2024 Q1 Form 10-K Financial Statement

#000168316824001821 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $10.11K $13.80K $75.40K
YoY Change -60.29% -38.72% 24.74%
Cost Of Revenue $19.48K $19.42K $75.73K
YoY Change 11.61% 12.32% 15.98%
Gross Profit -$9.362K -$5.620K -$330.00
YoY Change -216.73% -207.46% -93.2%
Gross Profit Margin -92.56% -40.72% -0.44%
Selling, General & Admin $1.027M $900.0K $4.002M
YoY Change 4.27% -17.59% -20.03%
% of Gross Profit
Research & Development $239.0K $220.7K $873.3K
YoY Change 16.95% -7.97% -19.79%
% of Gross Profit
Depreciation & Amortization $45.11K $42.67K $162.7K
YoY Change 14.58% -17.58% 3514.89%
% of Gross Profit
Operating Expenses $1.266M $1.121M $4.876M
YoY Change 6.45% -15.86% -19.99%
Operating Profit -$1.275M -$1.126M -$4.876M
YoY Change 7.96% -15.11% -20.05%
Interest Expense $335.8K -$65.57K $38.35K
YoY Change -24435.07% 3067.63% -97.46%
% of Operating Profit
Other Income/Expense, Net -$1.124M -$73.44K -$73.74K
YoY Change 136948.17% 91700.0% -95.11%
Pretax Income -$2.399M -$1.265M -$4.911M
YoY Change 102.72% -4.78% -35.42%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.399M -$1.265M -$4.911M
YoY Change 102.72% -4.78% -35.42%
Net Earnings / Revenue -23720.61% -9169.2% -6513.75%
Basic Earnings Per Share -$0.44 -$8.82
Diluted Earnings Per Share -$0.44 -$2.27 -$8.82
COMMON SHARES
Basic Shares Outstanding 7.154M shares 8.793M shares 556.8K shares
Diluted Shares Outstanding 5.443M shares 556.8K shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.183M $1.021M $1.071M
YoY Change 385.03% -30.67% -27.28%
Cash & Equivalents $2.133M $1.021M $1.021M
Short-Term Investments $50.00K $50.00K
Other Short-Term Assets $338.3K $255.0K $204.9K
YoY Change 61.1% -48.67% -58.77%
Inventory
Prepaid Expenses
Receivables $17.21K $13.27K $13.27K
Other Receivables $160.00 $0.00 $150.00
Total Short-Term Assets $2.538M $1.289M $1.289M
YoY Change 275.75% -35.15% -35.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.486K $1.780K $1.780K
YoY Change -47.73% -46.8% -46.87%
Goodwill
YoY Change
Intangibles $1.187M $1.169M
YoY Change 0.37% -3.77%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.189M $1.170M $1.170M
YoY Change 0.26% -3.89% -3.89%
TOTAL ASSETS
Total Short-Term Assets $2.538M $1.289M $1.289M
Total Long-Term Assets $1.189M $1.170M $1.170M
Total Assets $3.727M $2.460M $2.460M
YoY Change 100.24% -23.28% -23.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.7K $760.5K $758.8K
YoY Change -64.07% 64.55% 65.84%
Accrued Expenses $288.1K $857.7K $857.7K
YoY Change 51.65% 40.43% 40.43%
Deferred Revenue
YoY Change
Short-Term Debt $670.2K $1.126M $1.126M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.222M $3.188M $3.188M
YoY Change 65.92% 124.77% 124.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.222M $3.188M $3.188M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.222M $3.188M $3.188M
YoY Change 65.11% 124.77% 124.77%
SHAREHOLDERS EQUITY
Retained Earnings -$46.68M -$44.28M
YoY Change 15.11% 10.96%
Common Stock $72.00 $8.00
YoY Change -8.86% -89.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.505M -$728.0K -$728.0K
YoY Change
Total Liabilities & Shareholders Equity $3.727M $2.460M $2.460M
YoY Change 100.24% -23.28% -23.28%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.399M -$1.265M -$4.911M
YoY Change 102.72% -4.78% -35.42%
Depreciation, Depletion And Amortization $45.11K $42.67K $162.7K
YoY Change 14.58% -17.58% 3514.89%
Cash From Operating Activities -$2.239M -$736.9K -$3.647M
YoY Change 120.96% -35.07% -31.37%
INVESTING ACTIVITIES
Capital Expenditures $63.66K $29.52K $119.5K
YoY Change 443.17% -38.82% -42.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$63.66K -$29.52K -$119.5K
YoY Change 443.15% -38.82% -42.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.464M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.414M 1.625M 3.315M
YoY Change -49.41%
NET CHANGE
Cash From Operating Activities -$2.239M -736.9K -3.647M
Cash From Investing Activities -$63.66K -29.52K -119.5K
Cash From Financing Activities $3.414M 1.625M 3.315M
Net Change In Cash $1.112M 858.3K -451.7K
YoY Change -208.46% -172.53% -143.85%
FREE CASH FLOW
Cash From Operating Activities -$2.239M -$736.9K -$3.647M
Capital Expenditures $63.66K $29.52K $119.5K
Free Cash Flow -$2.302M -$766.5K -$3.766M
YoY Change 124.64% -35.23% -31.8%

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CY2023 ACON Bridge Funding Issuance Costs
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CY2022 ACON Bridge Funding Issuance Costs
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CY2023 ACON Equity Line Of Credit Issuance Costs
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CY2023 us-gaap Proceeds From Lines Of Credit
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CY2022 us-gaap Proceeds From Lines Of Credit
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CY2023 us-gaap Proceeds From Notes Payable
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CY2022 us-gaap Proceeds From Notes Payable
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CY2023 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2022 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2023 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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CY2022 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 ACON Accrued Debt Issuance Costs Related To Bridge Funding
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CY2022 ACON Accrued Debt Issuance Costs Related To Equity Line Of Credit
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CY2023 ACON Issuance Of Warrants Related To Bridge Funding
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CY2022 ACON Issuance Of Warrants Related To Bridge Funding
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CY2023 ACON Original Issuance Discount15 Related To Bridge Funding
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CY2022 ACON Original Issuance Discount15 Related To Bridge Funding
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CY2023 ACON Liability To Issue Common Shares
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CY2023 ACON Issuance Of Commitment Shares Related To Bridge Funding
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CY2022 ACON Issuance Of Commitment Shares Related To Bridge Funding
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CY2023 ACON Fair Value Of Warrants And Derivative Related To First Tranche Bridge Funding
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CY2022 ACON Fair Value Of Warrants And Derivative Related To First Tranche Bridge Funding
FairValueOfWarrantsAndDerivativeRelatedToFirstTrancheBridgeFunding
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CY2023 ACON Fair Value Of Warrants And Derivative Related To Second Tranche Bridge Funding
FairValueOfWarrantsAndDerivativeRelatedToSecondTrancheBridgeFunding
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CY2022 ACON Fair Value Of Warrants And Derivative Related To Second Tranche Bridge Funding
FairValueOfWarrantsAndDerivativeRelatedToSecondTrancheBridgeFunding
0 usd
CY2023 ACON Fair Value Of Warrants And Derivative Related To Third Tranche Bridge Funding
FairValueOfWarrantsAndDerivativeRelatedToThirdTrancheBridgeFunding
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CY2022 ACON Fair Value Of Warrants And Derivative Related To Third Tranche Bridge Funding
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0 usd
CY2023 ACON Dividends Accrued On Preferred Shares
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CY2022 ACON Dividends Accrued On Preferred Shares
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CY2023 ACON Conversion Of Preferred Stock To Common Stock
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CY2022 ACON Conversion Of Preferred Stock To Common Stock
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CY2023 ACON Conversion Of Preferred Stock Dividends To Common Stock
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CY2022 ACON Conversion Of Preferred Stock Dividends To Common Stock
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CY2023 ACON Conversion Of Accrued Interest On Promissory Notes To Common Stock And Warrants
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CY2022 ACON Conversion Of Accrued Interest On Promissory Notes To Common Stock And Warrants
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CY2023 ACON Issuance Of Underwriters Warrants Related To Ipo
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CY2022 ACON Issuance Of Underwriters Warrants Related To Ipo
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CY2022 ACON Designation Of Prepaid Expenses To Ipo Issuance Costs
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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556808 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023 us-gaap Earnings Per Share Basic
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-8.82
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EarningsPerShareDiluted
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-19.61
CY2022 us-gaap Earnings Per Share Diluted
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CY2023 us-gaap Use Of Estimates
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<p id="xdx_84C_eus-gaap--UseOfEstimates_zPDtw9OhJ8O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_867_zH9AyPbGFeBg">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements include some amounts that are based on management's best estimates and judgments. The most significant estimates relate to depreciation, amortization, valuation of capital stock, and valuation of warrants and options to purchase shares of the Company's preferred and common stock. These estimates may be adjusted as more current information becomes available, and any adjustment could be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_86D_zF4GNeg7lNn3"><b>Valuation of Derivative Instruments</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-40, <i>Derivatives and Hedging: Contracts on an Entity’s Own Equity</i>, addresses whether an equity-linked contract qualifies as equity in the entity’s financial statements. Agreements where an entity has insufficient authorized and unissued shares to settle the contract generally are accounted for as a liability and marked to fair value through earnings each reporting period. The Company evaluates its financial instruments to determine if such instruments are liabilities or contain features that qualify as embedded derivatives. For financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then revalued at each reporting date, with changes in the fair value reported as charges or credits to income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
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<p id="xdx_842_eus-gaap--DerivativesReportingOfDerivativeActivity_z1hA5hKAHpaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_865_zWtSvp6ZJ4bk">Derivative Financial Instruments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has derivative financial instruments that are not hedges and do not qualify for hedge accounting. Changes in the fair value of these instruments are recorded in other income (expenses), on a net basis in the Consolidated Statements of Operations and Comprehensive Loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2023Q4 ACON Future Depreciation Of Property And Equipment In Next Tweleve Months
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CY2023Q4 ACON Future Depreciation Of Property And Equipment In Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
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168951 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
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CY2023Q4 us-gaap Notes Payable
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CY2022Q4 us-gaap Notes Payable
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CY2023Q4 ACON Unamortized Discounts And Deferred Financing Costs Warrants
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CY2022Q4 ACON Unamortized Discounts And Deferred Financing Costs Warrants
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CY2023Q4 ACON Unamortized Discounts And Deferred Financing Costs Derivative
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CY2022Q4 ACON Unamortized Discounts And Deferred Financing Costs Derivative
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CY2023Q4 ACON Unamortized Discounts And Deferred Financing Costs Issuance Cost
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CY2022Q4 ACON Unamortized Discounts And Deferred Financing Costs Issuance Cost
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CY2023Q4 ACON Unamortized Discounts And Deferred Financing Costs Total
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CY2022Q4 ACON Unamortized Discounts And Deferred Financing Costs Total
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CY2022Q4 us-gaap Other Notes Payable Current
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2022 ACON Weighted Average Number Of Shares Outstanding Basic1
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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36.80
CY2022 ACON Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term Options Granted
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermOptionsGranted
P9Y7M6D
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2022 ACON Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term Options Forfeited
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P5Y7M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2023 ACON Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term Options Forfeited
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermOptionsForfeited
P6Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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0001683168-24-001821.txt Edgar Link pending
0001683168-24-001821-xbrl.zip Edgar Link pending
acon-20231231.xsd Edgar Link pending
acon_ex2301.htm Edgar Link pending
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