$MLSS
MILESTONE SCIENTIFIC INC.

2013 Form 10-K Financial Statement

#000156459014000701 Filed on March 13, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012
Revenue $10.01M $2.270M $8.648M
YoY Change 15.76% 30.46% 3.2%
Cost Of Revenue $3.199M $910.0K $3.056M
YoY Change 4.68% 35.82% 1.19%
Gross Profit $6.813M $1.360M $5.592M
YoY Change 21.82% 27.1% 4.33%
Gross Profit Margin 68.05% 59.91% 64.66%
Selling, General & Admin $5.530M $1.600M $5.930M
YoY Change -6.75% 21.21% -8.06%
% of Gross Profit 81.17% 117.65% 106.04%
Research & Development $191.3K $40.00K $180.0K
YoY Change 6.3% -20.0% 28.57%
% of Gross Profit 2.81% 2.94% 3.22%
Depreciation & Amortization $18.18K $30.00K $18.82K
YoY Change -3.4% 50.0% -81.18%
% of Gross Profit 0.27% 2.21% 0.34%
Operating Expenses $5.726M $1.650M $6.113M
YoY Change -6.33% 20.44% -7.1%
Operating Profit $1.465M -$290.0K -$520.4K
YoY Change -381.53% -3.33% -57.35%
Interest Expense $70.80K -$80.00K $175.9K
YoY Change -59.75% -27.27% -167.66%
% of Operating Profit 4.83%
Other Income/Expense, Net $378.2K $350.0K
YoY Change 8.08%
Pretax Income $1.465M -$370.0K -$870.0K
YoY Change -268.38% -9.76% -41.22%
Income Tax $0.00
% Of Pretax Income
Net Earnings $1.465M -$370.0K -$870.3K
YoY Change -268.32% -9.76% -41.2%
Net Earnings / Revenue 14.63% -16.3% -10.06%
Basic Earnings Per Share $0.09 -$0.05
Diluted Earnings Per Share $0.08 -$22.48K -$0.05
COMMON SHARES
Basic Shares Outstanding 17.13M 16.08M
Diluted Shares Outstanding 17.48M 16.08M

Balance Sheet

Concept 2013 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.150M $170.0K $170.0K
YoY Change 576.47% 70.0% 70.0%
Cash & Equivalents $1.150M $165.2K $170.0K
Short-Term Investments
Other Short-Term Assets $150.0K $240.0K $240.0K
YoY Change -37.5% -20.0% -20.0%
Inventory $2.050M $638.6K $1.120M
Prepaid Expenses
Receivables $1.530M $979.0K $980.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.880M $2.499M $2.500M
YoY Change 95.2% -24.28% -24.24%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $36.62K $40.00K
YoY Change -50.0% -26.75% -20.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $970.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $10.00K $7.317K $10.00K
YoY Change 0.0% -92.68% -90.0%
Total Long-Term Assets $3.180M $3.162M $3.160M
YoY Change 0.63% -14.3% -14.36%
TOTAL ASSETS
Total Short-Term Assets $4.880M $2.499M $2.500M
Total Long-Term Assets $3.180M $3.162M $3.160M
Total Assets $8.060M $5.661M $5.660M
YoY Change 42.4% -19.01% -19.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.020M $2.337M $2.340M
YoY Change -13.68% -40.54% -40.46%
Accrued Expenses $520.0K $360.0K $360.0K
YoY Change 44.44% -47.06% -47.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.540M $3.275M $3.270M
YoY Change -22.32% -28.97% -29.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $450.0K $450.0K
YoY Change -100.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $450.0K $450.0K
YoY Change -100.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.540M $3.275M $3.270M
Total Long-Term Liabilities $0.00 $450.0K $450.0K
Total Liabilities $2.540M $3.725M $3.720M
YoY Change -31.72% -26.39% -26.48%
SHAREHOLDERS EQUITY
Retained Earnings -$61.73M
YoY Change
Common Stock $64.58M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $911.5K
YoY Change
Treasury Stock Shares $33.33K
Shareholders Equity $5.520M $1.937M $1.940M
YoY Change
Total Liabilities & Shareholders Equity $8.060M $5.661M $5.660M
YoY Change 42.4% -19.01% -19.03%

Cashflow Statement

Concept 2013 2012 Q4 2012
OPERATING ACTIVITIES
Net Income $1.465M -$370.0K -$870.3K
YoY Change -268.32% -9.76% -41.2%
Depreciation, Depletion And Amortization $18.18K $30.00K $18.82K
YoY Change -3.4% 50.0% -81.18%
Cash From Operating Activities $1.260M -$100.0K -$49.72K
YoY Change -2634.29% -62.96% -91.28%
INVESTING ACTIVITIES
Capital Expenditures $5.539K $0.00 -$30.00K
YoY Change -118.46% -100.0% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$530.0K
YoY Change
Cash From Investing Activities -$561.4K $0.00 -$30.00K
YoY Change 1771.29% -100.0% -25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.0K $150.0K
YoY Change 33.33% 87.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 280.0K 0.000 150.0K
YoY Change 86.67% 87.5%
NET CHANGE
Cash From Operating Activities 1.260M -100.0K -49.72K
Cash From Investing Activities -561.4K 0.000 -30.00K
Cash From Financing Activities 280.0K 0.000 150.0K
Net Change In Cash -561.4K -100.0K -49.72K
YoY Change 1029.14% -64.29% -90.62%
FREE CASH FLOW
Cash From Operating Activities $1.260M -$100.0K -$49.72K
Capital Expenditures $5.539K $0.00 -$30.00K
Free Cash Flow $1.254M -$100.0K -$19.72K
YoY Change -6462.01% -61.54% -96.28%

Facts In Submission

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CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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P30M
CY2013Q4 us-gaap Loss Contingency Estimate Of Possible Loss
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0
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16. Use of Estimates </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to the allowance for doubtful accounts, inventory valuation, and cash flow assumptions regarding evaluations for impairment of long-lived assets and valuation allowances on deferred tax assets. Actual results could differ from those estimates</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">. </font></p></div>
CY2012 mlss Costs Of Purchase From Supplier
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1966077
CY2013Q4 us-gaap Accounts Payable Current And Noncurrent
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CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19. Concentration of Credit Risk </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Milestone&#8217;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and trade accounts receivable, and advances to contract manufacturer. Milestone places its cash and cash equivalents with large financial institutions. At times, such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. Milestone has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks. Financial instruments which potentially subject Milestone to credit risk consist principally of trade accounts receivable, as Milestone does not require collateral or other security to support customer receivables, and advances to contract manufacturer. Milestone entered into a purchase agreement with a vendor to supply Milestone with 12,000 </font><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">STA Instrument</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (6,611 instruments are remaining on the purchase order as of December 31, 2013). As part of these agreements, Milestone has advanced approximately $2,308,000 and $2,827,000 to the vendor for purchase of materials at December&#160;31, 2013 and 2012, respectively. The advance will be credited to Milestone as the goods are delivered. Milestone does not believe that significant credit risk exists with respect to this advance to the contract manufacturer at December&#160;31, 2013 and 2012. </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:11pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Milestone closely monitors the extension of credit to its customers while maintaining allowances, if necessary, for potential credit losses. On a periodic basis, Milestone evaluates its accounts receivable and establishes an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit conditions. Management has provided a reserve that it believes is sufficient to record accounts receivable at net realizable value as of December&#160;31, 2013 and 2012. </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A shareholder of Milestone, who owns or controls in excess of five percent of Milestone&#8217;s common stock, is also a shareholder of a major supplier of handpieces to Milestone. In addition, he is an investor in the PRC entity, Beijing 3H, which entered into a joint venture agreement with Milestone. </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-left:0%;margin-right:0%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Milestone purchased $3,026,041 and $1,966,077 from the supplier for the years ended December&#160;31, 2013 and 2012, respectively. Milestone owed $1,024,653 and $808,908 to this supplier as of December&#160;31, 2013 and 2012, respectively. </font></p></div>
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2
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CY2013Q1 us-gaap Due To Officers Or Stockholders Current
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CY2013Q4 us-gaap Property Plant And Equipment Gross
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CY2012Q4 us-gaap Property Plant And Equipment Gross
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1300000
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CY2012 mlss Stock Issued During Period Shares Non Employee Services
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CY2013 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2012 us-gaap Stock Issued During Period Shares Share Based Compensation
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105451
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Stock Issued During Period Shares New Issues
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CY2012 mlss Stock To Be Issued Converted During Period Value Share Based Compensation
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CY2013 mlss Number Of Shares To Be Issued Upon Termination Of Employment
NumberOfSharesToBeIssuedUponTerminationOfEmployment
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CY2012 mlss Number Of Shares To Be Issued Upon Termination Of Employment
NumberOfSharesToBeIssuedUponTerminationOfEmployment
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CY2013Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2012Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2007 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due
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LeaseExpirationCost
6942
CY2013 mlss Area Of Office Space
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6300
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2013Q4 mlss Accounts Receivable Net Current And Noncurrent Percentage
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0.48
CY2013 us-gaap Concentration Risk Percentage1
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0.42
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.58
CY2013 mlss Number Of Customers
NumberOfCustomers
2
CY2012 mlss Number Of Customers
NumberOfCustomers
2
CY2013 mlss Number Of Major Customers
NumberOfMajorCustomers
1
CY2012 mlss Number Of Major Customers
NumberOfMajorCustomers
3
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
48962
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2013 us-gaap Tax Adjustments Settlements And Unusual Provisions
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0
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2000
CY2012Q4 mlss Accounts Receivable Net Current And Noncurrent Percentage
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0.38
CY2012 us-gaap Concentration Risk Percentage1
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0.36
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79000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
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10000
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10000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Impairment Losses
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31000
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31000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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725000
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600000
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768000
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16742000
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P3Y7M13D
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P5Y
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P2Y10M17D
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P2Y4M28D
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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996554
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818531
CY2007Q4 mlss Share Based Compensation Arrangement By Share Based Payment Award Amount Of Shares Authorized
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2000000
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0.90
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0
CY2013 mlss Effective Income Tax Rate Reconciliation At Federal Statutory Rate And State And Local Income Tax Rate
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-0.40
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-0.40
CY2013 mlss Net Income Loss At Federal Statutory Income Tax Rate
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255000
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296000
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1.00
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792000
CY2013Q4 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
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DeferredTaxAssetsNetCurrent
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P5Y
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CY2013 mlss Additional Payment To Director As Percentage Of Sales Value Using Certain Specify Technology
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0.05
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99450
CY2012 mlss Consulting Fees To Director
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156000
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CY2010Q1 us-gaap Long Term Purchase Commitment Amount
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CY2013Q3 mlss Number Of Agreement Between Shareholder And Company
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3
CY2013Q3 us-gaap Servicing Fees
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732762
CY2012Q4 mlss Accounts Receivable Net Current And Noncurrent
AccountsReceivableNetCurrentAndNoncurrent
421890

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