2023 Q2 Form 10-Q Financial Statement

#000155837023009840 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $150.0K $894.0K $0.00
YoY Change -100.0%
Cost Of Revenue $21.00K $788.0K $0.00
YoY Change -100.0%
Gross Profit $129.0K $106.0K $0.00
YoY Change -100.0%
Gross Profit Margin 86.0% 11.86%
Selling, General & Admin $1.571M $1.650M $1.409M
YoY Change 6.73% 17.1% 5.94%
% of Gross Profit 1217.83% 1556.6%
Research & Development $187.0K $160.0K $108.0K
YoY Change -0.53% 48.15% -86.92%
% of Gross Profit 144.96% 150.94%
Depreciation & Amortization $78.00K $40.00K $36.00K
YoY Change 116.67% 11.11% -21.74%
% of Gross Profit 60.47% 37.74%
Operating Expenses $1.758M $1.810M $1.517M
YoY Change 5.9% 19.31% -29.74%
Operating Profit -$1.629M -$1.704M -$1.517M
YoY Change -1.87% 12.33% -24.94%
Interest Expense $94.00K $58.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $151.0K $275.0K $4.000K
YoY Change 586.36% 6775.0%
Pretax Income -$1.478M -$1.429M -$1.490M
YoY Change -9.77% -4.09% -26.24%
Income Tax
% Of Pretax Income
Net Earnings -$1.478M -$1.429M -$1.490M
YoY Change -9.77% -4.09% -26.27%
Net Earnings / Revenue -985.33% -159.84%
Basic Earnings Per Share -$0.04 -$0.04 -$0.05
Diluted Earnings Per Share -$0.04 -$0.04 -$0.05
COMMON SHARES
Basic Shares Outstanding 38.55M 38.54M 31.83M
Diluted Shares Outstanding 38.55M 38.26M 31.83M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.531M $8.489M $6.667M
YoY Change -5.28% 27.33% -37.87%
Cash & Equivalents $7.600M $5.328M $6.667M
Short-Term Investments $931.0K $3.161M
Other Short-Term Assets $575.0K $317.0K $401.0K
YoY Change -4.96% -20.95% -30.86%
Inventory
Prepaid Expenses
Receivables $39.00K $50.00K $27.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.148M $8.860M $7.339M
YoY Change -9.41% 20.72% -35.79%
LONG-TERM ASSETS
Property, Plant & Equipment $478.0K $515.0K $493.0K
YoY Change 0.21% 4.46% -35.13%
Goodwill
YoY Change
Intangibles $762.0K $782.0K $802.0K
YoY Change -6.16% -2.49%
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.250M $1.307M $1.305M
YoY Change -3.77% 0.15% -36.65%
TOTAL ASSETS
Total Short-Term Assets $9.148M $8.860M $7.339M
Total Long-Term Assets $1.250M $1.307M $1.305M
Total Assets $10.40M $10.17M $8.644M
YoY Change -8.77% 17.62% -35.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $428.0K $398.0K $294.0K
YoY Change 20.22% 35.37% -33.18%
Accrued Expenses $413.0K $253.0K $196.0K
YoY Change 44.91% 29.08% -48.42%
Deferred Revenue $2.105M $639.0K $84.00K
YoY Change 2405.95% 660.71%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.041M $1.367M $786.0K
YoY Change 219.43% 73.92% -9.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $199.0K $213.0K $294.0K
YoY Change -21.03% -27.55% -42.35%
Total Long-Term Liabilities $199.0K $213.0K $294.0K
YoY Change -21.03% -27.55% -61.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.041M $1.367M $786.0K
Total Long-Term Liabilities $199.0K $213.0K $294.0K
Total Liabilities $3.240M $1.580M $1.080M
YoY Change 169.1% 46.3% -33.74%
SHAREHOLDERS EQUITY
Retained Earnings -$91.43M -$90.00M -$84.30M
YoY Change 6.44% 6.76%
Common Stock $4.000K $4.000K $3.000K
YoY Change 0.0% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.158M $8.587M $7.564M
YoY Change
Total Liabilities & Shareholders Equity $10.40M $10.17M $8.644M
YoY Change -8.77% 17.62% -35.92%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.478M -$1.429M -$1.490M
YoY Change -9.77% -4.09% -26.27%
Depreciation, Depletion And Amortization $78.00K $40.00K $36.00K
YoY Change 116.67% 11.11% -21.74%
Cash From Operating Activities $46.00K -$554.0K -$1.503M
YoY Change -102.49% -63.14% -0.66%
INVESTING ACTIVITIES
Capital Expenditures $32.00K $24.00K $5.000K
YoY Change -180.0% 380.0% -90.74%
Acquisitions
YoY Change
Other Investing Activities $2.270M -$530.0K $23.00K
YoY Change 16114.29% -2404.35%
Cash From Investing Activities $2.238M -$554.0K -$15.00K
YoY Change -8707.69% 3593.33% -82.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -15.00K 578.0K
YoY Change -100.0% -102.6% -83.5%
NET CHANGE
Cash From Operating Activities 46.00K -554.0K -1.503M
Cash From Investing Activities 2.238M -554.0K -15.00K
Cash From Financing Activities 0.000 -15.00K 578.0K
Net Change In Cash 2.284M -1.123M -940.0K
YoY Change -2.81% 19.47% -149.45%
FREE CASH FLOW
Cash From Operating Activities $46.00K -$554.0K -$1.503M
Capital Expenditures $32.00K $24.00K $5.000K
Free Cash Flow $14.00K -$578.0K -$1.508M
YoY Change -100.78% -61.67% -3.77%

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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7607000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5328000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6667000
CY2023Q1 clir Officer And Employee Equity Awards For Prior Year Accrued Compensation
OfficerAndEmployeeEquityAwardsForPriorYearAccruedCompensation
234000
CY2022Q1 clir Officer And Employee Equity Awards For Prior Year Accrued Compensation
OfficerAndEmployeeEquityAwardsForPriorYearAccruedCompensation
107000
CY2023Q1 clir Prior Year Prepaid Expenses Repurposed To Fixed Assets As Demonstration Equipment
PriorYearPrepaidExpensesRepurposedToFixedAssetsAsDemonstrationEquipment
209000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5328000
CY2023Q1 us-gaap Short Term Investments
ShortTermInvestments
3161000
CY2023Q1 clir Gross Proceeds From Issuance Of Common Stock Under Program To Date
GrossProceedsFromIssuanceOfCommonStockUnderProgramToDate
91000000.0
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-90000000.0
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain 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. Actual results could differ from those estimates.</p>
CY2023Q1 us-gaap Short Term Investments
ShortTermInvestments
3161000
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
2606000
CY2023Q1 clir Unrealized Holding Gain Loss On Short Term Investments
UnrealizedHoldingGainLossOnShortTermInvestments
33000
CY2022Q4 clir Unrealized Holding Gain Loss On Short Term Investments
UnrealizedHoldingGainLossOnShortTermInvestments
4000
CY2023Q1 us-gaap Debt Securities Held To Maturity Fair Value Current
DebtSecuritiesHeldToMaturityFairValueCurrent
3194000
CY2022Q4 us-gaap Debt Securities Held To Maturity Fair Value Current
DebtSecuritiesHeldToMaturityFairValueCurrent
2610000
CY2022Q1 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
0
CY2023Q1 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3700000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3300000
CY2023Q1 us-gaap Property Plant And Equipment Excluding Lessor Asset Under Operating Lease Before Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseBeforeAccumulatedDepreciation
312000
CY2022Q4 us-gaap Property Plant And Equipment Excluding Lessor Asset Under Operating Lease Before Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseBeforeAccumulatedDepreciation
759000
CY2023Q1 us-gaap Property Plant And Equipment Excluding Lessor Asset Under Operating Lease Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAccumulatedDepreciation
81000
CY2022Q4 us-gaap Property Plant And Equipment Excluding Lessor Asset Under Operating Lease Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAccumulatedDepreciation
697000
CY2023Q1 clir Property Plant And Equipment Excluding Lessor Asset Under Operating Lease And Construction In Progress After Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAndConstructionInProgressAfterAccumulatedDepreciation
231000
CY2022Q4 clir Property Plant And Equipment Excluding Lessor Asset Under Operating Lease And Construction In Progress After Accumulated Depreciation
PropertyPlantAndEquipmentExcludingLessorAssetUnderOperatingLeaseAndConstructionInProgressAfterAccumulatedDepreciation
62000
CY2023Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
284000
CY2022Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
322000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
515000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
384000
CY2023Q1 us-gaap Depreciation
Depreciation
40000
CY2022Q1 us-gaap Depreciation
Depreciation
7000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5000
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-9000
CY2023Q1 clir Operating Leases Monthly Rent Expense
OperatingLeasesMonthlyRentExpense
11000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
48000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
57000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Due Year Four
LesseeOperatingLeaseLiabilityDiscountedPaymentsDueYearFour
50000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
51000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Due
LesseeOperatingLeaseLiabilityDiscountedPaymentsDue
290000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
322000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
284000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
322000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
77000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
133000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
213000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
226000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
290000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
359000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
66000
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
57000
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-9000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityDiscountedPaymentsRemainderOfFiscalYear
64000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
73000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityDiscountedPaymentsDueNextTwelveMonths
54000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
65000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Due Year Two
LesseeOperatingLeaseLiabilityDiscountedPaymentsDueYearTwo
59000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
66000
CY2023Q1 clir Lessee Operating Lease Liability Discounted Payments Due Year Three
LesseeOperatingLeaseLiabilityDiscountedPaymentsDueYearThree
63000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
67000
CY2023Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1145000
CY2022Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1122000
CY2023Q1 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
102000
CY2022Q4 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
101000
CY2023Q1 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
8000
CY2022Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
8000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1255000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1231000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
473000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
433000
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
782000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
798000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
108000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
126000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
96000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
61000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
39000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
7000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
437000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
894000
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
788000
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
4000
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
20000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
639000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
247000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
62500000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000.0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2779000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.05
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y5M4D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2779000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.05
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M4D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2011000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.70
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M4D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1000000.0

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