3ULQW&ORVH
7HDFKHU0V*LVVHU
1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KHGLDJUDPEHORZUHSUHVHQWVDPRGHORIDELRORJLFDOSURFHVVWKDWRFFXUVLQKXPDQVDWQRUPDOERG\WHPSHUDWXUH&
,QFUHDVLQJERG\WHPSHUDWXUHWR&ZRXOGLQWHUIHUHPRVWGLUHFWO\ZLWKWKHUDWHRIIXQFWLRQRIVWUXFWXUH
$ &
% '
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHGLDJUDPEHORZDQGRQ\RXUNQRZOHGJHRIELRORJ\
)LJXUH
,GHQWLI\WKHW\SHRIEXLOGLQJEORFNUHSUHVHQWHGE\WKHOHWWHUV$%DQG&
$SURWHLQRQWKHVXUIDFHRI+,9FDQDWWDFKWRSURWHLQVRQWKHVXUIDFHRIKHDOWK\KXPDQFHOOV7KHVHDWWDFKPHQWVLWHVRQWKH
VXUIDFHRIWKHFHOOVDUHNQRZQDV
UHFHSWRUPROHFXOHV PROHFXODUEDVHV
JHQHWLFFRGHV
LQRUJDQLFFDWDO\VWV
%DVH\RXUDQVZHUWRWKLVTXHVWLRQRQWKHLQIRUPDWLRQEHORZ
DQGRQ\RXUNQRZOHGJHRIELRORJ\
2UJDQLVPVOLYLQJLQDERJHQYLURQPHQWPXVWEHDEOH
WRWROHUDWHQLWURJHQSRRUDFLGLFFRQGLWLRQV%RJ
SODQWVVXFKDVWKH9HQXVIO\WUDSDQGVXQGHZDUHDEOH
WRREWDLQWKHLUQLWURJHQE\DWWUDFWLQJDQGFRQVXPLQJ
LQVHFWV7KHVHSODQWVSURGXFHFKHPLFDOVWKDWEUHDN
GRZQWKHLQVHFWVLQWRXVDEOHFRPSRXQGV
)LJXUH
7KHFKHPLFDOVSUHVHQWLQWKHSODQWVWKDWEUHDNGRZQWKH
LQVHFWVDUHPRVWOLNHO\
IDWV
HQ]\PHV
KRUPRQHV FDUERK\GUDWHV
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHLQIRUPDWLRQEHORZDQGRQ\RXUNQRZOHGJHRIELRORJ\
&\WRFKURPHFLVDQHQ]\PHORFDWHGLQWKHPLWRFKRQGULDRIPDQ\W\SHVRIFHOOV7KHQXPEHURIGLIIHUHQFHVLQWKHDPLQRDFLG
VHTXHQFHVRI&\WRFKURPHFIURPGLIIHUHQWVSHFLHVDUHFRPSDUHGWRKXPDQ&\WRFKURPHFLQWKHGDWDWDEOHEHORZ
)LJXUH
&\WRFKURPHFLVPRVWOLNHO\D
SURWHLQPROHFXOH
PDWHULDOFRQWDLQLQJJHQHV
FDUERK\GUDWHWKDWLVDEVRUEHGE\FHOOV
FRPSRQHQWRIWKHPHPEUDQHDURXQGWKHFHOO
7KHGLDJUDPEHORZLOOXVWUDWHVDELRFKHPLFDOSURFHVVWKDWRFFXUVLQRUJDQLVPV
7KHVXEVWDQFHODEHOHG³FDWDO\VW´LVDOVRNQRZQDV
DKRUPRQH DQDQWLERG\
DQHQ]\PH DQLQRUJDQLFFRPSRXQG
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHJUDSKEHORZDQGRQ\RXUNQRZOHGJHRIELRORJ\
)LJXUH
7KHPRVWOLNHO\UHVXOWRIPL[LQJERWKHQ]\PHVZLWKWKHLUVXEVWUDWHVLQDVLQJOHWHVWWXEHLVWKDW
RQO\JDVWULFSURWHDVHZRXOGEHDFWLYHLIWKHS+RIWKHPL[WXUHZDVEDVLF
LQWHVWLQDOSURWHDVHZRXOGEHPRUHDFWLYHWKDQJDVWULFSURWHDVHDWS+
ERWKHQ]\PHVZRXOGH[KLELWVRPHDFWLYLW\DWS+
JDVWULFSURWHDVHZRXOGEHPRUHDFWLYHWKDWLQWHVWLQDOSURWHDVHDWS+
%DVH\RXUDQVZHUWRTXHVWLRQRQWKHLQIRUPDWLRQDQGGLDJUDPDQGRQ\RXUNQRZOHGJHRIELRORJ\
7ZRWHVWWXEHV$DQG%ZHUHVHWXSDVVKRZQLQWKHGLDJUDP%URPWK\PROEOXHZKLFKWXUQVIURPEOXHWR\HOORZLQ
WKHSUHVHQFHRIFDUERQGLR[LGHZDVDGGHGWRWKHZDWHUDWWKHERWWRPRIHDFKWXEHEHIRUHWKHWXEHVZHUHVHDOHG7KH
WXEHVZHUHPDLQWDLQHGDWWKHWHPSHUDWXUHVVKRZQIRUVL[GD\V$YHUDJHURRPWHPSHUDWXUHLV&
)LJXUH
([SODLQKRZWKHWHPSHUDWXUHGLIIHUHQFHFRXOGOHDGWRWKHGLIIHUHQWUHVXOWVLQWXEHV$DQG%DIWHUVL[GD\V
:KLFKURZLQWKHFKDUWEHORZFRQWDLQVFRUUHFWLQIRUPDWLRQ
%DVH\RXUDQVZHURQWKHJUDSKEHORZZKLFKVKRZVWKH
UHODWLYHUDWHVRIDFWLRQRIIRXUHQ]\PHV$%&DQG'DQGRQ FRQFHUQLQJV\QWKHVLV"
\RXUNQRZOHGJHRIELRORJ\
6XEVWDQFH6\QWKHVL]HG
%XLOGLQJ
5RZ
8VLQJWKH%XLOGLQJ
%ORFNV
%ORFNV
)LJXUH
JOXFRVH
PROHFXOHV
VLPSOHVXJDUV
SURWHLQ
DPLQRDFLGV
HQ]\PH
PROHFXODUEDVHV
VWDUFK
:KLFKHQ]\PHVZRXOGIXQFWLRQLQDUHJLRQRIWKHKXPDQERG\
KDYLQJDQHXWUDOS+"
HQ]\PHV$DQG%
HQ]\PHV%DQG&
HQ]\PHV$DQG'
HQ]\PHV&DQG'
'1$
%DVH\RXUDQVZHUWRWKLVTXHVWLRQRQWKHGLDJUDPEHORZ
ZKLFKUHSUHVHQWVVWDJHVLQWKHGLJHVWLRQRIDVWDUFKDQGRQ
\RXUNQRZOHGJHRIELRORJ\
([SHULPHQWVUHYHDOHGWKHIROORZLQJLQIRUPDWLRQDERXWD
FHUWDLQPROHFXOH
,WFDQEHEURNHQGRZQLQWRDPLQRDFLGV
,WFDQEUHDNGRZQSURWHLQVLQWRDPLQRDFLGV
,WLVIRXQGLQKLJKFRQFHQWUDWLRQVLQWKHVPDOOLQWHVWLQH
RIKXPDQV
7KLVPROHFXOHLVPRVWOLNHO\
DQHQ]\PH
DKRUPRQH
DQLQRUJDQLFFRPSRXQG DQDQWLJHQ
)LJXUH
7KHSURGXFWVZRXOGPRVWOLNHO\FRQWDLQ
VLPSOHVXJDUV DPLQRDFLGV
IDWV
PLQHUDOV
:KLFKFKDUDFWHULVWLFDOORZVHQ]\PHVWRIXQFWLRQLQDVSHFLILF
ZD\"
(Q]\PHVDUHFRPSOH[FRPSRXQGVFRPSRVHGRIVWDUFK
(DFKHQ]\PHKDVDFKDUDFWHULVWLFVKDSH
(Q]\PHVDUHORQJFRPSOH[IDWV
(DFKHQ]\PHLVPDGHXSRIIRXUVXEXQLWV
:KLFKVXEVWDQFHVDUHQHFHVVDU\IRUWKHV\QWKHVLVRIPRVW
PDWHULDOVLQDQRUJDQLVP"
:KLFKVWDWHPHQWFRQFHUQLQJVLPSOHVXJDUVDQGDPLQRDFLGVLV
FRUUHFW"
KRUPRQHV
DQWLERGLHV
FDUERK\GUDWHV HQ]\PHV
7KH\DUHERWKZDVWHVUHVXOWLQJIURPSURWHLQV\QWKHVLV
7KH\DUHERWKEXLOGLQJEORFNVRIVWDUFK
7KH\DUHERWKQHHGHGIRUWKHV\QWKHVLVRIODUJHU
PROHFXOHV
7KH\DUHERWKVWRUHGDVIDWPROHFXOHVLQWKHOLYHU
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHLQIRUPDWLRQEHORZ
DQGRQ\RXUNQRZOHGJHRIELRORJ\
$VWXGHQWFRPSOHWHGDVHULHVRIH[SHULPHQWVDQGIRXQGWKDW
DSURWHLQGLJHVWLQJHQ]\PHLQWHVWLQDOSURWHDVHIXQFWLRQV
EHVWZKHQWKHS+LVDQGWKHWHPSHUDWXUHLV&'XULQJ
DQH[SHULPHQWWKHVWXGHQWXVHGVRPHRIWKHSURFHGXUHV
OLVWHGEHORZ
3URFHGXUHV
$$GGLQJPRUHSURWHDVH
%$GGLQJPRUHSURWHLQ
&'HFUHDVLQJWKHS+WR
',QFUHDVLQJWKHWHPSHUDWXUHWR&
('HFUHDVLQJWKHDPRXQWRIOLJKW
%DVH\RXUDQVZHURQWKHIRXUUHDFWLRQVVKRZQLQWKHJUDSKLF
EHORZ
7KH;LQHDFKUHDFWLRQUHSUHVHQWVYDULRXV
HQHUJ\VRXUFHV UHDFWDQWV
)LJXUH
:KLFKWZRSURFHGXUHVZRXOGPRVWOLNHO\FDXVHDGHFUHDVHLQ
WKHUDWHRISURWHLQGLJHVWLRQ"
SURFHGXUHV$DQG'
SURFHGXUHV%DQG&
SURFHGXUHV&DQG'
SURFHGXUHV$DQG(
$OOFKHPLFDOEUHDNGRZQSURFHVVHVLQFHOOVGLUHFWO\LQYROYH
UHDFWLRQVWKDWDUHFRQWUROOHGE\FDWDO\VWV
HQ]\PHVWKDWDUHVWRUHGLQPLWRFKRQGULD
WKHSURGXFWLRQRIFDWDO\VWVLQYDFXROHV
HQ]\PHVWKDWKDYHWKHVDPHJHQHWLFEDVHVHTXHQFH
>5HIHUWRILJXUH@
:KLFKFRPSRXQGVSUHVHQWLQLQVHFWVDUHFRPSRVHGRIWKH
DPLQRDFLGVWKDWSURYLGHWKH9HQXVIO\WUDSDQGVXQGHZZLWK
PXFKRIWKHLUQLWURJHQ"
SURWHLQV FDUERK\GUDWHV
VXJDUV
ILQDOSURGXFWV HQ]\PHV
IDWV
%DVH\RXUDQVZHURQWKHFKHPLFDOHTXDWLRQVKRZQLQWKHGLDJUDPEHORZDQGRQ\RXUNQRZOHGJHRIELRORJ\
7KHUHDFWLRQLQGLFDWHGE\DUURZ(LOOXVWUDWHV
K\GURO\VLV
SKRWRO\VLV
GHK\GUDWLRQV\QWKHVLV DHURELFUHVSLUDWLRQ
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHGLDJUDPEHORZZKLFKUHSUHVHQWVDFKHPLFDOUHDFWLRQWKDWRFFXUVLQWKHKXPDQERG\
DQGRQ\RXUNQRZOHGJHRIELRORJ\
)LJXUH
6XEVWDQFHV;DQG<DUHH[DPSOHVRIZKLFKNLQGRIPROHFXOH"
VLPSOHVXJDU IDW
DPLQRDFLG KRUPRQH
/XFLIHULQLVDPROHFXOHWKDWZKHQEURNHQGRZQLQILUHIOLHVSURGXFHVKHDWDQGOLJKW7KHUDWHDWZKLFKOXFLIHULQLVEURNHQGRZQ
LQFHOOVLVFRQWUROOHGE\
DFDUERK\GUDWH DQHQ]\PH
DVLPSOHVXJDU DFRPSOH[IDW
$SLHFHRIUHIULJHUDWHGFRRNHGPHDWZLOOUHPDLQVDIHWRHDWIRU
DORQJHUSHULRGRIWLPHWKDQDUHIULJHUDWHGSLHFHRIUDZPHDWRI
VLPLODUVL]H:KLFKVWDWHPHQWLVDYDOLGLQIHUHQFHEDVHGRQWKLV
LQIRUPDWLRQ"
7KHGLDJUDPEHORZUHSUHVHQWVDSRUWLRQRIDQRUJDQLF
PROHFXOH
&RRNLQJPHDWNLOOVPDQ\EDFWHULDDQGIXQJL
&RROWHPSHUDWXUHVVWLPXODWHWKHJURZWKRIPLFUREHVRQ
UDZPHDW
5DZPHDWFDQQRWEHSUHVHUYHG
&RRNHGPHDWFRQWDLQVDQWLERGLHVWKDWGHVWUR\
GHFRPSRVHUV
:KDWVXEVWDQFHFRXOGEHUHSUHVHQWHGE\WKHOHWWHU;LQWKH
GLDJUDPEHORZ"
7KLVPROHFXOHFRQWUROVFHOOXODUDFWLYLW\E\GLUHFWLQJWKH
V\QWKHVLVRI
FDUERK\GUDWHV IDWV
PLQHUDOV
SURWHLQV
>5HIHUWRILJXUH@
FDUERK\GUDWHV FDUERQGLR[LGH
R]RQH
ZDWHU
,IDEDVHLVDGGHGJUDGXDOO\WRDVROXWLRQZLWKDS+RI
FRQWDLQLQJHQ]\PH&DQGLWVVXEVWUDWHWKHUDWHRIDFWLRQRI
HQ]\PH&ZRXOGPRVWOLNHO\
UHPDLQFRQVWDQW
GHFUHDVHWKHQLQFUHDVH
LQFUHDVHWKHQGHFUHDVH GHFUHDVHFRQVWDQWO\
>5HIHUWRILJXUH@
:KLFKHQ]\PHVKRZVWKHJUHDWHVWFKDQJHLQLWVUDWHRIDFWLRQ
ZLWKWKHOHDVWFKDQJHLQS+"
HQ]\PH$ HQ]\PH&
HQ]\PH% HQ]\PH'
7KHIXQFWLRQRIPRVWSURWHLQVGHSHQGVSULPDULO\RQWKH
7KHGLDJUDPEHORZUHSUHVHQWVRQHPHWDEROLFDFWLYLW\RID
KXPDQ
W\SHDQGRUGHURIDPLQRDFLGV
HQYLURQPHQWRIWKHRUJDQLVP
DYDLODELOLW\RIVWDUFKPROHFXOHV
QXWULWLRQDOKDELWVRIWKHRUJDQLVP
/HWWHUV$DQG%DUHEHVWUHSUHVHQWHGE\ZKLFKURZLQWKHFKDUW"
>5HIHUWRILJXUH@
7KHVWUXFWXUHODEHOHG;PRVWOLNHO\UHSUHVHQWV
DQDQWLERG\
DQHQ]\PH
5RZ
:KLFKPROHFXOHFDQGLIIXVHIURPWKHGLJHVWLYHWUDFWLQWRWKH
KXPDQEORRGVWUHDPZLWKRXWILUVWEHLQJGLJHVWHG"
SURWHLQ IDW
VWDUFK JOXFRVH
:KLFKVWDWHPHQWEHVWGHVFULEHVHQ]\PHV"
(YHU\HQ]\PHFRQWUROVPDQ\GLIIHUHQWUHDFWLRQV
7KHUDWHRIDFWLYLW\RIDQHQ]\PHPLJKWFKDQJHDVS+
FKDQJHV
7HPSHUDWXUHFKDQJHVGRQRWDIIHFWHQ]\PHV
(Q]\PHVDUHSURGXFHGIURPWKHEXLOGLQJEORFNVRI
FDUERK\GUDWHV
%
UHVSLUDWLRQ
R[\JHQPROHFXOHV
UHSURGXFWLRQ
KRUPRQHPROHFXOHV
H[FUHWLRQ
VLPSOHVXJDUPROHFXOHV
GLJHVWLRQ
DPLQRDFLGPROHFXOHV
DUHFHSWRUPROHFXOH DKRUPRQH
0HWDEROLF
$FWLYLW\$
%DVH\RXUDQVZHUWRWKHTXHVWLRQRQWKHLQIRUPDWLRQEHORZ
DQGRQ\RXUNQRZOHGJHRIELRORJ\
7KHJUDSKEHORZVKRZVWKHHIIHFWRIVXEVWUDWH
FRQFHQWUDWLRQRQWKHDFWLRQRIHQ]\PH;7KLVHQ]\PH
LVIXQFWLRQLQJDWLWVRSWLPDOWHPSHUDWXUH&DQGDW
LWVRSWLPDOS+
)LJXUH
:KHQWKHVXEVWUDWHFRQFHQWUDWLRQLQFUHDVHVIURPWR
WKHUDWHRIWKHUHDFWLRQ
GHFUHDVHV UHPDLQVWKHVDPH
LQFUHDVHV LQFUHDVHVWKHQGHFUHDVHV
7KHHTXDWLRQEHORZVXPPDUL]HVWKHSURFHVVWKDWSURGXFHVWKH
IODVKLQJOLJKWRIDILUHIO\
7KHPROHFXOHOXFLIHULQLVEURNHQGRZQDQGHQHUJ\LVUHOHDVHG
LQWKHIRUPRIKHDWDQGOLJKW,QWKLVSURFHVVOXFLIHUDVH
IXQFWLRQVDV
DUHDFWDQW DVWDUFK
DSURGXFW DQHQ]\PH
:KLFKRIWKHVHHOHPHQWVLVIRXQGLQWKHVPDOOHVWDPRXQWLQOLYLQJPDWWHU"
LRGLQH QLWURJHQ
FDUERQ R[\JHQ
7KHGLDJUDPEHORZSURYLGHVVRPHLQIRUPDWLRQFRQFHUQLQJSURWHLQV
:KLFKSKUDVHLVUHSUHVHQWHGE\$"
VHTXHQFHRIDPLQRDFLGV
VHTXHQFHRIVLPSOHVXJDUV
VHTXHQFHRIVWDUFKPROHFXOHV
VHTXHQFHRI$73PROHFXOHV
3ODQWVVXFKDVWKH9HQXVIO\WUDSSURGXFHFKHPLFDOFRPSRXQGVWKDWEUHDNGRZQLQVHFWVLQWRVXEVWDQFHVWKDWDUHXVDEOHE\WKH
SODQW7KHFKHPLFDOFRPSRXQGVWKDWEUHDNGRZQWKHLQVHFWVDUHPRVWOLNHO\
IDWV
ELRORJLFDOFDWDO\VWV
PLQHUDOV FRPSOH[FDUERK\GUDWHV
© Copyright 2026 Paperzz