DENVER–()–Cannabis development operator, Schwazze, (OTCQX: SHWZ) (“Schwazze ” or “the Company”), at the moment introduced monetary outcomes for its fourth quarter and full 12 months ended December 31, 2020. The Company additionally issued annual income and adjusted EBITDA steering for 2021 that excludes any unannounced acquisitions and set a objective to double proforma income over the twelve months by accretive acquisitions and inner development.

“Completing our Star Buds acquisition marks a significant leap forward for Schwazze that we believe positions us as the number one cannabis company by revenue in Colorado and one of the most profitable cannabis companies in the U.S.,” mentioned Justin Dye, Chairman and CEO. “We are currently integrating the 13 Star Buds dispensary locations into our data-driven operating system to create operational and financial synergies and expect to complete the process by mid-June. We have already launched a budtenders’ training program to enhance customer satisfaction and are now working on standardizing and improving the merchandising mix and store layout, implementing a new POS system to track product-specific sales data, updating the pricing strategy, and installing interactive digital consumer engagement tools. We are confident that these measures will improve the customer experience and result in revenue and gross margin expansion across our current dispensary footprint.”

Dye continued, “We have a robust pipeline of acquisition targets across cultivation, manufacturing, and retail that fit our criteria. New transactions will be announced upon completion of definitive agreements. Our view is that Colorado is a fundamentally attractive market that is poised for consolidation and our goal is to double Schwazze’s proforma revenue over the next twelve months through accretive acquisitions and internal growth. We look forward to sharing our progress as we create the next era of cannabis that lowers the barrier of acceptance for mainstream America and accelerates innovation in health, happiness and quality of life for consumers.”

Business Update

  • On March 3, 2021, the Company introduced that it had accomplished its acquisition of all 13 Star Buds dispensaries in Colorado by closing on the asset buy of the 5 Star Buds that it had not already beforehand acquired. This follows the asset buy of six Star Buds on December 17 and 18, 2020 and the asset buy of two Star Buds on February 4, 2021.

    • Star Buds is without doubt one of the most acknowledged and profitable retail hashish operators within the United States primarily based on revenue-per-location and revenue. Upon finishing this transaction, the Company has grow to be one the primary publicly traded firms with full seed to sale operations in Colorado consisting of 17 dispensaries, manufacturing, and cultivation.
    • Total consideration was roughly $118 million, consisting of $44.25 million in money, $44.25 million in sellers’ notes, and $29.5 million in Series A Preferred Stock (at a worth of $1,000 per share).
    • Together with Schwazze and the proforma income for 2020 Mesa Organics Ltd, acquired by Schwazze in April 2020, complete 2020 proforma income is estimated to be roughly $100 million on a mixed foundation. The 13 Star Buds generated complete income in 2020 of roughly $75 million.
  • From December 2020 to March 2021, the Company raised a complete of $72.76 million in financing cut up between a non-public placement providing of $57.76 million and debt financing of $15 million. The first $10 million of the debt financing was funded instantly whereas the remaining $5 million will likely be funded as a part of the closing of an recognized acquisition.
  • On March 15, 2020, the Company introduced that Jeff Cozad and Salim Wahdan have been appointed to the Schwazze Board of Directors.

    • Mr. Cozad is the co-founder of CRW Cann Holdings, LLC – a particular goal automobile created to assist Schwazze’s imaginative and prescient of turning into the main vertically built-in participant within the Colorado hashish market. He can also be the Managing Partner of his household workplace, Cozad Investments, LP, which has accomplished greater than 20 investments throughout a disparate set of industries over the previous 13 years.
    • Mr. Wahdan has near twenty years of entrepreneurial expertise proudly owning and working retail companies. Most just lately, he was a companion and operator of Star Buds in Adams, Louisville, and Westminster, a number of of the Star Buds’ branded dispensaries the Company bought between December 2020 and March 2021. Mr. Wahdan was instrumental within the early development of the Star Buds franchise. Previous to his time within the hashish business, Mr. Wahdan owned and operated numerous retail ideas in Colorado.

Fourth Quarter 2020 Financial Results

Total income was $7.9 million throughout the three months ended December 31, 2020, a rise of roughly 139% as in comparison with $3.Three million throughout the identical interval in 2019. Compared to the year-ago interval, product gross sales elevated to $7.Eight million from $2.2 million whereas consulting and licensing charges decreased to $0.1 million from $1.1 million. The improve in product gross sales can largely be attributed to the income related to the acquisition of Mesa Organics in April 2020.

Cost of companies had been $7.Three million throughout the three months ended December 31, 2020 as in comparison with $2.1 million throughout the identical interval in 2019. This improve was attributable to elevated gross sales of product.

Gross revenue was $0.6 million throughout the three months ended December 31, 2020 as in comparison with $1.2 million throughout the identical interval in 2019. Gross revenue margin elevated as a proportion of income largely pushed by the power of the Mesa Organics acquisition.

Operating bills had been $9.Four million throughout the three months ended December 31, 2020 as in comparison with $6.7 million throughout the identical interval in 2019. This improve was attributable to elevated promoting, common and administrative bills, skilled service charges, salaries, advantages and associated employment prices and non-cash, stock-based compensation.

Net loss was $8.5 million throughout the three months ended December 31, 2020, or a lack of roughly $0.21 per share on a primary weighted common, as in comparison with internet lack of $3.Four million, or a lack of roughly $0.10 per share on a primary weighted common throughout the three months ended December 31, 2019.

Full Year 2020 Financial Results

Total income was $24.Zero million throughout the twelve months ended December 31, 2020, a rise of roughly 94% as in comparison with $12.Four million throughout the identical interval in 2019. Compared to the year-ago interval, product gross sales elevated to $22.5 million from $7.Eight million whereas consulting and licensing charges declined to $1.5 million from $4.6 million, the latter which included $1.Eight million awarded in litigation (which the Company views as non-recurring).

Cost of companies had been $17.2 million throughout the twelve months ended December 31, 2020 as in comparison with $7.6 million throughout the identical interval in 2019. This improve was due primarily to elevated sale of merchandise and features a $1.Four million stock buy worth valuation adjustment.

Gross revenue was $6.Eight million throughout the twelve months ended December 31, 2020 as in comparison with $4.Eight million throughout the identical interval in 2019. Gross revenue declined as proportion of income because of the product combine improve in 2020, a one-time stock buy worth valuation adjustment and the one-time litigation income in 2019.

Operating bills had been $29.7 million throughout the twelve months ended December 31, 2020 as in comparison with $21.9 million throughout the identical time interval in 2019. This improve was attributable to elevated promoting, common and administrative bills, skilled service charges, salaries, advantages and associated employment prices and non-cash, stock-based compensation.

Net loss was $19.Four million for the year-ended December 31, 2020, or a lack of roughly $0.47 per share on a primary weighted common, as in comparison with internet lack of $17.Zero million, or $0.50 per share on a primary weighted common, for the 12 months ended December 31, 2019.

The Company’s had $1.2 million labeled as money and money equivalents at December 31, 2020.

2021 Guidance

The Company is offering the next outlook for 2021 that excludes any unannounced acquisitions:

  • Total projected income of roughly $105 million to $125 million; and
  • Projected adjusted EBITDA, a non-GAAP measure, of roughly $28 million to $36 million.

So far in 2021, the Company is producing constructive money movement. The Company is optimistic concerning the total 12 months primarily based upon outcomes so far, the combination of Star Buds acquisitions which is continuing properly, and the expectation of synergies between working firms. However, there are additionally various challenges from exterior components which will have an unknown impression on the general enterprise, equivalent to Covid-19, authorities stimulus, and laws.

Adjusted EBITDA represents earnings (loss) from operations, as reported, earlier than curiosity and tax, adjusted to exclude non-recurring gadgets, different non-cash gadgets, together with stock-based compensation expense, depreciation and amortization, and additional adjusted to take away acquisition associated prices, and different one-time bills, equivalent to severance. The firm makes use of adjusted EBITDA because it believes it higher explains the outcomes of our core enterprise. The Company has not reconciled steering for adjusted EBITDA to the corresponding GAAP monetary measure as a result of it can not present steering for the assorted reconciling gadgets. The Company is unable to offer steering for these reconciling gadgets as a result of it can not decide their possible significance, as sure gadgets are exterior of its management and can’t be moderately predicted. Accordingly, a reconciliation to the corresponding GAAP monetary measure will not be out there with out unreasonable effort.

Conference Call and Webcast

Investors thinking about taking part within the convention name can dial 201-389-0879 or take heed to the webcast from the Company’s “Investors” web site at https://ir.schwazze.com. The webcast will later be archived as properly.

Following their ready remarks, Chief Executive Officer Justin Dye and Chief Financial Officer Nancy Huber may even reply investor questions. Investors could submit questions prematurely or throughout the convention name itself by the weblink: http://public.viavid.com/index.php?id=143945. This weblink has additionally been posted to the Company’s “Investors” web site.

About Schwazze

Schwazze (OTCQX: SHWZ) is concentrated on constructing the premier vertically built-in hashish firm in Colorado. The firm’s management staff has deep experience in mainstream CPG, retail, and product growth at Fortune 500 firms in addition to within the hashish sector. The group has a high-performance tradition and a give attention to analytical resolution making, supported by knowledge. Customer-centric considering conjures up Schwazze’s technique and supplies the muse for the Company’s operational playbooks.

Medicine Man Technologies, Inc. was Schwazze’s former working commerce identify. The company entity continues to be named Medicine Man Technologies, Inc.

Forward-Looking Statements

This press launch incorporates “forward-looking statements.” Such statements could also be preceded by the phrases “believes,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,”, “estimates”, “predicts,”, “position”, “goal”, “continue”, or comparable phrases. Forward-looking statements are usually not ensures of future efficiency, are primarily based on sure assumptions, and are topic to numerous identified and unknown dangers and uncertainties, lots of that are past the Company’s management and can’t be predicted or quantified. Consequently, precise outcomes could differ materially from these expressed or implied by such forward-looking statements. Such dangers and uncertainties embody, with out limitation, dangers and uncertainties related to (i) our incapability to fabricate our merchandise and product candidates on a business scale on our personal or in collaboration with third events; (ii) difficulties in acquiring financing on commercially cheap phrases; (iii) adjustments within the dimension and nature of our competitors; (iv) lack of a number of key executives or scientists; (v) difficulties in securing regulatory approval to market our merchandise and product candidates; (v) precise shareholder returns, (vii) our capacity to efficiently shut on the second $5 million tranche underneath the time period mortgage described above, (viii) our capacity to efficiently execute our development technique in Colorado and exterior the state, (ix) our capacity to establish and consummate future acquisitions that meet our standards, (x) our capacity to efficiently combine acquired companies and notice synergies therefrom, (xi) the continuing COVID-19 pandemic, and (xii) the uncertainty within the utility of federal, state and native legal guidelines to our enterprise, and any adjustments in such legal guidelines. More detailed details about the Company and the danger components which will have an effect on the belief of forward-looking statements is ready forth within the Company’s filings with the Securities and Exchange Commission (SEC), together with the Company’s Annual Report on Form 10-Ok and its Quarterly Reports on Form 10-Q. Investors and safety holders are urged to learn these paperwork freed from cost on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly replace or revise its forward-looking statements because of new data, future occasions or in any other case besides as required by legislation.

MEDICINE MAN TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

Expressed in U.S. Dollars

 

 

 

December 31,

2020

 

 

December 31,

2019

 

 

 

 

 

 

 

 

Assets

Current property

 

 

 

 

 

 

 

 

Cash and money equivalents

 

$

1,231,235

 

 

$

11,853,627

 

Accounts receivable, internet of allowance for uncertain accounts

 

 

1,270,380

 

 

 

313,317

 

Accounts receivable – associated celebration

 

 

80,494

 

 

 

72,658

 

Inventory

 

 

2,619,145

 

 

 

684,940

 

Notes receivable – associated celebration

 

 

181,911

 

 

 

767,695

 

Prepaid bills

 

 

614,200

 

 

 

529,416

 

Prepaid acquisition prices

 

 

 

 

 

1,347,462

 

Total present property

 

 

5,997,365

 

 

 

15,569,115

 

 

 

 

 

 

 

 

 

 

Non-current property

 

 

 

 

 

 

 

 

Fixed property, internet of accrued depreciation of $872,579 and $159,354, respectively

 

 

2,584,798

 

 

 

239,078

 

Goodwill

 

 

53,046,729

 

 

 

12,304,306

 

Intangible property, internet of accrued amortization of $200,456 and $19,811, respectively

 

 

3,082,044

 

 

 

75,289

 

Marketable securities, internet of unrealized lack of $129,992 and $1,792,569, respectively

 

 

276,782

 

 

 

406,774

 

Accounts receivable – litigation

 

 

3,063,968

 

 

 

3,063,968

 

Deferred tax property, internet

 

 

 

 

 

268,423

 

Notes receivable – noncurrent, internet

 

 

 

 

 

241,711

 

Other non-current property

 

 

51,879

 

 

 

 

Operating lease proper of use property

 

 

2,579,036

 

 

 

59,943

 

Total non-current property

 

 

64,685,236

 

 

 

16,659,492

 

 

 

 

 

 

 

 

 

 

Total property

 

$

70,682,601

 

 

$

32,228,607

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,508,479

 

 

$

699,961

 

Accounts payable – associated celebration

 

 

48,982

 

 

 

15,372

 

Accrued bills

 

 

2,705,445

 

 

 

1,091,204

 

Derivative liabilities

 

 

1,047,481

 

 

 

3,773,382

 

Deferred income

 

 

50,000

 

 

 

 

Notes payable – associated celebration

 

 

5,000,000

 

 

 

 

Income taxes payable

 

 

 

 

 

1,940

 

Total present liabilities

 

 

12,360,386

 

 

 

5,581,859

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long time period debt

 

 

13,901,759

 

 

 

 

Lease liabilities

 

 

2,645,597

 

 

 

66,803

 

Total long-term liabilities

 

 

16,547,356

 

 

 

66,803

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

28,907,742

 

 

 

5,648,662

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ fairness

 

 

 

 

 

 

 

 

Preferred inventory $0.001 par worth. 10,000,000 approved, 19,716 shares issued and excellent December 31, 2020 and zero shares issued and excellent at December 31, 2019, respectively.

 

 

20

 

 

 

 

Common inventory $0.001 par worth. 250,000,000 approved, 42,601,773 shares issued and 42,169,041 excellent at December 31, 2020 and 39,952,626 shares issued and 39,694,894 excellent at December 31, 2019, respectively.

 

 

42,602

 

 

 

39,953

 

Additional paid-in capital

 

 

85,357,835

 

 

 

50,356,469

 

Accumulated deficit

 

 

(42,293,098

)

 

 

(22,816,477

)

Common inventory held in treasury, at value, 432,732 shares held at December 31, 2020 and 257,732 shares held at 2019, respectively

 

 

(1,332,500

)

 

 

(1,000,000

)

Total shareholders’ fairness

 

 

41,774,859

 

 

 

26,579,945

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ fairness

 

$

70,682,601

 

 

$

32,228,607

 

See accompanying notes to the monetary statements that may be discovered inside the SEC Form on 10-Ok that will likely be filed on March 31, 2021.

MEDICINE MAN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) AND INCOME

For the Years Ended December 31, 2020 and 2019

Expressed in U.S. Dollars

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Product gross sales, internet

 

$

7,079,034

 

$

1,890,456

 

$

21,371,408

 

 

$

6,468,230

 

Product gross sales – associated celebration, internet

 

 

685,468

 

 

292,877

 

 

1,170,398

 

 

 

1,351,578

 

Litigation income

 

 

 

 

 

 

 

 

 

1,782,457

 

Licensing and consulting charges

 

 

158,191

 

 

1,110,363

 

 

1,425,778

 

 

 

2,767,649

 

Other working revenues

 

 

20,322

 

 

7,095

 

 

33,268

 

 

 

31,041

 

Total working revenues

 

 

7,943,015

 

 

3,300,791

 

 

24,000,852

 

 

 

12,400,955

 

Cost of products and companies

 

 

 

 

 

 

 

 

 

 

 

Cost of products and companies

 

 

7,322,355

 

 

2,144,852

 

 

17,226,486

 

 

 

7,616,221

 

Total value of products and companies

 

 

7,322,355

 

 

2,144,852

 

 

17,226,486

 

 

 

7,616,221

 

Gross revenue

 

 

620,660

 

 

1,155,939

 

 

6,774,366

 

 

 

4,784,734

 

Operating bills

 

 

 

 

 

 

 

 

 

 

 

Selling, common and administrative bills

 

 

1,469,512

 

 

1,168,615

 

 

4,523,603

 

 

 

2,261,317

 

Professional companies

 

 

3,155,114

 

 

(244,895)

 

 

8,545,300

 

 

 

3,357,877

 

Salaries, advantages, and associated bills

 

 

2,404,407

 

 

1,704,545

 

 

8,377,889

 

 

 

3,567,535

 

Stock-based compensation

 

 

2,414,705

 

 

4,113,087

 

 

8,230,513

 

 

 

7,279,363

 

Derivative expense – contingent compensation

 

 

 

 

 

 

 

 

 

5,400,559

 

Total working bills

 

 

9,443,738

 

 

6,741,352

 

 

29,677,305

 

 

 

21,866,651

 

(Loss) Income from operations

 

 

(8,823,078)

 

 

(5,585,413)

 

 

(22,902,939

)

 

 

(17,081,917

)

Other earnings (expense)

 

 

 

 

 

 

 

 

 

 

 

Bad debt expense

 

 

 

 

(151,169)

 

 

 

 

 

(151,169

)

Gain on forfeiture of contingent consideration

 

 

 

 

 

 

1,462,636

 

 

 

 

Unrealized achieve on spinoff liabilities

 

 

(264,586)

 

 

2,079,267

 

 

1,263,264

 

 

 

1,627,177

 

Unrealized loss on marketable securities

 

 

(250,793)

 

 

(334,532)

 

 

(129,992

)

 

 

(1,792,569

)

Other earnings (expense)

 

 

(88,186)

 

 

 

 

32,621

 

 

 

 

Interest (expense) earnings, internet

 

 

 

 

(4,380)

 

 

(41,460

)

 

 

(160,195

)

Total different expense

 

 

(603,565)

 

 

1,589,186

 

 

2,587,069

 

 

 

(476,756

)

(Loss) earnings earlier than earnings taxes

 

 

(9,426,643)

 

 

(3,996,227)

 

 

(20,315,870

)

 

 

(17,558,673

)

Provision for earnings tax (profit) expense

 

 

(899,109)

 

 

(582,931)

 

 

(899,109

)

 

 

(582,931

)

Net (loss) earnings

 

$

(8,527,534)

 

$

(3,413,296)

 

$

(19,416,761

)

 

$

(16,975,742

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per widespread share

 

$

(0.21)

 

$

(0.10)

 

$

(0.47

)

 

$

(0.50

)

Diluted (loss) earnings per widespread share

 

$

(0.21)

 

$

(0.10)

 

$

(0.47

)

 

$

(0.50

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average variety of widespread shares excellent:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,217,026

 

 

33,740,557

 

 

41,217,026

 

 

 

33,740,557

 

Diluted

 

 

41,217,026

 

 

33,740,557

 

 

41,217,026

 

 

 

33,740,557

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) earnings

 

$

(8,527,534)

 

$

(3,413,296)

 

$

(19,416,761

)

 

$

(16,975,742

)

See accompanying notes to the monetary statements that may be discovered inside the SEC Form on 10-Ok that will likely be filed on March 31, 2021.

MEDICINE MAN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2020 and 2019

Expressed in U.S. Dollars

 

 

 

Year Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

Cash flows from working actions of continuous operations:

 

 

 

 

 

 

 

 

Net (loss) earnings

 

$

(19,416,761

)

 

$

(16,975,742

)

Adjustments to reconcile internet (loss) earnings to money utilized in working actions:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

476,592

 

 

 

61,708

 

Deferred taxes

 

 

268,423

 

 

 

(268,423

)

Derivative expense

 

 

 

 

 

5,400,559

 

Unrealized achieve on spinoff liabilities

 

 

(2,725,901

)

 

 

(1,627,176

)

Unrealized loss on marketable securities

 

 

129,992

 

 

 

1,792,569

 

Stock-based compensation

 

 

8,230,513

 

 

 

7,184,363

 

Other

 

 

 

 

 

151,169

 

Changes in working property and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

874,616

 

 

 

(3,361,194

)

Inventory

 

 

781,512

 

 

 

(195,701

)

Prepaid bills

 

 

(84,784

)

 

 

(383,592

)

Other property

 

 

(51,879

)

 

 

 

Operating leases proper of use property and liabilities

 

 

59,701

 

 

 

6,860

 

Accounts payable and accrued liabilities

 

 

1,610,226

 

 

 

1,241,626

 

Deferred income

 

 

50,000

 

 

 

 

Income taxes payable

 

 

(1,940

)

 

 

(580,991

)

Net money utilized in working actions

 

 

(9,799,690

)

 

 

(7,553,965

)

 

 

 

 

 

 

 

 

 

Cash flows from investing actions:

 

 

 

 

 

 

 

 

Acquisitions, internet of money acquired

 

 

(33,278,462

)

 

 

 

Repayment (issuance) of notes receivable

 

 

827,495

 

 

 

(916,518

)

Purchase of fastened property

 

 

(768,173

)

 

 

(200,238

)

Net money utilized in investing actions

 

 

(33,219,140

)

 

 

(1,116,756

)

 

 

 

 

 

 

 

 

 

Cash flows from financing actions:

 

 

 

 

 

 

 

 

Proceeds from issuance of inventory, internet of issuance prices and returns

 

 

12,625,312

 

 

 

19,600,000

 

Proceeds from issuance of notes payable, internet

 

 

5,000,000

 

 

 

 

Proceeds from issuance of long run debt, internet

 

 

13,901,759

 

 

 

 

Proceeds from train of widespread inventory buy warrants, internet of issuance prices

 

 

374,810

 

 

 

602,560

 

Net money supplied by financing actions

 

 

31,901,882

 

 

 

20,202,560

 

 

 

 

 

 

 

 

 

 

Net improve in money and money equivalents

 

 

(11,116,948

)

 

 

11,531,839

 

Cash and money equivalents at starting of interval

 

 

12,348,183

 

 

 

321,788

 

Cash and money equivalents at finish of interval

 

$

1,231,235

 

 

$

11,853,627

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of money movement data:

 

 

 

 

 

 

 

 

Cash paid for curiosity

 

$

41,565

 

 

$

192,107

 

Cash paid for earnings taxes

 

$

 

 

$

268,423

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing actions:

 

 

 

 

 

 

 

 

Common inventory issued in reference to long run service contracts

 

$

 

 

$

95,000

 

Return of widespread inventory

 

$

332,500

 

 

$

1,000,000

 

 

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