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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Our
lack of insurance could expose us to significant costs and business disruption.
The
health and wellness industry in Malaysia is a mature market. We currently do not have any product liability or... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
liabilities. Therefore, there may be instances
when we will sustain losses, damages and liabilities because of our lack of insurance coverage, which may in turn materially and adversely
affect our f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
tax rates and policies, consumer confidence
and consumer perception of economic conditions. In addition, consumer purchasing patterns may be influenced by consumers’ disposable
income. In the event ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
timeframe required by us or our customers. While we
generally require our logistics contractors to fully reimburse us for any losses arising from delay in delivery or non-delivery, our
results of op... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
result, we may not be
able to engage a sufficient number of high-quality third-party contractors in a timely manner, which may adversely affect our delivery
schedules and delivery costs and hence ou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
we experience changes in business conditions or other developments. We may also need
additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
areas of operation could adversely impact our results of business, results of operations and financial condition.
Our
operations are focused on utilizing our sales efforts which are principally loc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
unforeseen epidemics may affect consumer purchases, reduce demand for
our products and materially harm our business, results of operations and financial condition.
Our
business depends on consumer ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
potential impact on our financial results) and consumer perceptions of personal well-being and security. For
example, in recent years, there have been outbreaks of epidemics in various countries, in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
impact on the company as a result of the MCO includes:
temporary
closure of offices and travel restrictions prevented the company and our distributors fr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
revenues will grow or remain at the similar level year
over year in the fiscal year 2023. We may have to record downward adjustments or impairment in the fair value of investments in the fiscal
year... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that could lead to severe disruption to our daily operations, including temporary
closure of our offices and other facilities. These severe conditions may cause us and/or our partners to make intern... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Hong Kong Dollar. Because our consolidated financial statements are presented in U.S. dollars, we must
translate revenues, income and expenses, as well as assets and liabilities, into U.S. dolla... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
may result
in a severe impediment to our business.
Our
success is dependent upon the continued contributions made by our CEO and President, Mr. How Kok Choong. We rely on his expertise in
business ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company may have to recruit and train replacement
personnel at a higher cost. Additionally, if Mr. How Kok Choong joins our competitors or develops similar businesses that are in competition
with ou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on, among other things, our
evaluation of our growth prospects, which are generally driven by the sales potential of many product types, some of which are more profitable
than others, and on an asse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
declared the COVID-19 a pandemic. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure
of stores and facilities in Malaysia for prolong periods.
35
Substantiall... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
include, but are not limited to, the following:
temporary
closure of offices, travel restrictions, financial impact of our customers or suspension supplies may negatively affect, and could
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for a period of time or materially delay delivery to our customers, which may
also lead to loss of our customers; and
the
global stock markets have experienced, and may continue to experien... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
supplier may not cover our liability sufficiently or at all.
Like
other consumer product manufacturers, sale of our products involves an inherent risk of our products being found to be unfit for co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
does not necessitate
a product recall, we cannot assure you that product liability claims or other legal disputes will not be asserted against us as a result.
Product liability insurance of our supp... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reliance on third-party product suppliers means that food-borne
illness incidents could be caused by our suppliers outside of our control. New illnesses may develop in the future, or diseases with
l... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a product liability claim is unsuccessful or is not fully pursued, the negative publicity surrounding any assertion that our
products caused personal injury or illness could adversely affect our rep... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
products and services. We expect competition in our market to intensify in the future as new and existing competitors introduce new or
enhanced products and services that are potentially more compet... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
competitive advantages, including but not limited to,
longer operating histories, ability to leverage their sales efforts and marketing expenditures across a broader portfolio of products
and servic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
profit margins, lost market share, or a failure to grow market share for us.
If we are not able to compete effectively against our current or potential competitors, our prospects, operating results,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
developments in Malaysia’s socio-political environment may adversely affect our business, financial condition, results of
operations and prospects. The Malaysian economy registered modest growth of a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
transmission of COVID-19, from March 18, 2020 to April 26, 2022, the government of Malaysia initiated (i) Movement control orders
(“MCO”), . The MCO had resulted in quarantines, travel restrictions, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Malaysian government announced the country had entered into the
endemic phase with further easing of restrictions. We are witnessing the adverse impact on the purchasing power of consumers in
Ma... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
other payments to us may be restricted by the foreign exchange control policies
in the countries where we operate. For example, there are foreign exchange policies in Malaysia which support the moni... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, dividends, rental, fees and interest arising
from investment in Malaysia, subject to any withholding tax. In the event BNM or any other country where we operate introduces any restrictions
in the f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, market and political conditions in
other countries, particularly emerging market conditions in Southeast Asia, could have an influence on our business. Any widespread global
financial instability o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, taxation,
duties and tariffs, in key markets and abroad.
For
example, the global financial markets experienced significant disruptions in 2008 and the U... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the currencies of many emerging economies, including markets where we operate. Economic
conditions in the countries where we operate might be sensitive to global economic conditions, as well as c... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
We are witnessing the adverse impact on the purchasing power of consumers in Malaysia, where our products are mainly sold as a direct
result of the prolonged pandemic.
38
Risks
Related to our Commo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
attention and resources.
We
may never be able to pay dividends and are unlikely to do so.
To
date, we have not paid, nor do we intend to pay in the foreseeable future, dividends on our common stoc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
we may only pay dividends subject to our ability to service our debts as they become due and provided that
our assets will exceed our liabilities after the dividend. Our ability to pay dividends wil... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. We are authorized to issue an aggregate of 1,000,000,000 shares of common stock and 200,000,000 shares of preferred
stock. We may issue additional shares of common stock or other securities that ar... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the future in conjunction with these capital-raising efforts, including at a price (or exercise prices) below the price you paid for
your stock.
We
are a “smaller reporting company,” and we canno... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
“emerging growth company,” we will be required to provide additional disclosure in our
SEC filings. However, similar to an “emerging growth companies”, “smaller reporting companies” are able to prov... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
analyze our results of operations
and financial prospects.
39
ITEM
1B. UNRESOLVED STAFF COMMENTS
None.
ITEM
2. PROPERTIES
We
currently lease 6 properties ranging from approximately 2,500 to 11,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Malaysia.
Room
2708-9, 2F,
The
Metropolis Tower,
10
Metropolis Drive, Hunghom,
Kowloon,
Hong Kong.
ITEM
3. LEGAL PROCEEDINGS
From
time to t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
material interest adverse to our business.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
40
PART
II
ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCH... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
Transfer
Agent and Registrar
Our
transfer agent is VStock Transfer, LLC, with an address at 18, Lafayette Place, Woodmere, New York 11598 and telephone number is +1 (212)
828-843.
Dividend
Polic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Currently,
there are no equity compensation plan in place.
Unregistered
Sales of Equity Securities
None.
Purchases
of Equity Securities by the Registrant and Affiliated Purchasers
We
have not rep... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
564
1,016,962
Net loss attributable to Agape ATP Corporation
(1,686,899
(2,524,244
Loss per share – (basic and diluted)
(0.02
(0.01
As of December 31,
2022
2021
Total assets
2,791,749
4,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks
and uncertainties, regarding, among other things, (a) our pr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
words or comparable terminology. In light of these risks and uncertainties, there can be no assurance
that the forward-looking statements contained in this filing will in fact occur. You should not ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, namely, Agape ATP Corporation (“AATP LB”), a company incorporated in Labuan,
Malaysia, and Agape Superior Living Sdn. Bhd. (“ASL”), a company incorporated in Malaysia.
Agape
ATP Corporation, incor... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
dn. Bhd.,
a network marketing entity incorporated in Malaysia.
Agape
Superior Living Sdn. Bhd. is a limited company incorporated on August 8, 2003, under the laws of Malaysia.
On
September 11, 2020... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(“DSY Wellness”)
with an independent third party which Agape ATP Corporation (Labuan) owns 60% of the equity interest, to pursue the business of providing
complementary health therapies.
42
The
Co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ATP Zeta Health Program”,
which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy
lifestyles, and promotion of healt... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the Company’s operation by boosting the Company’s retail and marketing capabilities. The newly acquired subsidiary allows
the Company to fulfill its mission of “helping people to create health an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, proper nutrition and advice from skilled dieticians as well as trained members and
distributors.
The
ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
started collaborating with ASL to carry out various
wellness programs.
To
further its reach in the Health and Wellness Industry, on November 11, 2021, Agape ATP Corporation (Labuan) formed a joint-... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
imately 61.5%); and revenue from the Company’s operations in the provision of complementary health therapies of
$715,257 (approximately 38.5%) for the year ended December 31, 2022 as compared to $1,0... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
generating as Malaysia, where the Company’s operations predominantly reside,
has moved to a COVID-19 endemic phase with minimal restrictions on businesses and people movements in the country; and (i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
acquired.
Gross
Profit
Gross
profit for the year ended December 31, 2022 amounted to $1,190,522, represented a gross margin of approximately 64.1%, as compared
to $719,629 for the year ended Decem... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
expenses
Selling
expenses for the year ended December 31, 2022 amounted to $361,414 as compared to $394,682 for the year ended December 31, 2021, a decrease
of $33,268 or approximately 8.4%. Agape ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the increase in revenue.
General
and administrative expenses (“G&A expenses”)
G&A
expenses for the year ended December 31, 2022 amounted to $1,957,023, as compared to $1,745,734 for the year ended... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022 and 2021, respectively. The provision for doubtful accounts was in respect of prepayments to a supplier. As the Company’s attempts to recover the prepayments were futile,
the entire provision f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the year ended December 31, 2022 comprised of other expenses of $79,539,
interest income of $16,190 and unrealized holding loss on marketable securities of $73,519. The net other expenses of $529,40... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(Provision
for) Income Taxes
We
had benefits of income taxes of $4,055 and provision for income taxes of $137,067 for the years ended December 31, 2022 and 2021,
respectively. During the year ended... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
We
generated a net loss of $1,666,079 for the year ended December 31, 2022, as compared to $2,524,680 for the year ended
December 31, 2021, a decrease of $858,601 or approximately 34.0%, predominat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Adults who have been fully vaccinated,
i.e. received two doses of the COVID-19 vaccine are encouraged to take booster shots.
Substantially
all of our revenues are concentrated in Malaysia. Conseque... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
temporary
closure of offices, travel restrictions, disruption or suspension of supplies, our customers may be negatively impacted financially
resulting in which the demand for our products ma... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be supply chain disruptions. From our experiences
operating under the much-restricted COVID-19 environment, we have modified our methods of operations, to build in sufficient buffer in
the managemen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the COVID-19 outbreak, the financial impact related to the outbreak of and response to the COVID-19 cannot
be reasonably estimated at this time. There is no guarantee that the Company’s total revenu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
079 for the year ended December 31, 2022 and accumulated
deficits of $4,945,586 as of December 31, 2022 as compared to net loss of $2,524,680 for the year ended December 31, 2021 and
accumulated defi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
available sources of funds through the following sources:
other
available sources of financing from Malaysia banks and other financial institutions; and
financial
support from our related ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
845,842
Net cash used in investing activities
(32,119
(3,959
Net cash used in financing activities
(234,466
(19,061
Effect of exchange rate on cash and cash equivalents
(81,150
(50,890
Net ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from related parties of $3,786, the payment of operating lease liabilities of $145,197 and the decrease in other payables (including
related parties) and accrued liabilities of $115,085. The net cash... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
parties) of $41,422, increase in customer deposits of $94,877 and increase in income tax payables of $6,974.
Net
cash used in operating activities for the year ended December 31, 2021 was $845,842 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
loss on marketable securities of
$505,231, the non-cash deferred tax expense of $10,127, inventories write-down of $36,241, provision for doubtful accounts of $121,514,
the decrease of accounts rece... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the purchase of equipment
and intangible assets.
Net
cash used in investing activities for the year ended December 31, 2021 was $3,959, the amount entirely for the purchase of equipment.
Financing... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Arrangements
As
of December 31, 2022, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
consolidated financial statements include
allowance for inventories obsolescence, impairment of long-lived assets, allowance for deferred tax assets. Following
are the methods and assumptions used i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
assets
Operating
right-of-use assets and property, plant and equipment are stated at costs less accumulated depreciation and impairment, if any. In determining
whether an asset is impaired, the Com... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
As
of December 31, 2022 and 2021, the carrying amounts of operating right-of-use assets and property, plant and equipment is amounted to
$81,133 and $142,149 (December 31, 2021: $237,718 and $215,799... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
which the ultimate
tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from
the amounts that were initially recorded, suc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core
principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Company
(i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction
price, including variable consideration to the ext... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
sales contracts with its customers with revenues being recognized when control of the health and wellness
products are transferred to its customer at the Company’s office or shipment of the goods. T... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reduction of the
Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer
deposits will be reversed when the coupons are used.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
test report and the attendance at the health camp are separately identifiable, which are evidenced by the fact that
the Company provides separate services of delivering the health screening test rep... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
by the Company.
The
accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance
disclosure requirements for fair value ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
balance sheets at face value or cost,
which approximate fair value because of the short period of time between the origination of such instruments and their expected realization
and their current ma... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim
reporting periods beginning January 1, 2023 as the Company i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of our revenues are denominated in the Malaysian Ringgit while most of our expenses are denominated
in Malaysian Ringgit, U.S. dollar and Hong Kong Dollar. We do not believe that we currently have a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that are potentially subject to credit risk consist principally of accounts receivable. Agape ATP Corp believes
the concentration of credit risk in its trade receivables is substantially mitigated b... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this Report, we carried out an evaluation, under the supervision and with the participati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
executive officer and chief financial officer, is responsible for establishing and maintaining adequate
internal control over financial reporting. Internal control over financial reporting is define... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
dispositions of the assets
of the company;
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
acco... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,
or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
our internal control over financial reporting based on the criteria for effective internal control over financial reporting established
in Internal Control—Integrated Framework (2013) issued by the C... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
is a control deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detec... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
audit function to ensure that the Company’s policies and procedures have
been carried out as planned; (iii) lack of proper IT policies and procedures developed for system change management, backup m... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
establish a formal process to close our books monthly on an accrual basis and account for all transactions, including
equity and debt transactions.
To
further strengthen the Company’s internal cont... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
system change management, backup management and service organization management.
We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
’s
report in this Annual Report on Form 10-K.
ITEM
9B. OTHER INFORMATION
None.
53
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Our
executive officer’s and director’s... |
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