Create Your Ups Invoice Template for Life Sciences Effortlessly

Ups invoice template for Life Sciences

hello everyone thank you for joining today's webinar we will be discussing the Outlook and upcoming changes in Canadian importing today and these topics have been highly requested as folks prepare for what's in store with the cbsa assessment and revenue management otherwise known as Carm release 2 and as we know karma is not the only thing shaping Canadian Imports so we will also be covering major air and ocean Freight Trends today and hearing about how trade policy might be shaping uh Supply chains so there's a lot to cover uh I would like to thank you all for joining us today for this important update and with that let's get started um my name is Anna Grant I'm a senior Marketing Manager for Customs Brokerage at UPS Supply Chain Solutions and uh it is a great pleasure to host this webinar and introduce our fantastic speakers today um we are joined by Penny Moulton who is the director of Customs Brokerage and compliance at UPS Supply Chain Solutions Canada also joined by Anna Barrera who is the director of public affairs in Canada as well as Andy calamatianos Freight forwarding division manager for Canada so thank you for all of our speakers for being today uh being here today and sharing your insights I I want to hand it over to you soon before that we have a couple of administrative updates so first of all this meeting is being recorded and this recording will be made available for everyone who registered after the event and it can also be found from ups.com supply chain we encourage participation on these calls and want to ensure that your questions get answered so please use the Q a feature at the bottom of your screen to submit your questions we'll do our best to take the questions during this call but in case there's something we don't get to during the call we might follow up with you afterwards to make sure that your questions get answered um next for legal purposes I'm going to read the following message verbatim and then we can get ready to start so this presentation is for informational purposes only it does not constitute legal advice please consult with your consult with your own legal counsel for such advice do not rely on this information without performing your own research all right so with that done we can head over to the agenda for today so tax agenda we'll talk about Aeron ocean Freight Market updates first then hand it over to to hear about trade policy and public affairs so we'll touch on digital trade trade negotiations enforced labor and then we have trade compliance updates from cbsa so we talk about Carm cbsa Audits and forced labor again from a compliance perspective and then if there's time at the end we'll do some live q a and in case not we we will get those questions answered otherwise so with that I'll hand it over to Andy to kick us off all right uh good morning everybody uh glad to meet everybody remotely um I'll take you through uh a couple of Aaron ocean Updates this morning um let me take you on a journey of the last three years um that I'm sure everyone has experienced in this industry so we all know what happened in the beginning of 2020 unfortunately we we got the news that there was a pandemic or there was a covet update pandemic starting uh which prompted a lot of things in the world obviously a shutdown in many parts of the world um government assistance kicking in for uh many businesses and obviously consumers and obviously travel uh took a large hit at the time and passenger traffic which we all know a lot of the Air Cargo moves on passenger traffic on the belly pulled up that um of an aircraft so passenger travel demand dropped significantly during the covet pandemic um and obviously with it the belly capacity plummeted um obviously as as we went through the pandemic and demand grew as more people work from home and and and and consumers were flushed with money from government assistance the demand grew for goods and services and as that happened um obviously with not a lot of aircraft in the air a lot of the airlines decided to now invest in cargo uh all cargo aircraft so you had a lot of the uh you know Airlines especially in Canada like Air Canada uh going into the all cargo Market taking existing passenger aircrafts and obviously upgrading them to now move cargo only and and they've done this investment and they've obviously stayed in that in that space uh since then so they did this to meet the cargo demand um and obviously Air Freight demand uh went through the roof as we all know I as we saw in the middle of 2022 uh we started to see obviously um a downtick in in the in the demand um obviously at that time inflation had kicked in and obviously uh uh government programs had ceased and so now with inflation and it drives consumer Behavior so demand was down and obviously Air Freight demand is down as the economy is starting to slow down so capacity growth started to exceed demand probably around October 2021 uh but we're still we're still below pre-pandemic levels and capacity projections continue to show growth um into um into into this year in 2023 probably grow about another 11 and now obviously with with more travel everybody started traveling again last year we we obviously forecast More Travel for 2023 and and the summer season kicking in in the next month or so we'll see a lot more uh capacity coming to the market as well this year which will allow shippers to have a lot more Choice again between using an expressed versus an economy type service and Air Freight because of the many trade Lane pairs they'll have at their at their access so in 2022 Air Cargo demand uh per ayata declined eight percent uh year over year and is forecasted to further uh uh excuse me detract about four percent in 2023 obviously due to these macroeconomic conditions I've been telling you in the toll it's taking on consumer spending so we all know consumers um when they don't spend obviously companies tend to have high inventories which is happening and and that's what's driving uh you know procurement managers not buying uh as quickly as they want to and obviously this is driving the Air Freight Market as we see over in the trend there in the slide driving it downwards our prediction our forecasts show that as inventories start to uh get lower and lower in the first half of this year we possibly should see a recovery in the backup of 2023. thanks a lot please switching over to Ocean Freight similar story um we started to see a downward pressure on rates starting in Q2 of 2022 and continuing throughout the year with no end in sight as volumes increased in many trade Lanes especially out of China where we saw the government Implement a zero covet policy uh prompting a lot of production and Factory shutdowns thankfully that has ceased in in the last few months and China is kind of opening up again where I know a lot of importers are bringing their product in from but ocean rates continue to fall we do expect to see a modal ship from Air to Ocean as that continues um and obviously I'm sure everybody is here has heard in the industry blank sailings uh have dominated the ocean industry as carriers are looking to remove capacity and cost while trying to maintain their levels uh their rate levels Asia to North America blank sailings and service cancellation have removed about 30 percent of total capacity each month since September of 2022. in January alone of this year 38 of the capacity has been blank for the market we do expect further erosion of the ocean Freight rates in the first half of 2023 in addition to dwindling demand carriers have invested in in larger vessels that they ordered many years ago that are that is coming into the market which will add to the capacity unfortunately in in the second half of 2023 and into 2024 which will put more pressure on the rates um finally we may be seeing the bottom of the rates um just recently we noticed that the general rate decreases have started to get lower and lower and less and less than what we've seen in the past few months so we we may be at a point where we're reaching the bottom um you know hopefully um to get more stability in the market but again we we forecast that we won't see a recovery in the race probably until back on for the year next slide please so fast forward to today where are we today I think as an importer and as a customer you know prices are expected to stabilize uh relative to the market and what you've seen in the last few years and all of volatility we're starting to see more stability in the market right now from an air and ocean perspective and strippers that prefer to have more of a fixed cost versus you know a variable cost month to month may start considering working with their Freight forwarder to look at maybe fixing a rate for a longer term um so that that is something to consider jet fuel prices I mean they've been very high obviously over the last few years but we we have seen a softening in in the fuel prices um over the last little while but it's still they're still elevated you know when you compare it to pre-pandemic when we look at capacity growth uh as I mentioned capacity projections continue to grow for Air Freight as well as ocean Freight for 2023 and obviously with the summer season coming in belly capacity will definitely increase and give shippers and importers a lot more availability and options and we you know I talked about the freighter conversions that started during the pandemic to make up for the demand we're starting to see a lot more Airlines now pulling back on that and not investing in freighter conversions anymore so that's kind of really stabilized um and we don't see much growth in that space and finally um from a from a supply chain diversification Copic disruptions have ceased a little bit especially out of China um so our findings indicate that customers are continuing to face supply chain disruptions um with little Clarity on when that's going to end and many customers have either begun or intend to diversify their sourcing uh to include countries other than China because a lot of them unfortunately you know were impacted by by some of the shutdowns that happen in China so more and more companies are looking to Source from other countries and Southeast Asia seems to be a trend where more and more companies are looking to find suppliers and as well as U.S and Canadian small and small and medium-sized businesses are looking to near shore uh meaning bringing bringing more of their supply base back into North America and also uh Mexico which is obviously very very close very close to their uh to their businesses so these are some of the updates I wanted to share today um I'll flip it over to my my colleague Anna for the next section thank you Andy good morning and good afternoon everyone I'll have the pleasure of talking to you today about trade policy and a quick public affairs update on the Canada side so I'll touch first on digital trade uh even before the pandemic digital trade was beginning to become a popular thing within the Canadian government now with the growth of of this method of um engagement because of the pandemic the Canadian government has began to work on a digital Trade Agreement there are a few agreements that already have digital digital trade chapters including the Canada United States and Mexico agreement that was recently negotiated six years ago as well as the comprehensive and Progressive agreement for trans-pacific partnership um however these chapters tend to be very narrow in Focus they tend to only focus on digital product such as computer programs or sound recordings or anything else that can be digitally encoded there's really no other Focus within within those chapters so now we've seen new trend kind of Rise because of the pandemic where countries are having dedicated digital trade agreements the best example of this is the recently signed UK Singapore digital Trade Agreement where there are additional chapters besides just um digital products to go towards artificial intelligence privacy and security uh as well as in digital inclusion and Canada has already requested to join a very interesting group called the digital economic partnership agreement um that it has Chile New Zealand and Singapore and will have a very specific focus on how to have a digital trade agreement with these with these three nations um the government late last year also launched a consultation on what a a proper model for a Canadian digital Trade Agreement should look like and this had three main objectives uh ensuring the facilitation of commercial activity for Canadian small and medium businesses um addressing the potential Market access impediments within uh government as well as building consumer trust and confidence within the digital trade world next slide please thank you um separate from from digital trade trade agreements are still going on and the Canadian government continues to to go into true negotiations uh with multiple countries of note is the Pacific Alliance uh the asean countries China although this is on the back burner for the time being Japan uh the Caribbean Nations and then with the UK post-brexit since uh there now needs to be two different agreements one for Europe and one for the UK I will note here that kuzma because it has been six years since its entry into Force has a specific requirement within the agreement uh formalizing the request asking for a formal review of the agreement every six years so next year will be the first official review of the agreement and the purpose of this is to make sure that the agreement stays fresh that we are touching on the different points that the world has changed such as digital trade I will also note that um President Biden will be coming into uh Canada at the end of this week he's coming tomorrow and we'll stay until Friday and we have heard from uh different sources that border management will be on the agenda for the discussion this week next slide please and finally I'll just touch quickly on on forced labor I know Penny will go deeper into bill s211 but just the the politics surrounding this bill as well as the political pressures to have something on child enforced labor this is a coming out of the growing global concerns due to human rights abuses for the weaker population in China's xinjiang region Additionally the kuzma already contains the commitments to ensure that National laws are prohibiting the importance of goods that are made from child and Forest labors so the Canadian government has really had a lot of global pressure to ensure that they are putting forward bills um that are tackling these issues within the supply chain therefore Bill s211 aims to take on these issues this I will note is a Senate bill and not a government bill and so there's still a lot of um uncertain and confusion around how this bill will impact the supply chain but I think Penny will touch on that in a little bit so over to you penny great thanks Anna good morning everyone I'm going to talk a little bit about Carm cbsa Audits and forced labor so we'll start with Carm Carm stands for cbsa assessment and revenue management and it's mandatory for all commercial importers into Canada including NRI companies so if you're an NRI or a commercial importer you must register in the Carm client portal the person that registers in the Carm client portal will be the business account manager once you're registered you will then assign another person to be the business account manager because if for some reason uh one of the business account managers uh leaves and you only have one in the portal then you actually have to contact cbsa to gain access to the portal since somebody's already registered in it um and also just uh when you're once the business account manager is registered you can then assign user accesses to other people within the company and you also be able to um delegate access to your service provider and your service provider will require the access to the portal so release one is in effect now and that's given you the opportunity to uh to register in the portal uh those of you that register uh now are you're able to see your transactions and your statements of account and it's important that if you are registered you'll see there is an option that you can make payments directly to cbsa I just caution that you do not make any payments until release two so at release two which is an effective in October 2023 that is when you'll be able to to make the payments directly to cbsa UPS SCS is involved in simulation testing with cbsa right now so we're testing what's called cads commercial accounting documents to ensure that the files will be processed the way that that we anticipate they should be once release 2 goes into into effect we are using an internal system for our it so therefore we're able to to make those changes and updates ing to the the cbsa requirements so just talking a little bit about the release prior to payment uh program so today most of you your Brokers are using their broker bond to pay the um to be able to allow you to have what's called release prior to payment so essentially that means that the shipments will be coming into Canada and be delivered to uh to where they need to go before the duties and taxes is paid um with the assumption that the duties and taxes will be paid at the end of the month either by your customs broker by yourself depending on how you're set up so for Carm you'll need to get your own Financial Security which I'll talk a little bit further uh detail in the presentation but I once released two is in effect you'll no longer be able to use your customs broker uh Bond or their release prior to payment privileges so you'll be able to uh to set up your own financial securities so Financial Security can either be a cash security a customs Bond or Customs are also looking at some Legacy security forms so more to come on that part of it but if you determine that you want to get a cash Bond what you do is you take one month worth of data and then you take the highest monthly accounts receivable and that's the amount that you would need to post for your cash Bond a customs Bond or otherwise known as a surety bond is you take them a month a Year's worth of data and then you take your highest monthly accounts receivable divide it by two and that's the amount you would need to get your bond for the minimum for a customs bond is 25 000 or the maximum is 10 million I know that a lot of you are looking to get your Karm bonds now October is coming upon us fairly quickly unfortunately there's still some open items that cbsa have and you know we need answers to to those things first before we can move forward with the Karm bonds but one thing that I will say is cbsa are have put forward some regulatory changes and we're waiting for those to come through one of the requirements is today a what signature is required and we're trying to uh to move away from the wet signature one thing that I can tell you is that cbsa if you're registered in the Carm client portal and have delegated access to your customs broker they're looking at giving 180 days for you as an importer to obtain uh Financial Security when released two goes live so what does that really mean um that means that Goods will be able to uh flow into Canada released prior to payment without um uh they will be unsecured so meaning that there won't be a customs bond in place but again you need to be registered and you need to have delegated access to uh to your service provider the 180 days is part of the regulatory changes as I was saying so um that not a hundred percent that that will go through but that's what Customs are looking at right now so just some changes that I alluded to earlier um so today it's um if we are releasing the goods it's done on what's called a B3 any corrections or adjustments are completed on on a B2 correction uh moving forward uh everything will be uh electronic and we will complete the cad in our system and transmit it to customs um you as having access to Carm you'll be able to go in and see the commercial accounting documents but there's no there won't be any commercial invoices or anything like that but it is not a means of record keeping so um you can go in and like I said see the cads if you need to uh to print them off you'll be able to do that but again that won't be until release two um so as I I was saying earlier um most of uh the corrections today are all the corrections today are submitted paper to cbsa and under Carm they will be done electronically um and then Corrections submitted before the statement of account will be considered interest-free and then adjustments um which are corrections after the the statement of account they could potentially have interest but I'll talk further about that in the presentation foreign so this is a very busy slide I just want to start out by saying it's using a 2019 calendar for those of you that want to look at the the dates um but really I just wanted to give an overview of a billing scenario undercarm so um all goods are released from uh in this example the the September 18th to October 17th the payment is then due 10 week days later and I want to point out weekdays because potentially one of the days could fall in a statutory holiday and you would need to make sure that the payment was made before the statutory holiday or interest would be applicable in this example goods were released September 19th September 21st the cat is then due five business days later and that's not changing uh that's the way it is today the B3 is due uh five days later um there's an amp penalty issued on October the 9th and then there was a posted debit adjustment October the 16th um and then there was a credit adjustment and then a correction and again this statement of account was issued on the 25th the statement of account is always issued on the 25th of every month and it's really a moment in time so meaning if there's anything done after the statement of account if there's a correction or an adjustment done before the payment due date it will be up to you the Importer to uh to make those changes to your payments I know that some importers are looking to say they don't want any corrections or adjustments done after the statement of account is issued for that reason that they don't have to uh to manually make the the changes or or the updates to the amount owing um today interest stops when the payment is received and undercarm the interest to stop when the debit adjustment is posted by cbsa so in other words that means that the interest will stop once the file is posted so everything's a version in Carm so uh version one is when the cad was done first and the goods were released if there's a correction or an adjustment that would be version two Etc all through the life cycle and the history of the um of the commercial accounting document in the bottom of this screen as you can see these are what's called F Type Goods release so those are clvs commercial goods and in this case or moving forward in Carm it will be a calendar month so in this case um shipments are released September 1st and then the commercial accounting document for all the Courier low value shipments uh the cat is submitted always on the 24th and then it's part of the SOA that's issued on the 25th um Goods that are in the clvs Stream can still be released by The Courier and without you having to give them delegation access in the Carm client portal and then your customs broker would then do the cads for those shipments similar to the way they're doing them today the one thing I also wanted to point out here is cbsa will have access to all the the data and the information so if you're uh as your shipments are coming in The Courier and maybe today you're not always they're not always getting completed on time for whatever reason that might be um you know the paperwork isn't with the shipment or you need updated paperwork or whatever that might be um you'll you'll probably be getting or you will be getting amps penalties for those low value shipments not completed timely and obviously for the high value shipments um you will automatically get penalties for those not accounted for within the in the five days foreign key takeaways um make sure you're registered on the Carm client portal um and delegate access to your service provider and just make sure you know that uh thing your shipments are completed timely and you can look at your statements of account in the Carm client portal you can actually view them today but again um you don't make any payments and until release 2 is in place all right now I'm going to talk about Customs audits and cbsa will audit companies on Origin so just making sure that you're accurate climatically us origin um but making sure that you're you're using the right origin and from evaluation stamp the point making sure all the duties and taxes are paid appropriately um you know if there's any assists or anything like that that needs to be added to the value of the goods make sure that that's included and then from an HS classification making sure that um your your HS database is up to date what is your process for adding new Goods so um you know you're dealing with your customs broker and you have new Goods do you have a a method to be able to make sure your HS classification are up to date non-compliance with cbsa regulations maybe may result with monetary penalties being applied and obviously audits can result in penalties and or increased exams um but for audits you want to be confident that you're being proactive ensuring predictability and being able to mitigate risk the last thing you want is unintended consequences of non-compliance willful blindness is not an excuse so making sure you're you're ready before the Customs audit so what does customs audit we talked about that but what are the types of audits cbsa have so um they have what they call random verifications you'll actually get a notification from cbsa for an audit and once received you can't correct any files even if you find mistakes but cbsa will provide a list of samples that they will require within specific time frames including Customs transactions commercial invoices permits Etc and it's important to note that right now anything to do with audits or penalties or anything like that um they're sent by mail to you so uh those of you that are still continuing to uh to work at home it's important to make sure you have somebody at your uh at your location making sure they're checking mail anything from cbsa making sure that you're getting a copy of it um because all of anything sent from cbsa is time sensitive the other thing is the verification priorities so those are target-based priorities and that means that cbsa focus on certain Commodities and goods and they will um check and see if you're importing any of those goods and then ask for uh further details um on those and again if they find incorrect transactions you have 90 days to correct and for dutyable transactions they can go back four years and for non-dutyable they can go back two years you can find the verification priorities on this cbsa website so I wanted to talk a little bit about some verification tools that cbsa have put in place um there's the trade advisory notice which is actually a nudge so again it will come to you in the mail but they're looking at a potential non-compliance and asking further questions um it doesn't necessarily mean that anything's wrong but they're they're asking further questions and there's no monetary assessment issued as a result of the tan and then there is the compliance validation letter and that addresses instances of suspected non-compliance and it it is uh accompanied with the letter um from cbsa and you have to respond to cbsa within 30 days and then there's the directed um compliance letter and that addresses instances of no non-compliance and it would be accompanied by a monetary penalty so it's important again to make sure you've got the processes in place but what these types of audits are trying to uh trying to do is focus on early correction of Errors so if there is a correction that needs to be done it's uh generally you know only a couple of files rather than going back the four years where potentially you know you've been importing something for four years duty free and then you find out that there's Duty on it that obviously affects your overall bottom line and not not a place anybody wants to be so this is trying to uh trying to mitigate that that potential risk of of that occurring foreign Customs it's important to be uh proactive you know having the process in place ensuring compliance is cheaper than cbsa discovering an issue during an audit and then making sure that um you know you have less amps penalties fewer Customs delays and less time spent during a cbsa audit so what you can put in place are internal and external controls you could have audits do a pre-audit so to speak making sure you've got everything that you need for your shipments so is there somebody at your at your business making sure that what was declared to customs and what you actually paid the supplier is the same value and if it's not what are those discrepancies why is there a discrepancy maybe you need to do corrections with uh with cbsa so just asking yourself those questions and and checking that out so you want to be able to to prevent avoidable penalties and making sure that um obviously less cost is uh the shorter Customs processing time and gives you a greater competitive advantage so we'll talk a little bit about forced labor from a cbsa standpoint so um just Customs have um in the process of reviewing and updating what's called d9-1-6 and that's goods manufactured by prisons or forced labor so just want to make sure that um if cbsa feel that they're suspecting uh forced labor or um something like that they're going to request further information so they could potentially come to um to you as the Importer to get further information but if you're dealing like with a third party you may not have the contact to be able to to contact that person cbsa will contact that third party directly to get further information and if they the failure to provide the documentary evidence when requested by cbsa will result in cbsa relying on the information that they have and potentially they could prohibit the goods from coming into Canada and obviously that's a huge impact to your overall supply chain causing a negative effect but making sure that um you know you've you have done your due diligence and May making sure that forced labor or prison labor is not is not part of of your supply chain so public services and procurement Canada uh put this together and they are where where they're finding that potential forced labor it's mostly in most cases it applies at the beginning of the supply chain so just um they made uh or completed an analysis and as you can see from the analysis um some of the goods that are ranked um overall in the uh in the supply chain so rope cable chains and fittings is actually number one rate but at the end of the day at 0.05 percent of the overall value percentage of the overall value so just again understanding your supply chain making sure you you know what um what where everything is from and uh you know making sure you have processes in place to ensure that forced labor is not involved and with that I will turn it back to Anna thank you so much Penny and thank you Andy and Anna as well for just an extremely insightful presentation um I also want to give a shout out to our compliance Professionals in the background who have been taking questions um very diligently in the background there's been a lot and a lot of detailed questions about Carm so um at the end of this presentation we'll also share contact information if you still have uh more specific questions about your business you can get in contact with Kenny's team uh specifically about Karm setup or how it applies to your your business but there's a couple of kind of general questions that I thought we could take live here planning so um the the first question is why do I have to delegate access to the current client portal to my customs broker so you'll need to delegate access uh to your customs broker so the goods will be able to release but they will not be able to account for them and complete the commercial accounting document without delegation access so without that your goods will get released but there will be no commercial accounting document to be able to be completed therefore you will get late penalties and overdue penalties and uh and as well as amps penalties right so want to avoid any kind of penalties uh better take it seriously uh we also had a few questions and you you did Cover who this applies to but a lot of specific questions about who exactly does Carm apply to including if I'm a U.S importer us-based imported to Canada what if I'm importing from uh Canada to the US so I was wondering if you can kind of clarify who does Carm apply to and who has to register for the portal sure so if you are a commercial importer into Canada meaning Goods today are you're importing into Canada using your business number um probably using a customs broker and you will need to register in the Carm client portal and delegate access if you are for example located in the United States but you're shipping into Canada as a non-resident importer you are also registered with Canada Customs you will need to register in the Carm client portal and delegate access some uh for example a company located in the U.S is shipping to Canada but they are not the Importer of record it's the commercial company in Canada for example that it's the commercial company in Canada that would need to register in the Carm client portal and delegate access awesome that uh that really clarified um I also received a question about when importers will be able to register for the car client portal um and I think you touched on this too but when when can they do that uh you can register now um and uh be able to register delegate access become familiar with the portal so if you register now you can actually see your statements of account in there and you may actually have some credits that potentially you can take into account and um you know get a get a check from cvsa so any importer for example that's got some corrections submitted to customs if it's to claim kuzma Duty back or anything like that what Customs are doing now is they're putting that credit on your account so you'll be able to register in the portal and see if you have any credits and then now you can request a a check or a credit from uh from cbsa and take that into account so it's important to uh to do that to checking like I said becoming familiar with the portal great um and uh someone is asking for the the link to register to Carm so we'll make sure we drop down that in the chat before we we close out um if we if we go to the next slide uh maybe Penny you can talk a little bit about the the information resources that are available and how to get in contact with your team if there is more questions sure so if you have any calm related questions you can go to Carm info ups.com and that will connect you to my team and they can answer your Karm questions as well as help you register uh for Carm and uh anything carb related they can help you through that um also if you've got any audit related questions or or HS classification questions you can reach out to TMS Canada ups.com and we'll be able to to provide you the the support that you're looking for to be proactive in an audit situation fantastic and thank you Kathleen she dropped the Karm link directly in the chat um and so I'll give a couple of minutes for people to write down this contact information uh also as we close out this uh presentation there's going to be a feedback form that allows you to submit submit your information if you want a UPS account representative to reach out to you regarding you know Carm Customs Brokerage air notion Freight or anything you heard today um so I I see there's questions still popping up and I'm I'm letting our subject matter experts type the answers in the back end uh so I don't know if there's anything else we want to take live here so with that I'd like to thank you all again for joining us today and uh again please if you have any questions get in contact with us I hope that you got a lot of your questions answered over in the Q a but um your feedback is very important to us and we also want to make sure that we we serve you so um thank you have a wonderful day and we hope to see you in a future webinar thank you