2020 Q3 Form 10-Q Financial Statement

#000114036120018406 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.360M $2.120M $1.340M
YoY Change 18.26% 58.21% -14.65%
% of Gross Profit
Research & Development $149.6K $231.6K $1.648M
YoY Change -86.78% -85.95% -51.94%
% of Gross Profit
Depreciation & Amortization $1.000K $10.00K $10.00K
YoY Change -90.0% 0.0% -50.0%
% of Gross Profit
Operating Expenses $1.506M $2.348M $2.988M
YoY Change -33.97% -21.41% -40.25%
Operating Profit -$1.506M -$2.348M -$2.988M
YoY Change -33.97% -21.41% -40.25%
Interest Expense $100.0K -$160.0K $520.0K
YoY Change -68.75% -130.77% -55.17%
% of Operating Profit
Other Income/Expense, Net $102.4K -$162.7K $524.1K
YoY Change -68.14% -131.03% -54.94%
Pretax Income -$1.403M -$2.511M -$2.464M
YoY Change -28.36% 1.9% -35.8%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.248M -$2.511M -$2.464M
YoY Change -36.3% 1.9% -35.8%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.321M -$2.510M -$2.460M
COMMON SHARES
Basic Shares Outstanding 4.234M 4.019M 4.019M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.080M $9.210M $16.26M
YoY Change -41.91% -43.36% -2.87%
Cash & Equivalents $8.080M $9.209M $7.310M
Short-Term Investments $0.00 $0.00 $8.950M
Other Short-Term Assets $570.0K $820.0K $662.1K
YoY Change -6.0% 23.85% -51.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.653M $10.03M $17.29M
YoY Change -40.88% -42.02% -4.51%
LONG-TERM ASSETS
Property, Plant & Equipment $150.0K $57.31K $94.69K
YoY Change 75.85% -39.47% -5.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $180.6K $222.5K $384.0K
YoY Change -47.65% -42.07% 195.4%
TOTAL ASSETS
Total Short-Term Assets $8.653M $10.03M $17.29M
Total Long-Term Assets $180.6K $222.5K $384.0K
Total Assets $8.834M $10.25M $17.68M
YoY Change -41.03% -42.02% -3.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.840M $1.650M $950.0K
YoY Change 411.11% 73.68% 31.94%
Accrued Expenses $510.0K $680.0K $1.110M
YoY Change -55.26% -38.74% -58.27%
Deferred Revenue $650.0K $650.0K $1.500M
YoY Change -56.67% -56.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.009M $2.977M $3.551M
YoY Change 0.25% -16.17% 5.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $110.0K $270.0K $500.0K
YoY Change -50.0% -46.0% -85.42%
Total Long-Term Liabilities $110.0K $270.0K $500.0K
YoY Change -50.0% -46.0% -85.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.009M $2.977M $3.551M
Total Long-Term Liabilities $110.0K $270.0K $500.0K
Total Liabilities $3.120M $3.246M $4.054M
YoY Change -3.42% -19.94% -40.47%
SHAREHOLDERS EQUITY
Retained Earnings -$167.8M -$166.4M -$159.5M
YoY Change 3.95% 4.34%
Common Stock $173.5M $173.4M $173.1M
YoY Change 0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.410M $7.003M $13.62M
YoY Change
Total Liabilities & Shareholders Equity $8.834M $10.25M $17.68M
YoY Change -41.03% -42.02% -3.09%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.248M -$2.511M -$2.464M
YoY Change -36.3% 1.9% -35.8%
Depreciation, Depletion And Amortization $1.000K $10.00K $10.00K
YoY Change -90.0% 0.0% -50.0%
Cash From Operating Activities -$1.130M -$1.790M -$1.810M
YoY Change -52.32% -1.1% -59.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $3.000M
YoY Change -100.0% -100.0% -7.69%
Cash From Investing Activities $0.00 $0.00 $3.000M
YoY Change -100.0% -100.0% -7.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.130M -1.790M -1.810M
Cash From Investing Activities 0.000 0.000 3.000M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -1.130M -1.790M 1.190M
YoY Change -279.37% -250.42% -199.17%
FREE CASH FLOW
Cash From Operating Activities -$1.130M -$1.790M -$1.810M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$1.130M -$1.790M -$1.800M
YoY Change -52.32% -0.56% -59.55%

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3245761
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
12968772
CY2020Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10249074
CY2020Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2976950
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
41717
CY2020Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
268811
us-gaap Nature Of Operations
NatureOfOperations
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 21.6pt;text-indent:-21.6pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-weight:bold;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512345999"></a><font style="display: inline;">1.</font><font style="display: inline;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Operations and Organization</font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Operations</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">Rexahn Pharmaceuticals, Inc. (the &#x201C;Company&#x201D;), a Delaware corporation, is a biopharmaceutical company whose principal operations have been the development of innovative therapies to improve patient outcomes in cancers that are difficult to treat.&nbsp;&nbsp;The Company had an accumulated deficit of </font><font style="display: inline;">$166,420,604</font><font style="display: inline;"> at June 30, 2020 and anticipates incurring losses in the foreseeable future.&nbsp; </font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">On June 17, 2020, the Company entered into an Agreement and Plan of Merger and Reorganization (the &#x201C;Original Merger Agreement,&#x201D; and as amended on June 29, 2020, the &#x201C;Merger Agreement&#x201D;) with Razor Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (&#x201C;Merger Sub&#x201D;), and Ocuphire Pharma Inc., a Delaware corporation (&#x201C;Ocuphire&#x201D;), pursuant to which, among other things, and subject to the satisfaction and waiver of certain conditions set forth in the Merger Agreement, Merger Sub will merge with and into Ocuphire, with Ocuphire continuing as a wholly owned subsidiary of the Company and the surviving corporation of the merger (the &#x201C;Merger&#x201D;).&nbsp;&nbsp;See Note 2, </font><font style="display: inline;font-style:italic;">Merger Agreement and Pre-Merger Financing, </font><font style="display: inline;">for further information.</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The Company believes that its cash and cash equivalents of approximately </font><font style="display: inline;">$9.2</font><font style="display: inline;"> million as of June 30, 2020 will be sufficient to cover its cash flow </font><font style="display: inline;">requirements for its current activities</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">for</font><font style="display: inline;"> at least the next 12 months from the date these financial statements were issued</font><font style="display: inline;">, assuming the Merger does not close</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Basis of Presentation</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The accompanying unaudited condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (&#x201C;SEC&#x201D;) for interim financial information.&nbsp;&nbsp;Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;) for complete financial statements.&nbsp;&nbsp;In the opinion of the Company&#x2019;s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the Company&#x2019;s financial position as of June 30, 2020 and December 31, 2019 and of the results of operations, comprehensive loss, and stockholders&#x2019; equity for the three and six months ended June 30, 2020 and 2019 and the cash flows for the six months ended June 30, 2020 and 2019 have been included.&nbsp;&nbsp;Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for any other interim period or the full fiscal year ending December 31, 2020. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2019 (the &#x201C;2019 Form 10-K&#x201D;).&nbsp;&nbsp;Information included in the condensed balance sheet as of December 31, 2019 has been derived from the Company&#x2019;s audited financial statements for the year ended December 31, 2019 included in the 2019 Form 10-K.&nbsp;&nbsp;The unaudited condensed financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512346000"></a><font style="display: inline;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">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 and 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 period.&nbsp;&nbsp;These estimates are based on management&#x2019;s best knowledge of current events and actions the Company may undertake in the future.&nbsp;&nbsp;Actual results may ultimately differ from these estimates.&nbsp;&nbsp;These estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the period in which they become available.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;color:#000000;">COVID-19 Pandemic</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">The outbreak of the COVID-19 disease, which the World Health Organization declared a pandemic in March 2020, has led to disruption in the global economy and the biopharmaceutical industry. The extent of the COVID-19 pandemic&#x2019;s impact on the Company&#x2019;s business, financial condition and results of operations, as well as the Company&#x2019;s ability to consummate the Merger, is highly uncertain and will depend on various factors, including the duration and scope of the pandemic, restrictions on business and social distancing guidelines that may be requested or mandated by governmental authorities, other actions taken to contain the impact of the pandemic, and the Company&#x2019;s access to additional capital.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;background-color:yellow;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7653828
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2901449
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-2511158
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2118889
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
524133
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-186633
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-162660
us-gaap Operating Expenses
OperatingExpenses
6926169
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
2988417
us-gaap Operating Expenses
OperatingExpenses
4061295
CY2020Q2 us-gaap Operating Expenses
OperatingExpenses
2348498
us-gaap Operating Income Loss
OperatingIncomeLoss
-6926169
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2988417
us-gaap Operating Income Loss
OperatingIncomeLoss
-2911295
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2348498
us-gaap Operating Lease Cost
OperatingLeaseCost
127407
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
47129
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
6659
us-gaap Operating Lease Cost
OperatingLeaseCost
73541
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
36770
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
136197
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
139765
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
136197
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
63605
us-gaap Operating Lease Payments
OperatingLeasePayments
120700
us-gaap Operating Lease Payments
OperatingLeasePayments
76843
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
203348
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
139477
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2019Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
156586000
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
160154000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
25015
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
19781
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2084
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
0
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
19383
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
8887566
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
447206
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
817653
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7653828
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
6000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3000000
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
5500
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
347493
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
347493
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
75770
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57312
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3890631
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1648401
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
688397
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
231607
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-163322676
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-166420604
us-gaap Revenues
Revenues
CY2019Q2 us-gaap Revenues
Revenues
us-gaap Revenues
Revenues
1150000
CY2020Q2 us-gaap Revenues
Revenues
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
380935
CY2019Q4 us-gaap Security Deposit
SecurityDeposit
25681
CY2020Q2 us-gaap Security Deposit
SecurityDeposit
25681
us-gaap Share Based Compensation
ShareBasedCompensation
288653
us-gaap Share Based Compensation
ShareBasedCompensation
145371
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10562890
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
15939956
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
13623106
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
9957954
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
9445402
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
7003313
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7553828
us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">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 and 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 period.&nbsp;&nbsp;These estimates are based on management&#x2019;s best knowledge of current events and actions the Company may undertake in the future.&nbsp;&nbsp;Actual results may ultimately differ from these estimates.&nbsp;&nbsp;These estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the period in which they become available.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Variable Lease Cost
VariableLeaseCost
22672
us-gaap Variable Lease Cost
VariableLeaseCost
11803
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
6110
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3900208
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4019141

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