2020 Q1 Form 10-K Financial Statement

#000143774920004934 Filed on March 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q3
Revenue $31.32M $30.63M $29.44M
YoY Change 13.25% 9.85% 5.34%
Cost Of Revenue $21.90M $14.01M $20.93M
YoY Change 12.26% 13.17% 11.1%
Gross Profit $9.411M $16.62M $8.510M
YoY Change 15.6% 7.23% -6.58%
Gross Profit Margin 30.05% 54.27% 28.91%
Selling, General & Admin $2.060M $3.020M $1.900M
YoY Change 23.35% 33.04% 2.15%
% of Gross Profit 21.89% 18.17% 22.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.485M $5.710M $5.050M
YoY Change 25.77% 20.21% 12.98%
% of Gross Profit 58.28% 34.36% 59.34%
Operating Expenses $7.620M $8.022M $8.510M
YoY Change -6.4% -5.66% -6.58%
Operating Profit $9.411M $8.022M $8.510M
YoY Change 15.6% 14.65% -6.58%
Interest Expense $9.788M -$10.01M $8.692M
YoY Change 18.3% 22.37% 7.95%
% of Operating Profit 104.01% -124.78% 102.14%
Other Income/Expense, Net
YoY Change
Pretax Income -$380.0K -$2.650M -$180.0K
YoY Change 192.31% 68.79% -114.4%
Income Tax
% Of Pretax Income
Net Earnings -$377.0K -$2.650M -$182.0K
YoY Change 183.46% 69.22% -114.55%
Net Earnings / Revenue -1.2% -8.65% -0.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$60.08K -$3.928K
COMMON SHARES
Basic Shares Outstanding 17.81M 17.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.30M $42.50M $43.60M
YoY Change 23.47% 14.86% 251.61%
Cash & Equivalents $36.30M $42.50M $43.55M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.800M $4.200M $5.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.10M $46.70M $48.60M
YoY Change 27.24% 15.02% 209.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.081B $1.081B $1.049B
YoY Change 4.7% 5.34% 3.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.90M $30.70M $31.80M
YoY Change 15.29% 19.92% 25.69%
Total Long-Term Assets $1.117B $1.120B $1.090B
YoY Change 4.88% 5.57% 3.59%
TOTAL ASSETS
Total Short-Term Assets $41.10M $46.70M $48.60M
Total Long-Term Assets $1.117B $1.120B $1.090B
Total Assets $1.158B $1.166B $1.138B
YoY Change 5.54% 5.92% 6.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.800M $13.00M $12.30M
YoY Change -22.22% 3.17% -10.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.40M $20.60M $19.90M
YoY Change -9.84% 7.29% -2.93%
LONG-TERM LIABILITIES
Long-Term Debt $997.8M $997.9M $963.2M
YoY Change 9.2% 9.23% 10.32%
Other Long-Term Liabilities $5.900M $5.900M $6.900M
YoY Change -15.71% -13.24% -1.43%
Total Long-Term Liabilities $1.004B $1.004B $970.1M
YoY Change 9.01% 9.06% 10.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.40M $20.60M $19.90M
Total Long-Term Liabilities $1.004B $1.004B $970.1M
Total Liabilities $1.021B $1.024B $989.9M
YoY Change 8.64% 9.04% 9.92%
SHAREHOLDERS EQUITY
Retained Earnings -$38.39M -$36.38M -$33.61M
YoY Change 29.33% 30.19% 31.21%
Common Stock $178.0K $178.0K $178.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.25M $57.23M $59.90M
YoY Change
Total Liabilities & Shareholders Equity $1.158B $1.166B $1.138B
YoY Change 5.54% 5.92% 6.62%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$377.0K -$2.650M -$182.0K
YoY Change 183.46% 69.22% -114.55%
Depreciation, Depletion And Amortization $5.485M $5.710M $5.050M
YoY Change 25.77% 20.21% 12.98%
Cash From Operating Activities $9.050M $5.380M $7.950M
YoY Change -24.27% 120.49% -19.21%
INVESTING ACTIVITIES
Capital Expenditures $6.071M -$39.94M $12.97M
YoY Change -45.86% 249.74% 28.99%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $1.550M -$1.550M
YoY Change -5266.67% -804.55%
Cash From Investing Activities -$7.115M -$38.39M -$15.13M
YoY Change -30.3% 234.99% 68.49%
FINANCING ACTIVITIES
Cash Dividend Paid $4.276M
YoY Change 0.35%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.997M 29.31M -4.990M
YoY Change 0.5% -12.98% 16.32%
NET CHANGE
Cash From Operating Activities $9.050M 5.380M 7.950M
Cash From Investing Activities -$7.115M -38.39M -15.13M
Cash From Financing Activities -$4.997M 29.31M -4.990M
Net Change In Cash -$3.062M -3.700M -12.17M
YoY Change -5.2% -115.0% 254.81%
FREE CASH FLOW
Cash From Operating Activities $9.050M $5.380M $7.950M
Capital Expenditures $6.071M -$39.94M $12.97M
Free Cash Flow $2.979M $45.32M -$5.017M
YoY Change 304.76% 226.98% 2255.4%

Facts In Submission

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286000
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3110000
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CY2018Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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24000
CY2019Q4 us-gaap Development In Process
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CY2018Q4 us-gaap Development In Process
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P1Y73D
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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1400000
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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800000
CY2019Q4 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
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8078000
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444000
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480000
CY2019 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2018 us-gaap Gain Loss On Derivative Instruments Net Pretax
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208000
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-261000
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
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CY2017 us-gaap Gains Losses On Extinguishment Of Debt
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CY2017 us-gaap General And Administrative Expense
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9944000
us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Increase Decrease In Security Deposits
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589000
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2084000
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2586000
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-515000
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-561000
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448000
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1019000
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389000
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1256000
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194000
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32781000
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33956000
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479360000
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540859000
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497343000
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1024424000
CY2018Q4 us-gaap Liabilities
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939523000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
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1166207000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
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1101008000
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CY2018Q4 us-gaap Long Term Debt
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948600000
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24700000
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8553000
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62199000
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41127000
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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29573000
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23772000
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22362000
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13065000
CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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124000
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505000
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q4 us-gaap Notes And Loans Payable
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CY2019Q3 us-gaap Operating Expenses
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CY2019Q4 us-gaap Operating Expenses
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CY2018Q3 us-gaap Operating Expenses
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33496000
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32458000
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29504000
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CY2019Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
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27488000
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3849000
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17089000
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17038000
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16565000
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4531000
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31129000
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167380000
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4297000
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42623000
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45642000
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22725000
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CY2018 us-gaap Preferred Stock Dividends And Other Adjustments
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100000
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0
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0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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CY2018Q4 us-gaap Preferred Stock Value
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CY2019 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
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CY2018 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
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CY2017 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
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CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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CY2019 us-gaap Real Estate Other Acquisitions
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CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
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CY2019 us-gaap Real Estate Other Additions
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42623000
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22725000
CY2019 us-gaap Real Estate Taxes And Insurance
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24966000
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3895000
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CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q1 us-gaap Revenues
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27652000
CY2019Q2 us-gaap Revenues
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28446000
CY2019Q3 us-gaap Revenues
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29440000
CY2019Q4 us-gaap Revenues
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30627000
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27300000
CY2018Q3 us-gaap Revenues
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27948000
CY2018Q4 us-gaap Revenues
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27881000
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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18956000
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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16765000
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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15540000
CY2019 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
CY2018 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
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CY2017 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
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7570000
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6637000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
126216000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
1510000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1940000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
3110000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
78976000
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25000
CY2017 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
145000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
185591000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
161485000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
141783000
CY2019Q4 us-gaap Tenant Improvements
TenantImprovements
3051000
CY2018Q4 us-gaap Tenant Improvements
TenantImprovements
3051000
CY2019 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-319000
CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-269000
CY2017 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-229000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:20pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates.</div></div></div></div></div></div></div></div></div></div></div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17814
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17813
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17021
CY2019 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2432000
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
8872000
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost

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