6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Oil and gas acquisition and drilling costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,169,319</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,702,715</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>
CY2022Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
3149785 usd
CY2021Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
1857967 usd
CY2022Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
1019534 usd
CY2021Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
844748 usd
CY2022Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
4169319 usd
CY2021Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
2702715 usd
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
22500 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
81075 usd
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
63306 usd
CY2022Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
61762 usd
CY2022Q3 us-gaap Accretion Expense
AccretionExpense
1544 usd
CY2022Q3 lrdc Disclosure Stockholders Deficit Details Abstract
DisclosureStockholdersDeficitDetailsAbstract
<table cellpadding="0" cellspacing="0" id="xdx_883_ecustom--DisclosureStockholdersDeficitDetailsAbstract_zc5lqtGD5Hla" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - STOCKHOLDERS' DEFICIT (Details)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20220601__20220831_zqSEt5uDdEl" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2022</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20210601__20210831_zMVUEZ7LdLD" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_zMrVEGxqRrh4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Risk-free interest rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">1.85</td><td style="width: 1%; text-align: left">%</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">0.95</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_zgMgacF8eh25" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_z6FEqcTvi0Z4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314.9</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314.6</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dt_zEyGmFjcv4oe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected life of options</td><td> </td> <td style="text-align: left"> </td><td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0477">6.0 years</span></span></td><td> </td> <td style="text-align: left"> </td><td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0478">6.0 years</span></span></td></tr> </table>
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
1.85 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.95 pure
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q3 lrdc Disclosure Notes Payable Details Abstract
DisclosureNotesPayableDetailsAbstract
<table cellpadding="0" cellspacing="0" id="xdx_883_ecustom--DisclosureNotesPayableDetailsAbstract_zA65gUybsb54" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - NOTES PAYABLE (Details)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20220831_zRf5JZ8znK51" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">August 31,</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_498_20220531_zX3lKZwt5Wkb" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">May 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_403_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_zRLrzRzMVx3j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Total note payable – Alleghany</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">617,934</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">617,934</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_zkNfv3Qxi3bk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less debt discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0500">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0501">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DueToRelatedPartiesCurrent_iI_zTz2PTVwkJod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less amounts classified as current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0503">-</span></td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">617,934</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Note payable – Alleghany, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">617,934</p></td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>
CY2022Q3 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
617934 usd
CY2022Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
617934 usd
CY2022Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
617934 usd
CY2022Q3 lrdc Disclosure Notes Payable Details2 Abstract
DisclosureNotesPayableDetails2Abstract
<table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--DisclosureNotesPayableDetails2Abstract_zSaEEPbaFYmg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - NOTES PAYABLE (Details 2)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20220831_zD6XC1z4J7A2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">August 31,</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_490_20220531_zkDWEDCLLzXj" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">May 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2022</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_40D_eus-gaap--NotesPayable_iI_zHfjEq7FTSol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Total PPP Loan</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,121,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,185,952</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NotesPayableCurrent_iI_zK8be4rZCDLd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less amounts classified as current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">343,785</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">328,613</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LongTermNotesPayable_iI_zkEbo34Rsa2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">PPP loan, excluding current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">777,548</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">857,339</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>
CY2022Q3 us-gaap Notes Payable
NotesPayable
1121333 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
1185952 usd
CY2022Q3 us-gaap Notes Payable Current
NotesPayableCurrent
343785 usd
CY2022Q2 us-gaap Notes Payable Current
NotesPayableCurrent
328613 usd
CY2022Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
777548 usd
CY2022Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
857339 usd
CY2022Q3 lrdc Disclosure Equity Method Investment Details Abstract
DisclosureEquityMethodInvestmentDetailsAbstract
<table cellpadding="0" cellspacing="0" id="xdx_891_ecustom--DisclosureEquityMethodInvestmentDetailsAbstract_zlcNrWN3RM01" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 79%" summary="xdx: Disclosure - EQUITY METHOD INVESTMENT (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Balance Sheet:</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20220831__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--CatCreekMember_zsQaeFOumsmf" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">As of <br/> August 31, 2022</td><td style="padding-bottom: 1pt"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsCurrent_iI_z9Q7TtMiqW64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: justify">Current Assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">300,632</td><td style="width: 1%; text-align: left"> </td> <td style="background-color: White; width: 17%"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsNoncurrent_iI_zUJkkOxnGzqe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Non-current Assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,051,078</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_iI_zWCKGOitpI61" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,351,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesCurrent_iI_zBoJcByhYdk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Current Liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">254,242</td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_40D_eus-gaap--LiabilitiesNoncurrent_iI_zPrp6M7zjNLe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Non-current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,870</td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_408_eus-gaap--StockholdersEquity_iI_zN2jqYN25Upk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Shareholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">667,598</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesAndStockholdersEquity_iI_zmeGMW1JJVSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total Liabilities and Shareholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,351,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="background-color: White"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 79%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Results of Operations:</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20220601__20220831__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--CatCreekMember_zaGLhej8MaHi" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Three Months<br/> Ended<br/> August 31, 2022</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20210601__20210831__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--CatCreekMember_zDaCQiZ0g3A" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Three Months<br/> Ended<br/> August 31, 2021</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_z0k4qM9ss5nh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: justify; padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt; width: 3%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">259,416</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 3%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">147,681</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--GrossProfit_zCOy8l1gJBx6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Gross Profit</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">220,188</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">88,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_zdESA1LTMTh9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Income (Loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(21,810</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022Q3 lrdc Disclosure Equity Method Investment Details2 Abstract
DisclosureEquityMethodInvestmentDetails2Abstract
<table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--DisclosureEquityMethodInvestmentDetails2Abstract_zNYtzlGPEi7h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 79%" summary="xdx: Disclosure - EQUITY METHOD INVESTMENT (Details 2)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Balance Sheet:</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20220831__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--Olfert114HoldingsMember_zvJRNt2ruo47" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">As of<br/> August 31, 2022</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsCurrent_iI_zPsgDtKyEMMh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Current Assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">508</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsNoncurrent_iI_zjqPQpqqFyz" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Non-current Assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,859,195</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Assets_iI_zamPQBpCBdAh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,859,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--StockholdersEquity_iI_zI6HEDaSHv62" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shareholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,859,703</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesAndStockholdersEquity_iI_zUy4a3P7i2ef" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Liabilities and Shareholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,859,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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