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UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
|
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) |
July
18, 2023 |
Laredo Oil, Inc. |
(Exact Name of Registrant as Specified in Charter)
333-153168 |
(Commission File Number) |
Delaware |
|
26-2435874 |
(State or Other Jurisdiction of Incorporation) |
|
(IRS Employer Identification No.) |
2021 Guadalupe Street, Ste. 260
Austin, Texas |
78705 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code |
(512) 337-1199 |
Not Applicable |
(Former Name or Former Address, if Changed Since Last Report.) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
|
Title of each class |
Trading Symbol(s) |
Name of exchange on which registered |
None |
|
|
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
Lustre Oil Company, LLC, a wholly owned
subsidiary of Laredo Oil, Inc. (“Lustre”), and Erehwon Oil & Gas, LLC (“Erehwon”) have entered into an
Exploration and Development Agreement, dated July 18, 2023 (the “Development Agreement”), with Texakoma Exploration
& Production Company (“Texakoma”), for the exploration and development of the “Lustre Field Prospect,”
as described in the Development Agreement (excluding schedules). Lustre and Erehwon are parties to an existing Acquisition and Participation
Agreement, under which those parties agreed to acquire certain oil and gas interests, and drill, complete, re-enter, re-complete,
sidetrack, and equip wells, in certain counties in Montana.
Under the terms of the Development Agreement, Texakoma
agreed to pay Lustre and Erehwon (jointly, “LOC”), the following amounts: (i) $175,000 on or before July 21, 2023; and (ii)
another $175,000 upon the “spudding” of the initial test well, which is scheduled to occur prior to October 1, 2023, subject
to rig availability. Upon the spudding of that test well, LOC is required to deliver to Texakoma a partial assignment of an 85% working
interest in the oil and gas leases covering the first two initial drilling and spacing units.
Texakoma will pay 100% of the costs associated with
the drilling and completion of two initial test wells. LOC will have an undivided 15% working interest, carried through the tanks, in
the initial two wells. Texakoma will have the option, but not the obligation, to participate in the development of the remainder of the
Lustre Field Prospect, which may be exercised by giving LOC written notice of its intent to participate within 90 days after the completion
rig moves off the second test well location.
If Texakoma duly exercises its option, Texakoma agrees
to drill eight additional wells, with LOC having a 15% working interest carried through the tanks, and pay LOC $706,602.75 for an 85%
leasehold interest in the next eight drill sites and a 50% leasehold interest in the balance of the Lustre Field Prospect acreage. The
working and net revenue interest in any wells drilled subsequent to the first ten wells shall be shared by Texakoma and LOC on a 50:50
basis. Following the Texakoma transaction, Laredo will retain a 100% leasehold interest and full control of an additional 30,556 net mineral
acres in northeastern Montana at the western edge of the Williston Basin.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: July 24, 2023 |
By: |
/s/ Bradley E. Sparks |
|
|
|
Bradley E. Sparks |
|
|
|
Chief Financial Officer and Treasurer |
|
|
|
|
|
EXHIBIT INDEX
Exhibit
10.1
EXPLORATION
AND DEVELOPMENT AGREEMENT
LUSTRE
FIELD PROSPECT
VALLEY
COUNTY, MONTANA
This
Agreement is made and entered into the 18th day of July 2023, by and between Texakoma Exploration & Production, LLC, a
Texas limited liability company hereinafter referred to as “Texakoma”, Lustre Oil Company, LLC, a Montana limited liability
company hereinafter referred to as “Lustre” and Erehwon Oil & Gas, LLC, a Colorado limited liability company hereinafter
referred to as “Erehwon”. Lustre and Erehwon may be collectively referred to herein as “LOC”. Texakoma and LOC
may be referred to herein individually as a “Party” and collectively as the “Parties”. In consideration of the
mutual covenants herein made, the Parties agree as follows:
EXHIBITS
| I. | The
following Exhibits are attached hereto and shall be considered part of this agreement: |
Exhibit
“A” – Description of Leases and/or Plat of Subject Lands
Exhibit
“B” – Area of Mutual Interest
Exhibit
“C” – Joint Operating Agreement
INITIAL
COSTS
| II. | Texakoma
agrees to pay LOC $350,000 as the purchase price for an 85.00% WI, and corresponding NRI
attributable to the leasehold acreage of the Lustre Field Prospect as described on Exhibit
“A” attached hereto. The purchase price and prospect fee shall be paid in the
manner outlined below and subject to the provisions herein: |
| A. | On
or before July 21, 2023, Texakoma shall pay $175,000.00 to LOC as the initial payment of
the purchase price and prospect fee. |
| B. | Upon
the spudding of the initial test well, Texakoma shall pay the balance of the purchase price,
being $175,000.00. |
| C. | Upon
spudding of the initial test well LOC shall deliver to Texakoma an assignment of oil and
gas lease covering the first two initial drilling and spacing units at 85.00% working interest
based on an 80.00% NRI, proportionately reduced, while retaining the difference between existing
lease burdens and 80.00% as an overriding royalty interest (“ORRI”), if any. |
| D. | Spud
shall occur on or before October 1, 2023, subject to rig availability. |
TEST
WELL(S)
| III. | Texakoma,
as operator, agrees to pay 100% of all costs associated with the drilling and completion
of the two (2) Initial Test Wells. In addition, LOC shall have an undivided fifteen (15.00%)
WI that shall be fully carried by Texakoma through the tanks or pipeline connection or plugging
and abandonment if a dry hole. However, after the completion of the two Initial Test Wells,
LOC shall be fully responsible for its 15.00% share of all lease-operating expenses with
respect to such wells. |
The
interest of the Parties shall be as follows:
Interest
of Parties in the first two Test Wells:
|
Working
Interest
Before Completion |
Working
Interest
After Completion |
Net
Revenue
Interest |
Texakoma |
100.00% |
85.00% |
68.00% |
LOC |
0.00% |
15.00% |
12.00% |
|
100.00% |
100.00% |
80.00% |
Texakoma
shall have the option, but not the obligation, to elect to participate in the development of the remainder of the Lustre Field Prospect.
Within ninety (90) days of the completion rig moving off location of the second Initial Test Well, Texakoma shall provide LOC with written
notice of its intent on Lustre Field Prospect.
| a. | Should
Texakoma elect to participate in the development of the Lustre Field Prospect, then Texakoma
shall agree to an ongoing initial development plan to drill eight (8) more wells by carrying
LOC for 15.00% Working Interest under the same terms as outlined above. These eight (8) wells
shall be located at mutually agreed locations and will be drilled under a mutually agreed
time frame. |
| i. | In
addition to drilling the above referenced eight (8) wells, Texakoma further agrees to pay
LOC $706,602.75 to earn 85% of the 8 drill sites and 50% of the balance of the leasehold.
Such payment shall be made on or before the expiration of the 90-day period following the
release of the completion rig for the second Initial Test Well referenced above. |
Interest
of Parties in the first eight (8) subsequent Test Wells:
|
Working
Interest
Before Completion |
Working
Interest
After Completion |
Net
Revenue
Interest |
Texakoma |
100.00% |
85.00% |
68.00% |
LOC |
0.00% |
15.00% |
12.00% |
|
100.00% |
100.00% |
80.00% |
| ii. | The
final dollar amount to be paid to LOC is subject to proportionate reduction and shall be
calculated by multiplying the actual number of net mineral acres conveyed to Texakoma by
$175.00. |
| iii. | Texakoma
agrees that it shall conduct its due diliroportionate reduction and shall be calculated by
multiplying the actual number of net mineral acres conveyed to Texakoma by $175.00. iii.
Texakoma agrees that it shall conduct its due diligence as to the remaining acreage during
the 90-day period following the completion rig moving off location of the second Initial
Test Well. |
| iv. | Upon
the final payment, LOC shall assign 50% in all oil and gas leases outside the eight (8) wells
to be drilled by Texakoma. Texakoma shall earn its 85% interest in and to each of the eight
(8) units upon completion of each well. |
| v. | Interest
of the Parties after the first ten (10) wells have been drilled and completed shall be as
follows: |
*Interest
of Parties on all subsequent test wells
|
Working Interest |
Net Revenue Interest** |
|
|
|
*Texakoma |
50.00% |
40.00% |
LOC |
50.00% |
40.00% |
|
100.00% |
80.00% |
*Texakoma
shall be designated as Operator
**It
is the intent for Texakoma to be delivered an assignment based on an 80.00% of 8/8ths net revenue interest on all leases
INITIAL
TEST WELL REQUIRMENTS
| IV. | On
or before October 1, 2023 Texakoma, as operator, shall commence or cause to be commenced
the actual drilling operations on the first of the two Initial Test Wells (Texakoma –
Lustre 2-36 and Texakoma – Lustre 1-10) at proposed mutually agreeable locations in
Valley County, Montana, and shall thereafter continue the operations of the Initial Test
Wells to an approximate depth of 5,500’ and 5,820’, respectively, or a depth
sufficient to test the Charles “C” formation, whichever is the lesser depth,
unless granite, salt or other practically impenetrable condition in the hole which renders
further drilling impractical, are encountered. |
SALTWATER
DISPOSAL WELL
| V. | In
the event it becomes economically prudent to drill a saltwater disposal (“SWD”)
well prior to the completion of the 10th well, Texakoma shall pay 100% of the
cost to drill, complete and equip a SWD well at a location to be mutually agreed upon by
both Parties, provided, however, in the event the drilling of such a SWD well does not become
economically prudent prior to the completion of the 10th well, the cost of the
first and all subsequent SWD wells, if needed, shall be borne equally by both Parties. The
economic necessity to drill a SWD well shall be determined by both Parties working together
in good faith with one another. |
TITLE
| VI. | Texakoma
shall have until July 21, 2023, in which to verify title to the Subject Lands, including
the validity of the subject leases. Texakoma shall notify LOC on or before July 21, 2023,
as to any material defect in title. LOC, however, agrees to keep subject property free and
clear of material title defects arising by, through or under LOC after such date. Upon notification
by Texakoma of any title defects, LOC may at any time, but shall have fifteen (15) days to
provide Texakoma with any relevant curative data. Should LOC at the end of the aforesaid
fifteen (15) day period, be unable or unwilling to provide said curative to meet the requirements
to both Parties’ reasonable satisfaction, this Agreement shall become null and void,
unless extended by mutual consent, with no further obligation or liability to Texakoma or
LOC. |
JOINT
OPERATING AGREEMENT
| VII. | An
Operating Agreement between the Parties, designating Texakoma as Operator of the initial
wells and all subsequent wells, shall be executed by all Parties simultaneously with this
Agreement. The Operating Agreement is attached as Exhibit “C” and made a part
hereof. The Operating Agreement and Exhibits thereto shall become effective as of the effective
date of this Agreement and shall govern any operation not expressly covered by this Agreement
on lands and leases within the Contract Area, as defined herein. All subsequent wells drilled
shall also be subject to said Operating Agreement. |
OVERRIDING
ROYALTY INTEREST
| VIII. | LOC
shall receive an Overriding Royalty Interest (“ORRI”) equal to the difference
between existing lease burdens and 80.00% on all leasehold, proportionately reduced to the
total working interest purchased, however Texakoma’s leasehold Net Revenue Interest
(“NRI”) in the Leases described in Exhibit A shall not be lower than 80.00% of
8/8ths. Notwithstanding anything to the contrary in the immediately preceding sentence, for
any new leases acquired by either Party within the AMI described in Exhibit C in which both
LOC and Texakoma elect to participate, LOC’s ORRI shall never be less than 3.0% unless
such ORRI would reduce the NRI in the lease to less than 77.0%, in which case the retained
ORRI may be less than 3.0%. To avoid any confusion, the immediately preceding sentence shall
not apply to the leases already acquired and listed on Exhibit A. In the event either Party
acquires an existing lease, whether producing or not, from an unrelated third-party, the
NRI in such existing lease shall not be reduced below a 75.0% NRI as the result of the ORRI
retained by LOC. Furthermore, in the event Texakoma assigns or reserves any ORRI in any existing
or new leases, such subsequently created ORRI shall only burden Texakoma’s working
interest. |
In
the event that the oil and gas lease(s) cover less than the entire fee simple estate in the lands covered thereby, or if any Assignor
of a lease owns less than the full interest in the lease(s), then the Overriding Royalty Interest reserved shall be proportionately reduced
to accord with the interest therein. The Overriding Royalty Interest assigned shall be subject to all the terms and provisions of the
oil and gas leases acquired, including but without limitation, the right to pool or unitize the lease(s) and land, or any part thereof,
with other lands and leases into voluntary units, or into the jurisdiction over said lands. Should any leases be renewed within 1 year
of the expiration of its original lease, then the ORRI shall be applicable to the new lease.
As
to its ORRI LOC’s consent shall never be necessary to exercise any such pooling, unitization or other authority that is contained
in the lease(s) and language will be included in the Assignment of Overriding Royalty Interest to LOC reserving to Texakoma, its successors
and assigns, the right to pool or unitize LOC’s interest.
SUBSTITUTE
WELLS
| IX. | In
the event impenetrable conditions are encountered in the drilling of either of the Initial
Test Wells or conditions which make further drilling or completion impracticable occur prior
to reaching the Objective Depth in either of the Initial Test Wells, or in the event either
of the Initial Test Wells are completed as a dry hole at the Objective Depth, Texakoma shall
have the right to commence the drilling of a Substitute Well within forty-five (45) days
from the date of plugging and abandonment of either of the Initial Test Wells. In the event
Texakoma elects to drill a Substitute Well, it shall be drilled within the same 80-acre spacing
unitof the well for which it is a substitute well (unless otherwise agreed by both Parties)
and in accordance with the same terms and conditions, which are contained herein to govern
the drilling of the Initial Test Well. |
WELL
INFORMATION
| X. | Texakoma
shall furnish or cause to be furnished to LOC, at no cost to LOC, two (2) hard copy originals
(one for Lustre and one for Erehwon), and to the extent available, an electronic copy of
all data obtained during the drilling, testing, completing, and equipping, or plugging and
abandoning of any well drilled on the Prospect. Such data shall be furnished on an ongoing
and prompt basis. |
AREA
OF MUTUAL INTEREST
| XI. | An
Area of Mutual Interest (“AMI”), outlined in red on Exhibit “B” attached
hereto, shall be created under the following terms and conditions: The term of the AMI shall
be for a period of two (2) years from the effective date of this Agreement applicable to
the acquisition of any right, title or interest in, to and under any oil or gas lease or
any other interest in oil or gas, including, without limitation, contractual rights, which
confer on the holder thereof the right to share, or acquire the right to share, in the production
or the proceeds of production of oil and gas within the AMI (the “Acquisition”)
by either Party herein shall be for the mutual benefit of the Parties. Each Party shall have
the right to participate in any such Acquisition as follows: |
Party |
Interest |
Texakoma |
50.00% |
LOC |
50.00% |
Prior
to initiating discussions with a potential lessor or a third-party lessee within the AMI for the purpose of acquiring additional oil
and gas interests within the AMI, each Party agrees to provide advance notice to the other Party such that the Parties hereto are not
competing with one another for such new oil and gas interests. The Party making the Acquisition (the "Acquiring Party") shall
notify the other Party in writing within thirty (30) days of such Acquisition and shall furnish a copy of all executed agreements pertaining
thereto and such title information as the Acquiring Party has, stating the cost of such acquisition or the obligations that must be assumed
in connection therewith. Each of the other Parties shall have a period of fifteen (15) working days (48 hours exclusive of Saturdays,
Sundays and legal holidays in the event that a well is being drilled within the drilling or spacing unit that includes the new lease)
after receipt of such notice within which to elect and notify the Acquiring Party whether or not it desires to participate in such Acquisition.
Failure to timely respond to the Acquiring Party’s notice or reimburse the Acquiring Party for the proportionate share of the acquired
interest shall be deemed an election not to acquire such interest. Upon election and payment to the Acquiring Party of a non-acquiring
Party’s share of the cost of such acquisition, such non-acquiring Party shall be entitled to an assignment of its proportionate
share in such Acquisition which the Acquiring Party shall promptly deliver to the other Party. In the event the non-acquiring Party elects
not to acquire its share of any Acquisition, or fails to respond within the time allowed, the Acquiring Party shall thereafter own such
interest and such interest shall be excluded from the terms of this Agreement and Joint Operating Agreement, attached hereto.
FORCE
MAJEURE
| XII. | If
because of force majeure any Party hereto is rendered unable, in whole or in part, to carry
out its obligations under this Agreement, other than obligations to pay money, the affected
Party shall give the other Party hereto prompt notice describing the force majeure situation
in reasonable detail, whereupon the obligations shall be suspended during, and to the extent
prevented by the force majeure. As used herein, the phrase "force majeure" means
strike, lockout or other industrial disturbance; act of the public enemy, war, blockade or
riot; lightning, fire, storm, flood or explosion; governmental action, inaction, restraint
or delay; unavailability of drilling rigs, title defects or other facilities or equipment
or transportation therefore; inability to obtain ingress or egress to conduct operations;
or any other cause, whether similar or dissimilar, over which the affected Party has no control;
provided, however, the affected Party shall exercise all reasonable diligence to remove the
cause of force majeure. |
NOTICES
| XIII. | All
notices shall be in writing and delivered in person or by mail, fax or email; however, if
a drilling rig is on location and standby charges are accumulating, such notices shall be
given by telephone and shall be immediately confirmed in writing or email. Notice (including
notice by telephone when provided for herein) shall be deemed given only when received by
the Party to whom such notice is directed. |
Each
Party's responses to a proposal shall be in writing to all other Parties. Failure of any Party to respond to a notice within the required
period shall be deemed to be a negative vote.
All
notices shall be sent to the Parties' representative and addressed as follows:
To Texakoma: |
To LOC: |
Texakoma Exploration & Production, LLC |
Lustre Oil Company, LLC |
Attn: Mr. Craig H. Sluetz |
Attn: Mr. Mark See |
5601 Granite Parkway, Suite 800 |
398 Sage Lane |
Plano, TX 75024 |
Winnett, MT 59087 |
Fax: (972) 212-8049 |
Fax: n/a |
Phone: (972) 701-9106 |
Phone: (512) 520-7349 |
Email: chs@texakoma.com and |
Email: msee@stranded-oil.com |
hagen@texakoma.com |
|
|
|
|
With a copy to: |
|
Erehwon Oil & Gas, LLC |
|
Attn: Mr. John M. Stafford |
|
9876 Clairton Way |
|
Highlands Ranch, CO 80126 |
|
Phone: (303) 204-0429 |
|
Email: John@larisoil.com |
ASSIGNABILITY
| XIV. | Any
Party shall be free to assign all or part of its interest in any jointly owned Oil &
Gas lease within the Subject Lands, subject to the following provisions: |
| (a) | This
Agreement shall be binding on the respective heirs, successors, and assigns of the Parties
hereto. |
| (b) | The
assignment shall contain a provision expressly making the assignment subject to this Agreement,
the attached Joint Operating Agreement and the Oil & Gas Leases affecting the contract
area. |
|
(c) |
Prior to any assignment being made by either Party, the assigning Party shall obtain
written consent from the lessors when such consent is a requirement in the Lease. |
|
(d) |
In the event LOC elects to assign a Working Interest to a third party, LOC shall be
responsible for its entire Working Interest for all subsequent Parties. |
COURTS
| XV. | Any
dispute, controversy or claim arising out of or in relation to or in connection with this
Agreement or the operations carried out or to be carried out under this Agreement, including
without limitation, any dispute as to the validity, interpretation or enforceability or breach
of this Agreement shall be determined in accordance with the laws of the State of Texas,
without regard to its conflicts of law provisions. |
In
the event any Party, its successors or assigns, submits any of the matters in (a) above to a Court for decision the following terms shall
apply:
| (1) | The
Parties, their successors or assigns agree to submit to the jurisdiction of the Courts of
Collin County, Texas and agree that said Courts have personal jurisdiction over the Parties. |
| (2) | The
Parties, their successors and assigns agree that venue shall be mandatory and proper in of
Collin County, Texas and that all suits arising out of or related to this Agreement shall
be brought, maintained and concluded in the Courts of Collin County, Texas, subject to rights
of appeal if any. |
Notwithstanding
the provisions of sub-parts (1) and (2) above, should the Courts of Collin County, Texas fail to assume jurisdiction or venue, the Parties,
their successors and assigns agree to submit to the jurisdiction and venue of such other Court wherein jurisdiction or venue are appropriate.
RELATIONSHIP
OF THE PARTIES
| XVI. | Texakoma
and LOC do not intend to create, nor shall this Agreement be construed as creating a mining
or other partnership or association, nor does this Agreement render the Parties hereto liable
as partners. The liability of the Parties shall be several and not joint or collective. |
LOC
further acknowledges that they are actively engaged in the oil and gas business and other investment activities, and are familiar with
the risks associated with the conduct of activities in the oil and gas business in general, and is entering into this arrangement as
part of and in conjunction with LOC's normal and usual business activities in the oil and gas industry.
TERMS
OF AGREEMENT
| XVII. | This
Agreement shall be binding on all Parties, their successors, heirs and assigns upon execution
hereof, as of the date provided for above, and shall remain in full force and effect for
so long as this Agreement and the Operating Agreement attached hereto are in effect. |
This
Agreement contains the entire Agreement between the Parties and supersedes all previous agreements and communications between the Parties,
verbal or written, with regard to the subject matter dealt herewith. In particular, this agreement supersedes (i) that certain Letter
of Intent by and between Texakoma and LOC dated June 6, 2023, and any and all amendments made thereto.
In
Witness Whereof this Agreement is executed this 18th day of July 2023 and effective as to the date hereinabove provided.
Texakoma Exploration & Production, LLC |
Lustre Oil Company, LLC |
|
|
|
|
|
|
|
|
By: |
/s/ Shanna Keaveny |
|
By: |
/s/ Mark See |
|
Shanna Keaveny
COO |
|
|
Mark See President |
v3.23.2
Cover
|
Jul. 18, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 18, 2023
|
Entity File Number |
333-153168
|
Entity Registrant Name |
Laredo Oil, Inc.
|
Entity Central Index Key |
0001442492
|
Entity Tax Identification Number |
26-2435874
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
2021 Guadalupe Street
|
Entity Address, Address Line Two |
Ste. 260
|
Entity Address, City or Town |
Austin
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
78705
|
City Area Code |
(512)
|
Local Phone Number |
337-1199
|
Written Communications |
false
|
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false
|
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false
|
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false
|
Entity Emerging Growth Company |
false
|
Entity Information, Former Legal or Registered Name |
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