2024 Q3 Form 10-Q Financial Statement

#000149315224031168 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.200M $1.000M
YoY Change 53.26% 528.93%
Cost Of Revenue $1.614M
YoY Change 4.2%
Gross Profit -$638.0K
YoY Change -54.1%
Gross Profit Margin -63.8%
Selling, General & Admin $9.411M $9.077M
YoY Change 15.37% 15.45%
% of Gross Profit
Research & Development $1.666M $1.372M
YoY Change 3.16% -24.9%
% of Gross Profit
Depreciation & Amortization $229.0K
YoY Change -63.82%
% of Gross Profit
Operating Expenses $12.87M $12.17M
YoY Change 8.02% 3.62%
Operating Profit -$11.69M -$11.19M
YoY Change 5.09% -3.38%
Interest Expense $1.000K $6.000K
YoY Change -99.33% -97.31%
% of Operating Profit
Other Income/Expense, Net -$677.0K $187.0K
YoY Change -78.02% -7.88%
Pretax Income -$12.37M -$11.01M
YoY Change -12.93% -3.3%
Income Tax
% Of Pretax Income
Net Earnings -$12.37M -$11.01M
YoY Change -12.93% -3.3%
Net Earnings / Revenue -1030.92% -1100.5%
Basic Earnings Per Share -$0.25 -$0.23
Diluted Earnings Per Share -$0.25 -$0.23
COMMON SHARES
Basic Shares Outstanding 53.99M shares 52.11M shares
Diluted Shares Outstanding 50.37M shares 48.21M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.92M
YoY Change -23.49%
Cash & Equivalents $14.49M $24.92M
Short-Term Investments
Other Short-Term Assets $2.184M
YoY Change -30.53%
Inventory $651.0K $683.0K
Prepaid Expenses
Receivables $39.00K $160.0K
Other Receivables $0.00
Total Short-Term Assets $16.82M $27.95M
YoY Change -38.38% -21.82%
LONG-TERM ASSETS
Property, Plant & Equipment $940.0K $1.050M
YoY Change -26.79% -24.41%
Goodwill
YoY Change
Intangibles $842.0K $947.0K
YoY Change -56.35% -61.11%
Long-Term Investments
YoY Change
Other Assets $1.132M $1.132M
YoY Change -0.18% 5.01%
Total Long-Term Assets $5.774M $6.166M
YoY Change -2.81% -8.48%
TOTAL ASSETS
Total Short-Term Assets $16.82M $27.95M
Total Long-Term Assets $5.774M $6.166M
Total Assets $22.60M $34.11M
YoY Change -32.02% -19.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.135M $903.0K
YoY Change 14.19% 41.76%
Accrued Expenses $3.611M
YoY Change -3.42%
Deferred Revenue
YoY Change
Short-Term Debt $11.47M
YoY Change -48.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.25M $15.98M
YoY Change -52.86% -40.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.154M
YoY Change 194.26%
Total Long-Term Liabilities $2.154M
YoY Change 194.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.25M $15.98M
Total Long-Term Liabilities $2.154M
Total Liabilities $16.26M $18.13M
YoY Change -47.02% -33.85%
SHAREHOLDERS EQUITY
Retained Earnings -$192.2M -$179.9M
YoY Change 37.39% 43.08%
Common Stock $52.00K $49.00K
YoY Change 23.81% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.338M $15.98M
YoY Change
Total Liabilities & Shareholders Equity $22.60M $34.11M
YoY Change -32.02% -19.71%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$12.37M -$11.01M
YoY Change -12.93% -3.3%
Depreciation, Depletion And Amortization $229.0K
YoY Change -63.82%
Cash From Operating Activities -$11.48M
YoY Change 63.75%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.63M
YoY Change 15410.67%
NET CHANGE
Cash From Operating Activities -11.48M
Cash From Investing Activities 0.000
Cash From Financing Activities 11.63M
Net Change In Cash 151.0K
YoY Change -102.17%
FREE CASH FLOW
Cash From Operating Activities -$11.48M
Capital Expenditures $0.00
Free Cash Flow -$11.48M
YoY Change 63.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p id="xdx_842_eus-gaap--UseOfEstimates_zxyJB98Vrrg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zXUc2fD1nI3l">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserves, if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards and intangible assets. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z7zqaMxSATmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zxWBrFlqwdbf">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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2154000 usd
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199000 usd
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598000 usd
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P1Y9M18D
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FiniteLivedIntangibleAssetsGross
5305000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
3881000 usd
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CY2024Q2 us-gaap Amortization Of Intangible Assets
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105000 usd
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1010000 usd
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsGross
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CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
3881000 usd
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FiniteLivedIntangibleAssetsNet
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CY2024Q2 us-gaap Amortization Of Intangible Assets
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105000 usd
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AmortizationOfIntangibleAssets
505000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
477000 usd
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AmortizationOfIntangibleAssets
1010000 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
316000 usd
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FiniteLivedIntangibleAssetsNet
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FinancialLiabilitiesFairValueDisclosure
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CY2023Q4 us-gaap Debt Instrument Fair Value
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CY2023Q1 us-gaap Debt Conversion Original Debt Interest Rate Of Debt
DebtConversionOriginalDebtInterestRateOfDebt
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CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
421000 usd
CY2024Q2 us-gaap Financial Liabilities Fair Value Disclosure
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CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3519000 shares
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
199000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
199000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2024Q1 LUCD Fair Value Of Series B Preferred Stock Issued Shares
FairValueOfSeriesBPreferredStockIssuedShares
44285000 shares
CY2024Q1 LUCD Fair Value Of Series B Preferred Stock Issued
FairValueOfSeriesBPreferredStockIssued
44285000 usd
CY2024Q1 LUCD Less Fair Value Related To Newly Issued Series B Preferred Stock Shares
LessFairValueRelatedToNewlyIssuedSeriesBPreferredStockShares
12495000 shares
CY2024Q1 LUCD Less Fair Value Related To Newly Issued Series B Preferred Stock
LessFairValueRelatedToNewlyIssuedSeriesBPreferredStock
12495000 usd
CY2024Q1 LUCD Less Carrying Value Related To Series And Series A1 Preferred Stock Exchanged For Series B Preferred Stock Shares
LessCarryingValueRelatedToSeriesAndSeriesA1PreferredStockExchangedForSeriesBPreferredStockShares
24295000 shares
CY2024Q1 LUCD Less Carrying Value Related To Series And Series A1 Preferred Stock Exchanged For Series B Preferred Stock
LessCarryingValueRelatedToSeriesAndSeriesA1PreferredStockExchangedForSeriesBPreferredStock
24294000 usd
CY2024Q1 LUCD Deemed Dividend Charged To Accumulated Deficit
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CY2024Q2 us-gaap Common Stock Shares Outstanding
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CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q1 LUCD Fair Value Of Series B Preferred Stock Issued Shares
FairValueOfSeriesBPreferredStockIssuedShares
44285000 shares
CY2024Q1 LUCD Fair Value Of Series B Preferred Stock Issued
FairValueOfSeriesBPreferredStockIssued
44285000 usd
CY2024Q1 LUCD Less Fair Value Related To Newly Issued Series B Preferred Stock Shares
LessFairValueRelatedToNewlyIssuedSeriesBPreferredStockShares
12495000 shares
CY2024Q1 LUCD Less Fair Value Related To Newly Issued Series B Preferred Stock
LessFairValueRelatedToNewlyIssuedSeriesBPreferredStock
12495000 usd
CY2024Q1 LUCD Less Carrying Value Related To Series And Series A1 Preferred Stock Exchanged For Series B Preferred Stock Shares
LessCarryingValueRelatedToSeriesAndSeriesA1PreferredStockExchangedForSeriesBPreferredStockShares
24295000 shares
CY2024Q1 LUCD Less Carrying Value Related To Series And Series A1 Preferred Stock Exchanged For Series B Preferred Stock
LessCarryingValueRelatedToSeriesAndSeriesA1PreferredStockExchangedForSeriesBPreferredStock
24294000 usd
CY2024Q1 LUCD Deemed Dividend Charged To Accumulated Deficit
DeemedDividendChargedToAccumulatedDeficit
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CY2024Q2 us-gaap Common Stock Shares Outstanding
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CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Preferred Stock Dividends And Other Adjustments
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7496000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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48212040 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q2 us-gaap Earnings Per Share Basic
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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