2022 Q3 Form 10-Q Financial Statement

#000130449222000028 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $398.0K $335.0K $335.0K
YoY Change 118.68% 84.07% 85.08%
Cost Of Revenue $0.00
YoY Change
Gross Profit $335.0K
YoY Change 85.08%
Gross Profit Margin 100.0%
Selling, General & Admin $12.59M $12.60M $10.90M
YoY Change 16.39% 16.78% 15.84%
% of Gross Profit 3254.03%
Research & Development $980.0K $1.096M $767.0K
YoY Change 5.38% 9.27% -56.12%
% of Gross Profit 228.96%
Depreciation & Amortization $372.0K $362.0K $454.0K
YoY Change 44.75% 7.1% 301.77%
% of Gross Profit 135.52%
Operating Expenses $13.57M $13.69M $12.12M
YoY Change 15.52% 16.14% 7.53%
Operating Profit -$10.66M -$13.07M -$11.79M
YoY Change -10.8% 9.28% 6.27%
Interest Expense $244.0K $17.00K $1.000K
YoY Change 430.43% -34.62% -88.89%
% of Operating Profit
Other Income/Expense, Net -$12.00K $59.00K $59.00K
YoY Change -119.35% -18.06% -28.05%
Pretax Income -$10.43M -$13.00M -$10.74M
YoY Change -12.14% 9.54% -3.4%
Income Tax $215.0K $200.0K $273.0K
% Of Pretax Income
Net Earnings -$10.64M -$13.20M -$11.02M
YoY Change -11.46% 9.88% 0.75%
Net Earnings / Revenue -2674.12% -3939.1% -3288.66%
Basic Earnings Per Share -$0.56 -$0.71
Diluted Earnings Per Share -$0.56 -$0.71 -$600.3K
COMMON SHARES
Basic Shares Outstanding 18.94M shares 18.62M shares 18.37M
Diluted Shares Outstanding 18.95M shares 18.62M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.11M $86.46M $105.6M
YoY Change -30.49% -19.12% -10.14%
Cash & Equivalents $70.11M $86.46M $105.6M
Short-Term Investments
Other Short-Term Assets $11.42M $11.59M $9.909M
YoY Change 110.92% 151.05% 182.47%
Inventory
Prepaid Expenses
Receivables $300.0K $294.0K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $81.83M $98.34M $115.8M
YoY Change -23.08% -11.88% -4.36%
LONG-TERM ASSETS
Property, Plant & Equipment $3.321M $2.587M $2.949M
YoY Change 8.92% -24.27% -17.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.787M $4.786M $4.108M
YoY Change 369.95% 266.46% 238.39%
Total Long-Term Assets $174.1M $166.1M $162.3M
YoY Change 24.26% 21.64% 22.93%
TOTAL ASSETS
Total Short-Term Assets $81.83M $98.34M $115.8M
Total Long-Term Assets $174.1M $166.1M $162.3M
Total Assets $255.9M $264.4M $278.0M
YoY Change 3.83% 6.57% 9.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.394M $5.066M $1.044M
YoY Change 15.13% 0.28% 108.8%
Accrued Expenses $1.626M $1.571M $735.0K
YoY Change 13.55% 9.78% -22.71%
Deferred Revenue $2.514M $2.192M $1.478M
YoY Change 241.11% 197.42% 100.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.90M $8.973M $9.636M
YoY Change 328.78% 22.25% 11.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $553.0K $541.0K $541.0K
YoY Change -25.57% -37.31% -38.24%
Total Long-Term Liabilities $553.0K $541.0K $541.0K
YoY Change -25.57% -37.31% -38.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.90M $8.973M $9.636M
Total Long-Term Liabilities $553.0K $541.0K $541.0K
Total Liabilities $89.85M $89.85M $91.75M
YoY Change 106.8% 131.07% 126.27%
SHAREHOLDERS EQUITY
Retained Earnings -$342.4M -$329.8M -$313.8M
YoY Change 20.43% 21.1% 20.54%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.1M $174.6M $186.3M
YoY Change
Total Liabilities & Shareholders Equity $255.9M $264.4M $278.0M
YoY Change 3.83% 6.57% 9.87%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$10.64M -$13.20M -$11.02M
YoY Change -11.46% 9.88% 0.75%
Depreciation, Depletion And Amortization $372.0K $362.0K $454.0K
YoY Change 44.75% 7.1% 301.77%
Cash From Operating Activities -$8.116M -$9.832M -$9.124M
YoY Change 177.09% 1.75% -185.18%
INVESTING ACTIVITIES
Capital Expenditures -$5.717M $6.000K -$11.13M
YoY Change -0.19% -96.15% 264.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.717M -$6.656M -$11.13M
YoY Change -0.19% 4.87% 264.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.725M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.509M -$2.680M -1.887M
YoY Change -195.58% -149.9% -234.98%
NET CHANGE
Cash From Operating Activities -8.116M -$9.832M -9.124M
Cash From Investing Activities -5.717M -$6.656M -11.13M
Cash From Financing Activities -2.509M -$2.680M -1.887M
Net Change In Cash -16.34M -$19.17M -22.14M
YoY Change 170.92% 80.17% -344.51%
FREE CASH FLOW
Cash From Operating Activities -$8.116M -$9.832M -$9.124M
Capital Expenditures -$5.717M $6.000K -$11.13M
Free Cash Flow -$2.399M -$9.838M $2.005M
YoY Change -185.71% 0.19% -85.43%

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CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1096000 usd
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1003000 usd
CY2022Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6650000 usd
CY2021Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6191000 usd
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 usd
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
156000 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6656000 usd
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6347000 usd
CY2022Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
872000 usd
CY2021Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5371000 usd
CY2022Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2725000 usd
CY2021Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2022Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
827000 usd
CY2021Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2680000 usd
CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5371000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-19168000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10639000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105624000 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117538000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86456000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
106899000 usd
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2021Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022Q2 atex Contribution Of Property In Exchange For Intangible Assets
ContributionOfPropertyInExchangeForIntangibleAssets
4000 usd
CY2021Q2 atex Contribution Of Property In Exchange For Intangible Assets
ContributionOfPropertyInExchangeForIntangibleAssets
18000 usd
CY2022Q2 atex Share Based Options Shares Surrendered Financing Activities
ShareBasedOptionsSharesSurrenderedFinancingActivities
0 usd
CY2021Q2 atex Share Based Options Shares Surrendered Financing Activities
ShareBasedOptionsSharesSurrenderedFinancingActivities
1000000 usd
CY2022Q2 us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations and Basis of Presentation<div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Anterix Inc. (the “Company”) is a wireless communications company focused on commercializing its spectrum assets to enable its targeted utility and critical infrastructure customers to deploy private broadband networks, technologies and solutions. The Company is the largest holder of licensed spectrum in the 900 MHz band (896 - 901 / 935 - 940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. On May 13, 2020, the Federal Communications Commission (the “FCC”) approved the Report and Order (the “Report and Order”) to modernize and realign the 900 MHz band to increase its usability and capacity by allowing it to be utilized for the deployment of broadband networks, technologies and solutions. The Report and Order was published in the Federal Register on July 16, 2020 and became effective on August 17, 2020. The Company is now engaged in qualifying for and securing broadband licenses from the FCC. At the same time, the Company is pursuing opportunities to lease the broadband spectrum it secures to its targeted utility and critical infrastructure customers.</span></div><div style="padding-left:27pt"><span><br/></span></div><div style="padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company was originally incorporated in California in 1997 and reincorporated in Delaware in 2014. In November 2015, the Company changed its name from Pacific DataVision, Inc. to pdvWireless, Inc. In August 2019, the Company changed its name from pdvWireless, Inc. to Anterix Inc. The Company maintains offices in Woodland Park, New Jersey, McLean, Virginia and Abilene, Texas.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Developments</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 18, 2022, the Company issued Motorola 500,000 shares of its common stock (the “Shares”). Motorola received the Shares by electing to convert 500,000 Class B Units (the “Units”) it held in the Company’s subsidiary, PDV Spectrum Holding Company, LLC (the “Subsidiary”). Motorola acquired the Units in September 2014 in connection with a Spectrum Lease Agreement between Motorola and the Subsidiary (the “2014 Motorola Spectrum Agreement”). Under the 2014 Motorola Spectrum Agreement, Motorola leased a portion of the Company’s narrowband spectrum, which was held by the Subsidiary, in consideration for an upfront, fully-paid leasing fee of $7.5 million and a $10.0 million investment in the Units. Motorola had the right at any time to convert its Units into the Shares, representing a conversion price of $20.00 per share.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation and Use of Estimates</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because certain information and footnote disclosures have been condensed or omitted, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022, filed with the SEC on May 26, 2022 (the “2022 Annual Report”). In the Company’s opinion all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. The Company believes that the disclosures made in the unaudited consolidated interim financial statements are adequate to make the information not misleading. The results of operations for the interim periods presented are not necessarily indicative of the results for the year. The Company is also required to make certain estimates and assumptions that affect the report amounts. These estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Correction of Immaterial Errors</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Depreciation, disposals and impairments </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it understated depreciation and overstated loss on disposal of long-lived assets in its Consolidated Statement of Operations for the three months ended June 30, 2021.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2021, the Company classified idled assets as Held for Future Use and suspended the depreciation for these assets. The Company determined that the depreciation should have been recognized evenly over the life of the asset without regard to whether the assets have been placed in service or in use. Additionally, the Company reported disposals of assets that were in-use and misclassified certain disposals as impairments in the Consolidated Statement of Operations for the three months ended June 30, 2021. </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table is a comparison of the results of operations for the three months ended June 30, 2021, as a result of the correction of the immaterial error (in thousands except per share data):</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.545%"><tr><td style="width:1.0%"/><td style="width:82.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.567%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">For the <br/>Three months ended June 30, 2021</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Impact of Prior Period Errors</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:108%">Consolidated Statement of Operations</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Depreciation and amortization</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 1.97pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">60</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Impairment of long-lived assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">(15)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Loss/(gain) from disposal of long-lived assets</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">15</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Net loss</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">60</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Net loss per common share basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">0.01</span></td></tr></table></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Share retirement</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it incorrectly presented additional paid-in capital and accumulated deficit in its Consolidated Balance Sheets and Consolidated Statement of Stockholders’ Equity for the period ended June 30, 2021.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company previously reported the retirement of shares from a May 2021 option exercise as a reduction to additional paid-in capital. The retirement of shares should have been reported as an increase to accumulated deficit. This transaction was presented in the stock option exercises line within the Consolidated Statement of Stockholders’ Equity. However, the Company should have reported this transaction in a separate line, retirement of common stock, along with the retirement of shares from the Company’s share repurchase program (refer to Note 7 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stockholders’ Equity </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for further discussion on the Company’s share repurchase program). Additionally, as a result of this error, the Company incorrectly omitted the shares surrendered from stock option exercises non-cash disclosure.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table is a comparison of the reported financial position, changes to stockholders’ equity and cash flows as of June 30, 2021, as a result of the correction of immaterial errors (in thousands):</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.545%"><tr><td style="width:1.0%"/><td style="width:82.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.567%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">For the </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">period ended June 30, 2021</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Impact of Prior Period Errors</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:108%">Consolidated Balance Sheets</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Additional paid-in capital</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 1.97pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">1,000</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Accumulated deficit</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">(1,000)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:12pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:12pt;padding-left:27pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.696%"><tr><td style="width:1.0%"/><td style="width:55.860%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.820%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.440%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.820%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.440%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.820%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">For the period ended June 30, 2021</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:108%"> </span></td><td colspan="15" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Impact of Prior Period Errors</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Number of Shares Common Stock</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Additional paid-in capital</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:108%">Accumulated deficit</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:108%">Consolidated Statement of Stockholders’ Equity</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Stock option exercises</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">20</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 1.97pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">1,000</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 1.97pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">—</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">Retirement of common stock</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">(20)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1.97pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:108%">(1,000)</span></td></tr></table></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted Accounting Guidance</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Measurement of Credit Losses on Financial Instruments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and has subsequently modified several areas of the Accounting Standards Codification 326, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments – Credit Losses</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, in order to provide additional clarity and improvements. The new standard requires entities to use a Current Expected Credit Loss impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost within the scope of the standard. The entity’s estimate would consider relevant information about past events, current conditions and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses. As the Company was previously a smaller reporting company, the standard updates would have been effective beginning April 2023, however, due to the transition to a large accelerated filer during the 2022 fiscal year, the updates were effective for the Company as of the fiscal year end 2022. The Company adopted the new standard effective March 31, 2022, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Issued Accounting Pronouncements </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While there have been accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date, these updates are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.</span></div>
CY2022Q2 us-gaap Conversion Of Stock Shares Issued1
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CY2022Q2 us-gaap Conversion Of Stock Shares Converted1
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CY2022Q2 atex Conversion Of Stock Conversion Price
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CY2021Q2 us-gaap Revenues
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CY2022Q2 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
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CY2022Q2 us-gaap Capitalized Contract Cost Net Noncurrent
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CY2022Q2 us-gaap Capitalized Contract Cost Amortization
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CY2022Q2 us-gaap Capitalized Contract Cost Impairment Loss
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CY2022Q1 us-gaap Contract With Customer Liability
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CY2022Q2 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
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CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q2 us-gaap Contract With Customer Liability
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CY2022Q2 us-gaap Gain Loss On Disposition Of Assets1
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600000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2192000 usd
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
52151000 usd
CY2022Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 usd
CY2022Q2 atex Broadband Licenses Granted Channels To Surrender
BroadbandLicensesGrantedChannelsToSurrender
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CY2022Q2 atex Initial Deposits
InitialDeposits
10700000 usd
CY2022Q1 atex Initial Deposits
InitialDeposits
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CY2022Q2 atex Initial Deposits
InitialDeposits
10700000 usd
CY2022Q1 atex Initial Deposits
InitialDeposits
8000000 usd
CY2022Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
11 county
CY2022Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
11 county
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
449000 usd
CY2021Q2 us-gaap Operating Lease Cost
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513000 usd
CY2022Q2 us-gaap Short Term Lease Cost
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4000 usd
CY2021Q2 us-gaap Short Term Lease Cost
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4000 usd
CY2022Q2 us-gaap Lease Cost
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453000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y4M13D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.13
CY2022Q2 us-gaap Operating Lease Expense
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500000 usd
CY2021Q2 us-gaap Operating Lease Expense
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500000 usd
CY2021Q2 us-gaap Lease Cost
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517000 usd
CY2022Q2 us-gaap Operating Lease Payments
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543000 usd
CY2021Q2 us-gaap Operating Lease Payments
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587000 usd
CY2022Q2 atex Operating Lease Liabilities Reduction
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327000 usd
CY2021Q2 atex Operating Lease Liabilities Reduction
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377000 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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50000 usd
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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66000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q2 us-gaap Operating Lease Liability Current
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CY2022Q1 us-gaap Operating Lease Liability Current
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CY2022Q2 us-gaap Operating Lease Liability Noncurrent
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3791000 usd
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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1615000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1999000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1565000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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871000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
464000 usd
CY2022Q2 atex Lessee Operating Lease Liability To Be Paid After Year Four
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129000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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6643000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1281000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5362000 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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18200000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
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0.05
CY2021Q2 us-gaap Treasury Stock Shares Acquired
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CY2021Q2 us-gaap Treasury Stock Shares Acquired
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20132 shares
CY2021Q2 atex Share Based Compensation Arrangement By Share Based Payment Award Options Shares Repurchased Value
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1000000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q2 us-gaap Treasury Stock Shares Acquired
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56000 shares
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
49.70
CY2021Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
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2725000 usd
CY2021Q2 us-gaap Treasury Stock Value Acquired Cost Method
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0 usd
CY2022Q2 us-gaap Conversion Of Stock Shares Issued1
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500000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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503000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1488000 shares
CY2021Q1 atex Number Of People Covered By Network
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3600000 item
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
20000000 usd
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
20000000 usd
CY2020Q4 us-gaap Deferred Tax Liabilities Deferred Expense
DeferredTaxLiabilitiesDeferredExpense
300000 usd
CY2022Q2 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
200000 usd

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