2024 Q3 Form 10-K Financial Statement

#000168316824004655 Filed on July 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q4 2023
Revenue $0.00 $16.38K $114.7K
YoY Change -100.0% -66.84% 28.98%
Cost Of Revenue $0.00 $46.32K $76.65K
YoY Change -100.0% 855.05% 630.02%
Gross Profit $0.00 -$29.94K $38.02K
YoY Change -100.0% -167.21% -51.51%
Gross Profit Margin -182.78% 33.16%
Selling, General & Admin $308.2K $681.9K
YoY Change 119.95% -0.24%
% of Gross Profit 1793.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.48K $49.50K
YoY Change 0.0% 0.0%
% of Gross Profit 130.19%
Operating Expenses $155.8K $320.7K $731.4K
YoY Change 52.37% 110.13% -0.23%
Operating Profit -$155.8K -$350.6K -$693.4K
YoY Change 78.24% 224.48% 5.92%
Interest Expense -$243.2K $210.4K
YoY Change 40.94% -44.2%
% of Operating Profit
Other Income/Expense, Net $51.16K -$374.5K
YoY Change 21.4% 1.34%
Pretax Income -$104.7K -$593.8K -$1.068M
YoY Change 131.12% 111.61% 4.27%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$104.7K -$612.6K -$1.068M
YoY Change 131.12% 103.06% 4.27%
Net Earnings / Revenue -3739.68% -931.34%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 555.0M shares 406.8M shares 406.7M shares
Diluted Shares Outstanding 555.0M shares 406.7M shares

Balance Sheet

Concept 2024 Q3 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $640.00 $640.00
YoY Change -98.08% -98.08%
Cash & Equivalents $3.181K $644.00 $640.00
Short-Term Investments
Other Short-Term Assets $2.310K $2.310K
YoY Change -70.27% -70.27%
Inventory
Prepaid Expenses
Receivables $0.00 $5.460K $5.460K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.487K $8.410K $8.410K
YoY Change -88.2% -87.99% -87.99%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $161.9K $199.1K $199.1K
YoY Change -60.47% -55.15% -55.15%
TOTAL ASSETS
Total Short-Term Assets $5.487K $8.410K $8.410K
Total Long-Term Assets $161.9K $199.1K $199.1K
Total Assets $167.4K $207.5K $207.5K
YoY Change -63.3% -59.62% -59.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $349.4K $219.6K $219.6K
YoY Change 266.66% 64.57% 64.57%
Accrued Expenses $648.6K $534.1K $914.7K
YoY Change 26.22% 34.98% 38.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $435.0K $435.0K
YoY Change 19.78% 19.78%
Total Short-Term Liabilities $2.807M $2.152M $2.152M
YoY Change 40.02% 28.31% 28.31%
LONG-TERM LIABILITIES
Long-Term Debt $58.99K $58.99K
YoY Change -43.44% -43.44%
Other Long-Term Liabilities $1.000K $1.000K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $59.99K $59.99K
YoY Change -43.03% -43.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.807M $2.152M $2.152M
Total Long-Term Liabilities $59.99K $59.99K
Total Liabilities $2.808M $2.212M $2.212M
YoY Change 34.95% 24.09% 24.09%
SHAREHOLDERS EQUITY
Retained Earnings -$11.22M -$10.44M
YoY Change 14.1% 12.21%
Common Stock $555.0K $470.0K
YoY Change 36.43% 33.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.352M -$2.623M -$2.004M
YoY Change
Total Liabilities & Shareholders Equity $167.4K $207.5K $207.5K
YoY Change -63.3% -59.62% -59.62%

Cashflow Statement

Concept 2024 Q3 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$104.7K -$612.6K -$1.068M
YoY Change 131.12% 103.06% 4.27%
Depreciation, Depletion And Amortization $12.48K $49.50K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$17.14K -$146.6K
YoY Change -90.76% -77.69%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.87K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $113.9K
YoY Change -100.0% -86.5%
NET CHANGE
Cash From Operating Activities -17.14K -$146.6K
Cash From Investing Activities 0.000 $0.00
Cash From Financing Activities 0.000 $113.9K
Net Change In Cash -17.14K -$32.69K
YoY Change 1704.21% 142.43%
FREE CASH FLOW
Cash From Operating Activities -$17.14K -$146.6K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023 us-gaap Interest Paid Net
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IncomeTaxesPaidNet
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IncomeTaxesPaidNet
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DiscountOnNotesPayables
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DiscountOnNotesPayables
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CY2023 ITOX Conversion Of Convertible Notes Payable And Derivative Liabilities
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ConversionOfConvertibleNotesPayableAndDerivativeLiabilities
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CY2023 ITOX Deferred Financing Cost On Notes Payable
DeferredFinancingCostOnNotesPayable
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CY2022 ITOX Deferred Financing Cost On Notes Payable
DeferredFinancingCostOnNotesPayable
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CY2023 ITOX Discount On Series B Convertible Preferred Stock
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CY2022 ITOX Discount On Series B Convertible Preferred Stock
DiscountOnSeriesBConvertiblePreferredStock
297600 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zbiDDJSnkJCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Reclassifications</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 us-gaap Use Of Estimates
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<p id="xdx_84E_eus-gaap--UseOfEstimates_zbvc8UrjfYg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 period. The Company regularly evaluates estimates and assumptions related to the valuation of accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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RetainedEarningsAccumulatedDeficit
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2023 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zcLANHa8lrY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline"><span id="xdx_862_zeRDcU4aUIoi">Concentration of Credit Risk</span></span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose the Company to concentrations of risk consist primarily of cash and cash equivalents which are generally not collateralized. The Company’s policy is to place its cash and cash equivalents with high quality financial institutions, in order to limit the amount of credit exposure. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000. At December 31, 2023 and December 31, 2022, the Company had <span id="xdx_90E_eus-gaap--CashUninsuredAmount_iI_pp0p0_do_c20231231_z6othvQ4Lyl3" title="Cash in excess of FDIC insurance limit"><span id="xdx_90E_eus-gaap--CashUninsuredAmount_iI_pp0p0_do_c20221231_zCdb2YNFthK8" title="Cash in excess of FDIC insurance limit">no</span></span> amounts in excess of the FDIC insurance limit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q4 us-gaap Cash Uninsured Amount
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CY2023Q4 us-gaap Receivables With Imputed Interest Amortization Amount
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FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
246415 usd
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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49500 usd
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49500 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
49500 usd
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CY2023Q4 ITOX Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
1085 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
493988 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
543167 usd
CY2023Q4 ITOX Deferred Financing Costs
DeferredFinancingCosts
0 usd
CY2022Q4 ITOX Deferred Financing Costs
DeferredFinancingCosts
-75700 usd
CY2023Q4 ITOX Convertible Notes Payable Net
ConvertibleNotesPayableNet
493988 usd
CY2022Q4 ITOX Convertible Notes Payable Net
ConvertibleNotesPayableNet
467467 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
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435000 usd
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363167 usd
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
58988 usd
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ConvertibleLongTermNotesPayable
104300 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1136460 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1076881 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
406685267 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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406685267 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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273238664 shares
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
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EarningsPerShareBasic
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EarningsPerShareDiluted
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CY2023Q4 ITOX Due To Stockholders
DueToStockholders
1000 usd
CY2022Q4 ITOX Due To Stockholders
DueToStockholders
1000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
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3000000000 shares
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0.001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Debt Conversion Converted Instrument Amount1
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11000 usd
CY2023Q4 us-gaap Debt Conversion Converted Instrument Amount1
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14000 usd
CY2023Q4 us-gaap Derivative Liabilities Current
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535653 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
469873 usd
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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2868397 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.00084
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
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CY2023 us-gaap Deferred Other Tax Expense Benefit
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293775 usd
CY2022 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
278374 usd
CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 ITOX Effective Income Taxes Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxesRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 ITOX Effective Income Taxes Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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-0.0002 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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-0.0024 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.2561 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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2700136 usd
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2405788 usd
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2700136 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
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2405788 usd
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CY2023Q4 us-gaap Operating Loss Carryforwards
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