2019 Q2 Form 10-Q Financial Statement

#000117887919000039 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $44.13M $34.05M $16.70M
YoY Change 107.1% 103.92% 300.38%
Cost Of Revenue $5.367M $4.055M $2.615M
YoY Change 71.2% 55.07% 235.26%
Gross Profit $38.76M $29.99M $14.08M
YoY Change 113.29% 112.99% 315.37%
Gross Profit Margin 87.84% 88.09% 84.34%
Selling, General & Admin $42.58M $44.30M $27.40M
YoY Change 45.96% 61.71% 43.21%
% of Gross Profit 109.84% 147.72% 194.56%
Research & Development $70.98M $64.59M $40.80M
YoY Change 104.79% 58.32% 32.12%
% of Gross Profit 183.12% 215.37% 289.74%
Depreciation & Amortization $1.154M $991.0K $969.0K
YoY Change 18.6% 2.27% 18.17%
% of Gross Profit 2.98% 3.3% 6.88%
Operating Expenses $115.2M $111.3M $70.26M
YoY Change 76.93% 58.36% 26.83%
Operating Profit -$76.43M -$81.28M -$56.18M
YoY Change 62.86% 44.67% 8.02%
Interest Expense $4.625M $6.454M $4.488M
YoY Change 1.43% 43.81% -227.14%
% of Operating Profit
Other Income/Expense, Net -$877.0K $1.086M $2.764M
YoY Change -83.5% -60.71% 353.11%
Pretax Income -$83.83M -$120.1M -$51.31M
YoY Change 36.33% 134.14% -6.61%
Income Tax $717.0K $168.0K -$1.392M
% Of Pretax Income
Net Earnings -$84.55M -$120.3M -$49.92M
YoY Change 36.74% 141.0% -9.23%
Net Earnings / Revenue -191.6% -353.34% -298.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$355.1K -$563.4K -$283.7K
COMMON SHARES
Basic Shares Outstanding 230.5M shares 223.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $575.7M $438.3M $562.5M
YoY Change 6.81% -22.08% 101.04%
Cash & Equivalents $220.6M $96.35M $114.3M
Short-Term Investments $355.1M $342.0M $448.2M
Other Short-Term Assets $20.10M $13.60M $10.60M
YoY Change 737.5% 28.3% -1.85%
Inventory $10.40M $8.167M $8.100M
Prepaid Expenses
Receivables $28.71M $22.96M $10.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $634.9M $483.0M $592.0M
YoY Change 10.18% -18.4% 99.86%
LONG-TERM ASSETS
Property, Plant & Equipment $15.27M $13.29M $8.900M
YoY Change 67.63% 49.28% -8.25%
Goodwill $197.8M $197.8M
YoY Change 0.0%
Intangibles $23.00M $23.00M
YoY Change 0.0%
Long-Term Investments $42.70M
YoY Change
Other Assets $12.04M $11.27M $5.600M
YoY Change 103.47% 101.16% 93.1%
Total Long-Term Assets $283.2M $281.7M $278.0M
YoY Change 13.42% 1.32% -60.13%
TOTAL ASSETS
Total Short-Term Assets $634.9M $483.0M $592.0M
Total Long-Term Assets $283.2M $281.7M $278.0M
Total Assets $918.0M $764.7M $870.0M
YoY Change 11.16% -12.1% -12.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.10M $60.60M $43.70M
YoY Change 102.16% 38.67% 10.35%
Accrued Expenses $2.700M $2.500M
YoY Change
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 $89.55M $65.87M $140.7M
YoY Change 69.07% -53.18% 28.38%
LONG-TERM LIABILITIES
Long-Term Debt $149.1M $168.8M $166.8M
YoY Change -11.98% 1.2% 6.31%
Other Long-Term Liabilities $3.987M $3.609M $34.50M
YoY Change 43.94% -89.54% -85.76%
Total Long-Term Liabilities $3.987M $3.609M $201.3M
YoY Change 43.94% -98.21% -49.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.55M $65.87M $140.7M
Total Long-Term Liabilities $3.987M $3.609M $201.3M
Total Liabilities $318.0M $313.0M $348.4M
YoY Change 20.45% -10.15% -48.96%
SHAREHOLDERS EQUITY
Retained Earnings -$1.600B -$1.533B $383.0K
YoY Change 36.17% -400236.03%
Common Stock $2.204B $1.973B
YoY Change 27.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $600.1M $451.7M $521.6M
YoY Change
Total Liabilities & Shareholders Equity $918.0M $764.7M $870.0M
YoY Change 11.16% -12.1% -12.42%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$84.55M -$120.3M -$49.92M
YoY Change 36.74% 141.0% -9.23%
Depreciation, Depletion And Amortization $1.154M $991.0K $969.0K
YoY Change 18.6% 2.27% 18.17%
Cash From Operating Activities -$58.48M -$78.55M -$49.52M
YoY Change 2.6% 58.61% -0.64%
INVESTING ACTIVITIES
Capital Expenditures -$2.170M $2.944M $819.0K
YoY Change 104.72% 259.46% -212.19%
Acquisitions
YoY Change
Other Investing Activities -$12.90M $83.01M -$181.8M
YoY Change -209.51% -145.67% 98.28%
Cash From Investing Activities -$15.07M $80.07M -$182.6M
YoY Change -240.58% -143.85% 97.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $189.0M $0.00 $294.6M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 196.4M $17.38M $296.6M
YoY Change 2693.88% -94.14% -296679.0%
NET CHANGE
Cash From Operating Activities -58.48M -$78.55M -$49.52M
Cash From Investing Activities -15.07M $80.07M -$182.6M
Cash From Financing Activities 196.4M $17.38M $296.6M
Net Change In Cash 122.9M $16.55M $65.32M
YoY Change -413.02% -74.66% -145.88%
FREE CASH FLOW
Cash From Operating Activities -$58.48M -$78.55M -$49.52M
Capital Expenditures -$2.170M $2.944M $819.0K
Free Cash Flow -$56.31M -$81.49M -$50.34M
YoY Change 0.66% 61.88% 2.5%

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CY2018Q1 us-gaap Investment Income Interest
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q4 us-gaap Liabilities Fair Value Disclosure
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Operating Expenses
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CY2019Q1 us-gaap Operating Expenses
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CY2018Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Operating Lease Cost
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CY2019Q1 us-gaap Operating Lease Expense
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CY2019Q1 us-gaap Operating Lease Liability
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CY2019Q1 us-gaap Operating Lease Liability Current
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2421000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.128
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y219D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3371000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3560000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4063000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
10038000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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CY2018Q4 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Assets Noncurrent
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CY2018Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-441000 USD
CY2019Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
584000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1805000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-1804000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
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0 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
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0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2246000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-1220000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
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CY2019Q1 us-gaap Other Liabilities Noncurrent
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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CY2019Q1 us-gaap Payments To Acquire Marketable Securities
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2018Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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CY2018Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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CY2019Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2018Q4 us-gaap Secured Long Term Debt
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CY2019Q1 us-gaap Secured Long Term Debt
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Selling General And Administrative Expense
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CY2018Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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CY2019Q1 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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12744000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Warrants And Rights Outstanding
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CY2019Q1 us-gaap Warrants And Rights Outstanding
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company invests its marketable securities in high-quality commercial financial instruments. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on cash and cash equivalents or its marketable securities.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to credit risk from its accounts receivable related to its product sales of Galafold</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">. The Company's accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> have arisen from product sales primarily in the EU and U.S. The Company will periodically assess the financial strength of its customers to establish allowances for anticipated losses, if any. For accounts receivable that have arisen from named patient sales, the payment terms are predetermined and the Company evaluates the creditworthiness of each customer on a regular basis.</font></div></div>
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results of operations, net assets or cash flows.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Actual results could differ from those estimates.</font></div></div>

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