2022 Q1 Form 10-Q Financial Statement

#000143774922012624 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $650.2K $1.394M
YoY Change -53.35% 124.83%
Cost Of Revenue $4.047M $3.245M
YoY Change 24.74% 91.98%
Gross Profit -$3.397M -$1.851M
YoY Change 83.57% 72.95%
Gross Profit Margin -522.43% -132.75%
Selling, General & Admin $5.625M $3.385M
YoY Change 66.18% 84.98%
% of Gross Profit
Research & Development $3.907M $2.408M
YoY Change 62.25% 435.04%
% of Gross Profit
Depreciation & Amortization $707.5K $429.6K
YoY Change 64.69% 104.55%
% of Gross Profit
Operating Expenses $9.532M $5.793M
YoY Change 64.55% 154.07%
Operating Profit -$12.93M -$7.643M
YoY Change 69.16% 128.16%
Interest Expense $49.74K $52.23K
YoY Change -4.77% -120.89%
% of Operating Profit
Other Income/Expense, Net $25.26K $14.15K
YoY Change 78.46% 41.54%
Pretax Income -$12.95M -$7.681M
YoY Change 68.64% 113.97%
Income Tax $0.00 -$2.939M
% Of Pretax Income
Net Earnings -$12.95M -$4.743M
YoY Change 173.14% 32.1%
Net Earnings / Revenue -1992.14% -340.21%
Basic Earnings Per Share -$0.34 -$0.13
Diluted Earnings Per Share -$341.2K -$134.2K
COMMON SHARES
Basic Shares Outstanding 37.97M 35.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.228M $46.65M
YoY Change -88.79% 2368.25%
Cash & Equivalents $5.228M $46.65M
Short-Term Investments
Other Short-Term Assets $2.934M $1.940M
YoY Change 51.24% 11.49%
Inventory $8.987M $5.640M
Prepaid Expenses
Receivables $124.1K $10.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.17M $54.24M
YoY Change -62.81% 513.57%
LONG-TERM ASSETS
Property, Plant & Equipment $25.65M $6.950M
YoY Change 268.99% 47.25%
Goodwill
YoY Change
Intangibles $9.675M
YoY Change
Long-Term Investments
YoY Change
Other Assets $117.5K $130.0K
YoY Change -9.64% 44.44%
Total Long-Term Assets $37.11M $24.42M
YoY Change 51.98% 406.64%
TOTAL ASSETS
Total Short-Term Assets $20.17M $54.24M
Total Long-Term Assets $37.11M $24.42M
Total Assets $57.28M $78.66M
YoY Change -27.18% 475.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.025M $1.060M
YoY Change -3.34% 2.91%
Accrued Expenses $2.641M $530.0K
YoY Change 398.24% -31.17%
Deferred Revenue
YoY Change
Short-Term Debt $1.659M $230.0K
YoY Change 621.49% -95.41%
Long-Term Debt Due $876.9K $570.0K
YoY Change 53.84% 26.67%
Total Short-Term Liabilities $8.344M $3.470M
YoY Change 140.45% -56.68%
LONG-TERM LIABILITIES
Long-Term Debt $1.669M $2.920M
YoY Change -42.84% 160.71%
Other Long-Term Liabilities $1.496M $170.0K
YoY Change 780.15% 6.25%
Total Long-Term Liabilities $3.165M $3.090M
YoY Change 2.44% 141.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.344M $3.470M
Total Long-Term Liabilities $3.165M $3.090M
Total Liabilities $11.51M $6.560M
YoY Change 75.44% -29.31%
SHAREHOLDERS EQUITY
Retained Earnings -$116.9M
YoY Change
Common Stock $154.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.77M $72.10M
YoY Change
Total Liabilities & Shareholders Equity $57.28M $78.66M
YoY Change -27.18% 475.84%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$12.95M -$4.743M
YoY Change 173.14% 32.1%
Depreciation, Depletion And Amortization $707.5K $429.6K
YoY Change 64.69% 104.55%
Cash From Operating Activities -$13.47M -$5.544M
YoY Change 142.97% 58.86%
INVESTING ACTIVITIES
Capital Expenditures $1.486M $598.5K
YoY Change 148.23% -399.23%
Acquisitions $0.00 $1.754M
YoY Change -100.0%
Other Investing Activities $0.00 -$1.780M
YoY Change -100.0% 3460.0%
Cash From Investing Activities -$1.486M -$2.377M
YoY Change -37.49% 850.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.942M $14.07M
YoY Change -71.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.214M $15.12M
YoY Change -78.74% -7299.81%
NET CHANGE
Cash From Operating Activities -$13.47M -$5.544M
Cash From Investing Activities -$1.486M -$2.377M
Cash From Financing Activities $3.214M $15.12M
Net Change In Cash -$11.74M $7.199M
YoY Change -263.12% -282.25%
FREE CASH FLOW
Cash From Operating Activities -$13.47M -$5.544M
Capital Expenditures $1.486M $598.5K
Free Cash Flow -$14.96M -$6.143M
YoY Change 143.49% 86.71%

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CY2021Q1 us-gaap Repayments Of Notes Payable
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
53948 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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317630 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOTE <em style="font: inherit;">1:</em> NATURE OF OPERATIONS </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Arcimoto, Inc. (the “Company”, “We”, “Us”, or “Our”) was incorporated in the State of Oregon on <em style="font: inherit;"> November 21, 2007. </em>The Company’s mission is to catalyze the global shift to a sustainable transportation system. Over the past <em style="font: inherit;">14</em> years, the Company has developed a new vehicle platform designed around the needs of everyday drivers. Having approximately <em style="font: inherit;">one</em>-<em style="font: inherit;">third</em> the weight and <em style="font: inherit;">one</em>-<em style="font: inherit;">third</em> of the footprint of the average car, the Arcimoto platform’s purpose is to bring the joy of ultra-efficient, pure electric driving to the masses. To date, the Company has introduced<span style="color:#000000;"> <em style="font: inherit;">six</em> v</span>ehicle products built on this platform that target specific niches in the vehicle market: our flagship product, the Fun Utility Vehicle® (“FUV®”), for everyday consumer trips; the Deliverator® for last-mile delivery and general fleet utility; the Rapid Responder™ for emergency services and security; the Cameo™ for film, sports and influencers; the Arcimoto Roadster, an unparalleled pure-electric on-road thrill machine, and the Arcimoto Flatbed that has a pick-up style flatbed instead of an enclosed cargo area.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration: underline; ">Concentration risk</span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is dependent on <em style="font: inherit;">one</em> supplier for its battery supply that is a key component of its main product line. Any disruption in supply chain or significant price increase <em style="font: inherit;"> may </em>impact Arcimoto's production volume and costs, which will affect the Company's long-term goal of sustainable profitability.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
172465 USD
CY2022Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2021Q1 us-gaap Operating Lease Expense
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CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q1 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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CY2022Q1 us-gaap Inventory Valuation Reserves
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CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q1 fuv Labor And Overhead Expense
LaborAndOverheadExpense
3050000 USD
CY2021Q1 fuv Labor And Overhead Expense
LaborAndOverheadExpense
1785000 USD
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1267697
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3170950
CY2022Q1 us-gaap Property Plant And Equipment Gross
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29923523 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
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27985214 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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4278401 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3646307 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Depreciation
Depreciation
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CY2021Q1 us-gaap Depreciation
Depreciation
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CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
972799 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
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9675201 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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210000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
131000 USD
CY2022Q1 fuv Customer Deposit Per Order
CustomerDepositPerOrder
2500 USD
CY2022Q1 fuv Contract With Customer Liability Customer Deposit Current
ContractWithCustomerLiabilityCustomerDepositCurrent
1104088 USD
CY2021Q4 fuv Contract With Customer Liability Customer Deposit Current
ContractWithCustomerLiabilityCustomerDepositCurrent
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1674614 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
578055 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1177931 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1755986 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
173509 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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58433 USD
CY2022Q1 fuv Lessee Operating Lease Liability To Be Paid After Year Four
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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1998296 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2022Q1 fuv Lessee Finance Lease Monthly Payments
LesseeFinanceLeaseMonthlyPayments
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CY2022Q1 us-gaap Finance Lease Liability
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966616 USD
CY2021Q4 us-gaap Finance Lease Liability
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CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y2M15D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset
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CY2022Q1 us-gaap Finance Lease Liability
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CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2022Q1 us-gaap Finance Lease Principal Payments
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CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2022Q1 fuv Finance Lease Liability To Be Paid After Year Four
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CY2022Q1 us-gaap Finance Lease Liability
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CY2022Q1 us-gaap Preferred Stock Shares Authorized
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CY2022Q1 us-gaap Preferred Stock No Par Value
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CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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21792
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2021Q1 us-gaap Proceeds From Stock Options Exercised
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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660479 USD
CY2022Q1 us-gaap Litigation Settlement Expense
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1500000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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650233 USD
CY2022Q1 us-gaap Operating Income Loss
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-12929082 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
49735 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
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CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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1393975 USD
CY2021Q1 us-gaap Operating Income Loss
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CY2021Q1 us-gaap Interest Expense
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CY2021Q1 us-gaap Other Nonoperating Income Expense
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CY2021Q1 us-gaap Income Tax Expense Benefit
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-2938848 USD
CY2021Q1 us-gaap Net Income Loss
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