SANG
Sangoma Technologies Corporation
Price Chart
Latest Quote
$4.61
| Previous Close | $4.58 |
| Open | $4.59 |
| Day High | $4.61 |
| Day Low | $4.59 |
| Volume | 340 |
Stock Information
| Shares Outstanding | 33.50M |
| Total Debt | $34.18M |
| Cash Equivalents | $10.49M |
| Revenue | $200.06M |
| Net Income | $-81.09M |
| Sector | Technology |
| Industry | Software - Infrastructure |
| Market Cap | $154.45M |
| EPS (TTM) | $-2.44 |
| Exchange | NMS |
đ Comprehensive Analysis
Company Data
| Enterprise Value | $177.46M |
| Sales | $200.06M |
| Income | $-81.09M |
| Book/sh | $5.24 |
| Cash/sh | $0.31 |
| Employees | 569 |
Financial Ratios
| Quick Ratio | 0.58 |
| Current Ratio | 0.78 |
| Debt/Eq | 19.57 |
Returns & Margins
| ROA | -2.93% |
| ROE | -37.82% |
| Gross Margin | 70.31% |
| Operating Margin | -17.39% |
| Profit Margin | -40.53% |
Ownership
| Insider Ownership | 26.63% |
| Institutional Ownership | 38.55% |
| Insider & Institutional transactions data not available | |
Valuation Ratios
| Forward P/E | 35.46 |
| P/S | 0.77 |
| P/B | 0.88 |
Analyst Data
| Recommendation | none |
| Target Price | $5.20 |
Technical Indicators
| SMA20 | $4.78 |
| SMA50 | $4.20 |
| SMA200 | $4.18 |
| RSI | 31.03 |
| ATR | 0.0986 |
| Shares Float | 23.98M |
| Short Ratio | 0.59 |
| Volatility | 1.02 |
| Rel Volume | 0.00 |
Performance History
| Week | -4.16% |
| Month | -6.49% |
| Quarter | +13.27% |
| 6 Months | +8.73% |
| YTD | -7.43% |
| Year | -8.53% |
| 3 Years | +48.71% |
| 5 Years | -78.05% |
| 10 Years | +119.52% |
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Recent Price History
| Date | Close | Volume |
|---|---|---|
| 2026-10-28 | $4.61 | 340 |
| 2026-10-27 | $4.59 | 33,300 |
| 2026-10-26 | $4.63 | 88,800 |
| 2026-10-23 | $4.69 | 72,300 |
| 2026-10-22 | $4.73 | 42,700 |
| 2026-10-21 | $4.81 | 64,900 |
| 2026-10-20 | $4.77 | 38,700 |
| 2026-10-19 | $4.81 | 12,400 |
| 2026-10-16 | $4.77 | 144,600 |
| 2026-10-15 | $4.78 | 219,400 |
| 2026-10-14 | $4.74 | 189,700 |
| 2026-10-13 | $4.85 | 8,200 |
| 2026-10-12 | $4.83 | 8,900 |
| 2026-10-09 | $4.85 | 91,000 |
| 2026-10-08 | $4.83 | 147,000 |
| 2026-10-07 | $4.85 | 142,000 |
| 2026-10-06 | $4.85 | 79,600 |
| 2026-10-05 | $4.84 | 232,500 |
| 2026-10-02 | $4.88 | 499,900 |
| 2026-10-01 | $4.90 | 544,600 |
| 2026-09-30 | $4.91 | 1,248,600 |
| 2026-09-29 | $4.93 | 4,073,300 |
| 2026-09-28 | $3.59 | 829,600 |
About Sangoma Technologies Corporation
Sangoma Technologies Corporation, together with its subsidiaries, develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications in the United States of America and internationally. It offers communications platforms comprising pure cloud and hybrid unified communications as a service, and on-premises systems; retail and wholesale SIP trunking, as well as fax as a service. The company also provides Communications Platform as a Service, builds services and applications using real-time communication features, such as voice, video, chat, and SMS, via the cloud; Sangoma Meet, a cloud-based service accessible from any device; and Sangoma TeamHub, a softphone client software application. It also provides managed service providers, including managed security, managed SD-WAN, and managed access, as well as network interconnection and open-source software products. Sangoma Technologies Corporation is headquartered in Sarasota, Florida.
đ° Latest News
Income Statement (Annual)
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Revenue | ||||
| Reconciled Cost Of Revenue | $48,497,000 | $62,667,000 | $62,618,000 | $68,527,000 |
| Cost Of Revenue | $59,402,000 | $74,943,000 | $74,463,000 | $79,739,000 |
| Total Revenue | $200,065,000 | $236,692,000 | $247,284,000 | $252,530,000 |
| Operating Revenue | $200,065,000 | $236,692,000 | $247,284,000 | $252,530,000 |
| Expenses | ||||
| Interest Expense | $2,389,000 | $4,254,000 | $6,664,000 | $6,767,000 |
| Total Expenses | $213,690,000 | $237,963,000 | $248,346,000 | $255,479,000 |
| Other Income Expense | $-70,900,000 | $-1,060,000 | $-1,798,000 | $-22,242,000 |
| Net Non Operating Interest Income Expense | $-2,024,000 | $-4,012,000 | $-6,639,000 | $-6,767,000 |
| Interest Expense Non Operating | $2,389,000 | $4,254,000 | $6,664,000 | $6,767,000 |
| Operating Expense | $154,288,000 | $163,020,000 | $173,883,000 | $175,740,000 |
| Selling And Marketing Expense | $48,866,000 | $50,974,000 | $57,840,000 | $61,922,000 |
| General And Administrative Expense | $30,406,000 | $37,129,000 | $43,191,000 | $42,416,000 |
| Other Non Operating Income Expenses | - | - | $-202,000 | $2,975,000 |
| Income & Earnings | ||||
| Net Income From Continuing Operation Net Minority Interest | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Net Interest Income | $-2,024,000 | $-4,012,000 | $-6,639,000 | $-6,767,000 |
| Interest Income | $365,000 | $242,000 | $25,000 | $41,000 |
| Normalized Income | $-14,662,677 | $-4,172,762 | $-7,019,998 | $-8,824,602 |
| Net Income From Continuing And Discontinued Operation | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Net Income Common Stockholders | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Net Income | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Net Income Including Noncontrolling Interests | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Net Income Continuous Operations | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Pretax Income | $-86,549,000 | $-6,343,000 | $-9,499,000 | $-31,958,000 |
| Special Income Charges | $-70,900,000 | $-1,060,000 | $-1,798,000 | $-22,242,000 |
| Interest Income Non Operating | $365,000 | $242,000 | $25,000 | $41,000 |
| Operating Income | $-13,625,000 | $-1,271,000 | $-1,062,000 | $-2,949,000 |
| Depreciation Amortization Depletion Income Statement | $32,112,000 | $32,768,000 | $33,309,000 | $33,932,000 |
| Depreciation And Amortization In Income Statement | $32,112,000 | $32,768,000 | $33,309,000 | $33,932,000 |
| Amortization Of Intangibles Income Statement | $32,112,000 | $32,768,000 | $33,309,000 | $33,932,000 |
| Gross Profit | $140,663,000 | $161,749,000 | $172,821,000 | $172,791,000 |
| Per Share | ||||
| Diluted EPS | $-2.44 | $-0.15 | $-0.26 | $-0.88 |
| Basic EPS | $-2.44 | $-0.15 | $-0.26 | $-0.88 |
| Other | ||||
| Tax Effect Of Unusual Items | $-4,468,677 | $-222,762 | $-158,998 | $-2,040,602 |
| Tax Rate For Calcs | $0 | $0 | $0 | $0 |
| Normalized EBITDA (Bullshit earnings) | $29,757,000 | $44,015,000 | $44,117,000 | $42,195,000 |
| Total Unusual Items | $-70,900,000 | $-1,060,000 | $-1,798,000 | $-22,242,000 |
| Total Unusual Items Excluding Goodwill | $-70,900,000 | $-1,060,000 | $-1,798,000 | $-22,242,000 |
| Reconciled Depreciation | $43,017,000 | $45,044,000 | $45,154,000 | $45,144,000 |
| EBITDA (Bullshit earnings) | $-41,143,000 | $42,955,000 | $42,319,000 | $19,953,000 |
| EBIT | $-84,160,000 | $-2,089,000 | $-2,835,000 | $-25,191,000 |
| Diluted Average Shares | $33,244,861 | $33,497,223 | $33,249,889 | $33,118,980 |
| Basic Average Shares | $33,244,861 | $33,497,223 | $33,249,889 | $33,118,980 |
| Diluted NI Availto Com Stockholders | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Tax Provision | $-5,455,000 | $-1,333,000 | $-840,000 | $-2,932,000 |
| Gain On Sale Of Business | $0 | $-99,000 | $0 | - |
| Impairment Of Capital Assets | $68,394,000 | $0 | $0 | $22,507,000 |
| Restructuring And Mergern Acquisition | $2,506,000 | $961,000 | $1,798,000 | $-265,000 |
| Amortization | $32,112,000 | $32,768,000 | $33,309,000 | $33,932,000 |
| Research And Development | $42,904,000 | $42,149,000 | $39,543,000 | $37,470,000 |
| Selling General And Administration | $79,272,000 | $88,103,000 | $101,031,000 | $104,338,000 |
| Other Gand A | $30,406,000 | $37,129,000 | $43,191,000 | $42,416,000 |
| Gain On Sale Of Security | - | - | - | $15,000 |
Balance Sheet (Annual)
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Assets | ||||
| Net Tangible Assets | $-11,039,000 | $-32,207,000 | $-59,710,000 | $-85,393,000 |
| Total Assets | $235,511,000 | $346,545,000 | $400,645,000 | $443,019,000 |
| Total Non Current Assets | $201,798,000 | $303,923,000 | $343,536,000 | $381,123,000 |
| Other Non Current Assets | $419,000 | $369,000 | $466,000 | $422,000 |
| Non Current Deferred Assets | $3,707,000 | $1,711,000 | $2,334,000 | $3,210,000 |
| Non Current Deferred Taxes Assets | $3,707,000 | $1,711,000 | $2,334,000 | $3,210,000 |
| Non Current Accounts Receivable | $1,273,000 | $1,752,000 | $2,418,000 | $2,911,000 |
| Financial Assets | $0 | $41,000 | $320,000 | $768,000 |
| Goodwill And Other Intangible Assets | $185,693,000 | $286,402,000 | $319,440,000 | $351,508,000 |
| Other Intangible Assets | $67,247,000 | $99,562,000 | $131,938,000 | $164,006,000 |
| Current Assets | $33,713,000 | $42,622,000 | $57,109,000 | $61,896,000 |
| Other Current Assets | $4,043,000 | $3,629,000 | $3,867,000 | $4,420,000 |
| Hedging Assets Current | $64,000 | $254,000 | $727,000 | $1,218,000 |
| Inventory | $4,762,000 | $8,227,000 | $14,768,000 | $17,970,000 |
| Receivables | $14,413,000 | $17,018,000 | $21,516,000 | $27,132,000 |
| Other Receivables | $1,046,000 | $5,672,000 | $4,050,000 | $7,607,000 |
| Taxes Receivable | $2,062,000 | $715,000 | $1,441,000 | $3,465,000 |
| Accounts Receivable | $11,305,000 | $10,631,000 | $16,025,000 | $16,060,000 |
| Allowance For Doubtful Accounts Receivable | $-339,000 | $-496,000 | $-1,369,000 | $-1,566,000 |
| Gross Accounts Receivable | $11,644,000 | $11,127,000 | $17,394,000 | $17,626,000 |
| Cash Cash Equivalents And Short Term Investments | $10,431,000 | $13,494,000 | $16,231,000 | $11,156,000 |
| Cash And Cash Equivalents | $10,431,000 | $13,494,000 | $16,231,000 | $11,156,000 |
| Cash Financial | $10,431,000 | $13,494,000 | $16,231,000 | $11,156,000 |
| Accrued Interest Receivable | - | - | - | - |
| Debt | ||||
| Net Debt | $16,869,000 | $34,406,000 | $61,594,000 | $89,669,000 |
| Total Debt | $34,178,000 | $56,108,000 | $89,109,000 | $115,156,000 |
| Long Term Debt And Capital Lease Obligation | $14,196,000 | $34,052,000 | $66,512,000 | $94,737,000 |
| Long Term Debt | $8,888,000 | $27,300,000 | $57,950,000 | $83,125,000 |
| Current Debt And Capital Lease Obligation | $19,982,000 | $22,056,000 | $22,597,000 | $20,419,000 |
| Current Debt | $18,412,000 | $20,600,000 | $19,875,000 | $17,700,000 |
| Other Current Borrowings | $18,412,000 | $20,600,000 | $19,875,000 | $17,700,000 |
| Liabilities | ||||
| Total Liabilities Net Minority Interest | $60,857,000 | $92,350,000 | $140,915,000 | $176,904,000 |
| Total Non Current Liabilities Net Minority Interest | $17,718,000 | $42,874,000 | $80,811,000 | $113,440,000 |
| Other Non Current Liabilities | $1,628,000 | $1,830,000 | $1,332,000 | $766,000 |
| Non Current Deferred Liabilities | $1,894,000 | $6,992,000 | $12,967,000 | $17,937,000 |
| Non Current Deferred Taxes Liabilities | $0 | $4,297,000 | $9,895,000 | $14,295,000 |
| Current Liabilities | $43,139,000 | $49,476,000 | $60,104,000 | $63,464,000 |
| Current Deferred Liabilities | $6,711,000 | $7,037,000 | $9,582,000 | $10,909,000 |
| Payables And Accrued Expenses | $16,304,000 | $20,211,000 | $27,520,000 | $31,899,000 |
| Payables | $16,304,000 | $20,211,000 | $27,520,000 | $31,899,000 |
| Total Tax Payable | $1,747,000 | $4,659,000 | $6,070,000 | $5,928,000 |
| Income Tax Payable | $382,000 | $647,000 | $115,000 | $61,000 |
| Accounts Payable | $14,557,000 | $15,552,000 | $21,450,000 | $24,077,000 |
| Tradeand Other Payables Non Current | - | - | - | $0 |
| Other Payable | - | - | - | $1,894,000 |
| Other Current Liabilities | - | - | - | - |
| Equity | ||||
| Common Stock Equity | $174,654,000 | $254,195,000 | $259,730,000 | $266,115,000 |
| Total Equity Gross Minority Interest | $174,654,000 | $254,195,000 | $259,730,000 | $266,115,000 |
| Stockholders Equity | $174,654,000 | $254,195,000 | $259,730,000 | $266,115,000 |
| Gains Losses Not Affecting Retained Earnings | $12,000 | $65,000 | $626,000 | $1,335,000 |
| Other Equity Adjustments | $12,000 | $65,000 | $626,000 | $1,335,000 |
| Retained Earnings | $-228,039,000 | $-146,945,000 | $-141,935,000 | $-133,276,000 |
| Other Equity Interest | - | - | - | - |
| Other | ||||
| Ordinary Shares Number | $33,338,932 | $33,262,910 | $33,340,159 | $33,038,367 |
| Share Issued | $33,338,932 | $33,262,910 | $33,340,159 | $33,038,367 |
| Tangible Book Value | $-11,039,000 | $-32,207,000 | $-59,710,000 | $-85,393,000 |
| Invested Capital | $201,954,000 | $302,095,000 | $337,555,000 | $366,940,000 |
| Working Capital | $-9,426,000 | $-6,854,000 | $-2,995,000 | $-1,568,000 |
| Capital Lease Obligations | $6,878,000 | $8,208,000 | $11,284,000 | $14,331,000 |
| Total Capitalization | $183,542,000 | $281,495,000 | $317,680,000 | $349,240,000 |
| Additional Paid In Capital | $21,822,000 | $20,949,000 | $20,053,000 | $18,132,000 |
| Capital Stock | $380,859,000 | $380,126,000 | $380,986,000 | $379,924,000 |
| Common Stock | $380,859,000 | $380,126,000 | $380,986,000 | $379,924,000 |
| Non Current Deferred Revenue | $1,894,000 | $2,695,000 | $3,072,000 | $3,642,000 |
| Long Term Capital Lease Obligation | $5,308,000 | $6,752,000 | $8,562,000 | $11,612,000 |
| Current Deferred Revenue | $6,711,000 | $7,037,000 | $9,582,000 | $10,909,000 |
| Current Capital Lease Obligation | $1,570,000 | $1,456,000 | $2,722,000 | $2,719,000 |
| Current Provisions | $142,000 | $172,000 | $405,000 | $237,000 |
| Goodwill | $118,446,000 | $186,840,000 | $187,502,000 | $187,502,000 |
| Net PPE | $10,706,000 | $13,648,000 | $18,558,000 | $22,304,000 |
| Accumulated Depreciation | $-28,984,000 | $-24,823,000 | $-23,886,000 | $-19,066,000 |
| Gross PPE | $39,690,000 | $38,471,000 | $42,444,000 | $41,370,000 |
| Leases | $813,000 | $510,000 | $510,000 | $450,000 |
| Other Properties | $31,577,000 | $30,881,000 | $35,460,000 | $35,096,000 |
| Machinery Furniture Equipment | $7,300,000 | $7,080,000 | $6,474,000 | $5,824,000 |
| Properties | $0 | $0 | $0 | $0 |
| Inventories Adjustments Allowances | $-333,000 | $-1,346,000 | $-1,509,000 | $-1,124,000 |
| Finished Goods | $3,030,000 | $4,310,000 | $10,740,000 | $13,860,000 |
| Raw Materials | $2,065,000 | $5,263,000 | $5,537,000 | $5,234,000 |
Cash Flow Statement (Annual)
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Free Cash Flow | ||||
| Free Cash Flow | $15,672,000 | $32,947,000 | $33,334,000 | $15,221,000 |
| Operating Activities | ||||
| Operating Cash Flow | $23,702,000 | $41,786,000 | $44,246,000 | $26,487,000 |
| Cash Flow From Continuing Operating Activities | $23,702,000 | $41,786,000 | $44,246,000 | $26,487,000 |
| Operating Gains Losses | $185,000 | $269,000 | $468,000 | $602,000 |
| Investing Activities | ||||
| Capital Expenditure | $-8,030,000 | $-8,839,000 | $-10,912,000 | $-11,266,000 |
| Investing Cash Flow | $-3,530,000 | $-8,839,000 | $-10,912,000 | $-11,266,000 |
| Cash Flow From Continuing Investing Activities | $-3,530,000 | $-8,839,000 | $-10,912,000 | $-11,266,000 |
| Financing Activities | ||||
| Repurchase Of Capital Stock | $-1,028,000 | $-2,835,000 | $0 | $-605,000 |
| Financing Cash Flow | $-23,235,000 | $-35,684,000 | $-28,259,000 | $-16,767,000 |
| Cash Flow From Continuing Financing Activities | $-23,235,000 | $-35,684,000 | $-28,259,000 | $-16,767,000 |
| Net Common Stock Issuance | $-1,028,000 | $-2,835,000 | $0 | $-605,000 |
| Net Other Financing Charges | - | - | $-2,096,000 | $-8,334,000 |
| Issuance Of Capital Stock | - | - | - | - |
| Common Stock Issuance | - | - | - | - |
| Other | ||||
| Repayment Of Debt | $-22,355,000 | $-32,849,000 | $-26,163,000 | $-21,772,000 |
| End Cash Position | $10,431,000 | $13,494,000 | $16,231,000 | $11,156,000 |
| Beginning Cash Position | $13,494,000 | $16,231,000 | $11,156,000 | $12,702,000 |
| Changes In Cash | $-3,063,000 | $-2,737,000 | $5,075,000 | $-1,546,000 |
| Proceeds From Stock Option Exercised | $148,000 | $0 | $0 | $44,000 |
| Common Stock Payments | $-1,028,000 | $-2,835,000 | $0 | $-605,000 |
| Net Issuance Payments Of Debt | $-22,355,000 | $-32,849,000 | $-26,163,000 | $-7,872,000 |
| Net Long Term Debt Issuance | $-22,355,000 | $-32,849,000 | $-26,163,000 | $-7,872,000 |
| Long Term Debt Payments | $-22,355,000 | $-32,849,000 | $-26,163,000 | $-21,772,000 |
| Net Business Purchase And Sale | $4,500,000 | $0 | - | $0 |
| Sale Of Business | $4,500,000 | $0 | - | - |
| Net Intangibles Purchase And Sale | $-6,246,000 | $-6,448,000 | $-6,782,000 | $-7,250,000 |
| Net PPE Purchase And Sale | $-1,784,000 | $-2,391,000 | $-4,130,000 | $-4,016,000 |
| Purchase Of PPE | $-1,784,000 | $-2,391,000 | $-4,130,000 | $-4,016,000 |
| Taxes Refund Paid | $-1,381,000 | $-2,325,000 | $662,000 | $-4,023,000 |
| Change In Working Capital | $-2,675,000 | $1,932,000 | $3,882,000 | $-6,785,000 |
| Change In Other Working Capital | $-1,157,000 | $-3,155,000 | $-1,729,000 | $-479,000 |
| Change In Other Current Liabilities | $-202,000 | $691,000 | $566,000 | $-305,000 |
| Change In Other Current Assets | $-464,000 | $197,000 | $509,000 | $231,000 |
| Change In Payables And Accrued Expense | $-3,642,000 | $-6,501,000 | $-2,539,000 | $-4,834,000 |
| Change In Payable | $-3,642,000 | $-6,501,000 | $-2,539,000 | $-4,834,000 |
| Change In Account Payable | $-995,000 | $-4,581,000 | $-2,627,000 | $-4,491,000 |
| Change In Tax Payable | $-2,647,000 | $-1,920,000 | $88,000 | $-343,000 |
| Change In Income Tax Payable | $-2,647,000 | $-1,920,000 | $88,000 | $-343,000 |
| Change In Inventory | $3,465,000 | $3,651,000 | $3,202,000 | $-544,000 |
| Change In Receivables | $-675,000 | $7,049,000 | $3,873,000 | $-854,000 |
| Changes In Account Receivables | $-674,000 | $5,822,000 | $3,309,000 | $-15,000 |
| Other Non Cash Items | $225,000 | $301,000 | $596,000 | $-2,100,000 |
| Stock Based Compensation | $2,486,000 | $2,908,000 | $2,983,000 | $3,100,000 |
| Asset Impairment Charge | $68,394,000 | $0 | $0 | $22,507,000 |
| Deferred Tax | $-5,455,000 | $-1,333,000 | $-840,000 | $-2,932,000 |
| Deferred Income Tax | $-5,455,000 | $-1,333,000 | $-840,000 | $-2,932,000 |
| Depreciation Amortization Depletion | $43,017,000 | $45,044,000 | $45,154,000 | $45,144,000 |
| Depreciation And Amortization | $43,017,000 | $45,044,000 | $45,154,000 | $45,144,000 |
| Amortization Cash Flow | $38,259,000 | $38,414,000 | $37,789,000 | $36,637,000 |
| Amortization Of Intangibles | $38,259,000 | $38,414,000 | $37,789,000 | $36,637,000 |
| Depreciation | $4,758,000 | $6,630,000 | $7,365,000 | $8,507,000 |
| Net Foreign Currency Exchange Gain Loss | $15,000 | $-50,000 | $75,000 | $193,000 |
| Gain Loss On Sale Of PPE | $170,000 | $220,000 | $393,000 | $409,000 |
| Gain Loss On Sale Of Business | $0 | $99,000 | $0 | - |
| Net Income From Continuing Operations | $-81,094,000 | $-5,010,000 | $-8,659,000 | $-29,026,000 |
| Issuance Of Debt | - | - | $0 | $13,900,000 |
| Long Term Debt Issuance | - | - | $0 | $13,900,000 |
| Purchase Of Business | - | - | - | $0 |
| Purchase Of Intangibles | - | - | - | - |
| Effect Of Exchange Rate Changes | - | - | - | - |