ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 |
ACCOUNTING POLICIES | |
DESCRIPTION OF BUSINESS AND HISTORY | 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING |
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POLICIES |
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DESCRIPTION OF BUSINESS, HISTORY AND COMPANY TODAY - Snoogoo Corporation |
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(formerly Casey Container Corp. and formerly Sawadee Ventures Inc.), a Nevada |
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corporation, (hereinafter referred to as the "Company" or "Snoogoo Corp") was |
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incorporated in the State of Nevada on September 26, 2006. The Company's |
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year-end is December 31. The Company was originally formed in 2006 to engage in |
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the acquisition, exploration and development of natural resource properties of |
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merit. |
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Effective January 6, 2010 Ms. Rachna Khanna tendered her resignation as the |
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President, CEO, CFO and Director. Effective January 12, 2010, James Casey, Terry |
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Neild and Robert Seaman were appointed as Directors of the Company. Mr. Casey |
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was elected President, Mr. Terry Neild was elected Chief Executive Officer, |
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Chief Financial Officer and Secretary and Mr. Seaman was elected Vice |
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President-Operations. |
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Effective January 12, 2010, the Company's Certificate of Incorporation was |
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changed and the name of the Company was changed to Casey Container Corp. |
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("Casey"). Casey designs and will custom manufacture biodegradable PET and other |
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polymer plastic preforms that become PET and other polymer plastic bottles and |
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containers, for such product lines as bottled water, bottled beverages and other |
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consumer products. Casey has a non-exclusive supply and license agreement with |
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Bio-Tec Environmental, LLC. Casey currently is considered a "shell" company |
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inasmuch as it is not in production and has no revenues, employees or material |
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assets. |
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Effective February 7, 2011, Martin R. Nason was elected President, Chief |
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Executive Officer and Chief Financial Officer. Mr. Neild remained Chairman of |
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the Board of Directors and Secretary, Mr. Casey as Vice President of Technical |
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Services and Sales and Mr. Seaman as Vice President Manufacturing. On January |
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31, 2014, Mr. Seaman resigned and Mr. Nason was elected as a Director. |
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On January 9, 2015 the Board Of Directors approved a Letter Of Understanding and |
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Term Sheet to purchase the assets, including, but not limited to patents, |
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intellectual property rights, logos and commercial symbols relating to an |
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Information Network technology software. |
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On January 14 and 16, 2015, James T. Casey and Martin R. Nason, respectively, |
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resigned as Members of the Board Of Directors, which was approved by the |
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remaining Board Members on January 20, 2015. Mr. Nason remained as its Chief |
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Executive Officer, President and Chief Financial Officer. |
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On February 9, 2015, the Board of Directors of the Company resolved and approved |
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to change the Company's name to SnooGoo Corp. and to increase the authorized |
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Common Shares from 250,000,000, $0.001 par value to 1,000,000,000, $0.001 par |
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value and on February 10, 2015, a Certificate of Amendment was accordingly filed |
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with the State of Nevada and the Company received a Nevada State Business |
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License for SnooGoo Corp. on February 11, 2015. On February 11, the Company |
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signed an Asset Purchase Agreement relative to the Letter Of Understanding and |
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Term Sheet per January 9, 2015 above, taking the Company in a completely new |
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business direction. The Company no longer will no pursue its previous business |
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venture in the biodegradable plastic industry. The Company filed for trademark |
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registration of the Snoogoo name and logo as identifying marks of the Snoogoo |
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Software products and Apps, including all applications (see Note 13, "Subsequent |
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Events"). |
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BASIS OF PRESENTATION | BASIS OF PRESENTATION - In the opinion of management, the accompanying balance |
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sheets and related statements of operations, cash flows and stockholders' equity |
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include all adjustments, consisting only of normal recurring items, necessary |
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for their fair presentation in conformity with accounting principles generally |
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accepted in the United States of America ("U.S. GAAP"). Preparing financial |
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statements requires management to make estimates and assumptions that affect the |
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reported amounts of assets, liabilities and disclosure of contingent assets and |
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liabilities at the date of the financial statements and the reported amount of |
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revenue and expenses during the reporting period. Actual results and outcomes |
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may differ from managements' estimates and assumptions. |
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CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS - The Company considers all highly liquid investments |
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with maturity of three months or less to be cash equivalents. |
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INCOME TAXES | INCOME TAXES - The Company accounts for its income taxes by recognizing deferred |
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tax assets and liabilities for future tax consequences attributable to |
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differences between the financial statement carrying amounts of existing assets |
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and liabilities and their respective tax basis and tax credit carry forwards. |
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Deferred tax assets and liabilities are measured using enacted tax rates |
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expected to apply to taxable income in the years in which those temporary |
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differences are expected to be recovered or settled. The effect on deferred tax |
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assets and liabilities of a change in tax rates is recognized in operations in |
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the period that includes the enactment date. |
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The Company has net operating loss carryovers of $4,537,713 and $4,257,005 for |
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the years ended December 31, 2014 and 2013 respectively, to be used to reduce |
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future year's taxable income. The Company has recorded a valuation allowance for |
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the full potential tax benefit of the operating loss carryovers due to the |
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uncertainty regarding realization. |
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December 31, December 31, |
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2014 2013 |
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Net operating loss carryovers $ 4,537,713 $ 4,257,005 |
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Effective tax deferred asset (30% tax rate) $ 1,361,314 $ 1,277,101 |
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Impairment of tax deferred asset $ (1,361,314) $ (1,277,101) |
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Net tax deferred asset $ 0 $ 0 |
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NET LOSS PER COMMON SHARE | NET LOSS PER COMMON SHARE - Basic net loss per share is computed by dividing the |
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net loss available to common stockholders for the period by the weighted average |
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number of shares of common stock outstanding during the period. The calculation |
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of diluted net loss per share gives effect to common stock equivalents; however, |
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potential common shares are excluded if their effect is anti-dilutive. For the |
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period from September 26, 2006 (Date of Inception) through December 31, 2014, |
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the Company had no potentially dilutive securities. The basic and diluted net |
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loss per share was $(0.00) and $(0.01) for the years ended December 31, 2014 and |
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2013, respectively. For the years ended December 31, 2014 and 2013 the Net Loss |
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was $(280,708) and $(601,002), respectively. For the years ended December 31, |
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2014 and 2013, the Weighted Average Number of Common shares used in per share |
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calculations was 94,448,130 and 76,512,135 respectively. |
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STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan. In |
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the years ended December 31, 2014 and 2013, the Company issued none and 600,000 |
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Restricted Common shares with a value of none and $60,000 respectively, which |
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represented the closing price of the Company's Common shares on the date of each |
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issuance. |
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REVENUE RECOGNITION | REVENUE RECOGNITION - The Company recognizes revenue when the following four |
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revenue recognition criteria are met (1) persuasive evidence of an arrangement |
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that exists; (2) delivery has occurred or services have been provided; (3) the |
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selling price is fixed or determinable and (4) collectability is reasonably |
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assured. |
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LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived |
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assets is reviewed on a regular basis for the existence of facts or |
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circumstances that may suggest impairment. The Company recognizes impairment |
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when the sum of the expected undiscounted future cash flows is less than the |
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carrying amount of the asset. Impairment losses, if any, are measured as the |
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excess of the carrying amount of the asset over its estimated fair value. |
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LONG-LIVED ASSETS | LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived |
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assets is reviewed on a regular basis for the existence of facts or |
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circumstances that may suggest impairment. The Company recognizes impairment |
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when the sum of the expected undiscounted future cash flows is less than the |
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carrying amount of the asset. Impairment losses, if any, are measured as the |
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excess of the carrying amount of the asset over its estimated fair value. |
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FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair value estimates discussed herein are |
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based upon certain market assumptions and pertinent information available to |
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management, as of December 31, 2014 and 2013. These financial instruments |
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include cash, prepaid expenses and accounts payable. Fair values were assumed to |
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approximate carrying values for cash and payables because they are short term in |
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nature and their carrying amounts approximate fair values or they are payable on |
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demand. |
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Level 1: The preferred inputs to valuation efforts are "quoted prices in active |
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markets for identical assets or liabilities," with the caveat that the reporting |
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entity mush have access to that market. Information at this level is based on |
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direct observations of transactions involving the same assets and liabilities, |
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not assumptions, and thus offers superior reliability. However, relatively few |
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items, especially physical assets, actual trade in active markets. |
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Level 2: The Financial Accounting Standards Board ("FASB") acknowledged that |
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active markets for identical assets and liabilities are relatively uncommon and, |
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even when they do exist, they may be too thin to provide reliable information. |
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To deal with this shortage of direct data, FASB provided a second level of |
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inputs that can be applied in three situations. |
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Level 3: If inputs from Levels 1 and 2 are not available, FASB acknowledges that |
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fair value measures of many assets and liabilities are less precise. FASB |
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describes Level 3 inputs as "unobservable," and limits their use by saying they |
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"shall be used to measure fair value to the extent that observable inputs are |
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not available." This category allows "for situations in which there is little, |
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if any, market activity for the asset or liability at the measurement date." |
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Earlier in the standard, FASB explains that "observable inputs" are gathered |
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from sources other than the reporting company and that they are expected to |
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reflect assumptions made my market participants. |
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RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS - FASB issues various Accounting Standards |
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Updates relating to the treatment and recording of certain accounting |
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transactions. On June 10, 2014, the Financial Accounting Standards Board issued |
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Accounting Standards Update (ASU) No. 2014-10, DEVELOPMENT STAGE ENTITIES (TOPIC |
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915) - ELIMINATION OF CERTAIN FINANCIAL REPORTING REQUIREMENTS, INCLUDING AN |
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AMENDMENT TO VARIABLE INTEREST ENTITIES GUIDANCE IN TOPIC 810, CONSOLIDATION, |
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which eliminates the concept of a development stage entity (DSE) entirely from |
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current accounting guidance. The Company has elected adoption of this standard, |
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which eliminates the designation of DSEs and the requirement to disclose results |
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of operations and cash flows since inception. |
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