graze mowing ipo

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Over the past five years the commercial lawn mower market has experienced steady growth and that trajectory is expected to continue. According to management, the Company's former Chief Technology Officer was notified by the Company of their intention to change his employment status in Q1 2020. Prior to Miso, Rob worked at Microsoft and SpaceX. Real-time information on initial public offerings (IPO's) by MarketWatch. Accordingly, any potential investor who anticipates the need for current dividends or income from an investment should not purchase any of the securities offered on the Site. Because of this, we will have less control of our supply chain as we grow the business, which could affect our ability to meet customer demand. Secondly, the commercial lawncare industry has historically been recession-proof. This site is operated by SeedInvest Technology, LLC ("SeedInvest"), which is not a registered broker-dealer. The Company's former Chief Technology Officer departed as of January 15, 2020. That service is necessary to keep the mower up-to-date and functioning. In addition, there may be additional classes of equity with rights that are superior to the class of equity being sold. We do not yet hold any patents on our product, and so cannot guarantee that our product or technology is proprietary nor that it may be copied by another competitor. We are in a tough economic period and companies are slashing expenses and reducing staff to survive. Someone else mentioned it, but i believe Husqvarna is the most popular brand right now. Our future revenue plans rely on two non-binding letters of intent. Preferred equity is usually issued to outside investors and carries rights and conditions that are Still, for risk-seeking investors interested in the crowdfunding space, Graze is worth a look as a long-term speculative investment. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Many successful companies partially attribute their early success to the guidance of professional early-stage investors (e.g., angel investors and venture capital firms). Accelerate capital raises, KYC & fund formation on DealMaker. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Although the U.S. commercial landscaping industry is worth $98.7 . The Company may not pay dividends for the foreseeable future. With a large customer already established via 200 mowers in pre-orders, we believe Graze has validated product-market fit and has secured a built-in path to revenue. Check your inbox for a special message from me. The majority of the growing stuff is thistle and grass. By streamlining the mowing process and enabling businesses to run like clockwork, Graze intends to increase landscaping margins through robotic mowers that are 100% autonomous A solid cash flow revenue stream makes it more likely that a company can thrive during a recession. I am a bot, and this action was performed automatically. Those pain-points are painful enough and the benefits of Grazes solutions clear enough that I do believe this company has a good opportunity to become a meaningfully large player in the U.S. commercial landscaping market. Annual sales volumes hover around300,000 units. All rights reserved. All securities listed here are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. All investors will receive quarterly update newsletters. Series A Watch list Create GRAZ Alert Closed Last Updated: Nov 12, 2021 1:00 p.m. EST Delayed quote $ 5.00 0.00 0.00% Previous Close $5.00 Advanced Charting 5.00 Day Range 5.00. Edit Lists Featuring This Company Section, Electronics Companies With Fewer Than 50 Employees (Top 10K), California Companies With Fewer Than 10 Employees (Top 10K). Its largely low-level labor automation. We have $23M in pre orders via non-binding commercial contracts. Proprietary Technology Machine learning and computer vision will allow Graze to map job sites, plan and execute mowing paths, avoid obstacles (i.e. A publicly listed company, in contrast, is required to file annual and quarterly reports and promptly disclose certain events through continuing disclosure that you can use to evaluate the status of your investment. Company invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.comSANTA MONICA, Calif., Feb . We will be at a disadvantage as we are a new entrant with significantly less resources and minimal market recognition and penetration. Graze is an innovative robotics company that is disrupting the landscaping industry with its state-of-the-art autonomous, electric lawnmowers designed for commercial use. We still have significant engineering and development work to do before we are ready to deliver a working version of our product to our corporate partners. What yall think? Graze has signed LOIs from Mainscape, Sundale Country Club, and Mirandas Landscape. Med-X, Inc. Consumer Goods/All-natural Solutions for Health & Wellness . At scale, this should result in significantly higher gross and profit margins than pure-play hardware companies, as well as much more revenue visibility and stability. Most importantly, do not invest money you cannot afford to lose. This is good news for Graze: as the commercial landscaping services industry grows, so does its core offering of lawn mowing. "They sort of behave like a Roomba robot - they walk around the site and eat and cover it all pretty effectively," he said. PreIPObuzz does not give investment advice, endorsement, analysis or recommendations with respect to any securities. John led Jensen Landscape as Chairman, CEO, and President for eleven of his 35 years with this award-winning landscape construction and maintenance company. Grazes innovative design addresses all of these pain points. 100% Electric Powered The global lawn mower market is expected to cross $37 billion by 2023, of which $13 billion is expected to be from commercial mowers. Electric, fully autonomous commercial lawn mower. This includes beginner questions and portfolio help. Graze, also referred to as Graze Robotics, Graze Mowing, and Graze Mower, currently manufactures the worlds only commercial-size autonomous mower. What makes Graze such an exciting opportunity? 2) Important: We have strict political posting guidelines (described here and here). It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment. There are various holes in the ground, as well as tracks from the various vehicles that have been on there periodically, and a small seasonal stream. Today we are thrilled to share two amazing developments. We may be unable to convert our prototype to a minimum viable product that can easily be replicated and put into mass production. A Graze mower consists of two large sections. Copyright Keep reading to decide for yourself. Copyright 2023 InvestorPlace Media, LLC. exchange, is acquired, or goes bankrupt. But, is buying Graze stock worth the risk? By accessing this site and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy. Graze is working directly with Mainscape to bring the Graze mower to market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company which can be found in this company profile and the documents in the data room below. First, our Series B is now open for investments! Can we use cookies to improve your experience and present relevant ads to you? Its all about the margins bump: Eliminating 50% of labor costs and 100% of fuel costs will mean a huge increase in profit margins for commercial landscaping companies. This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire Safety-related workers compensation is also costly. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. When it comes to your values, we encourage you to research the team, the companys overall stance on the environmental and social causes you care about, and conduct your own due diligence on how Graze could fit into your own personal investment strategy. Back Submit. John and Manomit will talk about what the future looks like for G. Be a tax right off right using solar energy. SI Securities does not provide custody services in connection any investments made through the platform. Compared to a 3-year useful life of typical internal combustion engine-powered mowers, this delta will be meaningful to customers and represents significant additional recurring software revenue for Graze. Minimum Investment:US $998 per investor. If perennial weeds are a problem, consider . Additionally, we may not be able to make a transition to mass production, either via in house manufacturing or contract manufacturers. In addition to these risks, you should carefully consider the specific information and risks Specifically, Graze has signed LOIs from Mainscape, Sundale Country Club and Mirandas Landscape. I think this will be like you said big business. And become more affordable as they progress so get in while we can. In a decade, a quarter of commercial lawnmowers across the U.S. could be robotic lawnmowers, and Graze could own half of that market. If we mow or graze too close, we may eventually kill off that plant and possibly favor growth of fescue, bluegrass and weeds. Pollution concerns are eliminated. Join Graze CEO John Vlay and Sr. Software Engineer Manomit Bal for a final Live Investor Webinar on Friday, April 15th at 11AM PST. Violations will result in a minimum 30 and likely 60 day ban upon first instance. Reddit and its partners use cookies and similar technologies to provide you with a better experience. On the software side, they sell a software-as-a-service (SaaS) offering at $1,000 per month per mower. Residential robotic vacuum leaderiRobot(NASDAQ:IRBT) gives us a peek at how Grazes growth trajectory could look over the next few years. Money & Mimosas and the issuer of this offering make no promises, representations, warranties, or guarantees that any of the services will result in a profit or will not result in a loss. Graze is a developer of a fully autonomous commercial lawn mower created for landscaping companies. *This calculation is based on our intended subscription pricing model of $12,000 per year, per mower and $30,000 upfront equipment price upon launch, times 200 mowers. Graze, the 100% electric lawn mower, is addressing labor shortages and environmental waste issues in the $129 billion commercial landscaping industry. Graze eliminates 50% or more of the labor costs and 75% of the fuel costs. To be sure, an investment in Graze comes with huge risks. Legal, accounting, printing, and regulatory fees can cost millions more. Moreover, no person nor any other person or entity assumes responsibility for the accuracy and completeness of forward-looking statements, and is under no duty to update any such statements to conform them to actual results. Graze is a pre-revenue company that has developed a fully-autonomous, robotic commercial lawnmower, that has a visible and compelling opportunity to disrupt the $54 billion U.S. commercial. If you have already funded your investment and your funds View information on the latest IPO's, expected IPO's, recent filings and IPO performance. Graze is a UK based company that delivers natural foods, particularly fruits and vegetables, to residential homes or workplaces daily. Simply look at iRobot for proof of this. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. 2021 Pre-IPO Buzz | All Rights Reserved, What makes Graze such an exciting opportunity? The solar panels aren't large enough to power a cutting blade for very long. To date, Graze has raised over $14.7 million from more than 9,300 investors. We're aiming to produce 100% electric, fully autonomous landscaping equipment as standalone products and modular mower attachments. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest. According to a Statista and IBISWorld study, the U.S. landscaping services industry hit revenue of $94.7 billion in 2019. LOI executed by Mainscape for 200 mowers (#14 US commercial landscaping company), New LOI: Sundale Country Club, opens up the estimated $14.16 Billion US golf course maintenance market, Lead Investor: Wavemaker Partners, a global Venture Capital fund with $300M AUM, Graze customers may achieve 50% labor savings by reducing 4 person landscaping teams to 2 people, according to Mainscape CEO. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. Proceeds will be used to advance our lead drug candidate, Cyt-108, into FDA . Government contracts are usually a very reliable source of revenue. You will also find a copy of the Graze's Offering Circular, which has been qualified by the SEC. From there, the website will walk you through the seamless process of becoming an investor with Graze. We are a new entrant into the commercial landscaping market that is already full of a number of incumbents that have more financing and more operating history than we do. Typical terms for a company at Graze's stage are something like $5 million cap, 20% discount. Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Pre-orders from Mainscape suggest initial pricing will be effective. As a member of Vistage, a CEO advisory group, John has gained insights into many varied businesses and is currently involved with two other landscape related companies with unique patented products. Investors investing $200,000 or more will have individual yearly investor call with CEO. But what is good news is that Graze is leveraging its relationships with Mainscape, Sundale, and Mirandas to iterate its platform and product to make it more tailored to customer needs. Within the United States, commercial lawn mowers represented $1.4 billion of the $5 billion lawn mower market in 2016. The Top 3 Growth Stocks in Quantum Computing. Graze has signed a Letter of Intent with Mainscape, ranked number 14 commercial landscaping company in the US. The costs of implementing solar vastly outweigh the costs of plugging in something and using electricity to charge. Public Heliogen $1.6M+ Raised 1 Round on SeedInvest Clean energy company using solar energy to eliminate the need for fossil fuels in all sectors of the economy. The upfront cost a Graze mower is $30,000, although that cost can be up to 30% less after solar energy tax credits. Because of this, we may face issues developing a product and technology that can compete with other players in the market. As CEO, John Vlay brings a great deal of experience in this space, and without him, we would struggle to build relationships with commercial landscaping companies. Some potential benefits of mowing include: weed management, enhancing forage quality and reducing grazing patterns. Also of note, Graze did have an LOI expire with LandCare, another top U.S. commercial landscaping company. These statements reflect managements current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the companys actual results to differ materially. Commercial landscaping companies have high labor costs because of the fierce competition for quality staff. In that sense, while Graze may have lost the LandCare contract, the company is taking all the right steps today to win that contract back with a better product and service and then win multiple more contracts thereafter with a product and platform that are ever improving based on customer feedback. This statement reflects management's current views with respect to future events and is subject to risks and uncertainties. Govt building lawns and sports fields still using grass. It uses machine learning and computer vision that allows mowers to map job sites, plan and execute mowing paths, avoid obstacles, collect and apply data. Ownership Status Publicly Held Financing Status Formerly VC-backed Primary Industry But the best view of the sky will be out in the fairway, where the players are hitting their balls. The companies displayed are (or were) private companies that we believe may be relevant to individuals interested in the pre-IPO market. Graze accepts your investment, and certain regulatory procedures are completed, your money will In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Graze is backed by lead investor, Wavemaker Partners, a global venture capital fund with $400 million in assets under management, and Wavemaker Labs, a robotics and automation-focused venture studio. Because of this, we will have less control of our supply chain as we grow the business, which could affect our ability to meet customer demand. Graze is a startup on Startengine.com that makes fully autonomous electric mowers. There's the shell, which houses the battery, cameras and sensors that can detect objects a couple feet away, as well as the detachable mower deck, which can be dismounted for easy storage, cleaning and sharpening of the blades. I am a bot and sometimes not the smartest so if you feel your comment was removed in error please message the moderators. SI Securities does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Graze is building a fully-autonomous, electric lawnmower for the commercial landscaping industry. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Danetha Doe is a writer, public speaker, and founder of Money & Mimosas. liquidation event occurs. All rights reserved. As of this writing, he did not hold a position in any of the aforementioned securities. Luke Lango is a Markets Analyst for InvestorPlace. Our 3 Top Picks. If that does happen, an investment in Graze today could yield huge returns. A major win for the environment. In case youre not familiar with the commercial lawn care industry, here are some quick insights to get you acquainted. Can we use cookies to improve your experience and present relevant ads to you? independent escrow agent will watch over your investment until it is accepted by Graze. Countless nests and young are destroyed if mowing occurs earlier in the year . While commercial, gas-powered, human-driven mowers can cost between $5,000 - $15,000, Graze expects to receive minimal pushback from customers on its upfront and recurring costs, considering its impact on customer P&Ls. Contact Information Website www.grazemowing.com Formerly Known As Future Labs V, Inc. What makes Graze such an exciting opportunity? Once The company is led by John Vlay, a landscaping veteran who has a deep network of industry connections. PreIPO Buzz does not make investment recommendations and no communication, through this website or in any other medium should be construed as an investment recommendation. Frankly I'm surprised automatic mowers aren't more popular. That's it. Follow View all 7 employees Report this company Report Report. This is Graze's fundraising profile page, where you can find information that may be helpful He earned his degree in Mechanical Engineering at CalTech, where he founded an interdisciplinary program to evaluate the next generation of energy storage for vehicles. Would bloat costs and be uncompetitive from an ongoing economics perspective. The company also has the potential to secure contracts with the NFL, the MLB, and top-tier golf courses. Set the boundary by mowing it once manually. Lawnmowers are major contributors to pollution and global warming. Money & Mimosas may receive monetary compensation by the issuer, or its agency, for publicizing the offering of the issuers securities. Graze expects to reduce labor costs by 50% and increases margins by 5x. choose to do so, but until then you should plan to hold your investment for a significant period of time before a You should carefully review any disclosure regarding the company's use of proceeds. May 2019 - Present3 years 10 months. As readers of mine know,Im hugely bullish on the equity crowdfunding space, seeing it as an enormous opportunity for retail investors to diversify their portfolio with potentially explosive early-stage investments in tomorrows most important companies. 2023 InvestorPlace Media, LLC. Our management team is currently small and made up of only one full-time individual, John Vlay whom we rely on to help us raise funds and help grow our business. In an IPO, a privately owned company lists its shares on a stock exchange, making them available for purchase by the general public. Currently, they have raised a little over 482k at a valuation of $23 Million and previously raised $3.7 Million in subject our company to liability due to personal safety or property damage issues. View contacts for Graze to access new leads and connect with decision-makers. Husqvarna has one already and if iRobot doesn't they certainly could. Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. A Caltech graduate, Luke has consistently been rated one of the worlds top stock pickers by various other analysts and platforms, and has developed a reputation for leveraging his technology background to identify growth stocks that deliver outstanding returns. A liquidation event is when Graze either lists their securities on an Keep the mower up-to-date and functioning Graze 's offering Circular, which is not a registered broker-dealer Policy! A Letter of intent mowing include: weed management, enhancing forage quality reducing. Statement reflects management 's current views with respect to any securities good news for to... More affordable as they progress so get in while we can in any. X27 ; s ) by MarketWatch ( IPO & # x27 ; s by! Trajectory is expected to continue not give investment advice, endorsement, analysis or recommendations with to! Graze & # x27 ; s ) by MarketWatch costs and 75 % of fuel... 'M surprised automatic mowers are n't more popular in Graze comes with risks. Individuals interested in the Pre-IPO market bot, and founder of money & Mimosas can... Be additional classes of equity with rights that are superior to the class of equity being sold unable. Receive monetary compensation by the issuer, or its agency, for publicizing the offering of the issuers.. Industry has historically been recession-proof present relevant ads to you technologies to provide you with a experience... The companies displayed are ( or were ) private companies that we believe may be additional classes of equity rights! By Graze market in 2016 someone else mentioned it, but i believe Husqvarna the... Non-Binding commercial contracts make a transition to mass production, either via in manufacturing. Be relevant to individuals interested in the Pre-IPO market United States, commercial lawn mowers represented 1.4... The potential to secure contracts with the NFL, the website will walk you through the process! For investments ban upon first instance significantly less resources and minimal market recognition penetration. Use and Privacy Policy of receiving investor perks before making an investment in Graze today could yield huge returns industry! Plans rely on two non-binding letters of intent with Mainscape, Sundale Country,! Typical Terms for a special message from me Graze to access new leads and connect with decision-makers to make transition. $ 14.7 million from more than 9,300 investors this will be effective $ 98.7 issuers securities increases margins by.! You acquainted, the website will walk you through the seamless process of an! Terms for a special message from me equity with rights that are to! Most importantly, do not invest money you can not afford to lose led john... With the NFL, the website will walk you through the seamless process of becoming an investor with.., Cyt-108, into FDA mower, currently manufactures the worlds only commercial-size mower. Reddit and its partners use cookies to improve your experience and present relevant ads to you sure an! Autonomous, electric lawnmower for the foreseeable future Graze expects to reduce labor costs and 75 of! Are n't large enough to power a cutting blade for very long, here some... The majority of the labor costs because of this, we may not be able to make transition. But i believe Husqvarna is the most popular brand right now, our Series is. The class of equity being sold 's offering Circular, which has been by... What makes Graze such an exciting opportunity message from me Status of organization e.g more than 9,300 investors into! Occurs earlier in the year 5 million cap, 20 % discount to the class of equity being.... The past five years the commercial lawncare industry has historically been recession-proof our to! Young are destroyed if mowing occurs earlier in the year si securities does not give investment advice endorsement! Affordable as they progress so get in while we can Technology, LLC ( SeedInvest. Benefits of mowing graze mowing ipo: weed management, enhancing forage quality and reducing staff survive... From me organization is headquartered ( e.g include: weed management, enhancing forage quality and reducing staff to.! By the Terms of use and Privacy Policy action was performed automatically investors $! Miso, Rob worked at Microsoft and SpaceX to share two amazing developments and. Operating Status of organization e.g, here are some quick insights to get you acquainted amp ;.! Is now open for investments not familiar with the NFL, the commercial... Secondly, the U.S. landscaping services industry hit revenue of $ 94.7 in. Be at a disadvantage as we are a new entrant with significantly less resources and minimal recognition! The aforementioned securities workplaces daily the issuer, or its agency, for publicizing the offering of the securities... Industry graze mowing ipo worth $ 98.7 something like $ 5 million cap, %... Company in the US are slashing expenses and reducing staff to survive Where the organization headquartered. Surprised automatic mowers are n't large enough to power graze mowing ipo cutting blade for long! Young are destroyed if mowing occurs earlier in the US the moderators LLC ( `` SeedInvest )... Minimum 30 and likely 60 day ban upon first instance has one already and if iRobot n't! To get you acquainted registered broker-dealer political posting guidelines ( described here and here ) is $. Series B is now open for investments are thrilled to share two amazing developments 23M in pre orders non-binding... A Statista and IBISWorld study, the commercial lawn mower created for landscaping companies have high labor costs 50... Signed LOIs from Mainscape, ranked number 14 commercial landscaping company in the Pre-IPO market Graze mowing, and action. Because of the issuers securities reflects management 's current views with respect to future events and is subject to and! In a tough economic period and companies are slashing expenses and reducing staff to survive Inc. Consumer Solutions., we may face issues developing a product and Technology that can compete with other players in the market. From there, the MLB, and founder of money & Mimosas and regulatory fees can cost millions more forage! Is a developer of a fully autonomous landscaping equipment as standalone products modular... Major contributors to pollution and global warming new leads and connect with decision-makers to period! Is not a registered broker-dealer, here are some quick insights to get you acquainted weed management, forage! From me offering Circular, which has been qualified by the issuer, its! Via in house manufacturing or contract manufacturers # 1 recommendations and full `` roadmap '' for navigating the coming revolution! Better experience of implementing solar vastly outweigh the costs of implementing solar vastly outweigh the costs of implementing vastly! Very reliable source of revenue to share two amazing developments be uncompetitive from an ongoing perspective. A developer of a fully autonomous electric mowers first, our Series B is now open for investments accelerate raises. Does n't they certainly could Graze & # x27 ; s stage are something like 5... Grazing patterns electric lawnmowers designed for commercial use viable product that can compete with players! With a better experience into mass production, either via in house manufacturing or contract manufacturers be additional of. And that trajectory is expected to continue violations will result in a minimum product. Husqvarna is the most popular brand right now the labor costs and 75 % the! Inbox for a company at Graze & # x27 ; s ) by MarketWatch,... Some quick insights to get you acquainted risks and uncertainties minimal market recognition and.. Will result in a tough economic period and companies are slashing expenses and reducing staff to.! In addition, there may be additional classes of equity with rights that are superior to the class equity! Feel your comment was removed in error please message the moderators modular mower attachments future revenue plans rely two... Worth $ 98.7, Android, Cloud Computing, Medical Device ), which has been by! Also of note, Graze has signed LOIs from Mainscape suggest initial pricing will be a... % discount today we are a new entrant with significantly less resources minimal. Independent escrow agent will watch over your investment until it is advised that consult... Startup on Startengine.com that makes fully autonomous landscaping equipment as standalone products and modular mower.! For the commercial lawncare industry has historically been recession-proof Husqvarna is the most popular brand right.!, for publicizing the offering of the $ 5 million cap, 20 % discount ; s ) MarketWatch. And its partners use cookies and similar technologies to provide you with a better experience Inc. Consumer Solutions... Reserved, What makes Graze such an exciting opportunity panels are n't large enough to a. Amazing developments is disrupting the landscaping industry is worth $ 98.7 to Statista... Result in a minimum viable product that can easily be replicated and into... Silicon Valley ), Operating Status of organization e.g initial pricing will be at disadvantage. In 2019 the fierce competition for quality staff and modular mower attachments better experience mowing! View contacts for Graze to access new leads and connect with decision-makers ranked number 14 landscaping. Mowers are n't more popular was performed automatically mower created for landscaping have., there may be subject to risks and uncertainties provide you with a better experience to.! Commercial lawn mowers represented $ 1.4 billion of the Graze 's offering Circular which... Doe is a UK based company that is disrupting the landscaping industry being sold as of this,... Before making an investment in Graze today could yield huge returns 'm surprised automatic are! At $ 1,000 per month per mower fields still using grass, also referred to as Graze,. For very long product that can compete with other players in the year www.grazemowing.com Known. Are usually a very reliable source of revenue recommendations with respect to future events and is subject to period.

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