Restatement of Previously Issued Financial Statements (Tables)
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3 Months Ended |
Mar. 31, 2017 |
Restatement of Previously Issued Financial Statements [Abstract] |
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Schedule of Condensed Consolidated Balance Sheets |
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As of March 31, 2017 |
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As previously |
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Reported |
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Adjustment |
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Restated |
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ASSETS |
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Current assets: |
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Cash |
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$ |
9,485 |
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$ |
- |
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$ |
9,485 |
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Total current assets: |
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|
9,485 |
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|
- |
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9,485 |
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Total assets |
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$ |
9,485 |
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$ |
- |
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$ |
9,485 |
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LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
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$ |
419,859 |
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$ |
- |
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$ |
419,859 |
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Accrued interest payable |
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34,763 |
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- |
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34,763 |
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Note payable, net of debt discount $1,517 and $1,517, respectively |
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145,483 |
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- |
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145,483 |
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Note payable – related parties |
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16,000 |
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- |
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16,000 |
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Convertible note payable |
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121,000 |
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- |
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121,000 |
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Fair value of derivative liability - beneficial conversion feature |
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46,476 |
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- |
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46,476 |
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Deposit |
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- |
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- |
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- |
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Total current liabilities |
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783,581 |
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- |
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783,581 |
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Total liabilities |
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783,581 |
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- |
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783,581 |
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Stockholders’ deficit: |
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Preferred stock authorized 25,000,000 shares, $.0001 par value, no shares issued and outstanding at March 31, 2017 and December 31, 2016. |
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- |
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- |
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- |
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Common stock authorized 100,000,000 shares, $.0001 par value, 51,411,443 shares issued and outstanding at March 31, 2017 and December 31, 2016. |
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5,141 |
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- |
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5,141 |
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Additional paid-in capital |
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4,401,221 |
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(177,493 |
) |
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4,223,728 |
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Accumulated deficit |
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(5,180,458 |
) |
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177,493 |
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(5,002,965 |
) |
Total stockholders’ deficit |
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(774,096 |
) |
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- |
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(774,096 |
) |
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Total liabilities and stockholders’ deficit |
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$ |
9,485 |
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$ |
- |
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$ |
9,485 |
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Schedule of Condensed Consolidated Statements of Operations |
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For the Three Months Ended March 31, 2017 |
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As Previously |
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Report |
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Adjustment |
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Restated |
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NET SALES |
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$ |
- |
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$ |
- |
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$ |
- |
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OPERATING EXPENSES: |
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Professional fees |
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96,222 |
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- |
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96,222 |
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Selling, general, and administrative |
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10,191 |
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- |
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10,191 |
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Total Operating Expenses |
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106,413 |
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- |
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106,413 |
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Loss from operations |
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(106,413 |
) |
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- |
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(106,413 |
) |
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OTHER INCOME (EXPENSE): |
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Other Income |
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1,775 |
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- |
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1,775 |
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Gain on the sale of subsidiary |
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- |
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177,493 |
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177,493 |
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Interest expense |
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(6,195 |
) |
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- |
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(6,195 |
) |
Changes in fair value of derivative |
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(7,720 |
) |
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- |
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(7,720 |
) |
Total Other Income (Expenses), net |
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(12,140 |
) |
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177,493 |
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165,353 |
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NET INCOME/LOSS |
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$ |
(118,553 |
) |
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$ |
177,493 |
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$ |
58,940 |
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NET INCOME/LOSS PER BASIC SHARES |
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$ |
0.00 |
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$ |
- |
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$ |
0.00 |
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC |
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51,411,443 |
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51,411,443 |
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NET INCOME/(LOSS) PER DILUTED SHARES |
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$ |
0.00 |
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$ |
- |
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$ |
0.00 |
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING –DILUTED |
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$ |
51,411,443 |
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$ |
15,648,651 |
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$ |
67,060,094 |
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Schedule of Condensed Consolidated Statements of Cash Flows |
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For the Three Months Ended March 31, 2017 |
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As Previously |
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Report |
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|
Adjustment |
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|
Restated |
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Operating Activities: |
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Net income/(loss) |
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$ |
(118,553 |
) |
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$ |
177,493 |
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$ |
58,940 |
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Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
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Change in deposit balance |
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44,522 |
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(222,015 |
) |
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(177,493 |
) |
Stock based compensation |
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48,558 |
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- |
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48,558 |
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Interest expense – note payable |
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3,439 |
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- |
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3,439 |
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Interest expense – amortization of convertible note discount |
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2,554 |
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- |
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2,554 |
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Changes in fair value of convertible note |
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7,720 |
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- |
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7,720 |
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Accounts payable |
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11,946 |
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- |
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11,946 |
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Deposit |
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- |
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44,522 |
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44,522 |
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Net cash provided by operating activities |
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186 |
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- |
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186 |
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Financing Activities: |
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Proceeds from issuance of note payable |
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- |
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- |
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- |
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Net cash provided by financing activities |
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- |
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- |
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- |
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Net increase (decrease) in cash |
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186 |
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- |
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186 |
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Cash, Beginning of period |
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9,299 |
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- |
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9,299 |
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Cash, End of period |
|
$ |
9,485 |
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$ |
- |
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$ |
9,485 |
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