$IIIV
i3 Verticals, Inc.

2019 Q1 Form 10-Q Financial Statement

#000172868819000052 Filed on May 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $85.39M $77.70M
YoY Change 9.91% 25.05%
Cost Of Revenue $54.69M $50.63M
YoY Change 8.0%
Gross Profit $24.26M $21.03M
YoY Change 15.37%
Gross Profit Margin 28.41% 27.06%
Selling, General & Admin $14.32M $10.20M
YoY Change 40.42%
% of Gross Profit 59.03% 48.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.898M $3.020M
YoY Change 29.07% -40.43%
% of Gross Profit 16.07% 14.36%
Operating Expenses $14.32M $10.20M
YoY Change 40.42%
Operating Profit -$203.0K $2.596M
YoY Change -107.82% 51.9%
Interest Expense -$1.200M -$2.600M
YoY Change -53.85%
% of Operating Profit -100.15%
Other Income/Expense, Net -$1.155M -$9.182M
YoY Change -87.42%
Pretax Income -$1.358M -$6.586M
YoY Change -79.38% -11455.17%
Income Tax -$136.0K $250.0K
% Of Pretax Income
Net Earnings -$1.102M -$6.836M
YoY Change -83.88% -14341.67%
Net Earnings / Revenue -1.29% -8.8%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 -$268.8K
COMMON SHARES
Basic Shares Outstanding 8.887M shares
Diluted Shares Outstanding 8.887M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $800.0K
YoY Change 75.0%
Cash & Equivalents $1.393M $755.0K
Short-Term Investments
Other Short-Term Assets $3.600M $3.300M
YoY Change 9.09%
Inventory $1.469M
Prepaid Expenses
Receivables $11.70M $8.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.78M $12.70M
YoY Change 32.13%
LONG-TERM ASSETS
Property, Plant & Equipment $3.055M $2.100M
YoY Change 45.48%
Goodwill $104.7M $80.37M
YoY Change 30.21%
Intangibles $82.66M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.644M $3.400M
YoY Change 7.18%
Total Long-Term Assets $201.7M $157.3M
YoY Change 28.26%
TOTAL ASSETS
Total Short-Term Assets $16.78M $12.70M
Total Long-Term Assets $201.7M $157.3M
Total Assets $218.5M $170.0M
YoY Change 28.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.359M $2.600M
YoY Change 29.19%
Accrued Expenses $15.59M $14.40M
YoY Change 8.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M
YoY Change 0.0%
Total Short-Term Liabilities $28.80M $25.40M
YoY Change 13.38%
LONG-TERM LIABILITIES
Long-Term Debt $70.24M $127.8M
YoY Change -45.04%
Other Long-Term Liabilities $4.724M $13.00M
YoY Change -63.66%
Total Long-Term Liabilities $74.97M $140.8M
YoY Change -46.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.80M $25.40M
Total Long-Term Liabilities $74.97M $140.8M
Total Liabilities $103.8M $166.2M
YoY Change -37.57%
SHAREHOLDERS EQUITY
Retained Earnings -$188.0K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.10M $3.800M
YoY Change
Total Liabilities & Shareholders Equity $218.5M $170.0M
YoY Change 28.53%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.102M -$6.836M
YoY Change -83.88% -14341.67%
Depreciation, Depletion And Amortization $3.898M $3.020M
YoY Change 29.07% -40.43%
Cash From Operating Activities $5.350M $3.720M
YoY Change 43.82% -5.34%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$1.790M
YoY Change -67.04% 103.41%
Acquisitions
YoY Change
Other Investing Activities -$22.34M -$6.330M
YoY Change 252.92% 23.15%
Cash From Investing Activities -$22.92M -$8.120M
YoY Change 182.27% 34.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.07M 3.360M
YoY Change 437.8% -322.52%
NET CHANGE
Cash From Operating Activities 5.350M 3.720M
Cash From Investing Activities -22.92M -8.120M
Cash From Financing Activities 18.07M 3.360M
Net Change In Cash 500.0K -1.040M
YoY Change -148.08% -71.11%
FREE CASH FLOW
Cash From Operating Activities $5.350M $3.720M
Capital Expenditures -$590.0K -$1.790M
Free Cash Flow $5.940M $5.510M
YoY Change 7.8% 14.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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ORGANIZATION AND OPERATIONS<div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">i3 Verticals, Inc. (the “Company”) was formed as a Delaware corporation on January 17, 2018. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and other related transactions in order to carry on the business of i3 Verticals, LLC and its subsidiaries. i3 Verticals, LLC was founded in 2012 and delivers seamlessly integrated payment and software solutions to small- and medium-sized businesses (“SMBs”) and organizations in strategic vertical markets. The Company’s headquarters are located in Nashville, Tennessee, with operations throughout the United States. Unless the context otherwise requires, references to “we,” “us,” “our,” “i3 Verticals” and the “Company” refer to i3 Verticals, Inc. and its subsidiaries, including i3 Verticals, LLC.</span></div><div style="margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;font-weight:700;line-height:120%;">Initial Public Offering</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">On June 25, 2018, the Company completed the IPO of 7,647,500 shares of its Class A common stock at a public offering price of $13.00 per share. The Company received approximately $92.5 million of net proceeds, after deducting underwriting discounts and commissions, which the Company used to purchase newly issued common units from i3 Verticals, LLC (the “Common Units”), and Common Units from a selling Common Unit holder, in each case at a price per Common Unit equal to the price per share paid by the underwriters for shares of the Company's Class A common stock in the IPO. </span></div><div style="margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;font-weight:700;line-height:120%;">Reorganization Transactions</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">In connection with the IPO, the Company completed the following transactions (the “Reorganization Transactions”):</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">i3 Verticals, LLC amended and restated its existing limited liability company agreement to, among other things, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">(1) convert all existing Class A units, common units (including common units issued upon the exercise of existing warrants) and Class P units of ownership interest in i3 Verticals, LLC into either Class A voting common units of i3 Verticals, LLC (such holders of Class A voting common units referred to herein as the “Continuing Equity Owners”) or Class B non-voting common units of i3 Verticals, LLC (such holders of Class B non-voting common units referred to herein as the “Former Equity Owners”), and (2) appoint i3 Verticals, Inc. as the sole managing member of i3 Verticals, LLC upon its acquisition of Common Units in connection with the IPO;</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">the Company amended and restated its certificate of incorporation to provide for, among other things, Class A common stock and Class B common stock;</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">i3 Verticals, LLC and the Company consummated a merger among i3 Verticals, LLC, i3 Verticals, Inc. and a newly formed wholly-owned subsidiary of i3 Verticals, Inc. (“MergerSub”) whereby: (1) MergerSub merged with and into i3 Verticals, LLC, with i3 Verticals, LLC as the surviving entity; (2) Class A voting common units converted into newly issued Common Units in i3 Verticals, LLC together with an equal number of shares of Class B common stock of i3 Verticals, Inc., and (3) Class B non-voting common units converted into Class A common stock of i3 Verticals, Inc. based on a conversion ratio that provided an equitable adjustment to reflect the full value of the Class B non-voting common units; and</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">the Company issued shares of its Class A common stock pursuant to a voluntary private conversion of certain subordinated notes (the “Junior Subordinated Notes”) by certain related and unrelated creditors of i3 Verticals, LLC.</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">Following the completion of the IPO and Reorganization Transactions, the Company became a holding company and its principal asset is the Common Units in i3 Verticals, LLC that it owns. i3 Verticals, Inc. operates and controls all of i3 Verticals, LLC's operations and, through i3 Verticals, LLC and its subsidiaries, conducts i3 Verticals, LLC's business. i3 Verticals, Inc. has a minority economic interest in i3 Verticals, LLC. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">As of </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">March 31, 2019, i3 Verticals, Inc. owned 34.9% of the economic interest in i3 Verticals, LLC. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">As of </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">March 31, 2019, the Continuing Equity Owners owned Common Units in i3 Verticals, LLC representing approximately 65.1% of the economic interest in i3 Verticals, LLC, shares of Class A common stock in the Company representing approximately 0.9% of the economic interest and voting power in the Company, and shares of Class B common stock in i3 Verticals, Inc., representing approximately 65.1% of the voting power in the Company. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">The Continuing Equity Owners who own Common Units in i3 Verticals, LLC may redeem at each of their options (subject in certain circumstances to time-based vesting requirements) their Common Units for, at the election of i3 Verticals, LLC, cash or newly-issued shares of the Company's Class A common stock. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;padding-left:14.5pt;">Combining the Class A common stock and Class B common stock, the Continuing Equity </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">Owners hold approximately 66.0% of the economic interest and voting power in i3 Verticals, Inc. </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">i3 Verticals, Inc. is the sole managing member of i3 Verticals, LLC and as a result, consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by the Continuing Equity Owners. </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">As the Reorganization Transactions are considered transactions between entities under common control, the financial statements retroactively reflect the accounts of i3 Verticals, LLC for periods prior to the IPO and Reorganization Transactions.</span></div>
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<div style="margin-top:6pt;margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">The preparation of condensed consolidated 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and intangible asset impairment review, warrant valuation, revenue recognition for multiple element arrangements, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities as well as the related valuation allowances. Actual results could differ from those estimates. </span></div>During the first quarter of fiscal year 2019, management determined it was appropriate to change the amortization rate for certain of our merchant contract intangible assets to reflect the expected distribution of future cash flows. This change was applied prospectively beginning on October 1, 2018.
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3586916 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 shares
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
15901000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
532000 USD
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1025000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
363000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
686000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1182000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2240000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1761000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1592000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1477000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1396000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9648000 USD
CY2019Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
1269000 USD
CY2019Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
2541000 USD
CY2019Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
1457000 USD
CY2019Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
2046000 USD
CY2019Q1 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
2646000 USD
CY2019Q1 us-gaap Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
243000 USD
CY2019Q1 us-gaap Purchase Obligation
PurchaseObligation
10202000 USD
CY2018Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Payable To Continuing Equity Owners
TaxReceivableAgreementPercentOfTaxBenefitsPayableToContinuingEquityOwners
0.85
CY2019Q1 us-gaap Revenues
Revenues
85394000 USD
CY2019Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
54685000 USD
CY2019Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
10193000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14319000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3898000 USD
CY2019Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2502000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-203000 USD
CY2019Q1 us-gaap Gross Profit
GrossProfit
24259000 USD
CY2019Q1 us-gaap Assets
Assets
218499000 USD
CY2019Q1 us-gaap Goodwill
Goodwill
104651000 USD
us-gaap Revenues
Revenues
170262000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
110514000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
19983000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26835000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7450000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2153000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3327000 USD
us-gaap Gross Profit
GrossProfit
47347000 USD
CY2019Q1 us-gaap Assets
Assets
218499000 USD
CY2019Q1 us-gaap Goodwill
Goodwill
104651000 USD
CY2018Q1 us-gaap Revenues
Revenues
77699000 USD
CY2018Q1 us-gaap Revenues
Revenues
77699000 USD
CY2018Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
50634000 USD
CY2018Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
9505000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10197000 USD
CY2018Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3020000 USD
CY2018Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1747000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2596000 USD
CY2018Q1 us-gaap Gross Profit
GrossProfit
21027000 USD
CY2018Q1 us-gaap Assets
Assets
169970000 USD
CY2018Q1 us-gaap Goodwill
Goodwill
80373000 USD
us-gaap Revenues
Revenues
154920000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
102872000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
19058000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19041000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5876000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2129000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5944000 USD
us-gaap Gross Profit
GrossProfit
39788000 USD
CY2018Q1 us-gaap Assets
Assets
169970000 USD
CY2018Q1 us-gaap Goodwill
Goodwill
80373000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8849431 shares
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 USD
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
104000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
4605000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
2084000 USD
us-gaap Line Of Credit Assumed1
LineOfCreditAssumed1
0 USD
us-gaap Line Of Credit Assumed1
LineOfCreditAssumed1
87525000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
904000 USD
iiiv Increase In Accrued Equity Issuance Costs
IncreaseInAccruedEquityIssuanceCosts
0 USD
iiiv Increase In Accrued Equity Issuance Costs
IncreaseInAccruedEquityIssuanceCosts
1550000 USD

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