COLOR1=the literal text COLOR1= (case sensitive) \s*any whitespace character, repeated any number of times
\Kresets the starting point of the reported match. Any previously consumed characters are no longer included in the final match
.*any character (except for line terminators), repeated any number of times
g modifier: global. Finds all matches instead of stopping after the first
m modifier: multiline. Causes ^ and $ to match the start and end of each line, not only the start and end of the string