For the transition period from July 1, 2013 to September 30, 2013.
This amended Form 10Q A is being submitted to correct the dates on management's discussions of the Controls and Procedures paragraph and the Management's Report on Internal Control over Financial Reporting paragraph.
Additionally management acknowledges that the Company is responsible for the adequacy and accuracy of the disclosures in the filing, that the Company acknowledges that staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing, and that the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
Basis of Presentation The accompanying interim unaudited consolidated condensed financial statements have been prepared without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of Biofuels Power Corp. (the "Company") for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods presented have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the respective full year.
The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for a complete presentation of annual financial statements.
Background Biofuels Power Corp. ("BPC"), a Texas corporation, was incorporated in 2004 as Aegis Products, Inc. The Company is a distributed energy company that is pioneering the use of biodiesel to fuel small electric generating facilities that are located in close proximity to end-users. BPC's first power plant was located near Houston, Texas in the city of Oak Ridge North. During February 2007, BPC began generating and selling its power through Fulcrum Power to Centerpoint Energy.
Aegis Products, Inc. was incorporated in Texas on January 20, 2004 as a wholly owned subsidiary of Texoga Technologies Corp. ("Texoga"). Effective December 31, 2004, Aegis was spun off from Texoga through a share distribution to the Texoga shareholders with 87 owners receiving a total of 14,512,380 shares. During 2006, the Texoga BioFuels 2006-1 and 2006-2 partnerships were established and each raised $3.5 million to develop biofueled power projects in the Houston, Texas area. Texoga began serving as the general partner and on November 6, 2006, Texoga transferred its general partner role to Aegis which simultaneously changed its name to Biofuels Power Corp.
During 2007 BPC created a wholly owned subsidiary, Alternative Energy Consultants, LLC ("AEC"). AEC will engage in the business of designing and building of standardized biodiesel refineries.
Consolidation In accordance with FIN 46(R), which requires the consolidation of certain variable interest entities, these unaudited consolidated condensed financial statements include the accounts of BPC, Texoga BioFuels 2006-1, Ltd, ("TBF-1") and Texoga BioFuels 2006-2, Ltd. ("TBF-2"). BPC, TBF-1 and TBF-2 are referred to collectively as the "Company". For presentation purposes, the equity interests of the limited partners in TBF-1 and TBF-2 have been reflected as minority interest shareholders. The unaudited consolidated condensed financial statements also include the accounts of Alternative Energy Consultants, LLC, which is a wholly owned subsidiary of BPC. All material intercompany transactions have been eliminated in consolidation.
Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S.") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could materially differ from those estimates.
Cash and Cash Equivalents The Company considers any highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.
The Company reviews the terms of convertible debt and equity instruments issued to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. In circumstances where the convertible instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Also, in connection with the sale of convertible debt and equity instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity.
In accordance with SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, the convertible debt holder's conversion right provision, contained in the terms governing the convertible notes is not clearly and closely related to the characteristics of the notes. Accordingly, the feature qualifies as embedded derivative instruments at issuance and, because it does not qualify for any scope exception within SFAS No. 133, it is required by SFAS No. 133 to be accounted for separately from the debt instrument and recorded as a derivative instrument liability.
Revenue Recognition Revenue, which began to be recorded during 2007, is recognized when the electricity produced is provided to the electric grid maintained by the Electric Reliability Council of Texas (ERCOT). A power sales agreement is in place with Fulcrum Power, a Qualified Scheduling Entity (QSE) for ERCOT. Electric sales into ERCOT may only be made through the scheduling of a QSE, which also receives payment from ERCOT for all sales in a process called "settlement." Initial settlement takes place eight days after the date of sale with subsequent adjustments at 60 days and 180 days after the sale, if needed. To date, the Company has not experienced any material settlement adjustments and it does not anticipate material settlement adjustments in the future. All of the sales from the Company's Oak Ridge North facility are made into the ERCOT Balancing Energy Market. Such sales are priced by ERCOT for each 15-minute interval of each hour of each day. The price for all balancing energy dispatched in a given interval is the highest bid of any electricity dispatched by ERCOT in that interval. The price per megawatt is determined at the time of the sale. ERCOT bills each utility company purchaser, collects the money due under a formal settlement process and remits the proceeds to the QSE scheduling the electricity actually purchased. The QSE pays the power generator when it receives payment from ERCOT. The Company pays Fulcrum Power a monthly fee for services that are not directly related to the revenue the Company receives from sales of electricity.
Biodiesel Tax Credits Biodiesel is classified as a renewable fuel that is eligible for Federal credits of $1.00 per gallon for biodiesel manufactured from virgin agricultural products and $0.50 per gallon for biodiesel produced from non-virgin oils and fats. The gallons used are reported to the Federal government and the Company receives a payment of $1.00 per gallon, which is accounted for as a direct offset to fuel prices and included in the Company's cost of sales.
Accounts Receivable Accounts receivable consist primarily of amounts due from certain companies for the sale of power to the electric grid. An allowance for doubtful accounts is provided, when appropriate, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating probable bad debts. Such factors include circumstances with respect to specific accounts receivable, growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. As of September 30, 2013 and September 30, 2012 accounts receivable were $-0- and $-0-, respectively.
Inventory Inventories are stated at the lower of cost or market and consists of -0- gallons of processed fuel stock and -0- gallons of unprocessed fuel stock at September 30, 2013. Cost is determined using the first-in first-out ("FIFO") method.
Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for normal repairs and maintenance are charged to expense as incurred. Fixed assets are depreciated using the straight-line method for financial reporting purposes over their estimated useful life of 3 to 5 years. The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss is included in operations.
Impairment of Long-Lived Assets On March 20, 2009, the Company purchased a 79-acre tract in Harris County, Texas which was formerly the site of a Houston Lighting & Power generating facility, and currently has an existing connection to the CenterPoint grid. The Company has moved its turbine generators to the newly acquired facility as soon as feasible. As of September 30, 2012 the Company has $1,165,887 of acquisition cost. The assets have not been put into operation; therefore no depreciation expense is reflected in these financial statements.
Income Taxes The Company uses the liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce deferred tax assets to their net realizable value. The Partnership's taxable income or loss for any period is included in the tax returns of the individual partners and, therefore, the Partnership does not provide for federal income taxes.
(Loss)/Income Per Common Share The Company provides basic and dilutive (loss)/income per common share information for each period presented. The basic net loss per common share is computed by dividing the net (loss)/income by the weighted average number of common shares outstanding. Diluted net (loss)/income per common share is computed by dividing the net (loss)/income, adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the nine months ended September 30, 2013 and September 30, 2012, the Company did not have any potential dilutive securities. See Stock Purchase agreements below.
Stock-Based Compensation The Company has adopted Statement of Financial Accounting Standards 123(R) Share Based Payments ("SFAS 123(R)"), using the modified prospective method. Under the modified prospective method, the Company recognizes compensation expense over the vesting period of the award.
SFAS 123(R) is a revision of SFAS 123, Accounting for Stock-Based Compensation, and supersedes APB No. 25, Accounting for Stock Issued to Employees. Under SFAS 123(R), the cost of employee services received in exchange for stock is measured based on the grant-date fair value (with limited exceptions). That cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The fair value of immediately vested shares is determined by reference to quoted prices for similar shares and the fair value of shares issued subject to a service period is estimated using an option-pricing model. Excess tax benefits, as defined in SFAS 123(R) are recognized as addition to paid-in-capital.
Fair Value of Financial Instruments The Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different from the book value. When the book value approximates fair value, no additional disclosure is made. Fair value estimates of financial instruments are based on relevant market information and may be subjective in nature and involve uncertainties and matters of significant judgment. The Company believes that the carrying value of its assets and liabilities approximates the fair value of such items. The Company does not hold or issue financial instruments for trading purposes.
Concentration of Credit Risk Financial instruments which subject the Company to concentrations of credit risk include cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with major financial institutions selected based upon management's assessment of the banks' financial stability. Balances periodically exceed the $100,000 federal depository insurance limit. The Company has not experienced any losses on deposits. Accounts receivable generally arise from sales of power to the electric grid. Collateral is generally not required for credit granted. The Company will provide allowances for potential credit losses when necessary.
Recently Issued Accounting Pronouncements FASB Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("SFAS 157"), issued in September 2006, establishes a formal framework for measuring fair value under GAAP. It defines and codifies the many definitions of fair value included among various other authoritative literature, clarifies and, in some instances, expands on the guidance for implementing fair value measurements, and increases the level of disclosure required for fair value measurements. Although SFAS 157 applies to and amends the provisions of existing FASB and AICPA pronouncements, it does not, of itself, require any new fair value measurements, nor does it establish valuation standards. SFAS 157 applies to all other accounting pronouncements requiring or permitting fair value measurements, except for SFAS No. 123 (R), share-based payment and related pronouncements, the practicability exceptions to fair value determinations allowed by various other authoritative pronouncements, and AICPA Statements of Position 97-2 and 98-9 that deal with software revenue recognition. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The adoption of SFAS 157 did not have a material impact on the Company's financial condition or results of operations.
In February 2007, the FASB issued SFAS 159, "The Fair Value Option for Financial Assets and Financial Liabilities" which is an elective, irrevocable election to measure eligible financial instruments and certain other assets and liabilities at fair value on an instrument-by-instrument basis. The election may only be applied at specified election dates and to instruments in their entirety rather than to portions of instruments. Upon initial election, the entity reports the difference between the instruments' carrying value and their fair value as a cumulative-effect adjustment to the opening balance of retained earnings. At each subsequent reporting date, an entity reports in earnings, unrealized gains and losses on items for which the fair value option has been elected. SFAS 159 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and is applied on a prospective basis. Early adoption of SFAS 159 is permitted provided the entity also elects to adopt the provisions of SFAS 157 as of the early adoption date selected for SFAS 159. The company has decided not to adopt SFAS 159.
In December 2007, the FASB issued a revision and replacement of SFAS 141("SFAS 141R"), "Business Combinations" to increase the relevance, representational faithfulness, and comparability of the information a reporting entity provides in its financial reports about a business combination and its effects. SFAS 141R replaces SFAS 141, " Business Combinations " but retains the fundamental requirements of SFAS 141 that the acquisition method of accounting be used and an acquirer be identified for all business combinations. SFAS 141R expands the definition of a business and of a business combination and establishes how the acquirer is to: (1) recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired company; (2) recognize and measure the goodwill acquired in the business combination or a gain from a bargain purchase; and (3) determine what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS 141R is applicable to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008, and is to be applied prospectively. Early adoption is prohibited. SFAS 141R will impact the Company only if it elects to enter into a business combination subsequent to December 31, 2008.
In December 2007, the FASB issued SFAS 160, "Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51," to improve the relevance, comparability, and transparency of the financial information a reporting entity provides in its consolidated financial statements. SFAS 160 amends ARB 51 to establish accounting and reporting standards for noncontrolling interests in subsidiaries and to make certain consolidation procedures consistent with the requirements of SFAS 141R. It defines a noncontrolling interest in a subsidiary as an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. SFAS 160 changes the way the consolidated income statement is presented by requiring consolidated net income to include amounts attributable to the parent and the noncontrolling interest. SFAS 160 establishes a single method of accounting for changes in a parent's ownership interest in a subsidiary that does not result in deconsolidation. SFAS 160 also requires expanded disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners of a subsidiary. SFAS 160 is effective for financial statements issued for fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. Early adoption is prohibited. SFAS 160 shall be applied prospectively, with the exception of the presentation and disclosure requirements that shall be applied retrospectively for all periods presented. The Company does not believe that the adoption of SFAS 160 will have a material effect on its consolidated financial position, results of operations or cash flows.
The Company is attempting to raise funds through debt and/or equity offerings. If successful, these additional funds will be used to provide working capital. Subsequent to September 30, 2008, the Company has entered into a Stock Purchase Agreement as described above that provided working capital and the capital to purchase the 79-acre H.O. Clarke property in Harris County, Texas. Other efforts are on going to raise funds through debt and/or equity offerings.
In the long-term, the Company believes that cash flows from growth in its operations will provide the resources for continued operations.
The Company is also pursuing other strategic initiatives including a merger or sale of the Company, as opportunities are available.
The ability of the Company to control costs and increase revenues.
The ability of the Company to ultimately achieve adequate profitability and cash flows from operations to sustain its operations.
Depreciation expense for the nine months ended September 30, 2013 was $-0- and for the nine months ended September 30, 2012 depreciation expense was $503,710. All depreciation is included in Selling, General and Administrative expenses.
As of September 30, 2013, there are three remaining notes payable of $191,250 due to the former limited partners of TBF-1. These notes bear interest at 12.5% due semi-annually. Principal is due in full in forty-eight months from the execution date of the note. The notes are not collateralized.
On August 20, 2008, the Company entered into a Securities Purchase Agreement with accredited investors for the purchase of the Company's convertible promissory notes in the aggregate amount of up to $3,200,000 bearing interest at 18% per annum, payable on or before August 19, 2014. As of September 30, 2013, the Company has received $3,110,068.
The Securities Purchase Agreement contains provisions that if qualified financing is not secured by the maturity date, the Company will be required to issue warrants to the note holders resulting in a valuation of $5,000,000 provided that the strike price is $0.75. In addition, the note holder has the right, but not the obligation, to convert all or a portion of the principal and accrued interest outstanding under its note into shares of common stock.
We have evaluated these features of our convertible promissory notes and determined that they meet the definition of embedded derivatives as defined by SFAS 133, "Accounting for Derivatives and Hedging Activities", and have recorded derivative liabilities of $8,862 as of March 31, 2009, and $-0- as of December 31, 2009, 2010 , 2011 and 2012 respectively.
During the nine months ended September 30, 2013, the company issued no shares of its common stock.
On July 1, 2008, the Company relocated its corporate offices and executed a lease for five years for $11,130 per month. The lease escalates at 10% per year. During the fourth quarter 2010 the Company negotiated the transfer of the lease and was released from future liability under the terms of the lease.
During the fourth quarter 2010 the corporate offices relocated to shared offices spaces on a month to month basis without a lease obligation.
From August 28, 2008 through September 30, 2012, eighteen (20) shareholders of the Company have participated in loans to the Company totaling $3,110,068 under a Stock Purchase agreement for the purposes of providing funds for capital expenditures and for working capital.
In January 2009, the Company's Chief Executive Officer began to make advances for working capital and as of September 30, 2012 the balance of the unsecured note payable is $30,065.
On March 26, 2012 the Company announced that it has signed a letter of intent with RMBI International to perform a feasibility study related to the construction of a small scale, modular gas-to-liquids ("GTL") facility located at the company's Houston Clean Energy Park ("GTL Plant"). The technology under consideration for the feasibility study is not new or untested but rather links conventional equipment in a unique way. The feasibility study is expected to be completed before December 31, 2013 at a cost of approximately $1 million. A joint venture will be formed with the Company receiving a carried 25% interest in exchange for the long term use of site and certain generation equipment should the project be completed.
The current low cost of natural gas and abundant supplies produced from unconventional shale resources enhances the opportunity to profitably convert natural gas to higher value liquid fuels. The focus of the feasibility study will be on smaller units capable of converting 5 – 10 million cubic feet per day of natural gas into approximately 500 – 1,000 bbls per day of syncrude. A plant capacity expansion on the company's Houston Clean Energy Park may be initiated on successful completion of the initial GTL Plant. The GTL Plant concept under consideration would also be capable of exporting power into the Texas ERCOT grid.
The following discussion of the financial condition and plan of operations contains forward-looking statements that involve risks and uncertainties. Please see "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" elsewhere in this annual report on Form 10-K.
At September 30, 2013, we had $1,211,183 in total assets and $5,918,520 in total liabilities, resulting in a stockholders' equity (Deficit) of $(4,707,337). Our net working capital deficit at September 30, 2013 was ($5,727,119), which is a decrease in working capital since December, 31, 2012 of $462,988.
During the nine month period ended September 30, 2013, we had no revenues. Management decided not to incur the cost of operating the power plants for the following reasons: 1. continued high feedstock prices and low power prices during the winter; and 2. the need to move and relocate certain operating assets; and 3. the effort to finalize the development of the H.O. Clarke property (Houston Clean Energy Park). All of these factors caused management to focus on the future expansion of the H.O. Clarke property and not on current operations.
We believe our available resources, together with our anticipated operating revenue and the anticipated proceeds of certain planned short-term borrowings, will be sufficient to pay our anticipated operating expenses for a period of three to six months from the date of this quarterly report on Form 10-Q. Our available resources are not sufficient to pay all of our anticipated capital costs and we are presently seeking additional financing. We believe we will need at least $10 million in additional capital to finance our planned facility expansions and future acquisitions. Capital requirements are difficult to plan for companies like ours that are developing novel business models. We expect that we will need additional capital to pay our day-to-day operating costs, finance our feedstock and fuel inventories, and finance additions to our infrastructure, pay for the development of additional generating facilities and the marketing of our green electricity. We intend to pursue additional financing as opportunities arise.
Our ability to obtain additional financing will be subject to a variety of uncertainties. The inability to raise additional funds on terms favorable to us, or at all, could have a material adverse effect on our business, financial condition and results of operations. If we are unable to obtain additional capital when required, we would be forced to scale back our planned expenditures, which would adversely affect our growth prospects.
As a result of our limited operating history, our operating plan and our growth strategy are unproven and we have limited insight into the long-term trends that may impact our business. There is no assurance that our operating plan and growth strategy will be successful or that we will be able to compete effectively, achieve market acceptance for green electricity or address the risks associated with our existing and planned business activities.
During the nine months ended September 30, 2013, we incurred $68,801 in selling, general and administrative expenses for a net loss of ($462,988). There was no operating income for this period. We purchased this 79 acre site on March 20, 2009 for a price of $1,350,000. This acquisition includes 79 acres of land at the intersection of South Main Street and Hiram Clarke Road, together with all infrastructure, equipment, buildings and other improvements.
The H. O. Clarke property is adjacent to a 500 MW switchyard operated by CenterPoint Energy and has ready access to the Texas ERCOT grid. This decommissioned power plant was originally operated by Houston Lighting and Power with a total of 268 MW of gas fired steam generation until the 1980s. An additional 78 MW of gas fired turbines were added to the distribution system as peaking units and were last used in 2004. These peaking units have been removed from the site but the interconnection equipment remains. We plan to evaluate the steam turbines for reuse and scrap the equipment that has no future utility. We do not have sufficient financial resources to restore operation to this power plant and there can be no assurance that suitable financing will be available when needed. If we are not able to attract adequate financing, we may have to delay or abandon plans for all or part of the recommissioning of this site.
The key to this site is its central location inside the nation's fourth largest city and the opportunity to build a model Urban Renewable Power Plant. We plan to form the Houston Clean Energy Park on this site to introduce a variety of renewable technologies for clean power. Planned elements include biofueled electric generation, low emission gas turbine power generation and renewable syngas generation. Future projects could include biomass and solar energy.
The facility has adjacent natural gas line access, fuel storage and pipelines and distribution system access as well as transmission power connection. We plan to move certain of our biofueled generation assets to the site for connection to the distribution grid and study the feasibility of adding larger scale baseload equipment to the transmission grid in the future. We feel that this site offers a unique opportunity to provide baseload and peaking power to the ERCOT transmission and distribution systems over time. There can be no assurances, however, that future contract prices for green electricity will provide sufficient revenue to offset our anticipated operating expenses.
We believe our Company has a unique market focus, is well positioned demographically and is operationally efficient. Many retail electric providers are actively seeking "green energy" for sale to environmentally conscious residential and commercial customers who are willing to pay more for electricity produced from renewable energy resources. Our expertise in the field and our innovative approach to green energy distinguish our Company from its competitors. Nevertheless, there is a possibility that new competitors, who could be better capitalized than our Company, could seize upon our business model and produce electricity more efficiently, which might allow them to capture a significant share of our target market.
Until we are able to negotiate contracts that provide for a significant green energy premium, we intend to rely on equity financing to cover our current and anticipated operating losses. We need additional capital and intend to take advantage of financing opportunities as they arise. There is no assurance that our current financial resources and the proceeds of any future financing activities will be sufficient to pay our operating costs.
The Company is also participating in a feasibility study related to the construction of a small scale modular gas-to-liquids ("GTL") facility located at the Company's H. O. Clarke facility. The current low cost of natural gas and abundant supplies produced from unconventional shale resources enhances the opportunity to profitably convert natural gas to higher value liquid fuels. The focus of the feasibility study will be on smaller units capable of converting 5 – 10 million cubic feet per day of natural gas into approximately 500 – 1,000 bbls per day of syncrude. A plant capacity expansion on the Company's Houston Clean Energy Park may be initiated on successful completion of the initial GTL Plant. The GTL concept under consideration would also be capable of exporting power into the Texas ERCOT grid.
We are a smaller reporting issuer as defined in Item 10 of Regulation S-K and are not required to report the quantitative and qualitative measures of market risk specified in Item 305 of Regulation S-K.
We maintain disclosure controls and procedures that are designed to ensure that the information we are required to disclose in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information is accumulated and communicated to management, including our chief executive officer and our chief financial officer, to allow timely decisions regarding required disclosure.
In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. While the design of our disclosure controls and procedures is adequate for our current needs and anticipated future conditions, there can be no assurance that our current design will succeed in achieving its stated goals under all possible future conditions. Accordingly we may be required to modify our disclosure controls and procedures in the future.
We do not have a comprehensive set of policies and procedures, related to corporate governance, accounting, human resources, and other significant matters.
We have changed our accounting software package in order to provide stricter controls for our accounting functions and internal controls.
We have retained a qualified Chief Financial Officer.
As a result of these changes, management believes that all material weaknesses have been remediated. Management believes that due to the low volume of transactions that the control and procedures are effective.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rule 13a-15(f). Our system of internal control over financial reporting is designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements and the reliability of financial reporting. Because of their inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Our management assessed the effectiveness of our internal control over financial reporting as of September 30, 2013 . In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control - Integrated Framework. Based on that assessment, we believe that as of September 30, 2013, our internal control over financial reporting is effective.
Beginning with our Annual Report on Form 10-K for the year ending December 31, 2012, management's report on internal control over financial reporting must contain a statement that our independent registered public accountants have issued an attestation report on management's assessment of such internal controls and conclusion on the operating effectiveness of those controls, unless the SEC extends the compliance date for such auditor attestation.
There was no change in our internal control over financial reporting that occurred during the quarter ended September 30, 2013 that materially affected, or is likely to materially affect, our internal control over financial reporting.
Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.
We are a smaller reporting issuer as defined in Regulation S-K and are only required to report material changes from the risk factors previously disclosed in our report on Form 10-K for the year ended December 31, 2010.
* These exhibits were previously included in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2013 filed with the Securities and Exchange Commission on November 13, 2013.
/s/ Sam H. Lindsey, Jr.


text:
Cyber Security News Latest News
Hackers Try to steal Covid-19 Vaccine Secrets
ByNitin Parik
Nov 23, 2020 covid 19 vaccine code, covid 19 vaccine code has come, covid-19, covid-19 vaccine, covid-19 vaccine news, covid-19 vaccine tracker, covid-19 vaccine update usa, covid-19 world data, when will there be a covid-19 vaccine
State-sponsored hackers from China, Russia, Iran, and North Korea are engaged in concerted attempts to steal coronavirus vaccine secrets in what security experts describe as intellectual property war.
They accuse hostile-state hackers of trying to obtain trial results early and seize sensitive information about drug mass production, at a time when a range of vaccines are close to being approved for the public.
Previously the hacker's primary intention was to steal the secrets behind the design of a vaccine, with hundreds of drug companies, research labs, and health organizations from around the world targeted at any one time.
The cyber struggle involves western intelligence agencies, including Britain's National Cyber Security Centre, who say they are committed to protecting, our most critical assets. But they discuss only a fraction of their work in public.
Instead, they work behind the scenes with drug companies, research labs, and cybersecurity specialists, who are more easily able to describe the everyday hacking attempts in what amounts to a worldwide battle.
Adam Meyers, the senior vice-president, intelligence at the IT security specialists Crowdstrike, said countries including Russia and China had been engaged in hacking western companies and agencies "for the past 20 years", but since March had "become focused on one topic", referring to Covid-19.
"What you are seeing here is the latest stage in a long-running intellectual property war, but one where there is much more at stake to those involved. This has become a matter of national pride – who can develop vaccines first".
Yet, western governments remain reluctant to point the finger of blame in all cases of hacker attack for fear of diplomatic repercussions, with the UK, for example, particularly cautious about accusing China.
Experts in the private and public sector argue otherwise, saying that state-sponsored hacker groups typically have links to spy or defense agencies. Earlier this year, the UK's National Cyber Security Centre said Covid vaccine research labs were being targeted in the UK, US, and Canada by Cozy Bear Russian state hackers linked to the 'FSB' internal security agency.
Nitin Parik
YouTube Went Down Globally but It's fixed now
Drupal fixes a critical bug that allowing hackers to access websites
By Nitin Parik
latest hacking news in india Latest News
Juspay Data Breach Over 10 Crore Debit, Credit Cardholders Leaked on Dark Web
Jan 8, 2021 Rahul Bhardwaj
Latest News Linux
Metasploit framework in Kali Linux
Top 10 Basic Commands for Every Linux User

redpajama_set_name: RedPajamaCommonCrawl


Eat like Andy – epic or flop?
Thanks to Burger King, Andy Warhol got another 15 minutes of Fame!
Four and a half minutes of video, intended as pop art showing a famous deceased artist eating a Whopper – Cool! No wonder Burger King decided to do their first Superbowl Ad in a decade.
Playing it cool, just showing an unedited clip and a simple slogan – eat like Andy – seems a smart way to further differentiate the commercial from all of the other noise such as brand mascots being killed and mutilated, beers being hawked as health food, and boring burger ads. But I fear Burger King played it too cool.
I recognized Andy: I am old enough to remember his fame and I have a tie to Carnegie Mellon, his alma mater. But just how many viewers would? And are viewers my age good targets for whoppers? I am not sure I have eaten a whopper since Andy passed away.
A little bit of context, a simple introduction "a famous pop artist filmed himself eating a whopper – one of his gifts to the ages…" or some such thing would have made the ad more accessible to the audience. It might have been a LITTLE less cool, but some of the viewers might then appreciate the ad!
This entry was posted in Uncategorized and tagged #EatLikeAndy, Andy Warhol, Brandbowl, Burger King, Superbowl 53. Bookmark the permalink.


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Home/Home/Sport-Brella Recliner Chair Review 2022
Sport-Brella Recliner Chair Review 2022
Jovica DrazicJanuary 19, 2021
The Sport-Brella Recliner Chair is one of the most popular Recliner chairs present in the market which is mainly used for its characteristic features and its uniqueness. There are many different kinds of advantages present in using this product.
Here come, some of the main important things which you must keep in mind before proceeding and buying this product. By reading this further, you will be able to have a clear view of the product and the things which you must keep in mind while buying a recliner chair.
Special Characteristic Features of Sport-Brella Recliner Chair:
There are many different kinds of special features and characteristics present in buying this product. As mentioned before, here come some of the main important features of this product.
It is made as a three position recliner. You can easily adjust them in accordance with your need.
It also has a 3-way swiveling umbrella with it through which you will easily be able to adjust them however you want. This is one of the main kinds of advantages present.
It has a built-in pocket soles with it, through which you will be able to hold even 4 drinks.
It also has other cup holders and also the storage pockets with it, which also has a bottle opener with it.
It has a special kind of metallic undercoating with it which is mainly there to protect from the sun.
It will be giving you 360-degree protection which is the most important thing needed.
It comes in two different attractive colors.
Thus, the above-mentioned are the main important things which you must be focused on before proceeding to buy this product. And by reading the above features, you will definitely be able to make a wise decision by choosing this product.
Easily adjustable
Easily affordable
Has unique design
Made of special polyester
What is the actual weight limit of this chair?
It is around 250 pounds approximately.
Will the umbrella be able to withstand the windy condition?
No, it cannot withstand such conditions.
How far can the chair recline?
You cannot recline completely but you will be able to up to half the way.
This chair has been rated 3.8 out of 5 by the customers who have used this product. This is one of the best upcoming brands present in the market.
These are the things which you must really be concentrating on before deciding on buying a chair like this, which has many different kinds of advantages and characteristic features yet.
Final Conclusion:
What are you still waiting for? All you have to be doing now is to make a wise decision by choosing this product as you are crystal clear about the major characteristics and the advantages of using this product.
This is the thing which you must make yourself clear with before buying the product even though it may give you all the benefits which you may need.
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Convenient automatic open / close function for quick opening andclosin g, high-quality windproof system for maximum frame flexibility in stormy conditions, striking cover decoration with coloured panel seam pipings, matt / shiny contrasting Soft-Touch handle with integrated push-button and promotional labelling option, coloured handle strap, sleeve with press button and coloured piping. Also available as midsize umbrella (art. 4399).


Keep makeup sponges clean and safe with the Beautyblender Blender Defender Protective Carrying Case, a flexible silicone case with space for up to two damp beautyblenders.
Perfect for traveling and on-the-go, the sponge case protects against dirt and germs while allowing makeup sponges to dry properly with ventilation holes. Inspired by the interlocking sides of a pill capsule, the portable, shatterproof case is the ideal vessel for storing and carrying your favorite beautyblenders.
Slip one end of the case on, insert beautyblender(s). Pop on the other end to store and go!


English language is probably used in some way by about a quarter of all people in the world. In countries like Britain and the US, is the first language people learn as children and they communicate in English all the time. In other countries like India, Kenya, Singapore and Papua New Guinea, large number of people use English as a second language. Finally, in many countries is taught in schools as a foreign language, but it is not an official language. English is also used for many kinds of international communication. People in science, medicine, and business often communicate in English. And also is the language of much of the world's pop music and films.
The spread of English around the world began with the British settlement of North America, the Caribbean, Australia and Asia in the seventh and eighteen centuries. It continued in the nineteenth century when British controlled parts of Africa and South Pacific. English also became important internationally because in the nineteenth centuries Britain was the most important industrial nation in the world. In the twentieth century, the use of English spread with the growth in international business. When international companies and organizations developed, English was often chosen as the working language.
The growth in vocabulary is clear when we look at the making of the Oxford English Dictionary (OED) in the nineteenth and twentieth centuries. This dictionary contains all English words since 1150, even those that are no longer used. It has given us a lot of information about the history of words and expressions and has helped us understand how languages changes over time. Moreover, in the 1920 the British Broadcasting Corporation (BBC) chose an accent for all its speakers to use on the radio. This was the accent of the educated: people in government, at the universities, in the army, and the Church.
All over the world, people speaking English use different vocabulary, grammar and accents in a large number of varieties of English. In each English-speaking country one variety of English is used nationally. It is taught in schools and spoken on a radio and television. Everyone in the country uses the same grammar, vocabulary, and spelling when they use their country's Standard English, though they may speak it with different accents. In the newest varieties of English, words from another language are very often used with English ones. For example, in the US some Spanish speakers speak "Spanglish" which uses English and Spanish words in the same sentence.
Jargon and slang are kinds of English that are not part of Standard English. Jargon is the difficult or strange language used by a group of people to describe things that the rest of us do not know about. For example, doctors, lawyers, university teachers, and business managers, all use words and expressions that the rest of us do not understand. On the other hand, slang is an extremely informal kind of language, much more informal than jargon. Slang usually belongs to a group of people who use it to show that they belong to that group, and that others do not. Many slang words show that you like or dislike something.
In the future, the number of people who can use English well will continue to grow and that English will remain a world language for many years. However, the future of English as a world language is not so certain. Mandarin Chinese, Spanish, and Arabic may become other languages, as the numbers of people who speak these languages continue to grow, and the countries where they are spoken become richer. Although international business may grow, some of it may be with countries in the same part of the world, and other shared languages may be used instead of English. ¿Who will use English language at the end of this century, and how? It's hard to see clearly.
Viney, Brigit. The History of the English Language.


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Contact us WIC Delhi
The Women's International Club (WIC Delhi) is a unique platform for women living in Delhi to interact with women from around the world, and be introduced to Indian as well as other diverse cultures. The members of WIC Delhi are a mix of Indian and international women from different professional backgrounds.
The WIC Delhi organizes various activities, talks, workshops and presentations every month related to art, food, travel, culture, books, fashion, spirituality and health, among others.
The WIC Delhi is a secular and strictly non-profit and non-political registered society. Officially, all communications are in English.
To learn more about WIC Delhi, please reach out to us here.
The WIC Delhi works to foster friendship and mutual understanding between women of different nationalities.
The WIC Delhi contributes to the social and cultural development of women in general.
The WIC Delhi was inaugurated in 1970 through the earnest efforts of 12 founder members from the Indian as well as international communities.
ABOUT US PAGE:
HOW THE MAGIC BEGAN
The WIC Delhi, was inaugurated in 1970 through the earnest efforts of 12 founder members from the Indian as well as international communities.
From its inception, WIC Delhi, as it is fondly called, was dedicated to promoting cultural and social interaction among the international and Indian women residing in Delhi and its immediate surroundings.
From its earliest years, WIC Delhi provided its members with programmes rich in glimpses of the culture, cuisines and art forms of various parts of India as well as, most importantly, of the countries from which our many international members have hailed.
Indeed, it has been a tradition for WIC Delhi's international members to regale us with musical performances from Indonesia, tea ceremonies from Japan, cultural presentations from China, classical music concerts from Germany, traditional Christmas celebrations from the British Isles and colourful dances from South America.
Every year the WIC Delhi features panel discussions on current topics. The contributions of notable figures in public and government life, authors, doctors, artists, historians, lawyers among others have enriched these sessions and sparked lively debate.
Before the pandemic, the WIC Delhi organised two trips every year – one to a renowned historical city in India and one international visit. These trips are popular with everyone, as they highlight the historic and cultural aspect of the place visited, while also forging bonds of friendship between members. As the WIC Delhi matured, its institutions were firmly established to include a Constitution, Membership Directory and a regular roster of Circle Meetings on topics of interest.
MONTHLY SOCIALS
The monthly General Meetings bring the members together and it is at these that the social aspect of WIC Delhi blossoms.
Members are treated to regional and international delicacies and the warmth of friendship. Indeed many lifelong friendships are formed in the WIC Delhi.
WIC Delhi celebrated its 50th anniversary in 2020 and marks its ability to evolve by opening this webpage. A dynamic, affable, intellectually acute membership looks forward to the next 50 years and welcomes new members each year.
To know more, reach out to us here.
SEO AT THE BOTTOM OF EACH PAGE:
FOCUS KEYPHRASE – WIC Delhi
SEO TITLE – Everything you need to know about WIC Delhi
META DESCRIPTION – The Women's International Club, WIC Delhi, is a cultural club with equal membership of Indian and foreign members.
16-A Palam Marg, Vasant Vihar, New Delhi 110057
@ 2021 WIC DELHI All rights reserved


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Q: Issues with HeapSort my task is to write the code to a heapsort according to pseudo code. It should heapsort the input Array (4 3 2 5 6 7 8 9 12 1) and then print it with the printHeap method. I know for a fact that the printHeap works, because I have already used it with a method called buildHeap (to build max heap binary trees, but you all already know that :)) and there it works flawlessly, so my problem lies in heapSort.
It sorts correctly and prints it in the way it's supposed to (parent -- child 1, parent -- 2, etc.), only issue is, that the biggest and last value, which is 12, suddenly turns into 24 and I have no clue why.
The code is the following:
void heapSort(int a[], int n){
int x = n+1;
int i;
int temp;
buildMaxHeap(a, n);
for (i = n; i >= 1; i--){
    temp = a[i];
    a[i] = a [0];
    a [0] = temp;
    x--;
    heapify(a, 0, x);
}

void printHeap(int a[], int n){

int i;
printf("graph g { \n");
for (i = 0; i < n/2; i++){
    printf("%d -- %d\n", a[i], a[left(i)]);
    if (right(i) < n){
        printf("%d -- %d\n", a[i], a[right(i)]);
    }
}
printf("}\n");

Output is following:
1 2 3 4 5 6 7 8 9 24
graph g {
1 -- 2
1 -- 3
2 -- 4
2 -- 5
3 -- 6
3 -- 7
4 -- 8
4 -- 9
5 -- 24
}

just so you know what exactly I have done, I will attach the while .c file here:
https://onedrive.live.com/redir?resid=8BC629F201D2BC63!26268&authkey=!AFqVlm9AptiZ_xM&ithint=file%2cc
Really grateful for your help!
Cheers
Arik

A: Well, you observe an undefined behavior. (I personally on an online IDE got 0 instead of the 12(24).)
Try:
void heapSort(int a[], int n)
{
    int x = n; /* changed from n+1 */
    int i;
    int temp;

    buildMaxHeap(a, n);
    for (i = n-1; i >= 0; i--){ /*<-- changed*/
        temp = a[i];
        a[i] = a[0];
        a[0] = temp;
        x--;
        heapify(a, 0, x);
    }
}

Your arrays in almost all general purpose languages of today start with index 0[For thorough information see wiki.] You loop your array for (i = n; i >= 1; i--) wrongly and since the heap is max, don't process the first element and go out of bounds with the last. Although arithmetic with the nth element is defined in the standard, it is not meant so rather < n and some pointer work.
On a side note, you can use macros (#defines) for the left, right etc. functions to improve performance and ease the reading.
I hope that saves the day and the AlgoDat Exercise.

redpajama_set_name: RedPajamaStackExchange


Two men facing attempted murder charges, an attorney charged with witness tampering and a confidential informant out on bail — it's not your typical case for Ontario County Court.
Andrew Tabashneck, the attorney charged with misdemeanor witness tampering, appeared in court with his attorney on Wednesday in front of Ontario County Court Judge Craig Doran. The attorney's attorney, Daire Brian Irwin, submitted multiple motions for dismissal on his client's behalf.
The case is as tragic as it is complex. Erin "E" Rhynes and Timitheus Merritt, both of Geneva, are facing second-degree attempted murder charges in the shooting of Michael Cosentino in Geneva. Tabashneck was previously representing Rhynes prior to his own criminal charges.
In an evidentiary hearing in January, City of Geneva Police stated they received a proclamation by Cosentino stating that "E" shot him in the head.
According to court records, the confidential informant told Tabashneck he would take an affidavit to the shooting victim, and the affidavit would contradict Cosentino's alleged statements made to police at the hospital.


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We are closed for now, click here for our latest Covid-19 update
Old Bell
WE'LL BE SEEING YOU SOON
As you know we are going to be closing our doors for a temporary hibernation.
We're sorry we won't be able to welcome you into the pub while the restrictions apply but we will be ready and waiting when we can open our doors to welcome you again.
Don't forget you can still enjoy your favourite Greene King beers at home from our Online Beer Shop.
Stay safe and we look forward to seeing you again soon.
Pub Safe Promises
• our promise to you • Pub Safe
• make ordering simple • Download our app
Please enable JavaScript to view the venue map.
The Old Bell is a delightful Grade II Listed former farmhouse opened as a public house in 1735. Nestling in Harpenden and is surrounded by the beautiful Chilterns. A Grade II listed, 18th century former farmhouse, The Old Bell pub stands on the A1081 Luton Road, facing gently undulating meadows, in the leafy-green town of Harpenden. Famous for its abundant greens and commons, Harpenden sits between two river valleys at the foot of the Chiltern Hills, an area of outstanding natural beauty. A short walk from The Old Bell is an old brick railway arch, on top of which sits the Nickey Line, once an old railway line linking Harpenden, Hemel Hempstead and Redbourn, that's now a picturesque public footpath and cycleway, through some of Hertfordshire's prettiest woodland. Five miles to the north is Luton Airport, while the same distance south is one of the UK's most historic cities, St. Albans, home to Roman remains and magnificent medieval architecture. With plenty of period charm inside, including lovely open fires and exposed wooden beams, The Old Bell is the perfect place in which to enjoy a traditional pub lunch. Yet with its wide range of fine cask ales and quality ales, and its spacious tree-bordered beer garden, this pub is also a wonderful place to stop-off for a refreshing drink if you're walking the Hertfordshire countryside.
Please accept marketing cookies to view TripAdvisor.


Among patients who died after receiving Yescarta, four had ongoing CRS occasions at the time of death. As a result of potential for neurologic occasions, together with altered psychological standing or seizures, patients receiving Yescarta are in danger for altered or decreased consciousness or coordination in the eight weeks following Yescarta infusion. Vaccination with live virus vaccines is just not recommended for a minimum of 6 weeks prior to the start of lymphodepleting chemotherapy, during Yescarta treatment, and till immune recovery following treatment with Yescarta. B-cell aplasia and hypogammaglobulinemia can occur in patients receiving treatment with Yescarta. Hepatitis B virus (HBV) reactivation, in some circumstances resulting in fulminant hepatitis, hepatic failure and dying, can happen in patients treated with drugs directed in opposition to B cells. Liver Damage or Liver Failure Attributable to Viral Infections: Viral assaults from the viruses like Epstein-Barr, Herpes Simplex, and Cytomegalor can result in acute liver failure. Liver Damage or Liver Failure Prompted Due to Alcohol Abuse: Extreme consumption of alcohol is the most important motive that leads to liver failure as a result of it affects the health of liver and tends to shrink it with time.
Ninety-eight percent of all neurologic toxicities occurred inside the primary 8 weeks of Yescarta infusion, with a median time to onset of four days (range: 1 to 43 days). Counsel patients to seek speedy medical attention should signs or symptoms of CRS happen at any time. The early signs and symptoms of liver failure could be troublesome to diagnose as they are very much like other health situation and plenty of a occasions it might not produce a symptom. Herbal Medicines That may Damage the Liver or Cause Liver Failure: Even, the herbal medicines should not untouched as Kava, Skullcap, Ephedra and Pennyroyal are thought of because the supply of liver failure. Traders are cautioned that any such ahead-looking statements usually are not ensures of future performance and contain dangers and uncertainties and are cautioned not to place undue reliance on these forward-wanting statements. Yescarta has a Boxed Warning in its product label and an associated Threat Analysis and Mitigation Technique (REMS) relating to the dangers of CRS and neurologic toxicities.
The median duration of neurologic toxicities was 17 days.
Due to the danger of CRS and neurologic toxicities, Yescarta is offered only through a restricted program below a Threat Analysis and Mitigation Technique (REMS) called the Yescarta REMS. Yescarta is the primary chimeric antigen receptor T (Automotive T) cell therapy to be authorised by the U.S. At the first sign of CRS, institute treatment with supportive care, tocilizumab or tocilizumab and corticosteroids as indicated. Neurologic toxicities, that have been fatal or life-threatening, occurred following treatment with Yescarta. Monitor patients at the very least daily for 7 days at the certified healthcare facility following infusion for signs and symptoms of neurologic toxicities. The median duration of neurologic toxicities was 17 days. Within the up to date analysis, 12 p.c of patients experienced Grade three or increased cytokine release syndrome (CRS) and 31 % experienced neurologic toxicities respectively. The most typical (≥ 10%) Grade three or greater reactions embrace febrile neutropenia, fever, CRS, encephalopathy, infections-pathogen unspecified, hypotension, hypoxia and lung infections. Severe or life-threatening infections occurred in patients after Yescarta infusion.
Ten patients skilled a critical adversarial occasion six months after Yescarta infusion, including eight patients with infections. Within the occasion that a secondary malignancy happens, contact Kite at 1-844-454-KITE (5483) to obtain directions on patient samples to collect for testing. Within the event of febrile neutropenia, evaluate for infection and manage with broad spectrum antibiotics, fluids and different supportive care as medically indicated. Monitor patients for indicators and symptoms of infection earlier than and after Yescarta infusion and treat appropriately. Treat severe or life-threatening CRS with tocilizumab or tocilizumab and corticosteroids. Present supportive care and/or corticosteroids as wanted. In Study 1, CRS occurred in 94% (a hundred and one/108) of patients receiving Yescarta, including ≥ Grade three (Lee grading system) CRS in thirteen% (14/108) of patients. ATLANTA-(Enterprise WIRE)-Kite, a Gilead Company (Nasdaq: GILD), announced long-time period follow-up information from the pivotal ZUMA-1 examine of Yescarta™ (axicabtagene ciloleucel) in patients with refractory giant B-cell lymphoma. Kite, a Gilead Firm, is a biopharmaceutical firm based in Santa Monica, California. Fatal and serious circumstances of cerebral edema have occurred in patients treated with Yescarta. DLBCL is the most typical aggressive non-Hodgkin lymphoma, accounting for three out of each five instances. The most typical opposed reactions (incidence ≥ 20%) include CRS, fever, hypotension, encephalopathy, tachycardia, fatigue, headache, decreased appetite, chills, diarrhea, febrile neutropenia, infections-pathogen unspecified, nausea, hypoxia, tremor, cough, vomiting, dizziness, constipation, and cardiac arrhythmias.
The commonest Grade three or greater reactions had been neutropenia (79 percent), anemia (forty five p.c) and thrombocytopenia (forty p.c). Allergic reactions may occur with the infusion of Yescarta. Patients could exhibit cytopenias for a number of weeks following lymphodepleting chemotherapy and Yescarta infusion. In Research 1, Grade 3 or increased cytopenias not resolved by Day 30 following Yescarta infusion occurred in (28%) of patients and included thrombocytopenia (18%), neutropenia (15%), and anemia (three%). Monitor blood counts after Yescarta infusion. In Research 1, hypogammaglobulinemia occurred in 15% of patients. Advise patients to chorus from driving and engaging in hazardous occupations or actions, comparable to working heavy or potentially dangerous equipment, during this initial interval. Yescarta just isn't indicated for the treatment of patients with major central nervous system lymphoma. Don't administer Yescarta to patients with lively infection or inflammatory disorders. Monitor immunoglobulin levels after treatment with Yescarta and handle using infection precautions, antibiotic prophylaxis and immunoglobulin alternative. CRS, including fatal or life-threatening reactions, occurred following treatment with Yescarta. Critical events including leukoencephalopathy and seizures occurred with Yescarta. Yescarta has been granted Precedence Medicines (PRIME) regulatory help for DLBCL in the European Union. Healthcare amenities that dispense and administer Yescarta must be enrolled and adjust to the REMS requirements.
← What Are Core Values?


text:
09.23.17 Telecom
Hands On: This is the Apple Watch's most important update yet
Image: karissa bell/mashable
Apple just upped its smartwatch game in a huge way.
The Apple Watch Series 3 is the biggest and most consequential update to date. By adding LTE connectivity, Apple has delivered an upgrade that will completely change how you use the device.
SEE ALSO: Apple's biggest announcement won't be the iPhone 8, but HOW you use it
Earlier iterations of the Apple Watch, and frankly, most other smartwatches, have been hamstrung by their dependency on your phone for data. By completely untethering the watch from your iPhone, it's not a completely different story.
Prior to today's unveiling there was some speculation as to whether Apple would significantly change up the design with Series 3. Not only did Apple not change the form factor of its watch, they managed to keep the case size nearly identical even with the additional LTE radio and SIM.
Image: KARISSA BELL / Mashable
The only difference is that the case is now slightly thicker. The company says it's the equivalent of about two sheets of paper — but it's not noticeable that I could see.
The most noticeable difference is the red dot on the Digital Crown, which doesn't actually do anything other than let people know you're wearing the latest Apple Watch, which is, of course, the point.
Speaking of colors, the Series 3 also comes in a few new finishes: a new shade of pinkish gold and a gray ceramic. Both are nice, if somewhat predictable, additions.
The new gold finish.
Gray ceramic.
Naturally, there are a load of new band styles and colors to go with the new watches. The woven nylon bands now come in new patterns, and there's a new sport band made of soft nylon that promises that is much more adjustable than the existing sport band.
New bands and colors aren't why you're going to want to upgrade your Apple Watch, though. You're going to upgrade because LTE connectivity completely changes what you can do with it.
The new sport band is more adjustable so it can fit closer to your wrist.
Image: karisa Bell/mashable
Yes, you can send text messages and make phone calls from your wrist even when your iPhone is at home. But it also means you can ask Siri to call you an Uber or a Lyft, stream music, and use any other Apple Watch-enabled app.
All this comes with one important caveat, though: You'll have to fork over extra money to your carrier each month for your watch. And even though carriers tend to charge significantly less for smartwatch data, handing even a little more money over to telecom companies just plain sucks.
If you can get past that, though, there are other reasons to upgrade.
The latest version of watchOS also comes with new fitness tracking features, like the ability to track high intensity interval training. There's also a built-in altimeter, which allows the watch and watch apps to better track your elevations — a huge update for skiers and snowboarders.
There are also a load of upgrades to the heart rate monitor. Now, the watch's heart rate monitor can track your heart rate over time and, when paired with the Health app on the iPhone, surface all your past heart rate data.
As Apple pointed out during its keynote, this has big implications for how people monitor their health, since they can better track changes in their heart rate over time.
WATCH: If you wear an apple watch, you're an a**hole
Read more: http://mashable.com/2017/09/12/apple-watch-series-3-hands-on/
Tags: apple, apple-watch, apple-watch-series-3, big-tech-companies, consumer-tech, gadgets, tech


text:
Floor Constructions. Part 9
307. The Ransome & Smith Floor
While Mr. Jackson was experimenting with the Hyatt ties, Mr. E. L. Ransome, a very successful worker of concrete in San Francisco, conceived the idea of using square bars of iron and steel, twisted their entire length, in place of the flat bars and wires used by Mr. Jackson, as shown in Fig. 188. It was found that these bars were held in the concrete equally as well, if not better, than the other, and that they were much less expensive. None of the iron in the ties is wasted, and it has been demonstrated by careful experiments that the process of twisting the bars to the extent desired strengthens the rods instead of weakening them.
Mr. Ransome patented his improvement in 1884, and since that time it has been extensively used in San Francisco.
The Ransome concrete floors are made in two forms - flat (Fig. 188) and recessed, or paneled (Fig. 188 A). These floors have been used for spans up to 34 feet. No floor beams are required, the floor being self-supporting from wall to wall (when the building is not more than 30 feet wide), or from wall to girder. The great strength of these floors has been fully demonstrated by actual use in many heavy warehouses in various portions of California, as well as in many other buildings.
Fig. 188.
A section of a flat floor in the California Academy of Science, 15x22 feet, was tested in 1890 with a uniform load of 415 pounds per square foot, and the load left in place for one month. The deflection at the centre of the 22-foot span was only \ inch. It was estimated by the architects that the saving by using this construction throughout the building, over the ordinary use of steel beams and hollow tile arches of the same strength, and with similar cement-finished floors on top, amounted to fifty cents per square foot of floor.
Fig. 188 A.
The flat construction shown in Fig. 188 is the best adapted, of the two, for office buildings, hotels, etc., although the paneled floor, shown in Fig. 188A, has much the greater strength for the same amount of material. The latter construction has been used in several warehouses in California without the use of any steel or iron beams or girders, and has supported very heavy loads for several years.
As a fireproof construction this system is undoubtedly equal to any other construction in use. The patents controlling the use of twisted bars in combination with concrete are now owned by the Ransome & Smith Co., of Chicago, from whom more complete information of their system of flooring may be obtained.
308. The Lee Hollow Tile and Cable Rod Floor
Mr. Thomas A. Lee, the originator of the end system of hollow tile arches, about the year 1890 patented a system of floor construction which is the same in principle as the Ransome floor. Instead of using concrete to resist the compressive stress, hollow porous tile blocks with square ends and a rod groove along one side near the base are used, as shown in Fig. 189. The tension member consists of cables made of round, drawn steel rods of about 3/10 of an inch in diameter laid spirally together, usually in two strands. The rods are spaced 8, 10 or 12 inches apart, according to the span and width of tile, and are buried in soft Portland cement placed in the grooves near the bottom of the tile. The cement unites the tiles and cables so as to form a composite beam. The floors extend like a flat plate from wall to wall, or from girder to girder, their thickness being about 5/8 inch for each foot of span.
Fig. 189. - Lee Floor.
Floors and roofs similar to the above have been built in various costly buildings in different portions of this country and in Canada, the spans varying from 10 to 28 feet.
In buildings having solid brick or concrete walls and partitions, these tension member floors may be used to good advantage, but it is doubtful if they ever come into general use in buildings built on the skeleton principle. They require very careful and faithful workmanship and the very best quality of cement to make them safe.
prev: Floor Constructions. Part 8
next: Floor Constructions. Part 10


That's true, they're the only defences available in that module so yeah they do crop up in one way or another.
is it a re-sit ur doing vincent_valentine or first time for crim 1?
I've already done Crim law 1.
oh right lol sorry i was under the impression u were taking it 2moro. Well u have a good memory!
section B in january had a DR and prov story, last year in june it had an involuntary manslaughter story, chances this time will be involuntary not voluntary??? **** attempts and conspiracy there will be an essay question on omissions in section a gotta be what u lot think?
No need to be sorry at all and thank you!!
There may be a invol theme in one of them yes.
what grade did you get 4 it?
i didnt think strict liability would come so i revised other stuff proper proper and kinda skimmed strict liability. i was well stuck in my exam!
Well, its hard to concentrate for more than 2 minutes.
what are ur final fina final predictions for 2mrw?
i am really panicing at the moment.


text:
The 400-Word Review: Venom
The comic-book villain's solo outing is a big, goofy mess.
Sean Collier,
© 2018 CTMG, Inc. All Rights Reserved.
Does a slightly exasperated sigh count as a movie review?
I think it does. I just can't find a way to stretch one into 400 words.
The symbiote Venom, an alien foe of Spider-Man introduced in the late 1980s, is one of the Marvel Comics characters still outside of the Disney/Marvel Cinematic Universe umbrella. His web-slinging rival is now an Avenger. The X-Men, the most successful extracurricular Marvel stars, are packing boxes with the rest of 20th Century Fox, bound for the Disney mothership. Even Deadpool is now reporting to the Mouse House, at least indirectly.
Sony Pictures, against all reason and logic, continues to try and make something out of the "Spider-Man" universe. They could accept a GDP-size payout and cut bait, but instead, we have "Venom."
Without Spidey. Just, here's Venom! You wanted a Venom origin story, right?
Through some wildly over-long machinations, we meet our principals: Eddie Brock (Tom Hardy), a gonzo investigative journalist for the YouTube age; Carlton Drake (Riz Ahmed), the Bezos-esque head of a multifaceted, sinister conglomerate; and Anne Weying (Michelle Williams), a high-profile defense attorney representing Drake, who just so happens to be Brock's girlfriend.
When Brock confronts Ahmed about shady pharmaceutical tests, he and Weying both lose their jobs; Weying, understandably, leaves him. Fortunately, walking ex machina Dora Skirth (Jenny Slate) brings Brock in to expose Drake's misdeeds, which include testing an alien symbiote on human subjects.
And finally, after a circuitous and amateurish first hour, Venom invades Brock's body and starts wreaking havoc. It's a long way to go when "A spaceship crashes and Tom Hardy finds some goo" would've done just fine.
The problems are innumerable but among the largest: The script is awful, vacillating between cliche and pure nonsense; Hardy's unhinged performance desperately needed to be reined in and was not; the Venom character is a cartoonish, computer-generated pile of slop, making the scenes where it interacts with humans look like "Who Framed Roger Rabbit" (not in a good way); at one point Michelle Williams turns up as a symbiote with big, gooey alien breasts.
The best thing I can say for "Venom" is that it's so ridiculous that it's worth watching as a train wreck. On the strength of the source material, it does argue for the viability of the character — when, inevitably, the rights to the property return to Marvel. Which cannot happen soon enough.
This article appears in the October 2018 issue of Sean Collier's Popcorn for Dinner.
Categories: Sean Collier's Popcorn for Dinner


Today, neutrality and non-discrimination obligations only apply to Internet Access Service (IAS) providers. But should the EU extend these concepts to device manufacturers and to their integrated operating systems? Some are indeed concerned that IAS providers could use their market power to distort competition between content providers on one side and access to content by consumers on the other side.
This event will discuss the rising question of whether and under which conditions the concepts of neutrality and non-discrimination should be extended to manufacturers of Internet access devices and their integrated OS. What long term impact could this have on the market dynamic? What would be the immediate impact on consumers and content providers?
Join device and equipment manufacturers, regulators, digital service providers and telecoms operators, consumer representatives, policy makers and independent experts in debating the need for such regulation, as well as the potential implications for industry, consumers, and innovation.
What discriminatory practices exist in the field of device neutrality?
What are the limits of current competition law? Is it (in)sufficient and why?
Connected & smart devices: what are the risks of filter bubble?
What efficient regulatory tools could be put in place?
Could and should the concept of neutrality be extended to device manufacturers and their integrated operating systems? Under which conditions?
How would a neutrality regulation on devices and integrated operating systems impact competition and innovation along the Internet value chain?
What might be the short-term impact on consumers and content providers?
ISSUE PAPER | Device Neutrality: The Missing Link for Fair and Transparent Online Competition?


text:
University of Utah Athlete Honored in Tearful Vigil After Murder at Hands of Ex-Boyfriend
Crime 12:56 PM PDT, October 25, 2018 - Inside Edition Staff
12:56 PM PDT, October 25, 2018 - Inside Edition Staff
There were unbridled tears as students mourned a University of Utah star athlete who was fatally shot by her enraged ex-boyfriend.
Lauren McCluskey, 21, a senior and track star at the university, was memorialized at a vigil on campus Wednesday night.
"Lauren was always a driven athlete and gave 110 percent in everything she did," one friend eulogized Wednesday night. "The loss of her sweet spirit to our team is truly devastating."
"She was an amazing, genuine and caring person and she will be really missed," another friend said.
Her family shared a touching video of McCluskey from back when she was being recruited to colleges. In the background, Alicia Keys' "Girl on Fire" played.
Lauren had broken off her relationship with Melvin Rowland earlier this month after she found out he was a registered sex offender and claimed he was 20 years younger than he actually was. She reportedly complained to campus police that he was harassing her.
Cops say Rowland, 37, ambushed her Monday as she walked back to her campus apartment after a night class.
She was on the phone with her mother at the time.
"I heard her yell, 'No, no, no!" her mom said in a statement.
Lauren's body was found in the backseat of a car on the campus.
Rowland, a parolee, killed himself in a nearby church.
Mom Was on Phone With Daughter When She Was Attacked: 'I Heard Her Yell'
White Man Accused of Pulling Gun on Black College Students Surrenders to Police
A Look at the Mollie Tibbetts Case Since She Vanished Nearly 5 Weeks Ago
Deaths of Sid and Nancy Leave Many Unanswered Questions, 40 Years Later
Here's Where Some of Joe Biden and Kamala Harris's Ancestors Are From


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Investing Ideas »
The 10 best utility stocks to buy for 2019
By Will Ashworth,
Investing in ETFs
Investing in Sectors
Investing in Stocks
NextEra Energy NEE
National Grid NGG
PPL Corp. PPL
Eversource Energy ES
Fortis FTS
Aqua America WTR
Black Hills BKH
Enbridge ENB
Berkshire Hathaway BRK/B
Brookfield Asset Management BAM
Source: Kiplinger
Utility stocks had a great 2018 … for the most part. Yes, the Utilities Select Sector SPDR (XLU) broadly finished the year with a marginal gain. But mounting U.S. and global worries helped push the sector to a spectacular 20% run between the February lows and the mid-December highs.
Heading into 2019, it looks as though utility stocks could be among the better performers this year, too, according to Goldman Sachs analysts.
"For equity investors, risk is high and the margin of safety is low because stock valuations are elevated compared with history," Goldman Chief Equity Strategist David Kostin and team wrote in a Nov. 19 note to clients. "We forecast the S&P 500 index (.SPX) will generate a modest single-digit absolute return in 2019."
Although the bank believes cash is an excellent place to allocate some of your capital in the year ahead, when it comes to actual stock picks, utilities are high on its list – so much so that it raised the sector to "overweight." Why? Several analysts are predicting a slowdown in GDP growth in 2019, and historically, when that happens, utilities tend to outperform the markets as a whole, in part because the sector has traditionally had a low beta to the S&P 500.
Goldman also suggests that investors need to buy quality companies with stable earnings and revenues to prepare for the year ahead. Utilities fit that to a T, and typically deliver better-than-average dividend yield to boot. So with all that in mind, here are the 10 best utility stocks to buy for 2019.
Data is as of Jan. 21, 2019. Dividend yields are calculated by annualizing the most recent quarterly payout and dividing by the share price. Analysts' opinions provided by Wall Street Journal.
Ticker: NEE
Market value: $84.5 billion
Forward P/E: 21.1
Analysts' opinion: 13 buy, 1 overweight, 4 hold, 1 underweight, 0 sell
NextEra Energy
As investors get more defensive in 2019, NextEra Energy becomes an obvious choice.
One only needs to look at the company's stock chart in 2018 – or the past five years, for that matter – to understand that this $85 billion utility stock is as stable an investment as they come. The 2.5% yield doesn't hurt, either.
NextEra continues its push to become one of the country's greenest power producers. The company is committed to cutting its carbon emissions by 65% for a 20-year period starting with a 2001 base rate. Currently, NEE has the seventh-lowest CO2 emission rate among the top 50 power producers in the U.S.
The company's Energy Resources division generates 20 gigawatts of energy, 80% of it from wind and solar power, with the remainder from nuclear and natural gas.
If you're a socially responsible investor, this alone should make NextEra an attractive investment in 2019. But if you're purely interested in shareholder returns, NEE delivers there, too. The stock generated a total return of 162% over the five years ended Dec. 31, 2017 – significantly higher than the 108% total return of the S&P 500.
Ticker: NGG
Analysts' opinion: 7 buy, 0 overweight, 9 hold, 0 underweight, 0 sell
Most utilities of note are located in the U.S., but if you want a little bit of international diversification, National Grid is an excellent choice for this year.
The company operates utilities in upstate New York, Massachusetts, New Hampshire, Rhode Island and Vermont. Overseas, it runs both electricity and natural gas transmission businesses in the U.K.
In the six months ended Sept. 30, 2018, the company's U.K. businesses generated half its operating profit, while the U.S. contributed 38% and its NG Ventures business – which includes the company's real estate holdings and Europe's largest grain LNG storage facility – the remainder.
Also worth considering: National Grid announced the launch of a venture capital unit, National Grid Partners, which has committed $250 million over the next three years to invest in renewable energy innovation. NGP is the only global utility-backed venture capital company in Silicon Valley. The investments are intended to ensure National Grid stays ahead of the competition on the green-energy front.
Ticker: PPL
PPL Corp.
Allentown, Pennsylvania-based PPL Corp. is another utility stock that offers geographic diversification. The company operates seven regulated utilities in Pennsylvania, Kentucky, and the U.K. Together, the three utilities provide electricity to 11.6 million customers.
While its U.K. business represents just 38% of PPL's base rate, it generates 53% of the company's profits. In fiscal 2017, the U.K. business brought in $2.1 billion in revenues and $652 million in earnings, making it the country's largest distributor of electricity.
PPL expects to spend $12 billion on its energy infrastructure over the next four years, which should increase the company's rate base from $27.3 billion in 2018 to $33.7 billion in 2022 – a compound annual growth rate of 5.4%.
Like NextEra, PPL is committed to reducing its carbon emissions. In 2010, PPL's utilities emitted 62.6 million metric tons of carbon into the air; by 2050, it expects to reduce that by 70% to 18.8 million metric tons.
PPL has paid 294 consecutive quarterly dividends and has hiked its annual payout for 19 straight years. Its goal is to increase the dividend by 5% to 6% annually – very nice considering that its 5.4% yield already is higher than most of its large-cap peers. And in 2019's investment environment, the extra yield is a wise choice.
Ticker: ES
New England residents likely are familiar with Eversource Energy, which operates regulated electric utilities in Massachusetts, Connecticut and New Hampshire. It also owns Aquarion Water Company, which provides water to customers in those three states; Eversource bought it for $1.7 billion in December 2017. All told, ES serves nearly 4 million customers in New England.
In the first nine months of 2018, Eversource produced $2.52 per share in profits on $801.7 million in revenues. It expects to report $3.20 to $3.30 per share for full-year 2018. And it estimates it will grow earnings per share by 5% to 7% in 2019.
Eversource plans to invest $6.5 billion in capital over the next three years to update its energy infrastructure; a majority of that will go to its electric transmission and distribution businesses.
ES also has taken care of its income-minded investors. The company has improved the payout by 8% compounded annually over the past eight years. It has paid out an average of 60% of its profits over this period, and should easily meet its objective of increasing the dividend by 5% to 7% annually, in line with its earnings growth. That payout also has fueled a 90.4% total return over the past five years through Oct. 31, 2018, that was more than six percentage points higher than its Edison Electric Institute (EEI) peers in the utility sector.
Ticker: FTS
Fortis is a Canadian-based utility with operations in the U.S., Canada, and the Caribbean, serves 2 million electricity customers and 1.3 million natural gas customers. Its C$50 billion in assets generated C$8.3 billion in revenue in 2017, with C$1.1 billion in adjusted earnings.
While Fortis is based in St. John's, Newfoundland, it's focusing on the American market for its future growth. Between 2013 and 2016, FTS went on an acquisition spree in the U.S., buying Central Hudson Gas & Electric (New York state) for $1.5 billion in 2013, UNS Energy (Arizona) for $4.3 billion in 2014 and ITC Holdings (Michigan and six other states) for $11.3 billion in 2016.
In the first nine months of 2018 through Sept. 30, Fortis' U.S. assets accounted for 70% of its C$839 million in net earnings.
Fortis plans to spend C$17.3 billion on its energy infrastructure over the next five years, which will grow its rate base by 6% to 7% annually, allowing it to easily meet the company's target of 6% annual dividend growth. Fortis also has one of the oldest strings of dividend growth among the Canadian Dividend Aristocrats, at 45 consecutive years after its October hike.
Ticker: WTR
Market value: $6.1 billion
Aqua America
Like most utilities on this list, Aqua America is growing by acquisition.
However, the water utility's most recent buy wasn't another water utility. Instead, it announced in late October that it would pay $4.3 billion to acquire Peoples Natural Gas, a Pittsburgh-based natural gas distribution company that serves 740,000 customers in Pennsylvania, West Virginia and Kentucky.
The combined entity will operate regulated utilities in 10 states, serve more than 5 million customers, have almost $11 billion in total assets, and boast a rate base of more than $7 billion, with 30% from natural gas and the rest from water. Aqua America expects its rate base to grow by 7% annually through 2021, while Peoples' rate base should increase by 8% to 10% annually over the same period.
Aqua America spent approximately $500 million in 2018 on its infrastructure and is expected to invest another $900 million over the next two years. Now, it has a second platform for growth. And it wouldn't be surprising if the acquisitive utility stock moved further into natural gas distribution in the future.
Ticker: BKH
If you're looking for a small-cap utility play in 2019, look no further than Black Hills. Based in Rapid City, South Dakota, Black Hills provides electricity and natural gas to 1.25 million customers in eight states, from Montana in the north to Arkansas in the south.
In the nine months ended Sept. 30, Black Hills' gas utilities generated $116.2 million in operating income – down 5.3% from a year earlier – while its electric utilities saw a 15.6% decrease to $118.3 million. It also has small power generation and mining businesses that contributed $38.1 million and $12.6 million in operating income, respectively.
Although BKH's overall operating income was down 5.5% in the nine months, its net income was $171.9 million, 36% higher year-over-year due to Black Hills' lower tax rate in 2018.
Three of its natural gas utilities will get new, higher rates in the fourth quarter, which should lead it to finish 2018 with $3.35 in earnings per share. In 2019, Black Hills expects to earn at least $3.35 a share and $3.50 in 2020.
As far as dividends go, the company announced a 6.3% increase Nov. 5 that sees the annual rate rise to $2.02 – the company's 49th consecutive year of payout hikes.
Ticker: ENB
Analysts' opinion: 14 buy, 2 overweight, 2 hold, 0 underweight, 0 sell
Enbridge is another Canadian player on our list of top utility stocks to buy. Though it's probably best-known as a pipeline company. With more than 17,000 miles of pipeline in North America, Enbridge moves 2.9 million barrels of oil daily through its Mainline and Express pipelines.
However, Enbridge also generates 1,750 megawatts of power through its wind, solar and geothermal projects. And it is Canada's largest natural gas distribution provider with 3.7 million customers in Ontario, Quebec and New Brunswick, as well as New York state.
Enbridge is transitioning into a regulated pipeline and utility model with stable revenue and earnings. To achieve this goal, it spent 2018 disposing of non-core natural gas gathering and processing assets in both the U.S. and Canada, which collectively sold for C$5.9 billion. ENB also sold C$1.75 billion in renewable power assets in Canada and the U.S.
The company does plan to grow, too. Enbridge plans to spend C$22 billion on its energy infrastructure over the next three years. C$9 billion of that will go toward replacing its Line 3 pipeline that runs from Edmonton, Alberta, to Superior, Wisconsin. Completion is expected in the second half of 2019.
Ticker: BRK/B
Market value: $501.2 billion
Dividend yield: N/A
Berkshire Hathaway is the first of two recommendations that provide investors with extra diversification beyond the utilities sector.
As Goldman Sachs suggested in the intro, you want to own quality companies with stable earnings and revenues in 2019. What could be more stable than Warren Buffett's holding company?
Berkshire Hathaway's energy subsidiary, of which it holds a 90.2% interest, operates four regulated utilities that serve 4.9 million retail customers, owns two pipeline companies with 16,400 miles of pipe capable of moving 8.1 billion cubic feet of natural gas daily, and also has ownership stakes in several electricity businesses. And that's just in the U.S. It also operates electricity distribution and transmission businesses in Canada and the U.K.
In fiscal 2017, Berkshire Hathaway Energy's annual revenues were $18.9 billion, generating $2.1 billion in net profits for the parent.
What you might not know about Berkshire Hathaway's little energy company is that it also holds one of America's largest home sellers – HomeServices of America – which represented buyers and sellers in $127 billion worth of residential real estate transactions in 2017.
If you're looking for exposure to utility stocks without owning a pure play, Berkshire Hathaway is an excellent choice in 2019.
Ticker: BAM
Brookfield Asset Management
Brookfield Asset Management is a Toronto-based global alternative asset manager with more than $300 billion in assets under management. It is our second of two diversification options.
You want to buy Brookfield for many of its assets, including its 29.6% stake in Brookfield Infrastructure Partners LP (BIP), an owner of quality infrastructure assets around the world. BIP favors assets that generate stable cash flows and require very little in the way of ongoing capital expenditures. And like its parent, Brookfield Infrastructure generally buys cheap assets out of favor, then finds ways to add value, selling it when prices for these kinds of assets get expensive.
One example of an asset that BIP likes is Enercare, a Toronto company that rents water heaters and HVAC units to residential and commercial customers. Brookfield Infrastructure announced the C$4.3 billion purchase in August 2018. Another example is Gas Natural Columbia. In 2018, BIP acquired majority control of the second-largest national gas distribution system in the South American country, which serves more than 2.9 million customers via more than 12,000 miles of pipeline.
In the first nine months of 2018 through Sept. 30, Brookfield Infrastructure's utilities segment generated funds from operations (FFO, an important metric of profitability for REITs and other types of businesses) of $438 million, or 59% of its total FFO.
BAM (1.4% yield) doesn't provide the same level of income as BIP (4.8%), but it does provide you with additional investments in private equity, real estate and other alternative assets, in addition to utilities and infrastructure.
For more news you can use to help guide your financial life, visit our Insights page.
© 2019 The Kiplinger Washington Editors, Inc.
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This KB article will help you patch a S5700-52C-PWR-SI stack switch from version V200R005C00SPC300 and patch s5700si-v200r005sph008.pat to patch 5700si-v200r005sph013.pat.
This scenario can happen when you copy the patch to the master but you have no free space on one or more slaves.
First we need to check the patch-information, we see that it's the right one but we see also that the patch 5700si-v200r005sph013.pat does not exists on two slaves.
We should get the output of each slot of the stack to verify the space for slots and then delete unnecessary files from the slaves to free up space.
The root cause was that even though the master had space enough, two slaves had no enough space for the patch files.
Before to start a patch upgrade on a stack, please verify all the slots to have enough space to fit the files, not only the master.