All right, separate traders. Good afternoon and welcome on back here this Monday, October 24th, shortly after 2.30 PM Eastern time. Welcome on back here for our afternoon meeting. Great to see a couple of our new members like Mary Alice joining us here alongside her. Just a few of us rejoining us perhaps inside the live chat board like Chuck and Michael and a few of us otherwise just, hey folks, we have the phase two stock course continuing along this afternoon at 3.05 PM Eastern. So we'll look to have Rich post that link just in the chat board coming up in the next few minutes here. But great to see all of you back here inside the live trading room. Great to see all of us back on the social media, Facebook, live or YouTube. So folks, let's hop right into the thick of it here. Markets are pushing back on up towards the highs. You can see the spy here, making a nice rounded bottom, pushing back up to the previous highs that we had heading into the afternoon here. For right now, KULR is on the chart to begin, on the screen to begin here. You know, hey, heading into this meeting is relatively quiet inside our chat board. I always like to pose the question to our folks here inside the live trading room just to get a little banter, a little conversation. Just, hey, what's everyone watching going into the afternoon meeting? So Mary had wrote, hey, I'm new here, never been here before. I'm watching what you guys are doing. Love that answer, always love that answer. So, hey, KULR is like a stock that's been creeping on up here heading into this afternoon, but hopefully it gains even a little bit more volume, volatility, hopefully it trades more volume per minute heading into the next 90 minutes of the day. So I don't mind putting this on our main watch list here so far to begin. The sound of my notepad right there, KULR. We'll put this on our watch list so far, hopefully it ends up making a push up closer towards the 19 near 20,000 share order on the ask, sitting at 198, you'd also assume at two bucks for that to be a really big level as well. So two, 198, the combination of the two there should be a big level. So with that though, we're gonna put that on our watch list to begin. We have a couple of other stocks that we'll talk about from the gainer side in a moment. Just wanna go over a stock that we'll be talking about inside the phase two course coming up later on today. Hey, good ol' familiar name here, JD.  You know, fell out of our price range for a long time, but I guess over time the China stock's been dropping off just being one of them and a huge gap down on this as with a bunch of the other Chinese stocks from this morning, like NIO and Lee and XPEV and Billy and PDD. I mean, the list goes on. But we traded this stock a long while back for any of our long time students here, like Phil or Lita, Glenn, you folks remember this stock, JD. I was never a big fan of this stock at all. I was never a big fan of it. I'm still really not, but I'll tell you what, it's volatile and that's what we care about here. It's volatile and it's the liquid most importantly. So this stock is trading really good volume. We are calling it out right off the opening print right off of the 35.74 price. And it's something that I'm still in right now. I'm looking for this to make a move up closer towards 36.60 and we'll see what happens at that point. But JD, at least we'll put on our main watch list here heading into the close. If anyone's a baseball fan here, kind of reminds me of like the New York Mets, I don't know. All right, let's see what we have from top to bottom here otherwise. We'll go from the gainers to the losers list right now. See what else we could add to our watch list here. My Yankees fan, PCVX about time, this thing starts to fall off. This has just been a nightmare from the morning. You know what, I thought I'd check the news that on this stock and if it was a buyout then that'd be really a rookie move on my end to even like brush that off. No, it's not yet, no, this isn't a buyout. It looks like a buyout at least at this point in hindsight with how flat it is. But I think this is phase one slash two study news. All right, well, you would have expected a lot bigger of a move up after the market opened. And with that, I mean, I didn't trade this at all. Thankfully, I didn't get my hands stuck in this mess but it looks really choppy from the morning. It's been holding under 35 for right now. I've been waiting for this like plummet here heading into the afternoon. It really hasn't plummeted yet. It's just been holding under resistance.  There we go, there's Leda, one of our long-time students here. Let's see what else we have here though. A couple of cheapies here on the gainer side like AGTC, MULN. MULN we're really familiar with back from I think the end of last year heading into this year. I get my days mixed up but we ended up trading this stock. It's an automotive stock here. You could see from this big squeeze up here over time. And I think they've done a reverse split in the past two. But nonetheless though, I mean it's fallen kind of out of our price range in terms of being too inexpensive for us normally for us to focus on day-to-day. I guess it was a big today but just pulled back recently here. Not a whole lot happening to it right now so far, the MOTS trade-off too. Maybe this could be the point where it can make that big bounce but if you were hoping for that from earlier this morning. I mean, ended up holding off 217 nicely really well but ended up snapping below that as support. That should be a resistance right now going forward. Ooh, look what we got here. Sober, familiar name. Another big pop on this stock. Is it a real pop or is it a fake pop? Is this gonna pull back down and that's it? Or does this have legs? Does this have the ability to make a move like we were expecting the JD trade to make its move? So, with this stock, I mean hey, it's almost like building a bit of a Fausto flag even here right now. At least the top roughly off that 367, 368. Put this on our list. Stocks always had some news out recently so just check Benzinga Pro really quickly, the news feed. Yeah, I got no news since Friday the 21st. So, I mean, maybe something will come out pretty shortly from now. It's a pretty interesting pop though from like 330ish up to 370, 40 cent move trading a ton of volume here. I'll take it. Why not? I mean, you don't need to have a news headline out in order for a stock to make a big move for us to capitalize on, but I mean, you'd rather have it, right? You'd rather it's better to have it than to not, but even if there's no news out on it, we've seen the stock trade in the past. It looks very static-y as far as a swing, but as far as a day trade, it's done us really well on the way up. Just be careful once the volume begins to peak and then drop off. I mean, kind of like it's had here. You know, if it fails to really break higher here, I could see it pulling back closer. It's like a 340 maybe or a 345. All right, not a bad one though for right now. What else do we have here? KSPN, KSPN had a really nice move from the morning. Unfortunately now, I haven't checked on this trade in quite some time. So, you know, ended up making a great move from the morning. Like I had said, bounce from like 135, topped off right around 168, 167 there. But man, geez. Take your eyes off the stock for even like 10 minutes. You don't realize how far I can like tank and pull back. Snapchat trying to, you know, recover from the tank job it had from the end of last week and not making a nice pop and run early this morning with the market. Huge shake down. Geez, what was this? I think that Rich gave me a little intel on this one. So I think this has to do with perhaps the US banning TikTok. I have, listen, I think one Snapchat came out, that was a little beyond my self at least, a couple of my friends and new family members, you know, they do TikTok or they do a Snapchat. But now at TikTok out, that's like the next generation.  So, you know, I think the news out at least is that the US is potentially considering banning TikTok, probably for some security measure, but nonetheless, huge drop off shortly after one o'clock Eastern time on Snapchat. Let me just check out Twitter here otherwise and like meta. Okay, little pop. I mean, this didn't really drop too much. So this could have benefited pretty nicely. You know, it's Snapchat's owned by Facebook, I think. Facebook with the big drop. And I think that Facebook potentially, and then this is where I don't wanna talk out of pocket, but Facebook potentially owning or looking to own TikTok too, I don't know. But nonetheless, I mean, big drop on Snapchat and it's been recovering pretty nicely since. So for right now, you know, getting back to our watch list here, I don't mind putting Snapchat on our main watch list with hopes to seeing this make higher lows and continue to try and fill the gap it had from the daily chart back from Thursday into Friday last week. All right, nice big old move back up from my JD trade. There we go. Ah, Mara made a nice move up today, which I did not jump in on. So I was in on this a week ago or a week and a half ago as a swing trade. Did pretty good on it, but you know, I'd said, you know, there's a good chance that we could see the markets continue to push up coming up here over time, but I wanted to stay away because I do think that we'll end up seeing a sharper pullback over time and just a little uncertainty on when that was gonna be. So I ended up getting like a dollar and 20 cents on it or so, nice move, but ended up making a pretty strong move up today. But more importantly, ended up holding the critical level I was watching from my exit on the swing trade last week. That was right off the 1150 level. So boom, ended up holding that beautifully as support. The market's pushed up and this benefited from it very nicely. I don't really even think crypto moved up too much. You know, with that Mara is really outperforming everything so far. So as far as a day trade here, hey, well, hey, if you've been a long time student of CTU inside our live trading room at least from the last couple of years, you know my stance on these crypto stocks at this very time of the day, even with them up as much as they are and at the highs, these have always been teases for the afternoon. It looks so good right here, right? It's at the highs, double top. If we could break it here, it could potentially fly. I mean, yeah, I mean, it would be great. And I'll put it on our list here, but we'll check back in the stock in 24 hours from now. See if I have a little egg on my face or if I was right. But I'd be more reluctant than anything to trade this just because it's gonna be a tease, I feel. It's not gonna give you that big dollar, $2 pop and run that you would hope for. I think that normally any other stock would have the chance to really make the continued push up higher like this, this type of trend off the highs here, especially with where it is right now. So that's what we teach in the phase two stock course. That's what Fausto definitely covers in the phase three live trading course that he does. And he'll be doing that at least next week for all of us here live. But Mara, we'll put this on our list. We'll see if this ends up making the big pop that we would all hope to see, but evidence says otherwise, normally. All right, Novavax, this is up big here too. This has done us really well as far as a day trade. So it looks like once again, it ended up making a nice pop and a very volatile shape back down, mind you. Geez, ended up making like a dollar and a half move up if not more, and then came back down most of the way through then retraced and made the higher high later on. So this is a great stock to day trade. Not to say swing trade, because hey, perhaps it could swing higher over time, but I'm just saying strictly as a day trade for right now, this stock has been one to keep on your side list day over day. Might not trade like a lot of activity early in pre-market though. That's the only thing. So that's more of an insinuation that we're gonna continue to see strong volume on the stock throughout the next week or so, but Novavax, I mean here, it looks a little slow across the afternoon, but from the morning, I mean, that's where I was saying, it ended up making a great move from the morning, keeping in mind tomorrow morning, at least that JD trade getting awfully close to my exit, which I'd be very content with. All right, let's hop over to the loser's side right now. Let's see if there's anything looking just as good, if not better, and I don't think this is looking good, but holy smokes, TCDA, I mean, for a stock down 94%, you would figure that there'd be some formal bounce, some sort of bounce, give me a little something, nothing, nada. That's where I was saying on the mic earlier with Fausto in the audio broadcast that we did, just because this stock is cheap, doesn't mean that you should be trading 5,000 shares. If you don't know how to manage a 5,000 share position as it's on a false breakout and comes down twice as hard as you thought it was gonna move up, that's not gonna be too, that's not gonna look too good, right?  Little free game for right now, but we'll talk a lot more about this in the phase two course on Wednesday, but a stock like ARDX, I remember this like the back of my hand where it ended up gapping down on this one week, it was a given morning, but this week it was a gap down on a morning and it never came back, has it? Not even close, it ended up dropping off for like a number of months after, popped up here and then drop it, you don't wanna be stuck holding onto that TCDA expecting that dead cap bounce just because it's down 94%, doesn't mean it's guaranteed to do anything. All right, that was my event of the day there. Let's see what else we got here for right now. A couple of other Chinese stocks making a nice little squeeze, could have some good volatility to it, like the JD trade, PDD, it's trying, but I feel like JD's making a sharper move up. Look at that, now you squeeze up right on up to my next fib level for right now, we're gonna talk a lot about this trade coming up in the class ahead at three o'clock, but we'll continue our conversation a bit at least with indicators and VWAP and what happened to this trade ultimately throughout the day. I was on a coaching call with one of our students, Nina, and we wrote it in the chat board saying, I'm looking for this to hold over the opening print, ended up doing just that, but as far as a historical level to follow on the stock, this could turn into a short swing trade, a short term swing trade. So, we'll see what the market does here heading into the close. A lot of the Chinese stocks gapped down early this morning and a lot of them are really coming back, but this seems to be one of the stronger ones and I feel good at least with the level I was looking to get out on as far as a day trade, but I wrote it earlier in the chat board, I was saying, I'm thinking about turning this a small amount of shares into a swing. So perhaps we'll even shed light on that at least in the phase two course later on today. As far as the swing, I don't know if I'll use this as the example, but keep in mind later on this week, at the end of this week on Friday, the 28th, we're gonna be continuing the swing trading pro course coming up lesson number two. We're gonna be talking all about risk management. So, I don't know if we'll look to use this as an example, we'll see if I even swing it, but for right now as a day trade, it's looking pretty good. It came three pennies away from closing me out. I had a stop set at 59 or limit sell at 59. So hopefully this doesn't tank from here. I don't wanna have this drop on me now as I conclude this meeting, but let's see if there's anything else looking just as good folks from the loser's side, otherwise PDD, I'm not fully vested in. It's more expensive than JD and it's not making as good of a move. Opportunity there, right? Opportunity cost. LI, it's cheaper, but it's super flat. NEO, my favorite stock, super flat. Billy is trying to creep up there a little bit. Higher lows, a little trend up for right now. I don't mind that, but let's see if there's anything moving even a little faster. TAL, it's like kind of, well no, it's still got a ways to go. The high of the day is off 351, so it's not at the highs really for right now. The JD trade is at the regular session highs. So for right now, at least that looks a lot stronger. Expev, not a whole lot happening there. All right, well I'll tell you what folks, we got a decent list for right now and some stocks that we're pretty familiar with. Snapchat, Mara, couple of our longtime students, JD, right? Novavax, maybe I'll jump back to it. So I might go make a comment on that as I was going through it. It's not far off from the highs. Now it's holding there pretty well. It's up over 5%. We're not really at an excess of stocks on our watch list for right now, right? All right, so we'll slip NVACs on on the back end. Intel going anywhere asks Leda, I mean, huge volume spike.  I mean, if anything I'd rather, honestly I'd rather follow just the sector as a whole like SOXL because Intel will likely follow that pretty nicely. AMD, that's at the highs. That looks pretty strong. So I had this whole sector on our watch list on the afternoon meeting back from last week on Thursday or Friday, I think it was. That includes NVIDIA, AMD, Micron, Intel, all of those. So they look strong for right now. Put them on your side list, I'd say otherwise. What's up with NEO? Not a whole lot, Andre. Not a whole lot is up with NEO right now and I told you folks. I told you folks with this NEO trade, you don't want to fall in love with the stock over and over, right? And I was saying that myself, I lead by example here. Hey, NEO is a great drop off from this morning. It's doing jack right now. It's not doing anything. And the cheaper this gets, it's gonna become more liquid to liquid. Hey, look what happened to our friend Sofi. It's a slug. Look what happened to our friend Palantir. Slow. The cheaper American Airlines gets over time as it did back during the pandemic at least. Well, it'll become slower. It's a very liquid trade. So definitely seem to be set on NEO. If you look back historically and speaking of which, we'll talk about historical charting coming up later on in about 15 minutes within the phase two stock course. But in terms of historic with NEO, as it was like a two, three-dollar stock, I recall this being a really liquid, slow, non-worth-while stock. So the more this drops over time here, it's only gonna become that. Gotta find me a new favorite stock, that's for sure. All right, so folks, let me know if there's any details otherwise up, down, left, right, more than 5%. Let's just check social media YouTube live for right now. Francia saying she's a Phillies fan. Well, congratulations. Very nice for a Phillie to go to the World Series. Hopefully you kick Houston's butt. Bunch of cheaters. Bunch of cheaters. All right, Mijia saying AA, if Mark can keep pushing up. Nah, not at all. This thing's not looking. This is not looking really too enticing whatsoever. It's a $39 stock. So it's like, how much can you really expect out of this trade? It's not really moving too well right now. If I put this on our list, I'd have to put 30 different stocks on our list otherwise, right? We gotta be picky and choosy. Andres is anybody but Houston. All right, before I start a small little war here inside our chat board, I think we're gonna call it. Hey folks, keep in mind one last time is if I didn't say it enough here in this meeting, we have the phase two stock course continuing later on today in about 12 or 13 minutes right now. I look forward to it. Brand new class that I'll be teaching for the first time, historical charting. So, you know, for any of our trial members, if you have any questions pertaining to our education, our curriculum, just make sure that you speak to your education advisor. They're your main point of contact here at CTU. They're kind of like the middle person between you and Fausto, you and myself, for any of our students here otherwise. If you're not joining me in class, best of luck trading going into the market close. Any questions that you folks may have, feel more than free to send it over through email. Especially for traders talk tomorrow. That's our weekly workshop. But again, Josh at ctutrading.com that applies for all of a sudden social media as well, Facebook, live YouTube. At least any questions that you folks have, send it over through email and let me know otherwise. All right folks, but otherwise folks, I look forward to all this just joining me in class later on in a bit. Take care. Come a cyber group member today. 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Hello, and welcome to the session. This is Professor Farhad. In this session, we're gonna be starting an introductory course in financial accounting. And in this topic, we're gonna look at, what is accounting? You know what accounting is. And who are the users of accounting information? Once again, this topic is covered in a financial accounting. And also it's helpful if you're studying for your CPA exam, here we are talking about the basics. So if you're starting, this is as basic information as it gets. So 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 over 1,600 plus accounting, auditing, finance and tax lecture. I have managerial accounting, cost accounting, intermediate accounting, income tax, governmental auditing. I have all sorts of courses. So if you're an accounting student, please let your classmate knows about this. Like my videos, share the videos, put them in playlist. If you're benefiting from my videos, it means other people might benefit as well. On my website, you'll have additional resources such as true, false, multiple choice, PowerPoint slides. If you're studying for your CPA exam, 2,000 plus CPA questions. I have a list of courses over 12 courses, different courses covering various accounting topics. So what is accounting? Accounting is a system that does three things in a nutshell. It identifies, records and communicate financial information to certain users. And we're gonna talk about who are these users and what do they use the information for. So let's start with the term identify. What does it mean identify? It means if something happened, if a transaction, if an event happens, the accounting system capture it. Like take a picture of it, capture the event. For example, Walmart sells a pair of shoes. This is a transaction. It's a sale transaction. They sell it and they either received cash or they sold it on credit. So that's an event. The next thing we do is we're going to record this event. We're gonna record this event. Now for a place like Walmart and most business places, they capture the transaction by scanning the item. Once you scan the item, once you sell it at the register, it captures the transaction. It automatically record that you made a sale for $30. So in those sales are kept in a chronological order, chronological means by time, and they are also organized by group. For example, all the sales together, all the purchases together, all the purchase returns together, so on and so forth. But we have some sort of an input. So we have to log in the transaction, but most of the time it's logged in automatically by a computer system. Then we're gonna have to communicate the information. What does it mean communicate? We're gonna have to prepare, analyze and interpret reports that's gonna help the users make a better decision. Now think about Walmart. How many sale you think they make per day or per hour? Thousands, if not millions of transactions per day, if not per hour. So what we're gonna have to do, we're gonna have to make sense of all of this. How do you make sense of all of this? We're gonna have to prepare financial statements. We have to prepare reports that's gonna communicate this information that's gonna talk about the information in a way that makes sense to the users. For example, here, let's assume those are the managers. They don't have to be the managers. Users can be, anyone will talk about the users shortly. But the point is we have to prepare reports. So we have to prepare what's called financial statements and that's something we're gonna have to learn about in this course. Now, why do we prepare reports? Because the users, and we'll talk about the users in the next slide, they need to make a decision. How do they make a decision? They rely on us, on accounting people because accounting is the language of business. It tells them what's going on. What is the total sales? What's total purchases? Is sales increasing? Is sales decreasing? And here we're talking about sales only but we can't keep track of any and every single transaction or account in the company. So simply put, accounting is an information and measurement system that identifies, records and communicate an organization business activity to users. Again, important is to users. And we're gonna talk about those users on the next slide. Now, users of accounting information. Accounting is the language of business because all organizations set up accounting information system to communicate data to help people make better decision. Well, let me tell you something about accounting. Accounting, it's not only the language of business. Accounting is the oxygen of the business. Without accounting, we will not have large companies. Without accounting, we will not have Microsoft. We will not have Googles. We will not have the apples of the world. You might be asking why? Here's why. People with ideas, Bill Gates, as an example, the founder of Microsoft or Steve Jobs, often time don't have the money to expand their idea. So when Bill Gates found his company in his garage, that's great. It's a great idea but Bill Gates cannot expand without the money. So Bill Gates need to have access to the money people with money. Now people with money, they need to know, they need to learn about the business. Now, to learn about the business, there's only one language and that's the accounting language. So that's why we called accounting as the language of business because people with money, people on Wall Street, investors, the only way they can find out what's going on at your company is if you prepare for them, prepare properly accounting reports, proper accounting reports. So that's why the accounting is the language. That's how you communicate. It doesn't matter who you are. As long as you prepare an income statement for me, as long as you properly prepare an income statement, as long as you properly prepare a balance sheet, I can read what's going on at your company because accounting is that language. And that's what happened when we have accounting, it breaks that barrier between people with money and people with ideas and this is how the economy grows and all these companies grow larger and larger because they need the fund to expand and accounting is the oil of the economy, is the oxygen of the stock market, the oxygen of capital raising, okay? So, but we're gonna break the users into two groups because we always talk about users but we're gonna break users into two groups. We have external users and we have internal users. Obviously external, external to the company, internal is internal to the company. And we need to talk about those two users a little bit further, okay? Who are the external users? Here's a list of them, lenders, external auditors, shareholders, board of directors, regulators. But I'm gonna focus on two groups. I'm gonna focus on lenders and I'm gonna focus on shareholders. So when we prepare accounting information, frankly, we are focusing, we are targeting those two groups, lenders and shareholders. Why? Why? Because lenders lend you money, shareholders invest, invest money. So both of these groups, they provide what we call capital. They are capital providers. And this is important because without those capital providers, we can't survive as a business. Therefore, accounting information mainly target those two groups to be more specific when we say external users. For external users, we prepare financial accounting report or for short financial accounting, financial accounting. Also external auditors might be interested, not might be interested external auditor use those reports, board of directors use those reports, regulators, government agencies use those reports. But when we prepare the reports we're mainly targeting lenders and shareholders in a sense we are trying to give them as much information as possible. Now the discipline of external users is called the discipline is called financial accounting and most likely the course that you are taken right now is called financial accounting. And this is what we do is we prepare financial accounting reports for external users. For internal users who are the internal users, people who are inside the company are ND managers, research and development managers, purchasing managers, human resource managers, marketing managers, production managers. So notice all of those, they have the word manager or something internal to the company. Now, can you be an external and internal at the same time? Sure you can. You can be the marketing manager and you can own some stocks, okay? It doesn't, you are an external and an internal but the point here will try to separate them to make the point. Now, the reports that you prepare for internal users is called, the discipline is called managerial accounting versus financial accounting. Now, for managerial accounting, most likely if you are a business students or if you are an accounting students, so you'll take financial accounting first as a course and you'll take managerial accounting. So there's, it has its own discipline. So managerial accounting is a discipline of preparing reports for users, for internal users to make better decisions but those users are internal to the company. For example, the R and D, they want to know how much money they can get from the budget, from the annual budget. You know, they have to prepare a report showing their expenses, showing their expenditure, how much money they need in order to develop that new drug. Purchasing managers, the same thing. They want to know how much, what was our total sales for specific product? Then they need to know what to buy if we are a manufacturing company, they need to know how much you are producing so they can buy raw material. Human resource managers, they want to know how many employees that we need and they need to scan the market to find out how much we should pay so that they use this information for internal decision makings. So very important to differentiate between those two groups, they're both users of accounting information. One is considered external, one is considered internal. Now, this is not a comprehensive list for both but remember, anyone that's inside the company, we call them internal users outside the company external users. Now let's take a look at this exercise to illustrate the concept of internal and external users. Identify the following questions as most likely to be asked by internal or external user of accounting. So who would be asking this question? Is it an internal user or an external user to the company? Which inventory item are out of stock? Do you think that an external or an internal? I would say that's an internal. A manager might be asking about this or a supervisor in a certain department. Should we make a five year loan to that business? Who make loans to the business? Bankers, lenders, creditors, those are external users to the company because they are outside the company. What are the costs of our product ingredient? Who'd be interested in this? The production manager, the production supervisor, the general manager for that division. So that's an internal user. Should we buy, hold, or sell a company stocks? Well, that's an external. That's the investors or potential investors. Those are external. Now they could be internal, but to make our life easier, we're gonna consider them external. Should we spend additional money for the redesign of the product? Who might say something like this? Maybe the head of R&D, maybe the head of engineering, okay? Maybe the production manager, those are internal users. Which firm reports the highest sales and income? Now notice, we're looking at which firm reports the highest sales and income. If we're looking at different companies as investors, that's an external user. Now, if we're assuming the firm is a division within a company that will be an internal users, but here we're gonna consider an investor as asking this, which firm report the highest sales and income because we might wanna invest in them. What are the costs of our services to customer? How much does it cost to serve one customer? Well, that's a budgeting, budget budgeting decision within the company. Those are internal users, internal users. P, identify the following users as either internal or external. R&D executives, well, that's an internal because research and development help the company create new product. Human resources executive, same thing, internal. They help hire, train, fire, people. Politicians, well, those are external users. They have nothing to do with the company. They look at the company and they use the information for their own political end but they're not internal users. Shareholders and important external users. Shareholders are the investors, are the people that give money to the company to invest and grow. Distribution managers, manager, internal, people who work for the company. Creditors are like shareholders. They provide capital but they lend money. Those are external. They give you the money that you expect to give it back to them. Now, shareholders expect to get a profit, they expect to get a profit from the company. Creditors, they expect interest. They expect interest payment plus they expect their money back as well. Production supervisor, well, guess what? Those are internal. They are supervising the process. Purchasing manager, manager works at the company, internal. They want to be, they are interested in how much we need to buy in order to produce or in order to sell what we need to sell. So very important to understand the difference. In the next session, we would look at additional resources. As always, I would like to remind you to go to my website if you are an accounting students and you want additional resources, you can subscribe, yeah, there's additional practices. Good luck, study hard accounting is a rewarding career but you have to work hard. It's a challenging because it's rewarding. It's difficult if it was easy and everyone will be an accounting students.