Quarterly report pursuant to Section 13 or 15(d)

Investments

v3.20.1
Investments
3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Investments

NOTE 6 – INVESTMENTS

 

MoneyTrac

 

We entered into a stock purchase agreement with MoneyTrac on March 13, 2017 to purchase a 15% equity position in MoneyTrac. On July 27, 2017 we completed tender of the purchase price of $250,000. On June 12th, 2018 Global Payout, Inc. (“Global”) entered into a Reverse Triangular Merger (the “Merger”) with MoneyTrac Technology, Inc. (“MoneyTrac”) a California Corporation and MTrac Tech Corporation (“Merger Sub”) a Nevada corporation and wholly-owned subsidiary of Global Payout, Inc. whereby MoneyTrac was successfully merged into Merger Sub, the surviving corporation of the merger, and thereafter the separate existence of MoneyTrac ceased, and all rights, privileges, powers and property, including, without limitation, all rights, privileges, franchise, patents, trademarks, licenses, registrations, bank accounts, contracts, patents, copyrights, and other assets of every kind and description of MoneyTrac, were assumed by Merger Sub. Additionally, Merger Sub assumed all of the obligations and liabilities of MoneyTrac, except minute books and stock records of MoneyTrac insofar as they relate solely to its organization and capitalization, and the rights of MoneyTrac arising out of the executed Merger. Pursuant to the terms of the Merger, Global issued 1,100,000,000 (one billion, one hundred million) shares of its common stock to MoneyTrac as consideration for the purchase of MoneyTrac. Pursuant to the terms of the Merger, a conversion of issued MoneyTrac stock was completed whereby each one (1) share of MoneyTrac stock, issued and outstanding immediately prior to the effective date of the Merger, was canceled and extinguished and converted automatically into ten (10) shares of Global common stock. As of the effective date of the Merger, all shares of Global Preferred Stock issued prior to the effective date of the Merger were canceled and extinguished without any conversion thereof. We acquired 150,000,000 Global common shares for our original $250,000 representing approximately 15% ownership. Global’s name changed in April, 2020 to Global Trac Solutions, Inc. Global’s common stock is traded on the OTC Markets under the symbol “PYSC.” We realized $51,748.17 from the sales of all of our Global securities, and as of March 31, 2020, has no remaining shares.

Benihemp

 

Conveniant Hemp Mart, LLC (“Benihemp”); On July 19, 2017, we agreed to lend fifty thousand dollars ($50,000) to Benihemp based on a promissory note. The note provided that in lieu of receiving repayment, we could elect to exercise a right to convert the loaned amount into a payment towards the purchase of a 25% interest in Benihemp, subject to our payment of an additional fifty thousand dollars [$50,000] equaling a total purchase price of $100,000. The Company exercised this option on November 20, 2017 and made payment to Benihemp on November 21, 2017. On May 1, 2019, the Company and Benihemp agreed to cancel the Company’s 25% interest in Benihemp. Benihemp issued to the Company a credit memo equal to the Company’s $100,000 investment. The Company determined that as of December 31, 2019, approximately $41,000 of this credit was impaired and not usable.

 

Global Hemp Group, Inc. New Brunswick Joint Venture

 

On September 5, 2017, we announced our agreement to participate in a joint venture with Global Hemp Group Inc., a Canadian corporation, in a multi-phase industrial hemp project on the Acadian peninsula of New Brunswick, Canada. Our participation included providing one-half, or $10,775 of the funding for the phase one work. On January 10, 2018, phase-one was completed by successfully cultivating industrial hemp during the 2017 growing season for research purposes. The Company’s costs incurred by the Company’s interest was $0 and $10,775 for the years ended December 31, 2019 and 2018 and was recorded as other income/expense in the Company’s Statement of Operations in the appropriate periods. As of December 31, 2019, and March 31, 2020, the balance of the New Brunswick JV investment reported on the balance sheet for the year ended December 31, 2019 was $0 as a result of the investment being deemed fully impaired and the Company withdrawing from the joint venture as of September 30, 2019.

 

Global Hemp Group Joint Venture/Scio Oregon Hemp Project

 

On May 8, 2018, the Company, Global Hemp Group, Inc., a Canadian corporation, and TTO Enterprises, Ltd., an Oregon corporation entered into a Joint Venture Agreement. The purpose of the joint venture is to develop a project to commercialize the cultivation of industrial hemp on a 109 acre parcel of real property owned by the Company and Global Hemp Group in Scio, Oregon, and operating under the Oregon corporation Covered Bridges, Ltd. On May 30,

2018, the joint venture purchased TTO’s 15% interest in the joint venture for $30,000. The Company and Global Hemp Group, Inc. now have an equal 50-50 interest in the joint venture. The joint venture agreement commits the Company to a cash contribution of $600,000 payable on the following funding schedule: $200,000 upon execution of the joint venture agreement; $238,780 by July 31, 2018; $126,445 by October 31, 2018; and, $34,775 by January 31, 2019. The Company complied with its payments. The 2018 crop of hemp grown on the joint venture’s real property consisted of 33 acres of high yielding CBD hemp grown in an orchard style cultivation on the property. The 2018 harvest consisted of approximately 37,000 high yielding CBD hemp plants producing 24 tons of biomass that produced 48,000 pounds of dried biomass. The joint venture partners prepared processing samples ranging in size from 100 to 2,000 lbs. for sample offers to extraction companies. The biomass is being processed into CBD crude oil with the option to refine it further into isolate, or full spectrum oil, in order to increase its value on the market.

 

As of December 31, 2019, the combined balance of the Covered Bridge (SCIO) investment and related 41389 Farm investment was $0 as the investment was written off as a loss for the period ended December 31, 2019. The debt obligation related to this JV of $262,414 was also written off to $0 as of the year ended December 31, 2019. The debt obligation related to the joint venture for the three months ended March 31, 2020 $394,848.

 

Bougainville Ventures, Inc. Joint Venture

 

On March 16, 2017, we entered into a joint venture agreement with Bougainville Ventures, Inc., a Canadian corporation. The purpose of the joint venture was for the Company and Bougainville to (i) jointly engage in the development and promotion of products in the legalized cannabis industry in Washington State; (ii) utilize Bougainville's high quality cannabis grow operations in the State of Washington, where it claimed to have an ownership interest in real property for use within the legalized cannabis industry; (iii) leverage Bougainville’s agreement with a I502 Tier 3 license holder to grow cannabis on the site; provide technical and management services and resources including, but not limited to: sales and marketing, agricultural procedures, operations, security and monitoring, processing and delivery, branding, capital resources and financial management; and, (iv) optimize collaborative business opportunities. The Company and Bougainville agreed to operate through a Washington State Limited Liability Company, and BV-MCOA Management, LLC was organized in the State of Washington on May 16, 2017.

 

As our contribution to the joint venture, the Company committed to raise not less than $1,000,000 to fund joint venture operations, based upon a funding schedule. The Company also committed to providing branding and systems for the representation of cannabis related products and derivatives comprised of management, marketing and various proprietary methodologies directly tailored to the cannabis industry.

 

The Company and Bougainville's agreement provided that funding provided by the Company would contribute towards the joint venture’s ultimate purchase of the land consisting of a one-acre parcel located in Okanogan County, Washington, for joint venture operations

 

As disclosed on Form 8-K on December 11, 2017, the Company did not comply with the funding schedule for the joint venture. On November 6, 2017, the Company and Bougainville amended the joint venture agreement to reduce the amount of the Company's commitment from $1,000,000 to $800,000, and also required the Company to issue Bougainville 15 million shares of the Company's restricted common stock. The Company completed its payments pursuant to the amended agreement on November 7, 2017, and on November 9, 2017, issued to Bougainville 15 million shares of restricted common stock. The amended agreement provided that Bougainville would deed the real property to the joint venture within thirty days of its receipt of payment.

 

Thereafter, the Company determined that Bougainville had no ownership interest in the property in Washington State, but rather was a party to a purchase agreement for real property that was in breach of contract for non-payment. Bougainville also did not possess an agreement with a Tier 3 I502 license holder to grow Marijuana on the property. Nonetheless, as a result of funding arranged for by the Company, Bougainville and an unrelated third party, Green Ventures Capital Corp., purchased the land, but did not deed the real property to the joint venture. Bougainville failed to pay delinquent property taxes to Okanogan County and to date, the property has not been deeded to the joint venture.

 

To clarify the respective contributions and roles of the parties, the Company offered to enter into good faith negotiations to revise and restate the joint venture agreement with Bougainville. The Company diligently attempted to communicate with Bougainville to accomplish a revised and restated joint venture agreement, and efforts towards satisfying the conditions to complete the subdivision of the land by the Okanogan County Assessor. However, Bougainville failed to cooperate or communicate with the Company in good faith, and failed to pay the delinquent taxes on the real property that would allow for sub-division and the deeding of the real property to the joint venture.

 

On August 10, 2018, the Company advised its independent auditor that Bougainville did not cooperate or communicate with the Company regarding its requests for information concerning the audit of Bougainville’s receipt and expenditures of $800,000 contributed by the Company in the joint venture agreement. Bougainville had a material obligation to do so under the joint venture agreement. The Company believes that some of the funds it paid to Bougainville were misappropriated and that there was self-dealing with respect to those funds. Additionally, the Company believes that Bougainville misrepresented material facts in the joint venture agreement, as amended, including, but not limited to, Bougainville’s representations that: (i) it had an ownership interest in real property that was to be deeded to the joint venture; (ii) it had an agreement with a Tier 3 # I502 cannabis license holder to grow cannabis on the real property; and, (iii) that clear title to the real property associated with the Tier 3 # I502 license would be deeded to the joint venture thirty days after the Company made its final funding contribution. As a result, on September 20, 2018, the Company filed suit against Bougainville Ventures, Inc., BV-MCOA Management, LLC, Andy Jagpal, Richard Cindric, et al. in Okanogan County Washington Superior Court, case number 18-2- 0045324. The Company’s complaint seeks legal and equitable relief for breach of contract, fraud, breach of fiduciary duty, conversion, recession of the joint venture agreement, an accounting, quiet title to real property in the name of the Company, for the appointment of a receiver, the return to treasury of 15 million shares issued to Bougainville, and, for treble damages pursuant to the Consumer Protection Act in Washington State. The registrant has filed a lis pendens on the real property. The case is currently in litigation.

 

In connection with the agreement, the Company recorded a cash investment of $1,188,500 to the Joint Venture during 2017. This was comprised of 49.5% ownership of BV-MCOA Management LLC, and was accounted for using the equity method of accounting. The Company recorded an annual impairment in 2017 of $792,500, reflecting the Company’s percentage of ownership of the net book value of the investment. During 2018, the Company recorded equity losses of $37,673 and $11,043 for the first and second quarters respectively, and recorded an annual impairment of $285,986 for the year ended December 31, 2018, at which time the Company determined the investment to be fully impaired due to Bougainville’s breach of contract and resulting litigation, as discussed above.

 

GateC Joint Venture

 

On March 17, 2017, the Company and GateC Research, Inc. (“GateC”) entered into a Joint Venture Agreement (“Agreement”) whereby the Company committed to raise up to one and one-half million dollars ($1,500,000) over a six-month period, with a minimum commitment of five hundred thousand dollars ($500,000) within a three (3) month period; and, information establishing brands and systems for the representation of cannabis related products and derivatives comprised of management, marketing and various proprietary methodologies, including but not limited to its affiliate marketing program, directly tailored to the cannabis industry.

 

GateC agreed to contribute its management and control services and systems related to cannabis grow operations in Adelanto County, California, and its permit to grow marijuana in an approved zone in Adelanto, California. GateC did not own a physical site for its operation in Adelanto County, California, and GateC’s permit to grow cannabis did not contain a conditional use permit.

 

On or about November 28, 2017, GateC and the Company orally agreed to suspend the Company’s funding commitment, pending the finalization of California State regulations governing the growth, cultivation and distribution of cannabis, which were expected to be completed in 2018.

 

On March 19, 2018, the Company and GateC rescinded the Agreement and concurrently released each other from any all any and all losses, claims, debts, liabilities, demands, obligations, promises, acts, omissions, agreements, costs and expenses, damages, injuries, suits, actions and causes of action, of whatever kind or nature, whether known or unknown, suspected or unsuspected, contingent or fixed, that they may have against each other and their Affiliates, arising out of the Agreement.

 

We incurred no termination penalties as the result of its entry into the Recession and Mutual Release Agreement.

 

In 2017, the Company recorded a debt obligation of $1,500,000 to the Joint Venture and a corresponding impairment charge of $1,500,000 during for year ended December 31, 2017. Upon termination of the material definitive agreement on March 19, 2018, the Company realized a gain on settlement of debt obligation of $1,500,000 for the year ended December 31, 2018.

 

Natural Plant Extract

 

On April 15, 2019, we entered into a joint venture with Natural Plant Extract of California, Inc., and subsidiaries, to operate a licensed psychoactive cannabis distribution service in California. California legalized THC psychoactive cannabis for medicinal and recreational use on January 1, 2018. On February 3, 2020, we terminated the joint venture and entered into a settlement and release of all claims agreement. In exchange for a complete release of all claims, the Company and NPE (1) agreed to reduce our interest in NPE from 20% to 5%; (2) we agreed to pay NPE a total of $85,000 as follows: $35,000 concurrent with the execution of the Settlement and Release of All Claims Agreement, and $25,000 no later than the 5th calendar day for each of the two months following execution of Settlement and Release of All Claims Agreement; and, (3) to retire the balance of our original valuation obligation from the material definitive agreement, representing a shortfall of $56,085.15, in a convertible promissory note, with terms allowing NPE to convert the note into common stock of MCOA at a 50% discount to the closing price of MCOA’s common stock as of the maturity date.

 

Of the total amount due and payable by us as of the date of this filing, we owe $75,000, and we are in breach of the settlement agreement. On February 3, 2020, we executed a convertible promissory note in the amount of $56,085.15 to NPE. Additionally, as a result of our settlement agreement with NPE, we became liable to pay NPE our 5% portion equal to $25,902 of the regulatory charges to the City of Lynwood and the State of California to transfer the cannabis licenses back to NPE. To date, we have not paid this amount and it is due and owing.

 

 

 

MARIJUANA COMPANY OF AMERICA, INC.            
INVESTMENT ROLL-FORWARD
AS OF MARCH 31, 2020
           
      INVESTMENTS         SHORT-TERM INVESTMENTS  
              Global                                       Natural               TOTAL  
      TOTAL       Hemp                       Bougainville       Gate C       Plant                Short-Term          
      INVESTMENTS       Group       Benihemp       MoneyTrac       Ventues, Inc.       Research Inc.       Extract       Vivabuds       Investments       MoneyTrac  
Beginning balance @12-31-16   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0                     $ 0     $ 0  
Investments made during 2017     3,049,275       10,775       100,000       250,000       1,188,500       1,500,000                       0       0  
                                                                                 
Quarter 03-31-17 equity method Loss     0                                                               0          
                                                                                 
Quarter 06-30-17 equity method Loss     0                                                               0          
                                                                                 
Quarter 09-30-17 equity method Loss     (375,000 )                             (375,000 )                             0          
                                                                                 
Quarter 12-31-17 equity method accounting     313,702                               313,702                               0          
                                                                                 
Impairment of Investment in 2017     (2,292,500 )     0                       (792,500 )     (1,500,000 )                     0       0  
Balances as of 12/31/17     695,477       10,775       100,000       250,000       334,702       0       0       0       0       0  
                                                                                 
Investments made during 2018     986,654       986,654                                                       0          
                                                                                 
Quarter 03-31-18 equity method Loss     (37,673 )                             (37,673 )                             0          
                                                                                 
Quarter 06-30-18 equity method Loss     (11,043 )                             (11,043 )                             0          
                                                                                 
Quarter 09-30-18 equity method Loss     (10,422 )             (10,422 )                                             0          
                                                                                 
Quarter 12-31-18 equity method Loss     (31,721 )     (31,721 )     0                                               0          
                                                                                 
Moneytrac investment reclassified to Short-Term investments     (250,000 )                     (250,000 )                                     250,000       250,000  
                                                                                 
Unrealized gains on trading securities - 2018     0                                                               560,000       560,000  
                                                                                 
Impairment of investment in 2018     (933,195 )     (557,631 )     (89,578 )             (285,986 )                             0          
Balance @12-31-18   $ 408,077     $ 408,077     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 810,000     $ 810,000  
                                                                                 
Investments made during quarter ended 03-31-19     129,040       129,040                                                                  
                                                                                 
Quarter 03-31-19 equity method Loss     (59,541 )     (59,541 )                                                                
                                                                                 
Unrealized gains on trading securities - quarter ended 03-31-19                                                                     (135,000 )   ($ 135,000 )
Balance @03-31-19   $ 477,576     $ 477,576     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 675,000     $ 675,000  
                                                                                 
Investments made during quarter ended 06-30-19   $ 3,157,234     $ 83,646                                     $ 3,000,000     $ 73,588                  
                                                                                 
Quarter 06-30-19 equity method Income (Loss)   $ (171,284 )   ($ 141,870 )                                   $ (6,291 )   $ (23,123 )                
                                                                                 
Unrealized gains on trading securities - quarter ended 06-30-19   $ 0                                                               (150,000 )   $ (150,000 )
Balance @06-30-19   $ 3,463,526     $ 419,352     $ 0     $ 0     $ 0     $ 0     $ 2,993,709     $ 50,465     $ 525,000     $ 525,000  
                                                                                 
Investments made during quarter ended 09-30-19   $ 186,263                                                     $ 186,263                  
                                                                                 
Quarter 09-30-19 equity method Income (Loss)   $ 122,863     $ 262,789                                     $ (94,987 )   $ (44,939 )                
                                                                                 
Sale of trading securities during quarter ended 09-30-19                                                                   $ (41,667 )   $ (41,667 )
                                                                                 
Unrealized gains on trading securities - quarter ended 09-30-19   $ 0                                                               (362,625 )   $ (362,625 )
Balance @09-30-19   $ 3,772,652     $ 682,141     $ 0     $ 0     $ 0     $ 0     $ 2,898,722     $ 191,789     $ 120,708     $ 120,708  
                                                                                 
Investments made during quarter ended 12-31-19   $ 392,226     $ 262,414                                             $ 129,812                  
                                                                                 
Quarter 12-31-19 equity method Income (Loss)   $ (178,164 )   $ (75,220 )                                   $ (23,865 )   $ (79,079 )                
Reversal of Equity method Loss for 2019   $ 272,285                                             $ 125,143     $ 147,142                  
Impairment of investment in 2019   $ (3,175,420 )   $ (869,335 )                                   $ (2,306,085 )   $ 0                  
Loss on disposition of investment   $ (389,664 )                                                   $ (389,664 )                
Sale of trading securities during quarter ended 12-31-19   $ 0                                                             $ (17,760 )   $ (17,760 )
                                                                                 
Unrealized gains on trading securities - quarter ended 12-31-19   $ 0                                                               (75,545 )   $ (75,545 )
Balance @12-31-19   $ 693,915     $ (0 )   $ 0     $ 0     $ 0     $ 0     $ 693,915     $ 0     $ 27,403     $ 27,403  
                                                                                 
Equity Loss for Quarter ended 03-31-20     126,845       126,845                                                                  
                                                                                 
Recognize Joint venture liabilities per JV agreement @03-31-20     394,848       394,848                                                                  
                                                                                 
Impairment of Equity Loss for Quarter ended 03-31-20     (521,692 )     (521,692 )                                                                
                                                                                 
Unrealized gains on trading securities - quarter ended 03-31-19                                                                     (13,945 )   $ (13,945 )
Balance @03-31-20   $ 693,915     $ 0     $ 0     $ 0     $ 0     $ 0     $ 693,915     $ 0     $ 13,458     $ 13,458  

 


 

Loan Payable
              Global                                       Natural                       General  
      TOTAL       Hemp                       Bougainville       Gate C       Plant        RobertL               Operating  
      JV Debt       Group       Benihemp       MoneyTrac       Ventues, Inc.       Research Inc.       Extract       Hymers III       Vivabuds       Expense  
Beginning balance @12-31-16   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0                             $ 0  
                                                                                 
                                                                                 
Quarter 03-31-17 loan borrowings     1,500,000                                       1,500,000                                  
                                                                                 
Quarter 06-30-17 loan activity                                                                                
                                                                                 
Quarter 09-30-17 loan borrowings     725,000                               725,000                                          
                                                                                 
Quarter 12-31-17 loan repayments     (330,445 )                             (330,445 )                                        
                                                                                 
General operational expense     172,856                                                                       172,856  
Balances as of 12/31/17 (a)     2,067,411       0       0       0       394,555       1,500,000       0       0       0       172,856  
                                                                                 
                                                                                 
                                                                                 
Quarter 03-31-18 loan borrowings (payments)     376,472       447,430                                                               (70,958 )
                                                                                 
Quarter 06-30-18 cancellation of JV debt obligation     (1,500,000 )                                     (1,500,000 )                                
                                                                                 
Quarter 06-30-18 loan repayments     (101,898 )                                                                     (101,898 )
                                                                                 
Quarter 09-30-18 loan activity     0                                                                          
                                                                                 
Quarter 12-31-18 loan borrowings     580,425       580,425                                                                  
                                                                                 
                                                                                 
                                                                                 
                                                                                 
Balance @12-31-18   (b)     1,422,410       1,027,855       0       0       394,555       0       0       0       0       0  
                                                                                 
Quarter 03-31-19 loan borrowings     649,575       649,575                                                                  
Quarter 03-31-19 debt conversion to equity     (407,192 )     (407,192 )                                                                
                                                                                 
                                                                                 
                                                                                 
Balance @03-31-19  ©     1,664,793       1,270,238       0       0       394,555       0       0       0       0       0  
                                                                                 
Quarter 03-31-19 loan borrowings     3,836,220     $ 161,220                                     $ 2,000,000             $ 0     $ 1,675,000  
                                                                                 
Quarter 03-31-19 debt conversion to equity     (1,572,971 )   $ (161,220 )                                   $ (349,650 )                   $ (1,062,101 )
                                                                                 
                                                                                 
Balance @06-30-19   (d)     3,928,042       1,270,238       0       0       394,555       0       1,650,350       0       0       612,899  
                                                                                 
Quarter 09-30-19 loan borrowings     582,000                                                                     $ 582,000  
                                                                                 
Quarter 09-30-19 debt conversion to equity     (187,615 )                                                                   $ (187,615 )
                                                                                 
                                                                                 
                                                                                 
                                                                                 
Balance @09-30-19   (e)     4,322,427       1,270,238       0       0       394,555       0       1,650,350       0       0       1,007,284  
                                                                                 
Quarter 12-31-19 loan borrowings     2,989,378     $ 262,414                                     $ 596,784     $ 4,221             $ 2,125,959  
                                                                                 
Impairment of investment in 2019     (4,083,349 )   $ (1,532,652 )                   $ (394,555 )           $ (2,156,142 )                        
                                                                                 
Loss on settlement of debt in 2019     50,093                                             $ 50,093                          
                                                                                 
Adjustment to reclassify amount to accrued liabilities     (85,000 )                                           $ (85,000 )                        
                                                                                 
                                                                                 
Balance @12-31-19   (f)   $ 3,193,548     $ 0 )   $ 0     $ 0     $ 0     $ 0     $ 56,085     $ 4,221     $ 0     $ 3,133,243  
Quarter 03-31-20 loan borrowings     441,638                                                                     $ 441,638  
                                                                                 
Quarter 03-31-20 debt conversion to equity     (619,000 )                                                                   $ (619,000 )
                                                                                 
Recognize Joint venture liabilities per JV agreement @03-31-20     394,848       394,848                                                                  
                                                                                 
Quarter 03-31-20 Debt Discount adjustments     24,138                                                     $ 24,138                  
                                                                                 
Balance @03-31-20  (g)     3,435,172       394,848       0       0       0       0       56,085       28,359       0       2,955,881  

 

 

 

    03-31-20   12-31-19   09-30-19   06-30-19   03-31-19   12-31-18   12-31-17
This includes balances for:   Note (g)   Note (f)   Note (e)   Note (d)   Note (c)   Note (b)   Note (a)
      - Debt obligation of JV     394,848       0       1,633,872       1,778,872       128,522       289,742       1,500,000  
      - Convertible NP, net of discount     3,040,324       3,193,548       2,688,555       2,149,170       1,536,271       1,132,668       394,555  
      - Longterm debt     0       0       0       0       0       0       172,856  
Total Debt balance     3,435,172       3,193,548       4,322,427       3,928,042       1,664,793       1,422,410       2,067,411