2023 Q1 Form 10-K Financial Statement

#000155335023000151 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $1.360M $1.317M $4.334M
YoY Change 53.62% -50.84% -4.12%
% of Gross Profit
Research & Development $3.800M $3.811M $12.81M
YoY Change 44.74% -19.16% 2.64%
% of Gross Profit
Depreciation & Amortization $255.9K $286.9K $967.0K
YoY Change 4.81% 21.39% 10.07%
% of Gross Profit
Operating Expenses $3.800M $5.128M $17.14M
YoY Change 8.24% -30.64% 0.84%
Operating Profit -$5.160M -$17.14M
YoY Change 46.98% 0.84%
Interest Expense $361.7K $5.430K $209.7K
YoY Change -900.39% -100.76% -110.25%
% of Operating Profit
Other Income/Expense, Net $7.734K $54.26K $27.23K
YoY Change
Pretax Income -$5.476M -$5.069M -$17.23M
YoY Change 54.0% -37.49% -7.52%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.476M -$5.069M -$17.23M
YoY Change 54.0% -37.49% -7.52%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.15
Diluted Earnings Per Share -$0.05 -$0.04 -$0.15
COMMON SHARES
Basic Shares Outstanding 113.2M shares 112.6M shares 111.8M shares
Diluted Shares Outstanding 113.3M shares 111.8M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.17M $24.10M $24.10M
YoY Change 7.52% 2.86% 2.86%
Cash & Equivalents $26.17M $24.10M $24.10M
Short-Term Investments
Other Short-Term Assets $703.2K $611.3K $611.3K
YoY Change 228.26% 163.16% 163.16%
Inventory
Prepaid Expenses
Receivables
Other Receivables $13.67K
Total Short-Term Assets $26.87M $25.36M $25.36M
YoY Change 9.45% 7.14% 7.14%
LONG-TERM ASSETS
Property, Plant & Equipment $2.509M $2.519M $2.878M
YoY Change -4.67% -7.23% 5.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.389M
YoY Change 0.29%
Total Long-Term Assets $3.939M $3.908M $3.908M
YoY Change 12.6% 9.66% 9.66%
TOTAL ASSETS
Total Short-Term Assets $26.87M $25.36M $25.36M
Total Long-Term Assets $3.939M $3.908M $3.908M
Total Assets $30.81M $29.26M $29.26M
YoY Change 9.84% 7.47% 7.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $364.5K $791.7K $891.8K
YoY Change -7.99% 266.97% 313.41%
Accrued Expenses $325.4K $570.4K $570.4K
YoY Change 29.49% -56.0% -56.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $830.5K $1.504M $1.504M
YoY Change -2.18% -5.17% -5.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $146.5K $206.4K $206.4K
YoY Change -61.6% -52.91% -52.91%
Total Long-Term Liabilities $146.5K $206.4K $206.4K
YoY Change -61.6% -52.91% -52.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $830.5K $1.504M $1.504M
Total Long-Term Liabilities $146.5K $206.4K $206.4K
Total Liabilities $977.0K $1.710M $1.710M
YoY Change -20.6% -15.5% -15.5%
SHAREHOLDERS EQUITY
Retained Earnings -$112.3M -$106.8M
YoY Change 19.23%
Common Stock $142.7M $134.5M
YoY Change 17.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.83M $27.55M $27.55M
YoY Change
Total Liabilities & Shareholders Equity $30.81M $29.26M $29.26M
YoY Change 9.84% 7.47% 7.47%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$5.476M -$5.069M -$17.23M
YoY Change 54.0% -37.49% -7.52%
Depreciation, Depletion And Amortization $255.9K $286.9K $967.0K
YoY Change 4.81% 21.39% 10.07%
Cash From Operating Activities -$3.749M -$2.766M -$10.47M
YoY Change 47.26% -51.81% 4.26%
INVESTING ACTIVITIES
Capital Expenditures $246.1K $348.4K $1.307M
YoY Change -210.84% -237.04% -217.11%
Acquisitions
YoY Change
Other Investing Activities $642.1K -$53.94K -$642.1K
YoY Change
Cash From Investing Activities $289.6K -$402.3K -$2.210M
YoY Change -230.45% 58.26% 97.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.525M 2.248M $13.35M
YoY Change 50.44% -86.95% -57.34%
NET CHANGE
Cash From Operating Activities -$3.749M -2.766M -$10.47M
Cash From Investing Activities $289.6K -402.3K -$2.210M
Cash From Financing Activities $5.525M 2.248M $13.35M
Net Change In Cash $2.066M -919.5K $669.5K
YoY Change 128.32% -108.18% -96.67%
FREE CASH FLOW
Cash From Operating Activities -$3.749M -$2.766M -$10.47M
Capital Expenditures $246.1K $348.4K $1.307M
Free Cash Flow -$3.995M -$3.114M -$11.77M
YoY Change 71.91% -43.23% 31.95%

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CY2022 us-gaap Nature Of Operations
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<p id="xdx_847_eus-gaap--NatureOfOperations_zci1nXtAwplj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: none"><b><span id="xdx_863_zZAbs8ijyJCi">History and Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lightwave Logic, Inc. (the “Company”) was organized under the laws of the State of Nevada in 1997, and the Company commenced with its current business plan in 2004.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: none"><b> </b></span></p>
CY2022 us-gaap Use Of Estimates
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<p id="xdx_84D_eus-gaap--UseOfEstimates_zQXohGjBKuxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: none"><b><span id="xdx_86B_zYTKFtBXFnyh">Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zInXDbdQflSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: none"><b><span id="xdx_86E_zYv6orHdki87">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2022, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.01 pure
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5071000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.29 pure
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3692000 usd
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1972000 usd
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.27 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.20 pure
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
23930000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
19966000 usd
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15338000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2451000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1242000 usd
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2178000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-102000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
26279000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
21208000 usd
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17516000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
26279000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
21208000 usd
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17516000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5071000 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3692000 usd
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1972000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
97297000 usd
CY2018Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
38275000 usd
CY2022 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2038-12-31
CY2018Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
59022000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
28500 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5180 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
13816 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.747 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.764 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0187 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0384 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.704 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.771 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0115 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0173 pure
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.64 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.78 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0030 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0182 pure
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1623565 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5905341 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1033986 usd
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
635188 usd
CY2022 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.51
CY2022 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
16.81
CY2022 lwlg Stock Issued During Period Shares Stock Options Exercised Cashless
StockIssuedDuringPeriodSharesStockOptionsExercisedCashless
4375 shares
CY2022 lwlg Number Of Warrants Exercised
NumberOfWarrantsExercised
350000 shares
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
396000 usd
CY2021 lwlg Number Of Warrants Exercised
NumberOfWarrantsExercised
677000 shares
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
428350 usd
CY2021 lwlg Stock Issued During Period Shares Stock Options Exercised Cashless
StockIssuedDuringPeriodSharesStockOptionsExercisedCashless
445252 shares
CY2020 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1658442 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
57126 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
53035 usd
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
53832 usd

Files In Submission

Name View Source Status
lwlg-20221231_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
lwlg-20221231_pre.xml Edgar Link unprocessable
lwlg-20221231_lab.xml Edgar Link unprocessable
0001553350-23-000151-index-headers.html Edgar Link pending
0001553350-23-000151-index.html Edgar Link pending
0001553350-23-000151.txt Edgar Link pending
0001553350-23-000151-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_001.gif Edgar Link pending
image_001.jpg Edgar Link pending
image_002.jpg Edgar Link pending
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image_010.jpg Edgar Link pending
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image_012.jpg Edgar Link pending
image_015.gif Edgar Link pending
lwlg-20221231.xsd Edgar Link pending
lwlg_10k.htm Edgar Link pending
lwlg_ex10z23.htm Edgar Link pending
lwlg_ex10z26.htm Edgar Link pending
lwlg_ex10z27.htm Edgar Link pending
lwlg_ex21z1.htm Edgar Link pending
lwlg_ex23z1.htm Edgar Link pending
lwlg_ex31z1.htm Edgar Link pending
lwlg_ex31z2.htm Edgar Link pending
lwlg_ex32z1.htm Edgar Link pending
lwlg_ex32z2.htm Edgar Link pending
lwlg_ex4z1.htm Edgar Link pending
lwlg-20221231_cal.xml Edgar Link unprocessable
lwlg_10k_htm.xml Edgar Link completed
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending