2021 Q4 Form 10-Q Financial Statement

#000143774921026726 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $4.717M $4.330M $3.993M
YoY Change 48.8% 8.44% -30.01%
Cost Of Revenue $4.077M $3.595M $3.557M
YoY Change 25.05% 1.06% -17.37%
Gross Profit $640.4K $734.2K $435.8K
YoY Change -811.54% 68.48% -68.87%
Gross Profit Margin 13.58% 16.96% 10.91%
Selling, General & Admin $1.709M $1.518M $1.738M
YoY Change 4.23% -12.64% 13.19%
% of Gross Profit 266.93% 206.82% 398.86%
Research & Development $114.2K $138.1K $90.23K
YoY Change 63.11% 53.02% -19.96%
% of Gross Profit 17.83% 18.8% 20.7%
Depreciation & Amortization $157.2K $155.9K $360.0K
YoY Change -57.51% -56.7% 44.0%
% of Gross Profit 24.55% 21.23% 82.61%
Operating Expenses $1.824M $1.657M $1.828M
YoY Change 6.02% -9.4% 10.92%
Operating Profit -$1.183M -$922.0K -$1.393M
YoY Change -34.63% -33.81% 460.4%
Interest Expense -$8.590K $35.97K $104.0K
YoY Change -92.19% -65.42% -16.4%
% of Operating Profit
Other Income/Expense, Net $0.00 $63.14K $174.7K
YoY Change -100.0% -63.86% -15.7%
Pretax Income -$1.192M $6.001M -$1.292M
YoY Change -77.56% -564.47% 829.44%
Income Tax -$10.00 $27.33K $0.00
% Of Pretax Income 0.46%
Net Earnings -$1.192M $5.973M -$1.292M
YoY Change -77.56% -562.47% 835.91%
Net Earnings / Revenue -25.27% 137.95% -32.35%
Basic Earnings Per Share $0.89 -$0.19
Diluted Earnings Per Share -$177.8K $0.89 -$0.19
COMMON SHARES
Basic Shares Outstanding 6.687M 6.686M 6.640M
Diluted Shares Outstanding 6.708M 6.640M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.65M $17.45M $8.190M
YoY Change 116.25% 113.02% 21.51%
Cash & Equivalents $16.70M $17.40M $8.187M
Short-Term Investments
Other Short-Term Assets $493.8K $207.8K $417.7K
YoY Change -30.37% -50.24% 34.08%
Inventory $1.225M $1.466M $1.445M
Prepaid Expenses
Receivables $1.446M $1.892M $1.673M
Other Receivables $715.6K $715.6K $710.0K
Total Short-Term Assets $23.07M $23.36M $13.43M
YoY Change 95.68% 73.91% -7.25%
LONG-TERM ASSETS
Property, Plant & Equipment $12.26M $12.37M $32.36M
YoY Change -57.49% -61.78% 1.79%
Goodwill
YoY Change
Intangibles $182.8K $209.9K $358.7K
YoY Change -36.66% -41.49% -16.5%
Long-Term Investments
YoY Change
Other Assets $9.570K $23.32K $13.75K
YoY Change -30.39% 69.61% -60.66%
Total Long-Term Assets $12.45M $12.60M $32.74M
YoY Change -57.27% -61.5% -6.61%
TOTAL ASSETS
Total Short-Term Assets $23.07M $23.36M $13.43M
Total Long-Term Assets $12.45M $12.60M $32.74M
Total Assets $35.52M $35.96M $46.17M
YoY Change -13.22% -22.11% -6.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.161M $854.2K $440.4K
YoY Change 41.99% 93.95% -57.29%
Accrued Expenses $1.759M $1.477M $1.505M
YoY Change 24.83% -1.89% -11.79%
Deferred Revenue $1.650M $1.504M $85.73K
YoY Change 109.8% 1654.67% -40.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.766M $1.841M $680.0K
YoY Change 155.87% 170.66% 1.49%
Total Short-Term Liabilities $6.336M $5.676M $3.491M
YoY Change 71.05% 62.61% -27.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $13.29M
YoY Change -100.0% -100.0% 15.05%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $13.29M
YoY Change -100.0% -100.0% 15.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.336M $5.676M $3.491M
Total Long-Term Liabilities $0.00 $0.00 $13.29M
Total Liabilities $6.336M $5.676M $16.78M
YoY Change -62.31% -66.17% 2.46%
SHAREHOLDERS EQUITY
Retained Earnings $1.844M $3.035M $2.404M
YoY Change -163.51% 26.24% -62.84%
Common Stock $27.34M $27.25M $26.99M
YoY Change 1.17% 0.97% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.19M $30.28M $29.39M
YoY Change
Total Liabilities & Shareholders Equity $35.52M $35.96M $46.17M
YoY Change -13.22% -22.11% -6.8%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$1.192M $5.973M -$1.292M
YoY Change -77.56% -562.47% 835.91%
Depreciation, Depletion And Amortization $157.2K $155.9K $360.0K
YoY Change -57.51% -56.7% 44.0%
Cash From Operating Activities -$697.4K -$1.724M -$680.0K
YoY Change -1262.27% 153.58% -31.31%
INVESTING ACTIVITIES
Capital Expenditures -$22.68K -$94.45K -$340.0K
YoY Change -94.03% -72.22% -50.72%
Acquisitions
YoY Change
Other Investing Activities $0.00 $23.08M
YoY Change
Cash From Investing Activities -$22.68K $22.98M -$340.0K
YoY Change -94.03% -6859.13% -50.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.00K -9.198M -170.0K
YoY Change -53.13% 5310.68% 6.25%
NET CHANGE
Cash From Operating Activities -697.4K -1.724M -680.0K
Cash From Investing Activities -22.68K 22.98M -340.0K
Cash From Financing Activities -75.00K -9.198M -170.0K
Net Change In Cash -795.0K 12.06M -1.190M
YoY Change 65.63% -1113.32% -35.33%
FREE CASH FLOW
Cash From Operating Activities -$697.4K -$1.724M -$680.0K
Capital Expenditures -$22.68K -$94.45K -$340.0K
Free Cash Flow -$674.7K -$1.630M -$340.0K
YoY Change -253.34% 379.39% 13.33%

Facts In Submission

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1411578 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-9513521 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-420913 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3575242 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1188504 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
23075477 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
212920 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1202899 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22862557 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1202899 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2415970 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9540246 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
501323 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9540246 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1914647 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9747069 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7699335 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8664253 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17446404 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8187497 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
28391 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Interest Paid Net
InterestPaidNet
250194 USD
us-gaap Interest Paid Net
InterestPaidNet
336107 USD
CY2020Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3600000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17400000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7700000 USD
CY2021Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
7000000.0 USD
CY2021Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
9294000 USD
CY2020Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
5822000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4330000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3993000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11730000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13748000 USD
cvv Contract With Customer Cumulative Catchup Adjustment To Revenue Change In Estimate Of Transaction Price And Input Costs
ContractWithCustomerCumulativeCatchupAdjustmentToRevenueChangeInEstimateOfTransactionPriceAndInputCosts
5700000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6683407
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6633694
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
22284
CY2021Q3 cvv Costs Incurred On Uncompleted Contracts
CostsIncurredOnUncompletedContracts
5762058 USD
CY2021Q3 cvv Estimated Earnings
EstimatedEarnings
3868499 USD
CY2021Q3 cvv Costs And Estimated Earnings On Uncompleted Contracts
CostsAndEstimatedEarningsOnUncompletedContracts
9630557 USD
CY2021Q3 cvv Billings To Date
BillingsToDate
9168780 USD
CY2021Q3 cvv Net Cost In Excess Of Billings
NetCostInExcessOfBillings
461777 USD
CY2021Q3 cvv Deferred Revenues Related To Contracts
DeferredRevenuesRelatedToContracts
337954 USD
CY2021Q3 cvv Contract Liability In Excess Of Contract Assets
ContractLiabilityInExcessOfContractAssets
-123823 USD
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1628168 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1504345 USD
CY2021Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1168237 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
928221 USD
CY2021Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
297507 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
195618 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
1465744 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
1123839 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
59000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
164000 USD
CY2021Q3 cvv Sharebased Payment Arrangement Expense Par Value
SharebasedPaymentArrangementExpenseParValue
81000 USD
cvv Sharebased Payment Arrangement Expense Par Value
SharebasedPaymentArrangementExpenseParValue
193000 USD
CY2020Q3 cvv Sharebased Payment Arrangement Expense Par Value
SharebasedPaymentArrangementExpenseParValue
65000 USD
cvv Sharebased Payment Arrangement Expense Par Value
SharebasedPaymentArrangementExpenseParValue
206000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
328500
CY2021Q2 us-gaap Share Price
SharePrice
4.26
CY2021Q3 us-gaap Share Price
SharePrice
4.01
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.26
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.01
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.67 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.67 pure
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0135 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0135 pure
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
738500
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
390000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q1 cvv Income Tax Benefit Cares Act
IncomeTaxBenefitCaresAct
-1500000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6685599
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6640228
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3993000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1393000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1292000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11730000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-3624000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5967000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13748000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2417000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2297000 USD
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8406
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6707883
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6640228
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6691813
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6633694
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
716216
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
417000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
730094
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
417000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
738500
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
390000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 pure
CY2021Q3 us-gaap Assets
Assets
35958000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4330000 USD
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-922000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6001000 USD
CY2020Q3 us-gaap Assets
Assets
46166000 USD
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
6894109 USD
CY2021Q2 cvv Revenue New Orders Value
RevenueNewOrdersValue
6000000.0 USD
CY2021Q3 cvv Revenue New Orders Value
RevenueNewOrdersValue
6100000 USD

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