2024 Q4 Form 10-Q Financial Statement

#000178116224000021 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $107.0K
YoY Change -68.44%
Cost Of Revenue $66.00K
YoY Change -44.54%
Gross Profit $41.00K
YoY Change -81.36%
Gross Profit Margin 38.32%
Selling, General & Admin $5.429M
YoY Change -41.59%
% of Gross Profit 13241.46%
Research & Development $2.205M
YoY Change -63.2%
% of Gross Profit 5378.05%
Depreciation & Amortization $200.0K
YoY Change 0.0%
% of Gross Profit 487.8%
Operating Expenses $7.634M
YoY Change -50.06%
Operating Profit -$7.593M
YoY Change -49.6%
Interest Expense -$41.00K
YoY Change -107.74%
% of Operating Profit
Other Income/Expense, Net -$165.0K
YoY Change 77.42%
Pretax Income -$7.758M
YoY Change -48.82%
Income Tax
% Of Pretax Income
Net Earnings -$7.758M
YoY Change -48.96%
Net Earnings / Revenue -7250.47%
Basic Earnings Per Share -$0.45
Diluted Earnings Per Share -$0.45
COMMON SHARES
Basic Shares Outstanding 25.54M shares 17.36M shares
Diluted Shares Outstanding 17.36M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $798.0K
YoY Change -91.82%
Cash & Equivalents $800.0K
Short-Term Investments
Other Short-Term Assets $4.187M
YoY Change -61.46%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.393M
YoY Change -74.51%
LONG-TERM ASSETS
Property, Plant & Equipment $2.369M
YoY Change -29.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.090M
YoY Change -47.29%
Total Long-Term Assets $8.712M
YoY Change -29.35%
TOTAL ASSETS
Total Short-Term Assets $5.393M
Total Long-Term Assets $8.712M
Total Assets $14.11M
YoY Change -57.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.677M
YoY Change 125.55%
Accrued Expenses $3.629M
YoY Change -51.1%
Deferred Revenue $495.0K
YoY Change -57.4%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.337M
YoY Change -59.29%
Total Short-Term Liabilities $14.03M
YoY Change -39.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $508.0K
YoY Change 5.18%
Total Long-Term Liabilities $5.483M
YoY Change -10.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.03M
Total Long-Term Liabilities $5.483M
Total Liabilities $19.51M
YoY Change -33.18%
SHAREHOLDERS EQUITY
Retained Earnings -$396.1M
YoY Change 10.37%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.404M
YoY Change
Total Liabilities & Shareholders Equity $14.11M
YoY Change -57.88%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$7.758M
YoY Change -48.96%
Depreciation, Depletion And Amortization $200.0K
YoY Change 0.0%
Cash From Operating Activities -$4.500M
YoY Change -64.73%
INVESTING ACTIVITIES
Capital Expenditures $1.000K
YoY Change -97.5%
Acquisitions
YoY Change
Other Investing Activities $135.0K
YoY Change 154.72%
Cash From Investing Activities $134.0K
YoY Change 930.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.387M
YoY Change 293.45%
NET CHANGE
Cash From Operating Activities -4.500M
Cash From Investing Activities 134.0K
Cash From Financing Activities 4.387M
Net Change In Cash 21.00K
YoY Change -100.18%
FREE CASH FLOW
Cash From Operating Activities -$4.500M
Capital Expenditures $1.000K
Free Cash Flow -$4.501M
YoY Change -64.83%

Facts In Submission

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CY2024Q3 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1720000 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
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9300000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
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112000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Stockholders Equity
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28946000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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38000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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31000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2577000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 mnts Stock Issued During Period Value Section16 Officer Tax Coverage Exchange
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27000 usd
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4565000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2156000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-15159000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
4292000 usd
us-gaap Net Income Loss
NetIncomeLoss
-54819000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
667000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1182000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
812000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
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us-gaap Share Based Compensation
ShareBasedCompensation
6453000 usd
mnts Issuance Of Common Stock For Consulting Services
IssuanceOfCommonStockForConsultingServices
0 usd
mnts Issuance Of Common Stock For Consulting Services
IssuanceOfCommonStockForConsultingServices
112000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
44000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
297000 usd
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
308000 usd
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
0 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
487000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2644000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2872000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
278000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1105000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-610000 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
118000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-6000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-2000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
640000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1098000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-944000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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mnts Increase Decrease In Litigation Settlement Contingency
IncreaseDecreaseInLitigationSettlementContingency
526000 usd
mnts Increase Decrease In Litigation Settlement Contingency
IncreaseDecreaseInLitigationSettlementContingency
0 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
19000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
18000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10874000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-45987000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
135000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
113000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
41000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
26000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
94000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
2295000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
130000 usd
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
0 usd
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
31000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
87000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2319000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
9592000 usd
mnts Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
0 usd
mnts Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
252000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10750000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15000000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1137000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1135000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9586000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5905000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1194000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-51899000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2492000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62413000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1298000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10514000 usd
mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
20000 usd
mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
5000 usd
mnts Issuance Costs Related To Warrant Modification
IssuanceCostsRelatedToWarrantModification
1272000 usd
mnts Issuance Costs Related To Warrant Modification
IssuanceCostsRelatedToWarrantModification
648000 usd
mnts Issuance Costs Related To Placement Agent Warrants
IssuanceCostsRelatedToPlacementAgentWarrants
135000 usd
mnts Issuance Costs Related To Placement Agent Warrants
IssuanceCostsRelatedToPlacementAgentWarrants
0 usd
us-gaap Interest Paid Net
InterestPaidNet
12000 usd
us-gaap Interest Paid Net
InterestPaidNet
882000 usd
us-gaap Nature Of Operations
NatureOfOperations
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Nature of Operations</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">The Company</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that offers satellites, satellite buses, satellite technologies, and space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus is making new ways of operating in space possible with its in-space transfer and service vehicles, powered by an innovative, space-proven water plasma-based propulsion system.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Momentus has launched four missions to date, deployed 17 customer satellites, and provided hosted payload services. Three of these missions involved operation of the Vigoride OSV in orbit. During these three Vigoride missions, the system and technology were tested repeatedly. Improvements based on lessons learned during these missions were rapidly incorporated. As a result of these three missions, the Vigoride OSV has been successfully demonstrated in space and accumulated significant flight heritage. The Company has produced its next Orbital Service Vehicle, Vigoride 7, that it intends to utilize on a future mission or for use as a satellite bus. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the Vigoride Orbital Service Vehicle, Momentus is now also offering its M-1000 satellite bus which has substantial commonality with Vigoride. With a growing demand for satellite bus services, Momentus is positioned to advance its hardware and flight-proven technology for this market. The M-1000 bus is a flexible option to meet various mission requirements. Innovations to improve sensor capability, maneuverability, increased power, and lower costs are integrated into the product. Momentus believes it can manufacture satellite buses like the M-1000 at a rapid and scalable pace. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus has completed work in support of its Small Business Innovation Research contract from the Space Development Agency that was signed in August 2023. This project's scope involved making tailored modifications to the system underlying the M-1000 satellite bus and Vigoride OSV to support a full range of U.S. Department of Defense (DoD) payloads. Some of these areas include adding a secure payload interface, optical communications terminals, a high-volume data recorder, and improving the modularity of the propulsion system.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Business Combination</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2021, the Company consummated a merger pursuant to the terms of the Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (“Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, with SRAC and its two wholly-owned subsidiaries. The Company received gross proceeds of $247.3 million upon the closing of the Business Combination. Public and private warrants of SRAC were assumed by the Company as a result of the Business Combination.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these consolidated interim financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date the Company remains heavily focused on growth and continued </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">development of its proprietary technology, and as a result, it has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net loss of $23.1 million for the nine months ended September 30, 2024, and accumulated deficit of $396.1 million as of September 30, 2024. Additionally, the Company used net cash of $10.9 million to fund its operating activities for the nine months ended September 30, 2024, and had cash and cash equivalents of $0.8 million as of September 30, 2024. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of ASC Sub-Topic 205-40, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these consolidated interim financial statements are issued. This evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented or are not within control of the Company as of the date the consolidated interim financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the consolidated interim financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated interim financial statements are issued.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the preparation of the consolidated interim financial statements for the nine months ended September 30, 2024, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such consolidated interim financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund its regular operations, scaling of commercial production, and maintain its existing services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate all opportunities to access additional capital through any available means.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of these uncertainties, and notwithstanding management’s plans and efforts to date, there is substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to raise substantial additional capital in the near term, the Company's operations and business plan will need to be scaled back or halted altogether. Additionally, if the Company is able to raise additional capital but that capital is insufficient to provide a bridge to full commercial production at a profit, the Company's operations could be severely curtailed or cease entirely and the Company may not realize any significant value from its assets.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated interim financial statements have been prepared on a going concern basis of accounting. The accompanying consolidated interim financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Reverse Stock Split</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective August 22, 2023, the Company’s stockholders approved a 1-for-50 reverse stock split of the Company’s Class A common stock. As a result of the reverse stock split, every 50 shares of Class A common stock issued and outstanding on August 22, 2023, were automatically combined into one share of Class A common stock. Any fractional shares resulting from the reverse stock split were rounded up to the next nearest whole share of Class A common stock. The reverse stock split did not affect the stated par value of the Class A common stock nor did it change the total number of the Company’s authorized shares of Class A common stock. Both the Company’s Class B common stock and the Company’s preferred stock were not affected by the reverse stock split.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also on the effective date of the reverse stock split, all options, warrants and other convertible securities of the Company outstanding immediately prior to the reverse stock split were adjusted by dividing the number of shares of </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Class A common stock into which the options, warrants and other convertible securities are exercisable or convertible by 50 and multiplying the exercise or conversion price thereof by 50, all in accordance with the terms of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to the nearest whole share. Such proportional adjustments were also made to the number of shares and restricted stock units issued and issuable under the Company’s equity compensation plan.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has retroactively adjusted all periods presented for the effects of the stock split. See Note 9 for additional information.</span></div>
CY2024Q3 mnts Number Of Spacecraft Missions
NumberOfSpacecraftMissions
4 mission
CY2024Q3 mnts Number Of Customer Satellites Deployed In Orbit
NumberOfCustomerSatellitesDeployedInOrbit
17 satellite
CY2024Q3 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2024Q3 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2024Q3 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2021Q3 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 usd
us-gaap Net Income Loss
NetIncomeLoss
-23100000 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-396100000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10900000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
800000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated interim financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the consolidated interim financial statements include, but are not limited to, the timing of revenue recognition, accounting for useful lives of property, machinery and equipment, net intangible assets, net accrued liabilities, leases, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based compensation, warrant liabilities, and litigation contingencies.</span></div>
CY2024Q3 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
1000000.0 usd
CY2023Q4 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
1700000 usd
CY2024Q3 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
100000 usd
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
1800000 usd
CY2023Q3 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1600000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000.0 usd
CY2024Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1100000 usd
CY2023 mnts Contract With Customer Liability Revenue Recognized Excluding Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedExcludingOpeningBalance
35000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2100000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
107000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1829000 usd
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us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.</span></div>
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177000 usd
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44000 usd
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52000 usd
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265000 usd
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10500000 usd
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368000 usd
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368000 usd
us-gaap Operating Lease Cost
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1103000 usd
us-gaap Operating Lease Cost
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150000 usd
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136000 usd
us-gaap Variable Lease Cost
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450000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
394000 usd
CY2024Q3 us-gaap Lease Cost
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518000 usd
us-gaap Lease Cost
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1553000 usd
us-gaap Lease Cost
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0.056
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395000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1627000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1674000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1729000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
297000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5722000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
535000 usd
CY2024Q3 us-gaap Operating Lease Liability
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5187000 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
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2090000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
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3811000 usd
CY2023Q4 us-gaap Accrued Salaries Current
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392000 usd
CY2023Q4 mnts Accrued Research And Development Expenses Current
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323000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
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228000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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4754000 usd
CY2023Q3 mnts Common And Preferred Stock Shares Authorized
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274312500 shares
CY2024Q3 us-gaap Payments Of Stock Issuance Costs
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300000 usd
CY2024Q3 us-gaap Proceeds From Issuance Of Warrants
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2400000 usd
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4000000 usd
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500000 usd
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3500000 usd
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P5Y
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.96
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.96
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
4000000.0 usd
CY2024Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
400000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
3600000 usd
CY2024Q1 us-gaap Warrants And Rights Outstanding Term
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P5Y
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
10000000.0 usd
CY2021Q2 mnts Proceeds From Sale Of Business And Other Capital Raising Transactions Minimum
ProceedsFromSaleOfBusinessAndOtherCapitalRaisingTransactionsMinimum
250000000.0 usd
CY2023Q1 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 usd
CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
10000000 usd
CY2023Q1 mnts Sale Of Stock Payment Of Liability
SaleOfStockPaymentOfLiability
10000000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23912 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
68.39
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4502 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.96
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19410 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
81.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
17478 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
76.44
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
19410 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
81.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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1707000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2156000 usd
us-gaap Allocated Share Based Compensation Expense
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4885000 usd
us-gaap Allocated Share Based Compensation Expense
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6453000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1707000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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2156000 usd
us-gaap Allocated Share Based Compensation Expense
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4885000 usd
us-gaap Allocated Share Based Compensation Expense
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6453000 usd
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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34492238 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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954882 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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893757 shares
CY2024Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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2291000 usd
CY2024Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
2975000 usd
CY2024Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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5266000 usd
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
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1
CY2021Q2 mnts Reverse Recapitalization Payments To Co Founders
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40000000 usd
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10000000 usd
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10000000 usd
CY2024Q3 mnts Litigation Settlement Reforms Maintained For A Minimum Period
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P4Y
CY2024Q3 us-gaap Litigation Settlement Amount Awarded To Other Party
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500000 usd
CY2024Q3 us-gaap Payments For Legal Settlements
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500000 usd
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0
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0

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