2023 Q2 Form 10-Q Financial Statement

#000149315223021060 Filed on June 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $23.12M $21.83M
YoY Change 5.91% 111.67%
Cost Of Revenue $16.75M $18.12M
YoY Change -7.56% 154.59%
Gross Profit $6.371M $3.710M
YoY Change 71.71% 16.09%
Gross Profit Margin 27.56% 17.0%
Selling, General & Admin $4.357M $3.423M
YoY Change 27.3% 47.51%
% of Gross Profit 68.39% 92.25%
Research & Development $71.19K $26.54K
YoY Change 168.22% 13.23%
% of Gross Profit 1.12% 0.72%
Depreciation & Amortization $248.4K $322.0K
YoY Change -22.85% 75.23%
% of Gross Profit 3.9% 8.68%
Operating Expenses $4.428M $3.449M
YoY Change 28.38% 47.17%
Operating Profit $1.943M $261.0K
YoY Change 644.45% -69.38%
Interest Expense -$31.63K -$124.3K
YoY Change -74.54% 1091.28%
% of Operating Profit -1.63% -47.61%
Other Income/Expense, Net -$162.9K -$3.640K
YoY Change 4375.93% -109.66%
Pretax Income $1.780M $133.1K
YoY Change 1237.44% -84.87%
Income Tax $524.7K $29.39K
% Of Pretax Income 29.48% 22.08%
Net Earnings $1.401M $103.7K
YoY Change 1250.94% -83.58%
Net Earnings / Revenue 6.06% 0.48%
Basic Earnings Per Share $0.04 $0.00
Diluted Earnings Per Share $0.04 $2.869K
COMMON SHARES
Basic Shares Outstanding 36.32M shares 35.76M shares
Diluted Shares Outstanding 37.63M shares 36.15M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.259M $921.3K
YoY Change 470.9% -78.29%
Cash & Equivalents $5.259M $921.3K
Short-Term Investments
Other Short-Term Assets $1.128M $498.5K
YoY Change 126.23% -1.19%
Inventory $2.536M $4.169M
Prepaid Expenses
Receivables $8.389M $8.999M
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.31M $14.59M
YoY Change 18.68% 47.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.320M $7.171M
YoY Change -53.7% 50.4%
Goodwill $8.633M
YoY Change
Intangibles $1.401M
YoY Change
Long-Term Investments $1.489M
YoY Change
Other Assets $1.919M $471.4K
YoY Change 307.04% -8.86%
Total Long-Term Assets $18.50M $18.15M
YoY Change 1.96% 237.77%
TOTAL ASSETS
Total Short-Term Assets $17.31M $14.59M
Total Long-Term Assets $18.50M $18.15M
Total Assets $35.82M $32.73M
YoY Change 9.41% 114.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.452M $7.548M
YoY Change 25.21% 86.56%
Accrued Expenses $409.0K $359.9K
YoY Change 13.64% 106.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.428M $2.486M
YoY Change -2.35% 1242.58%
Total Short-Term Liabilities $12.29M $10.39M
YoY Change 18.22% 135.92%
LONG-TERM LIABILITIES
Long-Term Debt $6.718M $10.94M
YoY Change -38.61% 2424.33%
Other Long-Term Liabilities $2.845M $3.184M
YoY Change -10.64% 115.37%
Total Long-Term Liabilities $9.563M $14.13M
YoY Change -32.3% 638.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.29M $10.39M
Total Long-Term Liabilities $9.563M $14.13M
Total Liabilities $21.85M $24.52M
YoY Change -10.88% 288.12%
SHAREHOLDERS EQUITY
Retained Earnings -$8.687M
YoY Change
Common Stock $366.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $149.5K
YoY Change
Treasury Stock Shares
Shareholders Equity $13.96M $8.214M
YoY Change
Total Liabilities & Shareholders Equity $35.82M $32.73M
YoY Change 9.41% 114.25%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $1.401M $103.7K
YoY Change 1250.94% -83.58%
Depreciation, Depletion And Amortization $248.4K $322.0K
YoY Change -22.85% 75.23%
Cash From Operating Activities $1.612M -$1.343M
YoY Change -220.01% -193.6%
INVESTING ACTIVITIES
Capital Expenditures $145.0K -$174.0K
YoY Change -183.34% -50.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$145.0K -$174.0K
YoY Change -16.66% -50.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $388.0K
YoY Change
Cash From Financing Activities -$585.6K 1.588M
YoY Change -136.88% -5856.64%
NET CHANGE
Cash From Operating Activities $1.612M -1.343M
Cash From Investing Activities -$145.0K -174.0K
Cash From Financing Activities -$585.6K 1.588M
Net Change In Cash $881.1K 70.66K
YoY Change 1146.91% -93.29%
FREE CASH FLOW
Cash From Operating Activities $1.612M -$1.343M
Capital Expenditures $145.0K -$174.0K
Free Cash Flow $1.467M -$1.169M
YoY Change -225.46% -165.34%

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CY2023Q2 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
27300 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1400926 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
13963588 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
13963588 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
8109818 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
8109818 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
103697 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
8213515 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
8213515 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1400926 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
103697 usd
CY2023Q2 us-gaap Depreciation
Depreciation
248413 usd
CY2022Q2 us-gaap Depreciation
Depreciation
208829 usd
CY2023Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5530 usd
CY2022Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3640 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
5794 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
69344 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101896 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
113170 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
55384 usd
CY2023Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
345198 usd
CY2022Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
29385 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
145758 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1557062 usd
CY2022Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1370867 usd
CY2023Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1100050 usd
CY2022Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1277898 usd
CY2023Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
607018 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
299864 usd
CY2023Q2 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-3241 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
696294 usd
CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1095439 usd
CY2023Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-34716 usd
CY2022Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-87888 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1611690 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1343013 usd
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
145015 usd
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
174007 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-145015 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-174007 usd
CY2023Q2 MMMB Repayments Of Term Loan
RepaymentsOfTermLoan
387931 usd
CY2022Q2 MMMB Repayments Of Term Loan
RepaymentsOfTermLoan
129310 usd
CY2023Q2 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-140000 usd
CY2022Q2 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1775000 usd
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
49879 usd
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
58008 usd
CY2023Q2 MMMB Payment Of Series B Preferred Dividends
PaymentOfSeriesBPreferredDividends
-27300 usd
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
19500 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-585610 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1587682 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
881065 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
70662 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4378383 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
850598 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5259448 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
921260 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
152468 usd
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
133291 usd
CY2023Q2 MMMB Noncash Deposits On Prepaid Additions
NoncashDepositsOnPrepaidAdditions
307778 usd
CY2023Q2 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zPfmSctltYz6" 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 style="text-decoration: underline">Note 1 - <span id="xdx_82D_zv1DSepKSoef">Nature of Operations and Basis of Presentation</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Nature of Operations</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MamaMancini’s Holdings, Inc. (the “Company”), (formerly known as Mascot Properties, Inc.) was organized on July 22, 2009 as a Nevada corporation. The Company has a year-end of January 31.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our subsidiary, MamaMancini’s Inc., a Delaware Corporation (“Mamas”) is a marketer, manufacturer and distributor of beef meatballs with sauce, turkey meatballs with sauce, beef meat loaf, sausage &amp; peppers, chicken parmesan and other similar meats and sauces. In addition, the Company continues to diversify its product line by introducing new products such as ready to serve dinners, single-size pasta bowls, bulk deli, packaged refrigerated products. Mamas products were submitted to the United States Department of Agriculture (the “USDA”) and approved as all natural. The USDA defines all natural as a product that contains no artificial ingredients, coloring ingredients or chemical preservatives and is minimally processed.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2021, the Company made two acquisitions which expand the Company’s core product lines, and access to specific markets. T&amp;L Creative Salads, Inc. (“T&amp;L”) and Olive Branch, LLC (“Olive Branch”), are related premier gourmet food manufacturers based in New York. T&amp;L offers a full line of foods for retail food chains and club stores, delis, bagel stores, caterers and provision distributors. T&amp;L uses high-quality meats, seafood and vegetables, prepared to meet the standards set forth by the USDA and the Food and Drug Administration (“FDA”). Olive Branch started operations six years ago as a separate company to concentrate on selling olives, olive mixes, and savory products to a limited number of large retail customers, primarily in pre-packaged containers.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 28, 2022, the Company acquired a <span id="xdx_90F_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_zturOoR35bw2" title="Minority interest rate">24</span>% minority interest in Chef Inspirational Foods, LLC (“CIF”), a leading developer, innovator, marketer and sales company selling prepared foods, for an investment of $<span id="xdx_900_eus-gaap--Investments_iI_pn5n6_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_zwQIHgpJBTO1" title="Investments">1.2</span> million. The investment consists of $<span id="xdx_909_eus-gaap--PaymentsToAcquireBusinessesGross_c20220628__20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_z7tW6C1qOeti" title="Investments in cash">500,000</span> in cash and $<span id="xdx_903_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_znnsxb3F24Qa" title="Investments in common stock">700,000</span> in the Company’s common stock. The Company also was granted the option to purchase the remaining seventy-six percent (<span id="xdx_909_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_zeVMKa378eI8" title="Option to purchase remaining interest rate">76</span>%) interest in CIF within one year of June 28, 2022. The option purchase price is an additional $<span id="xdx_902_eus-gaap--Investments_iI_pn5n6_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember__srt--StatementScenarioAxis__custom--TwoYearFromAcquisitionDateMember_zKiIVvIotZA8" title="Investments">3.8</span> million, of which $<span id="xdx_90D_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220628__20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember__srt--StatementScenarioAxis__custom--TwoYearFromAcquisitionDateMember_zBJpMkkNjwH1" title="Investments in cash">3.5</span> million would be paid in cash and $<span id="xdx_903_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_c20220628__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember__srt--StatementScenarioAxis__custom--TwoYearFromAcquisitionDateMember_z6eYfpHk2V93" title="Investments in common stock">300,000</span> in common stock, which would be paid within a two-year period fromthe date of the exercise of the option. The acquisition of the interest in CIF is being accounted for under the equity method of accounting for investments.</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 id="xdx_897_esrt--ScheduleOfCondensedIncomeStatementTableTextBlock_zY89Q38nuyx5" 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">The following presents the unaudited results of operations for the period February 1, 2023 through April 30, 2023 of CIF.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_z9RhnMVbcak7" style="display: none">Schedule of Results of Operations</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49B_20230201__20230430__us-gaap--BusinessAcquisitionAxis__custom--ChefInspirationalFoodsIncMember_zedIHsUBOBm6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Period<br/> February 1, 2023<br/> through<br/> April 30, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zD96L7PGx9F1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">8,288,552</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLoss_zTQzHysH0Ydb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">607,324</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A3_zVP0J9JW3ssd" 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>
CY2023Q2 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_z3I2SDeHxdN7" 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"><i><span style="text-decoration: underline"><span id="xdx_860_zLXK8yDNSasc">Use of Estimates</span></span></i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: allowance for doubtful accounts, the fair value of stock-based payments, inventory reserves, and estimates for unrealized returns, discounts, and other allowances that are netted against revenue.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our 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>
CY2023Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zzKnEn4mYOsi" 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"><i><span style="text-decoration: underline"><span id="xdx_862_zI8uJ9JmP0j6">Risks and Uncertainties</span></span></i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in an industry that is subject to intense competition and changes in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has experienced, and in the future expects to continue to experience variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the grocery industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices pertaining to food and beverages in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.</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>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
4300000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
233000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
233000 usd
CY2023Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
32433 usd
CY2023Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
32433 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1296307 usd
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1883270 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
93139 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
98910 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1146385 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1653701 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
2535831 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
3635881 usd
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
71185 usd
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26535 usd
CY2023Q2 MMMB Gross Sales
GrossSales
23599910 usd
CY2022Q2 MMMB Gross Sales
GrossSales
22348592 usd
CY2023Q2 MMMB Sales Discount Returns And Allowances Goods
SalesDiscountReturnsAndAllowancesGoods
479094 usd
CY2022Q2 MMMB Sales Discount Returns And Allowances Goods
SalesDiscountReturnsAndAllowancesGoods
518012 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23120816 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21830580 usd
CY2023Q2 MMMB Gross Sales
GrossSales
23599910 usd
CY2022Q2 MMMB Gross Sales
GrossSales
22348592 usd
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
208570 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
187020 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
55384 usd
CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1373626 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
103697 usd
CY2023Q2 us-gaap Dilutive Securities
DilutiveSecurities
27300 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
1398926 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
103697 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36394033 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35759244 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
819000 shares
CY2023Q2 MMMB Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
277915 shares
CY2022Q2 MMMB Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
389677 shares
CY2023Q2 MMMB Restricted Stock
RestrictedStock
134570 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37625518 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36148920 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
372361 usd
CY2023Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
717559 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1400614 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2028639 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-526129 usd
CY2023Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5475527 usd
CY2023Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5387255 usd
CY2023Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
316956 usd
CY2023Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
284781 usd
CY2023Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
3504629 usd
CY2023Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
3480061 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9297112 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9152097 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5977414 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5729001 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3319698 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3423096 usd
CY2023Q2 us-gaap Depreciation
Depreciation
248413 usd
CY2022Q2 us-gaap Depreciation
Depreciation
208829 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2028639 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-628025 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1502510 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101896 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
113170 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
300237 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
400782 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
374216 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
325379 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1400614 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
367647 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.36
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
39773 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.76
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
407420 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.40
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
689000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.77
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
539000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.57
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
200000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.39
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
489000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.93
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
339000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.68
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.52
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
1.48
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
489000 shares
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y11M12D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.93
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
339000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.68
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
544760 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
704450 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
200000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.39
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
166920 shares
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
19500 usd
CY2023Q2 us-gaap Royalty Expense
RoyaltyExpense
189484 usd
CY2022Q2 us-gaap Royalty Expense
RoyaltyExpense
150035 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
34716 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
87888 usd
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
49879 usd
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
58008 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M19D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y3M
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M2D
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M29D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0485 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0485 pure
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0342 pure
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0445 pure
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due Next Twelve Months
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueNextTwelveMonths
614997 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
740687 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
636946 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
480626 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
502983 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due After Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
1331256 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
4307495 usd
CY2023Q2 MMMB Lessee Operating And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
-672052 usd
CY2023Q2 MMMB Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
3635443 usd
CY2023Q2 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
Net Operating Losses (“NOLs”) generated in 2017 and prior years can be carried forward for 20 years. NOLs generated in 2018 – 2020, as enacted by the CARES Act, can be carried forward indefinitely. However, NOLs generated in 2021 are also carried forward indefinitely but limited to 80% of taxable income.
CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 usd

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