Regarding the LocalConnection

Can Any Body Explain me the Code which i have pasted here

[size=1]function sending()

{

LC.send(mastername, “registerLot”, name);

} // End of the function

stop();

var LC = new LocalConnection();

bidlabel.text = “”;

tTime.text = “Connecting…”;

LC.connect(name + mastername);

sending();

intID = setInterval(sending, 1000);

LC.gogogo = function (status, lotno)

{

clearInterval(intID);

gotoAndPlay(2);

};

[/size]