2017 Q2 Form 10-Q Financial Statement

#000123400617000011 Filed on July 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $22.87M $21.25M
YoY Change 7.62% 2.7%
Cost Of Revenue $2.610M $2.290M
YoY Change 13.97% 12.25%
Gross Profit $20.26M $18.96M
YoY Change 6.86% 1.72%
Gross Profit Margin 88.6% 89.24%
Selling, General & Admin $1.570M $1.630M
YoY Change -3.68% -38.95%
% of Gross Profit 7.75% 8.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.930M $9.210M
YoY Change 7.82% 3.02%
% of Gross Profit 49.01% 48.58%
Operating Expenses $14.36M $13.43M
YoY Change 6.88% 6.65%
Operating Profit $5.903M $5.527M
YoY Change 6.8% -8.57%
Interest Expense $5.944M $6.579M
YoY Change -9.65% -6.0%
% of Operating Profit 100.69% 119.03%
Other Income/Expense, Net -$7.849M -$6.931M
YoY Change 13.24% -9.54%
Pretax Income $660.0K $880.0K
YoY Change -25.0% 104.65%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $661.0K $883.0K
YoY Change -25.14% 104.87%
Net Earnings / Revenue 2.89% 4.16%
Basic Earnings Per Share -$0.08 -$0.03
Diluted Earnings Per Share -$0.08 -$0.03
COMMON SHARES
Basic Shares Outstanding 25.28M shares 22.68M shares
Diluted Shares Outstanding 25.28M shares 22.68M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $4.000M
YoY Change 25.0% 21.21%
Cash & Equivalents $5.014M $3.993M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.200M $3.800M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.200M $7.800M
YoY Change 17.95% 41.82%
LONG-TERM ASSETS
Property, Plant & Equipment $679.7M $667.4M
YoY Change 1.84% 0.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.80M $38.70M
YoY Change -7.49% -19.21%
Total Long-Term Assets $822.4M $810.5M
YoY Change 1.47% -1.74%
TOTAL ASSETS
Total Short-Term Assets $9.200M $7.800M
Total Long-Term Assets $822.4M $810.5M
Total Assets $831.6M $818.3M
YoY Change 1.62% -1.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $1.900M
YoY Change 10.53% 11.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.100M $3.700M
YoY Change -43.24% -37.29%
LONG-TERM LIABILITIES
Long-Term Debt $484.8M $540.1M
YoY Change -10.24% -5.41%
Other Long-Term Liabilities $24.50M $20.50M
YoY Change 19.51% -1.44%
Total Long-Term Liabilities $509.3M $560.6M
YoY Change -9.15% -5.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.100M $3.700M
Total Long-Term Liabilities $509.3M $560.6M
Total Liabilities $515.2M $566.2M
YoY Change -9.01% -5.55%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $26.00K $23.00K
YoY Change 13.04% 9.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.8M $226.6M
YoY Change
Total Liabilities & Shareholders Equity $831.6M $818.3M
YoY Change 1.62% -1.45%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $661.0K $883.0K
YoY Change -25.14% 104.87%
Depreciation, Depletion And Amortization $9.930M $9.210M
YoY Change 7.82% 3.02%
Cash From Operating Activities $10.94M $9.050M
YoY Change 20.88% 20.03%
INVESTING ACTIVITIES
Capital Expenditures -$6.350M -$17.96M
YoY Change -64.64% -42.56%
Acquisitions
YoY Change
Other Investing Activities $10.94M $840.0K
YoY Change 1202.38% -170.59%
Cash From Investing Activities $4.580M -$17.12M
YoY Change -126.75% -47.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.87M 7.060M
YoY Change -310.62% -68.58%
NET CHANGE
Cash From Operating Activities 10.94M 9.050M
Cash From Investing Activities 4.580M -17.12M
Cash From Financing Activities -14.87M 7.060M
Net Change In Cash 650.0K -1.010M
YoY Change -164.36% -58.78%
FREE CASH FLOW
Cash From Operating Activities $10.94M $9.050M
Capital Expenditures -$6.350M -$17.96M
Free Cash Flow $17.29M $27.01M
YoY Change -35.99% -30.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Period End Date
DocumentPeriodEndDate
2017-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001234006
CY2017Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27642293 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
dei Trading Symbol
TradingSymbol
GOOD
good Administration Fee
AdministrationFee
775000 USD
good Incentive Fee On Capital Gains
IncentiveFeeOnCapitalGains
0 USD
CY2016Q2 good Administration Fee
AdministrationFee
370000 USD
CY2016Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
251000 USD
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
504000 USD
CY2017Q2 good Administration Fee
AdministrationFee
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good Administration Fee
AdministrationFee
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good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-215000 USD
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-412000 USD
CY2015Q3 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
0.150
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.200
CY2015Q3 good Annual Base Management Fee In Percentage Of Stockholders Equity Adjusted To Unrealized Gains Or Losses
AnnualBaseManagementFeeInPercentageOfStockholdersEquityAdjustedToUnrealizedGainsOrLosses
0.015
CY2015Q3 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.020
CY2015Q3 good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.08
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07
good Annualized Straight Line Rent On Leased Property
AnnualizedStraightLineRentOnLeasedProperty
322000 USD
good Annualized Straight Line Rent On Leased Property
AnnualizedStraightLineRentOnLeasedProperty
1683000 USD
good Area Of Leased Property
AreaOfLeasedProperty
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good Area Of Leased Property
AreaOfLeasedProperty
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good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
73000 USD
good Asset Retirement Obligation Expense
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CY2016Q2 good Base Management Fee
BaseManagementFee
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BaseManagementFee
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CY2017Q2 good Base Management Fee
BaseManagementFee
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good Base Management Fee
BaseManagementFee
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CY2016Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
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good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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CY2016Q2 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.02
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.04
CY2016Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
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good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
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CY2016Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
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good Business Acquisition Pro Forma Operating Expenses
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CY2016Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
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good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
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CY2015Q4 good Debt Instrument Termof Extended Period
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good Distributions Attributable To Senior Common Stock
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good Earnings Per Weighted Average Share Of Senior Common Stock
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CY2017Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
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good Earnings Per Weighted Average Share Of Senior Common Stock
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CY2015Q3 good Effect Of Mortgage Loan Rate Of Return Estimate
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good Incentive Fee
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good Incentive Fee
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CY2016Q2 good Incentive Fee On Capital Gains
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us-gaap Increase Decrease In Restricted Cash
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good Incentive Fee On Capital Gains
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InterestIncomeFromMortgageNoteReceivable
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good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
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good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
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good Interest Rate Swap Assumed
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CY2015Q2 good Interim Financing Loan For Acquisition
InterimFinancingLoanForAcquisition
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CY2015Q4 good Line Of Credit Facility Expiration Month And Year
LineOfCreditFacilityExpirationMonthAndYear
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CY2015Q4 good Line Of Credit Facility Optional Extension Period
LineOfCreditFacilityOptionalExtensionPeriod
P1Y
good Line Of Credit Facility Percentage Of Extension Fee On Initial Maturity
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CY2016Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
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good Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
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good Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
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CY2015Q3 good Notice Period For Termination Of Agreement With Cause
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CY2015Q3 good Notice Period For Termination Of Agreement Without Cause
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good Number Of Leased Properties
NumberOfLeasedProperties
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good Number Of Leased Properties
NumberOfLeasedProperties
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good Number Of Lender Added
NumberOfLenderAdded
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good Number Of Long Term Mortgages Repaid
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CY2016Q2 good Number Of Properties Acquired
NumberOfPropertiesAcquired
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CY2017Q2 good Number Of Properties Acquired
NumberOfPropertiesAcquired
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good Numberof Executive Officers
NumberofExecutiveOfficers
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CY2017Q2 good Numberof Impaired Assets Heldand Used
NumberofImpairedAssetsHeldandUsed
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CY2017Q2 good Numberof Impaired Assets Sold Heldfor Sale
NumberofImpairedAssetsSoldHeldforSale
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good Numberof Properties Repaid To Collateralized Mortgage Notes Payable
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good Numberof Properties Sold
NumberofPropertiesSold
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CY2015Q3 good Numberof Quarters Usedforthe Capof Average Quarterly Incentive Fees
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CY2016Q2 good Payment Of Financing Fee
PaymentOfFinancingFee
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good Payments To Tenants From Reserves
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us-gaap Asset Impairment Charges
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us-gaap Increase Decrease In Restricted Cash
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CY2015Q3 good Percentageof Independent Directors Requiredto Terminatethe Amended Advisory Agreement
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good Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
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good Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Twenty Percent Of Amount Of Pre Incentive Fee Minimum Percentage
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good Receipts From Lenders For Reserves Held In Escrow
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CY2017Q2 good Senior Common Stock Shares Authorized
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SeniorCommonStockSharesOutstanding
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CY2016Q4 good Senior Common Stocks
SeniorCommonStocks
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SeniorCommonStocks
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CY2017Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
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954590 shares
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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us-gaap Increase Decrease In Security Deposits
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us-gaap Increase Decrease In Security Deposits
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-348000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Amortization Of Below Market Lease
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500000 USD
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300000 USD
us-gaap Amortization Of Below Market Lease
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us-gaap Amortization Of Debt Discount Premium
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-116000 USD
us-gaap Amortization Of Debt Discount Premium
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-60000 USD
us-gaap Amortization Of Financing Costs
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1090000 USD
us-gaap Amortization Of Financing Costs
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854000 USD
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3300000 USD
us-gaap Amortization Of Intangible Assets
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6600000 USD
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3500000 USD
us-gaap Amortization Of Intangible Assets
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253000 USD
us-gaap Asset Impairment Charges
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Assets
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Assets
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AssetsOfDisposalGroupIncludingDiscontinuedOperation
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CY2017Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
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4208000 USD
CY2016Q4 us-gaap Below Market Lease Accumulated Amortization
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8959000 USD
CY2017Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
9626000 USD
CY2016Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
21606000 USD
CY2017Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
24207000 USD
CY2016Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
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414000 USD
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500000 USD
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CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items on condensed consolidated statement of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> have been reclassified to conform to the current period's presentation. These reclassifications had no impact on previously-reported equity, net loss attributable to common stockholders, or net change in cash and cash equivalents.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 materially differ from those estimates.</font></div></div>

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