OCEAN POWER TECHNOLOGIES, INC. – 10-K/A OF OPERATIONS

You should read the following discussion and analysis of our financial condition
and results of operations together with our consolidated financial statements
and the related notes and other financial information included elsewhere in this
Annual Report. Some of the information contained in this discussion and analysis
or set forth elsewhere in this Annual Report, including information with respect
to our plans and strategy for our business and related financing, includes
forward-looking statements that involve risks and uncertainties. You should
review the “Risk Factors” section of this Annual Report, and elsewhere in this
report, for a discussion of important factors that could cause actual results to
differ materially from the results described in or implied by the
forward-looking statements contained in the following discussion and analysis.
Our fiscal year ends on April 30. References to fiscal 2021 are to the fiscal
year ended April 30, 2021.



Business Overview


We are a marine power, data solutions and service provider. We control the
design, manufacture, sales, installation, operations and maintenance of our
solutions and services while working closely with commercial, technical, and
other development partners that provide software, controls, mechatronics,
sensors, integration services, and marine installation services. We believe our
renewable autonomous ocean solutions deliver power and data collection, analysis
and communication in remote ocean environments, allowing users to connect with
their ocean environment. Our mission and purpose are to provide intelligent
maritime solutions and services that enable safer and more productive ocean
operations for the defense and security, offshore oil and gas, science and
research, and offshore wind markets. We achieve this through our proprietary,
state-of-the-art technologies that are at the core of our clean and renewable
energy platforms upon which we develop and deploy our solutions and services.

Business Update Regarding COVID-19

The COVID-19 pandemic presented substantial health and economic risks,
uncertainties and challenges to our business, the global economy and financial
markets. In March 2020, one of the Company’s customers cancelled a portion of
their contract due to the outbreak of COVID-19 and instead extended an existing
lease. In April 2020, the Company declared force majeure on a contract with a
different customer and delayed the deployment of its PB3 PowerBouy® in Chile.
For additional information on various uncertainties and risks posed by the
COVID-19 pandemic, see Part I, Item 1A “Risk Factors” of this report.

On March 27, 2020, the U.S. Government passed into law the Coronavirus Aid,
Relief and Economic Security Act, or the (“CARES Act”). On May 3, 2020, the
Company signed a Paycheck Protection Program (“PPP”) loan with Santander Bank,
N.A
. (“Santander”) as the lender for $890,347 in support through the Small
Business Association
(“SBA”) under the PPP loan. The PPP loan is unsecured and
evidenced by a note in favor of Santander as the lender and governed by a Loan
Agreement with Santander. The interest rate is 1% and the loan is repayable over
two years. The loan contains customary events of defaults relating to, among
other things, payment defaults or breaches of the terms of the loan. Upon the
occurrence of an event of default, the lender may require immediate repayment of
all outstanding amounts under the loan. Interest and principal payments are
deferred for the first 6 months from the date of the loan. Principal and
interest are payable monthly commencing 6 months after the disbursement date and
may be repaid by the Company at any time prior to maturity with no prepayment
penalties. The Company received the proceeds on May 5, 2020.

The Company filed its loan forgiveness application at the end of February 2021
asking for 100% forgiveness of the loan. In June 2021, the Company was informed
that its application was approved, and the loan is now fully forgiven.










Capital Raises


At the Market Offering Agreements

On January 7, 2019, the Company entered into an At the Market Offering Agreement
(“2019 ATM Facility”) with AGP, under which the Company may issue and sell to or
through AGP, acting as agent and/or principal, shares of the Company’s common
stock having an aggregate offering price of up to $25.0 million. From inception
of the program through its termination on December 8, 2020, under the 2019 ATM
Facility, the Company sold and issued an aggregate of 17,595,472 shares of its
common stock with an aggregate market value of $23.4 million at an average price
of $1.33 per share and paid AGP a sales commission of approximately $0.8 million
related to those shares. The agreement was fully utilized and terminated on
December 8, 2020.

On November 20, 2020, the Company entered into an At the Market Offering
Agreement with AGP (the “2020 ATM Facility”). The Company on December 4, 2020
filed a prospectus with the Securities and Exchange Commission whereby, the
Company could issue and sell to or through AGP, acting as agent and/or
principal, shares of the Company’s common stock having an aggregate offering
price of up to $50.0 million. From inception of the 2020 ATM Facility through
April 30, 2021, the Company sold and issued an aggregate of 17,179,883 shares of
its common stock with an aggregate market value of $50.0 million at an average
price of $2.91 per share and paid AGP a sales commission of approximately $1.6
million
related to those shares. A prospectus supplement would need to be filed
for the Company to sell additional amounts under the 2020 ATM Facility.

Equity Line Common Stock Purchase Agreements

On October 24, 2019, the Company entered into a common stock purchase agreement
with Aspire Capital which provided that, subject to certain terms, conditions
and limitations, Aspire Capital was committed to purchase up to an aggregate of
$10.0 million shares of the Company’s common stock over a 30-month period.
Through September 18, 2020, the Company had sold an aggregate of 6,424,205
shares of common stock with an aggregate market value of $4.0 million at an
average price of $0.63 per share pursuant to this common stock purchase
agreement. The agreement was fully utilized and terminated on September 18,
2020
.

On September 18, 2020, the Company entered into a new common stock purchase
agreement with Aspire Capital which provided that, subject to certain terms,
conditions and limitations, Aspire Capital was committed to purchase up to an
aggregate of $12.5 million shares of the Company’s common stock over a 30-month
period subject to a limit of 19.99% of the outstanding common stock on the date
of the agreement if the price did not exceed a specified price in the agreement.
The number of shares the Company could issue within the 19.99% limit was
3,722,251 shares without shareholder approval. Shareholder approval was received
at the Company’s annual meeting of stockholders on December 23, 2020 for the
sale of 9,864,706 additional shares of common stock which exceeds the 19.99%
limit of outstanding common stock on the date of the agreement. Through April
30, 2021
, the Company had sold an aggregate of 3,722,251 shares of common stock
with an aggregate market value of $11.8 million at an average price of $3.17 per
share pursuant to this common stock purchase agreement.

The sale of additional equity or convertible securities could result in dilution
to our stockholders. If additional funds are raised through the issuance of debt
securities or preferred stock, these securities could have rights senior to
those associated with our common stock and could contain covenants that would
restrict our operations. The Company currently has committed sources of equity
financing through its At the Market Offering Agreement with A.G.P/Alliance
Global Partners
(“AGP”) and the Aspire Capital financing (see Note 11), but the
Company cannot be sure that additional equity and/or debt financing will be
available to the Company as needed on acceptable terms, or at all.. If we are
unable to obtain required financing when needed, we may be required to reduce
the scope of our operations, including our planned product development and
marketing efforts, which could materially and adversely affect our financial
condition and operating results. If we are unable to secure additional
financing, we may be forced to cease our operations.










Backlog


As of April 30, 2021, our negotiated backlog was $0.2 million. As of April 30,
2020
, our negotiated backlog was $1.0 million. Our backlog can include unfilled
firm orders for our products and services from commercial and governmental
customers. If any of our contracts were to be terminated, our backlog would be
reduced by the expected value of the remaining terms of such contract.

The amount of contract backlog is not necessarily indicative of future revenue
because modifications to, or terminations of present contracts and production
delays can provide additional revenue or reduce anticipated revenue. A
substantial portion of our revenue has been for the support of our product
development efforts. These revenues are recognized using the
percentage-of-completion method, and changes in estimates from time to time may
have a significant effect on revenue and backlog. Our backlog is also typically
subject to large variations from time to time due to the timing of new awards.

Critical Accounting Policies and Estimates

To understand our financial statements, it is important to understand our
critical accounting policies and estimates. We prepare our financial statements
in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
The preparation of financial statements also requires us to make estimates and
assumptions that affect the reported amounts of assets, liabilities, costs and
expenses and related disclosures. We base our estimates on historical experience
and on various other assumptions that we believe to be reasonable under the
circumstances. Actual results could differ significantly from the estimates made
by our management. To the extent that there are differences between our
estimates and actual results, our future financial statement presentation,
financial condition, results of operations and cash flows will be affected. We
believe that the accounting policies are critical to understanding our
historical and future performance, as these policies relate to the more
significant areas involving management’s judgments and estimates.

We believe the following accounting policies require significant judgment and
estimates by us in the preparation of our consolidated financial statements.



Revenue recognition


A performance obligation is the unit of account for revenue recognition. The
Company assesses the goods or services promised in a contract with a customer
and identifies as a performance obligation either: a) a good or service (or a
bundle of goods or services) that is distinct; or b) a series of distinct goods
or services that are substantially the same and that have the same pattern of
transfer to the customer. A contract may contain a single or multiple
performance obligations. For contracts with multiple performance obligations,
the Company allocates the contracted transaction price to each performance
obligation based upon the relative standalone selling price, which represents
the price the Company would sell a promised good or service separately to a
customer. The Company determines the standalone selling price based upon the
facts and circumstances of each obligated good or service. The majority of the
Company’s contracts have no observable standalone selling price since the
associated products and services are customized to customer specifications. As
such, the standalone selling price generally reflects the Company’s forecast of
the total cost to satisfy the performance obligation plus an appropriate profit
margin.

The nature of the Company’s contracts may give rise to several types of variable
considerations, including unpriced change orders and liquidated damages and
penalties. Variable consideration can also arise from modifications to the scope
of services. Variable consideration is included in the transaction price to the
extent it is probable that a significant reversal of cumulative revenue
recognized will not occur once the uncertainty associated with the variable
consideration is resolved. Our estimates of variable consideration and
determination of whether to include such amounts in the transaction price are
based largely on our assessment of legal enforceability, performance and any
other information (historical, current, and forecasted) that is reasonably
available to us. There was no variable consideration as of April 30, 2021 and
2020.

The Company recognizes revenue when or as it satisfies a performance obligation
by transferring a good or service to a customer, either (1) at a point in time
or (2) over time. A good or service is transferred when or as the customer
obtains control of it. The evaluation of whether control of each performance
obligation is transferred at a point in time or over time is made at contract
inception. Input measures such as costs incurred or time elapsed are utilized to
assess progress against specific contractual performance obligations for the
Company’s services. The selection of the method to measure progress towards
completion requires judgment and is based on the nature of the services to be
provided. For the Company, the input method using costs incurred or time elapsed
best represents the measure of progress against the performance obligations
incorporated within the contractual agreements. When the Company’s estimate of
total costs to be incurred to satisfy the performance obligations exceed
revenue, the Company recognizes the loss immediately.










Financial Operations Overview


The following table provides information regarding the breakdown of our revenues
by customer for fiscal years 2021 and 2020:



                                         Twelve months ended April 30,
                                         2021                    2020
                                                (in thousands)
           Eni S.p.A.               $           271         $           173
           Premier Oil UK Limited                27                     148
           EGP                                  740                   1,211
           ACET                                  53                       -
           Deepstar                              80                       -
           Other                                 35                     150
                                    $         1,206         $         1,682



We currently focus our sales and marketing efforts globally. The following table
shows the percentage of our revenues by geographical location of our customers
for fiscal 2021 and 2020:



                                      Twelve months ended April 30,
               Customer Location       2021                  2020
               Europe                         25 %                  22 %
               South America                  61 %                  72 %
               North America                  14 %                   6 %
                                             100 %                 100 %




Foreign exchange loss



We transact business in various countries and have exposure to fluctuations in
foreign currency exchange rates. Foreign exchange gains and losses arise in the
translation of foreign-denominated assets and liabilities, which may result in
realized and unrealized gains or losses from exchange rate fluctuations. Since
we conduct our business in US dollars and our functional currency is the US
dollar, our main foreign exchange exposure, if any, results from changes in the
exchange rate between the US dollar and other foreign currencies.

We maintain cash accounts that are denominated in British pounds sterling, Euros
and Australian dollars. These foreign denominated accounts had a balance of $0.3
million
as of April 30, 2021 and $0.3 million as of April 30, 2020, compared to
our total cash, cash equivalents, and restricted cash balances of $83.6 million
as of April 30, 2021 and $10.9 million as of April 30, 2020. These foreign
currency balances are translated at each month end the US dollar, and any
resulting gain or loss is recognized in our results of operations.

In addition, a portion of our operations is conducted through our subsidiaries
in countries other than the U.S., specifically Ocean Power Technologies Ltd. in
the United Kingdom, the functional currency of which is the British pound
sterling, and Ocean Power Technologies (Australasia) Pty Ltd. in Australia, the
functional currency of which is the Australian dollar. Both of these
subsidiaries have foreign exchange exposure that results from changes in the
exchange rate between their functional currency and other foreign currencies in
which they conduct business.

We currently do not hedge our exchange rate exposure. However, we assess the
anticipated foreign currency working capital requirements and capital asset
acquisitions of our foreign operations and attempt to maintain a portion of our
cash and cash equivalents denominated in foreign currencies sufficient to
satisfy these anticipated requirements. We also assess the need and cost to
utilize financial instruments to hedge currency exposures on an ongoing basis
and may hedge against exchange rate exposure in the future.



Results of Operations


This section should be read in conjunction with the discussion below under “-
Liquidity and Capital Resources.”

Fiscal Years Ended April 30, 2021 and 2020

The following table contains selected statement of operations information, which
serves as the basis of the discussion of our results of operations for the years
ended April 30, 2021 and 2020:



                                                       Twelve months ended April 30,
                                                        2021                  2020
                                                              (in thousands)

Revenues                                           $         1,206       $         1,682
Cost of revenues                                             2,279                 1,787
Gross loss                                                  (1,073 )                (105 )
Operating expenses:
Engineering and product development costs                    4,747                 4,344
Selling, general and administrative costs                    7,772                 6,916
Total operating expenses                                    12,519                11,260
Operating loss                                             (13,592 )             (11,365 )
Gain due to the change in fair value of warrant
liabilities                                                      -                     6
Litigation settlement                                       (1,224 )                   -
Interest income, net                                           124                   124
Other expense, net                                             (83 )                   -
Foreign exchange gain/(loss)                                    15                   (12 )
Loss before income taxes                                   (14,760 )             (11,247 )
Income tax benefit                                               -                   895
Net loss                                           $       (14,760 )     $       (10,352 )




Revenues


Revenues for the fiscal years ended April 30, 2021 and 2020 were approximately
$1.2 million and $1.7 million, respectively, representing a decrease of
approximately $0.5 million, or 28%, from 2020. The decline in revenue for the
full year was mainly attributable to COVID-19 pandemic-related project delays.



Cost of revenues


Our cost of revenues consists primarily of subcontracts, incurred material,
labor and manufacturing overhead expenses, such as engineering expense,
equipment depreciation and maintenance and facility related expenses, and
includes the cost of equipment to customize the PowerBuoy® supplied by
third-party suppliers. Cost of revenues also includes PowerBuoy® system delivery
and deployment expenses and may include anticipated losses at completion on
certain contracts.

Cost of revenues for the fiscal years ended April 30, 2021 and 2020 were
approximately $2.2 million and $1.8 million, respectively. The increase of
approximately $0.4 million, or 26%, over 2020 was mostly due to higher
deployment and material costs incurred on the EGP contract in 2021 as compared
to the same period in fiscal 2020.

Engineering and product development costs

Our engineering and product development costs consist of salaries and other
personnel-related costs and the costs of products, materials and outside
services used in our product development and unfunded research activities. Our
product development costs relate primarily to our efforts to increase the power
output and reliability of our PowerBuoy® system, and to the development of new
products, product applications and complementary technologies. We expense all of
our engineering and product development costs as incurred.

Engineering and product development costs during the fiscal year ended April 30,
2021
were $4.6 million as compared to $4.3 million for fiscal year 2020. The
increase of $0.3 million, or 5%, is due to higher spending on product
development compared to the same period in fiscal 2020.

Selling, general and administrative costs

Our selling, general and administrative costs consist primarily of professional
fees, salaries and other personnel-related costs for employees and consultants
engaged in sales and marketing and support of our PowerBuoy® systems and costs
for executive, accounting and administrative personnel, and other general
corporate expenses.

Selling, general and administrative costs during the fiscal year months ended
April 30, 2021 were $7.8 million as compared to $6.9 million for fiscal year
2020. The increase of $0.9 million, or 12%, is primarily attributable to higher
employee related costs of $0.6 million, higher insurance premiums of $0.2
million
and an additional $0.2 million penalty assessed by the Spanish tax
authority related to a tax audit.

Gain due to the change in fair value of warrant liabilities

The fair value of our financial instruments reflects the amounts that would be
paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price). The fair value of our warrant
liabilities is subject to remeasurement each financial statement reporting
period, as such, changes in this fair value are reflected in the statement of
operations.

There was no unrealized gain or loss related to a change in fair value of
warrant liabilities during the fiscal year ended April 30, 2021 compared to an
unrealized gain of $6,000 for the fiscal year ended April 30, 2020. The change
between periods is mainly due to a shorter maturity to expiration of the
warrants and lower stock price for the twelve months ended April 30, 2021.



Litigation settlement


On May 19, 2021, the Company entered into a Stipulation with Charles F.
Dunleavy
, former Chief Executive Officer (refer to Item 3. Legal Proceedings
above for a description of the case). The Stipulation recounts that the panel of
arbitrators in the Action issued two interim awards total $1.2 million. The
Company recorded the settlement cost as Litigation Settlement in the
Consolidated Statement of Operations as of April 30, 2021.



Interest income, net


Interest income, net consists of interest received on cash and cash equivalents,
investments in money market accounts and interest expense paid on certain
obligations to third parties. Total cash, cash equivalents, and restricted cash
was $83.6 million as of April 30, 2021, compared to $10.9 million as of April
30, 2020
.

Interest income, net was approximately $124,000 for both fiscal 2021 and 2020.
The change was flat year over year due to a lower interest rate on investments
even though the Company had a higher cash balance throughout fiscal year 2021.

Foreign exchange gain/(loss)

Foreign exchange gain was approximately $15,000 for fiscal year 2021 as compared
to a foreign exchange loss of $12,000 for fiscal year 2020. The difference was
attributable primarily to the relative change in value of the British pound
sterling, Euro and Australian dollar compared to the U.S. dollar.



Income tax benefit


During the fiscal years ended April 30, 2021 and 2020, the Company sold New
Jersey State net operating losses and research and development credits resulting
in the recognition of income tax benefits of $0.9 million in fiscal year 2020.
The Company received the fiscal year 2021 payment of $1.0 million in May, 2021.
The Company has a full valuation allowance against its deferred tax assets.

Net cash used in operating activities

During the twelve months ended April 30, 2021, net cash flows used in operating
activities was $11.7 million, an increase of $1.1 million compared to net cash
used in operating activities during the twelve months ended April 30, 2020. This
increase is mainly driven by the receipt of proceeds on the sale of net
operating losses occurring after fiscal 2021 whereas in prior year proceeds on
sale of net operating losses occurred during fiscal 2020.

Net cash used in investing activities

Net cash provided in investing activities during the twelve months ended April
30, 2021
was approximately $74,000 for fiscal year 2021 versus net cash used by
investing activities of approximately $65,000 for fiscal year 2020. The change
was primarily the result of the Company acquiring $100,000 in cash as part of
the 3Dent acquisition and decreased spending on equipment of $42,000.

Net cash provided by financing activities

Net cash provided by financing activities during the twelve months ended April
30, 2021
was approximately $84.2 million compared to net cash provided by
financing activities during the twelve months ended April 30, 2020 of $4.4
million
. The increase in net cash provided by financing activities during the
twelve months ended April 30, 2021 is due to increased proceeds from At the
Market capital raises of $62.7 million through AGP, increased proceeds from ELOC
capital raises of $13.4 million with Aspire, $2.8 million from proceeds
associated with warrant exercises, $0.2 million proceeds associated with stock
option exercises and $0.9 million received from the PPP loan.

Effect of exchange rates on cash and cash equivalents

The effect of exchange rates on cash and cash equivalents was an increase of
approximately $134,000 in fiscal year 2021, an increase of $166,000 from fiscal
year 2020, respectively. The effect of exchange rates on cash and cash
equivalents results primarily from gains or losses on consolidation of foreign
subsidiaries and foreign denominated cash and cash equivalents.



Liquidity Outlook


Since our inception, the cash flows from customer revenues have not been
sufficient to fund our operations and provide the capital resources for our
business. For the two years ended April 30, 2021 and 2020, our aggregate
revenues were $2.9 million, our aggregate net losses were $25.1million and our
aggregate net cash used in operating activities was $22.3 million.

We expect to devote substantial resources to continue our development efforts
for our products and to expand our sales, marketing and manufacturing programs
associated with the continued commercialization of our products. Our future
capital requirements will depend on a number of factors, including but not
limited to:

? our ability to commercialize our products, and achieve and sustain

profitability;

? our continued development of our proprietary technologies, and expected

continued use of cash from operating activities unless or until we achieve

positive cash flow from the commercialization of our products and services;

? our ability to obtain additional funding, as and if needed which will be

subject to a number of factors, including market conditions, and our operating

performance;

? the impact of COVID-19 pandemic on our business, operations, customers,

suppliers and manufacturers;

? our estimates regarding expenses, future revenues and capital requirements;

? the adequacy of our cash balances and our need for additional financings;

? our ability to develop and manufacture commercially viable products;

? our ability to successfully develop and market new products;

? that we will be successful in our efforts to commercialize our products or the

timetable upon which commercialization can be achieved, if at all;

? our ability to identify and penetrate markets for our products and our wave

energy technology;

our ability to implement our commercialization strategy as planned, or at all;

? our relationships with our strategic partners may not be successful and we may

not be successful in establishing additional relationships;

? our ability to maintain the listing of our common stock on the NYSE American;

? the reliability of our technology and our products;

? our ability to improve the power output, survivability and reliability of our

products;

? the impact of pending and threatened litigation on our business, financial

condition and liquidity;

? changes in current legislation, regulations and economic conditions that affect

the demand for renewable energy;

? our ability to compete effectively in our target markets;

? our limited operating history and history of operating losses;

? our sales and marketing capabilities and strategy in the United States and

internationally; and

? our ability to protect our intellectual property portfolio.

Our business is capital intensive, and up through fiscal 2021, we have been
funding our business principally through sales of our securities. As of April
30, 2021
, cash and cash equivalents was $83.4 million and we expect to fund our
business with this amount and, to a limited extent, with our revenues until, we
generate sufficient cash flow to internally fund our business. Management
believes the Company’s current cash and cash equivalent is sufficient to fund
its planned expenditures through at least July 31, 2022.

Off-Balance Sheet Arrangements

Since inception, we have not engaged in any off-balance sheet financing
activities.

Recent Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles – Goodwill and
Other – Internal-Use Software (Subtopic 350-40).” The ASU provides for the
recognition of an intangible asset for the costs of internal-use software
licenses included in a cloud computing arrangement. Costs of arrangements that
do not include a software license should be accounted for as a service contract
and expensed as incurred. This ASU is effective for fiscal years beginning after
December 15, 2019, with early adoption permitted. The ASU permits two methods of
adoption: prospectively to all implementation costs incurred after the date of
adoption, or retrospectively to each prior reporting period presented. The
Company adopted this guidance on a prospective basis effective May 1, 2020. The
adoption of the guidance did not have a material effect on its Consolidated
Financial Statements.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic
820).” The ASU modifies, removes, and adds several disclosure requirements on
fair value measurements in Topic 820, Fair Value Measurement. ASU 2018-13 is
effective for all entities for fiscal years, and interim periods within those
fiscal years, beginning after December 15, 2019. The amendments on changes in
unrealized gains and losses, the range and weighted average of significant
unobservable inputs used to develop Level 3 fair value measurements, and the
narrative description of measurement uncertainty should be applied prospectively
for only the most recent interim or annual period presented in the initial
fiscal year of adoption. All other amendments should be applied retrospectively
to all periods presented upon their effective date. Early adoption is permitted
upon issuance of ASU 2018-13. An entity is permitted to early adopt any removed
or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the
additional disclosures until their effective date. The Company adopted this
guidance effective May 1, 2020. The adoption of the guidance did not have a
material effect on its Consolidated Financial Statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit
Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” The
amendment in this update replaces the incurred loss impairment methodology in
current GAAP with a methodology that reflects expected credit losses on
instruments within its scope, including trade receivables. This update is
intended to provide financial statement users with more decision-useful
information about the expected credit losses. This ASU is effective for annual
periods and interim periods beginning after December 15, 2022. The Company is
currently evaluating the impact the adoption of ASU 2016-13 will have on its
consolidated financial statements.

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