2023 Q1 Form 10-Q Financial Statement

#000121390023039839 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $218.4K $210.3K
YoY Change 3.87%
Cost Of Revenue $178.3K $188.1K
YoY Change -5.19%
Gross Profit $40.11K $22.21K
YoY Change 80.58%
Gross Profit Margin 18.36% 10.56%
Selling, General & Admin $4.434M $4.711M
YoY Change -5.87% -8.71%
% of Gross Profit 11056.85% 21210.09%
Research & Development $1.388M $1.428M
YoY Change -2.86% 51.96%
% of Gross Profit 3459.68% 6431.25%
Depreciation & Amortization $109.9K $123.6K
YoY Change -11.09% 23.6%
% of Gross Profit 274.01% 556.51%
Operating Expenses $5.822M $6.139M
YoY Change -5.17% 0.81%
Operating Profit -$5.782M -$6.117M
YoY Change -5.48% 0.44%
Interest Expense -$202.8K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$202.8K $58.96K
YoY Change -443.98%
Pretax Income -$5.985M -$6.059M
YoY Change -1.23% -5.03%
Income Tax
% Of Pretax Income
Net Earnings -$5.985M -$6.059M
YoY Change -1.23% -5.02%
Net Earnings / Revenue -2740.06% -2881.46%
Basic Earnings Per Share -$1.31 -$6.80
Diluted Earnings Per Share -$1.31 -$135.9K
COMMON SHARES
Basic Shares Outstanding 4.563M shares 891.6K shares
Diluted Shares Outstanding 4.563M shares 891.6K shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.5K $2.115M
YoY Change -85.7% -84.95%
Cash & Equivalents $302.5K $2.115M
Short-Term Investments
Other Short-Term Assets $548.4K $534.9K
YoY Change 2.52% -29.61%
Inventory $763.5K $1.042M
Prepaid Expenses $548.4K
Receivables $329.0K $248.8K
Other Receivables $0.00 $500.0K
Total Short-Term Assets $1.943M $4.441M
YoY Change -56.24% -70.01%
LONG-TERM ASSETS
Property, Plant & Equipment $2.214M $6.202M
YoY Change -64.3% 118.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $410.3K $446.8K
YoY Change -8.18% 538.34%
Other Assets $50.00K $515.1K
YoY Change -90.29%
Total Long-Term Assets $5.690M $7.351M
YoY Change -22.6% 129.01%
TOTAL ASSETS
Total Short-Term Assets $1.943M $4.441M
Total Long-Term Assets $5.690M $7.351M
Total Assets $7.634M $11.79M
YoY Change -35.26% -34.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.236M $2.559M
YoY Change 26.46% 163.83%
Accrued Expenses $1.095M $1.138M
YoY Change -3.8% 191.79%
Deferred Revenue
YoY Change
Short-Term Debt $1.246M $0.00
YoY Change
Long-Term Debt Due $147.8K $626.3K
YoY Change -76.4% -52.19%
Total Short-Term Liabilities $5.910M $4.515M
YoY Change 30.92% 32.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.655M $2.555M
YoY Change -35.2% 87.84%
Total Long-Term Liabilities $1.655M $2.555M
YoY Change -35.2% -21.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.910M $4.515M
Total Long-Term Liabilities $1.655M $2.555M
Total Liabilities $7.566M $7.069M
YoY Change 7.02% 6.3%
SHAREHOLDERS EQUITY
Retained Earnings -$101.0M
YoY Change
Common Stock $4.835K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $201.6K
YoY Change
Treasury Stock Shares
Shareholders Equity $68.07K $4.723M
YoY Change
Total Liabilities & Shareholders Equity $7.634M $11.79M
YoY Change -35.26% -34.56%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.985M -$6.059M
YoY Change -1.23% -5.02%
Depreciation, Depletion And Amortization $109.9K $123.6K
YoY Change -11.09% 23.6%
Cash From Operating Activities -$3.952M -$5.199M
YoY Change -23.99% 28.38%
INVESTING ACTIVITIES
Capital Expenditures $5.050K -$147.8K
YoY Change -103.42% -69.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$225.6K
YoY Change -100.0%
Cash From Investing Activities -$5.049K -$373.4K
YoY Change -98.65% -23.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $507.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.491M -184.2K
YoY Change -909.38% -102.28%
NET CHANGE
Cash From Operating Activities -$3.952M -5.199M
Cash From Investing Activities -$5.049K -373.4K
Cash From Financing Activities $1.491M -184.2K
Net Change In Cash -$2.466M -5.757M
YoY Change -57.16% -262.62%
FREE CASH FLOW
Cash From Operating Activities -$3.952M -$5.199M
Capital Expenditures $5.050K -$147.8K
Free Cash Flow -$3.957M -$5.052M
YoY Change -21.67% 41.9%

Facts In Submission

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CY2022Q3 us-gaap Warrant Exercise Price Increase
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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CY2023Q1 us-gaap Cash
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CY2022Q2 us-gaap Equity Method Investment Aggregate Cost
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CY2023Q1 us-gaap Investment Company Registration Expense
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CY2023Q1 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the financial statements include the collectability of notes receivable, collectability and reserve on accounts receivable, the reserve on insurance billing, and the fair value of stock options and warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentrations of Credit Risk</i></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">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.</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 maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may have deposits in excess of federally insured limits.</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">Substantially all the Company’s accounts receivable are with companies in the healthcare industry, individuals, and the U.S. government. However, concentration of credit risk is mitigated due to the Company’s number of customers. In addition, for receivables due from U.S government agencies, the Company does not believe the receivables represent a credit risk as these are related to healthcare programs funded by the U.S. government and payment is primarily dependent upon submitting the appropriate documentation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2022Q1 us-gaap Other Research And Development Expense
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CY2023Q1 adtx Warrants Of Stock Options
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CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2022Q1 adtx Warrants Of Stock Options
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CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q1 us-gaap Equipment Expense
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CY2021Q1 us-gaap Derivative Average Cap Interest Rate
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0.08 pure
CY2021Q1 us-gaap Equipment Expense
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CY2021Q1 us-gaap Derivative Average Cap Interest Rate
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0.08 pure
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321000 usd
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240750 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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80250 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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321000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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214000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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107000 usd
CY2023Q1 adtx Amortization Of Intangible Asset
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26750 usd
CY2022Q1 adtx Amortization Of Intangible Asset
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26750 usd
CY2023Q1 us-gaap Intermediate Life Plants Useful Life
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P3Y
CY2023Q1 adtx Gross Proceeds
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1500000 usd
CY2023Q1 us-gaap Legal Fees
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75000 usd
CY2023Q1 adtx Warrant Exercise Price
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1307460
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
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61607 usd
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297091 usd
CY2022Q1 us-gaap Operating Lease Expense
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CY2023Q1 adtx Total Right Of Use Asset
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CY2022 adtx Total Right Of Use Asset
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CY2023Q1 adtx Operating Lease Liabilities Short Term
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CY2022Q4 adtx Operating Lease Liabilities Short Term
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CY2023Q1 adtx Operating Lease Liabilities Long Term
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Common Stock Other Shares Outstanding
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CY2018 us-gaap Information Technology And Data Processing
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60000 usd
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ProductLiabilityContingencyThirdPartyRecoveryPercentage
0.0075 pure
CY2023Q1 adtx Expiration Period
ExpirationPeriod
P3Y
CY2022Q1 us-gaap Investment Company Fee Paid Indirectly
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100000 usd
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25000 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
375 shares
CY2023Q1 us-gaap Sale Leaseback Transaction Other Payments Required
SaleLeasebackTransactionOtherPaymentsRequired
25000 usd
CY2023Q1 adtx Payment Of Milestone Fees
PaymentOfMilestoneFees
50000 usd
CY2023Q1 us-gaap Clearance Fees
ClearanceFees
25000 usd
CY2022Q1 us-gaap Registration Payment Arrangement Maximum Potential Consideration
RegistrationPaymentArrangementMaximumPotentialConsideration
25000 usd
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10000000 usd
CY2023Q1 us-gaap Broadcasters License Agreement Commitments Description
BroadcastersLicenseAgreementCommitmentsDescription
In addition to the annual license maintenance fees outlined above, we will pay Stanford royalties on Net Sales (as such term is defined in the February 2020 License Agreement) during the of the term of the agreement as follows: 4% when Net Sales are below or equal to $5 million annually or 6% when Net Sales are above $5 million annually.
CY2023Q1 us-gaap Liabilities Average Amount Outstanding
LiabilitiesAverageAmountOutstanding
1800000 usd
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On September 13, 2022, the Company effectuated a 1 for 50 reverse stock split (the “Reverse Split”).
CY2023Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
187000 shares
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
168300 usd
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
50000000 shares
CY2023Q1 us-gaap Common Stock Dividends Shares
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338513 shares
CY2023Q1 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
1.55
CY2023Q1 us-gaap Insurance Commissions And Fees
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507016 usd
CY2022Q1 adtx Preferred Stock Par Value
PreferredStockParValue
0.001
CY2022Q3 adtx Shares Of Common Stock
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1 shares
CY2022Q3 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
20000 usd
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000000 shares
CY2023Q1 us-gaap Redemption Premium
RedemptionPremium
20000 usd
CY2022Q4 adtx Company Paid
CompanyPaid
20000 usd
CY2022Q4 us-gaap Preferred Stock Dividends Shares
PreferredStockDividendsShares
1 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
60000 shares
CY2021Q1 adtx Fair Market Value
FairMarketValue
1 pure
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
43360 shares
CY2023Q1 us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
172.3
CY2023Q1 adtx Share Based Payment Remnaining Expenses
ShareBasedPaymentRemnainingExpenses
119928 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P0Y6M
CY2022Q1 us-gaap Other General And Administrative Expense
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133660 usd
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
0 usd
CY2022Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
26262 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0 usd
CY2023Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
111187 usd
CY2022Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
377671 usd
CY2023Q1 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
2503 usd
CY2023Q1 adtx Rs Us Vested
RSUsVested
1731 shares
CY2023Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
1731 shares
CY2023Q1 adtx Shares Of Common Stockvested Rs Us
SharesOfCommonStockvestedRSUs
1731
CY2022Q4 adtx Notes Payable Net Of Discount
NotesPayableNetOfDiscount
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CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2023Q1 us-gaap Other Income
OtherIncome
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CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.80
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4562873 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
891614 shares
CY2023Q1 adtx Ti Allowance Receivable
TIAllowanceReceivable
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CY2023Q1 adtx Note Receivables And Accrued Interest
NoteReceivablesAndAccruedInterest
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CY2022Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
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CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2022Q1 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P0Y
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001726711

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