2021 Q1 Form 10-Q Financial Statement

#000143774921011509 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $35.88M $30.55M
YoY Change 17.45% 7.28%
Cost Of Revenue $12.08M $10.07M
YoY Change 20.02% 11.68%
Gross Profit $23.80M $20.48M
YoY Change 16.19% 5.24%
Gross Profit Margin 66.32% 67.05%
Selling, General & Admin $13.01M $13.14M
YoY Change -0.96% 2.71%
% of Gross Profit 54.67% 64.13%
Research & Development $2.844M $2.994M
YoY Change -5.01% 33.66%
% of Gross Profit 11.95% 14.62%
Depreciation & Amortization $2.624M $1.538M
YoY Change 70.61% 19.78%
% of Gross Profit 11.03% 7.51%
Operating Expenses $15.85M $16.13M
YoY Change -1.71% 7.33%
Operating Profit $7.945M $4.353M
YoY Change 82.52% -1.85%
Interest Expense $577.0K $0.00
YoY Change -100.0%
% of Operating Profit 7.26% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $7.493M $4.280M
YoY Change 75.07% -5.16%
Income Tax $1.564M $1.106M
% Of Pretax Income 20.87% 25.84%
Net Earnings $5.929M $3.174M
YoY Change 86.8% -9.65%
Net Earnings / Revenue 16.52% 10.39%
Basic Earnings Per Share $0.29 $0.16
Diluted Earnings Per Share $0.28 $0.16
COMMON SHARES
Basic Shares Outstanding 20.55M 20.17M
Diluted Shares Outstanding 20.85M 20.44M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.70M $30.60M
YoY Change -22.55% -35.58%
Cash & Equivalents $23.53M $10.94M
Short-Term Investments $200.0K $19.70M
Other Short-Term Assets $7.500M $7.100M
YoY Change 5.63% 39.22%
Inventory $39.20M $35.40M
Prepaid Expenses
Receivables $20.13M $16.63M
Other Receivables $0.00 $0.00
Total Short-Term Assets $90.66M $89.72M
YoY Change 1.04% -5.97%
LONG-TERM ASSETS
Property, Plant & Equipment $15.20M $14.79M
YoY Change 2.77% 4.83%
Goodwill $65.95M $39.77M
YoY Change 65.8% 33.11%
Intangibles $57.34M $24.06M
YoY Change 138.33% 82.56%
Long-Term Investments
YoY Change
Other Assets $1.110M $260.0K
YoY Change 326.92% 23.81%
Total Long-Term Assets $156.7M $94.84M
YoY Change 65.25% 46.27%
TOTAL ASSETS
Total Short-Term Assets $90.66M $89.72M
Total Long-Term Assets $156.7M $94.84M
Total Assets $247.4M $184.6M
YoY Change 34.03% 15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.561M $1.381M
YoY Change 85.45% -42.0%
Accrued Expenses $14.37M $11.02M
YoY Change 30.41% -17.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.800M
YoY Change
Total Short-Term Liabilities $22.30M $16.59M
YoY Change 34.39% -14.4%
LONG-TERM LIABILITIES
Long-Term Debt $28.50M $0.00
YoY Change
Other Long-Term Liabilities $4.575M $4.237M
YoY Change 7.98% 108.51%
Total Long-Term Liabilities $4.575M $4.237M
YoY Change 7.98% 108.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.30M $16.59M
Total Long-Term Liabilities $4.575M $4.237M
Total Liabilities $69.84M $35.72M
YoY Change 95.52% 31.5%
SHAREHOLDERS EQUITY
Retained Earnings $74.22M $58.29M
YoY Change 27.34% 22.26%
Common Stock $117.5M $107.2M
YoY Change 9.61% 7.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.69M $11.09M
YoY Change 5.42% 6.93%
Treasury Stock Shares $1.541M $1.524M
Shareholders Equity $177.5M $148.8M
YoY Change
Total Liabilities & Shareholders Equity $247.4M $184.6M
YoY Change 34.03% 15.17%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $5.929M $3.174M
YoY Change 86.8% -9.65%
Depreciation, Depletion And Amortization $2.624M $1.538M
YoY Change 70.61% 19.78%
Cash From Operating Activities $6.074M $1.189M
YoY Change 410.85% -642.92%
INVESTING ACTIVITIES
Capital Expenditures -$1.060M -$860.0K
YoY Change 23.26% 7.5%
Acquisitions $0.00 $59.00K
YoY Change -100.0%
Other Investing Activities $0.00 $840.0K
YoY Change -100.0% -107.67%
Cash From Investing Activities -$1.060M -$25.00K
YoY Change 4140.0% -99.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.297M -$176.0K
YoY Change 636.93% -61.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$7.965M -$1.741M
YoY Change 357.5% -510.61%
NET CHANGE
Cash From Operating Activities $6.074M $1.189M
Cash From Investing Activities -$1.060M -$25.00K
Cash From Financing Activities -$7.965M -$1.741M
Net Change In Cash -$3.239M -$842.0K
YoY Change 284.68% -92.71%
FREE CASH FLOW
Cash From Operating Activities $6.074M $1.189M
Capital Expenditures -$1.060M -$860.0K
Free Cash Flow $7.134M $2.049M
YoY Change 248.17% 252.67%

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59000 USD
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0 USD
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233000 USD
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88000 USD
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57000 USD
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2262000 USD
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CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2019Q4 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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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10944000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30551000 USD
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6004000 USD
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28117000 USD
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5834000 USD
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5950000 USD
CY2021Q1 lmat Inventory And Other Deferred Costs
InventoryAndOtherDeferredCosts
45071000 USD
CY2020Q4 lmat Inventory And Other Deferred Costs
InventoryAndOtherDeferredCosts
45115000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
35883000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
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789000 USD
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820000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
31000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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-0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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-0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
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789000 USD
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InventoryRawMaterials
5168000 USD
CY2021Q1 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
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1900000 USD
CY2020Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
2100000 USD
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74243000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16904000 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
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57339000 USD
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74243000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
15338000 USD
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58905000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1566000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
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834000 USD
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0 USD
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0.0525 pure
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4613000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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5975000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
5902000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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5706000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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5467000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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5001000 USD
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31235 USD
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607000 USD
CY2020Q1 us-gaap Operating Lease Cost
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474000 USD
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64000 USD
CY2020Q1 us-gaap Short Term Lease Cost
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13000 USD
CY2021Q1 us-gaap Lease Cost
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671000 USD
CY2020Q1 us-gaap Lease Cost
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487000 USD
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748000 USD
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591000 USD
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16000 USD
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149000 USD
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P8Y
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M6D
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0.0502 pure
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0.0525 pure
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2031000 USD
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2439000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2066000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1869000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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1919000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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1977000 USD
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7954000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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4047000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
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161000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
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39000 USD
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4588000 USD
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6417000 USD
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14365000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
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17525000 USD
CY2021Q1 us-gaap Operating Lease Liability
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16208000 USD
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5880000 USD
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8675000 USD
CY2021Q1 us-gaap Taxes Payable Current
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3736000 USD
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2394000 USD
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
3678000 USD
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
3700000 USD
CY2021Q1 us-gaap Accrued Income Taxes Noncurrent
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765000 USD
CY2020Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
813000 USD
CY2021Q1 us-gaap Other Sundry Liabilities Noncurrent
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132000 USD
CY2020Q4 us-gaap Other Sundry Liabilities Noncurrent
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130000 USD
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4575000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4643000 USD
CY2020Q1 us-gaap Share Based Compensation
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779000 USD
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NumberOfOperatingSegments
1 pure
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
35883000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
30551000 USD
CY2021Q1 us-gaap Share Based Compensation
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927000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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927000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
779000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
694
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2100
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
70000
CY2020Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
23000
CY2021Q1 us-gaap Net Income Loss
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5929000 USD
CY2020Q1 us-gaap Net Income Loss
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3174000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20546000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20168000
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0.29
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0.16
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5929000 USD
CY2020Q1 us-gaap Net Income Loss
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3174000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20546000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20168000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
301000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
270000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20847000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20438000
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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256000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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468000
CY2021Q1 us-gaap Income Taxes Paid Net
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337000 USD
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526000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2240000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1765000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-0 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-30000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-28000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2270000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1793000 USD

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