2024 Q1 Form 10-K Financial Statement

#000143774924008398 Filed on March 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $20.21M $32.76M $142.6M
YoY Change -42.05% -40.34% -35.54%
Cost Of Revenue $7.046M $16.05M $72.28M
YoY Change -55.35% -53.54% -37.5%
Gross Profit $13.17M $16.71M $70.29M
YoY Change -31.05% -17.96% -33.39%
Gross Profit Margin 65.14% 51.02% 49.3%
Selling, General & Admin $18.45M $23.86M $102.1M
YoY Change -29.56% -42.18% -35.92%
% of Gross Profit 140.08% 142.79% 145.31%
Research & Development $0.00 $808.0K $4.616M
YoY Change -100.0% -43.5% -23.22%
% of Gross Profit 0.0% 4.84% 6.57%
Depreciation & Amortization $428.0K $470.0K $3.886M
YoY Change -75.71% -73.27% 871.5%
% of Gross Profit 3.25% 2.81% 5.53%
Operating Expenses $18.45M $24.67M $146.5M
YoY Change -58.16% -42.22% -48.37%
Operating Profit -$5.278M -$7.959M -$76.19M
YoY Change -78.88% -64.35% -57.23%
Interest Expense $194.0K -$315.0K $2.125M
YoY Change -67.45% -113.85% -21.18%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$159.0K -$260.0K
YoY Change -87.04% -291.57% -192.53%
Pretax Income -$5.091M -$8.716M -$75.43M
YoY Change -80.25% -57.35% -61.65%
Income Tax $71.00K -$1.009M -$867.0K
% Of Pretax Income
Net Earnings -$5.162M -$7.707M -$74.56M
YoY Change -79.99% -62.04% -62.01%
Net Earnings / Revenue -25.54% -23.53% -52.3%
Basic Earnings Per Share -$0.76 -$0.95
Diluted Earnings Per Share -$0.76 -$0.10 -$0.95
COMMON SHARES
Basic Shares Outstanding 92.06M 90.21M 78.16M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.55M $20.02M $20.02M
YoY Change -48.26% -54.05% -54.05%
Cash & Equivalents $17.50M $20.00M
Short-Term Investments
Other Short-Term Assets $5.138M $4.998M $4.998M
YoY Change -25.21% -39.5% -39.5%
Inventory $18.52M $20.39M $20.39M
Prepaid Expenses
Receivables $2.382M $4.225M $4.225M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.59M $49.64M $49.64M
YoY Change -48.51% -50.37% -50.37%
LONG-TERM ASSETS
Property, Plant & Equipment $748.0K $775.0K $775.0K
YoY Change -9.88% -9.14% -9.14%
Goodwill $0.00
YoY Change -100.0%
Intangibles $11.32M
YoY Change
Long-Term Investments
YoY Change
Other Assets $386.0K $138.0K $138.0K
YoY Change -48.74% -83.03% -83.03%
Total Long-Term Assets $12.09M $12.23M $12.23M
YoY Change -68.17% -78.32% -78.32%
TOTAL ASSETS
Total Short-Term Assets $43.59M $49.64M $49.64M
Total Long-Term Assets $12.09M $12.23M $12.23M
Total Assets $55.67M $61.87M $61.87M
YoY Change -54.6% -60.45% -60.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.058M $4.190M $4.190M
YoY Change -54.68% -73.87% -73.87%
Accrued Expenses $7.989M $7.844M $7.844M
YoY Change -36.7% -44.97% -44.97%
Deferred Revenue
YoY Change
Short-Term Debt $10.30M $12.15M $12.15M
YoY Change -49.53% -46.6% -46.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.35M $25.45M $25.45M
YoY Change -47.3% -52.02% -52.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $378.0K $391.0K $391.0K
YoY Change -73.88% -73.07% -73.07%
Total Long-Term Liabilities $378.0K $391.0K $391.0K
YoY Change -73.88% -73.07% -73.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.35M $25.45M $25.45M
Total Long-Term Liabilities $378.0K $391.0K $391.0K
Total Liabilities $22.72M $25.84M $25.84M
YoY Change -48.18% -52.58% -52.58%
SHAREHOLDERS EQUITY
Retained Earnings -$705.0M -$699.8M
YoY Change 8.29% 11.92%
Common Stock $9.000K $9.000K
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.95M $36.03M $36.03M
YoY Change
Total Liabilities & Shareholders Equity $55.67M $61.87M $61.87M
YoY Change -54.6% -60.45% -60.45%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.162M -$7.707M -$74.56M
YoY Change -79.99% -62.04% -62.01%
Depreciation, Depletion And Amortization $428.0K $470.0K $3.886M
YoY Change -75.71% -73.27% 871.5%
Cash From Operating Activities -$6.000K -$4.930M -$13.40M
YoY Change -99.92% -338.86% -23.33%
INVESTING ACTIVITIES
Capital Expenditures $36.00K $39.00K $119.0K
YoY Change -71.2% -93.98% -80.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K
YoY Change
Cash From Investing Activities -$236.0K -$39.00K -$244.0K
YoY Change 49.37% -93.98% -63.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.198M -3.601M -$11.11M
YoY Change -26.37% -122.84% -141.15%
NET CHANGE
Cash From Operating Activities -6.000K -4.930M -$13.40M
Cash From Investing Activities -236.0K -39.00K -$244.0K
Cash From Financing Activities -2.198M -3.601M -$11.11M
Net Change In Cash -2.440M -8.570M -$24.43M
YoY Change -76.61% -149.88% -393.89%
FREE CASH FLOW
Cash From Operating Activities -$6.000K -$4.930M -$13.40M
Capital Expenditures $36.00K $39.00K $119.0K
Free Cash Flow -$42.00K -$4.969M -$13.52M
YoY Change -99.44% -450.92% -25.19%

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CY2023 us-gaap Inventory Write Down
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CY2023 us-gaap Fair Value Adjustment Of Warrants
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CY2023 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022 ater Gain Loss On Issuance Of Equity
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CY2023 ater Gain Loss On Issuance Of Equity
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CY2022 us-gaap Goodwill Impairment Loss
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CY2023 us-gaap Goodwill Impairment Loss
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CY2023 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023 ater Provision For Barter Credits
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Inventories
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CY2023 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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IncreaseDecreaseInAccountsPayableAccruedAndOtherLiabilities
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CY2023 ater Increase Decrease In Accounts Payable Accrued And Other Liabilities
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CY2023 ater Payments To Acquire Step And Go Assets
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Repayments Of Notes Payable
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CY2023 us-gaap Proceeds From Lines Of Credit
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CY2022 us-gaap Repayments Of Lines Of Credit
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CY2023 us-gaap Repayments Of Lines Of Credit
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CY2022 ater Payments Of Insurance Obligation Financing Activities
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CY2023 ater Payments Of Insurance Obligation Financing Activities
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CY2022 ater Proceeds From Insurance Financing Activities
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CY2023 ater Proceeds From Insurance Financing Activities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Interest Paid Net
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Income Taxes Paid Net
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CY2023 us-gaap Income Taxes Paid Net
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CY2022 ater Noncash Consideration Paid To Contractors
NoncashConsiderationPaidToContractors
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CY2023 ater Noncash Consideration Paid To Contractors
NoncashConsiderationPaidToContractors
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CY2022 ater Issuance Of Warrants Fair Value
IssuanceOfWarrantsFairValue
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CY2023 ater Issuance Of Warrants Fair Value
IssuanceOfWarrantsFairValue
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CY2022 ater Issuance Of Common Stock Related To Exercise Of Warrants
IssuanceOfCommonStockRelatedToExerciseOfWarrants
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CY2023 ater Issuance Of Common Stock Related To Exercise Of Warrants
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CY2022 ater Non Cash Initial Issuance Of Equity
NonCashInitialIssuanceOfEquity
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CY2023 ater Non Cash Initial Issuance Of Equity
NonCashInitialIssuanceOfEquity
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CY2022 ater Noncash Issuance Of Common Stock
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CY2023 ater Noncash Issuance Of Common Stock
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CY2022 ater Exercise Of Warrants Cash Flow Effect
ExerciseOfWarrantsCashFlowEffect
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CY2023 ater Exercise Of Warrants Cash Flow Effect
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CY2023 us-gaap Net Income Loss
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 ater Number Of Restructuring Plans
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CY2023 us-gaap Use Of Estimates
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<b>Use of Estimates</b>—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 the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period covered by the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates.
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Concentration of Credit Risk</b>—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains cash and restricted cash with various domestic and foreign financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of all of the aforementioned institutions. The Company does have cash deposits at financial institutions in excess of the insured amount of $0.3 million by the Federal Deposit Insurance Corporation.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company’s accounts receivables are derived from sales contracts with a large number of customers. The Company maintains reserves for potential credit losses on customer accounts when deemed necessary. Significant customers are those which represent more than <em style="font: inherit;">10%</em> of the Company’s total net revenue or gross accounts receivable balance at the balance sheet date. During the years-ended <em style="font: inherit;"> December 31, 2022</em> and <em style="font: inherit;">2023</em>, the Company had <em style="font: inherit;">zero</em> customers that accounted for <em style="font: inherit;">10%</em> or more of total net revenue. In addition, as of <em style="font: inherit;"> December 31, 2022</em> and <em style="font: inherit;">2023</em>, the Company had <span style="-sec-ix-hidden:c108845765">three</span> and four customers that accounted for <em style="font: inherit;">10%</em> or more of gross accounts receivable. As of <em style="font: inherit;"> December 31, 2022</em> and <em style="font: inherit;">2023</em>, approximately 43% and 32%, respectively, of its accounts receivable is held by the Company’s sales platform vendor, Amazon, which collects money on the Company’s behalf from its customers.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company’s business is reliant on <em style="font: inherit;">one</em> key vendor which currently provides the Company with its sales platform, logistics and fulfillment operations, including certain warehousing for the Company’s net goods, and invoicing and collection of its revenue from the Company’s end customers. In <em style="font: inherit;">2022</em>, approximately 89% of the Company’s revenue was through or with the Amazon sales platform and in <em style="font: inherit;">2023</em>, 88% of its net revenue was through or with the Amazon sales platform.</p>
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CY2022Q3 us-gaap Goodwill
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q4 ater Prepaid Freight Forwarder
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CY2023Q4 ater Accrued Logistics Costs Current
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CY2022Q4 ater Product Related Accruals
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CY2023Q4 ater Product Related Accruals
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CY2022Q4 us-gaap Sales And Excise Tax Payable Current
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CY2023Q4 us-gaap Sales And Excise Tax Payable Current
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CY2023Q4 us-gaap Contract With Customer Refund Liability Current
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CY2023Q4 ater Accrued Fulfillment Expense
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CY2022Q4 us-gaap Accrued Insurance Current
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CY2023Q4 us-gaap Accrued Insurance Current
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CY2022Q4 us-gaap Accrued Payroll Taxes Current
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CY2023Q4 us-gaap Accrued Payroll Taxes Current
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CY2022Q4 us-gaap Interest Payable Current
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CY2023Q4 us-gaap Interest Payable Current
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CY2023Q4 ater Warrant Liability Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 ater Accrued Expenses And Other Liabilities Current
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CY2023Q4 ater Accrued Expenses And Other Liabilities Current
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023 us-gaap Investment Income Interest
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CY2022 us-gaap Interest Income Expense Nonoperating Net
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CY2023 us-gaap Interest Income Expense Nonoperating Net
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CY2022Q1 ater Warrant Liability
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CY2023Q4 ater Warrant Liability
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P5Y10M20D
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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196304
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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