2016 Q4 Form 10-Q Financial Statement

#000136836516000076 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $14.96M $15.14M $816.0K
YoY Change 26.89% 1755.64% 254.78%
Cost Of Revenue $3.320M $2.864M $136.0K
YoY Change 106.21% 2005.88% 312.12%
Gross Profit $11.64M $12.28M $680.0K
YoY Change 14.34% 1705.59% 245.18%
Gross Profit Margin 77.81% 81.09% 83.33%
Selling, General & Admin $16.40M $12.81M $9.328M
YoY Change 19.1% 37.31% 131.52%
% of Gross Profit 140.89% 104.32% 1371.76%
Research & Development $890.0K $1.066M $61.00K
YoY Change 1647.54%
% of Gross Profit 7.65% 8.68% 8.97%
Depreciation & Amortization $4.060M $2.525M $100.0K
YoY Change 23.78% 2425.0% -56.52%
% of Gross Profit 34.88% 20.57% 14.71%
Operating Expenses $21.36M $19.34M $10.13M
YoY Change 22.76% 90.99% 133.8%
Operating Profit -$9.720M -$4.198M -$9.310M
YoY Change 34.63% -54.91% 125.21%
Interest Expense -$1.040M $1.224M $303.0K
YoY Change -14.75% 303.96% 165.79%
% of Operating Profit
Other Income/Expense, Net $2.890M -$11.06M -$1.826M
YoY Change -151.24% 505.81% -561.11%
Pretax Income -$7.870M -$15.26M -$11.14M
YoY Change -44.11% 37.03% 197.91%
Income Tax $750.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.610M -$15.26M -$11.14M
YoY Change -38.85% 37.03% 197.91%
Net Earnings / Revenue -57.55% -100.78% -1364.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$395.0K -$749.5K -$751.2K
COMMON SHARES
Basic Shares Outstanding 21.75M shares 20.71M shares 14.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.900M $5.300M $11.50M
YoY Change 27.78% -53.91% 5650.0%
Cash & Equivalents $6.893M $5.307M $11.52M
Short-Term Investments
Other Short-Term Assets $712.0K $284.0K $169.0K
YoY Change 188.26% 68.05% -15.5%
Inventory $314.0K $539.0K $476.0K
Prepaid Expenses $2.160M $2.250M $1.424M
Receivables $1.372M $1.167M $848.0K
Other Receivables $200.0K $100.0K $200.0K
Total Short-Term Assets $21.17M $19.28M $26.27M
YoY Change 15.12% -26.61% 1380.5%
LONG-TERM ASSETS
Property, Plant & Equipment $15.53M $16.31M $7.498M
YoY Change -10.42% 117.46% 936.8%
Goodwill $26.76M $26.61M $20.92M
YoY Change 31.6% 27.2% 295.15%
Intangibles $37.41M $40.17M $46.04M
YoY Change 7.28% -12.74%
Long-Term Investments $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Other Assets $3.600M $3.600M $500.0K
YoY Change 56.52% 620.0% 400.0%
Total Long-Term Assets $84.53M $87.88M $75.93M
YoY Change 10.94% 15.73% 447.94%
TOTAL ASSETS
Total Short-Term Assets $21.17M $19.28M $26.27M
Total Long-Term Assets $84.53M $87.88M $75.93M
Total Assets $105.7M $107.2M $102.2M
YoY Change 11.75% 4.84% 553.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.55M $12.60M $11.29M
YoY Change 14.73% 11.6% 1357.25%
Accrued Expenses $13.97M $16.19M $15.18M
YoY Change 18.08% 6.63% 1563.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $100.0K $100.0K $2.300M
YoY Change 0.0% -95.65% 1050.0%
Total Short-Term Liabilities $41.85M $42.97M $43.10M
YoY Change 13.69% -0.31% 1288.6%
LONG-TERM LIABILITIES
Long-Term Debt $37.83M $37.84M $23.30M
YoY Change 60.17% 62.4% 289.84%
Other Long-Term Liabilities $3.591M $1.845M $12.91M
YoY Change 23.66% -85.7%
Total Long-Term Liabilities $41.42M $39.68M $12.91M
YoY Change 56.17% 207.48% 115.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.85M $42.97M $43.10M
Total Long-Term Liabilities $41.42M $39.68M $12.91M
Total Liabilities $108.3M $110.8M $79.33M
YoY Change 31.23% 39.66% 767.16%
SHAREHOLDERS EQUITY
Retained Earnings -$193.1M -$184.5M -$147.4M
YoY Change 19.62% 25.21% 18.28%
Common Stock $22.00K $21.00K $19.00K
YoY Change 10.0% 10.53% 54.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.600M -$3.630M $22.88M
YoY Change
Total Liabilities & Shareholders Equity $105.7M $107.2M $102.2M
YoY Change 11.75% 4.84% 553.79%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$8.610M -$15.26M -$11.14M
YoY Change -38.85% 37.03% 197.91%
Depreciation, Depletion And Amortization $4.060M $2.525M $100.0K
YoY Change 23.78% 2425.0% -56.52%
Cash From Operating Activities -$3.210M -$3.910M -$5.410M
YoY Change -48.8% -27.73% 253.59%
INVESTING ACTIVITIES
Capital Expenditures -$690.0K -$1.000M -$600.0K
YoY Change 50.0% 66.67% 17.65%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$7.330M -$260.0K
YoY Change 2719.23% -70.11%
Cash From Investing Activities -$700.0K -$8.330M -$860.0K
YoY Change 52.17% 868.6% -38.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.500M 9.500M 16.91M
YoY Change 759.37% -43.82% 1987.65%
NET CHANGE
Cash From Operating Activities -3.210M -3.910M -5.410M
Cash From Investing Activities -700.0K -8.330M -860.0K
Cash From Financing Activities 5.500M 9.500M 16.91M
Net Change In Cash 1.590M -2.740M 10.64M
YoY Change -126.11% -125.75% -604.27%
FREE CASH FLOW
Cash From Operating Activities -$3.210M -$3.910M -$5.410M
Capital Expenditures -$690.0K -$1.000M -$600.0K
Free Cash Flow -$2.520M -$2.910M -$4.810M
YoY Change -56.63% -39.5% 371.57%

Facts In Submission

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303000 USD
us-gaap Interest Expense
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708000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
1224000 USD
us-gaap Interest Expense
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3649000 USD
us-gaap Interest Paid
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0 USD
us-gaap Interest Paid
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2661000 USD
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526000 USD
CY2016Q3 us-gaap Inventory Net
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539000 USD
CY2015Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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1030000 USD
CY2016Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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1030000 USD
CY2016Q1 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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P8Y
CY2015Q4 us-gaap Liabilities
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82528000 USD
CY2016Q3 us-gaap Liabilities
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110784000 USD
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94586000 USD
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CY2016Q3 us-gaap Liabilities Current
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23716000 USD
CY2016Q3 us-gaap Long Term Debt
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100000 USD
CY2016Q3 us-gaap Long Term Debt Current
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100000 USD
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23616000 USD
CY2016Q3 us-gaap Long Term Debt Noncurrent
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37839000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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21592000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
11630000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-1705000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-9795000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9896000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1950000 USD
CY2015Q3 us-gaap Net Income Loss
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-11136000 USD
us-gaap Net Income Loss
NetIncomeLoss
-17365000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-15260000 USD
us-gaap Net Income Loss
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-23067000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1826000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2009000 USD
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-11062000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10190000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
172000 USD
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
25000 USD
CY2016Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
181000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
371000 USD
CY2016Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
190000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
10126000 USD
us-gaap Operating Expenses
OperatingExpenses
17796000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
19340000 USD
us-gaap Operating Expenses
OperatingExpenses
57248000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9310000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-15356000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4198000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-12877000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10600000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
247000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
284000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
142000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
189000 USD
CY2016Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
77000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
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CY2016Q3 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
9178000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2904000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1845000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-80000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-79000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
29000 USD
CY2016Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-29000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
2700000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
CY2015Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
25000 USD
CY2016Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
25000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
163000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
257000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
7330000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1448000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2465000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
182000 USD
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2637000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3218000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1675000 USD
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2250000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6815000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4368000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
27921000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
7597000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19230000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21696000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17338000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16305000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
128000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1350000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
61000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
233000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1066000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1904000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2250000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2250000 USD
CY2015Q4 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
9416000 USD
CY2016Q3 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
9406000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-161434000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-184501000 USD
CY2016Q3 us-gaap Revenues
Revenues
15142000 USD
us-gaap Revenues
Revenues
44371000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
816000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2440000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
15142000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
44371000 USD
CY2016Q1 us-gaap Security Deposit
SecurityDeposit
1250000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
469000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
845000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4887000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15349000 USD
CY2016Q3 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
3600000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
12058000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-3630000 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14830000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13884000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20359000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20104000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We prepare our consolidated financial statements in conformity with GAAP. While preparing our financial statements, we make estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable, intangible assets, the useful lives of property and equipment, stock-based compensation, the fair value of the warrant liability and income taxes, among other items.</font></div></div>

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