{"id":6728,"date":"2023-04-21T20:23:31","date_gmt":"2023-04-21T20:23:31","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=6728"},"modified":"2023-04-22T05:57:08","modified_gmt":"2023-04-22T05:57:08","slug":"transaction-financing","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/pt\/inventions\/transaction-financing\/","title":{"rendered":"Financiamento de transa\u00e7\u00f5es"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"6728\" class=\"elementor elementor-6728\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a01fd5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a01fd5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-772937c1\" data-id=\"772937c1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e6b29e2 elementor-widget elementor-widget-heading\" data-id=\"4e6b29e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Problem \u2013 Corporate Situation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-48b02ba6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48b02ba6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-28d53237\" data-id=\"28d53237\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30a3824b elementor-widget elementor-widget-image\" data-id=\"30a3824b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"437\" height=\"388\" src=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/corporation-tf.jpg\" class=\"attachment-full size-full wp-image-6808\" alt=\"\" srcset=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/corporation-tf.jpg 437w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/corporation-tf-300x266.jpg 300w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/corporation-tf-14x12.jpg 14w\" sizes=\"(max-width: 437px) 100vw, 437px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-60395c4a\" data-id=\"60395c4a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26a4d5e0 elementor-widget elementor-widget-text-editor\" data-id=\"26a4d5e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A corporation needs equity financing and has sufficient time to make its Initial Public Offering,<br \/>but, it does not have enough capital to pay for the expenses necessary to setup and organize said IPO, which include:<\/p><p>Legal advice, accounting, audit, financial public relations, advertising, medias, press, infographics, roadshows, hotels and representation etc&#8230;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-242e7049 elementor-widget elementor-widget-heading\" data-id=\"242e7049\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Solution: Initial Public Offering Issue<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d630468 elementor-widget elementor-widget-text-editor\" data-id=\"2d630468\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Initial Public Offering of Equity Securities Issue abbreviated Initial Public Offering or IPO<\/strong><br \/><img decoding=\"async\" class=\"alignright\" src=\"\/wp-content\/uploads\/IPO_process-300x209.jpg\" alt=\"\" width=\"300\" height=\"209\" \/><\/p><ul><li>An IPO is under the regulation by the Securities and Exchange Commission (SEC) and requires strict financial reporting criteria on a regular basis to remain available for trade by investors.<\/li><li>In an <strong><a href=\"https:\/\/www.investopedia.com\/terms\/p\/pre-ipo-placement.asp\" target=\"_blank\" rel=\"noopener\">IPO<\/a><\/strong>, the issuer obtains the assistance of an underwriting firm to help determine what type of security to issue, the best offering price, the number of shares to be issued, and the time to bring it to market.<\/li><li>Although the underwriting firms such as Goldman Sachs (<strong><a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=gs\" target=\"_blank\" rel=\"noopener\">GS<\/a><\/strong>) or Morgan Stanley (<strong><a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=ms\" target=\"_blank\" rel=\"noopener\">MS<\/a><\/strong>) that bring the issue to market hold shares to sell to their clients at the initial sales price, average investors can obtain the shares once they begin trading in the secondary market. IPOs can be a risky bet for investors, as there is no previous market activity to evaluate. This is why reading the IPO prospectus report, and gaining any knowledge about the company is crucial before investing.<\/li><li>IPOs became friendlier to small businesses as a result of the passage of the<br \/>Jumpstart Our Business Startups Act, which was created to support hiring<br \/>and lessen the otherwise extensive financial reporting burden on small<br \/>businesses filing for an IPO.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6038767f elementor-widget elementor-widget-heading\" data-id=\"6038767f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Solution: Initial Public Offering Issue<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-24079569 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"24079569\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-35f88bae\" data-id=\"35f88bae\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58c893e2 elementor-widget elementor-widget-image\" data-id=\"58c893e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"391\" height=\"400\" src=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/ipo-funding1.jpg\" class=\"attachment-full size-full wp-image-6809\" alt=\"\" srcset=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/ipo-funding1.jpg 391w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/ipo-funding1-293x300.jpg 293w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/ipo-funding1-12x12.jpg 12w\" sizes=\"(max-width: 391px) 100vw, 391px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4c8d8c57\" data-id=\"4c8d8c57\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c0f6f85 elementor-widget elementor-widget-text-editor\" data-id=\"7c0f6f85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Following the model of a construction loan to a corporation, the Initial Public Offering Funding works the same way:<\/strong> \n\n<ol>\n<li>Financier submits to an Investor a proposal to finance the costs of organization of an Initial Public Offering Issue project by an Issuer and its budget.<\/li>\n<li>Investor approves the Issuer and said Initial Public Offering Issue and budget and invests an amount to pay for the cost of organization of said Initial Public Offering Issue Transaction, but does not remit the funds to corporation.<\/li>\n<li>Corporation submits payments of the suppliers to Financier who pays suppliers directly.<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c055f0e elementor-widget elementor-widget-heading\" data-id=\"2c055f0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investor\u2019s Remuneration per IPO<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6ca7f06f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ca7f06f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-333be513\" data-id=\"333be513\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2cc40430 elementor-widget elementor-widget-heading\" data-id=\"2cc40430\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Cash upon IPO<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c3735e elementor-widget elementor-widget-html\" data-id=\"9c3735e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table>\n    <tr>\n        <th>\n            Item\n        <\/th>\n        <th>\n            %\n        <\/th>\n        <th>\n            $\n        <\/th>\n    <\/tr>\n    <tr>\n        <td>Commission<\/td>\n        <td>6%<\/td>\n        <td>Max USD 60M<br>\n        Min USD 6M\n        <\/td>\n    <\/tr>\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-83af261\" data-id=\"83af261\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12efc0f3 elementor-widget elementor-widget-heading\" data-id=\"12efc0f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Equity Participation Value upon IPO<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fd3220f elementor-widget elementor-widget-html\" data-id=\"5fd3220f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table>\n    <tr>\n        <th>\n            Item\n        <\/th>\n        <th>\n            %\n        <\/th>\n        <th>\n            $\n        <\/th>\n    <\/tr>\n    <tr>\n        <td>Participation on<br><\/btr>\n        Newly Issued Shares<\/td>\n        <td>6%<\/td>\n        <td>Max USD 300M<br>\n        Min USD 10M\n        <\/td>\n    <\/tr>\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-36174d62 elementor-widget elementor-widget-heading\" data-id=\"36174d62\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5a96fb9c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a96fb9c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-470b5ac6\" data-id=\"470b5ac6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-466084d7 elementor-widget elementor-widget-image\" data-id=\"466084d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"381\" height=\"540\" src=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/risk.jpg\" class=\"attachment-full size-full wp-image-6810\" alt=\"\" srcset=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/risk.jpg 381w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/risk-212x300.jpg 212w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/risk-8x12.jpg 8w\" sizes=\"(max-width: 381px) 100vw, 381px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9ac2ab7\" data-id=\"9ac2ab7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-452a76b9 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"452a76b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Delays of procedure by the Securities &amp; Exchange Commission for reasons due to procedure novelty or to Issuer\u2019s situation<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Insolvent or poorly funded Issuer\u2019s misrepresentation blocking the IPO.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pandemic era blocking the IPO process.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Recession should not block the IPO process but can affect Issuer\u2019s valuation but the impact on Investor\u2019s profitability would be light.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Problem \u2013 Corporate Situation A corporation needs equity financing and has sufficient time to make its Initial Public Offering,but, it does not have enough capital to pay for the expenses necessary to setup and organize said IPO, which include: Legal advice, accounting, audit, financial public relations, advertising, medias, press, infographics, roadshows, hotels and representation etc&#8230; &#8230; <a title=\"Financiamento de transa\u00e7\u00f5es\" class=\"read-more\" href=\"https:\/\/marc.deschenaux.com\/pt\/inventions\/transaction-financing\/\" aria-label=\"Leia mais sobre Transaction Financing\">Ler mais<\/a><\/p>","protected":false},"author":1,"featured_media":6816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":3,"footnotes":""},"categories":[60],"tags":[],"class_list":["post-6728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inventions"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/posts\/6728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/comments?post=6728"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/posts\/6728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/media\/6816"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/media?parent=6728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/categories?post=6728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/tags?post=6728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}