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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GME Innotainment Inc (CE) | USOTC:GMEV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Florida
|
59-2318378
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Room 1902, 19/F., Kodak House II,
|
||
321 Java Road, Hong Kong
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n/a
|
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
£
|
Accelerated filer
£
|
Non-accelerated filer
£
(Do not check if a smaller reporting company)
|
Smaller reporting company
T
|
Three months ended March 31,
|
||||||||
2014
|
2013
|
|||||||
CONTINUING OPERATIONS
|
||||||||
REVENUES
|
$ | 287,810 | $ | 371,391 | ||||
COST OF SALES | 161,482 | 168,269 | ||||||
126,328 | 203,122 | |||||||
EXPENSES
|
||||||||
Sales & marketing expenses
|
11,011 | 13,420 | ||||||
General and administrative
|
204,552 | 285,829 | ||||||
TOTAL OPERATING EXPENSES
|
215,563 | 299,249 | ||||||
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES
|
(89,235 | ) | (96,127 | ) | ||||
OTHER INCOME/(EXPENSE)
|
||||||||
Other income
|
587 | 2,214 | ||||||
Interest expenses
|
- | (32,246 | ) | |||||
Other expenses
|
(11,337 | ) | (6,152 | ) | ||||
TOTAL OTHER EXPENSE
|
(10,750 | ) | (36,184 | ) | ||||
NET LOSS BEFORE PROVISION FOR INCOME TAXES
|
(99,985 | ) | (132,311 | ) | ||||
PROVISION FOR INCOME TAXES
|
- | - | ||||||
NET LOSS FROM CONTINUING OPERATIONS
|
$ | (99,985 | ) | $ | (132,311 | ) | ||
DISCONTINUED OPERATIONS
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||||||||
Net (loss) / income
|
- | (173,948 | ) | |||||
NET INCOME FROM DISCONTINUED OPERATIONS
|
$ | - | $ | (173,948 | ) | |||
NET (LOSS) / INCOME FOR THE PERIOD
|
$ | (99,985 | ) | $ | (306,259 | ) | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
|
||||||||
Arising from continuing operations
|
(99,985 | ) | (132,311 | ) | ||||
Arising from discontinued operations
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- | (173,948 | ) | |||||
$ | (99,985 | ) | $ | (306,259 | ) | |||
LOSS PER SHARE, BASIC AND DILUTED – CONTINUING OPERATIONS
|
$ | (0.00 | ) | (0.0 3 | ) | |||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED
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22,105,301 | 4,017,077 |
For the three months ended March 31,
|
||||||||
2014
|
2013
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|||||||
Cash flows from operating activities
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||||||||
Net loss from continuing operations
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$ | (99,985 | ) | $ | (132,311 | ) | ||
Adjustments to reconcile net income to net cash flows used in operating activities for:
|
||||||||
Amortization of discount on Convertible Notes
|
- | 25,257 | ||||||
Accrued interest expense on Convertible Notes
|
- | 6,989 | ||||||
Amortization of intangible asset
|
10,000 | - | ||||||
Impairment loss on other asset
|
10,000 | - | ||||||
Interest income receivable
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(561 | ) | - | |||||
Changes in operating assets and liabilities:
|
||||||||
Decrease in accounts receivable
|
174,628 | 32,818 | ||||||
(Increase)/ Decrease in prepaid expenses and other receivables
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10,252 | 10,606 | ||||||
(Decrease)/Increase in accounts payable
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(26,892 | ) | 37,090 | |||||
Increase/(Decrease) in unearned revenue
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290,073 | (12,107 | ) | |||||
Increase/(Decrease) in accrued expenses and other payables
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(164,736 | ) | 62,976 | |||||
Net cash provided by/(used in) continuing operating activities
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202,779 | 31,318 | ||||||
Net cash (used in)/provided by discontinued operating activities
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- | (255,639 | ) | |||||
Net cash (used in)/provided by operating activities
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202,779 | (224,321 | ) | |||||
Cash flows from investing activities
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||||||||
Repayment of short-term loan receivable
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76,471 | - | ||||||
Net cash flows from continuing investing activities
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76,471 | - | ||||||
Net cash used in discontinued investing activities
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- | (23,311 | ) | |||||
Net cash used in investing activities
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76,471 | (23,311 | ) | |||||
Cash flows from financing activities
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||||||||
Advance from short-term borrowings
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- | 2,731 | ||||||
Decrease in subscription receivable
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- | 53,844 | ||||||
Issue of convertible note
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- | 50,000 | ||||||
Issue of shares capital
|
732 | - | ||||||
Cash advanced to discontinued operations
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- | (14,064 | ) | |||||
Net cash provided by/(used in) continuing financing activities
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732 | 92,511 | ||||||
Net cash provided by/(used in) discontinued financing activities
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- | 234,838 | ||||||
Net cash provided by/(used in) financing activities
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732 | 327,349 | ||||||
Net increase /(decrease) in cash and cash equivalents
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||||||||
Continuing operations
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279,982 | 123,829 | ||||||
Discontinued operations
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- | (44,112 | ) | |||||
279,982 | 79,717 | |||||||
Effect of foreign exchange rate changes
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||||||||
Continuing operations
|
- | - | ||||||
Discontinued operations
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- | - | ||||||
- | - | |||||||
Cash and cash equivalents at beginning of period
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||||||||
Continuing operations
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640,383 | 174,661 | ||||||
Discontinued operations
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- | 44,112 | ||||||
640,383 | 218,773 | |||||||
Cash and cash equivalents at end of period
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||||||||
Continuing operations
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920,365 | 298,490 | ||||||
Discontinued operations
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- | - | ||||||
$ | 920,365 | $ | 298,490 | |||||
Supplemental disclosure of cash flows information:
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||||||||
Non cash continuing financing activities:
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||||||||
Conversion of debt to shares
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$ | - | $ | 68,965 | ||||
Issuance of shares for acquisition of asset
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200,000 | - | ||||||
$ | 200,000 | $ | 68,965 |
(a)
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Economic and political risk
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(b)
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Cash and cash equivalents
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-
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Persuasive evidence of an arrangement exists,
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-
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Delivery has occurred or services have been rendered,
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-
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The seller’s price to the buyer is fixed or determinable, and
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-
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Collectability is reasonably assured
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(i)
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Revenue from provision of artist management, event management, and promotion for its clients is recognized when services are rendered.
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(ii)
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Revenue from artist-related merchandising is recognized when receipt is confirmed by clients according to the relating predetermined agreements.
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(iii)
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Revenue from intellectual property rights on CD, DVD and video products is recognized upon delivery of products to customers.
|
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(g)
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Earnings per share
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March 31,
2014
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December 31, 2013
|
March 31,
2013
|
|||||||
Period end HKD : US$ exchange rate
|
0.1282 | 0.1282 | 0.1282 | ||||||
Average for the period HKD : US$ exchange rate
|
0.1282 | 0.1282 | 0.1282 |
March 31, 2014
|
December 31, 2013
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||||||||
Prepaid expenses
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101,712 | 108,779 | |||||||
Other receivables
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70,665 | 70,665 | |||||||
Deposits paid
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2,606 | 5,791 | |||||||
Total deposits, prepaid expenses and other receivables
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$ | 174,983 | $ | 185,235 |
March 31,2014
|
December 31, 2013
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|||||||
At cost:
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||||||||
Computer
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9,989 | 9,989 | ||||||
Less: Accumulated depreciation
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9,989 | 9,989 | ||||||
Property, plant and equipment, net
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$ | - | $ | - |
March 31,2014
|
December 31, 2013
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|||||||
At cost:
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||||||||
Movie and entertainment distribution agreements
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200,000 | - | ||||||
Less: Accumulated amortization
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(10,000 | ) | - | |||||
Intangable asset, net
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$ | 190,000 | $ | - |
March 31,2014
|
December 31, 2013
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|||||||
Noncurrent liabilities:
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||||||||
Non-interest bearing convertible note
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$ | 31,301 | $ | 31,301 | ||||
Current liabilities:
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||||||||
12% convertible note 5, net (including fair value adjustment on option $ 35,333, accrued interest expense $3,000)
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11,018 | 11,018 | ||||||
12% convertible note 6, net (including fair value adjustment on option $ 35,333, accrued interest expense $3,000)
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88,333 | 88,333 | ||||||
99,351 | 99,351 | |||||||
Total convertible note outstanding
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$ | 130,652 | $ | 130,652 |
Number
of shares
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Weighted average number of shares
|
|||||||
Issued and outstanding as of January 1, 2014
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5,619,926 | 5,619,926 | ||||||
Issuance of share on January 7, 2014 for reverse split executed
|
95 | 89 | ||||||
Issuance of share on January 12, 2014 for cash consideration of $397
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39,721 | 34,866 | ||||||
Issuance of share on January 17, 2014 for pursuant to a sales and purchase agreement
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20,000,000 | 16,444,444 | ||||||
Issuance of share on March 17, 2014 for cash consideration of $335
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33,615 | 5,976 | ||||||
Issued and outstanding as of March 31, 2014
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25,693,357 | 22,105,301 |
2014
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2013
|
|||||||
Amortization on discount of convertible note
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$ | - | $ | 25,257 | ||||
Accrued interest on convertible note
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- | 6,989 | ||||||
Total
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$ | - | $ | 32,246 |
For the year ending December 31,
|
||||
2014
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27,797 | |||
Total
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27,797 |
(i)
|
Revenue from provision of artist management, event management, and promotion for its clients is recognized when services are rendered.
|
(ii)
|
Revenue from artist-related merchandising is recognized when receipt is confirmed by clients according to the relating predetermined agreements.
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(iii)
|
Revenue from intellectual property rights on CD, DVD and video products is recognized upon delivery of products to customers.
|
Three months ended March 31,
|
Increase
|
||||||||||||
2014
|
2013
|
(decrease)
|
% Change
|
||||||||||
Revenue
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$ | 287,810 | $ | 371,391 | $ | (83,581) | (22.50%) | ||||||
Cost of sales
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161,482 | 168,269 | (6,787) | (4.03%) | |||||||||
Gross profit
|
126,328 | 203,122 | (76,794) | (37.81%) | |||||||||
Sales & marketing
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11,011 | 13,420 | (2,409) | (17.95%) | |||||||||
General & administrative
|
204,552 | 285,829 | (81,277) | (28.44%) | |||||||||
Loss from operations
|
(89,235) | (96,127) | (6,892) | (7.17%) | |||||||||
Other income (expense)
|
(10,750) | (36,184) | (25,434) | (70.29%) | |||||||||
Income tax expenses
|
- | - | - | N/A | |||||||||
Net loss from continuing operations
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$ | (99,985) | $ | (132,311) | $ | (32,326) | (24.44%) |
Three months ended March 31,
|
Increase
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|||||||||||||||
2014
|
2013
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(decrease)
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% Change
|
|||||||||||||
Payroll cost
|
151,183 | 139,511 | 11,672 | 8.37% | ||||||||||||
Rental expenses
|
26,881 | 32,016 | (5,135 | (16.04%) | ||||||||||||
Legal and professional fee
|
7,777 | 109,749 | (101,972) | (92.91%) | ||||||||||||
Miscellaneous
|
18,711 | 4,553 | 14,158 | 310.96% | ||||||||||||
204,552 | 285,829 | (81,277) | 28.44% |
|
·
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additional training of our accounting personnel by our independent accountants of the proper format and compilation of data for US GAAP financial statements; and
|
|
·
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additional coordination with our local accountants and auditors to strengthen our controls in an attempt to supplement the additional training of our employees.
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Exhibit Number
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Description
|
31.1
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Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2
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Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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32.2
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Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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By:
|
/
S/ Kwong Kwan Yin Roy
|
Kwong Kwan Yin Roy
|
|
Chief Executive Officer and Director
|
By:
|
/
S/ Kwong Kwan Yin Roy
|
Kwong Kwan Yin Roy
|
|
Chief Executive Officer and Director
|
1 Year GME Innotainment (CE) Chart |
1 Month GME Innotainment (CE) Chart |
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