-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JciQS0n93nteAOXhvkr9zMzxA8U1lS0yrBm0VFysbJPj4iDGYWA78Oi0u7v9j+c0 juMxnCQ8hw5g/urh8Pl6MQ== 0000939802-97-000038.txt : 19970815 0000939802-97-000038.hdr.sgml : 19970815 ACCESSION NUMBER: 0000939802-97-000038 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AVTEL COMMUNICATIONS INC/UT CENTRAL INDEX KEY: 0001005974 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TELEPHONE INTERCONNECT SYSTEMS [7385] IRS NUMBER: 870378021 STATE OF INCORPORATION: UT FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-27580 FILM NUMBER: 97659973 BUSINESS ADDRESS: STREET 1: P O BOX 8446 CITY: GOLETA STATE: CA ZIP: 93118 BUSINESS PHONE: 8013221221 MAIL ADDRESS: STREET 1: 350 WEST 300 SOUTH CITY: SALT LAKE CITY STATE: UT ZIP: 84101 FORMER COMPANY: FORMER CONFORMED NAME: HI TIGER INTERNATIONAL INC DATE OF NAME CHANGE: 19960119 10QSB 1 [As adopted in Release No. 34-322131, April 28, 1993, 58 F.R. 26509] Form 10-Q SB U. S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 1997 ( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to _________ Commission File No. 0-27580 AVTEL COMMUNICATIONS, INC. (Exact name of small business issuer as specified in its charter) A Utah Corporation 87-0378021 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 130 Cremona Drive, Suite C, Santa Barbara, California 93117 (Address of principal executive offices) Registrant's telephone number, including area code: (805) 685-0355 (No Change) Former name, former address and former fiscal year, if changed since last report. Check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety days. Yes X No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDING DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes ____ No ____ APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practical date: 7,135,807 Shares of Common Stock - August 10, 1997 Transitional Small Business Disclosure Forms Yes No X PART I. FINANCIAL INFORMATION Item 1. Financial Statements AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Consolidated Balance Sheets - Unaudited September 30, 1996 and June 30, 1997 ASSETS June 30, 1997 September 30, 1996 Current Assets Cash $ 431,405 $ 985,237 Other Current Assets 18,869 - Notes Receivable - Related Parties 86,000 - Accounts Receivable (Net of Allowance for Doubtful Accounts of ($-0-) 206,87 8,785 Total Current Assets 743,145 994,022 Fixed Assets Equipment 575,468 - Furniture and Fixtures 22,479 - Less Accumulated Depreciation (74,142) - Net Fixed Assets 523,805 - Intangible Assets Goodwill 575,087 - Organization Costs 6,709 6,698 Less Accumulated Amortization (8,683) - Total Intangible Assets 573,113 - Total Assets $ 1,840,063 $ 1,000,720 The accompanying notes are an integral part of these consolidated financial statements. AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Consolidated Balance Sheets - Unaudited September 30, 1996 and June 30, 1997 LIABILITIES AND STOCKHOLDERS EQUITY June 30,1997 September 30, 1996 Current Liabilities Accounts Payable - Trade $ 198,397 $ 31,945 Accounts Payable - Officers 49,041 40,683 Accrued Liabilities 3,037 6,024 Deferred Revenue 123,013 - Line of Credit - - Notes Payable- Matrix 500,000 - Notes Payable - WestNet Acquisition 128,099 - Notes Payable - Employee 150,000 - Lease Obligations-Current Portion 32,368 - Total Current Liabilities 1,183,955 78,652 Long Term Liabilities Lease Obligation 77,889 - Total Long Term Liabilities 1,261,844 - Total Liabilities $ 1,261,844 $ 78,652 Stockholders Equity Preferred Stock (Par Value $1.00, Series A Convertible) 1,000,000 1,000,000 5,000,000 shares authorized Common Stock (Par Value $.001) 7,136 3,000 50,000,000 shares authorized 7,135,807 and 2,513,299 shares issued and outstanding 06/30/97 and 09/30/96. Paid in Capital in Excess of Par Value 135,475 - Retained Earnings/(Deficit) (564,219) (80,932) Total Stockholders Equity 578,219 922,068 Total Liabilities and Stockholders Equity $ 1,840,063 $ 1,000,720 The accompanying notes are an integral part of these consolidated financial statements. AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Consolidated Statement of Operations For the Three Months and Six Months Ending June 30, 1997 and 1996 - (Unaudited) Predecessor Company For The Three For The Nine For The Three For The Nine Months Ended Months Ended Months Ended Months Ended June 30, 1997 June 30, 1997 June 30, 1996 June 30, 1996 REVENUES Sales $ 734,567 $ 1,600,439 $ 84,104 $ 216,645 Cost of Sales 173,725 401,044 16,099 48,977 Gross Margin 560,842 1,199,395 68,005 167,688 EXPENSES General and Admin. 666,384 1,722,940 60,104 194,623 Bad Debt Expense - 2,235 2,576 4,362 Total Operating Exp. 666,384 1,725,175 62,680 198,985 Income (Loss) from Oper.(105,542) (525,780) 5,325 (31,317) Other Income/(Expense) Interest Income 526 13,975 - 1,196 Miscellaneous Income 25,633 32,907 - 867 Interest Expense (694) (4,426) (773) (4,510) Net Other Income (Exp) 25,465 42,456 (773) (2,447) Income/(Loss) Before Taxes (80,077) (483,324) 4,552 (33,764) Income Taxes - - - - Minority Interest - (137) (4,611) (2,847) Net Income (Loss) (80,077) (483,461) (59) (36,611) Weighted Average Shares Outstanding 7,135,807 6,719,124 2,333,300 2,312,800 Earnings / (Loss) Per Common Share $ (0.01) $ (0.07) $ (0.00) $ (0.02) The accompanying notes are an integral part of these consolidated financial statements. AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Consolidated Statement of Cash Flows For the Six Months Ending June 30, 1997 and 1996 - Unaudited Predecessor Company For The Nine For The Nine Months Ended Months Ended June 30, 1997 June 30, 1996 Cash Flows From Operating Activities: Net Loss $ (483,461) $ (36,611) Adjustments to reconcile net loss to net cash: Minority Interest - 2,847 Depreciation Expense 74,142 31,658 Amortization Expense 8,683 - Forgiveness of Debts (40,900) - (Increase)/decrease in: Accounts Receivable (88,081) (3,837) Other Assets - - Interest Receivable - 9,309 Increase/(Decrease) in: Accounts Payable (58,068) 24,518 Accounts Payable - Officers 8,358 - Accrued Expenses (56,927) - Deferred Income 36,288 - Interest Payable - (41,892) Net Cash Used in Operating Activities: (580,171) (14,008) Cash Flows From Investing Activities Cash Received from acquisition of subsidiaries 57,094 - Purchase of fixed assets (85,142) (18,776) Purchase of intangible assets (177,500) - Net Cash Provided (Used) By Investing Activities (205,548) (18,776) Cash Flows From Financing Activities: Cash paid for short term loan receivable (86,000) - Cash paid on capital lease (39,991) (3,200) Borrowing on notes payable 500,000 46,000 Cash payments on notes payable (142,122) (26,900) Issuance of common stock - 24,500 Net Cash Provided (Used) By Financing Activities 231,887 40,400 Increase/(Decrease) in cash and cash equivalents (553,832) 7,616 Cash and Cash Equivalents at Beginning of Period 985,237 17,267 Cash and Cash Equivalents at End of Period $ 431,405 $ 24,883 AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Consolidated Statement of Cash Flows For the Six Months Ending June 30, 1997 and 1996 - Unaudited (Continued) Predecessor Company For The Nine For The Nine Months Ended Months Ended June 30, 1997 June 30, 1996 Supplemental Disclosures of Cash Flow Information Cash paid for: Interest expense $ 6,199 $ 46,402 Income taxes - 200 Non-cash transactions: Issuance of 115,000 shares Common Stock and $225,000 in contingent consideration in Exchange for Interest in Silicon Beach Issuance of 4,452,508 Shares of Common Stock and 1,000,000 Shares of $1.00 par value Series A Convertible Preferred Stock for acquisition of AvTel Holdings, Inc. Issuance of 35,000 Shares of Common Stock and $188,325 in debt for the acquisition of WestNet Communications, Inc. The accompanying notes are an integral part of these consolidated financial statements. AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Note 1 - INTERIM REPORTING The unaudited consolidated financial statements included herein have been prepared by AvTel Communications, Inc. and its subsidiaries (the "Company") in accordance with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles have been omitted. The unaudited consolidated financial statements and selected notes included herein should be read in conjunction with the audited consolidated financial statements and the notes hereto included in the Company's Annual Report on Form 10-KSB for the year ended September 30, 1996. Operating results for the three month and nine month period ended June 30, 1997, are not necessarily indicative of the results that may be expected for the year ended September 30, 1997. The foregoing unaudited consolidated financial statements reflect all adjustments, which, in the opinion of management, are necessary to present fairly the consolidated financial position and results of operations for the periods presented. The financial statements have been presented reflecting the effects of the reverse purchase for accounting purposes (see Note 3). The statements therefore reflect those of the subsidiary as if it were the parent company. Accordingly, the balance sheet reflected in this 10QSB filing is therefore that of AvTel Holdings, Inc., a California corporation ("AHI"). The statement of operations has been presented with the operating results of AHI and the historical operating results of Hi, Tiger International, Inc. ("HITI"), the predecessor company, a Utah corporation, since AHI has only been in existence since April, 1996 and did not commence operations until August 1996. Accordingly, the cash flow statement is presented reflecting the current changes of AHI as the parent company and the historical information for HITI. Note 2 - ACQUISITIONS In connection with its acquisition of all the issued and outstanding capital stock of AHI, on October 23, 1996, the Company amended and restated its Articles of Incorporation to, among other things, authorize 5,000,000 shares of preferred stock. The Company's Board of Directors is authorized to designate one or more series of such preferred stock and to designate the rights, preferences and privileges of each such series. The AHI acquisition was completed in accordance with an Acquisition Agreement dated August 30, 1996 ("Acquisition Agreement"). The transaction was accomplished by way of a merger (the "Merger") in which a wholly owned subsidiary of the Company was merged with and into AHI which was the surviving entity and became a wholly owned subsidiary of the Company. Pursuant to the Merger, the Company authorized and issued 1,000,000 shares of Series A Convertible Preferred Stock which have certain liquidation preferences, bear a cumulative dividend, payable semi-annually, at 8% and are convertible, upon the happening of certain events, into shares of the Company's $.001 par value common stock. The Merger has been accounted for as a reverse purchase by AHI of the Company whereby the holders of AHI's Common Stock acquired, after giving effect to the Merger, a controlling interest in the Company. Accordingly, the assets and liabilities of the Company and its subsidiary, The Friendly Net, LLC ("TFN"), are reflected at their fair market values, as are the assets and liabilities of Silicon Beach Communications, Inc., which was acquired in November, 1996, and WestNet Communications, Inc., which was acquired in February 1997. The foregoing unaudited financial statements reflect, for the previous periods noted, comparative data as to AHI only. AHI began operations in April, 1996. In November, 1996, the Company, through a subsidiary, acquired all the issued and outstanding capital stock of Silicon Beach Communications, Inc., a California corporation ("SBC") that serves as an Internet Service Provider ("ISP") and provides software development services. In February, 1997, the Company, through a subsidiary, acquired all of the issued and outstanding shares of stock of WestNet Communications, Inc., a California corporation ("WNC") that serves as an ISP in certain regions of southern California. In March , 1997, the Company, acquired the remaining 20% minority interest in TFN, a Utah limited liability company held by Tree of Stars, Inc. ("TOSI"), a Nevada corporation of which Paul G. Begum is President and a principal shareholder. Mr. Begum is the former president and Chief Executive Officer of the Company who, together with TOSI owns directly or indirectly approximately 9.8% of the issued and outstanding common stock of the Company. The acquisition was facilitated through a payment of cash in the amount of $10,000 and the issuance of $20,000 of short term loans. In addition, a loan payable to Mr. Begum has been discounted from $40, 900 to zero. The note payable was in consideration of consulting services performed by Mr. Begum prior to the Merger. Prior to realizing a gain, the Company set this amount aside in a reserve account intended be used to offset any unexpected expenses that might arise relating to the Company,s operation prior to the Merger (see Note 4). TFN is now a wholly-owned subsidiary of the Company. Note 3 - RECENT DEVELOPMENTS In March 1997, the Company's Board of Directors granted, pursuant to the Company's 1997 Incentive Stock Option Plan (the "1997 Plan") a total of $849,900 tock options which are exercisable at $0.62 - $3.00 per share. Of the total, 92,000 qualified stock options were issued to SBC employees inconjunction with the terms of the acquisition of SBC, 50,000 non-qualified stock options to a non-employee inconjunction with the Merger and 43,000 non-qualified stock options to consultants for services rendered. A total of 46,000 qualified stock options issued to SBC employees, the 50,000 non-qualified stock options issued to the non-employee and the 43,000 non-qualified stock options issued to consultants have vested as of June 30, 1997. In April, 1997, the Company entered into a Stock Exchange Agreement (the "Stock Exchange Agreement") with Matrix Telecom, Inc., a Texas corporation ("Matrix") pursuant to which the Company will issue to persons who own 100% of the issued and outstanding common stock of Matrix (the "Matrix Stockholders") an aggregate of 34,590,049 of the Company's $.001 par value common stock in exchange for 100% of the issued and outstanding capital stock of Matrix. As a result of the transaction, the Matrix Stockholders will, after giving effect to the exchange, acquire and hold approximately 79% of the issued and outstanding common stock of the Company on a fully diluted basis. The consummation of the transaction under the Stock Exchange Agreement is subject to the satisfaction of a number of the terms and conditions, including a condition that prior to the exchange, the Company,s shareholders shall have approved the transaction as well as a proposal to reincorporate the Company in the state of Delaware. The Stock Exchange Agreement also provides for the Company to effect either a reverse stock split prior to the reincorporating or reduce the number of the Company's common stock (or other securities convertible into common stock) that will be issued to the Company's shareholders in the reincorporating to such lesser number of common stock (or such other securities) as the Company and Matrix shall agree. The Stock Exchange Agreement additionally provides for Matrix to provide to the Company a secured loan in the maximum aggregate amount of $500,000, that the transaction is to be treated as a reverse purchase for financial reporting purposes and that it is intended to be a tax free reorganization. Note 4 - OTHER In June 1997, the Company recognized a gain on the forgiveness of debt of $40,900 as a result of eliminated its indebtedness to Paul Begum, former CEO and Chairmen of the Board as part of an agreement to acquire the remaining 20% minority interest in TFN. The agreement was executed in February, 1997, and the forgiveness of debt was set aside in a reserve account intended be used to offset any unexpected expenses that might arise relating to the Company's operation prior to the Merger. Concurrently with recognizing this gain, the Company recorded $12,500 in telecommunications expenses related to TFN's business which had been previously in dispute with US West Communications. These expenses had not been recorded by TFN in the periods for which they were incurred and were therefore recognized as an expense in the current period. As of June 30, 1997, it is believed that all expenses have been captured and the remaining deferred revenue to Mr. Begum was recorded as income. The Company additionally recognized a decrease in payroll expense in the current period due to the elimination of the accrued liability for payroll and payroll taxes for TFN and WNC in the amount of $46,000. The Company switched its payroll services to outside company and in doing so changed the timing of payroll payments to the fifteenth and last day of the month from the first and fifteenth of the month. The Company, therefore , now recognizes all payroll expenses in the month they are incurred. AVTEL COMMUNICATIONS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements - Unaudited (Continued) Item 2 - Management's Discussion and Analysis General The following discusses the financial position and results of operations of the Company and its consolidated subsidiaries, The Friendly Net LLC, a Utah Limited Liability Company ("TFN"), Silicon Beach Communications, Inc., a California corporation ("SBC"), WestNet Communications, Inc. ("WNC"), and AvTel Holdings, Inc., a California corporation ("AHI"). This discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto of the Company and subsidiaries. Financial Condition and Results of Operations The decrease in total current assets from September 30, 1996, to June 30, 1997, relates, primarily, to the use of cash for operating activities relating to the integration of the Company and AHI following the Merger, the integration of SBC and WNC, and increased selling and general administrative expenses. The increase in net fixed assets over the periods resulted primarily from the acquisitions of SBC and WNC in November, 1996 and February, 1997 respectively. The increase in notes receivable-related party is due to a short term loan to the Company's Senior Vice President of Software Development and Business Network Services Division President. The Company anticipates the repayment of the notes in full by October 31, 1997. The increase in total liabilities from September 30, 1996, to June 30, 1997, arose, primarily, from the increase in trade payables arising from the Merger and the acquisition of SBC and WNC; the increase in deferred revenue associated with the acquisition of SBC and WNC which, in the course of its business, is paid in advance by certain customers for ISP services; the increase in notes payable relating to certain promissory notes issued in connection with the Merger and acquisitions of SBC and WNC; a promissory note issued in connection with the Matrix Stock Exchange Agreement; and certain deferred compensation arrangements and accounts payable with certain officers and directors. Stockholders' equity decreased from September 30, 1996 to June 30, 1997, as a result of the operating losses experienced during the period due, primarily, to substantial costs and expenses incurred in connection with the Merger with AHI, the acquisitions of SBC and WNC, and increased management and other costs relating to the development and implementation of the Company's marketing strategies. The Merger involving the Company and AHI is treated, for accounting purposes, as a reverse purchase whereby the holders of AHI's Common Stock acquired, after giving effect to the Merger, a controlling interest in the Company. For financial reporting purposes, comparative data for periods prior to the quarter ended June 30, 1997, reflects the financial condition and results of operation of AHI only. Since AHI did not begin operations until August, 1996, no comparative financial analysis is available for AHI, with respect to the quarter ended June 30, 1996, as compared to similar data for the Company, for the same quarter in 1997, as to revenues, operating income and expenses, net income, cash and other topics that would normally be addressed in statements of operations and cash flows. Liquidity and Capital Resources Consistent with management's intentions to develop and execute the Company's business sales and marketing strategies, it is anticipated that the Company's needs for capital will in the near term exceed funds generated from operations. The Company has, as a result of the Merger with AHI acquired access to the capital resources of AHI. While these funds have been employed to support the recent implementation of the Company's business and other strategies, other capital resources will continue to be explored. Accordingly, management has evaluated a number of alternative solutions to the Company's capital needs, including secured and unsecured debt, capital equipment leases to facilitate the anticipated growth of sales, marketing and technical development, issuance of debt or equity securities, strategic alliances, or any combination of the foregoing. In connection with the contemplated acquisition by the Company of all of the issued and outstanding capital stock of Matrix Telecom, Inc., a Texas corporation ("Matrix"), the Company has entered into a Stock Exchange Agreement with Matrix which provides, among other things, for Matrix to provide to the Company a secured loan (the "Matrix Loan") in the maximum aggregate amount of $500,000. The loan is in the form of a revolving credit facility under which the Company may draw down up to two increments of $250,000 each. Prior to the quarter ended June 30, 1997 and pursuant to the terms of the Stock Exchange Agreement, the Company has availed itself of an aggregate of $500,000 under the Matrix Loan. All amounts of principal and interest outstanding under the Matrix Loan are due and payable on the earlier to occur of one hundred eighty (180) days after termination of the Stock Exchange Agreement or December 1, 1997. Management expects that, following consummation of the transactions contemplated by the Stock Exchange Agreement, the Company will be able to avail itself of the additional capital resources of Matrix. While these additional resources should be sufficient to support the near term business development and other strategies of the combined companies, other capital resources may from time to time be required by the Company. There are no assurances that such other capital resources will be available to implement management's objectives with respect to the combined companies assuming that the transactions contemplated by the Stock Exchange Agreement are consummated. Further, if for some reason the transactions contemplated by the Stock Exchange Agreement are not consummated, the amounts outstanding under the Matrix Loan would become due and payable as early as December 1, 1997. In such a case, management would be required to explore alternative solutions to fulfill the Company's capital requirements, including, payment of the indebtedness under the Matrix Loan. Under the circumstances, there are no assurances that the additional funds necessary to satisfy the Company's repayment obligations and future capital needs will be available, or, if available, that they will be in sufficient amounts and under terms and conditions acceptable to the Company. If these additional funds are not available in sufficient amounts or at the times and under term acceptable to the Company, management may be required to significantly curtail, restrict or delay the execution of some parts of the Company's business strategy and such actions could have a material adverse effect on the Company's ability to execute its business plan and strategy. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 - Financial Data Schedule (b) Reports on Form 8-K. On May 19, 1997 the Company filed a Report 8-K to report the execution of a Stock Exchange Agreement to acquire 100% of all of the outstanding capital stock Matrix Telecom, Inc., a Texas corporation. On April 30, 1997 the Company filed a Report 8-K to report the execution of a Stock Exchange Agreement to acquire 100% of all of the outstanding capital stock of Matrix Telecom, Inc., a Texas corporation. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AvTel Communications, Inc. (Registrant) DATE: August 13, 1997 By: /s/ James P. Pisani Its Principal Financial & Accounting Officer EX-27 2
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET OF AVTEL COMMUNICATIONS, INC. AS OF JUNE 30, 1997 AND THE RELATED STATEMENTS OF OPERATIONS AND CASH FLOWS FOR THE THREE AND NINE MONTHS THEN ENDED AN IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS SEP-30-1996 JUN-30-1997 431405 0 206871 0 0 743145 597947 74142 1840063 1183955 0 0 1000000 7136 (428917) 1840063 1600439 1600439 401044 401044 1725175 0 4426 (483324) 0 0 0 0 0 (483461) (.07) 0
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