2022 Q3 Form 10-Q Financial Statement

#000151597122000139 Filed on July 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $541.0K $247.6K $174.7K
YoY Change 219.53% 68.1% 33.54%
Cost Of Revenue $298.5K $60.72K $65.92K
YoY Change 464.88% 29.94% 27.65%
Gross Profit $242.6K $186.9K $108.8K
YoY Change 108.23% 85.84% 37.38%
Gross Profit Margin 44.83% 75.48% 62.27%
Selling, General & Admin $286.3K $252.1K $155.9K
YoY Change 140.28% 50.41% 98.9%
% of Gross Profit 118.05% 134.91% 143.28%
Research & Development $1.170K $55.98K
YoY Change 485.0% 559700.0%
% of Gross Profit 0.48% 51.46%
Depreciation & Amortization $137.9K $11.78K $5.590K
YoY Change 827.86% -15.57% -68.49%
% of Gross Profit 56.85% 6.3% 5.14%
Operating Expenses $723.9K $1.350M $217.4K
YoY Change 439.27% 491.41% 126.2%
Operating Profit -$182.8K -$1.103M -$108.6K
YoY Change 930.03% 1261.2% 541.32%
Interest Expense $67.65K $70.93K -$41.87K
YoY Change -224.51% 15.77% -24.65%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$250.5K -$1.173M -$150.5K
YoY Change 247.5% 784.65% -8235.68%
Income Tax
% Of Pretax Income
Net Earnings -$250.5K -$1.173M -$150.5K
YoY Change 247.5% 784.64% -8235.68%
Net Earnings / Revenue -46.3% -473.92% -86.15%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share -$651.20 -$12.45K -$2.326K
COMMON SHARES
Basic Shares Outstanding 384.7M shares 94.23M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $413.0K $1.159M $139.6K
YoY Change 622.7% 928.63% 316.25%
Cash & Equivalents $412.9K $1.159M $139.6K
Short-Term Investments
Other Short-Term Assets $298.1K $52.33K $74.01K
YoY Change 1253.02% 54.73% 20.71%
Inventory
Prepaid Expenses
Receivables $223.6K $88.55K $117.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.240M $1.381M $416.7K
YoY Change 483.81% 372.38% 47.1%
LONG-TERM ASSETS
Property, Plant & Equipment $4.992K $5.781K $6.569K
YoY Change -99.17% -99.05%
Goodwill $1.876M $2.169M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.45K $16.45K $16.45K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $7.322M $7.412M $559.1K
YoY Change 1089.41% 1082.75% -11.1%
TOTAL ASSETS
Total Short-Term Assets $1.240M $1.381M $416.7K
Total Long-Term Assets $7.322M $7.412M $559.1K
Total Assets $8.562M $8.793M $975.7K
YoY Change 934.02% 856.83% 6.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.006M $49.68K $49.23K
YoY Change 92.95% -95.14% -95.02%
Accrued Expenses $162.3K $174.5K $176.2K
YoY Change 9.1% 28.12% 42.51%
Deferred Revenue
YoY Change
Short-Term Debt $410.0K $410.0K $1.443M
YoY Change -72.85% -72.99% -5.42%
Long-Term Debt Due $260.0K $218.4K $86.98K
YoY Change 313.34% 105.51% -27.29%
Total Short-Term Liabilities $2.861M $3.013M $3.405M
YoY Change -35.04% -32.91% -23.82%
LONG-TERM LIABILITIES
Long-Term Debt $757.1K $746.8K $865.6K
YoY Change -55.65% -54.52% -43.32%
Other Long-Term Liabilities $215.7K $54.30K $52.57K
YoY Change 508.49% 58.63% 59.01%
Total Long-Term Liabilities $972.8K $801.1K $918.2K
YoY Change -44.17% -52.21% -41.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.861M $3.013M $3.405M
Total Long-Term Liabilities $972.8K $801.1K $918.2K
Total Liabilities $3.834M $3.814M $4.323M
YoY Change -37.63% -38.15% -28.3%
SHAREHOLDERS EQUITY
Retained Earnings -$30.95M -$30.70M -$29.53M
YoY Change
Common Stock $384.7K $384.7K $67.80K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.728M $4.978M -$3.347M
YoY Change
Total Liabilities & Shareholders Equity $8.562M $8.793M $975.7K
YoY Change 934.02% 856.83% 6.97%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$250.5K -$1.173M -$150.5K
YoY Change 247.5% 784.64% -8235.68%
Depreciation, Depletion And Amortization $137.9K $11.78K $5.590K
YoY Change 827.86% -15.57% -68.49%
Cash From Operating Activities -$459.5K -$132.6K -$45.34K
YoY Change 1987.87% -309.41% -64.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$1.560K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.560K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.97K $1.153M 169.1K
YoY Change -61.45% 4259.05% 71.97%
NET CHANGE
Cash From Operating Activities -459.5K -$132.6K -45.34K
Cash From Investing Activities 0.000 -1.560K
Cash From Financing Activities -11.97K $1.153M 169.1K
Net Change In Cash -471.5K $1.020M 122.2K
YoY Change 748.19% 1187.83% -533.42%
FREE CASH FLOW
Cash From Operating Activities -$459.5K -$132.6K -$45.34K
Capital Expenditures $0.00 $0.00 -$1.560K
Free Cash Flow -$459.5K -$132.6K -$43.78K
YoY Change 2259.03% -279.43% -65.39%

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CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022Q2 us-gaap Repayments Of Lines Of Credit
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CY2021Q2 us-gaap Repayments Of Lines Of Credit
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15000 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021Q2 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2021Q2 us-gaap Payments To Acquire Oil And Gas Property
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CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q2 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
72800 usd
CY2022Q2 us-gaap Repayments Of Other Debt
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24601 usd
CY2021Q2 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
29332 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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InterestPaidNet
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CY2021Q2 us-gaap Interest Paid Net
InterestPaidNet
4169 usd
CY2021Q2 us-gaap Line Of Credit Facility Increase Decrease Other Net
LineOfCreditFacilityIncreaseDecreaseOtherNet
6892 usd
CY2022Q2 dbrm Common Stock Issued For Conversion Of12 Subordinated Note
CommonStockIssuedForConversionOf12SubordinatedNote
35520 usd
CY2022Q2 dbrm Common Stock Issued For Conversion Of Convertible Note
CommonStockIssuedForConversionOfConvertibleNote
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CY2022Q2 dbrm Common Stock Issued For Acquisition Of Crude Oil And Natural Gas Property
CommonStockIssuedForAcquisitionOfCrudeOilAndNaturalGasProperty
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CY2022Q2 dbrm Common Stock Issued For Financing Fees
CommonStockIssuedForFinancingFees
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CY2022Q2 dbrm Unpaid Additions To Og Properties
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CY2022Q2 dbrm Goodwill From Acquisition Of Og Properties
GoodwillFromAcquisitionOfOgProperties
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CY2022Q2 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zpFpfiLl4ZVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 22.5pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reliance on estimates of proved reserves to compute the provision for depreciation, depletion and amortization and to determine the amount of any impairment of proved properties;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 22.5pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The valuation of unproved acreage and proved crude oil properties to determine the amount of any impairment of crude oil properties;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 22.5pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment regarding the productive status of in-progress exploratory wells to determine the amount of any provision for abandonment; </span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 22.5pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates regarding abandonment obligations; and</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 22.5pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates regarding projected cash flows used in determining the production revenue payable discount.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 dbrm Working Capital Deficit
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1600000 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q1 us-gaap Accounts Receivable Net Current
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117727 usd
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022Q2 us-gaap Long Term Debt
LongTermDebt
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CY2022Q2 us-gaap Subordinated Debt Current
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290000 usd
CY2009Q1 us-gaap Liabilities Assumed1
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1500000 usd
us-gaap Business Combination Assets And Liabilities Arising From Contingencies Description
BusinessCombinationAssetsAndLiabilitiesArisingFromContingenciesDescription
representing a 25% working interest in the drilling and completion costs associated with the East Slopes Project four earning wells program. The Company subsequently sold the same 25% working interest on June 11, 2009
CY2009Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
1500000 usd
CY2022Q2 us-gaap Accounts Payable Current And Noncurrent
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244849 usd
CY2022Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
244849 usd
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
2200000 usd
CY2022Q1 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
1600000 usd
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2022Q1 us-gaap Notes Payable Related Parties Classified Current
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CY2022Q2 dbrm Unamortized Debt Issuance Expenses Short Term
UnamortizedDebtIssuanceExpensesShortTerm
729 usd
CY2022Q1 dbrm Unamortized Debt Issuance Expenses Short Term
UnamortizedDebtIssuanceExpensesShortTerm
729 usd
CY2022Q2 us-gaap Due To Related Parties Current
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136710 usd
CY2022Q2 us-gaap Unamortized Debt Issuance Expense
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9168 usd
CY2022Q1 us-gaap Unamortized Debt Issuance Expense
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9350 usd
CY2022Q2 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
125298 usd
CY2022Q1 us-gaap Due To Related Parties Noncurrent
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127360 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8887 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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9126 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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9370 usd
CY2022Q2 us-gaap Deferred Tax Assets Property Plant And Equipment
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88279 usd
CY2022Q1 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
87694 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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66187 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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66187 usd
CY2022Q2 us-gaap Deferred Tax Assets Other
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27838 usd
CY2022Q2 dbrm Estimated Payments Of Production Revenue Payable
EstimatedPaymentsOfProductionRevenuePayable
991638 usd
CY2022Q1 dbrm Estimated Payments Of Production Revenue Payable
EstimatedPaymentsOfProductionRevenuePayable
941259 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
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112476 usd
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
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124134 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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879162 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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817125 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
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210215 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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78877 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
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621461 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
738248 usd
CY2022Q2 us-gaap Operating Lease Expense
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5947 usd
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
5947 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
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500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
384735402 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
384735402 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
67802273 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
67802273 shares
CY2022Q2 dbrm Warrants Exercisable End Of Period
WarrantsExercisableEndOfPeriod
2100000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.01
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y6M29D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
77280 usd
CY2022Q2 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
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0 usd
CY2021Q2 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
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1474 usd
CY2022Q1 us-gaap Deferred Tax Assets Other
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27838 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
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6197873 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5852619 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
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19004359 usd
CY2022Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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345254 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
107740 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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2100000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.01
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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0 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
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0 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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2100000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.01
CY2022Q2 dbrm Warrants Exercisable End Of Period
WarrantsExercisableEndOfPeriod
2100000 shares
CY2022Q2 dbrm Weighted Average Exercise Price Of Warrants Exercisable End Of Period
WeightedAverageExercisePriceOfWarrantsExercisableEndOfPeriod
0.01
CY2022Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
350168 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
118897 usd
CY2022Q2 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-4914 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-11157 usd
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-345254 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-107740 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6015569 usd
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5670900 usd

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