----

**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC  20549**

** FORM 10-Q**

(Mark One)

[ X]      Quarterly report pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2002

or

[  ]  Transition report pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

 

For the transition period from ___________  to ___________

Commission File Number:0-29583

**Loudeye Corp.**(formerly known as Loudeye Technologies, Inc.)(Exact name of registrant as specified in its charter)

| Delaware                                                                |  91-1908833                     |
|-------------------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of     incorporation or organization) | (I.R.S. Employer Identification No.) |

 

| 1130 Rainier Avenue South, Seattle, WA    (Address of principal executive offices)
98144    (Zip Code)
206-832-4000(Registrant's telephone number, including area code)

           Indicate by check mark whether the registrant:  (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes     [X]                  No       [   ]

           Indicate the number of shares outstanding of each of the issuer's classes of common stock,as of the latest practicable date.

 

        Common             40,461,207                    
(Class)(Outstanding at November 1, 2002)****Loudeye Corp.**

**Form 10-Q Quarterly ReportFor the Quarter Ended September 30, 2002**

 

** TABLE OF CONTENTS**
Page------PARTI.FINANCIAL INFORMATIONItem1Financial Statements (unaudited)Condensed    Consolidated Balance Sheets
3Condensed    Consolidated Statements of Operations
4Condensed    Consolidated Statements of Cash Flows
5Notes to Condensed    Consolidated Financial Statements
6Item2Management's    Discussion and Analysis of Financial Condition and Results of Operations
15Item3Quantitative    and Qualitative Disclosures About Market Risk
32Item4Controls and    Procedures
33PARTII.OTHER INFORMATIONItem1Legal    Proceedings
34Item2Changes in    Securities and Use of Proceeds
34Item 3Defaults Upon Senior    Securities
34Item4Submission    of Matters to a Vote of Security Holders
35Item5Other    Information
35Item6Exhibits and Reports    on Form 8-K
35Signatures
36
**PART I - FINANCIAL INFORMATION**

** ITEM I   FINANCIAL STATEMENTS**

**LOUDEYE CORP.CONDENSED CONSOLIDATED BALANCE SHEETS**(Unaudited)(in thousands except per share amounts)
**Sep.    30,    **
**Dec.    31,    ****       2002       **
**       2001     ****ASSETS****Cash and cash    equivalents**** $               6,338  **** $   37,159     ****Short-term    investments****                12,255  ****            22,436  ****Accounts receivable,    net of allowances of $328 and $492****                  2,931  ****            2,200  ****Notes receivable from    related parties****                  1,322  ****                   -    ****Prepaid expenses and    other current assets****                     997  ****            1,769  ****Total current assets****                23,843  ****            63,564  ****Restricted    investments****                  1,419  ****            1,346  ****Property and    equipment, net****                  5,917  ****            7,306  ****Goodwill, net****                  1,532  ****            1,310  ****Intangibles and other    long-term assets, net****                  4,404  ****            7,357  ****Total assets**** $            37,115  **** $   80,883     ****LIABILITIES AND    STOCKHOLDERS' EQUITY****Accounts payable**** $               1,392  **** $            913  ****Accrued compensation    and benefits****                     568  ****            1,439  ****Other accrued    expenses****                  1,228  ****            1,859  ****Accrued special    charges****                  1,931  ****            2,939  ****Accrued acquisition    consideration****                  2,000  ****            3,000  ****Deposits and deferred    revenues****                        64  ****               639  ****Current portion of    long-term debt****                     814  ****            1,368  ****Total current    liabilities****                  7,997  ****          12,157  ****Long-term debt, net    of current portion****                     419  ****          19,532  ****Total liabilities****                  8,416  ****          31,689  ****Commitments and    contingencies****STOCKHOLDERS' EQUITY****Preferred stock,    $0.001 par value, 41,000 shares authorized,    none outstanding****                         -    ****                   -    ****Common stock,    additional paid-in capital and warrants,     $0.001 par value, 100,000 shares authorized; 40,444 and       40,475 outstanding in 2002 and 2001; 5,815 and 4,000 in     treasury in 2002 and 2001****             191,431  ****    192,627     ****Deferred stock    compensation****                    (177)****              (883)****Accumulated deficit****            (162,555)****   (142,550)****Total stockholders'    equity****                28,699  ****          49,194  ****Total liabilities and    stockholders' equity**** $            37,115  **** $   80,883     **
The accompanying notes are an integral part of these statements

3

 

**LOUDEYE CORP.CONDENSED CONSOLIDATEDSTATEMENTS OF OPERATIONS**(Unaudited)(in thousands except per share amounts)

** Three    Months Ended**
** Nine    Months Ended**
**        September 30,      **
**        September 30,      **
**      2002   **
**      2001   **
**      2002   **
**      2001   **** REVENUES**** $            3,626  **** $            2,498  **** $          10,103  **** $            7,103  **** COST OF    REVENUES**** Cost of    revenues, excluding depreciation****               2,624  ****               1,577  ****               7,854  ****               5,667  **** Depreciation****                   889  ****               1,161  ****               2,536  ****               2,881  **** Total cost of    revenues****               3,513  ****               2,738  ****             10,390  ****               8,548  **** Gross profit****                   113  ****                 (240)****                 (287)****              (1,445)**** OPERATING    EXPENSES**** Research and    development****                   425  ****               2,459  ****               2,689  ****               7,868  **** Sales and marketing****               1,370  ****               2,001  ****               5,831  ****               7,341  **** General and    administrative****               2,366  ****               2,508  ****               8,603  ****               7,710  **** Amortization of    intangibles and other assets****                   810  ****               2,131  ****               2,219  ****               5,941  **** Stock-based    compensation****                     91  ****                   313  ****                 (463)****                   211  ****               5,062  ****               9,412  ****             18,879  ****             29,071  **** Special charges****                      -    ****               2,721  ****               1,890  ****             20,462  **** OPERATING LOSS****              (4,949)****           (12,373)****           (21,056)****           (50,978)**** OTHER INCOME    (EXPENSE), net**** Interest income****                   218  ****                   631  ****                   860  ****               2,731  **** Interest expense****                 (138)****                 (267)****                 (590)****                 (943)**** Other income    (expense)****                   781  ****                      -    ****                   781  ****                      -    **** Total other    income, net****                   861  ****                   364  ****               1,051  ****               1,788  **** Net loss**** $          (4,088)**** $        (12,009)**** $        (20,005)**** $        (49,190)**** Basic and    diluted net loss per share**** $             (0.10)**** $             (0.27)**** $             (0.49)**** $             (1.19)**** Weighted    average shares - basic and diluted****             40,664  ****             44,280  ****             40,442  ****             41,362  **
The accompanying notes are an integral part of these statements.

 

4

 

 

**LOUDEYE CORP.CONDENSED CONSOLIDATEDSTATEMENTS OF CASH FLOWS**(Unaudited)(in thousands)

Nine    Months Ended
        September 30,      
      2002    
      2001    Operating activities:Net loss $ (20,005) $  (49,190)Adjustments to reconcile    net loss to net cash from operating activities:Depreciation and    amortization           5,381            11,396  Special charges and    other                25            16,160  Other income from final    settlement of acquisition terms            (700)                  -    Stock-based compensation            (463)               211  Changes in operating    assets and liabilities, net   of amounts    acquired in purchase of business:Accounts receivable            (577)            2,235  Prepaid expenses and    other               691               (453)Accounts payable              479               (345)Accrued compensation,    benefits and other expenses         (1,261)            1,808  Accrued special charges         (1,008)                  -    Deposits and deferred    revenues            (575)             (375)Net cash from operating activities       (18,013)        (18,553)Investing activities:Purchases of property    and equipment and other, net         (1,586)          (2,264)Cash paid for    acquisition of business and technology, net            (266)          (9,580)Loans made to related    party and related interest            (788)                  -    Sales of investments,    net         10,136            36,688  Net cash from investing activities           7,496            24,844  Financing activities:Proceeds from sale of    stock and exercise of stock options, net                40                 137  Proceeds from long-term    debt                -              15,163  Shares repurchased under    repurchase program            (216)Principal payments on    long-term debt       (20,128)        (11,414)Net cash from financing activities       (20,304)            3,886  Net change in cash and cash    equivalents       (30,821)          10,177  Cash and cash    equivalents, beginning of period         37,159            51,689  Cash and cash    equivalents, end of period $        6,338   $       61,866  Supplemental disclosure    of cash flow information:Issuance of common stock    for acquisition of businesses and technology $           708   $       10,756  Shares used to repay    related party note $           584  **                  -    **Reversal of deferred    stock compensation as a result of option cancellations $        1,169  
The accompanying notes are an integral part of these statements.

 

5

 

 

**LOUDEYE CORP.NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTSSEPTEMBER 30, 2002**(Unaudited)

 

**1.                  ORGANIZATION AND DEVELOPMENT STAGE RISKS**

***The Company***Loudeye Corp. (the Company) provides enterprise webcasting, related digital mediaservices and media restoration services. The Company is headquartered in Seattle,Washington and conducts business in the United States in two business segments, digitalmedia services and media restoration services. 

The Company is subject to a number of risks similar to other companiesin a comparable stage of development, including reliance on key personnel, successfulmarketing of its services in an emerging market, competition from other companies withgreater technical, financial, management and marketing resources, successful developmentof new services, successful integration of acquired businesses and technology, theenhancement of existing services, and the ability to secure adequate financing to supportfuture operations. 

The consolidated financial statements include the accounts of theCompany and its wholly owned subsidiaries. All significant intercompany transactions andbalances have been eliminated.

**2.                  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Unaudited Interim Financial Data***The interim condensed consolidated financial statements are unaudited and havebeen prepared pursuant to the rules and regulations of the Securities and ExchangeCommission.  Certain information and footnote disclosures normally included infinancial statements prepared in accordance with generally accepted accounting principleshave been condensed or omitted pursuant to such rules and regulations.  Thesecondensed consolidated financial statements should be read in conjunction with the auditedfinancial statements and notes thereto included in the Company's Annual Report on Form10-K, as filed with the Securities and Exchange Commission on March 28, 2002.  Thefinancial information included herein reflects all adjustments (consisting only of normalrecurring adjustments) that are, in the opinion of management, necessary for a fairpresentation of the results for interim periods.  The results of operations for theperiods ended September 30, 2002 and 2001 are not necessarily indicative of the results tobe expected for the full years.

***Cash and Cash Equivalents***Cash and cash equivalents consist of demand deposits and money market accountsmaintained with financial institutions and certain other investment grade instruments.Recorded amounts approximate fair value. The Company considers all cash deposits andhighly liquid investments with a purchased maturity of three months or less to be cashequivalents. 

***Short-term Investments***Short-term investments consist of investment-grade government obligations,institutional money market funds and other obligations with FDIC insured U.S. banks.Concentration is limited to 10% in any one instrument or issuer. The Company's primaryfocus is to preserve capital and earn a market rate of return on its investments. TheCompany does not speculate or invest in publicly traded equity securities and, therefore,does not believe that its capital is subject to significant market risk. Short-terminvestments are generally held to maturity. These securities all mature within one year.

***Restricted Investments***The Company has approximately $1.4 million of short-term investments that areutilized as collateral for certain irrevocable standby letters of credit. 

 

6

 

***Long-lived Assets***The Company continually assesses potential impairments to its long-lived assetswhen there is evidence that events or changes in circumstances have made recovery of theasset's carrying value unlikely. An impairment loss is recognized when the sum of theexpected future undiscounted net cash flows over the remaining useful life is less thanthe carrying amount of the asset. Should operating results fail to meet certainthresholds, an impairment charge may be necessary in the future.

***New Accounting Policies***The Company adopted Statement of Financial Accounting Standards No. 142,"Goodwill and Other Intangible Assets" (FAS 142) effective June 30, 2002. Theimpact of adopting FAS 142 is discussed in Note 7. 

In October 2001, the Financial Accounting Standards Board(FASB) issued Statement of Financial Accounting Standards No. 144,"Accounting for the Impairment or Disposal of Long-Lived Assets" (FAS 144),which is effective for fiscal years beginning after December 15, 2001. FAS 144supercedes FAS 121. The Company adopted FAS 144 as of January 1, 2002. Adoption of FAS 144did not effect the Company's consolidated financial position or results of operations.

In June 2002, the Financial Accounting Standards Board(FASB) issued Statement of Financial Accounting Standards No. 146,"Accounting for Costs Associated with Exit or Disposal Activities" (FAS 146),which is effective for exit or disposal activities that are initiated afterDecember 31, 2002. FAS 146 nullifies Emerging Issues Task Force (EITF) Issue No.94-3, "Liability recognition for Certain Employee Termination Benefits and OtherCosts to Exit and Activity (including Certain Costs Incurred in a Restructuring). FAS146requires that a liability for a cost associated with an exit or disposal activity berecognized when the liability is incurred. FAS146 does not require restatement of priorfinancial results. The Company plans to adopt FAS 146 beginning with any exit or disposalactivities initiated after December 31, 2002. The Company does not believe that FAS146will impact its results of operations.

***Reclassifications***Certain information reported in previous periods has been reclassified to conformto the current period presentation.
3.   REVENUE RECOGNITION
The Company generates revenues primarily from two sources: (1) digitalmedia services and other and (2) media restoration services.

***Digital Media Services and Other***

Webcasting services use licensed and proprietary streaming mediasoftware, tools and processes to provide companies with the ability to webcast andcommunicate to their large, online communities over the Internet. The Company recognizeswebcasting revenues as the related services are rendered. The Company often sellswebcasting services with both a live and on-demand component. When such sales are made,the Company defers the value of the archival component as determined by stand-alone salesof archival events and recognizes this value over the related archival term. 

Encoding and fulfillment services consist of the conversion of audioand video content into Internet media formats. Sales of encoding services are generallyunder nonrefundable time and materials or per unit contracts. Under these contracts, theCompany recognizes encoding revenues as the services are rendered and the Company has nocontinuing involvement in the goods and services delivered, which generally is the datethe finished media is shipped to the customer. 

 

7

 

Other revenues are generated from the Company's music samples servicebusiness. The Company sells digital media applications in application service providerarrangements. The Company is required to host the applications and the customer does nothave the ability to have the application hosted by another entity without penalty to thecustomer. Billings are based upon the volume of data delivered or minutes of contentstreamed and the related revenue is recognized as the services are delivered. 

***Media Restoration Services***

Media restoration services consist of services provided by our VidiPaxsubsidiary to restore and upgrade old or damaged archives of traditional media. TheCompany recognizes media restoration revenues as the services are rendered and the Companyhas no continuing involvement in the goods and services delivered, which generally is thedate the finished media is shipped to the customer. 

**4.       SPECIAL CHARGES**

The Company recorded special charges in each of the six quarters endedJune 30, 2002 related to ongoing corporate restructurings, facilities consolidations andthe impairment of assets in accordance with its long-lived asset policy. There were nospecial charges recorded in the three months ended September 30, 2002. The Companyrecorded special charges totaling $1.9 million in the nine months ended September 30,2002, associated with reductions in force in March and June of approximately 40% ofconsolidated staffing.  These special charges were primarily related to severance andrelated termination benefits and are expected to be paid in cash. 

The following table summarizes these special charges (in thousands):

Nine Months Ended
September 30,
    2002    
    2001    Employee severance $      1,890 $      2,323 Intangible impairments                  -          11,573 Fixed assets                  -               3,367 Facilities charges and other                  -               3,199  $      1,890  $    20,462 
The Company's accrual for certain special charges was as follows at therespective balance sheet dates (in thousands):

Year Ended
Six Months Ended
Three Months Ended
Dec. 31, 2001
June 30, 2002
Sep. 30, 2002Beginning balance $                310   $                2,939   $                3,175  Additional accruals                3,790                     1,890                          -    Paid in cash               (1,161)                 (1,654)                 (1,244)Ending balance $             2,939   $                3,175   $                1,931  
The Company's accrued special charges consist primarily of the portionof the remaining term of its obligations related to vacated facilities as well as futureseverance payments to terminated employees. To date, the Company has not recorded thereversal of any previously accrued special charges, and anticipates paying the remainingaccrued special charges in cash over the course of the related leases or severance termsas applicable.

 

8

 

**5.   NET LOSS PER SHARE**

Basic earnings per share is computed by dividing net loss by theweighted average number of shares of common stock outstanding during the period. Dilutedearnings per share is computed by dividing net loss by the weighted average number ofcommon and dilutive common equivalent shares outstanding during the period. Commonequivalent shares consist of shares of common stock issuable upon the exercise of stockoptions and warrants (using the treasury stock method); common equivalent shares areexcluded from the calculation if their effect is antidilutive, which is the case in allperiods presented. The Company has excluded the following numbers of shares using thismethod:
Options outstanding             5,999,942 Warrants outstanding                262,978 Shares excluded             6,262,920 
The following table presents a reconciliation of shares used to calculate basic anddiluted earnings per share: 

Three Months Ended September 30,
Nine Months Ended September 30,
        2002     
        2001     
        2002     
        2001     Weighted average shares     outstanding40,666,140 44,394,975 40,471,906 41,565,429 Weighting of shares subject to     repurchase                    (1,711)(114,519)                  (30,293)                  (203,544)Weighted average shares used to     calculate basic and diluted     earnings per share40,664,428 44,280,456 40,441,613 41,361,885 
**6.       CONCENTRATION OF RISK AND SEGMENT DISCLOSURES**

Financial instruments that potentially subject the Company toconcentrations of market risk consist of cash and cash equivalents, short-terminvestments, and long-term obligations. Fair values of cash and cash equivalents andshort- term investments approximate cost due to the short period of time to maturity. Thefair values of financial instruments that are short-term and/or that have little or nomarket risk are considered to have a fair value equal to book value. The Company maintainscash and cash equivalents on deposit at various institutions that at times exceed theinsured limits by the Federal Deposit Insurance Corporation. This exposes the Company topotential risk of loss in the event the institutions become insolvent. The Company doesnot have any derivative financial instruments. 

The Company extends credit to its customers. The Company performsinitial and ongoing evaluations of its customers' financial positions, and generallyextends credit on open account, requiring collateral as deemed necessary. 

During the three and nine months ended September 30, 2002 and 2001, theCompany had sales to certain significant customers, as a percentage of revenues, asfollows:

 

Three Months Ended
Nine Months Ended
September 30,
September 30,
2002
2001
2002
2001Customer A
17%
18%
14%
17%Customer B
13%
4%
11%
2%Customer C
10%
13%
4%
9%
40%
36%
29%
28%
 

9

 

The Company operates in two business segments, digital media servicesand media restoration services, for which the Company receives revenues from itscustomers. The Company's Chief Operating Decision Maker is considered to be the Company'sExecutive Team that is comprised of the Company's Chief Executive Officer and certain ofits Vice Presidents. The Executive Team reviews financial information presented on aconsolidated basis accompanied by disaggregated information about products and servicesfor purposes of making decisions and assessing financial performance. The following tableprovides information about the Company's segments (in thousands). 

Three    Months Ended September 30, 2002
Nine Months Ended September 30, 2002
Digital Media     Services
Media     Restoration
Consolidated
Digital Media     Services
Media     Restoration
ConsolidatedRevenues $            2,510   $              1,116   $              3,626   $             7,360   $            2,743   $              10,103  Gross profit $              (420) $                 533   $                 113   $            (1,597) $            1,310   $                  (287)Net loss $           (4,183) $                   95   $             (4,088) $          (19,973) $                (32) $             (20,005)Total assets $          34,805   $              2,310   $            37,115   $           34,805   $            2,310   $              37,115  
Three Months Ended September 30, 2001
Nine Months Ended September 30, 2001
Digital Media     Services
Media     Restoration
Consolidated
Digital Media     Services
Media     Restoration
ConsolidatedRevenues $            1,835   $                 663   $             2,498   $             5,175   $            1,928   $                7,103  Gross profit $              (635) $                 395   $               (240) $            (2,695) $            1,250   $               (1,445)Net loss $         (11,998) $                  (11) $          (12,009) $          (49,173) $                (17) $             (49,190)Total assets $        103,738   $              2,145   $         105,883   $         103,738   $            2,145   $            105,883  
 

**7.       BUSINESS COMBINATIONS, GOODWILL ANDINTANGIBLE ASSETS**

Goodwill amortization and acquisition charges relating to businesscombinations completed prior to July 1, 2001, are as follows (in thousands):

Three Months Ended
Nine Months Ended
September 30,
September 30,
        2002     
        2001     
        2002     
        2001     Goodwill amortization and acquisition charges $               -    $             433  $            -    $     2,011 Intangibles amortization charges                537              1,698       1,510            3,930  $             537  $          2,131  $   1,510  $     5,941 
In July 2001, the FASB issued Statement of Financial AccountingStandards No. 141, "Business Combinations" (FAS 141) and FAS 142. FAS 141requires that the purchase method of accounting be used for all business combinationsinitiated after June 30, 2001 and specifies certain criteria that intangible assetsacquired in a purchase method business combination must meet in order to be recognized andreported apart from goodwill. FAS 142 requires that goodwill and intangible assets withindefinite useful lives no longer be amortized, but instead be tested for impairment atleast annually in accordance with FAS 142. FAS 142 also requires that intangible assetswith definite useful lives be amortized over their respective estimated useful lives totheir estimated residual values, and reviewed for impairment in accordance with FAS 121,which was superceded by FAS 144.

 

10

 

The provisions of FAS141 were adopted effective June 30, 2001. Wecompleted two business acquisitions during the period from July 1, 2001 to December 31,2001. The Company recorded no goodwill or assets with indefinite useful lives resultingfrom these acquisitions and, accordingly this statement had no impact. Goodwill andintangible assets acquired in business combinations completed before July 1, 2001 havebeen amortized through December 31, 2001. 

As of January 1, 2002, the Company had the following intangible assets(in thousands):

Gross Asset
AccumulatedAmortization
Net Book ValueIntangibles - VidiPax acquisition $        2,666  $       (1,370) $            1,296 Goodwill - VidiPax acquisition              2,568              (1,258)               1,310 Intangibles - DiscoverMusic acquisition              2,129                      -                  2,129 Intangibles - Activate acquisition              1,745                 (218)               1,527 Intangibles - On-line radio acquisitions                 421                      -                     421  $        9,529  $       (2,846) $            6,683 
As of January 1, 2002, $222,000 in intangibles with indefinite usefullives were reclassified into goodwill in accordance with FAS142. These intangibles had aremaining useful life of 18 months as of the reclassification date and, accordingly, ineach quarter through the quarter ending June 30, 2003, amortization expense will bedecreased by approximately $37,000 less than it otherwise would have been. During thethree months ended June 30, 2002, the Company completed its transitional goodwillimpairment test. Based upon the Company's analysis there was no impairment of goodwillupon adoption of FAS142 on January 1, 2002. The Company plans to conduct its annualimpairment test during the fourth quarter of each year. The Company also performedimpairment tests for previously acquired intangible assets during the three months endedJune 30, 2002 and determined that these intangible assets were not impaired. 

Net loss and loss per share for the periods ended September 30, 2001adjusted to exclude goodwill amortization expense are as follows (in thousands, except pershare data):

Three Months    EndedNine Months Ended
March 31, 2001
June 30, 2001
Sep. 30, 2001
Sep. 30, 2001Net loss:Reported net loss $             (26,198) $         (10,983) $         (12,009) $                    (49,190)Goodwill amortization                   1,243                     335                    433                             2,011  Amortization of Intangibles with indefinite    lives                        37                       37                      37                                111  Adjusted net loss                (24,918)            (10,611)            (11,539)                       (47,068)Basic and diluted net loss per    share:Reported basic and diluted net loss per    share $                 (0.68) $             (0.26) $             (0.27) $                        (1.19)Goodwill amortization                     0.03                    0.01                   0.01                               0.05  Amortization of Intangibles with indefinite    lives                         -                         -                         -                                    -       Adjusted basic and     diluted net loss per share $                 (0.65) $             (0.25) $             (0.26) $                        (1.14)
Note: adjusted    net loss per share is computed independently for each of the periods presented. Therefore,    the sum of the quarterly per share amounts will not necessarily equal the total amount for    the year to date presented above.
 

 

11

 

**8.                  LONG-TERM DEBT, COMMITMENTS AND CONTINGENCIES**

The Company voluntarily prepaid in full the outstanding balance of$19.0 million under its revolving credit facility during the third quarter of 2002. TheCompany is not allowed to make further draws under this arrangement.

The Company has other credit facilities and leasing arrangements that,in general, are not prepayable without penalty. Total amounts outstanding under thesearrangements are $1.2 million as of September 30, 2002. The interest rates on theseinstruments range from 6.90% to 9.65%. The instruments have various maturity dates throughNovember 2005. Letters of credit of approximately $800,000 back certain of these notes andcapital lease obligations.

**9.       LEGAL PROCEEDINGS**

Between July 26, 2001 and August 30, 2001, several substantiallysimilar class action complaints were filed in the United States District Court for theSouthern District of New York against the Company and certain of its current andformerofficers and directors, as well as against certain underwriters who handled the Company'sMarch 15, 2000 initial public offering of common stock.  The various complaints werepurportedly filed on behalf of a class of persons who purchased our common stock duringthe time period beginning on March 15, 2000 and ending on December 6, 2000.  Thecomplaints together allege violations of the Securities Act of 1933 and the SecuritiesExchange Act of 1934, primarily based on the allegation that there was undisclosedcompensation received by our underwriters in connection with the Company's initial publicoffering and the allegation that the underwriters entered into undisclosed arrangementswith some investors that were designed to distort and/or inflate the market price for ourcommon stock in the aftermarket following the initial public offering.  Theallegations set forth in these complaints are substantially similar to those made in classactions filed against over 300 other companies that issued securities within the pastthree years.  These actions have all been consolidated before the same judge forpretrial purposes.  No specific amount of damages has been claimed.  Theindividual defendants and the Company have demanded to be indemnified by the underwriterdefendants pursuant to the underwriting agreement entered into at the time of theCompany's  initial public offering.  

The Company believes that the individual defendants and the Companyhave meritorious defenses to the claims made in the complaint and the Company intends todefend the actions vigorously.  However, there can be no assurance that the Companywill be successful on its defenses or in its assertion of indemnification, and an adverseresolution of the lawsuit could have a material adverse affect on its financial positionand results of operation in the period in which the lawsuit is resolved.  The Companyis not presently able to reasonably estimate potential losses, if any, related to thelawsuit, although the Company does not believe it will have a material adverse impact onits financial condition or results of operations. 

On May 8, 2001, the Company filed an arbitration demand with theAmerican Arbitration Association ("AAA") against Valley Media, Inc("Valley"). The Company alleges that Valley is liable for substantial damagesfor material breaches of a Services Agreement between the companies dated as of December17, 1999, in which Valley made representations and warranties and agreed to performcertain obligations to facilitate the creation of a venture to create and market anInternet music clip streaming service. The Company provided notice of its intent toterminate that agreement by letter dated February 6, 2001, and that termination waseffective 30 days thereafter. The Company has also alleged claims for misrepresentation,fraud, unjust enrichment and promissory estoppel.  Valley has filed an answer inwhich it denies liability, and asserts counterclaims for breach of contract, conversion,and declaratory relief.  The arbitration was stayed by Valley's filing of a petitionin bankruptcy, and the company intends to pursue a claim in the bankruptcy proceedings.

 

12

 

The Company is subject to legal proceedings and claims that arise inthe ordinary course of business. As of September 30, 2002, management is not aware of anysignificant asserted or pending litigation or claims against the Company other than theabove described matters that could have a material adverse effect on the Company'sfinancial condition, results of operations or liquidity. The Company does not know of anyasserted or unasserted claims that exist that would have a material adverse effect on theCompany's financial condition, results of operations or liquidity.

**10.    RELATED PARTY TRANSACTIONS**

On October 26, 2001, the Company entered into an agreement with itsfounder and former Chairman, Mr. Martin Tobias and his wife  Alex Tobias, pursuant towhich the Company purchased four million shares of its common stock from the Tobias's for$2.0 million, or $0.50 per share, and also entered into a comprehensive agreement with theTobias's, including the extension of a $2.0 million collateralized line of credit to theTobias's ("the Loan"). The Loan is collateralized by liens on certain realproperty assets owned by Mr. Tobias, as well as all his remaining 3.0 million Loudeyeshares. Under the terms of the agreement, the collateral shares will be restricted frompublic market sale, without Loudeye's consent, until the later of January 31, 2003, or thefull repayment of the Loan. The Loan matures June 30, 2003. As of September 30, 2002, Mr.Tobias had drawn $1.75 million under the credit line, $1.2 million of which wasoutstanding as of September 30, 2002 and is presented in notes receivable from relatedparties in the accompanying balance sheets. Mr. Tobias has the ability to draw anadditional $250,000 under this credit line. As of November 1, 2002, Mr. Tobias has madeLoan payments totaling $733,557 as described below.

In addition, if Mr. Tobias is unable to sell shares of Loudeye commonstock so that the proceeds from these sales equal the lesser of (a) $500,000 or (b) theproceeds from sales of 150% of the maximum number of shares that could have been sold byMr. Tobias under Rule 144 during the calendar quarter multiplied by the Discounted SharePrice (as defined below) (the "Minimum Liquidity Commitment"), then Mr. Tobiasmay require the Company to purchase shares from him at the Discounted Share Price so thathis total proceeds for the quarter equal the Minimum Liquidity Amount.  TheDiscounted Share Price is the lesser of (x) the average closing bid price of the Company'scommon stock for the trailing 30 trading days or (y) 95% of the closing bid price of theCompany's common stock on the last trading day of the quarter.  This right expires onthe earlier of (i) three business days following June 30, 2003, (ii) repayment in full ofthe Loan or (iii) such time as Mr. Tobias ceases to be the beneficial or record owner ofany shares of the Company's common stock.  The following transactions have takenplace to date under the Minimum Liquidity Commitment. (Share activity as well as loanrepayments are presented).

Month of        Purchase   
Number of     Shares  
Share Price
Value of Shares
Amount of   Loan Payment
April 2002
             613,040 
 $       0.6175 
 $    378,552     $       378,552 
July 2002
             599,430 
 $       0.3420 
                 205,005 
            205,005 
October 2002
             599,700 
 $       0.3230 
                 193,703 
            150,000 
          1,812,170 
 $       777,260 
 $       733,557 
In March 2001, the Company loaned its former President, David L. WeldJr., $90,000 pursuant to a promissory note bearing interest at the prime rate plus 1%.This loan is due in three equal installments of principal plus accrued interest on each ofMarch 31, 2002, September 3, 2003 and September 3, 2004. The firstinstallment of $30,000 was paid by Mr. Weld on March 31, 2002. At September 30,2002, $60,000 remained outstanding under the note and is included in notes receivable fromrelated parties in the accompanying balance sheets.

 

13

 

In April 2001, the Company loaned its former Sr. Vice President ofSales, Todd A. Hinders, $64,000 pursuant to a promissory note bearing interest at theprime rate plus 4%. This loan must be repaid in annual installments on eachanniversary of the loan equal to the greater of $3,000 or the Alternative Minimum Taxcredit carry forward utilized on Mr. Hinders' tax return for that year. At September30, 2002, $37,613 remained outstanding under the note and is included in notes receivablefrom related parties in the accompanying balance sheets.

In May 2001, the Company acquired all of the capital stock of AdditionSystems, Inc. owned by Digital Media Campus Inc. in exchange for a payment of $1,323,766.In addition, Digital Media Campus assigned to the Company a promissory note receivable duefrom eWave Networks which was held by them in the amount of $248,766. John Baker, ourChief Executive Officer and Chairman of the Board of Directors, was Chief OperatingOfficer of Digital Media Campus until he joined Loudeye in March 2001. The Company has$133,545 recorded as a receivable due from eWave in the accompanying balance sheets.

In June 2002, the Company acquired certain assets of Digital MediaBroadcast, Inc., a California digital media company. Subsequent to this acquisition, Mr.Thomas A. Heymann was appointed a director of the Company. Mr. Heymann is a managingdirector and co-founder of Digital Coast Ventures Corp., an investment fund focused onlater-stage opportunities in broadband, wireless services, digital media, enterprisesoftware, and Web services. Digital Coast Ventures Corp. was an investor in Digital MediaBroadcast, Inc.

 

14

 

**ITEM2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS**

***Forward-Looking Statements***Except for the historical information contained in this Report on Form 10-Q, thematters discussed herein, including, but not limited to management's discussion andanalysis of financial condition and results of operations in Item 2 hereof, and statementsregarding regulatory approvals, operating results and capital requirements, are"forward-looking statements" within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended,and the Private Securities Litigation Reform Act of 1995, and are made under the safeharbor provisions thereof.  In some cases, you can identify forward-lookingstatements by terminology such as "may," "will," "should,""expect," "plan," "anticipate," "believe,""estimate," "predict," "potential" or "continue,"the negative of terms like these or other comparable terminology. These forward-lookingstatements are only predictions and actual events or results may differ materially fromthose projected.  Specific factors that could cause actual results to differmaterially from those projected include, but are not limited to: uncertainties related toour early stage; uncertainties related to the effectiveness of our technology and thedevelopment of our products and services; dependence on and management of existing andfuture corporate relationships; dependence on licensed content and technology; dependenceon proprietary technology and uncertainty of patent protection; management of growth;history of operating losses; future capital needs and uncertainty of additional funding;dependence on key personnel; intense competition; existing government regulations andchanges in, or the failure to comply with, government regulations; and other risksdetailed below, including the Risk Factors in Item 2, the Risk Factors set forth in ourAnnual Reports on Form 10-K, and those included from time to time in the Company's otherreports with the SEC and press releases, copies of which are available from the Companyupon request. All forward-looking statements included in this document are based oninformation available to us on the date hereof, and we assume no obligation to publiclyrelease any revisions of the forward-looking statements contained herein to reflect eventsor circumstances after the date hereof.  Readers are cautioned not to place unduereliance on these forward-looking statements, as our business and financial performanceare subject to substantial risks and uncertainties.

***Company Overview***We are a leading provider of services that facilitate the use of digital media forlive and on-demand applications in enterprise communication, marketing and entertainment.Our services enable our customers to outsource the management and delivery of audio, videoand other visual content on the Internet and other digital distribution platforms. Ourtechnical infrastructure and proprietary applications comprise an end-to-end solution,including rich media application support, webcasting, hosting, storage, encoding, captureand media restoration.  Our solutions reduce complexity and cost of internalsolutions, while supporting a variety of digital media strategies and customer businessmodels.

We provide our services via two primary business segments, digitalmedia services and media restoration services. 

*        Digital MediaServices. *Our digital media services enable enhanced enterprise communication,digital media management and distribution via the Internet and other emergingtechnologies.  

Our enhanced enterprise communication services include live andon-demand audio and video webcasting services, supported by proprietary applications suchas synchronized streaming slide presentation capabilities.  Using our services,enterprises can offer small and large audiences access to webcasts of a variety ofcorporate events, such as product launches, investor earnings calls, conferences anddistance learning seminars. The target customers for these solutions include medium andlarge-sized enterprises across a range of industry segments. These services are often soldin arrangements that  include a continuing "on-demand" archival component,that enables the customer access to its content after an event has been webcast. Werecognize revenues as services are rendered, or in agreements with an archive component,the value of the ongoing services is recognized over the term of the arrangement.

 

15

 

Our other digital media services are primarily focused on the digitalmusic market, including digital music encoding, metadata licensing, audio fingerprintdatabase generation, hosted music sample services, hosted music download services, digitalrights management license clearing, online radio solutions and rich media advertisementinsertion and sales.  Supporting some of these offerings, we have certain musiclicenses and relationships with the five major recording labels and over 800 independentrecord labels.  The target customers for our digital music services includetraditional and Internet-based retailers, media and entertainment companies, includingmedia portals, broadcasters, major record labels and advertisers.

Sales of these other digital media services are generally made undernonrefundable time and materials or per unit contracts.  Under these contracts, werecognize revenues as services are rendered and we have no continuing involvement in thegoods and services delivered, which generally is the date the finished media is shipped tothe customer. 

We sell our music samples service in application service providerarrangements. We are required to host the applications and the customer does not have theability to have the application hosted by another entity without penalty to the customer.Billings are made based upon volumes of data delivered or minutes of content streamed, andrevenue is recognized as the services are delivered.

*        Media RestorationServices. *Our media restoration services solutions restore and migrate legacymedia archives to current media formats.  The target customers for these servicesinclude many of the customers for our digital media services, as well as large legacymedia archives, specifically including those found at major libraries, universities andenterprises. We recognize revenues as services are rendered and we have no continuinginvolvement in the goods and services delivered, which generally is the date the finishedmedia is shipped to the customer.

One of our key strategies has been to pursue selectively strategicacquisitions to enter new markets, expand our suite of services and product offering,increase our customer base and strengthen our market position.  Since 2000 wecompleted the following acquisitions:
- *Vidipax Acquisition.*  In June 2000, we acquired Vidipax,    a New York company which performs audio and video media restoration and migration    services. The acquisition price was $1.9 million in cash, 68,284 shares of common stock    and an additional payment in July 2001 of 2,189,111 shares of common stock. 
- *DiscoverMusic Acquisition.*  In March 2001, we acquired    DiscoverMusic, a Seattle company which is the largest provider of music samples on the    Internet. The acquisition price was $4.6 million in cash plus acquisition costs and    accrued liabilities, net of DiscoverMusic's cash, and 3,677,013 shares of common stock. 
- *Online Radio Acquisitions.*  In March and June 2001, we    acquired the assets and technology of two online radio companies, OnAir Streaming Networks    and theDial. The combined acquisition price was $2.2 million in cash and 645,096 shares of    common stock. In June 2001, we acquired Addition Systems, Inc., a Los Angeles company that    develops proprietary content insertion technology. The acquisition price was  $1.5    million in cash plus acquisition costs and 550,000 shares of common stock.  
- *Activate Acquisition.*  In September 2001, we acquired    Activate.net Corporation, a Seattle company which provides live and on-demand webcasting    services for a variety of enhanced enterprise communication needs. The final acquisition    price was $2.0 million in cash, $2.4 million of assumed liabilities and 1.0 million shares    of common stock valued at $300,000 that is restricted as to trading until September 2003.       

16

 
- *Digital Media Broadcast Acquisition.*  In June 2002, we    acquired certain assets of Digital Media Broadcast, Inc. a Los Angeles company that    provides digital media services to a similar customer base that Loudeye has historically    serviced.  

In 2001 and 2002 we implemented operational consolidation and costsaving initiatives, which included the integration and realignment processes related toour acquisition activity.  As a result of these initiatives, we consolidated ourdigital media services operations from three separate facilities to the one facilityacquired in the Activate transaction, and implemented reductions in personnel. Details related to these initiatives are described in more detail in Management'sDiscussion and Analysis under the caption Special Charges.  Our operating cash flowdeficit has improved as a result of these realignments. We believe that our cash outflowsfrom historical operations will continue to be reduced as the full effects of our actionstaken to improve operating margins over the past year are realized.

We estimate that a significant majority of our cost of revenues,general and administrative expenses and research and development expenses are fixed orsemi-fixed. However, as a result of our realignment actions, salaries expense, which isthe largest component of operating expenses, has been reduced, resulting in a loweroverall level of fixed costs. Other semi-fixed expenses have also been reduced, whichshould reduce our operating cash flow deficits. Sales commissions are variable dependingupon orders booked and when revenue is recognized. We have sustained losses on a quarterlyand annual basis since inception and we expect to sustain losses for the foreseeablefuture as we invest in and grow our operations. As of September 30, 2002, we had anaccumulated deficit of $162.6 million. 

We anticipate that operating expenses, anticipated acquisitions,continuing debt service on capital lease obligations and ongoing payments for thefacilities that we vacated as a result of our facility consolidation plan will constitutea material use of our cash resources in 2002 and beyond. We expect to incur additionallosses and continued negative cash flow from operations in the foreseeable future. Wecannot assure you that we will achieve or sustain profitability or positive operating cashflow in the future.

Our limited operating history makes the prediction of future operatingresults difficult. In view of our limited operating history and the early and rapidlyevolving nature of our business, we believe that interim and annual period-to-periodcomparisons of our operating results are not meaningful and should not be relied upon asan indication of future performance. Our business prospects must be considered in light ofthe risks and uncertainties often encountered by early-stage companies in theInternet-related products and services market. We may not be successful in addressingthese risks and uncertainties. We have experienced significant percentage growth inrevenues in certain previous periods; however, we do not believe that prior growth ratesor possibly even sequential quarterly growth are sustainable or indicative of futuregrowth rates (see "Forward-Looking Statements"). In some future quarter ouroperating results may fall below our expectations as well as those of securities analystsand investors. In this event, the trading price of our common stock may fallsignificantly.
*Results of Operations*
**Three Months Ended September 30, 2002 Compared to 2001**

*        Revenues*. Revenuestotaled $3.6 million and $2.5 million for the three months ended September 30, 2002 and2001, respectively.  The increase was due primarily to the acquisition of Activate inSeptember 2001, the generation of sales resulting from the addition of the sales forceretained from the Digital Media Broadcast transaction as well as the continued growth ofour VidiPax subsidiary. 

Digital Media Services revenue totaled $2.5 million and $1.1 millionfor the three months ended September 30, 2002 and 2001, respectively. The revenuegenerated from the acquisition of Activate on September 25, 2001 comprised the majority ofthe increase over the prior year period. Revenues generated by our samples service havedecreased from the previous year period, largely a result of pricing pressures for thisservice. We believe that this trend has now abated and expect revenues from the SamplesService to increase in the fourth quarter of 2002. As a result of increased demand forencoding services and the acquisition of certain assets and customers of Digital MediaBroadcast in the second quarter of 2002, encoding and other digital media servicesrevenues were slightly lower than the level of revenues achieved on similar services inthe previous year.

 

17

 

Media restoration revenues totaled $1.1 million in the three monthsended September 30, 2002, as compared to $663,000 in the three months ended September 30,2001. This increase was the result of the continued market penetration achieved by theincreased sales and marketing  effort  at VidiPax.

*        Cost of Revenues*. Cost of revenues increased to $3.5 million in the three months ended September 30, 2002from $2.7 million in the period ended September 30, 2001. Excluding depreciation andamortization, costs of revenues increased to $2.6 million in 2002 from $1.6 million in2001. This was primarily due to the significantly higher number of personnel involved indigital media services production (including enterprise communications) and the increasedreliance on certain third-party vendors as a result of our reductions in force.Depreciation, the primary non-cash component of cost of revenues, decreased to $889,000from $1.2 million in 2001 as a result of the property and equipment write-downs recordedin 2001. 

Media restoration cost of revenues totaled $583,000 in 2002, anincrease from $268,000 in 2001. The increase rose slightly out of proportion to theincreased revenues. This is a result of the variable nature of the restoration business,which requires adding personnel to generate additional revenues. Additionally, theproduction facility expansion at VidiPax has led to higher levels of depreciation on acomparative basis. We intend to move to a new facility on more attractive terms in thenear future.

*        Research and DevelopmentExpenses.*  Research and development expenses totaled $425,000 and $2.5 million inthe three months ended September 30, 2002 and 2001, respectively.  The decrease isdue to the significant reduction in the number of development personnel as a result of thecorporate restructurings.  Costs of enhancing webcasting offerings, including therecently announced Loudeye Express, the continued support of our music offerings and thedevelopment of internal operational solutions necessary to fully integrate previousacquisitions, comprised a majority of our research and development expenses in 2002. 

We believe that continued investment in research and development iscritical to attaining our strategic objectives. However, due to our operationalrestructurings and a sharper focus on opportunities which we believe will result in nearterm results, development headcount was significantly reduced as compared to 2001 and, asa result, research and development expenses declined in 2002 as compared to 2001. Weexpect research and development expenses to remain relatively flat in the foreseeablefuture as we analyze the impact of our efforts over the past six months. We hadapproximately $70,000 in media restoration services costs classified as research anddevelopment during the three months ended September 30, 2002, a result of new efforts tointegrate certain acquired equipment and efficiency enhancements into the mediarestoration production process.

*        Sales and MarketingExpenses.*  Sales and marketing expenses totaled $1.4 million and $2.0 million inthe three months ended September 30, 2002 and 2001, respectively.  Sales andmarketing expenses consist primarily of salaries, commissions, co-marketing expenses,trade show expenses, product branding costs, advertising and cost of marketingcollateral.  The decrease in sales and marketing expenses was due to the decreasedpersonnel subsequent to our reductions in force, partially offset by the increase in salesforce resulting from the Digital Media Broadcast transaction.

Media restoration services sales and marketing expenses totaled $60,000and $111,000 in the three months ended September 30, 2002 and 2001, respectively. Thisdecrease was due to a general change in the sales compensation structure at VidiPax. 

*        General andAdministrative Expenses*.  General and administrative expenses totaled $2.4million and $2.5 million in the three months ended September 30, 2002 and 2001,respectively.   General and administrative expenses consist primarily ofunallocated rent, facilities and information technology charges, salaries, legal expensesfor general corporate purposes and investor relations and other costs associated withbeing a public company.  General and administrative expenses decreased as a result ofinternal efforts to decrease all operating expenses, including external and internal legalfees, public relations, investor relations and insurance premiums. Our media restorationsegment contributed general and administrative expenses of approximately $308,000 and$295,000 in the three months ended September 30, 2002 and 2001, respectively. 

 

18

 

*        Amortization ofIntangibles and Other Assets.*  Amortization of intangibles and other assetstotaled $810,000 and $2.1 million in the three months ended September 30, 2002 and 2001,respectively.  The decrease was primarily due to the impairment charges recordedduring 2001, which led to lower balances of intangible assets and, in turn, loweramortization charges. In addition, effective January 1, 2002, the Company adopted FAS 142,which stipulates that goodwill can no longer be amortized. Amortization expense decreasedby $459,000 as a result of the implementation of FAS 142.

*        Stock-Based Compensation*.Stock-based compensation was $91,000 and $313,000 in the three months ended September 30,2002 and 2001, respectively. This decrease is a result of previous reductions in force,which has reduced the amortization of stock-based compensation. Future amortization ofdeferred stock compensation should decline as the deferred stock compensation recordedprior to our Initial Public Offering becomes more fully amortized. Future stock-basedcompensation charges may vary as a result of variable accounting following our optionexchange in the third quarter of 2001. 

*        Special Charges.* TheCompany recorded Special Charges in each of the six quarters ended June 30, 2002 relatedto ongoing corporate restructuring, facilities consolidations and the impairment of assetsin accordance with our long-lived asset policy. Included in the facilities charges andother are accrued lease payments for closed facilities, as well as accruals related to thereduction in headcount that took place as a result of the announced restructuring in Juneof 2002. There were no related special charges in the three months ended September 30,2002. 

In the third quarter of 2001, we recorded a $2.7 million special chargefor facilities closure costs and certain asset impairments related to those facilities. 

The Company's accrual for certain special charges was as follows at therespective balance sheet dates:

Year Ended
Six Months     Ended
Three Months     Ended
Dec. 31, 2001
June 30, 2002
Sep. 30, 2002Beginning balance $                310   $                2,939   $                3,175  Additional accruals                3,790                     1,890                          -    Paid in cash               (1,161)                 (1,654)                 (1,244)Ending balance $             2,939   $                3,175   $                1,931  
*        Interest Income. *Interestincome representing earnings on our cash, cash equivalents and short-term investmentstotaled $218,000 and $631,000 in the three months ended September 30, 2002 and 2001,respectively. The decrease in income was due to lower average cash and investment balancesin 2002 reflecting cash used for operations as well as the voluntary prepayment in full ofour primary outstanding credit facility during the third quarter of 2002 as well as lowerinterest rates. Our interest income will decrease in the future as our cash balancesdecrease to fund our operating, investing and financing activities.

*        Interest Expense.*Interest expense relating to our debt instruments, as well as amortization of financingcharges related to our debt instruments, totaled $138,000 and $267,000 in the three monthsended September 30, 2002 and 2001, respectively. The decrease was due to lower interestrates resulting from the new credit facility signed in October 2001 and our repayment ofthis facility in the third quarter of 2002. Interest expense should decrease significantlyas a result of the repayment of our long-term debt.

 

19

 

*        Other Income (Expense).*Other income (expense) consists of $700,000 of other income related to the renegotiationof final closing terms with CMGi related to the acquisition of Activate and realized gainsfrom the sale of certain investments partially offset by expenses incurred related to thesale of our Canadian subsidiary. On the date of our acquisition of Activate, the totalpayment due to CMGi on September 25, 2002 was $3.0 million in a combination of cash andstock. During the third quarter of 2002, we reached a final settlement with CMGi, whichrequired payment of $2.0 million in cash and 1.0 million restricted common shares valuedat $300,000. The $700,000 other income is equal to the difference between the accruedacquisition consideration of $3.0 million and the new final consideration of $2.3 million.

**Nine Months Ended September 30, 2002 Compared to 2001**

*        Revenues*. Revenuestotaled $10.1 million and $7.1 million for the nine months ended September 30, 2002 and2001, respectively. The increase was due primarily to the acquisition of Activate inSeptember 2001 as well as an increase in revenues generated by our VidiPax subsidiary.

Digital Media Services revenue totaled $7.4 million and $5.2 millionfor the nine months ended September 30, 2002 and 2001, respectively. The increase reflectsrevenue generated from the acquisition of Activate, offset by decreases in our otherdigital media services.  Encoding and related digital media services revenuesdecreased from the prior year period as a result of the changing market conditions and ourrelated decision to de-emphasize this service offering until the second quarter of 2002.Revenues from our samples service have decreased year-over-year as a result of industrypricing pressures. 

Media restoration revenues totaled $2.7 million in 2002, as compared to$1.9 million in 2001. This increase was the result of the continued execution of VidiPax,deeper market penetration and a larger sales and marketing effort. 

*        Cost of Revenues.*Cost of revenues increased to $10.4 million in the nine months ended September 30, 2002from $8.5 million in the period ended September 30, 2001. This gross increase was a resultof the acquisition of Activate in September 2001. As a percentage of revenues, cost ofrevenues decreased from 120% to 103% over the same periods. This decrease was due to thechange in revenue mix from primarily  fulfillment and encoding revenues to includeenterprise communications and media restoration. This shift from relatively higher fixedcost services to lower cost services brought about the improvement in margins on acomparative basis. The results of our restructurings has also had a positive impact on ourgross margin percentage.

Media restoration cost of revenues totaled $1.4 million and $678,000 inthe nine months ended 2002 and 2001, respectively. This increase was the result of theincreased production capacity and increased depreciation on equipment purchased togenerate the additional revenues at VidiPax.

*        Research and DevelopmentExpenses.* Research and development expenses totaled $2.7 million and $7.9 million inthe nine months ended September 30, 2002 and 2001, respectively. The decrease over thesame period in 2001 is primarily due to the significantly lower levels of developmentpersonnel in place to support the current service and product offerings. Costs ofdeveloping automated encoding and ordering systems as well as a more streamlinedwebcasting offering comprise the majority of research and development expenses. We hadapproximately $258,000 in media restoration services costs classified as research anddevelopment in 2002, a result of new efforts to integrate certain acquired equipment andefficiency enhancements into the media restoration production process. 

*        Sales and MarketingExpenses.* Sales and marketing expenses totaled $5.8 million and $7.3 million in thenine months ended September 30, 2002 and 2001, respectively. Sales and marketing expensesconsist primarily of salaries, commissions, co-marketing expenses, trade show expenses,product branding costs, advertising and cost of marketing collateral. The significantdecrease in sales and marketing expenses was primarily due to the decreased personnelsubsequent to our corporate restructuring and an overall reduction in marketing spending. 

 

20

 

*        General andAdministrative Expenses*. General and administrative expenses totaled $8.6 million and$7.7 million in the nine months ended September 30, 2002 and 2001, respectively. Theincrease was due to a greater number of general and administrative employees and expensesin the first six months of 2002 as compared to the previous year, as a result of theacquisition of Activate in September 2001. The number of employees classified withingeneral and administrative decreased as a result of our June reduction in force and,accordingly, the third quarter salaries component of general and administrative expensesdecreased from the same period in 2001. The combination of these two personnel relatedvariances as well as a focused effort on cost control, led to the total increase inexpenses. 

*        Amortization ofIntangibles and Other Assets.*  Amortization of intangibles and other assetstotaled $2.2 million and $5.9 million in the nine months ended September 30, 2002 and2001, respectively.  The decrease was primarily due to the impairment chargesrecorded during 2001, which led to lower balances of intangible assets and, in turn, loweramortization charges. In addition, effective January 1, 2002, the Company adopted FAS 142,which stipulates that goodwill can no longer be amortized. Amortization expense decreasedby $2.1 million in 2002 as a result of the implementation of FAS 142.

*        Stock-Based Compensation*.Stock-based compensation totaled a credit of $463,000 and expense totaling $211,000 in thenine months ended September 30, 2002 and 2001, respectively. This change is a result ofprevious reductions in force and related stock compensation reversals. In 2002, werecorded amortization of $372,000 offset by a credit of $835,000 related to previousamortization on cancelled options associated with our reductions in force. In 2001,stock-based compensation consisted of $1.3 million in amortization of deferred stockcompensation, a charge of $635,000 related to the modification associated with stockoptions held by a former employee, and a credit of $1.7 million related to the reversal ofpreviously amortized stock compensation. Future amortization of deferred stockcompensation will decline each sequential quarter. Future stock-based compensation chargesmay vary as a result of variable accounting following our option exchange in the thirdquarter of 2001.

*        Special Charges.* TheCompany recorded special charges in each of the six quarters ended June 30, 2002 relatedto ongoing corporate restructuring, facilities consolidations and the impairment of assetsin accordance with our long-lived asset policy. There were no such charges recorded in thethird quarter of 2002. The following table summarizes those charges (in thousands):

Nine Months Ended
September 30,
  2002   
   2001   Employee severance
 $  1,890
$   2,323 Intangible impairments
 -  
          11,573 Fixed assets
 -  
            3,367 Facilities charges and other
      -  
              3,199 
$  1,890
$  20,462 
 

The Company recorded special charges in the nine months ended September30, 2002 associated with two reductions in force announced in March 2002 and June 2002 ofapproximately 40% of consolidated staffing. The special charge of $1.9 million was relatedto severance and related termination benefits paid and which will be paid in cash. 

In the nine months ended September 30, 2001, we recorded specialcharges of $20.5 million as a result of employee reductions, the impairment of intangiblesand other assets and the closure of certain facilities. $16.2 million of these chargesrelated to non-cash write-downs of certain redundant or unused equipment as well as tenantimprovements at our vacated facilities. The remaining $4.3 million related to facilityclosure costs and severance-related payments to terminated employees.

*        Interest Income.*Interest income representing earnings on our cash, cash equivalents and short-terminvestments totaled $860,000 and $2.7 million in the nine months ended September 30, 2002and 2001, respectively. The decrease in income was due to our lower average cash andinvestment balances in 2002 in addition to lower interest rates. Interest income willdecrease in the future as our cash balances decrease to fund our operating, investing andfinancing activities.

 

21

 

*        Interest Expense.*Interest expense relating to our debt instruments, as well as amortization of financingcharges related to our debt instruments, totaled $590,000 and $943,000 in the nine monthsended September 30, 2002 and 2001, respectively. The decrease was due to lower interestrates resulting from the new credit facility signed in October 2001 and our repayment ofthis renegotiated facility in the third quarter of 2002. Interest expense will decreasesignificantly as a result of our repayment of our long-term debt.

**Liquidity and Capital Resources**

As of September 30, 2002, we had approximately $20.0 million of cash,cash equivalents and investments.  

Net cash used in operating activities was $18.0 million and $18.6million in the nine months ended September 30, 2002 and 2001, respectively.  For 2002and 2001, cash used in operating activities resulted primarily from net losses of $20.0million and $49.2 million, respectively, partially offset by non-cash special charges,depreciation and amortization and increased by other adjustments and working capitalchanges.

Investing activities provided $7.5 million and $24.8 million in thenine months ended September 30, 2002 and 2001, respectively. For 2002, cash provided byinvesting activities was primarily related to the net sales of short-term investmentstotaling $10.1 million, partially offset by purchases of property and equipment totaling$1.6 million and acquisition of certain assets totaling $266,000. During the nine monthsended September 30, 2002, we made loans totaling $750,000 under a pre-existing arrangementto a related party. These loans accrued interest totaling $38,000. For 2001, cash providedby investing activities was primarily related to the net sales of short-term investments,partially offset by purchases of property and equipment and cash paid for the acquisitionof DiscoverMusic and certain assets of OnAir in March 2001, and certain assets of AdditionSystems in June 2001.

Financing activities used $20.3 million and provided $3.9 million inthe nine months ended September 30, 2002 and 2001, respectively. The cash used infinancing activities in 2002 primarily resulted from the decision to voluntarily prepayour primary long-term debt facility in the third quarter of 2002. Total principal paymentsof our long-term debt totaled $20.1 million and $11.4 million in 2002 and 2001,respectively. In 2001, cash flows from financing activities included $15.2 million inproceeds from our now-terminated credit facility.

As of September 30, 2002, our principal commitments consisted ofobligations outstanding under operating leases, capital leases and credit facilities withour banks.

We prepaid our primary credit facility in full in the three monthsended September 30, 2002. This prepayment of $19.0 million was made voluntarily by us toreduce future interest expense and remove any restrictions that the facility might haveplaced upon our cash balances. We are not allowed to make any further draws upon thefacility at this time, and do not foresee any draws being made in the future.

We have other credit facilities and leasing arrangements that, ingeneral, are not prepayable without penalty. Total amounts outstanding under thesearrangements are $1.2 million as of September 30, 2002. The interest rates on theseinstruments range from 6.90% to 9.65%. The instruments have various maturity rates throughNovember 2005. Letters of credit of approximately $800,000 back certain of these notes andcapital lease obligations.

The Company has approximately $1.4 million of short-term investmentsthat are utilized as collateral for certain irrevocable standby letters of credit. Theseshort-term investments have been classified as restricted investments on the accompanyingbalance sheets.

 

22

 

We believe that our existing cash, cash equivalents, and short-terminvestments will be sufficient to fund our operations and meet our working capital andcapital expenditure requirements for the next twelve months. Management routinely comparesactual results with its operating model. Should actual results differ significantly frommanagement's operating model, management will review options available to it designed atimproving liquidity. Should it become necessary to improve liquidity, management may,among other steps,  reduce spending, seek additional equity or debt financing, orsell certain assets.  In the event additional equity or debt financing is required,we may not be able to raise it on acceptable terms, or at all. Any projections of futurecash needs and cash flows are subject to substantial uncertainty.  We may needadditional cash sooner than currently anticipated.  

Since our inception, our operating expenses have significantlyincreased in order to support our growth. We currently anticipate that such expenses willcontinue to be a material use of our cash resources. We expect that the following otheritems may represent significant uses or proceeds of cash in the foreseeable future:
- Acquisition consideration resulting from the Activate.net acquisition    in September 2001, totaling $2.0 million in cash was paid to CMGi as a final acquisition    payment in October 2002. 
- Capital expenditures, excluding acquisitions, are expected to total    approximately $200,000 in the remainder of calendar year 2002 and will relate primarily to    the facilities consolidation and normal operating asset replacements. We do not have    significant capital spending plans during 2003. 
- We sold certain unused assets that had previously been written down    in special charges for proceeds of approximately $200,000 in October 2002. The ultimate    amount of funds to be received have not been finalized. We do not expect a material gain    or loss on these sales. We anticipate future sales of other unused assets; however    proceeds are not expected to be material. 
- Our operating lease for our corporate headquarters costs    approximately $110,000 monthly, or $330,000 for the remainder of 2002. This lease extends    past 2003; therefore we expect to spend approximately $1.3 million during calendar 2003 on    rent and related costs in Seattle. 
- Additional commitments are outstanding under the existing facilities    leases that have previously been expensed by us in the special charges. We expect to pay    approximately $350,000 in rental charges for the remainder of 2002 for the facilities that    we no longer occupy. These leases extend past 2003; therefore we expect to spend    approximately $1.4 million during calendar 2003 on such costs.  
- We have certain commitments under existing arrangements with certain    licensors of copyrighted materials that may require payments estimated to be approximately    $400,000. These amounts are included in accrued expenses in the accompanying balance    sheets. 
- We may enter into future transactions where we acquire complementary    enterprise communications businesses. Such acquisitions may require use of our capital    resources. 
- Under our loan agreement with Martin Tobias, we may advance Mr.    Tobias up to an additional $250,000 in 2002. 

 

23

 

**RISK FACTORS**

**        We have a limitedoperating history, making it difficult for you to evaluate our business and yourinvestment**

Loudeye was formed as a limited liability company in August 1997 andincorporated in March 1998.  We therefore still have a very limited operating historyupon which an investor may evaluate our operations and future prospects, as well aslimited insight into trends that may emerge and affect our business.  In addition,the revenue and income potential of our business and market are unproven and make itdifficult for us to forecast future results.  Because of the emerging nature of theindustry, our executives have limited experience in it.  As a young company operatingin an emerging industry, we face risks and uncertainties relating to our ability toimplement our business plan successfully.  Our potential for future profitabilitymust be considered in light of these risks, uncertainties and difficulties.

**        Our quarterly financialresults will continue to fluctuate making it difficult to forecast our operating results**

Our quarterly operating results have fluctuated in the past and weexpect our revenues and operating results will vary significantly from quarter to quarterin the future due to a number of factors, including the variability in demand for ourservices, their market acceptance, the ability of our customers to obtain the rightsnecessary to use our services and our ability to execute in line with our business plan.

Our current business plan incorporates a level of revenues which maynot be attained. If we fail to reach the planned revenue amounts, our results willfluctuate accordingly, and we may not be able to address our expenditure levels in atimely manner.  If our operating results fall below the expectations of securitiesanalysts and investors in some future periods, our stock price will likely declinesignificantly.  

**        Our existing capitalresources may not be sufficient to allow us to reach profitability; therefore, we may needto raise additional capital in the future, and if we are unable to secure adequate fundson terms acceptable to us, we may be unable to execute our business plan and currentstockholders may experience significant dilution**

As of September 30, 2002, we had approximately $20.0 million in cash,cash equivalents and investments.  We have a history of operating losses in eachquarter since our founding. We therefore cannot assure you that our existing cash, cashequivalents and investments will be sufficient to allow us to reach profitability. 

Management routinely compares actual results with its operating model.Should actual results differ significantly from management's operating model, managementwill review options available to it designed at improving liquidity. Should it becomenecessary to improve liquidity, management may, among other steps, reduce spending plans,seek additional equity or debt financing, or sell certain assets.  If additionalfunds are raised through the issuance of equity or convertible debt securities, ourcurrent stockholders may experience significant dilution in their ownership percentagesand their rights. If we raise capital through debt financing, we may be forced to acceptrestrictions affecting our liquidity, including restrictions on our ability to incuradditional indebtedness.  We cannot assure you that additional financing will beavailable on favorable terms or at all. Such financings, should they occur might alsoplace further financial restrictions on us. This uncertainty concerning availablefinancing should it be necessary could seriously harm our business, results of operationsand financial condition.

 

24

 

**        Because we expect tocontinue to incur net losses, we may not be able to implement our business plan and ourstock price may decline**

We have incurred quarterly net losses from operations totaling $148.4million from August 12, 1997 (inception) through September 30, 2002, and we expect tocontinue to incur net losses for the foreseeable future.  We may increase ouroperating expenses and capital expenditures in the future as we attempt to execute ourbusiness plan and maintain our competitive position. This may increase our quarterly netlosses and negative cash flows.  Our ability to execute our business plan may behampered by future negative cash flows. Our stock price may decline as a result. 

To address the risks and uncertainties facing our business plan, wemust, among other things:
- Achieve broad customer acceptance of our products and services; 
- Successfully scale our current operations and expand our sales    efforts; 
- Maintain an appropriate level of expenditures; 
- Complete our facilities consolidation and exit plan; 
- Successfully integrate past and any potential acquisitions; 
- Enhance our existing services and applications products or develop    and introduce new digital media services, applications and features in a timely manner; 
- Address copyright issues that affect our business; 
- Develop and maintain strategic relationships to enhance our products    and services; 
- Attract and retain key employees; and 
- Respond to competition. 

We might not be successful in achieving any or all of these objectivesin a cost-effective manner, if at all, and the failure to achieve these could have aserious adverse impact on our business, results of operations and financialposition.  Each of these objectives may require significant additional expenditureson our part.  Even if we ultimately do achieve profitability, we may not be able tosustain or increase profitability on a quarterly or annual basis.  

        **We depend on a limitednumber of customers for a majority of our revenues so the loss of, or delay in paymentfrom, one or a small number of customers could have a significant impact on our revenuesand operating results**

A limited number of customers have accounted for a significant portionof our revenues and may continue to do so for the foreseeable future.  During thequarters ended September 30, 2002 and 2001, our top three customers accounted for 40% and36%, respectively of our revenues.  We believe that a small number of customers maycontinue to account for a significant percentage of our revenues for the foreseeablefuture.  Due to high revenue concentration among a limited number of customers, thecancellation, reduction or delay of a large customer order or our failure to timelycomplete or deliver a project during a given quarter is likely to significantly reducerevenues.  In addition, if any significant customer fails to pay amounts it owes us,or does not pay those amounts on time, our revenues and operating results couldsuffer.  If we are unsuccessful in increasing and broadening our customer base, ourbusiness could be harmed.

**        Acquisitions we have madeor may make could disrupt our business and harm our financial condition**

We expect to continue to evaluate and acquire businesses, technologies,services, or products that we believe are a strategic fit with our business.  Frominception to date, we have acquired all or parts of nine businesses, including certainassets of DigitalMediaBroadcast in June 2002.  The integration of these and anyfuture acquisitions into our operations may place a significant strain on our employees,systems and other resources.  If any acquisition fails to integrate well, ouroperations and financial position could be harmed. We cannot assure you that theanticipated benefits of any acquisition will be realized.  Acquisitions could resultin potentially dilutive issuances of equity securities, the incurrence of debt, theassumption of known and unknown liabilities associated with the acquired business, any ofwhich could seriously harm our business, results of operations and financial condition.

 

25

 

**        We are dependent on thedevelopment and rate of adoption of digital media and the delay or failure of thisdevelopment would seriously harm our business**

The development of commercial services and applications for digitalmedia content is in its relatively early stages.  Many factors could inhibit thegrowth of the adoption of digital media content, including concerns about theprofitability of digital-media based businesses, uncertainty about intellectual propertyrights associated with digital media, bandwidth constraints, piracy and privacy. If therate of adoption of digital media is slow, or digital media is not readily adopted as ameans of communication, our ability to successfully implement our business plan may beseriously impacted.

**        We may be liable oralleged to be liable to third parties for music, software, and other content that weencode, distribute, or make available to our customers**

We may be liable or alleged to be liable to third parties for thecontent that we encode, distribute or make available to our customers:
- If the content or the performance of our services violates third    party copyright, trademark, or other intellectual property rights; 
- If our customers violate the intellectual property rights of others    by providing content to us or by having us perform digital media services; or 
- If content that we encode or otherwise handle for our customers is    deemed obscene, indecent, or defamatory. 

Any alleged liability could cause us to spend significant money andmanagement time to defend our business and reputation. Such actions could have an adverseaffect on our business, results of operations and financial condition.  Our customersfor encoding services generally agree to hold us harmless from claims arising from theirfailure to have the right to encode the content given to us for that purpose. However, customers may contest this responsibility or not have sufficient resources todefend claims and we have limited insurance coverage for claims of this nature.

Because we host and transmit content over the Internet, we facepotential liability or alleged liability for negligence, infringement of copyright,patent, or trademark rights and other claims based on the nature of the content.  Inparticular, we stream samples of copyrighted music recordings in our Samples serviceoffering and provide encoding services. The music industry has been particularly litigiousconcerning the protection of these copyrights. We may have potential infringement claimsmade against us by these copyright holders. Claims of the above nature have been brought,and sometimes successfully pressed, against content distributors.  In addition, wecould be exposed to liability with respect to the unauthorized duplication of content orunauthorized use of other parties' proprietary technology.  Any imposition ofliability that is not covered by insurance or is in excess of insurance coverage or anyalleged liability could harm our business.

**        Our music contentlicenses could make our business more expensive to conduct**

The large number of licenses that we need to maintain in order toexpand our music-related services creates operational difficulties in connection withtracking the rights that we have acquired and the complex royalty structures under whichwe must pay. In addition, our licensing agreements typically allow the third party toaudit our royalty tracking and payment mechanisms to ensure that we are accuratelyreporting and paying the royalties owed. If we are unable to accurately track the numerousparties that we must pay in connection with each delivery of digital music services anddeliver the appropriate payment in a timely fashion, we may risk termination of certainlicenses.

 

26

**        Competition may decreaseour market share, revenues, and gross margins **

We face intense and increasing competition to our product and serviceofferings.  If we do not compete effectively or if we experience reduced market sharefrom increased competition, our business will be harmed.  We believe that theprincipal competitive factors in our market include:
- Service functionality, quality and performance; 
- Ease of use, reliability, scalability and security of services; 
- Establishing a significant base of customers and distribution    partners; 
- Ability to introduce new services to the market in a timely manner; 
- Customer service and support; 
- Attracting third-party web developers; and 
- Pricing. 

Although we do not currently compete against any one entity withrespect to all of our service offerings, there are two principal types of companies we docompete with:  enterprise Webcasting companies and other digital media servicescompanies.

Enterprise Webcasting Competition.  Our primary competitorsare content distribution networks, such as Akamai and Internet broadcasters, such asYahoo! Broadcast, Streampipe and others.  These companies provide services similar toours and each has a well-established market presence.  We also compete with providersof traditional communications technologies, such as teleconferencing andvideoconferencing, as well as applications software and tools companies, such as CentraSoftware, WebEx, Evoke Communications, Lotus (SameTime), Microsoft (NetMeeting) andPlaceware.  There are also smaller competitors that focus on certain of ourindividual market segments, such as investor relations webcasts.

Other Competition.  There are a number of other companiesthat provide services similar to ours.  As the digital media services marketcontinues to develop, we expect to see increased competition from traditionaltelecommunication service providers or resellers of those services.  We also facecompetition from the in-house encoding services, streaming networks and content managementsystems and encoding services.

The market has continued and may continue to evolve and consolidate incertain areas. This may increase competition as larger combined entities may have accessto a larger customer base than us. Additionally, such larger potential competitors may beable to sign agreements with vendors on more favorable terms than us, and in turn providetheir competing services at a more affordable price than us. Such results of consolidationmay impact our ability to successfully execute on our business plan.

Many of our competitors and potential competitors have substantiallymore capital, longer operating histories, greater brand recognition, larger customer basesand significantly greater financial, technical and marketing resources than we do. These competitors may also engage in more extensive development of their technologies,adopt more aggressive pricing policies and establish more comprehensive marketing andadvertising campaigns than we can.  Our competitors may develop products and serviceofferings that we do not offer or that are more sophisticated or more cost effective thanour own.  For these and other reasons, our competitors' products and services mayachieve greater acceptance in the marketplace than our own, limiting our ability to gainmarket share and customer loyalty and to generate sufficient revenues to achieve aprofitable level of operations.  Our failure to adequately address any of the abovefactors could harm our business and operating results.

27

**        The technology underlyingour services and applications is complex and may contain unknown defects that could impactthe execution of our business plan**

The technology underlying our business plan is complex and includessoftware that is both internally developed and licensed from third parties.  Thesesoftware products may contain errors or defects, particularly when first introduced orwhen new versions or enhancements are released.  We may not discover software defectsthat affect our offerings based upon them until after our related offerings aresold.  Furthermore, because our services are designed to work in conjunction withvarious platforms and applications, we are susceptible to errors or defects in third-partyapplications that can result in a lower quality product for our customers and thereforeadversely affect our ability to execute our business plan.  

We do not possess product liability insurance, and our errors andomissions coverage may not be sufficient to cover our complete liability exposure.

**        Our business will sufferif our systems fail or our operations facilities become unavailable**

A reduction in the performance, reliability and availability of oursystems and network infrastructure may harm our ability to distribute our products andservices to our customers and other users, as well as harm our reputation and ability toattract and retain customers and content providers.  Our systems and operations aresusceptible to, and could be damaged or interrupted by, outages caused by fire, flood,power loss, telecommunications failure, Internet breakdown, earthquake and similarevents.  We do not have fully redundant Webcasting facilities and therefore anydamage or destruction to these would significantly harm our Webcasting business.  Oursystems are also subject to human error, security breaches, power losses, computerviruses, break-ins, "denial of service" attacks, sabotage, intentional acts ofvandalism and tampering designed to disrupt our computer systems, Web sites and networkcommunications.  A sudden and significant increase in traffic on our Web sites couldstrain the capacity of the software, hardware and telecommunications systems that wedeploy or use.  This could lead to slower response times or system failures.

Our operations also depend on receipt of timely feeds from our contentproviders, and any failure or delay in the transmission or receipt of such feeds coulddisrupt our operations.  We also depend on Web browsers, ISPs and online serviceproviders to provide access over the Internet to our product and service offerings. Many of these providers have experienced significant outages or interruptions in the past,and could experience outages, delays and other difficulties due to system failuresunrelated to our systems.  These types of interruptions could continue or increase inthe future.

Our digital distribution activities are managed by sophisticatedsoftware and computer systems.  We must continually develop and update these systemsover time as our business and business needs grow and change, and these systems may notadequately reflect the current needs of our business.  We may encounter delays indeveloping these systems, and the systems may contain undetected errors that could causesystem failures.  Any system error or failure that causes interruption inavailability of products or content or an increase in response time could result in a lossof potential or existing business services customers, users, advertisers or contentproviders.  If we suffer sustained or repeated interruptions, our products, servicesand Web sites could be less attractive to such entities or individuals and our businesscould be harmed.

Significant portions of our business are dependent on providingcustomers with efficient and reliable services to enable customers to broadcast content tolarge audiences on a live or on-demand basis.  Our operations are dependent in partupon transmission capacity provided by third-party telecommunications networkproviders.  Any failure of such network providers to provide the capacity we requiremay result in a reduction in, or interruption of, service to our customers.  If we donot have access to third-party transmission capacity, we could lose customers and if weare unable to obtain such capacity on terms commercially acceptable to us, our businessand operating results could suffer.

Our infrastructure is located at a single leased facility in Seattle,Washington, an area that is at heightened risk of earthquake and volcanic events.  Wemay not have adequate business interruption insurance to compensate us for losses that mayoccur from a system outage.  Despite our efforts, our network infrastructure andsystems could be subject to service interruptions or damage and any resulting interruptionof services could harm our business, operating results and reputation.

 

28

 

**        Government regulationcould adversely affect our business prospects**

We do not know with certainty how existing laws governing issues suchas property ownership, copyright and other intellectual property issues, taxation, illegalor obscene content, retransmission of media, personal privacy and data protection willapply to the Internet or to the distribution of music and other proprietary content overthe Internet.  Most of these laws were adopted before the advent of the Internet andrelated technologies and therefore do not address the unique issues associated with theInternet and related technologies.  Depending on how these laws develop and areinterpreted by the judicial system, they could have the effect of:
- Limiting the growth of the Internet; 
- Creating uncertainty in the marketplace that could reduce demand for    our products and  services; 
- Increasing our cost of doing business; 
- Exposing us to significant liabilities associated with content    distributed or accessed through our  products or services; or 
- Leading to increased product and applications development costs, or    otherwise harm our  business. 

Specifically with respect to one aspect of copyright law, on October28, 1998, the Digital Millennium Copyright Act (or "DMCA") was enacted. The DMCA includes statutory licenses for the performance of sound recordings and for themaking of recordings to facilitate transmissions. Under these statutory licenses,depending on our future business activities, we and our customers may be required to paylicensing fees in connection with digital sound recordings we deliver or our customersprovide on their web site and through retransmissions of radio broadcasts and/or otheraudio content. Effective September 1, 2002, the Library of Congress has determined that,for eligible non-subscription services, sound recording performance rates should be$0.0007 per performance, with a surcharge of 8.8% of the total performance fee for theephemeral copies used to facilitate such performances.  However, that decision issubject to review and revision by the U.S. Copyright Office, and several appeal petitionshave been filed.  The Copyright Office's review is subject to an appeal to a FederalCourt of Appeals.  The fees for the same types of transmissions offered on asubscription basis have not been determined and will be the subject of a CopyrightArbitration Royalty Panel proceeding, as will fees for digital phono-record deliveriespursuant to the "mechanical license" provisions of the U.S. Copyright Act. Depending on the rates and terms adopted for the statutory licenses, our business could beharmed both by increasing our own cost of doing business, and by increasing the cost ofdoing business for our customers. In addition, the Copyright Office is also promulgatingnotice and recordkeeping requirements for the use of sound recordings under statutorylicense.

Because of this rapidly evolving and uncertain regulatory environment,both domestically and internationally, we cannot predict how existing or proposed laws andregulations might affect our business. In addition, these uncertainties make it difficultto ensure compliance with the laws and regulations governing digital music. These laws andregulations could harm us by subjecting us to liability or forcing us to change ourbusiness.

 

29

 

**        Because our principalstockholders and management may have the ability to control a significant percentage ofstockholder votes, the premium over market price that an acquiror might otherwise pay maybe reduced and any merger or takeover may be prevented or delayed**

Our officers and directors beneficially own or control the voting ofapproximately 18% of our outstanding common stock as of November 1, 2002. Martin Tobias,our former chief executive officer and former member of the board of directors, has giventhe board of directors, an irrevocable proxy to vote all of the approximately 3.0 millionshares of our Common Stock that he owns.  See our definitive proxy statement as filedwith the Securities and Exchange Commission on April 19, 2002 for a more completedescription of the proxy.   As a result, these stockholders, acting together,have the ability to substantially influence all matters submitted to our stockholders forapproval, including: 
- Election or removal of our board of directors; 
- Amendment of our certificate of incorporation or bylaws; and 
- Adoption of measures that could delay or prevent a change in control    or impede a merger, takeover or other business combination involving us. 

This concentration of ownership may have the effect of impeding amerger, consolidation, takeover or other business consolidation involving us, ordiscouraging a potential acquirer from making a tender offer for our shares.  Thisconcentration of ownership could also adversely affect our stock's market price or lessenany premium over market price that an acquiror might otherwise pay.  

Certain provisions of our certificate of incorporation and bylaws andprovisions of Delaware law could also have the effect of delaying, deferring or preventingan acquisition of Loudeye, even if an acquisition would be beneficial to ourstockholders.  

**        If we are unable tocomply with Nasdaq's continued listing requirements, our common stock could be delistedfrom the NasdaqSmallCap Market**

        Since July 30, 2001, ourcommon stock has failed to maintain a minimum bid price of $1.00 per share for at least 10consecutive days, which caused our stock price to fail to meet one of the minimumstandards required by the Nasdaq Stock Market for continued listing as a Nasdaq NationalMarket security. In order to avoid delisting from Nasdaq entirely, we voluntarily appliedto Nasdaq to have our listing transferred to the SmallCap Market. On July 16, 2002 ourapplication was approved to transfer the listing of our common stock to the NasdaqSmallCapMarket. The NasdaqSmallCap Market also requires compliance with a minimum bid price of$1.00 per share for at least 10 consecutive days. We must be in compliance with thisrequirement by March 28, 2003 (including all grace periods) or face delisting from Nasdaq.

        There can be no assurancethat we will be able to satisfy all requirements for continued listing of our common stockon the NasdaqSmallCap Market, including the minimum bid price requirement and minimumtangible assets or stockholders' equity requirements. If we are unable to meet Nasdaq'srequirements in the future, our stock will be subject to delisting, which may have amaterial adverse effect on the price of our common stock and the levels of liquiditycurrently available to our stockholders.  Delisting would also make it more difficultfor us to raise capital in the future. If our common stock is removed from theNasdaqSmallCap Market, an investor could find it more difficult to dispose of, or toobtain accurate quotations as to the market value of, our common shares. Additionally, ourstock may then be subject to "penny stock" regulations. 

**        A class action lawsuithas been filed against us which may result in litigation that is costly to defend and theoutcome of which is uncertain and may harm our business**

We and certain of our current and former officers and directors arenamed as defendants in purported class action complaints which have been filed allegedlyon behalf of certain persons who purchased our common stock during the time periodbeginning on March 15, 1999 and ending on December 6, 2000. The complaintsallegeviolations of the Securities Act of 1933 and the Securities Exchange Act of 1934. 

 

30

 

Primarily the complaints allege that there was undisclosed compensation receivedby our underwriters in connection with our initial public offering.  We can provideno assurance as to the outcome of these matters. Any resolution of these matters in a manneradverse to us could have a material adverse affect on our financial position and resultsof operation. In addition, the costs to us of defending any litigation or otherproceeding, even if resolved in our favor, could be substantial. Such litigation couldalso substantially divert the attention of our management and our resources in general.Uncertainties resulting from the initiation and continuation of any litigation or otherproceedings could harm our ability to compete in the marketplace. In addition, becauseclass action litigation has often been brought against companies following periods ofvolatility in their stock prices, we could become involved in additional litigation.

 

 

 

 

31

 

**ITEM3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We provide Internet media infrastructure services and applications aswell as media restoration services. Our financial results could be affected by factorssuch as changes in interest rates and fluctuations in the stock market.  Assubstantially all sales are currently made in U.S. dollars, a strengthening of the dollarcould make our services less competitive in foreign markets.  We do not usederivative instruments to hedge our risks.  Our interest income and expense issensitive to changes in the general level of U.S. interest rates, particularly since themajority of our investments are in short-term instruments.  Due to the nature of ourshort-term investments, we anticipate no material market risk exposure.  Therefore,no quantitative tabular disclosures are presented.

 

 

 

32

 

**ITEM 4.  CONTROLSAND PROCEDURES**

Within 90 days prior to the date of this report, we carried out anevaluation, under the supervision and with the participation of our principal executiveofficer and principal financial officer, of the effectiveness of the design and operationof our disclosure controls and procedures. Based on this evaluation, our principalexecutive officer and principal financial officer concluded that our disclosure controlsand procedures are effective in timely alerting them to material information required tobe included in our periodic SEC reports. It should be noted that the design of any systemof controls is based in part upon certain assumptions about the likelihood of futureevents, and there can be no assurance that any design will succeed in achieving its statedgoals under all potential future conditions, regardless of how remote. 

In addition, we reviewed our internal controls, and there have been nosignificant changes in our internal controls or in other factors that could significantlyaffect those controls subsequent to the date of their last evaluation. 

 

 

 

33

 

**PARTII.               OTHER INFORMATION**

 

**ITEM 1:               LEGAL PROCEEDINGS**

Between July 26, 2001 and August 30, 2001, several substantiallysimilar class action complaints were filed in the United States District Court for theSouthern District of New York against us and certain of our current and former officersand directors, as well as against certain underwriters who handled our March 15, 2000initial public offering of common stock.  The various complaints were purportedlyfiled on behalf of a class of persons who purchased our common stock during the timeperiod beginning on March 15, 2000 and ending on December 6, 2000.  The complaintstogether allege violations of the Securities Act of 1933 and the Securities Exchange Actof 1934, primarily based on the allegation that there was undisclosed compensationreceived by our underwriters in connection with our initial public offering and theallegation that the underwriters entered into undisclosed arrangements with some investorsthat were designed to distort and/or inflate the market price for our common stock in theaftermarket following the initial public offering.  The allegations set forth inthese complaints are substantially similar to those made in class actions filed againstover 300 other companies that issued securities within the past three years.  Theseactions have all been consolidated before the same judge for pretrial purposes.  Nospecific amount of damages has been claimed.  The individual defendants and we havedemanded to be indemnified by the underwriter defendants pursuant to the underwritingagreement entered into at the time of our  initial public offering.  

We believe that the individual defendants and we have meritoriousdefenses to the claims made in the complaint and we intend to defend the actionsvigorously.  However, there can be no assurance that we will be successful on ourdefenses or in our assertion of indemnification, and an adverse resolution of the lawsuitcould have a material adverse affect on our financial position and results of operation inthe period in which the lawsuit is resolved.  We are not presently able to reasonablyestimate potential losses, if any, related to the lawsuit, although we do not believe itwill have a material adverse impact on our financial condition or results of operations. 

On May 8, 2001, we filed an arbitration demand with the AmericanArbitration Association ("AAA") against Valley Media, Inc ("Valley").We allege that Valley is liable for substantial damages for material breaches of aServices Agreement between the companies dated as of December 17, 1999, in which Valleymade representations and warranties and agreed to perform certain obligations tofacilitate the creation of a venture to create and market an Internet music clip streamingservice. We provided notice of our intent to terminate that agreement by letter datedFebruary 6, 2001, and that termination was effective 30 days thereafter. We have alsoalleged claims for misrepresentation, fraud, unjust enrichment and promissoryestoppel.  Valley has filed an answer in which it denies liability, and assertscounterclaims for breach of contract, conversion, and declaratory relief.  Thearbitration was stayed by Valley's filing of a petition in bankruptcy, and the companyintends to pursue a claim in the bankruptcy proceedings.

**ITEM 2:               CHANGES IN SECURITIES AND USE OF PROCEEDS**

(c)   Recent Sales of Unregistered Securities

               On August 12, 2002, we issued 1 million restricted common shares to CMGi as part of thefinal consideration associated with the September 25, 2001 transaction in which wepurchased Activate.net from CMGi. These shares are restricted as to trading for one yearfrom the date of issuance. We relied upon the exemption from registration provided bySection 4 (2) of the Securities Act.

 

**ITEM3:               DEFAULTS UPON SENIOR SECURITIES**

                       None.

 

 

34

 

**ITEM4:                SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

                       (a)     None.

 

**ITEM5:                   OTHER INFORMATION**

                       None.

 

**ITEM6:                   EXHIBITS AND REPORTS ON FORM 8-K**

               (a)     Exhibits.
Exhibit Number
Title99.10Certification of John T. Baker IV, Chairman and Chief    Executive Officer of Loudeye Corp., Pursuant to 18 U.S.C. Section 1350, as Adopted    Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.11Certification of Jerold J. Goade Jr., Chief Financial    Officer, Vice President Finance and Controller of Loudeye Corp., Pursuant to 18 U.S.C.    Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 20023.5Certificate of Amendment of Certificate of Incorporation of    Loudeye Technologies, Inc.
 

        (b)   Reports on Form 8-K

        On July 24, 2002, we filed areport on Form 8-K that announced that a Listing Qualifications Panel of The Nasdaq StockMarket approved the transfer of the listing of our common stock to The NasdaqSmallCapMarket effective with the open of business on Wednesday, July 17, 2002. Thesecurities continue trading under the current symbol: "LOUD."

        On August 21, 2002, we fileda Report on Form 8-K that announced we had negotiated amended settlement terms with CMGiconcerning the September 25, 2001 transaction in which we purchased Activate.net fromCMGi. Additionally, we announced that our Board of Directors approved the repurchase of upto $2.0 million of our common stock over the next twelve months.

 

 

35

 

**SIGNATURES**

        Pursuant to the requirementsof the Securities Exchange Act of 1934, the Registrant has duly caused this Report to besigned on its behalf by the undersigned, thereunto duly authorized, on November 12, 2002.

                                     
                        LOUDEYE CORP.    By /s/ JOHN T. BAKER IV--------------------------------------John T. Baker IV*Chairman and Chief Executive Officer**(Principal Executive Officer)*
  
  
  By /s/ JEROLD J. GOADE, Jr.--------------------------------------Jerold J. Goade, Jr.*Chief Financial Officer, Vice President-Finance and Controller**(Principal Accounting Officer )*
 

 

 

36

 

**CERTIFICATIONS**

I, John T. Baker IV, certify that: 

1.    I have reviewed this quarterly report on Form10-Q of Loudeye Corp.; 

2.    Based on my knowledge, this quarterly reportdoes not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this quarterlyreport; 

3.    Based on my knowledge, the financialstatements, and other financial information included in this quarterly report, fairlypresent in all material respects the financial condition, results of operations and cashflows of the registrant as of, and for, the periods presented in this quarterly report; 

4.    The registrant's other certifying officersand I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: 

a)  designed such disclosure controls and procedures to  ensure that material information relating to the registrant, including its consolidated  subsidiaries, is made known to us by others within those entities, particularly during the  period in which this quarterly report is being prepared; 

b)  evaluated the effectiveness of the registrant's  disclosure controls and procedures as of a date within 90 days prior to the filing date of  this quarterly report (the "Evaluation Date"); and 

c)  presented in this quarterly report our conclusions about  the effectiveness of the disclosure controls and procedures based on our evaluation as of  the Evaluation Date; 

5.    The registrant's other certifying officersand I have disclosed, based on our most recent evaluation, to the registrant's auditorsand the audit committee of registrant's board of directors (or persons performing theequivalent function): 

a)  all significant deficiencies in the design or operation  of internal controls which could adversely affect the registrant's ability to record,  process, summarize and report financial data and have identified for the registrant's  auditors any material weaknesses in internal controls; and 

b)  any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's internal  controls; and 

6.    The registrant's other certifying officersand I have indicated in this quarterly report whether or not there were significantchanges in internal controls or in other factors that could significantly affect internalcontrols subsequent to the date of our most recent evaluation, including any correctiveactions with regard to significant deficiencies and material weaknesses. 
Date: November 12, 2002 / s /    John T. Baker IV            John T. Baker IV     Chairman and Chief Executive Officer     (Principal Executive Officer) 
37

 

**CERTIFICATIONS**

I, Jerold J. Goade Jr., certify that: 

1.    I have reviewed this quarterly report on Form10-Q of Loudeye Corp.; 

2.    Based on my knowledge, this quarterly reportdoes not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this quarterlyreport; 

3.    Based on my knowledge, the financialstatements, and other financial information included in this quarterly report, fairlypresent in all material respects the financial condition, results of operations and cashflows of the registrant as of, and for, the periods presented in this quarterly report; 

4.    The registrant's other certifying officersand I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: 

a)  designed such disclosure controls and procedures to  ensure that material information relating to the registrant, including its consolidated  subsidiaries, is made known to us by others within those entities, particularly during the  period in which this quarterly report is being prepared; 

b)  evaluated the effectiveness of the registrant's  disclosure controls and procedures as of a date within 90 days prior to the filing date of  this quarterly report (the "Evaluation Date"); and 

c)  presented in this quarterly report our conclusions about  the effectiveness of the disclosure controls and procedures based on our evaluation as of  the Evaluation Date; 

5.    The registrant's other certifying officersand I have disclosed, based on our most recent evaluation, to the registrant's auditorsand the audit committee of registrant's board of directors (or persons performing theequivalent function): 

a)  all significant deficiencies in the design or operation  of internal controls which could adversely affect the registrant's ability to record,  process, summarize and report financial data and have identified for the registrant's  auditors any material weaknesses in internal controls; and 

b)  any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's internal  controls; and 

6.    The registrant's other certifying officersand I have indicated in this quarterly report whether or not there were significantchanges in internal controls or in other factors that could significantly affect internalcontrols subsequent to the date of our most recent evaluation, including any correctiveactions with regard to significant deficiencies and material weaknesses. 
Date: November 12, 2002 / s /    Jerold J. Goade Jr.         Jerold J. Goade Jr.     Chief Financial Officer, Vice President Finance and Controller     (Principal Financial and Accounting Officer) 
 

 

38** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|