$CRVO
CervoMed Inc.

2020 Q3 Form 10-Q Financial Statement

#000143774920017080 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.110M $1.460M $1.070M
YoY Change 63.57% 36.45% -35.54%
% of Gross Profit
Research & Development $3.138M $2.173M $1.518M
YoY Change 79.96% 43.13% 9.15%
% of Gross Profit
Depreciation & Amortization $30.00K $20.00K $30.00K
YoY Change 50.0% -33.33% 50.0%
% of Gross Profit
Operating Expenses $3.138M $2.173M $1.518M
YoY Change 79.96% 43.13% 9.15%
Operating Profit -$5.274M -$3.658M -$2.621M
YoY Change 72.81% 39.57% -14.85%
Interest Expense $29.23K $25.91K $16.92K
YoY Change 32.93% 53.14% -62.68%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.245M -$3.633M -$2.604M
YoY Change 73.1% 39.48% -14.14%
Income Tax -$805.7K -$507.3K -$108.9K
% Of Pretax Income
Net Earnings -$4.439M -$3.125M -$2.495M
YoY Change 58.31% 25.24% -9.76%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.10 -$0.63
Diluted Earnings Per Share $64.01M $51.98M $3.941M
COMMON SHARES
Basic Shares Outstanding 64.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.91M $25.56M $8.370M
YoY Change 256.84% 205.38% -35.27%
Cash & Equivalents $21.91M $25.56M $8.373M
Short-Term Investments
Other Short-Term Assets $770.0K $1.150M $1.040M
YoY Change 32.76% 10.58% 35.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.68M $26.71M $9.409M
YoY Change 237.54% 183.85% -31.35%
LONG-TERM ASSETS
Property, Plant & Equipment $174.1K $198.3K $297.6K
YoY Change -37.69% -33.36% -26.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $252.1K $252.1K $291.2K
YoY Change -13.29% -13.4% 11.05%
Total Long-Term Assets $9.240M $9.284M $9.520M
YoY Change -2.52% -2.47% -41.37%
TOTAL ASSETS
Total Short-Term Assets $22.68M $26.71M $9.409M
Total Long-Term Assets $9.240M $9.284M $9.520M
Total Assets $31.92M $35.99M $18.93M
YoY Change 97.05% 90.15% -36.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.412M $1.355M $489.1K
YoY Change 180.95% 177.01% 178.28%
Accrued Expenses $1.280M $430.0K $550.0K
YoY Change 77.78% -21.82% 7.84%
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 $2.687M $1.782M $1.043M
YoY Change 120.52% 70.83% 51.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $60.00K $90.00K $180.0K
YoY Change -62.5% -50.0%
Total Long-Term Liabilities $60.00K $90.00K $180.0K
YoY Change -62.5% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.687M $1.782M $1.043M
Total Long-Term Liabilities $60.00K $90.00K $180.0K
Total Liabilities $3.193M $3.116M $2.752M
YoY Change 19.2% 13.26% 4.08%
SHAREHOLDERS EQUITY
Retained Earnings -$101.8M -$97.41M -$85.17M
YoY Change 15.77% 14.37% 25.92%
Common Stock $130.6M $130.3M $101.3M
YoY Change 28.65% 28.56% 6.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.72M $32.88M $16.18M
YoY Change
Total Liabilities & Shareholders Equity $31.92M $35.99M $18.93M
YoY Change 97.05% 90.15% -36.78%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$4.439M -$3.125M -$2.495M
YoY Change 58.31% 25.24% -9.76%
Depreciation, Depletion And Amortization $30.00K $20.00K $30.00K
YoY Change 50.0% -33.33% 50.0%
Cash From Operating Activities -$3.510M -$3.150M -$2.610M
YoY Change 63.26% 20.69% 2.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -140.0K 17.87M 5.650M
YoY Change 75.0% 216.28% -884.72%
NET CHANGE
Cash From Operating Activities -3.510M -3.150M -2.610M
Cash From Investing Activities
Cash From Financing Activities -140.0K 17.87M 5.650M
Net Change In Cash -3.650M 14.72M 3.040M
YoY Change 63.68% 384.21% -193.25%
FREE CASH FLOW
Cash From Operating Activities -$3.510M -$3.150M -$2.610M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: top; width: 7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div> </td> <td style="vertical-align: top; width: 93%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Organization and Description of Business</div></div></div> </td> </tr> </table> <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:justify;text-indent:36pt;">Diffusion Pharmaceuticals Inc. (&#x201c;Diffusion&#x201d; or the &#x201c;Company&#x201d;), a Delaware corporation, is a clinical stage biotechnology company developing new treatments for life-threatening conditions by improving the body's ability to bring oxygen to the areas where it is needed most. The Company is developing its lead product candidate, transcrocetinate sodium, also known as trans sodium crocetinate (&#x201c;TSC&#x201d;), for use in those life-threatening conditions in which cellular oxygen deprivation (&#x201c;hypoxia&#x201d;) is the basis for significant unmet medical needs. TSC is designed to safely and selectively target and re-oxygenate the micro-environment of hypoxic cells, with potential uses in many indications, including COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> stroke, oncology, and cardiovascular disease.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Company intends to begin <div style="display: inline; font-style: italic; font: inherit;">first</div> enrollment in <div style="display: inline; font-style: italic; font: inherit;">Q3</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> in its planned international TSC/COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> program, designed to test TSC in a total of approximately <div style="display: inline; font-style: italic; font: inherit;">424</div> COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> patients with symptoms of impaired respiratory function and low oxygen levels. Low oxygen levels are a frequent result of damage to the lungs, often leading to organ failure, the leading cause of death in COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> patients. Diffusion believes TSC's oxygen-enhancing mechanism could provide an important new treatment option.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In stroke, TSC helps promote the diffusion of oxygen into those brain cells in which oxygen-deprivation causes neuronal death resulting in patient mortality or morbidity. In cancer, TSC re-oxygenates treatment-resistant cancerous tissue, making the cancer cells up to <div style="display: inline; font-style: italic; font: inherit;">three</div> times more susceptible to the therapeutic effects of standard-of-care radiation therapy and chemotherapy.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In addition to the TSC programs, the Company is exploring alternatives regarding how best to capitalize upon our product candidate RES-<div style="display: inline; font-style: italic; font: inherit;">529,</div> which <div style="display: inline; font-style: italic; font: inherit;"> may </div>include possible out-licensing and other options. RES-<div style="display: inline; font-style: italic; font: inherit;">529</div> is a novel <div style="display: inline; font-style: italic; font: inherit;">PI3K/Akt/mTOR</div> pathway inhibitor which has completed <div style="display: inline; font-style: italic; font: inherit;">two</div> Phase <div style="display: inline; font-style: italic; font: inherit;">1</div> clinical trials for age-related macular degeneration and is in preclinical development in oncology, specifically GBM. RES-<div style="display: inline; font-style: italic; font: inherit;">529</div> has shown activity in both in vitro and in vivo glioblastoma animal models and has been demonstrated to be orally bioavailable and capable of crossing the blood brain barrier.</div></div>
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18032275
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5649156
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6648025
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5267587
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-3125223
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-2495398
us-gaap Net Income Loss
NetIncomeLoss
-5684038
us-gaap Net Income Loss
NetIncomeLoss
-5243207
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5075601
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2495398
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7634416
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5243207
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3658461
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
317075
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
358532
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
252149
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2621223
us-gaap Operating Income Loss
OperatingIncomeLoss
-6613756
us-gaap Operating Income Loss
OperatingIncomeLoss
-5540068
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
us-gaap Operating Lease Expense
OperatingLeaseExpense
50000
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
194879
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
100000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
109808
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
111477
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
200000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
85071
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
135566
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194879
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
247043
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
322301
CY2020Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
12176
CY2019Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
70108
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
833428
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
82623
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
8038603
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
198325
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
252366
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2173183
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1518381
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3707650
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3218226
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-97408116
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-91724078
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
334205
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
17901625
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
32876655
us-gaap Share Based Compensation
ShareBasedCompensation
304824
us-gaap Share Based Compensation
ShareBasedCompensation
240284
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.151
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.013
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
660504
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
147
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1118700
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.46
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
309276
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1427829
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
55.78
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
142.50
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.58
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y215D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y73D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y328D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
7645178
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
7779976
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
32876655
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
20134262
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12954954
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
16177586
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15611559
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20134262
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=" font-family: &quot;Times New Roman&quot;, 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:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The preparation of the unaudited interim consolidated 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 assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. The full extent to which the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that <div style="display: inline; font-style: italic; font: inherit;"> may </div>emerge concerning COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> governmental and business responses to the ongoing pandemic,&nbsp; further actions taken to contain or treat COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and the speed of the anticipated recovery, as well as the ongoing economic impact on local, regional, national and international markets. The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic had <div style="display: inline; font-style: italic; font: inherit;">no</div> material impact on our estimates and assumptions used in the preparation of the unaudited interim consolidated financial statements for the quarterly period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020. </div>Due to the uncertainty of factors surrounding these estimates or judgments, actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>materially vary from our estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined.&nbsp; Our future assessment of the magnitude and duration of COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> as well as other factors, could result in material impacts to our consolidated financial statements in future reporting periods.&nbsp;</div></div></div></div></div></div></div></div>

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