Hey, everybody. Thank you guys so much for coming out. Let's give one more round of applause for Arlen here. Did we get lasers? Were there lasers? No, okay, great. So you're known as one of the first female black queer investors to start their own VC fund and the work you're doing in inclusion is incredibly important. Though today, I want to get past all the classifiers and just talk about you. Arlen Hamilton, investor, period. I can talk about me quite a bit, so let's go. Great. So I think a lot of entrepreneurs have a superhero origin story, some kind of formative experience that makes them so passionate about the problems that they're solving. What's your origin story? You know, I was thinking about my story for, you know, for years and I don't know if it was any one thing. I think a few things came together. Definitely seeing Janet Jackson when I was 13 years old in the front row and looking back and seeing all types of people getting along and singing the same songs to this amazing strong black woman kind of told me I could do anything. When I was a child, I would spend more time talking to my friend, like talking to people on the playground and playing. I would talk about their feelings at like age six, ask them how they're doing at home, things like that. And so I think I've always just been really in tune with other people and they're kind of translated to this. Yeah, it sounds like you were giving people advice on building their futures, even from such a young age. Yeah, it's kind of it was kind of crazy. So tell us a little bit about how you came up with the idea for backstage and put it into practice. Well, in the US a few years ago, I was in, I was in Texas and I had been on the road working with performers, musicians, and worked my way up in that world and that took a long time. That took years to do and around the same time I was getting into the startup world. I just started like seeing people like Ashton Kutcher and Ellen and Troy Carter and all these people were making investments from the entertainment world, but they were going to Silicon Valley. So I wanted to know what that was and why they cared about it. So I just got curious and the more I learned about the startup world, the more fascinated I became and more interested I became. And then I started reading about these statistics that they talked about earlier about how less than 10% of funding goes to anyone who's not a white male.  You know, I mean, it's not that white men are not doing great things because they certainly are. I mean, I'm sure they put this on, you know, with the help of many women, but others are doing so too and they were being left out and overlooked. And I just thought there has to be a better way here and I talked about it for a long time and then I just did something about it. So tell me about that education process of getting from, you know, being in the entertainment world to becoming a VC. And I totally agree. It's we need more perspectives to be able to build for everyone. And if you only look like one type of person, you're not going to be able to build for everyone who you don't really understand. So how did you get the education necessary to go about actually starting a fund? Well, there's this thing called Google that I tapped into pretty early. I think that whatever you want to learn about, whatever you want to understand and know, you can find online, you can find on YouTube.  And so truly I just started looking up everything I could find when it came to startups and venture capital once I understood that because I knew I didn't have my own money. So I knew I wouldn't be angel investing and I started understanding what venture capital was and of course it was a very foreign and intimidating thing at first. But once the more I learned about it the more I realized, oh, these are just people with ideas and some of them executed on those ideas. I can do that. I can do that. And I started looking at different people. So I would read, you know, Brad Feld's books, which I still I still do and I still recommend doing. I would read his books about venture capital. I would look at videos from people like Mark Andreessen and Chris Saka and Joanne Wilson. And for the most part these were all they're mostly white men that as my professors remotely not knowing me. But I think that, you know, once I became a voice and so many people have become voices that are more diverse, you'll see more and more teachers. So for anybody out there, it must seem almost impossible of a dream to go from outside of tech to starting your own venture capital firm. But for any, you know, would be venture capitalists or investors out there in the audience, what tips would you give them to finding their way into that industry? Develop very thick skin, learn how to take rejection at ten times the rate you would as a founder. But also if it's something that you're passionate about and you have a really good intent behind and you understand why you're doing it, don't let anyone stop you including me.  Does that mean like as a VC you need a thousand nos? Yeah, I would guess that I've had a thousand nos, but I've also had 50 yeses, you know, and so it actually probably more than a thousand nos. At first I was getting maybe one yes for every hundred outreach eaches, you know, that I would do. And that was kind of my that was okay because that was like, okay, I can handle that. That means I just have to talk to a hundred people every time, cool, I can do that. And then it got better and better, but you really, you know, people sort of, they see the cover of Fast Company, mostly because I show it to them, but they see it the cover of Fast Company, but they don't realize that for the first three years that I worked on Backstage, I got zero nos, zero, and I'm sorry, zero yeses. Sorry, zero yeses, and so no one was into what I was doing. Nobody believed in what I was doing who could write a check. And so it was the people who believed in me who couldn't write a check that kept me going, you know. So it's not just about, it's not just about searching for investors for your thing and having a transactional situation, also surround yourself with people who are gonna kind of hype you up and keep you going, who you trust their judgment, because you don't want to have this sort of false bravado, but you want someone who trusts your judgment, you want to be able to cut out the noise, and that's something that's developed, and that can be taught, I think. You know, thick skin is so important, basically, no matter what you're doing in tech, to be able to take those nos, and instead of seeing them as a rejection, instead as criticism and something, a way to improve or something new to do, but amongst all those nos, you had one really big yes that was pretty transformative. So you talked to Mark Andreessen, who's perhaps one of the most famous venture capitalists in the world, and they were one of the first LPs to fund your fund. So tell us how you convinced him to fund you, and what that felt like. Sure. And it was actually Mark personally who did it, not his fund. So I wrote a blog post at some point that was about comparing venture capital to the film industry, just in terms of the timing where we were in it, like 70-some years into venture capital, where would the film industry be? So I kind of compared it at the time to like being in the 80s of the film industry, and how exciting that is, because you think about all the cool movies and like innovations that came out of 80s movies, like film. So I wrote about that just kind of starting, the reason I wrote about it was I wanted to get a lot of people who were not in tech yet, excited, and knowing that they were not too late to come in, that they could join, right? Judging by the audience here, it seems like you've pretty much helped succeed with that. Well, yeah, so I was, because I'm so excited about us all being able to be part of this, because if I can be part of it, I mean, honestly, we all can. So I wrote about it, and I put it up, and all of a sudden I got a retweet from Mark, and I didn't know him, and I don't know how he found it. And this was like two and a half years ago, probably. And so I used that opportunity. I asked him on Twitter. I said, will you follow me? So I can ask you one question. He followed me, and my question was, will you invest in my fund and a link to the deck? That's a slam dunk right there. Yeah, I was like, when am I gonna have another chance? So I did it. And then he said, give me a little time. He went and called everybody who was listed in my deck, because he knows every human in Silicon Valley, and he came back to me, said it was glowing reviews. You know, I'm in, and he's one of the very few people who has been in every single fund that we've done. That's a pretty great lesson, that like, when you get that shot, you have to take it. Yeah, you have to take it. You also have to be ready for a no, because I was prepared for a no. You also have to you know, be gracious in a no. Had he had, had he ignored me or not said yes, the way that I reacted to that would have also deeply affected my fundraising. So it's like, you know, I get a lot of people who pitch me every single day of my life from the most random places to the most understood places, and it's really noticeable if you like immediately have an attitude, if you don't get an immediate yes, you know. So I thankfully knew that back then, and I didn't, you know, curse out people who said no to me. That's definitely a useful lesson, to see that if you do get a rejection, taking it gracefully may open the door to the next yes. Absolutely.  You're able to spot it really well.  Yeah, I think that was Mark Levy who said that. I don't know. I just, when it comes from who to take money from, there have been many, many times where I've needed money, and it happens a lot, right? And I, you know, my background story, I've grew up poor and all that. But I have to live with myself. And so taking money from just anyone is just not an option to me. Like I really have to know why I'm doing it and it has to be connected to something else. Are they there for the right reasons or do they represent something that I just can't live with? And so we've been offered money from different places where I didn't agree with, and not necessarily not agreeing with their politics, because I can do that all day. You know, I can disagree with you and still work with you. But where something that they felt or did maybe would negatively affect someone that I cared about or that maybe I didn't even care about, but it affected them. And I just had to say no. So that's pretty easy to spot. You kind of, you know, gut check that. And as far as like investing in other people, it's, you hear it kind of cliche, but it isn't a relationship that evolves over time for the most part. Like I can know within five minutes if I'm going to invest in someone, and my rate is about 90, 95% accuracy there, but I still take more time in the diligence process and figuring out if we should. So it's about being able to, you know, withstand that diligence process.  Rich people don't care about your calendar. They don't have a reason to. So they're going to do things on their time. That's good for if you're trying to get an introduction to someone. I see this a lot. It's like whether they want to meet with a journalist or a venture capitalist. They, you know, they finally get a hold of this person and they're like, great, can we have a meeting? And then they're the one suggesting the times. And it's like, no, no, no, you need to work on that person's schedule at least at first until you're able to make that mark. I find it very fascinating that you've had that sort of moral stance on where to take money from, because a lot of the technology industry seems to sort of lack that we've seen a lot of foreign investment capital pouring in and most recently money from Saudi Arabia coming into startups. And meanwhile, there's been a lot of stuff in the news that's very alarming about how that country is operating right now. And do you have any advice for these, whether it's big funds or big late stage startups and where they're taking their money? I'm not really sure I can give advice, right? Because I'm out in their shoes. I have paid attention to it, though, and thought about what I would do. And in a couple of cases, we were kind of in the fray of that and kind of just missed that. I just don't think I'd be able to take the money personally. But the problem is, here's the thing, like, if we're being really honest, a lot of that money is in is LP money, limited partner money in funds that fund so much more than 50% of what's out there already. So it's really hard. It's not I don't think it's the easiest thing to just say I had this moral objection to because I do. And I wouldn't personally take it. But who knows if it's in some of our portfolio companies today? Yeah, exactly. It's not just about avoiding these sovereign wealth funds. It's like it's already in all these VCs. Exactly. So why don't you switch gears and talk a little bit about some of the startups that you funded? I just love to hear what some of the most exciting ideas that backstage is back that you're really excited about. Yeah, I mean, we've invested in more than 100 companies now. So I always think about like if you have 100 children, like there's no favorites. But I think there are some really exciting ones. There's one called Needle, N-E-D-L, which is a search engine for voice, so for radio and for podcast. So you can look for certain keywords on Alexa and things like that through Needle. And so, you know, imagine you're trying to find everything you can like every article that you have talked about on a podcast or on radio. How do you find that right now? Like Google has some abilities, obviously, and then there's other places. But Needle is really they're in our portfolio and they're really tackling that in an exciting way. So they're B2B and then B2C as well. So for listeners, they can find what they need. And for the actual podcaster or the broadcaster, they get to see the data on who's looking for what and kind of get the information to people faster. There's also a company called Sheer Share that I really love. It's a married couple out of Dallas and they were both in... Well, sorry, Ty, the guy was in the barbering industry and they both owned a salon in Dallas. And they realized they'd have these empty chairs because they didn't have like full time all the time someone's in those chairs. So they would just start renting out the chair day at a time. And they realized, hey, this could be automated. This could be like an Airbnb for salon chairs so that stylists who don't necessarily want to or can't afford to lease every month, they can come in for two or three days a week, have their clientele come in and only pay for that day. And so this is in more than 300 cities around the world. And it really grew like wildfire and actually became one of the very few companies led by a black woman that has raised more than a million dollars as one of the check marks. But I think they were doing really well even before that. So that's when I'm uncharted to power is I'm very, very excited about it. Jessica Matthews runs that. They're creating renewable energy with anything that can move. So they started with the soccer ball that you kick around and it generates energy and they've taken that to what's next? Well, what's next for Jessica is is beyond the universe, right? Beyond the earth here. But the next step is smart cities. So imagine being able to drive over a speed bump and generate energy for the light fixture on the road. And I've seen this in person. So like all these things that she's developing and creating will will be part of the next smart cities generation. That's awesome, because whether that's problems coming out of other cities beyond Silicon Valley or crises that face the entire world, these aren't just problems of already rich people already in Silicon Valley. And I love that we're seeing more starps that are getting funding around that. So there is this one big problem in Silicon Valley, though, which is the culture of crushing it or this idea of hustle porn, which is basically when hustle porn hashtag. Yeah, that's I guess those are those are that's a loaded term. But the real issue is that people just talk incessantly on Twitter, on Instagram, on Facebook, about how much they're working, how late they're working, how much they're sacrificing in their lives. And meanwhile, they're only showing their successes. They make it seem like they're everything is just always up into the right. And the problem is that that really leaves founders or employees or investors who aren't always successful, like all of us are, we all have our tough days. Yes, right. And they they feel like they're alone. They feel like they're the only ones who are having failures because they look out and all they see is success. And so I want to know, you know, how what advice do you have for for founders or investors out there for when they have those tough moments and they feel like they're alone? You know, what do they what can they do to lift that anxiety and get back to work? Well, you know, first of all, like I really, really do not like people who say I'll sleep when I'm dead or, you know, if you're not if you're not working every hour of the weekend, you're not you don't really care about your company and all those things. First of all, I take a nap any time I can. So take as many naps as you're an adult. Take naps. You can do that. That's your permission. Is there an all clap for naps? Naps are awesome. Naps it up. Like the phrase I'll sleep when I'm dead is this is inaccurate scientifically because when you have sleep deprivation, you're cutting off years of your life. So, yeah, you will sleep when you're dead, but you'll sleep when you're dead sooner. So get a nap in. I also highly recommend sweatpants at any time any time you're working from home, work from home in sweatpants that are one size too big for you. Thank you very much. And also, as much as I can, I try to show the real like I'm not here to make everyone think I have it going on, you know. And next to the to the fast company cover, I want to I put up a video of me like, you know, having a meltdown because something a lot of things have gone wrong that day because it happens all the time. There's no one that's being honest who says that they haven't cried at least once as a founder. Like it's happening all the time and just knowing that you asked for advice, you know, the advice is just to to know that you're not alone. We asked a room recently how many people had imposter syndrome and 90 percent of the room raised their hands and everyone looked around like, oh my God, I can't I thought I was going to be the only one. And imagine the other 10 percent may have not even been brave enough to do it at that time. So everyone is going through that, no matter what they have as a facade. And yes, a lot of people are doing really great. But I just, you know, I just talked to a millionaire recently who had sold his company and he told me that he felt as stressed and scared when they were doing two hundred thousand in revenue as they were doing 20 million in revenue. Like he just constantly felt stressed and scared because the stakes just got higher and higher and higher. And he had to be more and more of a leader. And I certainly feel that with backstage growing the way it's growing. And so kind of enjoy your wins, like really recognize your wins. You deserve them, you worked hard for them. And I really recognize and celebrate them. And also understand that you do not have to be killing it every single day because no one is. They're lying to you, right? The grass is always greener because there's a lot of manure on the other side. Yeah, exactly. It's like everyone judges themselves by yesterday, not their absolute value. It's like one exec leaves, one deal falls through, one big bug. And it feels like everything's falling down. But everybody feels like that. Everyone seems feels like an imposter. Yeah, right. OK, everybody just got to get back on the horse. So in our last minute, I just like to ask, what is the legacy that you want to leave on this industry? Naptime. That's a great legacy. I think that's amazing. People do need to take care of themselves more. I just, I want in a few years to be maybe having dinner with several of our portfolio companies, leaders who are now angel investors because they've now exited and they're living the lives that they wanted to live. And I want my nieces and nephews to have those people on their computer screens or whatever screens are floating in the future. Right next to the football stars and the basketball and the rappers and all of that, that's what I want. I want us to have more new heroes. Well, I think you've really shown yourself to be one of our new heroes. Thank you so much and thank you all for watching. Thanks.


Hello and welcome to the session in which you would look at the elements and format of the income statement. I thought I was going to cover the elements separately than the income statement, but I have decided to combine both topics. And the reason is because we already covered the element in depth when we looked at the conceptual framework. Understanding the format of the income statement is critical, whether you are taking intermediate accounting. And this is typically covered in chapter three or four in your intermediate accounting textbook, or you are studying for FAR. The FAR CPA exam, I consider those series as a bootcamp for your income statement. Whether you are an accounting student or a CPA candidate, I strongly suggest you take a look at my website, farhatlectures.com. I don't replace your CPA review course. My resources are a useful addition to your CPA review course, useful complement. Simply put, you keep your course, you use me as alternative backup. Someone who's going to explain the material differently than your CPA review course, which in turn will help you understand your CPA review course. Your risk is one month of subscription. Your potential gain is passing the exam. Are you willing to take that risk? And if not for anything, take a look at my website to find out how well or not well your university doing on the CPA exam. I do have resources. My catalog include different various accounting courses. My supplemental accounting courses matches your CPA review course. And this is why it's easy to follow between my resources and your CPA review course. I do have, I give you access to the AI CPA previously released questions. If you haven't connected with me on LinkedIn, please do so. Take a look at my LinkedIn recommendation. Also like this recording, share it with other. Connect with me on Instagram, Facebook, Twitter, and Reddit. So in this session, I'm going to be focusing on elements briefly because we already covered those. Then more importantly, the format of the income statement, because the format of the income statement will feed into the next session when we look at the various income items presented on the income statement. So the four elements that goes on the income statement, I list them right in front of you, revenues, expenses, gains, and losses. So that's what goes on the income statement. So assets don't go on the income statement. Liabilities don't go on the income statement. Dividend don't go on the income statement. So the first thing you need to know is which elements goes on the income statement, that we need to understand what each element means and how do they all fit together. So revenues, what are revenues? Well, revenues, they result in increases in assets or a reduction in liabilities. Simply put, revenues are something that's going to increase your asset, usually cash, or you can reduce your liabilities. If someone owe you something, you can provide them a service or you can give them goods or services. So simply put, as a result of delivering goods or producing services from the company's ongoing central operation or major operation, each company exists for a purpose. For example, your university exists to serve you. Therefore, they have something called tuition revenue. You pay them and that's their central major operation. For example, if you're taking a CPA review course, you pay for that CPA review course. That's revenue for the CPA review course. That's sales revenue. You, if you work somewhere, you have a source of revenue and that's your work. But companies will have all sorts of revenues, such as sales revenue, consulting revenue, tuition revenue, depending on what business you are in. I'm going to illustrate this concept by talking about McDonald's. What do McDonald's do? McDonald's sell food, sell burgers. So if I ask you, what's the revenues for McDonald's? You would say food, usually burger, but they sell all sorts of food, but mainly burgers and fries, right? So this is the sales revenue of burger. Now keep that in mind because we're going to be talking about something else similar to revenues, but it's not really revenues. So this is what revenues are. What the company does on a day-to-day basis to increase their assets, to generate more cash, and that's their revenues. Expenses, what are expenses? They are decreases in asset or increases in liabilities. Sometimes you don't pay for the expenses, but they're going to increase your obligation to pay for them on the future. In a sense, they're opposite of expenses. Why? Well, you need expenses to run the business. Like McDonald's, they need to buy the buns. They need to buy the bread. They need to buy the fries. They need to hire employees. They need to pay for insurance. They need to pay for taxes. They need to pay for rent. They need to pay for maintenance. They need to pay for all sorts of different expenses to run the business on a day-to-day basis. This is what expenses are. Expenses are basically a cost to run the business. And expenses usually are matched with revenues. So if we incur an expense, if it's generating revenue, it gets matched with that revenue. Now let's talk about the third element of the income statement and that's gain. And what is gain? Increases an asset or a reduction in liabilities. Hold on a second. This sounds like what? This sounds like exactly like revenues. However, as a result from peripheral or incidental transaction of the entity, what does that mean?  What could be that event? Examples of gains. For example, a sale of property, plant, and equipment. And the best example I can give you is McDonald's. Okay? I'm sure you're aware and I'm pretty sure you see those trucks on the road every once in a while. McDonald's truck delivering fries or delivering burgers to their stores. Now guess what? Every once in a while, McDonald's will sell these vehicles. They don't keep them forever. They sell them. And sometimes they might sell them at a gain. Usually they don't, but let's assume they could sell them at a gain. What is a gain? Well, a gain is more than their book. If they sell it more than the book value, they will have a gain. Sometimes they sell them at a gain. So if you want to go to McDonald's and you tell them, look, I'm interested in buying one of your delivery truck.  And you know, at McDonald's, there's a lot of wild incidents. So you cannot buy a delivery truck or a delivery truck from McDonald's. That's not what they sell, but they do sell them. But that's part of their peripheral activities. They do it every once, once a year or twice a year. They replenish their truck inventory. So that's not really a gain. And sometimes they might sell the truck and incur a loss. A gain is when you sell it more than the book value, a loss when you sell it less than the book value. Also McDonald's could have investments. They can invest in Apple. They can invest in, in Amazon. They can invest in other companies as a result. They make an investment. They sell it. They have a game. They sell it more than what they pay for it. They have right off of assets. Those are all gains. Also they incur, they could incur losses. Losses are the opposite of gains. Decreases in assets or increases in liabilities from peripheral or incidental. If we go back to this truck here, they might sell it at a loss. And usually they sell them at a loss because who's going to buy a truck that's already been used and the seller will have a gain. Usually it's at a loss, but it doesn't really matter. Okay. So losses are the opposite of gains. Also McDonald's could buy Apple's stock, then sell it at a, sell it and incur a loss. That's a sale of an investment. So those are the four elements that goes on the financial statements. So notice here, we don't have assets. Again, we don't have liabilities. We don't have dividend. Those go somewhere else, right? So we have to know what goes on each financial statement and eventually we'd look at the balance sheet in details as well. But today we're going to be focusing on the income statement. Again, the income statement will have the name of the company, the name of the statement and four year ended or four period ended. And the reason I said again, because in the prior chapter, we briefly covered the income statement. Now we're going to dig deeper into the income statement. So the first thing we're going to understand about the income statement, usually the income statement is separated into operating section and non-operating section. Then we're going to have a section for tax. So this is the simple income statement, which is it's simple for us now, but it wasn't simple earlier. In other words, earlier, I'm sorry, earlier was even simpler because earlier we just took revenues minus expenses. Now we're going to break the income statement into three components, into three components, the operating section, non-operating section and taxes. And those are not the only three components you're going to see in the next session. We're going to be adding more components to the income statement. But generally speaking, any company will have those three sections. They will surely have the operating section and they will surely have to pay taxes. Now companies may or may not have a non-operating section, but the point is we have to understand the various components of the income statement. Now also the income statement, we could have a multiple step or a single step income statement. First, I'm going to show you the multiple step income statement. The multiple step income statement basically break the income statement into various intermediate sections to help you make a better decision about the company. And we're going to look at the multiple step as well as the single step and compare the two. Now why do companies provide multiple step? Multiple step highlight certain figures that are relevant to investors, relevant to creditors. The company wants to show like gross profit. What is gross profit? Gross profit is sales minus cost of goods sold. For example, this company here, they have sales of 120,000, cost of goods sold of 75,300, their gross profit is 44,700. So if the company wants to show you, wants to highlight this figure, they will prepare a multiple step income statement to show you their gross profit. That's what they want to highlight. It's highlighted in multiple step. And this is an important number for investors because when you want to invest in a company, you want to see how much they're selling their product for versus their cost. And you can compare, for example, McDonald's to Burger King, McDonald's to Wendy's, McDonald's to some other burger place. So that's very important. Then the company will have would list their operating expenses. They need expenses. Remember, we need expenses to run the business. So we kind of took care of revenues. Now also sales revenues could become, you know, we could get the net sales, which is sales minus returns and allowances, but we don't have to worry about this much today. Operating expenses, we could have selling expenses and we could have administrative expenses. So under operating expenses, we can break this category into two components and we're still working within the operating section. What are selling expenses? Selling expenses are cost incurred to help you sell your product or your services, like sales commission, depreciation on sales equipment, like delivery vehicles, delivery expense. So any cost that's going to help you directly sell your product is called the selling expense. And notice we add them up and selling expenses happens to be 17,150. Then we have administrative expenses. What are administrative expenses? Administrative expenses are cost incurred to run the business but they're not related to sales. They're related to the whole company, support of the whole company. They could be like officer's salary, notice depreciation, but office furniture and equipment, office, office, not sales. So notice depreciation in both end, okay? We could have other expenses such as rent, rental for renting something for our operation, usually employee salaries like human resources, payroll, those are administrative expenses, versus sales commission. So sales commission are form of payroll, but since those employees are being paid to generate sales, it's considered selling expenses. So you could see the same expense in this category and in this category, depending what it's being done. For example, advertising expense would always be a selling expense. Of course, sales commission would always be a selling expense. Okay, renting your sales offices will always be a selling expense. I want to make you aware of this. So now we add the operating expenses. They are up to $26,000, $10. We'll take gross profit minus the operating expenses will give us income from operation. And usually this is another important number. This number tells us how well the company generating gross profit, sales minus their cost. For example, McDonnell, they have to make sales, but they have to pay for their burgers, the buns, the tomatoes, the onions, all their supplies, which is cost of goods sold. Then after that, after their gross profit, they have to pay their employees. They have to pay the delivery people. They have to pay the insurance on the place where they operate. They have to depreciate the equipment. They are listed here. And after that, we know whether the company is making a profit or not making a profit. So gross profit minus operating expenses, this is the operating section of the income statement, operating section, because we have an operating section and we have an unoperating section. And a company cannot exist without an operating section because you exist to do something. And that something is the operating section. Now, a company could have a non-operating section as well, like what? Other revenues and gains. For example, McDonnell sold one of their warehouse and as a result, they had a gain of $10,000. McDonnell also rented some equipment to someone and they had $17,230. What does that mean? It means they generated, they increased their assets, they had a gain, but it has nothing to do with what they do. For example, McDonnell, they're not here, they're not selling burgers. They sold their warehouse. They rented some equipment. That's not revenue. Well, that's good. That's going to increase their assets. Therefore, we're going to take $18,000 plus the $10,000 plus the $17,000. Now we're up to $45,920. Also, this is basically we're starting the non-operating section. Those are non-operating. Also, they might have other expenses and losses with the non-operating, like a loss from a sale of an investment. They sold an investment, they incurred a loss of $5,000. Also, interest expense. Interest expense is the cost to borrow money. When you borrow money, it's how you finance yourself. It has nothing to do with selling burgers, how you finance yourself. Therefore, it's listed under other expenses and losses. And interest expense is important that we have a separate line on the income statement is how much are we paying a cost of bringing money to the business? Interest expense, the cost of borrowing. So this is non-operating. Then obviously we're going to subtract those and we're going to come up with income before income taxes, which happens to be $39,060. Then this is the third section, which is tax. So it's important to know that the way you pay taxes on operating expenses will be different than the way you pay your taxes for other items that we're going to see later. Items that we call below the line. Below the line, which you will see in the next session. So these items operating and non-operating, we compute them, then we compute the tax. And I'm assuming here it's 21% tax rate, which is the current US tax rate. Our taxes are $8,203. Our net income is $30,875. And we'll talk about earnings per share later. But those are the three section, operating, non-operating, and tax. Now, are these the only three section on the income statement in the answer? Absolutely not. You would wish. For most companies, you could have those three sections. But you're going to see in the next session, we're going to be dealing with various items, such as discontinued operation, non-controlling interests. So there are other components that we have to be aware of that are called basically below the line. And we'll look at those later on in the next session. Now, this is a multiple step income statement. This is a multiple step income statement. Breaking down the information, this is what we just saw on the previous slide, breaking down the information in a way that makes sense to the investors. Now, is this the only format that the company can utilize to provide income statement? The answer is no, but most companies would use the multiple step income statement. The company could also use the single step income statement. What would the single step income statement? Easy. They will bunch all the revenues and gains together, okay, which is notice, sales revenue, gains and rent. They bunch them all together and they end up to 147, 230.  Then they will take their expenses, revenues minus expenses. They will come up with income before income taxes. Notice we are still reporting tax on a separate line. That's 8,230. And notice net income is the same, whether you are using the multiple step or the single step income statement. And that's the point. The point they are both, they give you the same figure, except they are presented differently. They are presented differently. Most companies use the multiple step income statement. Now, at the end of this recording, I'm going to remind you, again, I don't replace your CPA review course because I don't. I'm a useful addition to your CPA review course. In the next session, we would look at other topics on the income statement. And specifically, I'm going to be looking at unusual and unfrequent gains and losses and non-controlling interests. Invest in yourself. Your CPA is a lifetime investment. Once you have it, it's forever. Invest, take care of it, put it behind you so you could focus on your career. Good luck, study hard, and of course, stay safe.


When is the Holy Spirit received? Here's what the Bible says. You, however, are not in the flesh but in the Spirit, if in fact the Spirit of God dwells in you. Anyone who does not have the Spirit of Christ does not belong to Him. There we see that salvation and the Holy Spirit come hand in hand. You receive the Holy Spirit the very moment you place your faith in Christ. Now, this raises the question, why then do we need to seemingly receive the Holy Spirit a second time, such as we see in Acts 2 and 4? Well, the baptism with the Holy Spirit is both a well and a river. It's an occurrence that becomes a continual state of being. At salvation, you receive Him, but His influence then increases as you surrender to Him. And as His influence increases, we see such manifestations as the gift of tongue, spiritual gifts, godly character, and what many refer to as spiritual growth. So, at salvation, He fills us like water in a cup. Throughout our lives, He continually fills us like wind in a sail.


Pac-Bio hi-fidelity sequencing, hi-fi, has enabled the detection of de novo mutations, DNMs, small indels, short tandem repeats, SDRs, and structural variations, SVs, at unprecedented depth and accuracy. This study demonstrated that hi-fi LRS can accurately identify DNMs of all types, including substitutions, indels, and SVs, with a sensitivity of up to 92%. Additionally, hi-fi LRS can be used to determine the parent of origin of small DNMs, which is important for understanding the genetic basis of diseases. This article was authored by Erdike Cicke, but PGH van der Sanden, Luka Gorman, and others.


The bins are so heavy now, we've got six weeks behind, so yeah, a lot of work to do. First I'd ask, any small tight cul-de-sacs that we can't get down, it would be a great help. So if we had, yeah, we could get so much more done. Just save time, we'll get so much. Yeah, it would be a great help.


Hello, and welcome to this session. This is Professor Farhad in which we would look at economic order quantity known as EOQ. This topic is covered in a corporate finance, cost and managerial accounting courses, as well as the CPA exam, BEC section, and the CMA exam. As always, I would like to remind you to connect with me on LinkedIn. If you haven't done so, YouTube is where you would need to subscribe. I have 1,700 plus accounting, auditing, tax, and finance lectures, as well as Excel tutorial. If you like my lectures, please like them, share them. If they benefit you, simply put, they might benefit other people. Share the wealth connect with me on Instagram. On my website, farhadlectures.com, you will find additional resources, whether you're taking finance course, cost accounting, whether you're studying for your CPA, CMA, you name it. I have accounting supplemental material that's going to help you improve your performance and help you pass your professional certification, especially the CPA exam. So to illustrate the economic order quantity or EOQ, I'm going to assume we're going to be working with a burger stand, where we're going to be selling burgers. And what do we need to sell burgers? We need burger patties. And here's the problem. We can order a lot of patties up front, or we could not order a lot. So what's the problem if we have too many burgers on hand or not enough burgers? Let's start with if we have too little burger. We're going to run out of sales. And that's a problem. If somebody comes to you, if this customer comes and you tell them, look, I would love to sell you the burger, but I don't have a burger. Would you like a hot dog? Not really. They came for a burger and you don't have the burger. So that's a problem. The other problem is, is having too much inventory. Too much inventory means you have too many of these patties on hand. And that may not be good as well. One, you may not have enough space to store them. So you could have a storage issue. You don't have enough space. You might, because you have too many, and remember food could spoil, you could have spoilage, you could have lost some of them. So it's not in your best interest to have too many. And for some inventory, they become up, they have obsolescence. They become obsolete, although they may be, they may be still in good condition. For example, if you have Windows 95 software CDs, they're useless. Even if you have thumbnails, nobody buys thumbnails anymore because everything is in the cloud. So simply put your inventory, if you have too much of it, it could become obsolescence. So it's very important to be aware of our inventory because inventory is a cost. Because if I tie up money, if I invest in patties, I'm taken away from other things. I'm taken away money from my investments, from my bank account, from other things. And I want to have too much money. So what is the cost of our inventory? The cost of our inventory consists of our inventory cost, which is the purchase cost, plus what we called order cost because you need to order to restart the inventory. There is a cost, for example, delivery cost. And there's a carrying cost. Maybe you might have to pay insurance. You might have to have someone every once in a while going and count the inventory. So that's a carrying cost. So I can to minimize my order costs. To have this order cost minimize, which is delivery cost, I can order once a year. That's it. I can order all my burgers once a year. So do you see any problem with this? Sure I do. I don't have enough space. And if I order a lot, they may go bad if I don't sell them. So I cannot order once a year. So I don't have enough space to store it. And it might go bad. It might spoil. Another thing is I can order on demand. Every time I need a burger, I can order that parry for the burger. That's not feasible. Well, it is feasible if the person that I'm buying the burger from is just next door. So I can run, get two or three burgers and cook them and serve them. But that's not feasible. Oftentimes, that's not feasible. And if I order on demand, which is the opposite of order once a year, I have a high delivery cost or high ordering cost. So the problem is I need to balance between the two. And this is where the EOQ formula would help us minimize those two costs, those two. So for example, suppose Wimpy's Old Star Burger start out with 3,600 burger parries. This is what we have in our inventory to start with. This is what we have. Annual sales, we estimate that annual sales is 46,800 burgers, which is based. How do we know the annual sales based on prior years? So on average, we sell 900 burgers per week. If we take this amount divided by 3,600, we sell approximately 900 burgers a year. All the available inventory will be sold after four weeks. So if we have 3,600 on hand, if we divide this by 900, this equal to four. So every four weeks, what's going to happen, our inventory will go down to zero. So we'll start with 3,600 burgers and we'll start to sell them at some point after four weeks. So every week, we'll reduce them by 900. By week four, we'll have zero. Then we'll have to reorder again 3,600, which is this is the quantity, and start the process again. Now remember, since we have the burgers, since we have 3,600 burgers, we have what's called the carrying cost. So the carrying costs are normally assumed to be directly proportional to inventory levels. And this makes sense. The more inventory you have, the more cost you have. If you don't have a lot of inventory, you should have less cost, not generally speaking. So here's what's going to happen. Suppose Q is the quantity of burgers that won't be ordered each time. So let's assume we ordered 3,600. We call this the restocking quantity, 3,600. Here's what's going to happen. Our average inventory is 1,800 burgers every four weeks. Why? Because we start at 3,600, then we go down, and at some point we're going to be low 1,800, and at some point we're going to be zero. If we compute the average, well, we'll take the highest point, the lowest point, the average is 1,800. So the average inventory is the quantity, which is the quantity of burgers that we order divided by two. Why? Because at some point we're going to be carrying more than 1,800 and the first two weeks we will have more than 1,800. The following two weeks we'll have less than 1,800, on average we'll have 1,800. So that's the average inventory. So we're going to call, average inventory will just be the quantity divided by two. So we're going to let CC be the carrying cost per inventory. So this is CC is the carrying cost. So what is our cost in inventory? Well, if we want to compute our carrying cost, we'll look at average inventory, which in our situation 1,800 times the carrying cost, average inventory is 3,600 divided by two. So simply put, this is what it looks like. 3,600 divided by two, this is my average inventory. And we're going to assume for every burger it's going to cost us 75 pennies to maintain. Maybe it's the electric bill, maybe we need someone to go in and count it, count the inventory to take an inventory count. Maybe someone needs to cut it. So on average cost us 75 cents. So simply put our total carrying cost for 1,800 burger on average, 75 pennies equal to 1,350 per year. So this is our carrying cost. This is the carrying cost. Okay, now let's take a look at what we call now restocking or ordering cost. Ordering cost, we're going to, they assume to be fixed ordering cost means you have to pay for someone to place the order and they will deliver it to you, they charge you a fee. Maybe also have to pay the fee to order and to deliver. Simply put, there is a cost to order or restocking fee. So for WIMP, we're going to assume their annual sales is 46,800 and the order size, they're going to order 3,600 at a time. So simply put, they're going to have 13 orders per year which is 46,800 divided by 3,600. So we're going to assume that the fixed cost per order is F. It means they're going to have to pay a fee for ordering. Every time they order, they have to pay a fee. Let's just make it simple delivery fee. So we're going to take that fixed cost times the number of orders. Now, how do we find the number of orders? It is T which is the sales divided by the Q which is 13. Okay, the total sales per year divided by the quantity per order, 3,600 will give us 13 order. And now we're going to assume our fixed cost, the fixed cost for our purposes, it's going to be $50. So if we take $50 times 13, we'll find our cost, okay? Well, 13 assuming these numbers, 46,800 divided by 3,600. So this is what's going to be our restocking cost. So it's a fixed number, $50 times the T divided by Q which is the total sales divided by the quantity order, okay? So for WIMP, we had a carrying cost, remember, of 75 pennies per year, fixed cost of $50 per order and T, the sales is 46,800. Now, what we can do just to kind of look at this, let's use some different quantities. Let's assume we order, we order 3,000, our restocking quantity, 3,500. So if this is our restocking quantity, our carrying cost, let's focus on the carrying cost here, we're going to take 3,500 divided by two times 75 pennies and that's going to give us $1,312. Now, restocking fee, restocking fee is, we're going to take $50, $50 which is the fixed fee times the 46,500 divided by Q and here we're assuming Q is 3,500, okay? Now, if we take, if we multiply the ordering or the restocking cost, the restocking cost is $668.60. Now, we can try these figures, these computation on different quantity. If we go from 3,500 to 3,000 to 2,500, 2,000, 1,500, 1,500. So notice, if we order only, if the ordering quantity, if we reorder every 500 burgers, our total cost is 4,867. Why? Because we are reordering often because we're only ordering 500, our restocking fee is very high. You notice that our restocking fee, our order, our order is very high, but we're not carrying a lot. Notice our carrying cost is 187. If we order on the other extreme, the highest number that we have on this graph, 3,500, notice our restocking or ordering is very low because every time we order, we order a lot. Therefore, our ordering cost is very low, but notice what's gonna happen to our carrying cost. Our carrying cost is very high. So notice, I'm showing you the two extreme. So what's the optimal point? The optimal point is, if you notice, if you're looking at the numbers, we go from 1,881, $1,905, $1,873, then it goes, then the cost goes up again. So notice at some point, the cost is minimal. And when is the cost minimal? The cost is minimal when those two equal to each other, when we minimize them and they practically equal to each other. So what's the optimal quantity to order? 2,500. So based on this information, based on this information, what does that mean? It means the EOQ, okay? It's when this formula, I'm showing you where it's coming from, when this formula equal to this formula. So this is what we're saying. When it's when the carrying cost equal to the restocking cost. So when the quantity divided by two times CC equal to the fixed cost, T divided by Q, okay? Now we can just kind of, if those two are equal to each other, we can just solve. And now we have Q square equal to two T times F over CC. Now, if we solve for Q, what we have is the square root of two T times F divided by the carrying cost. And this is the EOQ. Simply put, the EOQ is when we have, when we take the number two, okay? Now you know where the number two is, where we have the averages, times the total sales. The total sales is how much year for the year? The total sales is 46,800. So if you take two times, 46,800 times the fixed cost is 50 divided by the carrying cost for this example is 20. I'm sorry, the carrying cost is, sorry, 75 pennies. 75 pennies. You square root all of those and it's going to give you something close to 2,500. It's going to be around 2,490 or something like this. So let's look at another example to illustrate this EOQ concept. Let's assume we start each period with 100 pairs of hiking boots. That's what we're selling hiking boots. The carrying cost per pair is $3. Think of insurance cost, think of boxing those shoes. The carrying is $3. So what is the total carrying cost? Well, how many on average, how many shoes do I need on average? If I have 100 at the beginning of the period, zero at the end, I have 50 on average times $3. So the carrying cost is 150. Now, suppose I sell 600 pairs per year. That's my estimate. How many times will I have to restock? Well, if I sell 600 per year and I need 600 to start with for every period, so I need to order six times. Six times 100, they sell, I buy another 100. So six times, six times. Now, assume the ordering cost or the restocking cost is $20 per order. So I have to pay 20 for every restocking order. Well, that means my total restocking cost equal to 120. So notice I ask you specifically, what's the carrying cost? What's the restocking or the ordering cost? It's 120 and 150 based on these figures. Now, I need to find out what's my optimal order size because I said here, I'm gonna order, simply put, I'm gonna have six order, each one is 100, that might not be the optimal. Maybe I can reduce this. Maybe I can reduce this. Maybe this is, in other words, notice the 120 and the 150. Remember, 150 is not equal to 120. I want to, one day equal to each other. This is my optimal point. So I'm not paying too much carrying cost. I'm not paying too little of one and too much of the other. I wanna make sure what's my optimal point. Well, to compute my optimal point, I have to use the formula that we just learned, the EOQ. So what's the EOQ? It's the square root of two times sales, the estimated sales per year, times the ordering cost divided by the carrying cost, which is the carrying cost for us is $3. The ordering cost is 20 and this is T equal to 600. Let's take a look at the formula here. So the square root of two times 600 times 20 divided by three will give us the optimal order. Quantity is 89.44. Now 89, you can make it 90, you can make it 89. It doesn't really matter here, but the point it's around 89. Now, how many times would I need to order if I'm ordering 89 for every time? Well, I will need 600 divided by 89.44. I'm ordering a little bit more than six times. So I need to order a little bit more, okay? 6.71, 6.71 rather than six. Now, so what is the total restocking cost? Well, if I'm ordering 6.7 times, again, this is rounding. Don't worry about the rounding. The point is trying to be as close as possible. You cannot order 6.7 times, times $20. It's $134.16. Now, the average inventory now, rather than 100 divided by two, my average inventory is around 90 pears divided by two equal to 44.72 or 45. I multiply this by my carrying cost equal to 134.16. Notice, now my restocking cost is 134. My carrying cost is 134. Simply put, when I did this, when I was not taking the EOQ into account, the carrying cost was a little bit too much. Now, the carrying cost went down and my, I'm sorry, yeah, the carrying cost went from 150 to 134, and the ordering cost went from 120 to 134 because I'm ordering more than six times. I'm ordering 6.71 times, but this is the optimal. This is the optimal point. This is the optimal point where I'm minimizing the cost. Therefore, the total will be 268 versus 270, which is not that much. 268 here versus 270. Close, very close to each other because notice what I did is I reduced my carrying cost, but I increased my restocking cost. I increased my restocking cost. So this is basically how you would use the EOQ or how you would use the formula. Again, this example cannot be that realistic because again, 6.71 is not, you cannot order 6.71 times, but the point is hopefully, now you have a better understanding about the formula and where it came from. It's where the carrying cost and the restocking cost, the ordering cost are minimized. They equal to each other. As always, I would like to remind you to like this recording. Visit my website, farhatlectures.com for additional recording, whatever accounting course you are taking or professional certification you are studying for. My website can help you substantially, can help you add 10 to 15 points to your professional certification, such as the CPA. Your professional certification is a lifetime investment. Don't shortchange yourself. Study hard, good luck and stay safe, especially during those coronavirus days.


I'd like to take a few minutes to talk about the differences between visible satellite imagery and infrared satellite imagery, and the types of information we can get from each type of image, because that's a really big part of this lesson. So I have a visible satellite loop and a corresponding infrared satellite loop. There's the infrared loop from January 30th, 2014, and we'll see what things we can tell from each particular type of image. First, visible satellite imagery works off of reflected visible light. So the more light that an object reflects, the higher its albedo, and the brighter it will appear on visible imagery. The less light it reflects, the lower its albedo, and it will appear darker. That often helps us tell things about how thick an object is, how thick cloud cover is, in a particular area. Infrared imagery, though, works differently. It works off of emissions of infrared radiation, which is tied to temperature. The warmer an object is, it will appear dark on infrared imagery, at least traditional infrared imagery, like this loop, and the colder an object is, the brighter white it will appear on traditional infrared imagery. So getting back to our visible image here, as our loop goes on, we can see a stationary area of white shading across Alabama and Georgia. As the loop goes on, it doesn't move at all, which means it's not cloud cover. Clouds are moving, as we can see here over Florida. But this area of white across Alabama and Georgia is actually snow cover. Skies are clear in that area, and so we see the high albedo of snow cover across Alabama and Georgia. We can also see little dark specks across northern Georgia. Those are unfrozen bodies of water that appear dark, because they have much lower albedo than the surrounding snow cover. We also note that the entire image is fairly dark at the beginning of the loop, and it brightens up as we go on, and we can see the features better. That's because the loop starts at 13Z, which is about 8 o'clock in the morning, and so the sun is still low in the sky. There's not a lot of reflected visible light off of anything at 13Z, but as the sun rises, we get more reflected visible light, and everything brightens up on the image. Because infrared satellite imagery doesn't require visible light, that progression of the day appears differently. We can notice it here, though, in an area of clear skies across Alabama and Georgia. It's not because of the reflected visible light, but it's because of changes in temperature that occurred. With skies being clear in this area, as the sun rose throughout the day, the ground warmed up, and we can tell that on this infrared image, because at the beginning of the loop, it's fairly faint gray colored, but as the loop goes on, we go from that faint gray, and it gets darker because the ground is actually warming up as the loop goes on, and we get that change in shading. Also on the infrared image, we can see some fairly bright looking clouds over in Arkansas toward the end of the loop.  On visible satellite imagery, though, those clouds look a bit differently toward the end of the loop. We can see some clouds here, but they're fairly faint gray, which means that they're not reflecting a lot of visible light. They have a low albedo, and so they must be relatively thin. We know from the visible image that they are thin clouds, and from the infrared image, they're high clouds. We must be talking about cirrus clouds over Arkansas. Over the central Gulf of Mexico, we have a kind of a speckled appearance to the clouds. They must be reflecting a decent amount of visible light. They're brighter than those cirrus clouds we just looked at, but when we look at those clouds over the central Gulf on infrared imagery, they're actually pretty hard to see. You can very faintly see those speckled clouds over the central Gulf, but they're very, very dark gray shaded on the infrared imagery. That means that they are warm, which means they must have low tops. So we know that they have low tops from the infrared imagery, but still at least somewhat thick from the visible imagery. So we're looking at some sort of low-topped cumulus cloud across the central Gulf. As we look at the clouds over Florida here, we can see that they have bright shading on the infrared imagery, and that means that they have high tops. It's a cold cloud top, and when we look at those same areas of clouds on the visible loop, we can see that those clouds are also quite bright. So they must be very thick. They have a high albedo. They're reflecting a lot of light. So we know from the visible loop that they're thick, and we know from the infrared loop that they have high tops. So those are probably at least some of those clouds over Florida are probably cumulonimbus clouds. So hopefully this gives you an idea how to track things like snow cover and the progression of a day, and how to tell cloud thickness from visible imagery and cloud height from infrared imagery.


E-commerce is transforming the marketplace, across the globe. Look at some of the world's most successful companies. Amazon has no points of sale. Uber owns no vehicles. Netflix, the largest pay TV service, owns no transmission infrastructure. And Alibaba, one of the world's most valuable retailers, has no inventory. In Qatar, the potential for e-commerce is enormous, because it has a population with a high disposable income, a strong and secure ICT infrastructure, and a highly connected society. It has the seventh largest business to consumer market in the MENA region today, with that number expected to double by 2020. The average transaction is impressive. The annual spend is the highest in the region, yet only a fraction of Qatar's population shop online. More startups, businesses, and large retailers like Lulu and Ikea are already providing services online. Many home-based businesses are trading and marketing their products through social channels like Instagram, Facebook, and WhatsApp. Consumers choose e-commerce for convenience, choice, and cost. Adoption will grow with more awareness, enhance trust in online platforms, and better return and refund policies. Delivery services are critical for e-commerce to thrive. The government plans to open its postal services market, encouraging innovation and competition, and utilizing the new addressing system in Iwani, the blue plate. Payments are critical for e-commerce. There are a number of options out there, prepaid cards, M and E-wallets, international wallets, mobile point of sale, one-time e-commerce vouchers, and even installment payments. Yet today, cash on delivery is dominant in Qatar. Only 49% of consumers have debit cards and 29% own credit cards. Local banks should provide more payment options. Qatar can become a regional hub for e-commerce. If we improve delivery services, provide more innovative payment options, and simplify the business setup process. As Qatar transitions into becoming a smart nation, e-commerce will be part of our daily lives. Mobile commerce will be the norm for customers. And emerging technologies like drones, 3D printing, and robotics will reduce the cost of delivery, expand production, and automate services 24-7. The best is yet to come.


Let's now take you to other parts of Africa where Kenya will lead an international false tax with bringing order back in Haiti, a country where gangs are responsible for a surge in killings, rapes and kidnappings. Kenya has previously proposed sending 1,000 police officers. Countries including Jamaica also have pledged to send personnel. The 15-member UN Council approved Monday the resolution drafted by the U.S., the Russian Federation and China abstained. Today, the UN Security Council made history in authorizing the multinational security support mission to Haiti. We have stepped up to create a new way of preserving global peace and security, answering the repeated calls of a member state facing a multi-dimensional crisis amid alarming, spiraling gang violence. With participation from countries all over the world and with much thanks to Kenya for positively considering to lead, the international community can now move forward with a multinational security support mission for Haiti.


Hey guys, Drew with GeoWarm, and I'm back to talk to you about the 2GIG SMKT8E-345, and it's learning into the 2GIG EDGE system as a freeze detector this time. So what we're going to do, as I said before in my other videos, this is a three-loop device, meaning it can perform three separate functions at the same time, smoke, heat, and freeze. So what we're going to do to get it programmed in for freeze is we're going to hit the gear in the bottom right-hand corner, we're going to enter the installer code, which factory is 1561, as this is, we're going to hit the installer toolbox. Then we're going to go into panel programming. At that point, we are going to hit wireless zones. So you're going to choose whatever the first available wireless zone that you have. So in this case, mine is a fresh panel, I'm going to use zone one. You may have to start at 10 or wherever it may be for you. So we're going to go ahead and start with the equipment code first. For the equipment code, we are going to be going with the E-Series Smoke Detector USA. That lets it know that it is, in fact, the smoke, the E-Series smoke that we're going to be programming in. And once again, that code is 2058. You just choose that by selecting the hamburger icon on the right-hand side. Press the down arrow. I'm going to ask you for the sensor type. At this point, you are going to choose a 24-hour auxiliary alarm, which means that it is going to be monitoring 24 hours a day for this. And once you have that set, you will go ahead and press the down arrow. By the way, 24 auxiliary is 08, just so we're clear on that one. So now we're going to go down to where it says TX. Maybe it's going to ask you after you've entered that what you're programming in here. Just go ahead and choose freeze detection. I apologize. It auto-populates that after you choose it. So press the down arrow after you've chosen the freeze option. And then it's going to ask you for TX ID. At this point, it's going to learn it. So you want to hit the learn button in the bottom right of the keypad. And then just twist the back plate off of the device itself. You'll see that it has learned in now. So go ahead and accept it. And then press the down arrow. This is the freeze detector. So the freeze detector is actually going to be programmed to loop number three. So we are going to put it on three and then hit the down arrow. So then it's going to be the voice descriptor at this point. So you want to go ahead and put something in to let the system know what it is. I'm just going to call this living room freeze. So now it says living room freeze in there. It's going to ask for sensor chime after you've pressed the down arrow. You don't need to put a chime on this. It doesn't really need it. Hit the down arrow again. It's going to ask for the smart areas assignment S1. I'm just going to leave it there. If you are doing smart area assignments, you can program it elsewhere. Transmission delay. This is where it's going to program an additional delay on this device before it actually transmits a signal to the central station. So what you want to do in this case for me at least, I'm going to disable that because I want it to immediately go if something happens. Hit the down arrow. Sensor reports. You want to keep that enabled so that way it reports whenever there's something going on. Sensor supervised. You also want this to be supervised so that way it checks in with the panel and the panel will tell you if there's ever an issue with the sensor. At this point it is learned in. This thing is ready to rock for freeze detection. Hit the back arrow until you're all the way out of programming. At this point you're ready to get it mounted and set up. If you guys have any questions or any comments, please leave them below. Take care. Make sure to subscribe to our YouTube page and click the Show More tab underneath the video where you can view valuable links pertaining to this product, similar how-to videos, and our low-cost, no-contract alarm monitoring services.


Yo, what's going on Leafy, it's Leafy here back again and today EA has released a new HUD event and my god, it's a W. So as you can see from the screen here, style icons, my goodness gracious, we got a 94 Lunkwis, 94 Matthews, 94 Subban, 94 OV, 94 Patrick Wah, 94 Mark Howe, 94 Bernie Nichols and 94 Keith Bumbarner. So before we look at the whole event, you have a chance to get one of these 94 overall cards for free. So if you look here under objectives, these style icon event objectives, it's going to take a while to do, but you got to complete all these objectives, have 286 hits, 475 goals, 197 goals, all this stuff for a 94 overall style icons master item choice pack so you get to choose one of them. Very cool, on EA's part, so you get one of those cards for free, you obviously got to play the game. I think if we go back and take a look here, you can get these from playing rivals, squad battles and HUD champs, so pretty cool stuff, I know it's not HUD challenges, I played some HUD challenges, they didn't count, so it's just all online game modes besides squad battles. Now besides those guys, we have a 91 Paul Bisonette and 91 Ryan Winnie, the spitting chicklets boys, getting some style icons there, again these are the 94s, then we got these prime times out, but that's not really part of the event, we have an ultimate choice pack which we will be opening them up today in this video. So let's go through the events, the sets, the new cards, all that good stuff. So looking at the style icons, there are 95 overall, so here we go, the 95 overall and bomb Gertner, this one has two to balance, speedster and then wingman, so a very good card for a 95 and then these just have different synergies which I find very, very cool to be honest. You get this Mark Howe, he is gladiator, distributor and balance, not a bad card to be honest and this one has barrage, shutdown and workhorse. Henry Glunk was here, has two to spark, one to harden soul, one to balance, two to barrage, one to distributor, one to swarm, not bad. Now this is my favorite card, looking at Austin Matthews, the one 95 overall has two to light, the lamp, one to harden soul and one to barrage, but this one, oh my god, this 95 overall, he has two to spark, two to howitzer, one to thief, so you get an extra plus three if you have distributor activated with him. That's a 97 overall speed, an unreal shot which he has in your life, so make sense that he has it in game, 92 face ups, 99 stick checking, this card looks amazing and yes of course I will be trying my hardest to make him. By the way, the designs on these cards are just absolutely amazing, props EA, this vent all around is a W to me. We got Bernie Nichols, two to light the lamp, one to barrage, one to spark, then this one has two to distributor, one to howitzer, one to thief, not a bad card, pretty good synergies on this one. And then you got your 95 OV, two to magician, one to swarm, one to spark, and this one has two to distributor, one to wingman and one to workhorse. Patrick Wall has two to barrage, one to spark and one to swarm, and then his other one has two to balance, one to heart and soul and one to distributor. P.K. Subban has two to wingman, one to swarm and one to distributor, pretty good looking card, and this one has two to spark, one to passing playmaker, one to light the lamp. And now these are the 94 overalls, they obviously don't have that extra point. This Matthews thank god has the better one, so if I wanted to get the 94 I could but I'm going to try for the 95. So these ones just don't have those plus one extras to the top synergy. So now looking at the rest of the cards, these guys each get a 92 overall, each with their respected synergies for the most part as you can see. So we're not going to go through them. We will look at the Paul Bissonette though and the Ryan Whitney. So he has two to spark, two to howitzer, pretty good card, unreal shot. Ryan Whitney, ooh, might be worth using, two to distributor, two to speedster, not a bad defenseman, not too bad. And then these guys obviously get an 89 overall card and if it's going to show here they're 85s. Alright looking at the sets, pretty much the same thing for the first four gold players to gold collectibles, I think it's 16 gold collectibles for a choice set, a choice pack of the 94s which you can get for free but you got to grind the game. Four players for a random set required item which I will show in the next upcoming sets, style icon event collectibles to trade in gold players for style icon event collectibles. So now here we go, we're going to look through these sets here. So awesome Matthews, you need one gold collectible to make his 85. Once you obtain his 85, you need 85 Tavares and six gold collectibles. Then once you get that, you need 89 Matthews which you made with an 80 landing McDonald and five gold collectibles. And then the last one you need the 92 Matthews, the 84 Mitch Marner, 82 Barzela and a style icon collectible along with nine gold collectibles here. So very interesting, those base cards are skyrocketing in price right now.  And the packs in the store, they're same as every event, the tint advisor starter pack, 60 items including a gold collectible and a guarantee 82 overall. The style icon's lip lettuce pack, 30 items at least 20 players with 182 plus overall. And then the style icon's white skates pack, 25 items at least 10 players with three gold players or better. So we are going to be opening up two of these ultimate choice packs looking at the probabilities here. This one is untradable.  But we have a 30% chance at a 90 plus player, a 69% chance nice at an 86 plus player. So time to load the points onto the account and we're going to open up these two packs. All right. So not only is there that 94 Matthews we can pull but there is a 91 overall Mitch Marner out in the store too. So testing our luck here. Yeah, bless us up here. We're looking for those purple pulls. We're looking for those master set players here. So first round, we're not expecting anything in all honesty. I don't think you need any of these guys for those sets or at least not for the the Leafs one. Second round here at Tierney, Tyler Bozak, former Leaf, Coke and Yemi and Mike Green will go Coke, can Bozak into your knee. Sure. Third round out of five here. Hudaubin, Brock Besser, Cal Ockpozzo and Brian Rust. All right. Round four out of five here. We're coming down to the last final rounds here. We're hoping for something jumbo Joe. OK, Adam Larson, Jacob Truba and Damon Severson. So we'll go with those three. Last round, come on, this is usually when the good round is here. Mark Andre Fleury, 85 overall, Jesper Bratt. Interesting. Want to speedster, want to light the lamp. Don't know if he'd make the team. Uh, OK, Rajalov, not even a purple in this pack.  So not a good first pack. The second one we hope and pray is better. All right, we'll hit this one with the good old nose pack. Here, boys, bang. Here we go. All right, we need a purple, at least a purple in this pack, please. And not one of the troll purples, a good purple. 88 plus would be great. PK Subban has that 94 out right now. So that's that's a bit tough. Henrik Zidine, interesting. OK, second round here out of five. Patrick Maroon, Jordan Stahl, Corey Perry and Merz Lankins. OK, I don't want Corey Perry. I don't like Corey Perry. All right, third round here.  I haven't pulled anything since that team of the year, Carlson. Haven't pulled anything since. So we're really looking for something big here, EA, honestly. It's been a minute since I pulled something huge. All right, I guess we're saving our luck to the last round here. I don't know what's happening here. Here we go. Round five out of five, please, purple. Jamie Ben, that's not a purple, not a purple and not a purple. Jesper Braut again. Oh, EA.  I guess we just go with the 150 pack here. I'm kind of, I'm a little mad, to be honest. Not even a purple pull out of those. We didn't get an 86 plus. An 86 plus. We had a 69% chance of getting an 86 plus. And EA just did not deliver. Such tough scenes. Guys, that's it for today's video. Honestly, let me know what you guys think in the comment section below about this new event. I honestly think it's a huge W, not just because it was on Matthews, but like the whole event seems so cool. And you have a chance of getting a free 94 overall card by just playing the game. So very cool in EA's part. I think the event was super cool. What isn't cool is me not pulling a purple in those ultimate choice packs, in all honesty. But it is what it is. That's it for today's video though. If you guys did enjoy it, be sure to drop a like on it if you guys are new around here. Make sure to hit the subscribe button. We're on the road to 4,000 subscribers. But yeah, like I said, that is it for today. And I'll see you guys in the next one. Peace.


Welcome to theCube's continuing coverage of AWS Summit New York 2022. I'm Dave Nicholson and I am thrilled to be joined by Ramkumar Pandurangan. He is Practice Leader of the Cloud Advisory and Consulting Organization at Kindral. Ram, welcome. Thanks for having me, David. It's a pleasure. First time on theCube, I believe. Yes, it is. Little excited and anxious as well. Fantastic. Well, when we're done, you'll be a Cube alumni, which is actually a very distinguished badge of honor to have. So let's get started. Tell me about Kindral. I'm particularly interested in a bit of the history. How did Kindral come about? What do you do now? I'm sorry. Before we talk about who we are and what we do, let me talk about Kindral's philosophy, right, basically. So people don't buy technology. People buy outcomes. And with this explosive growth in the market, as well as the complexity in which the technology is involved, it's very challenging for everybody to find the right partner as well as who to go to deliver it for them. And we do understand that technology is supposed to help drive your business capabilities, but not hinder. So Kindral's primary philosophy is to how we can help enable our clients get the business capabilities using technology. So having said that, we had a spinoff from IBM in 2021. And we have a strong base of 90,000 skilled professionals across 100 countries. And we have almost certified of the 100 Fortune 100 companies. And we almost catered half of the Fortune 500 companies just to give you a background. And we have people across applications, data, AI, network edge, security, and resiliency across the globe, but of course, cloud. So do you work with partners from a cloud perspective? What does that look like? We have a whole broad ecosystem of partners. And anywhere from all the hyperscalers to all the large product companies. And we understand that with a combined force of our years of experience, helping our clients to be successful, partnering with our partners to help drive the capabilities. And, you know, let's talk about AWS. Everybody knows that AWS has been a pioneer in the public cloud coming up with a whole catalog of services, which is there available for anybody. And I would like to call them as construction materials. So you could take these services, assemble them, and it could be a simple house, or it could be as big as a very complex mob kind of an environment. So this is where we partner with AWS and bring our years of experience and help our clients go through the journey and successfully deliver in whatever the complexity that what they have their existing environments. So just an example of how we partner with our partners. Yeah, that makes a lot of sense. In fact, in fact, I heard someone once describe AWS as being like Home Depot in the sense that they offer all of the bits and bytes. Of course, the AWS folks were like, what? No, we're nothing like Home Depot. It's like, well, it kind of are because it really is important for an organization like Kindrel to be there, to bridge the divide between the tools and the outcomes, as you mentioned. Well, what are some of the customers or kinds of customers that you work with in this arena? Yeah, so just to double click on what I said about our 75 of the 100 Fortune 100 companies, we currently manage the top five airlines of all airlines. We probably manage four out of five largest retailers and 49% of the mobile connections are supported by the customers. And 61% or roughly around 60% of the top 50 banks assets are managed by ourselves. So we have a huge portfolio across the financial services, public sector, communications and distribution market across the globe. So is it fair to say that each of these customers is somewhere along the digital transformation timeline? Are they all thinking in terms of transforming digitally what that means, whether it's application modernization, of course, movement to cloud is part of that? Does that sound like the profile of a lot of your customers? Exactly. So each of them are in a various, what I call in as in the paradigm of everybody are trying to modernize. Modernization is the way to go. Even though in the last three years, we saw that the physical slowdown of the world, the digital transformation took an explosive growth. So everybody realized that not doing the business in a traditional way is going to get to where they want to go. And traditionally, people are cutting costs or trying to trim down and trying to see how they can do incremental modernization. And then they realize exactly in the last three years that they need to holistically look at how they need to be modernizing it. And that is where either it's a data center driven modernization or it's an application-centric modernization, which is within the transformation journey, or in general, people are holistically looking at how they can improve their overall presence in the digital world. So do you think that the pandemic accelerated that? Absolutely. I would say that everybody started realizing how critical and the businesses who were already a leg up in that world were quickly able to grab that opportunity and they were able to run with that. And everybody is trying to catch up on that journey. And a lot of people who started that journey have realized that if they do not have a proper strategy to start off with, they get stuck somewhere. And that is where we can go and help them wherever we are. Talk to me about some of the challenges that you see out in the field working with actual organizations that are seeking to transform to go through this digital transformation. What are some of the things that might surprise someone looking in from the outside? Again, if you go back to the basics, the digital transformation world, it's not just the technology which is driving everything. People who have not clearly mapped their business objectives to the technology drivers or the imperatives are the ones which are feeling the pinch that they have some technology-driven transformation. But once it is done, they don't see that it's translating back to a business objective which they are trying to accomplish. That's one of the larger things which I see. So we are trying to go back and help clients to bridge that gap to make sure that first their strategy is in place and the strategy is holistically looked at. That's one part of it. The second larger challenge which I'm seeing a lot of people is they are able to quickly grapple around the technology explosion and able to start the journey. But the process and the people associated, the transformation regarding those two are a lot more associated with the culture and everything else. So it's a combination of technical resources with not able to quickly adapt the operating model which is a newer operating model required for the digital transformation or the challenges which is an ongoing. None of this is a news to anybody, but practically when I walk into a company, those are the areas which I continue to see where people are struggling. So kindrel isn't solely involved with the virtual movement of workloads from one place to another. You actually work with customers to make those kinds of organizational changes and operational environment changes that need to take place. Is that right? Absolutely. So as I told you, we have a whole suite of clients whom we have been supporting for decades. So we have one set of those clients who have trusted us for years. And then we have other set of clients who we have providing some kind of services. And now we have a newer clients. So between all of them, they're starting to realize that we have the end to end capabilities. The differentiator is we can start from building a business case for somebody and then strategizing it, creating a roadmap, and then actually doing the design, implemented, and help them to migrate it. And once the migration is done, continue to help optimizing it, and then not only stopping them, but the key thing where everybody are falling behind is to how do you operate, manage it once you start migrating it. So this is where Kindrel is sitting in a very sweet spot because we already are managing most of our clients where we have the client base. We are operating theirs either holistically or some portions of it. And now when they are trying to go into the journey, we are very well suited because we already understand their environment. And while they are transforming into the cloud space, we are also able to bridge that gap by managing their existing and to manage to the cloud. So we can end to end. And talking about true end to end, we're talking to you from AWS Summit New York 2022, of course, so the focus is AWS. But Kindrel works with other hyperscale cloud partners as well. So I mean, you are primarily an advocate for the customer. Is that a fair? That's what they call in the business a softball question. Because if you answer no, we're not primarily involved in the business of advocating for our customers. We should just stop this conversation right now. But seriously, the point is, you are truly an objective consultant in this game. Absolutely. Thank you for asking that because we are a vendor and neutral service provider. So we go and when we walk into the client, we like to hear from the client what their challenges are, right? Where are they trying to be? If they already started the journey where they are, they could be anywhere from an on premises trying to just modernize some aspects of their operational or from the application side, or they should, they could be anywhere in the hybrid cloud. And most of them are hybrid multicloud. So it's not just AWS. It could be Azure, GCP, OCI, in order to our IBM cloud doesn't matter. We go and meet the client there. If they ask us for a point of view, we will provide them once we understand what their objectives and the technology workloads they are having and how they want to do it. Based on that, we can. But if they already started the journey, we are more than happy to partner with them on any of the cloud journeys. And most of them are in the hybrid multicloud, as I said. So we are very well suited to help them. And as I said, we are not a completely an agnostic service provider. Well, if I am an existing business that's seeking to go through digital transformation, I would recognize that there is a lot of power in this idea that you have a history in on-premises IT going back to the sort of DNA from IBM global services. And the reason why I think that's important is because anyone can stand up a new service with nothing existing in one of the hyperscale clouds. It's a whole different proposition when you have decades of legacy infrastructure and processes that need to be massaged and moved over. I wonder, do you, does Kindrel get a lot of mileage out of that or in terms of being able to say, hey, we understand your existing environment because we've been working in this world for decades? Or is the message more, hey, we're super cool cloud kids too? How do you come down on that? Maybe that's a little bit of inside info. No, the reality on the ground basically, not everybody can move all the workloads to cloud. And not all workloads are so good to go to cloud as well. So it is us who need to make sure that we can help our clients make the right choices by doing a rationalization of their workloads and make sure that we understand their business, their end clients, whom they are servicing, their capabilities. And then based on that, we can help them to do both, whether it's just on-premise modernization or help them to take them in a hybrid cloud mode. So the answer is both. Even though we currently manage their environment, doesn't mean that we need to continue to support, but we are moving up the stack to help them to support them in their hybrid cloud journey as well. And not only that, this gives us and capability or an ability to help them in a much more holistic way by looking at their phenops. That's a huge area where people are trying to go into the cloud, or they already started to go into the cloud, but how do they optimize their environment? These are the areas where, and then if you want to modernize some of their operating model, how do we deploy the SRE or the DevSecOps or the DevOps? So we kind of look up all those aspects as people are trying to move into the cloud as well. So we can help them both on-premises, or if they want to modernize much more, we can do it in the hybrid cloud as well. I don't know whether to fully answer your question. Absolutely it does. In fact, Ram, what you and Kindrel are doing is what we at the Cube refer to as having adult conversations about cloud with the clients that you serve. With that, it looks like we're at the end of our time together. I really appreciate the chance to hear about what you're doing and to hear all about Kindrel. From me, Dave Nicholson at the Cube, I'd like to say stay tuned for a continuing coverage of AWS Summit New York 2022 and always stay tuned to the Cube.


Now that we have a few citations, let's verify that the information about each citation is correct. This is important to do because the citation information we polled may still have errors. Technology isn't perfect. If the original citation has an error, then our citation will have an error as well. In Zotero, when we click on a title we have collected, in the middle pane, we will see the information that goes into making the citation on the adjacent pane on the right hand side. We can edit any of this. So if this one is a journal article, but it's listed as a book section, click on the words item type and change it to whatever we need. If the title is incorrect, click on the title text and edit as needed. The same applies to everything else. Note that when there's a drop-down arrow for something like author, we can change what it is. So when we look at this book section, we can say this author is actually the editor, a contributor, etc. When we are done making changes, just click back into the middle pane and the edits will save. Now that we have cleaned up our individual citations, it is a good time to check and see if all our citations are sitting in the correct folders. If we have any items that are not in folders already, they'll be in this unfiled items section. Drag any of those to their proper folders to stay organized. Note that all citations will always be visible in the My Library bucket, whether we have dragged it to a folder or not. At this point, it's useful to sync our Zotero application again to make sure the citation saves both here and in the online backup. Finally, for this video, let's say we want to add a citation from scratch. In Zotero, click the green circle with the plus sign in it above the central title list window. From here, we select the kind of resource we want to cite. Hover over more to see a larger list of item types. Once we select one of these, we can begin to fill out the rest of the information. For instance, if we wanted to cite an interview we conducted with someone, we would select Interview and then enter the necessary information about that interview.