0001477932-12-003959.txt : 20121023 0001477932-12-003959.hdr.sgml : 20121023 20121023083921 ACCESSION NUMBER: 0001477932-12-003959 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120831 FILED AS OF DATE: 20121023 DATE AS OF CHANGE: 20121023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVCN CORP CENTRAL INDEX KEY: 0000740571 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 133074570 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-13187 FILM NUMBER: 121155668 BUSINESS ADDRESS: STREET 1: 7616 CURRELL BLVD. STREET 2: SUITE 200 CITY: WOODBURY STATE: MN ZIP: 55125 BUSINESS PHONE: 612-750-5855 MAIL ADDRESS: STREET 1: 7616 CURRELL BLVD. STREET 2: SUITE 200 CITY: WOODBURY STATE: MN ZIP: 55125 FORMER COMPANY: FORMER CONFORMED NAME: NVCN INC DATE OF NAME CHANGE: 19940224 FORMER COMPANY: FORMER CONFORMED NAME: CARDIO PACE MEDICAL INC DATE OF NAME CHANGE: 19880113 10-Q/A 1 nvcn_10qa.htm FORM 10-Q/A nvcn_10qa.htm


U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q/A
(Amendment No. 1)
 
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2012
 
OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________

COMMISSION FILE NUMBER: 0-13187

NVCN CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
13-3074570
(State or Other Jurisdiction of
 Incorporation or Organization)
 
(IRS Employer Identification No.)
     
7617 Currell Blvd., Suite 200,
Woodbury, Minnesota
 
55125
(Address of Principal Executive Offices)
 
(Zip Code)

(612) 750-5855
(Registrant’s Telephone Number)
 
NA
(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the Registrant (1) has 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) been subject to such filing requirements for the past 90 days.Yes o No  x
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated file, non-accelerated filer, or a smaller reporting company.
 
Large accelerated filer
o
Accelerated filed 
o
Non-accelerated filer 
o
Smaller reporting company
x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x  No o

As of October 19, 2012 the Registrant had 14,548,371 shares of common stock issued and outstanding
 


 
 

 
 
EXPLANATORY NOTE
 
The sole purpose of this Amendment No. 1 to NVCN Corporation's Quarterly Report on Form 10-Q for the quarterly period ended August 31, 2012 filed with the Securities and Exchange Commission on October 22, 2012 (the Form 10-Q), is to furnish Exhibit 101 in accordance with Rule 405 of Regulation S-T.  Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). 
 
No other changes have been made to the Form 10-Q.  This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10-Q.
 
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
 
 
2

 
 
SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
NVCN Corporation.
 
       
Dated: October 23, 2012
By:
/s/ Gary Borglund
 
   
Gary Borglund, Principal Executive Officer
 
   
and Principal Financial Officer
 
 
 
3

 
 
EXHIBIT INDEX

Number
 
Description
     
31
 
Rule 13a-14(a)/15d-14(a) Certification of Gary Borglund (filed herewith).
     
32
 
Section 1350 Certification of Gary Borglund (filed herewith).

101.INS **
 
XBRL Instance Document
     
101.SCH **
 
XBRL Taxonomy Extension Schema Document
     
101.CAL **
 
XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF **
 
XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB **
 
XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE **
 
XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
4

EX-31.1 2 nvcn_ex311.htm CERTIFICATION nvcn_ex311.htm
EXHIBIT 31.1
 
FORM OF CERTIFICATION
 
PURSUANT TO RULE 13a-14 AND 15d-14
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
 
CERTIFICATION
 
I, Gary Borglund, certify that:

1.   I have reviewed this quarterly report on Form 10- Q of NVCN Corporation:

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date:  October 23, 2012
By:
/s/ Gary Borglund
 
   
Gary Borglund
 
   
Principal Executive Officer and Principal Financial Officer
 
EX-32.1 3 nvcn_ex321.htm CERTIFICATION nvcn_ex321.htm
EXHIBIT 32.1
 
CERTIFICATIONS PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
 
In connection with the Quarter Report of NVCN Corporation on Form 10-Q for the year ended August 31, 2012, as filed with the Securities and Exchange Commission (the "Report") Gary Borglund, Chief Executive Officer and Chief Financial Officer of the Company, does hereby certify, pursuant to §906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that to his knowledge:
 
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
 
 
Date:  October 23, 2012
By:
/s/ Gary Borglund
 
   
Gary Borglund
 
   
Principal Executive Officer and Principal Financial Officer
 
 
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
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RECENT ACCOUNTING PRONOUNCEMENTS
3 Months Ended
Aug. 31, 2012
Recent Accounting Pronouncements  
Note 4. RECENT ACCOUNTING PRONOUNCEMENTS

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Aug. 31, 2012
Summary Of Significant Accounting Policies  
Note 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

 

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (US GAAP).

 

Going Concern

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has no established source of revenue. This matter raises substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

The Company intends to pursue acquisitions of various business opportunities that, in the opinion of management, will provide a profit to the Company; however, the Company does not have the working capital to be successful in this effort or to service its debt. These factors raise substantial doubt about its ability to continue as a going concern.  

 

Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy that it believes will accomplish this objective through additional equity funding which will enable the Company to operate for the coming year. There is no guarantee that additional funding will be obtained or that the Company will be successful in it funding efforts or acquiring any profitable business opportunities.

 

Basic and Diluted Earnings (Loss) per Share

 

The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share are computed by dividing income (loss) available to common stockholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

 

The Company has no potential dilutive instruments and accordingly, basic loss and diluted share loss per share are equal.

 

Estimates and Assumptions

 

Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles.  Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.  Actual results could vary from the estimates that were assumed in preparing these financial statements.

 

Statement of Cash Flows

 

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

 

Revenue Recognition

 

The Company has not recognized any revenues from its operations.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEET(Unaudited) (USD $)
Aug. 31, 2012
May 31, 2012
ASSETS    
Cash $ 8 $ 8
Note receivable 15,000 15,000
Total Assets 15,008 15,008
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)    
Accounts payable 110,533 104,407
Accrued interest 14,035 13,317
Accrued compensation - related parties 85,886 73,386
Notes payable - related parties 5,310 5,310
Notes payable- third party 90,413 90,413
Total Current Liabilities 306,177 286,833
Shareholders' deficit    
Common stock, $0.001 par value; authorized 50,000,000 shares; issued and outstanding 14,548,371 shares respectively 14,548 14,548
Preferred stock, $0.01 par value authorized 10,000,000 shares; issued and outstanding; none      
Additional paid-in capital 9,335,364 9,335,364
Retained earnings (deficit) (9,641,081) (9,621,737)
Total shareholders' deficit (291,169) (271,825)
Total liabilities and shareholders' equity(deficit) $ 15,008 $ 15,008
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
BASIS OF PRESENTATION
3 Months Ended
Aug. 31, 2012
Basis Of Presentation  
Note 1. BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of NVCN Corporation (“NVCN”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in NVCN’s May 31, 2012Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end May 31, 2012as reported on Form 10-K, have been omitted.

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XML 17 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN CONSIDERATIONS
3 Months Ended
Aug. 31, 2012
Going Concern Considerations  
Note 2. GOING CONCERN CONSIDERATIONS

As shown in the accompanying interim financial statements, the Company has incurred a net loss of $19,344 for the three months ending August 31, 2012. As of August 31, 2012, the Company reported an accumulated deficit of $9, 641,081. The Company has no sales or revenue. The Company’s ability to generate net income and positive cash flows is dependent on the ability to acquire or start an operating entity as well as the ability to raise additional capital. Management is following strategic plans to accomplish these objectives, but success is not guaranteed. As of August 31, 2012, these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty

XML 18 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEET(Unaudited) (Parenthetical) (USD $)
Aug. 31, 2012
May 31, 2012
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, Authorized 50,000,000 50,000,000
Common stock, Issued 14,548,371 14,548,371
Common stock, outstanding 14,548,371 14,548,371
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, Authorized 10,000,000 10,000,000
Preferred stock, Issued 0 0
Preferred stock, outstanding 0 0
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Aug. 31, 2012
Oct. 19, 2012
Document And Entity Information    
Entity Registrant Name NVCN CORPORATION  
Entity Central Index Key 0000740571  
Document Type 10-Q  
Document Period End Date Aug. 31, 2012  
Amendment Flag false  
Current Fiscal Year End Date --05-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   14,548,371
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
XML 20 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS(Unaudited) (USD $)
3 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Income Statement [Abstract]    
Revenue $ 0 $ 0
Selling, General, and Administrative Expenses 18,627 12,520
Operating loss (12,520) (12,520)
Other income(expense)    
Interest expense (717) (717)
Total other income(expense) (717) (717)
Net loss $ (19,344) $ (13,237)
Basic and Diluted Loss per Common Share Net loss $ 0.00 $ (0.01)
Weighted Average Number of Common Shares Used to Compute Net loss per Weighted Average Share 14,548,371 14,548,371
XML 21 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Aug. 31, 2012
Commitments And Contingencies  
Note 7. COMMITMENTS AND CONTINGENCIES

In December 2003, the Company executed an agreement with its stock transfer agent to settle all past outstanding obligations for $8,000. The payment was subsequently made in January 2004 per the terms of the agreement. As part of the settlement, the Company entered into an agreement to retain the stock transfer agent through December 2006 at the mutually agreed rate of $625 per month. As of August 31, 2012 the Company has an outstanding balance of $ 23,013 with the stock transfer agent.

XML 22 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
3 Months Ended
Aug. 31, 2012
Income Taxes  
Note 6. INCOME TAXES

The Company follows Accounting Standards Codification 740, Accounting for Income Taxes.

 

Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes.

XML 23 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTION (Details Narrative) (USD $)
Aug. 31, 2012
Related Party Transaction Details Narrative  
Outstanding balance due to the officer $ 5,310
XML 24 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Aug. 31, 2012
Summary Of Significant Accounting Policies Policies  
Basis of Presentation

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (US GAAP).

Going concern

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has no established source of revenue. This matter raises substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 The Company intends to pursue acquisitions of various business opportunities that, in the opinion of management, will provide a profit to the Company; however, the Company does not have the working capital to be successful in this effort or to service its debt. These factors raise substantial doubt about its ability to continue as a going concern.  

 

Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy that it believes will accomplish this objective through additional equity funding which will enable the Company to operate for the coming year. There is no guarantee that additional funding will be obtained or that the Company will be successful in it funding efforts or acquiring any profitable business opportunities.

 

Basic and Diluted Earnings (Loss) per Share

The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share are computed by dividing income (loss) available to common stockholders by the weighted average number of common shares available.  Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

 

The Company has no potential dilutive instruments and accordingly, basic loss and diluted share loss per share are equal.

 

Estimates and Assumptions

Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles.  Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.  Actual results could vary from the estimates that were assumed in preparing these financial statements.

Statement of Cash Flows

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

Revenue Recognition

The Company has not recognized any revenues from its operations.

XML 25 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN CONSIDERATIONS (Details Narrative) (USD $)
3 Months Ended
Aug. 31, 2012
Aug. 31, 2011
May 31, 2012
Going Concern Considerations Details Narrative      
Net loss $ (19,344) $ (13,237)  
Accumulated deficit $ (9,641,081)   $ (9,621,737)
XML 26 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Details Narrative) (StockTransferAgentMember, USD $)
Aug. 31, 2012
StockTransferAgentMember
 
Related Party Transaction [Line Items]  
Outstanding balance with the stock transfer agent $ 23,013
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STATEMENTS OF CASH FLOWS(Unaudited) (USD $)
3 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Cash flows from operating activities:    
Net Income (Loss) Before Extraordinary Item $ (19,344) $ (13,238)
Adjustments to Reconcile Net (Loss) to Net Cash (Required) by Operating Activities:    
Accounts payable 6,127   
Accrued Interest 717 718
Accrued compensation-related party 12,500 12,500
Net Cash Required by Operating Activities    (20)
Investing Activities:    
Cash given in consideration with stock and other assets for the reduction of accrued compensation liabilities      
Net Cash Required by Investing Activities      
Financing Activities:    
Notes payable      
Net Cash Provided by Financing Activities      
Increase (Decrease) in Cash and Cash Equivalents    (20)
Cash and Cash Equivalents at Beginning Of Period 8 28
Cash and Cash Equivalents at End of Period 8 8
Supplemental schedules of cash flow information:    
Interest paid      
Income taxes paid      
XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTION
3 Months Ended
Aug. 31, 2012
Related Party Transaction  
Note 5. RELATED PARTY TRANSACTION

As of August 31, 2012 an outstanding balance of $5,310 was due to the officer as an advance to the Company.

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