2021 Q1 Form 10-Q Financial Statement

#000143774921010201 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $18.00K
YoY Change -100.0% -95.88%
Cost Of Revenue $1.610M $1.454M
YoY Change 10.73% -68.94%
Gross Profit -$1.610M -$1.436M
YoY Change 12.12% -66.16%
Gross Profit Margin -7977.78%
Selling, General & Admin $2.550M $2.520M
YoY Change 1.19% -44.25%
% of Gross Profit
Research & Development $289.0K $242.0K
YoY Change 19.42% -60.97%
% of Gross Profit
Depreciation & Amortization $300.0K $600.0K
YoY Change -50.0% -25.0%
% of Gross Profit
Operating Expenses $289.0K $242.0K
YoY Change 19.42% -97.4%
Operating Profit -$4.198M -$4.063M
YoY Change 3.32% -54.25%
Interest Expense $5.000K $183.0K
YoY Change -97.27% -93.67%
% of Operating Profit
Other Income/Expense, Net $114.0K -$364.0K
YoY Change -131.32% -87.12%
Pretax Income -$4.084M -$4.427M
YoY Change -7.75% -62.18%
Income Tax $2.000K $0.00
% Of Pretax Income
Net Earnings -$4.086M -$4.427M
YoY Change -7.7% -62.19%
Net Earnings / Revenue -24594.44%
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$61.15K -$74.35K
COMMON SHARES
Basic Shares Outstanding 66.88M 59.77M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.73M $6.390M
YoY Change 83.57% -58.34%
Cash & Equivalents $11.73M $6.386M
Short-Term Investments
Other Short-Term Assets $640.0K $10.37M
YoY Change -93.83% 793.97%
Inventory $1.091M $1.209M
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.46M $17.96M
YoY Change -25.08% -0.94%
LONG-TERM ASSETS
Property, Plant & Equipment $24.72M $37.55M
YoY Change -34.16% -19.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M
YoY Change
Other Assets $1.108M $5.932M
YoY Change -81.32% 78.03%
Total Long-Term Assets $28.11M $44.43M
YoY Change -36.75% -12.97%
TOTAL ASSETS
Total Short-Term Assets $13.46M $17.96M
Total Long-Term Assets $28.11M $44.43M
Total Assets $41.56M $62.40M
YoY Change -33.39% -9.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.697M $3.117M
YoY Change -45.56% 2.7%
Accrued Expenses $1.709M $2.420M
YoY Change -29.38% -45.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $40.00K $320.0K
YoY Change -87.5% 14.29%
Total Short-Term Liabilities $4.043M $6.415M
YoY Change -36.98% -22.36%
LONG-TERM LIABILITIES
Long-Term Debt $190.0K $8.350M
YoY Change -97.72% -3.36%
Other Long-Term Liabilities $90.00K $1.490M
YoY Change -93.96% -25.87%
Total Long-Term Liabilities $280.0K $9.840M
YoY Change -97.15% -7.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.043M $6.415M
Total Long-Term Liabilities $280.0K $9.840M
Total Liabilities $4.321M $16.25M
YoY Change -73.42% -14.05%
SHAREHOLDERS EQUITY
Retained Earnings -$169.7M -$144.3M
YoY Change 17.61% 35.12%
Common Stock $207.0M $190.5M
YoY Change 8.67% 21.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.24M $46.14M
YoY Change
Total Liabilities & Shareholders Equity $41.56M $62.40M
YoY Change -33.39% -9.82%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.086M -$4.427M
YoY Change -7.7% -62.19%
Depreciation, Depletion And Amortization $300.0K $600.0K
YoY Change -50.0% -25.0%
Cash From Operating Activities -$2.156M -$4.262M
YoY Change -49.41% -32.39%
INVESTING ACTIVITIES
Capital Expenditures $469.0K $1.563M
YoY Change -69.99% -3.04%
Acquisitions
YoY Change
Other Investing Activities -$390.0K $4.710M
YoY Change -108.28% 11675.0%
Cash From Investing Activities -$859.0K $3.149M
YoY Change -127.28% -300.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.485M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $8.209M -$76.00K
YoY Change -10901.32% -103.27%
NET CHANGE
Cash From Operating Activities -$2.156M -$4.262M
Cash From Investing Activities -$859.0K $3.149M
Cash From Financing Activities $8.209M -$76.00K
Net Change In Cash $5.194M -$1.189M
YoY Change -536.84% -78.6%
FREE CASH FLOW
Cash From Operating Activities -$2.156M -$4.262M
Capital Expenditures $469.0K $1.563M
Free Cash Flow -$2.625M -$5.825M
YoY Change -54.94% -26.41%

Facts In Submission

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303000 USD
CY2020Q1 aqms Change In Property And Equipment Resulting From Change In Accounts Payable
ChangeInPropertyAndEquipmentResultingFromChangeInAccountsPayable
-973000 USD
CY2021Q1 aqms Change In Property And Equipment Resulting From Change In Accrued Expenses
ChangeInPropertyAndEquipmentResultingFromChangeInAccruedExpenses
0 USD
CY2020Q1 aqms Change In Property And Equipment Resulting From Change In Accrued Expenses
ChangeInPropertyAndEquipmentResultingFromChangeInAccruedExpenses
-189000 USD
CY2021Q1 aqms Change In Equity Resulting From Change In Accrued Expenses
ChangeInEquityResultingFromChangeInAccruedExpenses
0 USD
CY2020Q1 aqms Change In Equity Resulting From Change In Accrued Expenses
ChangeInEquityResultingFromChangeInAccruedExpenses
24000 USD
CY2021Q1 aqms Change In Investing Activity Resulting From Issuance Of Equity
ChangeInInvestingActivityResultingFromIssuanceOfEquity
-1268000 USD
CY2020Q1 aqms Change In Investing Activity Resulting From Issuance Of Equity
ChangeInInvestingActivityResultingFromIssuanceOfEquity
0 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><span style="text-decoration: underline; "><em style="font: inherit;">1.</em> Organization</span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;">Aqua Metals, Inc. (the “Company”) was incorporated in Delaware and commenced operations on <em style="font: inherit;"> June 20, 2014 (</em>inception). On <em style="font: inherit;"> January 27, 2015, </em>the Company formed <span style="-sec-ix-hidden:c72479676">two</span> wholly-owned subsidiaries, Aqua Metals Reno, Inc. (“AMR”) and Aqua Metals Operations, Inc. (collectively, the “Subsidiaries”), both incorporated in Delaware. The Company is engaged in the business of equipment supply, technology licensing and related services for recycling lead through a novel, proprietary and patented process the Company developed and named AquaRefining<sup style="vertical-align:top;line-height:120%;font-size:pt">™</sup>. Prior to <em style="font: inherit;"> November 29, 2019, </em>the Company was engaged in the business of lead recycling through its patented and patent-pending AquaRefining technology. Following a fire at its lead recycling facility on <em style="font: inherit;"> November 29, 2019, </em>the Company has been engaged in the pursuit of licensing opportunities within the lead battery recycling marketplace without maintaining and operating a capital-intensive lead recycling facility.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;">Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution than smelting, the traditional method of lead recycling. The Company built its <em style="font: inherit;">first</em> recycling facility in Nevada’s Tahoe Reno Industrial Center (“TRIC”) in McCarran, Nevada and intended to pursue the development of additional lead acid battery recycling facilities based on the Company’s AquaRefining technology, likely through licensing or joint development arrangements. The Company commenced the shipment of products for sale, consisting of lead compounds and plastics in <em style="font: inherit;"> April 2017, </em>and through <em style="font: inherit;"> March 31, 2018 </em>substantially all revenue was derived from the sale of lead compounds and plastics. In <em style="font: inherit;"> April 2018, </em>the Company commenced the limited production of lead bullion, including AquaRefined lead. In <em style="font: inherit;"> July 2018, </em>the Company commenced the sale of pure AquaRefined lead in the form of <em style="font: inherit;">two</em> tonne blocks and in <em style="font: inherit;"> October 2018, </em>the Company commenced the sale of AquaRefined lead in the form of battery manufacturing ready ingots. In <em style="font: inherit;"> November 2018, </em>the Company received official vendor certification from Clarios for its AquaRefined lead and, in <em style="font: inherit;"> December 2018, </em>the Company commenced shipments directly to Clarios owned and partner battery manufacturing facilities. In <em style="font: inherit;">2019,</em> the Company operated its demonstration AquaRefinery at commercial quantity production levels and produced over <em style="font: inherit;">35,000</em> AquaRefined ingots by operating the AquaRefinery <em style="font: inherit;">24</em> hours a day and <em style="font: inherit;">seven</em> days a week for sustained periods of time. The AquaRefining Aqualyzers produced at or above the target <em style="font: inherit;">100</em> Kg/Hr of production throughput per module of <em style="font: inherit;">six</em> Aqualyzers or ~ <em style="font: inherit;">16</em>-<em style="font: inherit;">17</em> Kg/Hr per Aqualyzer and ran sustained endurance runs for over <em style="font: inherit;">one</em> month several times.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;">On the evening of <em style="font: inherit;"> November 29, 2019, </em>a fire occurred in the AquaRefining area of the facility. The fire and related intense heat and smoke caused significant damage to a material amount of equipment in the AquaRefinery area, including all <em style="font: inherit;">16</em> AquaRefining modules, electrical and tank infrastructure, steel superstructure, control wiring and other supporting infrastructure. Following the fire, the Company adopted a capital light strategy designed to optimize shareholder value by focusing on equipment supply and licensing opportunities, which have always been a core part of the Company’s business plans. The Company believes this path has the potential to maximize shareholder value in that it could be far less capital intensive than a rebuild and could be funded solely or primarily from a combination of cash on hand, insurance proceeds and asset dispositions.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p>
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"><span style="text-decoration: underline; ">Use of estimates</span></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;">The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, the valuation of conversion features of convertible debt, valuation allowances for deferred tax assets, the determination of fair value of estimated asset retirement obligations, the determination of stock option expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p>
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5818431
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4912152
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"><span style="text-decoration: underline; ">Concentration of credit risk</span></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;">Revenues from the following customer represented at least <em style="font: inherit;">10%</em> of total revenue for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2021</em> and <em style="font: inherit;"> March 31, 2020</em>, respectively. The Company did <span style="-sec-ix-hidden:c72479728"><span style="-sec-ix-hidden:c72479729">not</span></span> have a trade accounts receivable balance as of <em style="font: inherit;"> March 31, 2021</em> or <em style="font: inherit;"> December 31, 2020</em>. </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 27pt; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Revenue</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Three Months Ended March 31,</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 68%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Clarios (successor of Johnson Controls Battery Group, Inc.)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 13%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 13%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">100</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">%</td></tr> </tbody></table> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p>
CY2020Q1 aqms Percentage Of Revenue From Products Transferred At Point In Time
PercentageOfRevenueFromProductsTransferredAtPointInTime
1 pure
CY2020Q4 us-gaap Inventory Net
InventoryNet
1091000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
247000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
247000 USD
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
842000 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
842000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
1091000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37410000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37245000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12688000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12362000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24722000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24883000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
300000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
600000 USD
CY2021Q1 us-gaap Notes Payable Current
NotesPayableCurrent
31000 USD
CY2020Q4 us-gaap Notes Payable Current
NotesPayableCurrent
29000 USD
CY2021Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
170000 USD
CY2020Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
303000 USD
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
132000 USD
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
108000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
590000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
690000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1080000.00 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1250000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
345818
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0966 pure
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
163000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
158000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
144000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
144000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
634000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
91000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
725000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
35000 USD
CY2021Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000 USD
CY2021Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
18000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
543040
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
679000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
956000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021Q1 aqms Area Of Land Damaged By Fire
AreaOfLandDamagedByFire
30000

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