2023 Q3 Form 10-K Financial Statement

#000119983523000476 Filed on September 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $1.177M $627.5K $1.997M
YoY Change 98.71% -40.16% 69.83%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.100K $8.220K $39.72K
YoY Change -60.39% -41.08% -28.83%
% of Gross Profit
Operating Expenses $1.352M $627.5K $2.770M
YoY Change 45.7% 185.21% 75.33%
Operating Profit -$1.352M -$627.5K -$2.770M
YoY Change 45.7% -2141.18% 26.0%
Interest Expense $96.39K -$211.5K $443.2K
YoY Change 16.76% 255.2% 225.63%
% of Operating Profit
Other Income/Expense, Net $175.0K $50.34K $74.23K
YoY Change 632.68% -43.41%
Pretax Income -$1.119M -$788.6K -$3.112M
YoY Change 27.92% -0.15% 247.39%
Income Tax
% Of Pretax Income
Net Earnings -$1.119M -$788.6K -$3.112M
YoY Change 27.92% -0.15% 247.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 66.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.950K $13.75K $13.75K
YoY Change -97.47% -87.41% -87.41%
Cash & Equivalents $2.951K $13.75K $13.75K
Short-Term Investments
Other Short-Term Assets $35.36K $36.55K $36.55K
YoY Change 40.48% 64.34% 64.34%
Inventory
Prepaid Expenses
Receivables $0.00 $1.780K
Other Receivables $175.0K $0.00 $0.00
Total Short-Term Assets $213.3K $52.08K $52.08K
YoY Change 48.49% -60.9% -60.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.639M $4.757M $4.757M
YoY Change 4.16% 49.84% 49.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $266.5K $287.1K $287.1K
YoY Change -28.31% -21.15% -21.15%
Other Assets $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $4.935M $5.074M $5.074M
YoY Change 1.65% 42.18% 42.18%
TOTAL ASSETS
Total Short-Term Assets $213.3K $52.08K $52.08K
Total Long-Term Assets $4.935M $5.074M $5.074M
Total Assets $5.149M $5.126M $5.126M
YoY Change 3.0% 38.47% 38.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.180M $2.198M $2.198M
YoY Change 29.5% 76.84% 76.84%
Accrued Expenses $2.491M $2.262M $2.473M
YoY Change 32.28% 30.04% 39.46%
Deferred Revenue
YoY Change
Short-Term Debt $2.823M $2.683M $2.683M
YoY Change 141.81% 132.82% 132.82%
Long-Term Debt Due $528.6K $449.6K $449.6K
YoY Change 53.75% 36.82% 36.82%
Total Short-Term Liabilities $10.10M $9.603M $9.603M
YoY Change 45.73% 72.06% 72.06%
LONG-TERM LIABILITIES
Long-Term Debt $456.4K $537.0K $537.0K
YoY Change -67.3% -37.37% -37.37%
Other Long-Term Liabilities $69.48K $67.94K $67.94K
YoY Change 9.75% 10.01% 10.01%
Total Long-Term Liabilities $525.9K $604.9K $604.9K
YoY Change -63.95% -34.18% -34.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.10M $9.603M $9.603M
Total Long-Term Liabilities $525.9K $604.9K $604.9K
Total Liabilities $10.63M $10.21M $10.21M
YoY Change 26.66% 57.04% 57.04%
SHAREHOLDERS EQUITY
Retained Earnings -$16.20M -$15.08M
YoY Change 26.14% 25.84%
Common Stock $6.622K $6.622K
YoY Change 18.72% 21.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.479M -$5.081M -$5.081M
YoY Change
Total Liabilities & Shareholders Equity $5.149M $5.126M $5.126M
YoY Change 3.0% 38.47% 38.47%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$1.119M -$788.6K -$3.112M
YoY Change 27.92% -0.15% 247.39%
Depreciation, Depletion And Amortization $5.100K $8.220K $39.72K
YoY Change -60.39% -41.08% -28.83%
Cash From Operating Activities -$73.38K -$341.6K -$1.640M
YoY Change -81.75% -14.28% 36.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $303.00
YoY Change -100.0% -99.48%
Acquisitions
YoY Change
Other Investing Activities -$62.85K -$15.44K -$996.8K
YoY Change -93.38% -102.55%
Cash From Investing Activities -$62.85K -$15.44K -$997.1K
YoY Change -93.38% -98.12% -29.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $125.4K 363.6K $2.542M
YoY Change -90.77% 9.49% 65.46%
NET CHANGE
Cash From Operating Activities -$73.38K -341.6K -$1.640M
Cash From Investing Activities -$62.85K -15.44K -$997.1K
Cash From Financing Activities $125.4K 363.6K $2.542M
Net Change In Cash -$10.80K 6.580K -$95.43K
YoY Change -243.75% -100.74% -91.22%
FREE CASH FLOW
Cash From Operating Activities -$73.38K -$341.6K -$1.640M
Capital Expenditures $0.00 $303.00
Free Cash Flow -$73.38K -$341.6K -$1.641M
YoY Change -81.77% -133.31% 30.4%

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CY2023 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022 us-gaap Increase Decrease In Employee Related Liabilities
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CY2023 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
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CY2022 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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CY2023 us-gaap Payments To Acquire Equity Method Investments
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Convertible Debt
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CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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CY2023 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
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CY2022 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
185625 usd
CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
292099 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2023 lrdc Proceeds From Revolving Note
ProceedsFromRevolvingNote
998000 usd
CY2022 lrdc Proceeds From Revolving Note
ProceedsFromRevolvingNote
62858 usd
CY2023 lrdc Repayment Of Revolving Note
RepaymentOfRevolvingNote
127858 usd
CY2023 lrdc Proceeds From Prefunded Drilling Costs
ProceedsFromPrefundedDrillingCosts
715438 usd
CY2022 lrdc Proceeds From Prefunded Drilling Costs
ProceedsFromPrefundedDrillingCosts
1000000 usd
CY2023 lrdc Ppp Loan Repayments
PPPLoanRepayments
-199354 usd
CY2022 lrdc Ppp Loan Repayments
PPPLoanRepayments
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CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
267320 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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2542009 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13754 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109183 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
95897 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
37666 usd
CY2023 lrdc Oil And Gas Acquisition Costs In Accounts Payable
OilAndGasAcquisitionCostsInAccountsPayable
804938 usd
CY2022 lrdc Oil And Gas Acquisition Costs In Accounts Payable
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955043 usd
CY2023 lrdc Longlived Assets In Exchange For Reduction In Deferred Compensation
LonglivedAssetsInExchangeForReductionInDeferredCompensation
97760 usd
CY2023 lrdc Sale Of Assets In Exchange For Note Payable Repayment
SaleOfAssetsInExchangeForNotePayableRepayment
136479 usd
CY2023 us-gaap Debt Conversion Converted Instrument Amount1
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251818 usd
CY2022 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
61762 usd
CY2008Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2008Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2008Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2008Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zMDScyOdGqNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zc1gGZiVixW9">USE OF ESTIMATES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management uses estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 lrdc Earnings Per Share Basic And Diluted1
EarningsPerShareBasicAndDiluted1
-0.05
CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0 usd
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
667608 usd
CY2022 lrdc Earnings Per Share Basic And Diluted1
EarningsPerShareBasicAndDiluted1
-0.02
CY2023 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
4547740 usd
CY2022 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
2764477 usd
CY2023 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
3410832 usd
CY2022 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
1919729 usd
CY2023 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
1136908 usd
CY2022 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
844748 usd
CY2023 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
4547740 usd
CY2022 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
2764477 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
251990 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
479900 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
42808 usd
CY2022Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
69764 usd
CY2023Q2 us-gaap Property Plant And Equipment Owned Net
PropertyPlantAndEquipmentOwnedNet
209182 usd
CY2022Q2 us-gaap Property Plant And Equipment Owned Net
PropertyPlantAndEquipmentOwnedNet
410136 usd
CY2023Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
67938 usd
CY2022Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
61762 usd
CY2023 us-gaap Accretion Expense
AccretionExpense
6176 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-3112051 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-895847 usd
CY2023 lrdc Weighted Average Number Of Share Outstanding Basic And Diluted1
WeightedAverageNumberOfShareOutstandingBasicAndDiluted1
57073239 shares
CY2022 lrdc Weighted Average Number Of Share Outstanding Basic And Diluted1
WeightedAverageNumberOfShareOutstandingBasicAndDiluted1
54514765 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0294 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0185 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
3.151 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
3.149 pure
CY2023Q2 lrdc Notes Payable Related Parties Current And Noncurrent1
NotesPayableRelatedPartiesCurrentAndNoncurrent1
617934 usd
CY2022Q2 lrdc Notes Payable Related Parties Current And Noncurrent1
NotesPayableRelatedPartiesCurrentAndNoncurrent1
617934 usd
CY2023Q2 lrdc Due To Related Parties Current1
DueToRelatedPartiesCurrent1
617934 usd
CY2022Q2 lrdc Due To Related Parties Current1
DueToRelatedPartiesCurrent1
617934 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
986598 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
1185952 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
449624 usd
CY2022Q2 us-gaap Notes Payable Current
NotesPayableCurrent
328613 usd
CY2023Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
536974 usd
CY2022Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
857339 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1162438 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
658225 usd
CY2023Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
387402 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
348104 usd
CY2023Q2 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
456576 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
356648 usd
CY2023Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-13565 usd
CY2022Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-27123 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1992851 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1335854 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-653530 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-263296 usd
CY2023 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-11720 usd
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
99192 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
656997 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
352232 usd
CY2023 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
645 usd
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
633 usd

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