2024 Q1 Form 10-K Financial Statement

#000141057824000224 Filed on March 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.508M $5.840M $38.32M
YoY Change -85.23% -39.35% -30.52%
Cost Of Revenue $1.483M $5.156M $34.07M
YoY Change -83.65% -39.2% -32.78%
Gross Profit $25.05K $684.1K $4.247M
YoY Change -97.8% -40.51% -4.99%
Gross Profit Margin 1.66% 11.71% 11.08%
Selling, General & Admin $846.5K $578.9K $2.859M
YoY Change -1.57% -20.69% 22.69%
% of Gross Profit 3379.03% 84.62% 67.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.171K
YoY Change
% of Gross Profit 8.67%
Operating Expenses $846.5K $578.9K $2.859M
YoY Change -1.57% -21.76% 22.69%
Operating Profit -$821.4K $105.2K $1.388M
YoY Change -393.37% -74.34% -35.13%
Interest Expense $62.77K -$181.2K $1.239M
YoY Change -114.26% -39.6% -150.79%
% of Operating Profit -172.25% 89.27%
Other Income/Expense, Net -$33.21K $27.58K -$1.208M
YoY Change 175.8% -12177.04%
Pretax Income -$854.6K -$48.41K $180.5K
YoY Change 469.76% -140.34% -82.81%
Income Tax -$245.7K -$11.57K $46.66K
% Of Pretax Income 25.84%
Net Earnings -$608.9K -$36.85K $133.9K
YoY Change 464.17% -152.64% -83.67%
Net Earnings / Revenue -40.39% -0.63% 0.35%
Basic Earnings Per Share -$0.03 $0.01
Diluted Earnings Per Share -$0.03 $0.00 $0.01
COMMON SHARES
Basic Shares Outstanding 10.94M 9.666M 17.18M
Diluted Shares Outstanding 18.74M 17.18M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $903.2K $433.0K $433.0K
YoY Change 1405.33% 621.67% 621.67%
Cash & Equivalents $903.2K $433.0K
Short-Term Investments
Other Short-Term Assets $355.5K $294.2K $294.2K
YoY Change 31.67% -38.72% -38.72%
Inventory $200.3K $1.515M $1.515M
Prepaid Expenses
Receivables $4.935M $6.495M $6.495M
Other Receivables $942.2K $410.9K $1.083M
Total Short-Term Assets $7.836M $9.821M $9.821M
YoY Change -33.59% -32.24% -32.23%
LONG-TERM ASSETS
Property, Plant & Equipment $58.62K $190.8K $190.8K
YoY Change -34.86% 36.3% 36.3%
Goodwill $448.0K
YoY Change
Intangibles $507.3K
YoY Change
Long-Term Investments
YoY Change
Other Assets $284.7K $47.91K $47.91K
YoY Change 103.32% -46.77% -46.77%
Total Long-Term Assets $2.096M $238.7K $238.7K
YoY Change 773.51% 5.22% 3.8%
TOTAL ASSETS
Total Short-Term Assets $7.836M $9.821M $9.821M
Total Long-Term Assets $2.096M $238.7K $238.7K
Total Assets $9.933M $10.06M $10.06M
YoY Change -17.5% -31.66% -31.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.13K $40.43K $40.43K
YoY Change -53.14%
Accrued Expenses $148.9K $39.70K $39.70K
YoY Change 48.92% -83.63% -73.53%
Deferred Revenue
YoY Change
Short-Term Debt $763.6K $1.842M $1.842M
YoY Change 748.47% 2034.67% 1946.56%
Long-Term Debt Due $33.30K $32.89K $32.89K
YoY Change 11.0% 5.13% 9.63%
Total Short-Term Liabilities $1.544M $2.359M $2.359M
YoY Change -82.71% -80.66% -80.67%
LONG-TERM LIABILITIES
Long-Term Debt $636.2K $644.7K $644.7K
YoY Change -5.04% -4.97% -5.19%
Other Long-Term Liabilities $634.5K $151.1K $151.1K
YoY Change
Total Long-Term Liabilities $636.2K $644.7K $795.9K
YoY Change -5.04% -4.97% 17.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.544M $2.359M $2.359M
Total Long-Term Liabilities $636.2K $644.7K $795.9K
Total Liabilities $2.815M $3.155M $3.155M
YoY Change -70.68% -75.5% -75.49%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7K $508.2K
YoY Change 35.76%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.118M $6.905M $6.905M
YoY Change
Total Liabilities & Shareholders Equity $9.933M $10.06M $10.06M
YoY Change -17.5% -31.66% -31.66%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$608.9K -$36.85K $133.9K
YoY Change 464.17% -152.64% -83.67%
Depreciation, Depletion And Amortization $2.171K
YoY Change
Cash From Operating Activities $1.696M $2.738M $5.610M
YoY Change -58.74% -983.39% 156.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $220.1K
YoY Change
Other Investing Activities -$47.62K -$672.5K -$672.5K
YoY Change
Cash From Investing Activities -$47.62K -$672.5K -$672.5K
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 -1.178M -2.338M -4.563M
YoY Change -71.27% 734.95% 73.5%
NET CHANGE
Cash From Operating Activities 1.696M 2.738M 5.610M
Cash From Investing Activities -47.62K -672.5K -672.5K
Cash From Financing Activities -1.178M -2.338M -4.563M
Net Change In Cash 470.2K 400.6K 374.6K
YoY Change 4602.06% -167.91% -185.14%
FREE CASH FLOW
Cash From Operating Activities $1.696M $2.738M $5.610M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Income Taxes Paid
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CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Uses of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the valuation of accounts receivables, the valuation of inventory, the revenue recognition, and the realization of deferred tax assets. Actual results could differ from those estimates.</p>
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q4 us-gaap Inventory Adjustments
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CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022 us-gaap Operating Lease Impairment Loss
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CY2023 us-gaap Operating Lease Impairment Loss
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 ctnt Shipping And Handling Expenses
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CY2022 ctnt Shipping And Handling Expenses
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CY2023 us-gaap Number Of Operating Segments
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CY2023Q4 us-gaap Accounts Receivable Net Current
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CY2023Q4 us-gaap Notes And Loans Receivable Net Current
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CY2023Q4 us-gaap Inventory Finished Goods
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1515270
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5965935
CY2023Q4 us-gaap Inventory Net
InventoryNet
1515270
CY2022Q4 us-gaap Inventory Net
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5965935
CY2021Q4 us-gaap Inventory Adjustments
InventoryAdjustments
92811
CY2022 ctnt Decrease In Inventory Adjustments Through Sale Of Previously Reserved Inventory
DecreaseInInventoryAdjustmentsThroughSaleOfPreviouslyReservedInventory
-92811
CY2022Q4 ctnt Loans Payable From Inventory Financing Current
LoansPayableFromInventoryFinancingCurrent
4164100
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
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CY2023Q4 us-gaap Interest Receivable Current
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CY2023Q4 ctnt Other Miscellaneous Receivables Current
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CY2022Q4 ctnt Other Miscellaneous Receivables Current
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CY2022Q4 us-gaap Other Receivables Gross Current
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CY2023Q4 us-gaap Other Receivables Net Current
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
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LesseeOperatingLeaseRenewalTerm
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
190824
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
149458
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M1D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M7D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.178
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.171
CY2023 ctnt Weighted Average Incremental Borrowing Rate Percentage
WeightedAverageIncrementalBorrowingRatePercentage
0.178
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
268801
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
218305
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
82059
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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56655
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
190824
CY2023 ctnt Proceeds From Inventory Financing
ProceedsFromInventoryFinancing
0
CY2023Q4 ctnt Loans Payable From Inventory Financing Current
LoansPayableFromInventoryFinancingCurrent
0
CY2023Q4 ctnt Loans Payable From Letter Of Credit Financing Current
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1004565
CY2022Q4 ctnt Loans Payable From Letter Of Credit Financing Current
LoansPayableFromLetterOfCreditFinancingCurrent
7105873
CY2023Q4 ctnt Loans Payable From Dealers Finance Current
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0
CY2022Q4 ctnt Loans Payable From Dealers Finance Current
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41747
CY2023 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
3244488
CY2023 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2555777
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
688711
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
677612
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
709723
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
32887
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
31281
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
644725
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
678442
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
31197
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
18641
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2022 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
35561
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
3268
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-20219
CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
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CY2022 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
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CY2023 us-gaap Income Tax Expense Benefit
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46657
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
234479
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.016
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.037
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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0.006
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.002
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.026
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
47905
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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84496
CY2022Q4 us-gaap Deferred Tax Assets Other
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2238
CY2023Q4 us-gaap Deferred Tax Assets Gross
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47905
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
86734
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
164353
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
191759
CY2022 ctnt Maximum Income Tax Threshold Amount
MaximumIncomeTaxThresholdAmount
27000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Outstanding
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15000000
CY2023Q1 us-gaap Loss Contingency Damages Sought Value
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86355
CY2023Q4 us-gaap Settlement Liabilities Current
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55000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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false

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