• +598 29008192
  • info@servinfo.com.uy

Archivo del Autor: Belen De Leon

Google Doodle celebrates St. Patrick's Day with Celtic Triskele – CNET

/ The ancient Triple Spiral symbol evokes different meanings for many people.
Source: CNET

Mark Hamill reveals his Star Wars Episode 9 trailer – CNET

It’s not what you think.
Source: CNET

Decade in review: Trends in seed- and early-stage funding

We’ve decided to step back from the breaking news for a minute to conduct a review of seed and early-stage funding trends over the last decade for U.S.-based companies.

I’m fairly certain we can all agree that the environment for startups has changed dramatically in the past 10 years, specifically in two major ways:

  1. The development of seed funding as its own class and;
  2. The expansion of growth stage investing.

What we’ve also seen are recent concerns raised about the decline in seed stage funding by Mark Suster, a partner at UpFront Ventures, as there has not been commensurate growth in early stage funding (Series A and B), to meet this growth in seed-financed companies. This is often expressed as the Series A crunch.

So with venture funding at an all-time high, along with increased growth in supergiant rounds, now seems like an appropriate time to conduct this kind of review.

Setting the stage

First, let’s set the stage for our analysis and explain where our data comes from with a few quick facts:

  • Rounds below $1 million can be the most difficult to capture adequately as many angel and pre-seed deals are not reported.
  • Luckily, Crunchbase has an “active founder community” that adds early stage financings.
  • By “active founder community” we are referring to many founders who are active on Crunchbase adding their company, themselves as founders, and their fundings.
  • Around 47 percent of fundings below $5 million in the U.S. are added by contributors, as distinct from our analyst teams who process the news, track Twitter, and work directly with our venture partners.
  • For this study, we bucket U.S. funding rounds by size to indicate stage.
  • Given the high percentage of self-reported seed financing, data added after the end of a quarter needs to be factored in.
  • For this reason we use projected data for many of the Crunchbase quarterly reports in order to more accurately reflect recent funding trends. For the charts below we are using actual data, with some provisions for the data lag when discussing the trends.

Now, let’s take a look at the trends.

Rounds below $1 million are slumping

Since 2014 we have seen mostly double-digit declines in less than $1 million rounds each year – a strong pivot from 2008-2014 when we saw double-digit growth.

In 2018 seed funding counts and amounts below $1 million were down from 2015 at 41 and 35 percent respectively. Given that data at this stage can be added long after the round took place, we assess there could be a 20 percentage-point relative increase in 2018 compared to 2017.

If we factor this in, 2018 seed funding counts and amounts below $1 million are down from 2015 at 30 and 23 percent respectively. In other words, seed below $1 million are closer to 2012 and 2017 levels.

$1 million to $5 million rounds are flattening

Round from $1 million to $5 million also experienced growth from 2008 through 2015, more than threefold for counts and close to threefold for amounts. Upward growth stalled from 2015. However, we do not see a substantial downward trend in the last three years. Dollars invested are stable at $7.5 billion from 2015 through 2017. Counts and amounts are down in 2018 from the 2015 height by 12 percent for deal count and 6 percent for amounts.

At Crunchbase we are always cautious about reporting downward trends for the most recent year or quarter, as data does flow in after the close of the most recent time period. If the trend is over a greater time period, that is a stronger signal for change in the market. Based on data continuing to be added after the end of a year for the previous year, we assess around 10 percentage point increase relative to 2017. This would make 2018 roughly equivalent  to 2017 on rounds and slightly up on amounts.

Seed funds take bigger stakes

Why is seed flattening? Seed investors report putting more dollars into fewer deals. Or as they raise more substantial subsequent funds, they are putting more dollars into the same number of transactions. Seed funds need to get enough equity for a meaningful stake, should a startup survive to raise subsequent rounds. Seed funds are investing in fewer startups for more equity.

Larger venture funds taking a less active role in seed

UpFront Ventures’ Suster (referenced earlier) also talks about larger venture firms becoming less active in seed, as investing at the seed stage can limit their ability down the road to invest in competitive startups who emerge as growing contenders in a specific sector. The growth of more substantial funds in venture allows firms to see deals mature before investing, perhaps paying more to get the equity they want, and allowing startups not growing as quickly to fail or get acquired.

As Fred Wilson from Union Square Ventures notes, “In the first five years of this decade, we saw the seed portion of the market explode. In the last five years of this decade we saw the growth portion of the market explode. But over those last ten years, the middle part, the traditional venture capital market, has not changed much.”

The middle is growing

For the middle, Series A and B rounds (which used to be the first institutional money in), the market for $5 million to $10 million rounds has almost doubled, but it has taken from 2008 to 2018. In that same period, growth has been slower than round below $5 million. Growth has continued past 2015. Since 2015, rounds are down slightly for one year, and then continue to grow in 2017 and 2018. Counts are up from 2015 by 17 percent and dollars by 18 percent.

$10 to $25 million rounds are growing

Rounds of $10 million to $25 million have grown over 11 years by 73 percentage points for counts, and 78 percentage points for amounts. This is a slower pace than $5 million to $10 million rounds, but continuing to edge up year over year.

Seed is maturing

Seed is its own class that is here to stay. Indeed pre-seed, seed and seed extension all seem to have specific dynamics. Of the 600-plus active seed funds who have raised a fund below $100 million, close to half have raised more than one fund. In the last three years in the U.S. we have not seen a slowing of seed funds raised for $100 million and below.

Conclusion

When we take into account the data lag, dollars for below $5 million is projected to be $8.5 billion, close to the height in 2015 of $8.6 billion. Deal counts are down from the height by a fifth, which does mean less seed-funded startups in the U.S. Provided that capital allocation is greater than $5 million continues to grow, less seed funded startups will die before raising a Series A. More companies have a chance to succeed, which is good for seed funds, and ultimately for the whole ecosystem.


Source: TechCrunch

The best 14-inch laptops

If you’re looking for the best 14-inch laptops, there are a number of factors to consider. You want good battery life, an attractive screen, solid performance, and a good build. Our favorites that do all that and more.

The post The best 14-inch laptops appeared first on Digital Trends.


Source: Digital trends

Vectordash’s cloud gaming service brings crypto-miners a new revenue stream

PC gaming has grown to be a pretty wide niche of people with some far-flung similarities and differences, one thing they all share are souped-up rigs that rely on beefy GPUs. This is fine for those with dedicated machines but PC gaming isn’t too friendly to those trying to pull double-duty on their everyday machine.

Vectordash, launching out of the latest Y Combinator batch, wants to turn your Macbook Air or other underpowered rig into a formidable machine through their cloud gaming service.

The service is charging customers $28 per month to render their games on a cloud machine so that they can be run on non-gaming laptops. The idea of running Fortnite on any machine seems to be a somewhat central idea for the service, though you’ll just as easily be able to log-in to Steam and play through titles that you own.

Launching a cloud-gaming service seems like an expensive proposition, you need a bunch of server centers to host streamers and that’s a lot of upfront cost for an upstart, so Vectordash is cheating a bit and paying users with heavy GPU power to contribute to the gaming hive-mind over the cloud. The service says they’ll pay these GPU renters between $60 and $105 per month for the graphics processing real estate. The trick is, Vectordash is entering a bear cryptocurrency environment where there are tons of GPUs ready to be put to work, so the company will have a market as long as it can stay competitive with crypto mining returns.

Relying on third-party GPU power will leave some difficulty in scaling with such high upfront costs alright taking a steep bite out of margins, but the startup seems to be fine with the tradeoffs and believes that plenty of gamers will see the use of the $28/month service if it means being able to run GPU-hungry games on their Mac or otherwise lightweight laptops.

This does leave the startup in a tricky position where they can likely be undercut on price by a tech giant that is willing to shift some data center power towards the product. At the same time, Vectordash’s distributed model of turning GPUs into sharing economy workers is probably more scalable when it comes to reaching the far-flung corners of the globe.

That’s because a major limiting factor for the technology is that it’s highly dependent on geographic proximity between game streamers and host hardware. As opposed to other streaming services, latency demands are pretty brutal due to the real-time input being sent to the host machines via keystrokes and mouse movements. If users aren’t getting feedback within 20-30ms, the lag grows noticeable and quickly feels unplayable if you’re firing away in something like a first-person shooter, co-founder Sharif Shameem tells TechCrunch.

This means that Vectordash is going to have to be very targeted with the markets they expand to as a game streamer needs to be within about 300 miles from the host machine. They’re kicking things off in the Bay Area and will be focusing efforts on the East and West coasts of the U.S. early-on. Gameplay can max out at 4K 60FPS if your internet connection is solid and can scale things down to 1080p if you’re missing some megabits.

Users can sign up on Vectordash’s site to get early access to the service.


Source: TechCrunch

Game of Thrones final season is almost here: Is it too late to catch up? – CNET

Commentary: As the last season looms, I reckon it’s time I tried HBO’s award-winning fantasy epic — all 67 episodes. And fast.
Source: CNET

4 takeaways from Apple and Qualcomm's big patent fight – CNET

“We … should also be able to date somebody else.”
Source: CNET

Equity transcribed: Uber IPO, Stash’s raise and more YC movement

Welcome back to this week’s transcribed edition of Equity, TechCrunch’s venture capital-focused podcast that unpacks the numbers behind the headlines. We’re running an experiment for Extra Crunch members that puts the words of our wildly popular venture capital podcast, Equity, in your eyes instead of your ears.

This week, along with guest Anu Duggal, the founder of Female Founders Fund, the team discussed Uber’s impending IPO, Q1’s IPO pace, Stash’s raise and more changes at Y Combinator that saw Sam Altman take a seat as the accelerator’s chairman.

So if you don’t like podcasts but still want the goodness that is Equity, you can have a read of this week’s episode below.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 


Connie Loizos:
Hello and welcome to Equity. I’m TechCrunch’s Silicon Valley editor Connie Loizos. I’m joined today by Crunchbase News’s Alex Wilhelm.

Alex Wilhelm:
Hello.

Connie Loizos:
Hello. We also have a guest in studio today from New York. Anu Duggal, the co-founder of Female Founders Fund, which has backed a lot of really interesting companies from the wedding site platform Zola to the smartphone lending app Tala, which caters to people and underserved and emerging markets. Anu, thank you so much for swing by today.

Anu Duggal:
Thanks so much for having me.

Connie Loizos:
It’s really great to see you.

Anu Duggal:
You too.

Connie Loizos:
So we were going to talk about the week being sort of slow. In fact, until about an hour ago, we were sort of talking about discussing the fact that there’s been this … a lot of talk and no action yet on the IPO front. Then Reuters broke the news that Uber is planning to kick off its IPO in April, which is just next month. And it’s also just right on the heels of the expected IPO of Lyft, which apparently is coming out at the end of this month.

Alex Wilhelm:
Yes. And this is evidence that the news gods still hate this show because this is, every single week we get on and say well there was no, oh, all the news broke an hour ago. So Connie details here are that we expect the Uber IPO to hit the Road Show in April or to actually get live in April?

Connie Loizos:
I think it’s got an issue. It’s required public disclosure of the S-1 and launching its Investor Road Show. And after that, I’m not really sure how long it takes. Is it maybe like a week later?


Source: TechCrunch

Pre- and Post-Money SAFEs: Choosing the right one for your startup

With Y Combinator’s Demo Day taking place at Pier 48 in San Francisco next week, its largest batch of companies ever is getting ready to present to an audience of select investors. Having taken Atrium through Demo Day myself, I have first-hand knowledge of the process. When the founders have finished their pitches, the time to talk numbers will closely follow. Chief among the many decisions founders will face during this time is whether to opt for the Pre-Money SAFE or the new Post-Money SAFE, the two standardized legal documents that YC has introduced in recent years.

Both versions are meant to make the process fast, easy and fair for both parties in the early-stage fundraising process. But there are crucial differences between the two that founders should examine carefully.

Essentially, the Pre-Money SAFE is exceptionally favorable to founders because it gets them pre-valuation funding like a convertible note, but debt-free. The Post-Money SAFE sweetens some of the terms for investors, like locking in their percentage ownership in a priced round later on.

Overall, we expect the Post-Money version to become more common, especially if the company is raising a round above $1 million or $2 million, and the investors have more leverage to ask for it in the negotiation.

(Note: This article is aimed at giving founders a general understanding of the changes from Pre-Money SAFEs to Post-Money SAFEs. The information provided is based on my professional experience and opinions, and should not be used without careful consideration and advice by qualified advisors and legal counsel. Also, to learn more and ask questions about Pre and Post-Money SAFEs, join me on April 16th for a webinar where I’ll dive in a bit deeper.)

Two structures for raising startup investment

Today there are two general ways of structuring a startup fundraising round. The first can be called a “priced equity round,” and is characterized by the sale of preferred stock with a fixed valuation.


Source: TechCrunch

Gaming deals: NBA Live 19 for $4, Titanfall 2 for $5, Red Dead Redemption for $10, GTA V for $20 and more – CNET

The game discounts keep on coming.
Source: CNET

1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283848586878889909192939495969798991001011021031041051061071081091101111121131141151161171181191201211221231241251261271281291301311321331341351361371381391401411421431441451461471481491501511521531541551561571581591601611621631641651661671681691701711721731741751761771781791801811821831841851861871881891901911921931941951961971981992002012022032042052062072082092102112122132142152162172182192202212222232242252262272282292302312322332342352362372382392402412422432442452462472482492502512522532542552562572582592602612622632642652662672682692702712722732742752762772782792802812822832842852862872882892902912922932942952962972982993003013023033043053063073083093103113123133143153163173183193203213223233243253263273283293303313323333343353363373383393403413423433443453463473483493503513523533543553563573583593603613623633643653663673683693703713723733743753763773783793803813823833843853863873883893903913923933943953963973983994004014024034044054064074084094104114124134144154164174184194204214224234244254264274284294304314324334344354364374384394404414424434444454464474484494504514524534544554564574584594604614624634644654664674684694704714724734744754764774784794804814824834844854864874884894904914924934944954964974984995005015025035045055065075085095105115125135145155165175185195205215225235245255265275285295305315325335345355365375385395405415425435445455465475485495505515525535545555565575585595605615625635645655665675685695705715725735745755765775785795805815825835845855865875885895905915925935945955965975985996006016026036046056066076086096106116126136146156166176186196206216226236246256266276286296306316326336346356366376386396406416426436446456466476486496506516526536546556566576586596606616626636646656666676686696706716726736746756766776786796806816826836846856866876886896906916926936946956966976986997007017027037047057067077087097107117127137147157167177187197207217227237247257267277287297307317327337347357367377387397407417427437447457467477487497507517527537547557567577587597607617627637647657667677687697707717727737747757767777787797807817827837847857867877887897907917927937947957967977987998008018028038048058068078088098108118128138148158168178188198208218228238248258268278288298308318328338348358368378388398408418428438448458468478488498508518528538548558568578588598608618628638648658668678688698708718728738748758768778788798808818828838848858868878888898908918928938948958968978988999009019029039049059069079089099109119129139149159169179189199209219229239249259269279289299309319329339349359369379389399409419429439449459469479489499509519529539549559569579589599609619629639649659669679689699709719729739749759769779789799809819829839849859869879889899909919929939949959969979989991000100110021003100410051006100710081009101010111012101310141015101610171018101910201021102210231024102510261027102810291030103110321033103410351036103710381039104010411042104310441045104610471048104910501051105210531054105510561057105810591060106110621063106410651066106710681069107010711072107310741075107610771078107910801081108210831084108510861087108810891090109110921093109410951096109710981099110011011102110311041105110611071108110911101111111211131114111511161117111811191120112111221123112411251126112711281129113011311132113311341135113611371138113911401141114211431144114511461147114811491150115111521153115411551156115711581159116011611162116311641165116611671168116911701171117211731174117511761177117811791180118111821183118411851186118711881189119011911192119311941195119611971198119912001201120212031204120512061207120812091210121112121213121412151216121712181219122012211222122312241225122612271228122912301231123212331234123512361237123812391240124112421243124412451246124712481249125012511252125312541255125612571258125912601261126212631264126512661267126812691270127112721273127412751276127712781279128012811282128312841285128612871288128912901291129212931294129512961297129812991300130113021303130413051306130713081309131013111312131313141315131613171318131913201321132213231324132513261327132813291330133113321333133413351336133713381339134013411342134313441345134613471348134913501351135213531354135513561357135813591360136113621363136413651366136713681369137013711372137313741375137613771378137913801381138213831384138513861387138813891390139113921393139413951396139713981399140014011402140314041405140614071408140914101411141214131414141514161417141814191420142114221423142414251426142714281429143014311432143314341435143614371438143914401441144214431444144514461447144814491450145114521453145414551456145714581459146014611462146314641465146614671468146914701471147214731474147514761477147814791480148114821483148414851486148714881489149014911492149314941495149614971498149915001501150215031504150515061507150815091510151115121513151415151516151715181519152015211522152315241525152615271528152915301531153215331534153515361537153815391540154115421543154415451546154715481549155015511552155315541555155615571558155915601561156215631564156515661567156815691570157115721573157415751576157715781579158015811582158315841585158615871588158915901591159215931594159515961597159815991600160116021603160416051606160716081609161016111612161316141615161616171618161916201621162216231624162516261627162816291630163116321633163416351636163716381639164016411642164316441645164616471648164916501651165216531654165516561657165816591660166116621663166416651666166716681669167016711672167316741675167616771678167916801681168216831684168516861687168816891690169116921693169416951696169716981699170017011702170317041705170617071708170917101711171217131714171517161717171817191720172117221723172417251726172717281729173017311732173317341735173617371738173917401741174217431744174517461747174817491750175117521753175417551756175717581759176017611762176317641765176617671768176917701771177217731774177517761777177817791780178117821783178417851786178717881789179017911792179317941795179617971798179918001801180218031804180518061807180818091810181118121813181418151816181718181819182018211822182318241825182618271828182918301831183218331834183518361837183818391840184118421843184418451846184718481849185018511852185318541855185618571858185918601861186218631864186518661867186818691870187118721873187418751876187718781879188018811882188318841885188618871888188918901891189218931894189518961897189818991900190119021903190419051906190719081909191019111912191319141915191619171918191919201921192219231924192519261927192819291930193119321933193419351936193719381939194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050205120522053205420552056205720582059206020612062206320642065206620672068206920702071207220732074207520762077207820792080208120822083208420852086208720882089209020912092209320942095209620972098209921002101210221032104210521062107210821092110211121122113211421152116211721182119212021212122212321242125212621272128212921302131213221332134213521362137213821392140214121422143214421452146214721482149215021512152215321542155215621572158215921602161216221632164216521662167216821692170217121722173217421752176217721782179218021812182218321842185218621872188218921902191219221932194219521962197219821992200220122022203220422052206220722082209221022112212221322142215221622172218221922202221222222232224222522262227222822292230223122322233223422352236223722382239224022412242224322442245224622472248224922502251225222532254225522562257225822592260226122622263226422652266226722682269227022712272227322742275227622772278227922802281228222832284228522862287228822892290229122922293229422952296229722982299230023012302230323042305230623072308230923102311231223132314231523162317231823192320232123222323232423252326232723282329233023312332233323342335233623372338233923402341234223432344234523462347234823492350235123522353235423552356235723582359236023612362236323642365236623672368236923702371237223732374237523762377237823792380238123822383238423852386238723882389239023912392239323942395239623972398239924002401240224032404240524062407240824092410241124122413241424152416241724182419242024212422242324242425242624272428242924302431243224332434243524362437243824392440244124422443244424452446244724482449245024512452245324542455245624572458245924602461246224632464246524662467246824692470247124722473247424752476247724782479248024812482248324842485248624872488248924902491249224932494249524962497249824992500250125022503250425052506250725082509251025112512251325142515251625172518251925202521252225232524252525262527252825292530253125322533253425352536253725382539254025412542254325442545254625472548254925502551255225532554255525562557255825592560256125622563256425652566256725682569257025712572257325742575257625772578257925802581258225832584258525862587258825892590259125922593259425952596259725982599260026012602260326042605260626072608260926102611261226132614261526162617261826192620262126222623262426252626262726282629263026312632263326342635263626372638263926402641264226432644264526462647264826492650265126522653265426552656265726582659266026612662266326642665266626672668266926702671267226732674267526762677267826792680268126822683268426852686268726882689269026912692269326942695269626972698269927002701270227032704270527062707270827092710271127122713271427152716271727182719272027212722272327242725272627272728272927302731273227332734273527362737273827392740274127422743274427452746274727482749275027512752275327542755275627572758275927602761276227632764276527662767276827692770277127722773277427752776277727782779278027812782278327842785278627872788278927902791279227932794279527962797279827992800280128022803280428052806280728082809281028112812281328142815281628172818281928202821282228232824282528262827282828292830283128322833283428352836283728382839284028412842284328442845284628472848284928502851285228532854285528562857285828592860286128622863286428652866286728682869287028712872287328742875287628772878287928802881288228832884288528862887288828892890289128922893289428952896289728982899290029012902290329042905290629072908290929102911291229132914291529162917291829192920292129222923292429252926292729282929293029312932293329342935293629372938293929402941294229432944294529462947294829492950295129522953295429552956295729582959296029612962296329642965296629672968296929702971297229732974297529762977297829792980298129822983298429852986298729882989299029912992299329942995299629972998299930003001300230033004300530063007300830093010301130123013301430153016301730183019302030213022302330243025302630273028302930303031303230333034303530363037303830393040304130423043304430453046304730483049305030513052305330543055305630573058305930603061306230633064306530663067306830693070307130723073307430753076307730783079308030813082308330843085308630873088308930903091309230933094309530963097309830993100310131023103310431053106310731083109311031113112311331143115311631173118311931203121312231233124312531263127312831293130313131323133313431353136313731383139314031413142314331443145314631473148314931503151315231533154315531563157315831593160316131623163316431653166316731683169317031713172317331743175317631773178317931803181318231833184318531863187318831893190319131923193319431953196319731983199320032013202320332043205320632073208320932103211321232133214321532163217321832193220322132223223322432253226322732283229323032313232323332343235323632373238323932403241324232433244324532463247324832493250325132523253325432553256325732583259326032613262326332643265326632673268326932703271327232733274327532763277327832793280328132823283328432853286328732883289329032913292329332943295329632973298329933003301330233033304330533063307330833093310331133123313331433153316331733183319332033213322332333243325332633273328332933303331333233333334333533363337333833393340334133423343334433453346334733483349335033513352335333543355335633573358335933603361336233633364336533663367336833693370337133723373337433753376337733783379338033813382338333843385338633873388338933903391339233933394339533963397339833993400340134023403340434053406340734083409341034113412341334143415341634173418341934203421342234233424342534263427342834293430343134323433343434353436343734383439344034413442344334443445344634473448344934503451345234533454345534563457345834593460346134623463346434653466346734683469347034713472347334743475347634773478347934803481348234833484348534863487348834893490349134923493349434953496349734983499350035013502350335043505350635073508350935103511351235133514351535163517351835193520352135223523352435253526352735283529353035313532353335343535353635373538353935403541354235433544354535463547354835493550355135523553355435553556355735583559356035613562356335643565356635673568356935703571357235733574357535763577357835793580358135823583358435853586358735883589359035913592359335943595359635973598359936003601360236033604360536063607360836093610361136123613361436153616361736183619362036213622362336243625362636273628362936303631363236333634363536363637363836393640364136423643364436453646364736483649365036513652365336543655365636573658365936603661366236633664366536663667366836693670367136723673367436753676367736783679368036813682368336843685368636873688368936903691369236933694369536963697369836993700370137023703370437053706370737083709371037113712371337143715371637173718371937203721372237233724372537263727372837293730373137323733373437353736373737383739374037413742374337443745374637473748374937503751375237533754375537563757375837593760376137623763376437653766376737683769377037713772377337743775377637773778377937803781378237833784378537863787378837893790379137923793379437953796379737983799380038013802380338043805380638073808380938103811381238133814381538163817381838193820382138223823382438253826382738283829383038313832383338343835383638373838383938403841384238433844384538463847384838493850385138523853385438553856385738583859386038613862386338643865386638673868386938703871387238733874387538763877387838793880388138823883388438853886388738883889389038913892389338943895389638973898389939003901390239033904390539063907390839093910391139123913391439153916391739183919392039213922392339243925392639273928392939303931393239333934393539363937393839393940394139423943394439453946394739483949395039513952395339543955395639573958395939603961396239633964396539663967396839693970397139723973397439753976397739783979398039813982398339843985398639873988398939903991399239933994399539963997399839994000400140024003400440054006400740084009401040114012401340144015401640174018401940204021402240234024402540264027402840294030403140324033403440354036403740384039404040414042404340444045404640474048404940504051405240534054405540564057405840594060406140624063406440654066406740684069407040714072407340744075407640774078407940804081408240834084408540864087408840894090409140924093409440954096409740984099410041014102410341044105410641074108410941104111411241134114411541164117411841194120412141224123412441254126412741284129413041314132413341344135413641374138413941404141414241434144414541464147414841494150415141524153415441554156415741584159416041614162416341644165416641674168416941704171417241734174417541764177417841794180418141824183418441854186418741884189419041914192419341944195419641974198419942004201420242034204420542064207420842094210421142124213421442154216421742184219422042214222422342244225422642274228422942304231423242334234423542364237423842394240424142424243424442454246424742484249425042514252425342544255425642574258425942604261426242634264426542664267426842694270427142724273427442754276427742784279428042814282428342844285428642874288428942904291429242934294429542964297429842994300430143024303430443054306430743084309431043114312431343144315431643174318431943204321432243234324432543264327432843294330433143324333433443354336433743384339434043414342434343444345434643474348434943504351435243534354435543564357435843594360436143624363436443654366436743684369437043714372437343744375437643774378437943804381438243834384438543864387438843894390439143924393439443954396439743984399440044014402440344044405440644074408440944104411441244134414441544164417441844194420442144224423442444254426442744284429443044314432443344344435443644374438443944404441444244434444444544464447444844494450445144524453445444554456445744584459446044614462446344644465446644674468446944704471447244734474447544764477447844794480448144824483448444854486448744884489449044914492449344944495449644974498449945004501450245034504450545064507450845094510451145124513451445154516451745184519452045214522452345244525452645274528452945304531453245334534453545364537453845394540454145424543454445454546454745484549455045514552455345544555455645574558455945604561456245634564456545664567456845694570457145724573457445754576457745784579458045814582458345844585458645874588458945904591459245934594459545964597459845994600460146024603460446054606460746084609461046114612461346144615461646174618461946204621462246234624462546264627462846294630463146324633463446354636463746384639464046414642464346444645464646474648464946504651465246534654465546564657465846594660466146624663466446654666466746684669467046714672467346744675467646774678467946804681468246834684468546864687468846894690469146924693469446954696469746984699470047014702470347044705470647074708470947104711471247134714471547164717471847194720472147224723472447254726472747284729473047314732473347344735473647374738473947404741474247434744474547464747474847494750475147524753475447554756475747584759476047614762476347644765476647674768476947704771477247734774477547764777477847794780478147824783478447854786478747884789479047914792479347944795479647974798479948004801480248034804480548064807480848094810481148124813481448154816481748184819482048214822482348244825482648274828482948304831483248334834483548364837483848394840484148424843484448454846484748484849485048514852485348544855485648574858485948604861486248634864486548664867486848694870487148724873487448754876487748784879488048814882488348844885488648874888488948904891489248934894489548964897489848994900490149024903490449054906490749084909491049114912491349144915491649174918491949204921492249234924492549264927492849294930493149324933493449354936493749384939494049414942494349444945494649474948494949504951495249534954495549564957495849594960496149624963496449654966496749684969497049714972497349744975497649774978497949804981498249834984498549864987498849894990499149924993499449954996499749984999500050015002500350045005500650075008500950105011501250135014501550165017501850195020502150225023502450255026502750285029503050315032503350345035503650375038503950405041504250435044504550465047504850495050505150525053505450555056505750585059506050615062506350645065506650675068506950705071507250735074507550765077507850795080508150825083508450855086508750885089509050915092509350945095509650975098509951005101510251035104510551065107510851095110511151125113511451155116511751185119512051215122512351245125512651275128512951305131513251335134513551365137513851395140514151425143514451455146514751485149515051515152515351545155515651575158515951605161516251635164516551665167516851695170517151725173517451755176517751785179518051815182518351845185518651875188518951905191519251935194519551965197519851995200520152025203520452055206520752085209521052115212521352145215521652175218521952205221522252235224522552265227522852295230523152325233523452355236523752385239524052415242524352445245524652475248524952505251525252535254525552565257525852595260526152625263526452655266526752685269527052715272527352745275527652775278527952805281528252835284528552865287528852895290529152925293529452955296529752985299530053015302530353045305530653075308530953105311531253135314531553165317531853195320532153225323532453255326532753285329533053315332533353345335533653375338533953405341534253435344534553465347534853495350535153525353535453555356535753585359536053615362536353645365536653675368536953705371537253735374537553765377537853795380538153825383538453855386538753885389539053915392539353945395539653975398539954005401540254035404540554065407540854095410541154125413541454155416541754185419542054215422542354245425542654275428542954305431543254335434543554365437543854395440544154425443544454455446544754485449545054515452545354545455545654575458