2024 Q3 Form 10-Q Financial Statement

#000121390024068592 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $527.5K $605.5K $320.0K
YoY Change -99.9% 89.23% 88.24%
Cost Of Revenue $133.6K $166.3K $110.0K
YoY Change -99.93% 51.16% 83.33%
Gross Profit $393.9K $439.3K $210.0K
YoY Change -99.89% 109.17% 90.91%
Gross Profit Margin 74.68% 72.54% 65.63%
Selling, General & Admin $1.215M $1.385M $1.120M
YoY Change -99.84% 23.7% 220.0%
% of Gross Profit 308.43% 315.41% 533.33%
Research & Development $95.26K $52.39K $130.0K
YoY Change -99.89% -59.7% 225.0%
% of Gross Profit 24.18% 11.93% 61.9%
Depreciation & Amortization -$36.24K $24.77K $10.00K
YoY Change 2776.19% 147.7%
% of Gross Profit -9.2% 5.64% 4.76%
Operating Expenses $1.314M $1.848M $1.260M
YoY Change -99.89% 46.66% 215.0%
Operating Profit -$919.8K -$1.409M -$1.050M
YoY Change -99.88% 34.15% 262.07%
Interest Expense -$583.6K -$4.120K -$230.0K
YoY Change -110.22% -98.21%
% of Operating Profit
Other Income/Expense, Net $1.340K $0.00
YoY Change -100.0%
Pretax Income -$1.501M -$1.412M -$1.280M
YoY Change 91.72% 10.35% 341.38%
Income Tax
% Of Pretax Income
Net Earnings -$1.501M -$1.412M -$1.280M
YoY Change -99.81% 10.35% 341.38%
Net Earnings / Revenue -284.61% -233.27% -400.0%
Basic Earnings Per Share -$0.07 -$0.08 -$0.13
Diluted Earnings Per Share -$0.07 -$0.08 -$0.07
COMMON SHARES
Basic Shares Outstanding 20.19M shares 18.89M shares 9.977M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.426M $100.0K $600.0K
YoY Change 1247.5% -83.33%
Cash & Equivalents $6.426M $100.0K $601.3K
Short-Term Investments
Other Short-Term Assets $787.9K $923.4K $340.0K
YoY Change 169.76% 171.6%
Inventory $986.4K $978.5K $480.0K
Prepaid Expenses
Receivables $16.89K $20.71K $30.00K
Other Receivables $11.00K $8.360K $0.00
Total Short-Term Assets $8.228M $2.031M $1.450M
YoY Change -99.36% 40.08%
LONG-TERM ASSETS
Property, Plant & Equipment $52.53K $55.75K $280.0K
YoY Change -99.91% -80.09%
Goodwill
YoY Change
Intangibles $2.824M $2.845M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $10.77K $10.00K
YoY Change -100.0% 7.7%
Total Long-Term Assets $2.978M $3.049M $290.0K
YoY Change -99.03% 951.42%
TOTAL ASSETS
Total Short-Term Assets $8.228M $2.031M $1.450M
Total Long-Term Assets $2.978M $3.049M $290.0K
Total Assets $11.21M $5.080M $1.740M
YoY Change -99.29% 191.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.079M $1.141M $540.0K
YoY Change 88.23% 111.23%
Accrued Expenses $137.6K $40.81K $210.0K
YoY Change -49.7% -80.57%
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 $2.130M $1.935M $1.560M
YoY Change -99.87% 24.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $519.7K $505.4K $110.0K
YoY Change 403.06% 359.42%
Total Long-Term Liabilities $519.7K $505.4K $110.0K
YoY Change 403.06% 359.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.130M $1.935M $1.560M
Total Long-Term Liabilities $519.7K $505.4K $110.0K
Total Liabilities $2.650M $2.441M $1.680M
YoY Change -99.85% 45.27%
SHAREHOLDERS EQUITY
Retained Earnings -$11.33M -$9.834M
YoY Change -99.81%
Common Stock $19.89M $12.47M
YoY Change 1865.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.555M $2.640M $67.29M
YoY Change
Total Liabilities & Shareholders Equity $11.21M $5.080M $1.740M
YoY Change -99.29% 191.97%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.501M -$1.412M -$1.280M
YoY Change -99.81% 10.35% 341.38%
Depreciation, Depletion And Amortization -$36.24K $24.77K $10.00K
YoY Change 2776.19% 147.7%
Cash From Operating Activities -$381.7K -$780.7K -$1.650M
YoY Change -26.41% -52.69% 236.73%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $62.32K $10.00K
YoY Change 4101.68% 523.2% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$62.32K -$10.00K
YoY Change 4101.68% 523.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.758M 0.000 1.110M
YoY Change 1627.86% -100.0% 136.17%
NET CHANGE
Cash From Operating Activities -381.7K -780.7K -1.650M
Cash From Investing Activities -50.00K -62.32K -10.00K
Cash From Financing Activities 6.758M 0.000 1.110M
Net Change In Cash 6.326M -843.0K -550.0K
YoY Change -5012.88% 53.27% 2650.0%
FREE CASH FLOW
Cash From Operating Activities -$381.7K -$780.7K -$1.650M
Capital Expenditures $50.00K $62.32K $10.00K
Free Cash Flow -$431.7K -$843.0K -$1.660M
YoY Change -16.96% -49.22% 232.0%

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us-gaap Straight Line Rent
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Customer Deposits
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 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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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Nature Of Operations
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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.5in; text-align: left"><b>1.</b></td><td style="text-align: justify"><b>Organization and nature of operations</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Elevai Labs Inc. (“Elevai”) was incorporated under the laws of the State of Delaware on June 9, 2020. Elevai and its 100% owned subsidiaries, Elevai Research Inc, Elevai Skincare Inc., and Elevai BioSciences Inc., are collectively referred to in these unaudited condensed consolidated financial statements as “the Company”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is a skincare development company engaged in the design, manufacture, and marketing of skincare products in the skincare industry. The Company’s principal activities are developing and manufacturing skincare products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 29, 2024, Elevai Skincare Inc. (“Skincare”) and Elevai BioSciences Inc. (“BioSciences”) were incorporated under the laws of the state of Delaware. Elevai is the sole shareholder of Skincare and BioSciences. The purpose of Skincare is to operate the Company’s existing business. While the purpose of BioSciences is to hold and develop the Company’s intellectual property. Effective May 1, 2024, Elevai transferred its operating assets and liabilities relating to its skincare business to Skincare in exchange for common shares of Skincare.</p>
CY2024Q2 elab Net Working Capital
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us-gaap Net Income Loss
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to revenue recognition, the collectability of receivables, valuation of inventory, fair value of derivative liabilities and stock options, useful lives and recoverability of long-lived assets, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the unaudited condensed consolidated financial statements in the period they are determined.</p>
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us-gaap Operating Lease Cost
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Operating Lease Liability Current
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0.115 pure
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1366167 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.08
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
234000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
14583 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.6
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
62500 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.6
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1523084 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
92500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.54
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
266605 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.54
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1348979 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.53
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
73548 usd
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y4M9D
CY2023 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y10M2D
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10484 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
185068 usd
CY2024Q2 elab Percentage Of Authority Control
PercentageOfAuthorityControl
0.10 pure
CY2024Q1 elab Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Right Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightPercentage
0.25 pure
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
-32583 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
122355 usd
elab Fair Value Of Stock Options Granted
FairValueOfStockOptionsGranted
1049898 usd
us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
239782 shares
CY2024Q2 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
22072 usd
CY2023Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
22455 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
50000 usd
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.20 pure
elab Percentage Of Subsequent Financing On Terms
PercentageOfSubsequentFinancingOnTerms
0.20 pure
elab Percentage Of Note Amount Repaid
PercentageOfNoteAmountRepaid
0.14 pure
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 elab Non Rule10b51 Arrangement Modified
NonRule10b51ArrangementModified
false
CY2024Q2 elab Rule10b51 Arrangement Modified
Rule10b51ArrangementModified
false
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2023Q4 us-gaap Loans Payable Current
LoansPayableCurrent
usd
CY2023Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
usd
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
usd
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.128
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.158
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.240
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Other Noncash Expense
OtherNoncashExpense
usd
elab Research And Development Costs For Intangible Assets
ResearchAndDevelopmentCostsForIntangibleAssets
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
elab Common Stock Issued And Issuable On Acquisition Of Intangible Asset
CommonStockIssuedAndIssuableOnAcquisitionOfIntangibleAsset
usd
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
usd
CY2024Q2 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
usd
CY2023Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
usd
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
usd
CY2023Q4 us-gaap Loans Payable
LoansPayable
usd
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001840563

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