{"url_path":"/sec/lrhc/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-04","source_url":"https://www.sec.gov/Archives/edgar/data/1879403/0001213900-26-065276-index.html","accession_number":"0001213900-26-065276","cik":"0001879403","ticker":"LRHC","issuer_name":"La Rosa Holdings Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1879403/0001213900-26-065276-index.html","primary_entity_key":"0001879403","primary_entity_name":"La Rosa Holdings Corp."},"word_count":3678,"has_tables":true,"body_markdown":"**UNITED\nSTATES**\n\n**SECURITIES\nAND EXCHANGE COMMISSION**\n\n**WASHINGTON**,\n**D**.**C**. **20549**\n\n \n\n**FORM\n10-K**\n\n \n\n☒\nANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\n**For\nthe Fiscal Year Ended December 31, 2025**\n\n** **\n\n☐\nTRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor\nthe transition period from ______ until ______\n\n \n\n**Commission\nFile Number: 001-41588**\n\n** **\n\n**LA\nROSA HOLDINGS CORP**.\n\n(Exact\nname of Registrant as specified in its charter)\n\n \n\n**Nevada**   **87-1641189**\n\n(State or other jurisdiction of   (I.R.S. Employer\n\nincorporation or organization)   Identification No.)\n\n     \n\n**1420 Celebration Blvd., 2nd floor Celebration, Florida**   **34747**\n\n(Address of principal executive offices)   (Zip Code)\n\n \n\nRegistrant’s\ntelephone number, including area code (321) 250-1799\n\n \n\nSecurities\nregistered under Section 12(b) of the Act:\n\n \n\n**Title of each class:**   **Trading Symbol(s)**   **Name of each exchange on which registered:**\n\nCommon Stock   LRHC   The Nasdaq Stock Market LLC\n\n \n\nSecurities\nregistered pursuant to Section 12(g) of the Act: None\n\n \n\nIndicate\nby check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n \n\nYes ☐ No ☒  \n\n \n\nIndicate\nby check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\n\n \n\nYes ☐ No ☒  \n\n \n\nIndicate\nby check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has\nbeen subject to such filing requirements for the past 90 days.\n\n \n\nYes ☐ No ☒  \n\n \n\nIndicate\nby check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant\nwas required to submit such files).\n\n \n\nYes ☒ No ☐  \n\n \n\nIndicate\nby check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting\ncompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐ Accelerated filer ☐\n\nNon-accelerated filer ☒ Smaller reporting company ☒\n\n    Emerging growth company ☒\n\n \n\nIf\nan emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate\nby check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness\nof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered\npublic accounting firm that prepared or issued its audit report. ☐\n\n \n\nIf\nsecurities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant\nincluded in the filing reflect the correction of an error to previously issued financial statements. ☒\n\n \n\nIndicate\nby check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation\nreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate\nby check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n \n\nYes ☐ No ☒  \n\n \n\nThe aggregate market value\nof voting and non-voting common equity held by non-affiliates of the Registrant on June 30, 2025 (the last business day of the Registrant’s\nmost recently completed second quarter) was approximately $7,610,490, which is based on a closing price of $1,044.00 per share of common\nstock on such date (as adjusted for 1-for-80 reverse stock split effected on July 7, 2025, 1-for-10 reverse stock splits effected on January\n26, 2026 and April 20, 2026).\n\n \n\nAs\nof June 3, 2026, the Registrant had 1,616,081 shares of common stock, par value $0.0001 per share, issued and\noutstanding.\n\n \n\n**DOCUMENTS\nINCORPORATED BY REFERENCE**\n\n** **\n\nNone.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**TABLE\nOF CONTENTS**\n\n \n\n \n**PAGE** \n\n**PART\nI**\n**1**\n\n \n \n\n[Item\n1. Business](#a_002)\n**1**\n\n[Item\n1A. Risk Factors](#a_003)\n**21**\n\n[Item\n1B. Unresolved Staff Comments](#a_004)\n**46**\n\n[Item\n1C. Cybersecurity](#a_005)\n**47**\n\n[Item\n2. Properties](#a_006)\n**47**\n\n[Item\n3. Legal Proceedings](#a_007)\n**48**\n\n[Item\n4. Mine Safety Disclosures](#a_008)\n**48**\n\n \n \n\n**PART\nII**\n**49**\n\n \n \n\n[Item\n5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#a_010)\n**49**\n\n[Item\n6. [Reserved]](#a_011)\n**50**\n\n[Item\n7. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_012)\n**50**\n\n[Item\n7A. Quantitative and Qualitative Disclosures About Market Risk](#a_013)\n**59**\n\n[Item\n8. Financial Statements and Supplementary Data](#a_015)\n**F-1**\n\n[Item\n9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_016)\n**60**\n\n[Item\n9A. Controls and Procedures](#a_017)\n**60**\n\n[Item\n9B. Other Information](#a_018)\n**61**\n\n[Item\n9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a_019)\n**61**\n\n \n \n\n**PART\nIII**\n**62**\n\n \n \n\n[Item\n10. Directors, Executive Officers, and Corporate Governance](#a_021)\n**62**\n\n[Item\n11. Executive Compensation.](#a_022)\n**71**\n\n[Item\n12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a_023)\n**85**\n\n[Item\n13. Certain Relationships and Related Transactions, and Director Independence](#a_024)\n**86**\n\n[Item\n14. Principal Accountant Fees and Services](#a_025)\n**87**\n\n \n \n\n**PART\nIV**\n**88**\n\n \n \n\n[Item\n15. Exhibits and Financial Statement Schedules](#a_027)\n**88**\n\n[Item\n16. Form 10-K Summary](#a_028)\n**97**\n\n \n \n\n**SIGNATURES**\n**98**\n\n \n\nIn\nthis Annual Report on Form 10-K, unless otherwise stated or as the context otherwise requires, references to “La Rosa Holdings\nCorp.,” the “Company,” the “Issuer,” the “Registrant,” the “LRHC,” “La Rosa,”\n“we,” “us,” “our” and similar references refer to La Rosa Holdings Corp., a Nevada corporation. Our\nlogo and other trademarks or service marks of the Company appearing in this Annual Report on Form 10-K are the property of La Rosa Holdings\nCorp. or its subsidiaries. This Annual Report on Form 10-K also contains registered marks, trademarks, and trade names of other companies.\nAll other trademarks, registered marks, and trade names appearing in this Annual Report on Form 10-K are the property of their respective\nholders.\n\n \n\nUnless\nnoted otherwise, all share and the price per share information for all periods presented in this Annual Report on Form 10-K have been\nretroactively adjusted for the reverse stock split of our issued and outstanding common stock, $0.0001 par value per share (the “Common\nStock”) at a ratio of 1-for-80, which became effective as of July 7, 2025, and for the reverse stock splits of our issued and outstanding\nCommon Stock at a ratio of 1-for-10, which became effective as of January 26, 2026 and on April 20, 2026.\n\n \n\ni\n\n \n\n \n\n**EXPLANATORY\nNOTE**\n\n  \n\nWe\nare filing this comprehensive Annual Report on Form 10-K for the fiscal years ended December 31, 2025 and 2024 (“Comprehensive\nForm 10-K”). This Comprehensive Form 10-K contains our audited financial statements for the fiscal year ended December 31, 2025,\nas well as restatements of the following previously filed financial statements: (i) audited consolidated financial statements as of and\nfor the fiscal year ended December 31, 2024, originally included in our Annual Report on Form 10-K for the fiscal year ended December\n31, 2024 (the “2024 10-K”), (ii) unaudited condensed consolidated financial statements for the quarterly and year-to-date\nperiods ended March 31, 2024 through September 30, 2024, originally included in our Quarterly Reports on Form 10-Q for the periods ended\nMarch 31, 2024, June 30, 2024 and September 30, 2024 (collectively, the “2024 Form 10-Qs”) and (iii) unaudited condensed\nconsolidated financial statements for the quarterly and year-to-date periods ended March 31, 2025 through September 30, 2025, originally\nincluded in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025 (collectively,\nthe “2025 Form 10-Qs”) and together with the 2024 Form 10-Qs and the 2024 10-K, the “Prior Financial Statements”.\n\n \n\n**Restatement\nBackground**\n\n \n\nAs\npreviously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on April\n24, 2026 and amended in our Current Report on Form 8-K/A filed with the SEC on May 1, 2026, in connection with the preparation of our\nconsolidated financial statements for the fiscal year ended December 31, 2025, the Audit Committee (the “Audit Committee”)\nof our Board of Directors (the “Board” or the “Board of Directors”), concluded that corrections are required\nto revenues and cost of revenue recognition in the Prior Financial Statements, and such financial statements should be restated accordingly.\n\n \n\nDuring\nthe preparation of the 2025 consolidated financial statements, the Company identified that certain property management fee revenue, inclusive\nof tenant rent revenues, were incorrectly recorded on a gross basis for the year ended December 31, 2024. Upon review of the underlying\ncontractual arrangements and evaluation under Accounting Standards Codification (“ASC”) 606, *Revenue from Contracts with\nCustomers*, the Company concluded that La Rosa Property Management, LLC (“LRPM”) acted as an agent rather than as a principal\nfor these arrangements. Accordingly, revenue should be presented on a net basis reflecting only the fee retained by LRPM. Originally\nreported gross property management fee revenue of $11.1 million was adjusted to approximately $349 thousand for the year ended December\n31, 2024, with a corresponding reduction to cost of sales. The adjustment had no impact on gross profit, operating income, net income,\nequity, or cash flows, but significantly impacted the presentation of top-line revenue.\n\n \n\n**Restatement\nOverview**\n\n** **\n\nOther\nsections impacted by the restatement of the Prior Financial Statements are:\n\n \n\n \n●\nPart\nI, Item 1A. Risk Factors\n\n \n \n \n\n \n●\nPart\nII, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations\n\n \n \n \n\n \n●\nPart\nII, Item 8. Financial Statements and Supplementary Data\n\n \n \n \n\n \n●\nPart\nII, Item 9A. Controls and Procedures\n\n \n\nWe\nhave not filed, and do not intend to file, amendments to the previously filed 2025 Form 10-Qs, or 2024 Form 10-Qs, nor the previously\nfiled 2024 10-K. Accordingly, investors should rely only on the financial information and other disclosures regarding the restated periods\nin this Comprehensive Form 10-K or in future filings with the SEC (as applicable), and not on any previously issued or filed reports,\nearnings releases or similar communications relating to these periods.\n\n \n\nRefer\nto Note 2 – Restatement of Previously Issued Consolidated Financial Statements and Note 3 – Restatement of Previously Issued\nUnaudited Interim Condensed Consolidated Financial Statements in the accompanying consolidated financial statements included in Part\nII, Item 8 for additional information.\n\n \n\n**Internal\nControl Considerations**\n\n** **\n\nIn\nconnection with the adjustment to Prior Financial Statements, the Company has evaluated its disclosure controls and procedures and internal\ncontrol over financial reporting as of December 31, 2025. As a result of that assessment, management has concluded that a material weakness\nexisted as of December 31, 2025 as follows:\n\n \n\nThe\nCompany did not maintain effective controls over the revenue recognition of certain property management fees. Upon review of the underlying\ncontractual arrangements and evaluation under ASC 606, Revenue from Contracts with Customers, the Company concluded that it acted as\nan agent rather than as a principal for these arrangements. This material weakness resulted in the restatement of the Company’s\nconsolidated financial statements for the year ended December 31, 2024, as well as its unaudited condensed consolidated financial statements\nfor each quarterly and year-to-date period included in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, June\n30, 2024, September 30, 2024, March 31, 2025, June 30, 2025 and September 30, 2025.\n\n \n\nFor\na discussion of management’s consideration of disclosure controls and procedures, internal controls over financial reporting, and\nthe material weaknesses identified, see Part II, Item 9A.\n\n \n\nii\n\n \n\n \n\n**Cautionary\nNote Regarding Forward-Looking Statements and Industry Data**\n\n** **\n\nThis\nComprehensive Form 10-K, in particular, Part II Item 7 “*Management’s Discussion and Analysis of Financial Condition and\nResults of Operations*,” contains certain “forward-looking statements” within the meaning of Section 27A of the\nSecurities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended\n(the “Exchange Act”). These forward-looking statements represent our expectations, beliefs, intentions, or strategies concerning\nfuture events, including, but not limited to, any statements regarding our assumptions about financial performance; the continuation\nof historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes\nin accounting policies on our results of operations, financial condition or cash flows; timing and the likelihood of success of various\nactivities; anticipated problems and our plans for future operations; projected costs, prospects, plans, and objectives of our management;\nand the economy in general or the future of the industry in which we operate, all of which were subject to various risks and uncertainties.\n\n \n\nWhen\nused in this Comprehensive Form 10-K and other reports, statements, and information we have filed with the SEC, in our press releases,\npresentations to securities analysts or investors, in oral statements made by or with the approval of an executive officer, the words\nor phrases “believes,” “may,” “will,” “expects,” “should,” “continue,”\n“anticipates,” “intends,” “aims,” “will likely result,” “estimates,” “projects”\nor similar expressions and variations thereof are intended to identify such forward-looking statements. However, any statements contained\nin this Comprehensive Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements. These statements\nare only predictions. All forward-looking statements included in this Comprehensive Form 10-K are based on information available to us\non the date hereof, and we assume no obligation to update any such forward-looking statements. Any or all of our forward-looking statements\nin this document may turn out to be wrong. Actual events or results may differ materially. Our forward-looking statements can be affected\nby inaccurate assumptions we might make or by known or unknown risks, uncertainties, and other factors.\n\n \n\nThis\nComprehensive Form 10-K also contains estimates, projections, and other information concerning our industry, our business, and particular\nmarkets, including data regarding the estimated size of those markets. Information that is based on estimates, forecasts, projections,\nmarket research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially\nfrom events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business,\nmarket, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties,\nindustry, general publications, government data, and similar sources.\n\n \n\niii\n\n \n\n \n\nSUMMARY** **OF** **RISK** **FACTORS\n\n \n\nOur\nbusiness is subject to numerous risks and uncertainties, any one of which could materially adversely affect our results of operations,\nfinancial condition or business. The following is a summary of the principal risks described below in Part I, Item 1A “Risk Factors”\nin this Comprehensive Form 10-K. We believe that the risks described in the “Risk Factors” section are material to our stockholders\nand investors, but other factors not presently known to us or that we currently believe are immaterial may also adversely affect us.\nThe following summary should not be considered an exhaustive summary of the material risks facing us, and it should be read in conjunction\nwith the “Risk Factors” section and the other information contained in this Comprehensive Form 10-K.\n\n \n\nRisks Related\nto Our Business and Operations\n\n \n\n \n●\nOur\nindependent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about\nour ability to continue as a “going concern.”\n\n \n\n \n●\nWe\nhave a limited operating history with financial results that may not be indicative of future performance, and our revenue growth\nrate is likely to slow down as our business matures and may slow down due to the recent antitrust litigation.\n\n \n\n \n●\nImpairment\nof goodwill and intangible assets may adversely impact future results of operations.\n\n \n\n \n●\nIf\nwe fail to raise additional capital, our ability to implement our business model and strategy could be compromised.\n\n \n\n \n●\nThe\nresidential real estate market is cyclical, and we can be negatively impacted by downturns in this market and by general economic\nconditions. \n\n \n\n \n●\nThe\nlack of financing for homebuyers in the U.S. residential real estate market at favorable rates and on favorable terms has had a material\nadverse effect on our financial performance and results of operations.\n\n \n\n \n●\nThe\nhousing market is currently in flux with higher mortgage interest rates and generally increasing home prices which makes it difficult\nto predict future market trends. Any decrease in home sales in the future will have an adverse effect on our financial performance\nand results of operations.\n\n \n\n \n●\nWe\nmay fail to successfully execute our strategies to grow our business, including increasing our agent count, expanding the number\nof our franchisees and agents, or we may fail to manage our growth effectively, which could have a material adverse effect on our\nbrand, our financial performance and results of operations.\n\n \n\n \n●\nWe\nmight not be able to attract and retain additional qualified agents and other personnel.\n\n \n\n●\nA\nsignificant adoption by consumers of alternatives to full-service agents or loan originators could have a material adverse effect\non our business, prospects and results of operations.\n\n \n\n \n●\nOur\nfinancial results are affected directly by the operating results of franchisees and agents, over whom we do not have direct control.\n\n \n\n \n●\nWe\nare dependent upon the truthfulness of our franchisees to provide accurate reports and accounting to us.\n\n \n\n●\nFailing\nto develop and maintain a positive relationship with our franchisees, agents and loan originators could compromise our ability to\nmaintain or expand or franchisee network.\n\n** **\n\n●\nOur\nfranchise model can be subject to particular litigation risks.\n\n \n\n \n●\nWe\ndepend substantially on our Founder, Joseph La Rosa, and the loss of any our senior management or other key employees or the inability\nto hire additional qualified personnel could adversely affect our operations, our brand and our financial performance.\n\n \n\n \n●\nConcentration\nof ownership of our voting stock by Mr. La Rosa will prevent new investors from influencing significant corporate decisions.\n\n \n\n \n●\nMr.\nLa Rosa will control all matters that come before the stockholders for a vote and thus we are a “controlled company”\nwithin the meaning of the Nasdaq listing requirements and, as a result, the Company will qualify for exemptions from certain corporate\ngovernance requirements. If we take advantage of such exemptions, you will not have the same protections afforded to stockholders\nof companies that are subject to such corporate governance requirements.\n\n \n\n \n●\nWe\nare subject to certain risks related to litigation filed by or against us, and adverse results may harm our business and financial\ncondition.\n\n \n\n \n●\nAdverse\noutcomes in litigation and regulatory actions against the NAR (as defined below), other real estate brokerage companies and agents\nin our industry could adversely impact our financial results.\n\n \n\n \n●\nIf\nwe attempt to, or acquire other complementary businesses, we will face certain risks inherent with such activities.\n\n \n\niv\n\n \n\n  \n\nRisks\nRelated to Cryptocurrencies and Digital Assets\n\n \n\n●The\ncontinuing development and acceptance of digital assets and distributed ledger technology\nare subject to a variety of risks.\n\n \n\n●Digital\nassets represent a new and rapidly evolving industry, and the market price of our Common\nStock may in the future be impacted by the acceptance of stablecoins and other digital assets.\n\n \n\n●Due\nto a lack of familiarity and some negative publicity associated with digital asset trading\nplatforms, existing and potential customers, counterparties and regulators may lose confidence\nin digital asset trading platforms.\n\n \n\n●The\nforeign and U.S. tax treatment of transactions in digital assets is unclear.\n\n \n\n●Blockchain\nnetworks, digital assets and the digital asset trading platforms on which these assets are\ntraded are dependent on internet and other blockchain infrastructure, which are susceptible\nto system failures, security risks and rapid technological change.\n\n \n\n \n●\nIf we hold digital assets through custodial arrangements or otherwise rely on private keys in the future, the loss, theft, destruction, or compromise of such private keys could result in the loss of digital assets and other adverse consequences.\n\n \n\nRisks\nAssociated with Our Capital Stock\n\n \n\n●Our\nfailure to maintain our compliance with Nasdaq’s continued listing standards or other\nrequirements could result in our Common Stock being delisted from Nasdaq, which could adversely\naffect our liquidity and the trading volume and market price of our Common Stock and decrease\nor eliminate your investment.\n\n \n\n●The\nmarket price for our Common Stock may be particularly volatile given our status as a relatively\nunknown company with a small and thinly traded public float, and minimal profits, which could\nlead to wide fluctuations in our share price.\n\n \n\n●If\nour securities become subject to the penny stock rules, it would become more difficult to\ntrade our shares.\n\n \n\n●We\nmay have violated Section 13(k) of the Exchange Act (implementing Section 402 of the Sarbanes-Oxley\nAct of 2002) and may be subject to sanctions as a result.\n\n \n\n●Our\nstatus as an “emerging growth company” under the JOBS Act may make it more difficult\nto raise capital as and when we need it.\n\n \n\nRisks\nRelating to the Restatement of the Prior Financial Statements\n\n \n\n●We\nhave concluded that certain of our previously issued financial statements should not be relied\nupon and have restated certain of our previously issued financial statements which was time-consuming\nand expensive and could expose us to additional risks that could have a negative effect on\nus.\n\n \n\n●The\nrestatement of the Prior Financial Statements may lead to future stockholder litigation.\n\n \n\n●If\nwe continue to fail to maintain an effective system of disclosure controls and fail to maintain\nan effective system of internal control over financial reporting, our ability to produce\ntimely and accurate financial statements or comply with applicable regulations could be impaired.\n\n** **\n\nGeneral\nRisks\n\n \n\n●If\nwe fail to protect the privacy of employees, independent contractors, or consumers or personal\ninformation that they share with us, our reputation and business could be significantly harmed.\n\n \n\n●Cybersecurity\nincidents could disrupt our business operations, result in the loss of critical and confidential\ninformation, adversely impact our reputation and harm our business.\n\n \n\n●Anti-takeover\nprovisions in our amended and restated articles of incorporation and bylaws, as well as provisions\nin Nevada law, might discourage, delay or prevent a change of control of our Company or changes\nin our management and, therefore, depress the trading price of our securities.\n\n \n\nWe\ndiscuss these and other risks and uncertainties in the Part I, Item 1A “Risk Factors” of this Comprehensive Form 10-K.\n\n \n\nv\n\n \n\n \n\n**PART\nI**"}