2019 Q1 Form 10-Q Financial Statement

#000007874919000010 Filed on January 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 Q4
Revenue $36.62M $36.01M $31.31M
YoY Change 14.23% 15.02% 0.0%
Cost Of Revenue $17.00M $17.37M $15.68M
YoY Change 11.11% 10.74% -8.86%
Gross Profit $19.60M $18.65M $15.63M
YoY Change 16.99% 19.32% 0.0%
Gross Profit Margin 53.51% 51.78% 49.91%
Selling, General & Admin $11.40M $22.53M $19.24M
YoY Change 14.0% 17.07% 121.72%
% of Gross Profit 58.18% 120.8% 123.12%
Research & Development $10.50M $10.06M $7.269M
YoY Change 45.83% 38.38% 6.16%
% of Gross Profit 53.59% 53.94% 46.51%
Depreciation & Amortization $4.600M $651.0K $581.0K
YoY Change 21.05% 12.05% -2.84%
% of Gross Profit 23.48% 3.49% 3.72%
Operating Expenses $23.20M $32.58M $26.51M
YoY Change 26.09% 22.91% 70.76%
Operating Profit -$3.605M -$3.878M -$3.613M
YoY Change 118.35% 7.33% 121.79%
Interest Expense $100.0K $3.000K $3.000K
YoY Change 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $100.0K -$68.00K $46.00K
YoY Change -50.0% -247.83% -174.19%
Pretax Income -$3.600M -$3.866M -$3.557M
YoY Change 80.0% 8.69% 121.21%
Income Tax -$200.0K $182.0K -$1.623M
% Of Pretax Income
Net Earnings -$3.589M -$4.048M -$1.934M
YoY Change 1609.05% 109.31% 0.0%
Net Earnings / Revenue -9.8% -11.24% -6.18%
Basic Earnings Per Share
Diluted Earnings Per Share -$155.8K -$173.9K -$82.97K
COMMON SHARES
Basic Shares Outstanding 23.54M shares 23.05M 22.85M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.80M $37.00M $37.60M
YoY Change 2.26% -1.6% -28.65%
Cash & Equivalents $40.77M $37.00M $37.62M
Short-Term Investments
Other Short-Term Assets $6.300M $4.300M $6.800M
YoY Change 12.5% -36.76% -20.93%
Inventory $2.044M $1.566M $2.131M
Prepaid Expenses $6.272M $6.849M
Receivables $27.00M $33.64M $14.75M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $79.01M $80.76M $61.34M
YoY Change 23.6% 31.65% -22.06%
LONG-TERM ASSETS
Property, Plant & Equipment $15.84M $15.28M $17.76M
YoY Change -9.56% -13.98% 28.43%
Goodwill $19.62M $19.62M $19.62M
YoY Change 0.11% 0.0% 0.0%
Intangibles $8.438M $8.450M $8.496M
YoY Change -0.54% -0.54% -0.54%
Long-Term Investments
YoY Change
Other Assets $5.675M $5.515M $2.613M
YoY Change 128.46% 111.06% 5.49%
Total Long-Term Assets $84.58M $86.68M $94.58M
YoY Change -9.33% -8.35% 1.69%
TOTAL ASSETS
Total Short-Term Assets $79.01M $80.76M $61.34M
Total Long-Term Assets $84.58M $86.68M $94.58M
Total Assets $163.6M $167.4M $155.9M
YoY Change 4.06% 7.39% -9.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.718M $6.431M $8.175M
YoY Change -43.83% -21.33% -5.2%
Accrued Expenses $14.41M $12.87M $9.843M
YoY Change 55.89% 30.77% -7.33%
Deferred Revenue $38.67M
YoY Change 44.18%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $57.82M $59.29M $41.56M
YoY Change 29.69% 42.64% -10.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Other Long-Term Liabilities $4.258M $3.479M $3.985M
YoY Change 8.87% -12.7% -2.23%
Total Long-Term Liabilities $4.258M $3.479M $3.985M
YoY Change 8.87% -12.7% -2.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.82M $59.29M $41.56M
Total Long-Term Liabilities $4.258M $3.479M $3.985M
Total Liabilities $62.07M $62.77M $45.55M
YoY Change 28.01% 37.8% -10.13%
SHAREHOLDERS EQUITY
Retained Earnings $93.05M $96.64M $103.8M
YoY Change -10.18% -6.91% -12.01%
Common Stock $9.482M $9.482M $9.482M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.433M $2.422M $2.463M
YoY Change -2.13% -1.66% -2.3%
Treasury Stock Shares $8.106M 8.072M shares 8.204M shares
Shareholders Equity $100.6M $104.1M $108.2M
YoY Change
Total Liabilities & Shareholders Equity $163.6M $167.4M $155.9M
YoY Change 4.06% 7.39% -9.19%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$3.589M -$4.048M -$1.934M
YoY Change 1609.05% 109.31% 0.0%
Depreciation, Depletion And Amortization $4.600M $651.0K $581.0K
YoY Change 21.05% 12.05% -2.84%
Cash From Operating Activities $5.500M $4.400M $3.700M
YoY Change 14.58% 18.92% -33.93%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$300.0K -$4.000M
YoY Change -32.0% -92.5% -9.09%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.700M -$300.0K -$4.000M
YoY Change -32.0% -92.5% -9.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -100.0K -700.0K
YoY Change -85.71%
NET CHANGE
Cash From Operating Activities 5.500M 4.400M 3.700M
Cash From Investing Activities -1.700M -300.0K -4.000M
Cash From Financing Activities -100.0K -100.0K -700.0K
Net Change In Cash 3.700M 4.000M -1.000M
YoY Change 60.87% -500.0% -183.33%
FREE CASH FLOW
Cash From Operating Activities $5.500M $4.400M $3.700M
Capital Expenditures -$1.700M -$300.0K -$4.000M
Free Cash Flow $7.200M $4.700M $7.700M
YoY Change -1.37% -38.96% -23.0%

Facts In Submission

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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-9389000 USD
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1623000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1439000 USD
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
182000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
186000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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1214000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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-44000 USD
us-gaap Increase Decrease In Operating Capital
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-3433000 USD
us-gaap Increase Decrease In Operating Capital
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-4632000 USD
CY2018Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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32583000 USD
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32583000 USD
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8484000 USD
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8450000 USD
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InterestExpense
3000 USD
us-gaap Interest Expense
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7000 USD
CY2018Q4 us-gaap Interest Expense
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3000 USD
us-gaap Interest Expense
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8000 USD
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1999000 USD
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1566000 USD
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13000 USD
us-gaap Investment Income Interest
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64000 USD
CY2018Q4 us-gaap Investment Income Interest
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83000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
235000 USD
CY2017Q4 us-gaap Legal Fees
LegalFees
150000 USD
us-gaap Legal Fees
LegalFees
150000 USD
CY2018Q4 us-gaap Legal Fees
LegalFees
0 USD
us-gaap Legal Fees
LegalFees
126000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
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157207000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
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167433000 USD
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44581000 USD
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59286000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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-11000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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-12000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-1282000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-702000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-12588000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3826000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2098000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1719000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-1934000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8138000 USD
CY2018Q4 us-gaap Net Income Loss
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-4048000 USD
us-gaap Net Income Loss
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-9575000 USD
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786000 USD
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643000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Noncurrent
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79000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Noncurrent
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77000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
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2484000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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5515000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
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4893000 USD
CY2017Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-17000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
5000 USD
CY2018Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
87000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
21000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3911000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3479000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
196000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-68000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-293000 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
150000 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
0 USD
us-gaap Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
27000 USD
us-gaap Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
27000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1190000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
612000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5289000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1610000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
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5593000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4334000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5097000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
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17512000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15278000 USD
us-gaap Repayments Of Long Term Debt
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92000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
90000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7269000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20708000 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10059000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
27299000 USD
us-gaap Restructuring Charges
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CY2018Q1 us-gaap Restructuring Reserve
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198000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
20000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
20000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
103601000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
96640000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
106215000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31310000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
95305000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36014000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104224000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
42000000 USD
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P12M
CY2018Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
1300000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
3100000 USD
CY2017Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4278000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13616000 USD
CY2018Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5217000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14363000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19241000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
57503000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
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22525000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63608000 USD
CY2017Q4 us-gaap Severance Costs1
SeveranceCosts1
378000 USD
us-gaap Severance Costs1
SeveranceCosts1
1241000 USD
CY2018Q4 us-gaap Severance Costs1
SeveranceCosts1
58000 USD
us-gaap Severance Costs1
SeveranceCosts1
948000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
1458000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3776000 USD
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
1282000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2956000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
1300000 shares
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
108431000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
104105000 USD
CY2018Q1 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
0 USD
CY2018Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
33000 USD
CY2018Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
769000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1120000 USD
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
8282152 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
8071741 shares
CY2018Q1 us-gaap Treasury Stock Value
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2486000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2422000 USD
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22851000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22777000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23048000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23030000 shares

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