2021 Q1 Form 10-K Financial Statement

#000156459021009872 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $2.127M $9.539M $2.968M
YoY Change -19.61% -54.12% -60.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.740M $23.22M $1.790M
YoY Change 132.46% 83.41% -47.97%
% of Gross Profit
Research & Development $50.05M $57.85M $11.99M
YoY Change 532.18% 71.96% 147.3%
% of Gross Profit
Depreciation & Amortization $310.0K $880.0K $150.0K
YoY Change 72.22% 29.41% -6.25%
% of Gross Profit
Operating Expenses $59.79M $81.06M $11.99M
YoY Change 393.83% 75.07% 44.68%
Operating Profit -$57.67M -$71.52M -$10.82M
YoY Change 509.45% 180.34%
Interest Expense $1.320M -$620.0K -$170.0K
YoY Change -512.5% 29.17% -43.33%
% of Operating Profit
Other Income/Expense, Net -$358.0K -$361.0K
YoY Change 135.53% -19.06%
Pretax Income -$56.35M -$72.15M -$10.99M
YoY Change 476.18% 178.33% 988.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$56.35M -$72.15M -$10.99M
YoY Change 476.31% 177.59% 988.02%
Net Earnings / Revenue -2649.08% -756.35% -370.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.147M -$3.552M -$1.091M
COMMON SHARES
Basic Shares Outstanding 26.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $466.8M $462.9M $71.40M
YoY Change 684.54% 548.32% 94.55%
Cash & Equivalents $466.8M $462.9M $71.35M
Short-Term Investments
Other Short-Term Assets $1.200M $2.800M $38.00K
YoY Change 102.36% 250.0% -58.7%
Inventory
Prepaid Expenses $720.0K
Receivables $2.000M $2.100M $2.179M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $470.0M $467.8M $74.29M
YoY Change 637.15% 529.61% 77.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.427M $8.600M $2.349M
YoY Change 33.29% 14.67% 18.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.200M $263.0K
YoY Change 1100.0% -8.68%
Other Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $11.50M $8.700M $7.853M
YoY Change 37.81% 11.54% 231.35%
TOTAL ASSETS
Total Short-Term Assets $470.0M $467.8M $74.29M
Total Long-Term Assets $11.50M $8.700M $7.853M
Total Assets $481.5M $476.5M $82.14M
YoY Change 567.79% 480.39% 85.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.600M $10.80M $5.793M
YoY Change 48.19% 86.21% 141.58%
Accrued Expenses $29.80M $19.40M $7.134M
YoY Change 204.86% 340.91% 82.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.125M $1.300M
YoY Change
Total Short-Term Liabilities $53.30M $49.50M $21.32M
YoY Change 146.19% 132.39% 69.55%
LONG-TERM LIABILITIES
Long-Term Debt $58.10M $13.80M $15.00M
YoY Change 286.61% -8.0% 51.3%
Other Long-Term Liabilities $358.0K $16.50M $20.00M
YoY Change -98.05% -17.5% 146.91%
Total Long-Term Liabilities $358.0K $30.30M $15.00M
YoY Change -97.62% -13.43% 51.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.30M $49.50M $21.32M
Total Long-Term Liabilities $358.0K $30.30M $15.00M
Total Liabilities $128.9M $79.90M $56.35M
YoY Change 133.84% 41.67% 84.42%
SHAREHOLDERS EQUITY
Retained Earnings -$200.2M -$71.70M
YoY Change 145.81% 59.78%
Common Stock $15.00K
YoY Change -92.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $352.6M $396.6M $25.79M
YoY Change
Total Liabilities & Shareholders Equity $481.5M $476.5M $82.14M
YoY Change 567.79% 480.39% 85.85%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$56.35M -$72.15M -$10.99M
YoY Change 476.31% 177.59% 988.02%
Depreciation, Depletion And Amortization $310.0K $880.0K $150.0K
YoY Change 72.22% 29.41% -6.25%
Cash From Operating Activities -$42.95M -$42.86M -$7.540M
YoY Change 262.2% 565.03% 30.9%
INVESTING ACTIVITIES
Capital Expenditures $118.0K $1.742M -$320.0K
YoY Change -16.9% 112.96% 39.13%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$118.0K -$1.742M -$320.0K
YoY Change -16.9% 112.96% -114.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $423.8M
YoY Change 1891.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.01M 436.1M 5.040M
YoY Change 39740.68% 940.74% -48.94%
NET CHANGE
Cash From Operating Activities -42.95M -42.86M -7.540M
Cash From Investing Activities -118.0K -1.742M -320.0K
Cash From Financing Activities 47.01M 436.1M 5.040M
Net Change In Cash 3.944M 391.5M -2.820M
YoY Change -133.19% 1030.19% -144.27%
FREE CASH FLOW
Cash From Operating Activities -$42.95M -$42.86M -$7.540M
Capital Expenditures $118.0K $1.742M -$320.0K
Free Cash Flow -$43.07M -$44.60M -$7.220M
YoY Change 258.9% 514.11% 30.56%

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120000
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-421000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4812000
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3155000
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
578000
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
11320000
CY2019 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1675000
CY2018 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1687000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
7041000
CY2018 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
159000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42861000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6445000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1742000
CY2018 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
6594000
CY2018 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
30206000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1742000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-818000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22134000
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4945000
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
9872000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
139000
CY2018 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
332000
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
423819000
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21278000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
436145000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
41907000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10204000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
391542000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34644000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11578000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71460000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36816000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25238000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
463002000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71460000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36816000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
751000
CY2019 us-gaap Interest Paid Net
InterestPaidNet
691000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
146000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1360000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5868000
CY2018 arct Sale Of Intangible Assets For Equity Method Investment
SaleOfIntangibleAssetsForEquityMethodInvestment
590000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
169000
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
240000
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
30000
CY2018 arct Release Of Repurchase Liability For Restricted Shares
ReleaseOfRepurchaseLiabilityForRestrictedShares
39000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-143800000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71700000
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
107000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
107000
CY2020 arct Lease Expiration Year
LeaseExpirationYear
2025
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Significant Customers</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company limits its exposure to credit loss by placing its cash and cash equivalents with high credit quality financial institutions in instruments with short maturities. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There was one customer that comprised 100% of the total accounts receivable balance at December 31, 2020 and one customer that comprised 98% of the total accounts receivable balance at December 31, 2019. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the year ended December 31, 2020, the Company’s top four customers<span style="color:#000000;"> collectively </span>represented 94% of the Company’s total revenue. For the year ended December 31, 2019, there were four customers that collectively represented 91% of the Company’s total revenue. </p>
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
0
CY2019 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
0
CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
0
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
462895000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
71353000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36709000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
107000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
107000
CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
107000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
463002000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71460000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36816000
CY2020 us-gaap Dividends
Dividends
0
CY2019 us-gaap Dividends
Dividends
0
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2179000
CY2020 arct Contract With Customer Asset Additions For Revenue Recognized
ContractWithCustomerAssetAdditionsForRevenueRecognized
4030000
CY2020 arct Contract With Customer Asset Deductions For Cash Collections
ContractWithCustomerAssetDeductionsForCashCollections
-4084000
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2125000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
23579000
CY2020 arct Contract With Customer Liability Additions For Advanced Billings
ContractWithCustomerLiabilityAdditionsForAdvancedBillings
16579000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-9538000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
30620000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9539000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20789000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15753000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2097000
CY2020Q4 arct Accrued Cystic Fibrosis Foundation Liability
AccruedCysticFibrosisFoundationLiability
6585000
CY2020Q4 arct Accrued Singapore Economic Development Board Liability
AccruedSingaporeEconomicDevelopmentBoardLiability
1761000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1630000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1250000
CY2020Q4 arct Other Accrued Research And Development Expenses
OtherAccruedResearchAndDevelopmentExpenses
3249000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20639000
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
882000
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
684000
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
582000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6441000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4530000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3063000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2181000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3378000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2349000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1250000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7500000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6550000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
15300000
CY2020 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
900000
CY2019 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
900000
CY2018 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
200000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
60000000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1157175
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
138377
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6764000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1982000
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1259000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-72148000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-25922000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-21604000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-69000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-181000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-25991000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-21785000
CY2020 arct Maximum Percentage Of Likelihood Of Uncertain Tax Position Recognized To Be Sustained
MaximumPercentageOfLikelihoodOfUncertainTaxPositionRecognizedToBeSustained
0.50
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.053
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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535000
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.003
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.013
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.055
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
300000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
800000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33896000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15078000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6278000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
28000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
410000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
3230000
CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
1248000
CY2020Q4 arct Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
1274000
CY2019Q4 arct Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
1466000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1338000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
339000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
46551000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18569000
CY2020Q4 arct Deferred Tax Liabilities Property Plant And Equipment And Intangible Assets
DeferredTaxLiabilitiesPropertyPlantAndEquipmentAndIntangibleAssets
69000
CY2019Q4 arct Deferred Tax Liabilities Property Plant And Equipment And Intangible Assets
DeferredTaxLiabilitiesPropertyPlantAndEquipmentAndIntangibleAssets
11000
CY2020Q4 arct Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
1168000
CY2019Q4 arct Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
1326000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
45314000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17232000
CY2020 arct Net Operating Loss And Research And Development Credit Carryforwards Limitations On Cumulative Change In Ownership Minimum Percentage
NetOperatingLossAndResearchAndDevelopmentCreditCarryforwardsLimitationsOnCumulativeChangeInOwnershipMinimumPercentage
0.50
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.068
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.046
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.207
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.001
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1470000
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
-0.030
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1390000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1432000
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.251
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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0.087
CY2020 arct Effective Income Tax Rate Reconciliation Uncertain Tax Position
EffectiveIncomeTaxRateReconciliationUncertainTaxPosition
-0.015
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.015
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.001
CY2020 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.285
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.674
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.007
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.011
CY2020Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P13M
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1M
CY2020Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The lease may be extended for one twelve-month period, and in November 2020 the Company deemed the extension option reasonably certain to be exercised and included the option in the lease terms beginning in December 2020.
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2033000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
314000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6639000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
984000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5655000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M13D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.084
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
1900000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
1200000
CY2018 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
CY2019Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11994000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3534000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2322000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2333000
CY2020 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 13. Litigation</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 13, 2019, a former employee of the Company filed a complaint in San Diego County Superior Court, captioned Adonary Munoz v. Arcturus Therapeutics, Inc., et al, Case No. 37-2019-00066358-CU-PO-CTL. The lawsuit alleges sexual assault by an acquaintance of one of our employees and seeks to hold the Company liable on a number of causes of action. On January 17, 2020, a second amended complaint (“SAC”) was filed seeking $30 million in damages, including punitive damages and damages for emotional distress. The matter is scheduled for mediation on May 5, 2021. The Company believes the allegations of Ms. Munoz in her complaint are without merit, </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and intend</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> to vigorously defend </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sel</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">f</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> in the foregoing action. However, in light of the preliminary stage of the litigation, </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the Company</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unable to </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">estimate a potential loss or range of losses relating to this matter</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
CY2020Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
30000000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2646000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2238000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7917000
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7944000
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17699000
CY2020Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24286000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4191000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4420000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5572000
CY2020Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9034000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9462000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10042000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-20938000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-31082000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-9777000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-10263000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-21004000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
-31104000
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.92
CY2020Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.25
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14521000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18794000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22938000
CY2020Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24886000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4350000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10153000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3318000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2968000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7324000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7269000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7053000
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3456000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3881000
CY2019Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1791000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7616000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-10817000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-6884000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-685000
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.76
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10095000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10412000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6508000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-572000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-7433000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-10989000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.68
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13201000
CY2019Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14505000

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