2020 Form 10-K Financial Statement

#000156459021011526 Filed on March 08, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q3
Revenue $421.7M $8.387M $10.35M
YoY Change 1196.46% 47.84% 83.95%
Cost Of Revenue $89.81M $3.634M $3.885M
YoY Change 536.61% 31.24% 48.74%
Gross Profit $331.9M $4.753M $6.462M
YoY Change 1701.78% 63.67% 114.47%
Gross Profit Margin 78.7% 56.67% 62.45%
Selling, General & Admin $30.17M $3.367M $3.209M
YoY Change 145.02% 34.3% 32.55%
% of Gross Profit 9.09% 70.84% 49.66%
Research & Development $11.58M $1.795M $1.744M
YoY Change 77.15% 25.88% 21.28%
% of Gross Profit 3.49% 37.77% 26.99%
Depreciation & Amortization $2.962M $600.0K $503.0K
YoY Change 40.58% 0.0% -8.04%
% of Gross Profit 0.89% 12.62% 7.78%
Operating Expenses $41.75M $5.162M $4.953M
YoY Change 121.48% 31.25% 28.35%
Operating Profit $290.2M -$409.0K $1.509M
YoY Change -67893.93% -60.25% -278.37%
Interest Expense $20.00K $200.0K $200.0K
YoY Change -97.5% 100.0% 100.0%
% of Operating Profit 0.01% 13.25%
Other Income/Expense, Net
YoY Change
Pretax Income $291.7M -$160.0K $1.698M
YoY Change 71216.38% -82.81% -341.54%
Income Tax $72.53M -$38.00K $61.00K
% Of Pretax Income 24.87% 3.59%
Net Earnings $214.3M -$296.0K $1.462M
YoY Change -52243.55% -85.58% -345.71%
Net Earnings / Revenue 50.82% -3.53% 14.13%
Basic Earnings Per Share
Diluted Earnings Per Share $8.892M -$15.15K $76.92K
COMMON SHARES
Basic Shares Outstanding 22.69M 18.50M
Diluted Shares Outstanding 24.06M 19.46M

Balance Sheet

Concept 2020 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $299.4M $28.27M $32.10M
YoY Change 957.95% -8.91% -1.54%
Cash & Equivalents $87.40M $11.97M $20.52M
Short-Term Investments $211.9M $16.30M $11.60M
Other Short-Term Assets $20.20M $2.255M $1.400M
YoY Change 1162.5% -11.95% -40.93%
Inventory
Prepaid Expenses $1.288M $1.160M
Receivables $185.2M $6.555M $5.400M
Other Receivables $18.90M $16.00K $27.00K
Total Short-Term Assets $523.6M $37.08M $39.20M
YoY Change 1311.32% -6.23% -4.51%
LONG-TERM ASSETS
Property, Plant & Equipment $41.00M $5.974M $9.100M
YoY Change 376.74% -7.32% 31.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $132.5M $872.0K $12.40M
YoY Change 209.58% -42.33% 610.19%
Other Assets $3.300M $251.0K $400.0K
YoY Change 1000.0% 1376.47% 2122.22%
Total Long-Term Assets $176.9M $51.68M $21.90M
YoY Change 242.17% 259.84% 59.27%
TOTAL ASSETS
Total Short-Term Assets $523.6M $37.08M $39.20M
Total Long-Term Assets $176.9M $51.68M $21.90M
Total Assets $700.5M $88.76M $61.10M
YoY Change 688.85% 64.66% 11.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.50M $1.581M $2.200M
YoY Change 1556.25% 20.41% 120.0%
Accrued Expenses $8.700M $1.333M $2.000M
YoY Change 383.33% 5.88% 66.67%
Deferred Revenue $365.0K
YoY Change 119.88%
Short-Term Debt $15.00M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.1M $3.723M $4.253M
YoY Change 3416.22% 35.98% 84.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $2.300M $2.400M
YoY Change -73.91% 16328.57% 21718.18%
Total Long-Term Liabilities $600.0K $2.300M $2.400M
YoY Change -73.91% 16328.57% 21718.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.1M $3.723M $4.253M
Total Long-Term Liabilities $600.0K $2.300M $2.400M
Total Liabilities $131.1M $5.979M $6.619M
YoY Change 2085.0% 117.26% 187.78%
SHAREHOLDERS EQUITY
Retained Earnings -$63.43M -$63.13M
YoY Change 0.65%
Common Stock $146.1M $117.5M
YoY Change 27.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $569.4M $82.78M $54.53M
YoY Change
Total Liabilities & Shareholders Equity $700.5M $88.76M $61.15M
YoY Change 688.85% 64.66% 11.58%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $214.3M -$296.0K $1.462M
YoY Change -52243.55% -85.58% -345.71%
Depreciation, Depletion And Amortization $2.962M $600.0K $503.0K
YoY Change 40.58% 0.0% -8.04%
Cash From Operating Activities $140.6M -$100.0K $3.900M
YoY Change 2448.99% -112.5% -2050.0%
INVESTING ACTIVITIES
Capital Expenditures $35.13M -$500.0K -$100.0K
YoY Change 2872.08% 400.0% -90.0%
Acquisitions
YoY Change
Other Investing Activities -$291.3M -$35.70M $6.500M
YoY Change 944.09% 1387.5% 8.33%
Cash From Investing Activities -$326.4M -$36.00M $6.300M
YoY Change 1023.87% 1340.0% 26.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$246.1M
YoY Change 756.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 261.3M 27.70M 1.100M
YoY Change 807.91%
NET CHANGE
Cash From Operating Activities 140.6M -100.0K 3.900M
Cash From Investing Activities -326.4M -36.00M 6.300M
Cash From Financing Activities 261.3M 27.70M 1.100M
Net Change In Cash 75.46M -8.400M 11.30M
YoY Change 1343.12% 394.12% 135.42%
FREE CASH FLOW
Cash From Operating Activities $140.6M -$100.0K $3.900M
Capital Expenditures $35.13M -$500.0K -$100.0K
Free Cash Flow $105.5M $400.0K $4.000M
YoY Change 2333.63% -55.56% 400.0%

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Company&#8217;s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for doubtful accounts, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities and (v) valuation of equity method investments.</p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk, Customers and Suppliers</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and marketable securities, which consist of debt securities and equity securities. As of December&#160;31, 2020, substantially all of the Company&#8217;s cash and cash equivalents were deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In certain periods, a small number of customers has accounted for a significant portion of the Company&#8217;s revenue. Aggregating customers that are under common control or are affiliates, two customers comprised 28% and 10% of total revenue in the year ended December 31, 2020, and one customer comprised 28% of total revenue in the year ended December 31, 2019. No customer comprised at least 10% of total accounts receivable as of December 31, 2020 and 2019.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from the U.S. government was less than 10% of total revenue in each of the years ended December 31, 2020 and 2019.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company relies on a limited number of suppliers for its test collection kits and certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The Company&#8217;s laboratory operations would be interrupted if it encountered delays or difficulties securing these test collection kits, reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company believes there are currently only a few other manufacturers that are capable of supplying and servicing some of the equipment and other materials necessary for its laboratory operations, including collection kits, sequencers and various associated reagents. </p>
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CY2020Q3 us-gaap Gross Profit
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75455000
CY2020Q2 us-gaap Gross Profit
GrossProfit
9548000
CY2020Q1 us-gaap Gross Profit
GrossProfit
3696000
CY2019Q4 us-gaap Gross Profit
GrossProfit
4753000
CY2019Q3 us-gaap Gross Profit
GrossProfit
6462000
CY2019Q2 us-gaap Gross Profit
GrossProfit
4804000
CY2019Q1 us-gaap Gross Profit
GrossProfit
2402000
CY2020Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4576000
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3177000
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1849000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1978000
CY2019Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1795000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1744000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1574000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1424000
CY2020Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5081000
CY2020Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5014000
CY2020Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3260000
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1597000
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1304000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1272000
CY2020Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7640000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3741000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1799000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2035000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-1956000
CY2019Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1732000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1522000
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1631000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1529000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
225909000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
63523000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2640000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1914000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-409000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1509000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
295000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1823000
CY2020Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
589000
CY2020Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
421000
CY2020Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
275000
CY2020Q4 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
167927000
CY2020Q3 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
49418000
CY2020Q2 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
3514000
CY2020Q1 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
-1707000
CY2019Q4 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
-122000
CY2020Q4 us-gaap Operating Expenses
OperatingExpenses
17297000
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
11932000
CY2020Q2 us-gaap Operating Expenses
OperatingExpenses
6908000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
5610000
CY2019Q4 us-gaap Operating Expenses
OperatingExpenses
5162000
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
4953000
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
4509000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
4225000
CY2020Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
241000
CY2019Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
249000
CY2019Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
189000
CY2019Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
192000
CY2019Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
207000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
226498000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63944000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2915000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1673000
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-160000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1698000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
487000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1616000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
58571000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14526000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-599000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-38000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13000
CY2019Q3 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
1637000
CY2019Q2 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
480000
CY2019Q1 flgt Income Before Equity Net Income Loss In Investee And Impairment Loss
IncomeBeforeEquityNetIncomeLossInInvesteeAndImpairmentLoss
-1629000
CY2020Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
143000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-189000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-193000
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-249000
CY2019Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-174000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-175000
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-149000
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-279000
CY2020Q4 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
1763000
CY2020Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
2591000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
46638000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
3321000
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.08
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.02
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.10
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.98
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.14
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.09
CY2019Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.01
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.08
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.10
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-296000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
1462000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
331000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1908000
CY2020Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
6.55

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