2024 Q1 Form 10-K Financial Statement

#000149315224011404 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.603M $100.0M $18.22M
YoY Change -37.98% 55148.62% 8.2%
Cost Of Revenue $684.0K $954.0K $6.512M
YoY Change -50.29% 148.44% 47.5%
Gross Profit $2.919M $3.885M $11.71M
YoY Change -34.15% -2013.79% -5.76%
Gross Profit Margin 81.02% 3.89% 64.26%
Selling, General & Admin $5.169M $5.882M $26.61M
YoY Change -30.82% -42.1% -62.78%
% of Gross Profit 177.08% 151.4% 227.35%
Research & Development $594.0K $1.383M $2.939M
YoY Change 10.0% -18.17% -88.26%
% of Gross Profit 20.35% 35.6% 25.11%
Depreciation & Amortization $12.00K $22.00K $477.0K
YoY Change -95.1% -91.2% -53.0%
% of Gross Profit 0.41% 0.57% 4.07%
Operating Expenses $5.763M $7.265M $29.55M
YoY Change -28.07% -38.69% -69.39%
Operating Profit -$2.844M -$3.380M -$17.85M
YoY Change -20.54% -71.95% -78.78%
Interest Expense $564.0K $1.853M $2.270M
YoY Change -0.18% -58.72% 4.32%
% of Operating Profit
Other Income/Expense, Net -$1.965M -$587.0K $70.84M
YoY Change -260.02% -23.27% 848.37%
Pretax Income -$4.809M -$2.114M $53.00M
YoY Change 104.55% -74.62% -169.14%
Income Tax $0.00 $17.00K
% Of Pretax Income 0.03%
Net Earnings -$4.809M -$5.098M $52.98M
YoY Change 104.29% -55.59% -169.07%
Net Earnings / Revenue -133.47% -5.1% 290.81%
Basic Earnings Per Share -$0.16 $10.36
Diluted Earnings Per Share -$0.16 -$0.43 $0.05
COMMON SHARES
Basic Shares Outstanding 45.94M shares 10.73M shares 4.827M shares
Diluted Shares Outstanding 31.19M shares 984.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets $1.311M $1.775M $1.775M
YoY Change -56.2% -48.18% -48.18%
Inventory $1.306M $1.697M $1.697M
Prepaid Expenses
Receivables $4.306M $5.738M $5.738M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.923M $9.210M $9.210M
YoY Change -58.08% -27.47% -27.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.200M $1.203M $1.309M
YoY Change -67.55% -69.47% -84.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.00K $35.00K $35.00K
YoY Change -98.18% -99.15% -99.15%
Total Long-Term Assets $1.294M $1.344M $1.344M
YoY Change -86.41% -89.22% -89.22%
TOTAL ASSETS
Total Short-Term Assets $6.923M $9.210M $9.210M
Total Long-Term Assets $1.294M $1.344M $1.344M
Total Assets $8.217M $10.55M $10.55M
YoY Change -68.44% -58.06% -58.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.29M $17.02M $17.02M
YoY Change -13.32% 13.59% 13.59%
Accrued Expenses $4.575M $4.227M $6.933M
YoY Change 32.46% 2.5% -19.48%
Deferred Revenue $3.200M $3.200M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $42.35M $43.27M $43.27M
YoY Change -16.36% -34.13% -34.13%
Total Short-Term Liabilities $74.24M $72.46M $72.46M
YoY Change -6.98% -22.77% -22.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.000K $8.000K $8.000K
YoY Change -99.85% -99.74% -99.74%
Total Long-Term Liabilities $4.000K $8.000K $8.000K
YoY Change -99.85% -99.74% -99.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.24M $72.46M $72.46M
Total Long-Term Liabilities $4.000K $8.000K $8.000K
Total Liabilities $74.24M $72.47M $72.47M
YoY Change -9.94% -25.26% -25.26%
SHAREHOLDERS EQUITY
Retained Earnings -$893.6M -$888.7M
YoY Change -5.04% -5.33%
Common Stock $5.000K $2.000K
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$70.67M -$66.51M -$61.92M
YoY Change
Total Liabilities & Shareholders Equity $8.217M $10.55M $10.55M
YoY Change -68.44% -58.06% -58.06%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.809M -$5.098M $52.98M
YoY Change 104.29% -55.59% -169.07%
Depreciation, Depletion And Amortization $12.00K $22.00K $477.0K
YoY Change -95.1% -91.2% -53.0%
Cash From Operating Activities $123.0K -$170.0K -$8.968M
YoY Change -102.49% -97.4% -87.26%
INVESTING ACTIVITIES
Capital Expenditures $14.00K $0.00 $4.000K
YoY Change 366.67% -100.0% -98.83%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.00K $0.00 -$4.000K
YoY Change 366.67% -100.0% -98.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $1.154M
YoY Change -80.41%
Cash From Financing Activities 340.0K $4.776M
YoY Change -77.33% -92.29%
NET CHANGE
Cash From Operating Activities $123.0K -170.0K -$8.968M
Cash From Investing Activities -$14.00K 0.000 -$4.000K
Cash From Financing Activities 340.0K $4.776M
Net Change In Cash $109.0K 170.0K -$4.196M
YoY Change -103.36% -103.36% -52.38%
FREE CASH FLOW
Cash From Operating Activities $123.0K -$170.0K -$8.968M
Capital Expenditures $14.00K $0.00 $4.000K
Free Cash Flow $109.0K -$170.0K -$8.972M
YoY Change -102.21% -97.41% -87.32%

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CY2022 us-gaap Dividends Preferred Stock
DividendsPreferredStock
81000 usd
CY2022 EVFM Stock Issued During Period Value Exchange Transaction
StockIssuedDuringPeriodValueExchangeTransaction
2339000 usd
CY2022 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
18000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt Subsequent Adjustments
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebtSubsequentAdjustments
1344000 usd
CY2022 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
44438000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1070000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3313000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-76698000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-71800000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-71800000 usd
CY2023 EVFM Stock Issued During Period Value Common Stock Upon Cash Exercise Of Warrants
StockIssuedDuringPeriodValueCommonStockUponCashExerciseOfWarrants
284000 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
426000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
5420000 usd
CY2023 EVFM Issuance Of Convertible And Redeemable Preferred Stock Upon Exchange Of Notes With Existing Equityholders
IssuanceOfConvertibleAndRedeemablePreferredStockUponExchangeOfNotesWithExistingEquityholders
-1800000 usd
CY2023 EVFM Issuance Of Convertible And Redeemable Preferred Stock Upon Exchange Of Partial Purchase Rights Value And Warrants
IssuanceOfConvertibleAndRedeemablePreferredStockUponExchangeOfPartialPurchaseRightsValueAndWarrants
-2761000 usd
CY2023 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
22814000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1189000 usd
CY2023 EVFM Reverse Of Accumulated Other Comprehensive Income Loss
ReverseOfAccumulatedOtherComprehensiveIncomeLoss
-73187000 usd
CY2023 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
74000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
52979000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
52979000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-66510000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-66510000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
52979000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-76698000 usd
CY2023 EVFM Gain Loss On Issuance Of Financial Instruments
GainLossOnIssuanceOfFinancialInstruments
-6776000 usd
CY2022 EVFM Gain Loss On Issuance Of Financial Instruments
GainLossOnIssuanceOfFinancialInstruments
-72993000 usd
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
75337000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-24487000 usd
CY2023 EVFM Change In Fair Value Of Financial Instruments
ChangeInFairValueOfFinancialInstruments
4879000 usd
CY2022 EVFM Change In Fair Value Of Financial Instruments
ChangeInFairValueOfFinancialInstruments
106952000 usd
CY2022 EVFM Financial Instrument Modification Expense
FinancialInstrumentModificationExpense
1067000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
1189000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
3313000 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
477000 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1015000 usd
CY2023 us-gaap Interest Expense
InterestExpense
2270000 usd
CY2022 us-gaap Interest Expense
InterestExpense
2176000 usd
CY2023 EVFM Noncash Rightofuse Amortization
NoncashRightofuseAmortization
1304000 usd
CY2022 EVFM Noncash Rightofuse Amortization
NoncashRightofuseAmortization
1031000 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
1576000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
-300000 usd
CY2023 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
466000 usd
CY2022 EVFM Financial Instrument Expense Noncash
FinancialInstrumentExpenseNoncash
514000 usd
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-2511000 usd
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-926000 usd
CY2023 EVFM Gain Loss On Accounts Payable Settlements
GainLossOnAccountsPayableSettlements
2096000 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4612000 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5323000 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2106000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1566000 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3661000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2593000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4090000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4474000 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
527000 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-4106000 usd
CY2023 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
434000 usd
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2478000 usd
CY2023 EVFM Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1478000 usd
CY2022 EVFM Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1354000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8968000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-70410000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
341000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-341000 usd
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
290000 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
25211000 usd
CY2022 EVFM Proceeds From Issuance Of Common Stock And Warrants Net Of Offering Costs
ProceedsFromIssuanceOfCommonStockAndWarrantsNetOfOfferingCosts
24882000 usd
CY2022 EVFM Proceeds From Issuance Of Common Stock The Offering
ProceedsFromIssuanceOfCommonStockTheOffering
7438000 usd
CY2022 EVFM Proceeds From Issuance Of Preferred Stock Registered Direct Offering
ProceedsFromIssuanceOfPreferredStockRegisteredDirectOffering
20000 usd
CY2023 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5640000 usd
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11500000 usd
CY2023 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1154000 usd
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5892000 usd
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
18000 usd
CY2022 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
1202000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4776000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
61939000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4196000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8812000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4776000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13588000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
580000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4776000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
338000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
698000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
26000 usd
CY2023 EVFM Exchange Of Convertible Notes To Series E1 Shares
ExchangeOfConvertibleNotesToSeriesE1Shares
1800000 usd
CY2023 EVFM Exchange Of Warrants And Partial Purchase Rights Value To Series F1 Shares
ExchangeOfWarrantsAndPartialPurchaseRightsValueToSeriesF1Shares
2761000 usd
CY2023 EVFM Issuance Of Common Stock Upon Exercise Of Purchase Rights
IssuanceOfCommonStockUponExerciseOfPurchaseRights
426000 usd
CY2022 EVFM Issuance Of Common Stock Upon Exercise Of Purchase Rights
IssuanceOfCommonStockUponExerciseOfPurchaseRights
1007000 usd
CY2023 EVFM Series E1 Shares Dividends
SeriesE1SharesDividends
74000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
219000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
105000 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
1187000 usd
CY2022 EVFM Temporary Equity Value Exchange Of Convertible Securities
TemporaryEquityValueExchangeOfConvertibleSecurities
1616000 usd
CY2022 us-gaap Stock Issued1
StockIssued1
3412000 usd
CY2022 EVFM Exchange Of Adjuvant Notes To Purchase Rights
ExchangeOfAdjuvantNotesToPurchaseRights
634000 usd
CY2022 EVFM Exchange Of Term Notes To Purchase Rights
ExchangeOfTermNotesToPurchaseRights
4806000 usd
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
a reverse stock split between 1-for-20 and not more than 1-for-125 at any time on or prior to March 15, 2024. The Company decided on a ratio of 1-for-125 for the Reverse Stock Split, which became effective on May 18, 2023.
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
600000 usd
CY2023Q4 EVFM Working Capital Surplus Deficit
WorkingCapitalSurplusDeficit
63300000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-888700000 usd
CY2022Q4 us-gaap Share Price
SharePrice
0.01
CY2022Q4 us-gaap Share Price
SharePrice
0.01
CY2023 EVFM Milestone Method Revenue Recognized
MilestoneMethodRevenueRecognized
100000000.0 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zwk33GFixG02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zMRsVtnI20Hj">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates affecting amounts reported or disclosed in the consolidated financial statements include, but are not limited to: the assumptions used in measuring the revenue gross-to-net variable consideration items; the trade accounts receivable credit loss reserve estimate; the discount rate used in estimating the fair value of the right<b>-</b>of<b>-</b>use (ROU) assets and lease liabilities; the assumptions used in estimating the fair value of convertible notes, warrants and purchase rights issued; the useful lives of property and equipment; the recoverability of long-lived assets; clinical trial accruals; the assumptions used in estimating the fair value of stock-based compensation expense; the valuation of inventory; and the valuation of deferred tax assets. These assumptions are more fully described in <a href="#ak_001">Note 2 – Summary of Significant Accounting Policies</a>, <a href="#ak_002">Note 3 - Revenue</a>, <a href="#ak_003">Note 4 - Debt</a>, <a href="#ak_005">Note 6 - Fair Value of Financial Instruments</a>, <a href="#ak_006">Note 7 - Commitments and Contingencies</a>, <a href="#ak_008">Note 9 - Stock-based Compensation</a>, and <a href="#ak_010">Note 11 – Income Taxes</a>. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets, liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zS9fiHdsYYcc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zGL1QDng9Ylk">Concentrations of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company’s checking and time deposit accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by Securities Investor Protection Corporation. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances on amounts in excess of federally insured limits due to the financial position of the depository institutions in which these deposits are held. The Company’s deposits were primarily held in Silicon Valley Bank prior to their closure by regulators; however, the Company was subsequently able to regain full access to all its deposits and moved these to a different financial institution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is also subject to credit risk related to its trade accounts receivable from product sales. Its customers are located in the U.S. and consist of wholesale distributors, retail pharmacies, and a mail-order specialty pharmacy. The Company extends credit to its customers in the normal course of business after evaluating their overall financial condition and evaluates the collectability of its accounts receivable by periodically reviewing the age of the receivables, the financial condition of its customers, and its past collection experience. Historically, the Company has not experienced any credit losses. As of December 31, 2023, based on the evaluation of these factors the Company did not record an allowance for doubtful accounts. Phexxi is distributed primarily through three major distributors and a mail-order pharmacy, who receive service fees calculated as a percentage of the gross sales, and a fee per units shipped, respectively. These entities are not obligated to purchase any set number of units and distribute Phexxi on demand as orders are received. For the years ended December 31, 2023, and 2022, the Company’s three largest customers combined made up approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--ThreeLargestCustomersCombinedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zvwL3p5ncja9">84</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--ThreeLargestCustomersCombinedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zWCjTPti6iD8">77</span>% of its gross product sales, respectively. As of December 31, 2023, the Company’s three largest customers combined made up <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--ThreeLargestCustomersCombinedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zy31tVvaF08i">87</span>% and as of December 31, 2022, the Company’s four largest customers combined made up <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--FourLargestCustomersCombinedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zNoBfk8DHeri" title="Concentration risk, percentage">81</span>% of its trade accounts receivable balance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
25000000.0 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2769000 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
580000 usd
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
1207000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
800000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
580000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4776000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
520000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
758000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
386000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4142000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
791000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1748000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
1697000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
6648000 usd
CY2023Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
300000 usd
CY2023 EVFM Additional Inventory Write Down
AdditionalInventoryWriteDown
1300000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
100000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4400000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5400000 usd
CY2023 us-gaap Warrant Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
3000000.0 usd
CY2022 us-gaap Warrant Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
0 usd
CY2023Q3 us-gaap Long Term Debt Contingent Payment Of Principal Or Interest
LongTermDebtContingentPaymentOfPrincipalOrInterest
The cash payments will be determined based upon the quarterly global net revenue of Phexxi such that if the global net revenue is less than or equal to $5.0 million, the Company will pay 3% of such global net revenues; if the global net revenue is over $5.0 million and less than or equal to $7.0 million, the Company will continue to pay 3% on net revenue up to $5.0 million and 4% on the net revenue over $5.0 million; and if the global net revenue is over $7.0 million, the Company will pay 3% on the net revenue up to $5.0 million, 4% on the net revenue over $5.0 million up to $7.0 million, and 5% on net revenue over $7.0 million. The cash payments were payable beginning in the fourth quarter of 2023. Regardless of the percentage paid, the quarterly cash payment amounts, along with the $1.0 million upfront payment, will be deducted from the Repurchase Price as Applicable Reductions.
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1424071458 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24653925 shares
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
49995000 usd
CY2023 EVFM Purchase Rights Change In Fair Value
PurchaseRightsChangeInFairValue
1253000 usd
CY2023 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1432000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
52680000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826763 shares
CY2023 EVFM Weighted Average Shares Used To Compute Net Loss Attributable To Common Stockholder Basic
WeightedAverageSharesUsedToComputeNetLossAttributableToCommonStockholderBasic
984038574 shares
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2021Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022Q2 EVFM Lessee Operating Sublease Rentable Area
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0.035 pure
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CY2023Q4 EVFM Common Stock Reserved Upon Exercise Of Common Stock Warrants
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CY2022Q2 EVFM Exchange Agreement Number Of B2 Series Convertible Shares To Be Redeemed
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CY2022Q1 EVFM Debt Instrument Convertible Beneficial Ownership Limitation Minimum
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0.0499 pure
CY2022Q1 EVFM Debt Instrument Convertible Beneficial Ownership Limitation Maximum
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CY2023Q4 EVFM Common Stock Reserved Upon Exercise Of Stock Options Outstanding
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3747 shares
CY2023Q4 EVFM Common Stock Reserved Upon Exercise Of Common Stock Warrants
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CY2023Q4 EVFM Common Stock Capital Share Reserved For Future Issuance
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CY2023Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
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CY2023Q4 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
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CY2023Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P5Y1M6D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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P6Y3M18D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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200000 usd
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52996000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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52996000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-76654000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
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CY2023 EVFM Effective Income Tax Rate Reconciliation Change In Fair Value Of Purchase Rights
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CY2022 EVFM Effective Income Tax Rate Reconciliation Change In Fair Value Of Purchase Rights
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfPurchaseRights
0.2260 pure
CY2023 EVFM Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
-0.2717 pure
CY2022 EVFM Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
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CY2023 EVFM Effective Income Tax Rate Reconciliation Provision To Return
EffectiveIncomeTaxRateReconciliationProvisionToReturn
0.0018 pure
CY2022 EVFM Effective Income Tax Rate Reconciliation Provision To Return
EffectiveIncomeTaxRateReconciliationProvisionToReturn
-0.0047 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0044 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.0141 pure
CY2023 EVFM Effective Income Tax Rate Reconciliation Accrual Of Uncertain Tax Positions
EffectiveIncomeTaxRateReconciliationAccrualOfUncertainTaxPositions
0.0012 pure
CY2022 EVFM Effective Income Tax Rate Reconciliation Accrual Of Uncertain Tax Positions
EffectiveIncomeTaxRateReconciliationAccrualOfUncertainTaxPositions
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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246000 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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338000 usd
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
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4067000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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4951000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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6136000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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2513000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
3367000 usd
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CY2023Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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1011000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3051000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2988000 usd

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