Forward Reports Fiscal 2021 Results
16 Dezembro 2021 - 6:30PM
Forward Industries, Inc. (NASDAQ:FORD), a single source solution
provider for the full spectrum of hardware and software product
design and engineering services as well as a designer and
distributer of carry and protective solutions, today announced
financial results for the year ended September 30,
2021.
Full Fiscal Year 2021
Financial Highlights
- Revenues were $39.0 million, an
increase of 13.0% from $34.5 million from 2020.
- Gross margin improved to 20.8%
compared to 19.3% in 2020.
- Loss from operations was $0.8
million compared to $2.0 million in 2020.
- Net income was $0.5 million (which
included a $1.4 million gain as a result of the forgiveness of a
PPP loan) compared to a net loss of $1.8 million in 2020.
- Basic and diluted earnings/(loss)
per share was $0.05 compared to $(0.19) in 2020.
- Cash totaled $1.4 million at
September 30, 2021.
Terry Wise, Chief Executive Officer of Forward Industries,
stated, “I am pleased to end the fiscal year profitably in terms of
net income despite ongoing challenging market conditions. Following
the successful integration of Kablooe, our design division
continued to demonstrate solid financial performance, with a strong
pipeline of projects. In line with our strategy, we invested in our
retail division which continues to grow substantially. Finally,
within the OEM distribution division, we continued to focus on
diversifying our products away from the declining diabetic
sector.
"Building upon this progress, I look to the forthcoming fiscal
year with an extremely encouraging outlook and remain cautiously
optimistic.”
The tables below are derived from the Company’s
consolidated financial statements included in its Form 10-K filed
on December 16, 2021 with the Securities and Exchange Commission.
Please refer to the Form 10-K for complete financial statements and
further information regarding the Company’s results of operations
and financial condition relating to the fiscal years ended
September 30, 2021 and 2020. Please also refer to the Form 10-K for
a discussion of risk factors applicable to the Company and its
business.
Note Regarding Forward-Looking
Statements
This press release contains certain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 including statements regarding our pipeline of
work and projects, and substantial growth in our retail business.
Forward has tried to identify these forward-looking statements by
using words such as “may”, “should,” “expect,” “hope,”
“anticipate,” “believe,” “intend,” “plan,” “estimate” and similar
expressions. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties and other factors that could cause
its actual results, performance, prospects or opportunities to
differ materially from those expressed in, or implied by, these
forward-looking statements. These risks include the inability to
expand our customer base, pricing pressures, lack of success of our
sales people, failure to develop products at a profit, failure to
commercialize products that we develop, continued supply chain
issues, inability of our design division’s customers to pay for our
services, unanticipated issues with our affiliated sourcing agent,
issues at Chinese factories that we source our products as a result
of the pandemic or otherwise, and failure to obtain acceptance of
our products by big box retail stores. No assurance can be given
that the actual results will be consistent with the forward-looking
statements. Investors should read carefully the factors described
in the “Risk Factors” section of the Company’s filings with the
SEC, including the Company’s Form 10-K for the year ended September
30, 2021 for information regarding risk factors that could affect
the Company’s results. Except as otherwise required by Federal
securities laws, Forward undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, changed circumstances or
any other reason.
About Forward
Industries
Forward is a fully integrated design,
development and manufacturing solution provider to top tier medical
and technology customers worldwide. Through its acquisition of
Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the
Company has expanded its ability to design and develop solutions
for its existing multinational client base and expand beyond the
diabetic product line into a variety of industries with a full
spectrum of hardware and software product design and engineering
services. In addition to our existing design and distribution
of carry and protective solutions, primarily for handheld
electronic devices, we are now a one-stop shop for design
development and manufacturing solutions serving a wide range of
clients in the industrial, commercial, medical and consumer
industries.
For more information,
contact:
Anthony Camarda, CFO, Forward Industries,
Inc. (631)
547-3041, acamarda@forwardindustries.com
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
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September 30 |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash |
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$ |
1,410,365 |
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$ |
2,924,627 |
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Accounts receivable, net |
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8,760,715 |
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7,602,316 |
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Inventories, net |
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2,062,557 |
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1,275,694 |
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Prepaid expenses and other current assets |
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561,072 |
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419,472 |
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Total current assets |
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12,794,709 |
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12,222,109 |
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Property and equipment, net |
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167,997 |
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215,323 |
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Intangible assets, net |
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1,318,658 |
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1,531,415 |
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Goodwill |
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1,758,682 |
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1,758,682 |
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Operating lease right of use assets, net |
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3,743,242 |
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3,512,042 |
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Other assets |
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72,251 |
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116,697 |
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Total assets |
$ |
19,855,539 |
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$ |
19,356,268 |
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Liabilities and shareholders' equity |
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Current liabilities: |
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Line of credit |
$ |
- |
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$ |
1,000,000 |
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Note payable to Forward China |
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- |
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1,600,000 |
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Accounts payable |
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391,992 |
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197,022 |
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Due to Forward China |
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5,733,708 |
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3,622,401 |
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Deferred income |
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187,695 |
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485,078 |
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Current portion of notes payable |
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- |
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983,395 |
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Current portion of finance lease liability |
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1,523 |
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18,411 |
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Current portion of earnout consideration |
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25,000 |
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45,000 |
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Current portion of operating lease liability |
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340,151 |
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259,658 |
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Accrued expenses and other current liabilities |
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527,974 |
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615,401 |
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Total current liabilities |
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7,208,043 |
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8,826,366 |
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Other liabilities: |
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Note payable to Forward China |
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1,600,000 |
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- |
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Notes payable, less current portion |
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- |
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529,973 |
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Operating lease liability, less current portion |
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3,559,053 |
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3,359,088 |
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Finance lease liability, less current portion |
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- |
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12,769 |
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Earnout consideration, less current portion |
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45,000 |
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45,000 |
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Total other liabilities |
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5,204,053 |
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3,946,830 |
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Total liabilities |
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12,412,096 |
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12,773,196 |
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Commitments and contingencies |
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Shareholders' equity: |
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Common stock, par value $0.01 per share; 40,000,000 shares
authorized; |
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10,061,185 and 9,883,851 shares issued and outstanding at September
30, 2021 |
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and 2020, respectively |
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100,612 |
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98,838 |
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Additional paid-in capital |
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19,914,476 |
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19,579,684 |
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Accumulated deficit |
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(12,571,645 |
) |
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(13,095,450 |
) |
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Total shareholders' equity |
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7,443,443 |
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6,583,072 |
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Total liabilities and shareholders' equity |
$ |
19,855,539 |
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$ |
19,356,268 |
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Fiscal Years Ended September 30, |
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2021 |
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2020 |
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Revenues, net |
$ |
39,021,996 |
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$ |
34,478,358 |
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Cost of sales |
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30,887,577 |
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27,839,851 |
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Gross profit |
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8,134,419 |
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6,638,507 |
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Sales and marketing expenses |
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2,503,518 |
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1,950,704 |
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General and administrative expenses |
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6,395,900 |
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5,655,186 |
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Goodwill impairment |
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- |
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1,015,000 |
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Loss from operations |
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(764,999 |
) |
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(1,982,383 |
) |
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Gain on forgiveness of note payable |
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(1,356,570 |
) |
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- |
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Fair value adjustment of earnout consideration |
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(20,000 |
) |
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(350,000 |
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Fair value adjustment of deferred cash consideration |
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- |
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16,000 |
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Interest income |
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(88,760 |
) |
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(60,932 |
) |
Interest expense |
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171,957 |
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174,962 |
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Other expense, net |
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4,569 |
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3,701 |
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Income/(loss) before income taxes |
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523,805 |
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(1,766,114 |
) |
Provision for income taxes |
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- |
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9,167 |
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Net income/(loss) |
$ |
523,805 |
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$ |
(1,775,281 |
) |
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Earnings/(loss) per share: |
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Basic |
$ |
0.05 |
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$ |
(0.19 |
) |
Diluted |
$ |
0.05 |
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$ |
(0.19 |
) |
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Weighted average common shares outstanding: |
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Basic |
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9,950,094 |
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9,583,441 |
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Diluted |
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10,443,018 |
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9,583,441 |
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