2024 Q1 Form 10-K Financial Statement

#000162828024008267 Filed on March 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.094M $1.318M $5.901M
YoY Change -36.6% -28.67% -28.52%
Cost Of Revenue $576.5K $469.8K $1.954M
YoY Change 9.53% -23.9% -22.02%
Gross Profit $517.0K $848.0K $3.947M
YoY Change -56.86% -31.06% -31.35%
Gross Profit Margin 47.28% 64.35% 66.89%
Selling, General & Admin $2.827M $1.973M $8.321M
YoY Change 27.99% 27.42% 14.74%
% of Gross Profit 546.88% 232.64% 210.8%
Research & Development $943.6K $732.4K $2.778M
YoY Change 34.9% 36.03% -14.25%
% of Gross Profit 182.5% 86.37% 70.37%
Depreciation & Amortization $24.91K $25.71K $55.71K
YoY Change 143.67% 151.57% 12.8%
% of Gross Profit 4.82% 3.03% 1.41%
Operating Expenses $3.771M $2.705M $11.10M
YoY Change 29.66% 29.64% 5.78%
Operating Profit -$3.254M -$1.857M -$7.152M
YoY Change 90.28% 116.83% 50.82%
Interest Expense $19.16K $9.410K $257.1K
YoY Change -20.93%
% of Operating Profit
Other Income/Expense, Net $224.4K $198.2K $622.0K
YoY Change 65.13% 20.38% 91.3%
Pretax Income -$3.030M -$1.650M -$6.529M
YoY Change 92.46% 138.42% 47.84%
Income Tax
% Of Pretax Income
Net Earnings -$3.030M -$1.650M -$6.529M
YoY Change 92.45% 138.42% 47.84%
Net Earnings / Revenue -277.04% -125.18% -110.64%
Basic Earnings Per Share -$1.67 -$6.27
Diluted Earnings Per Share -$1.67 -$1.43 -$6.27
COMMON SHARES
Basic Shares Outstanding 1.987M shares 8.591M shares 1.042M shares
Diluted Shares Outstanding 1.812M shares 1.042M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.60M $18.00M $18.00M
YoY Change -13.11% -15.11% -15.11%
Cash & Equivalents $1.260M $1.732M $1.732M
Short-Term Investments $16.34M $16.27M $16.27M
Other Short-Term Assets $611.7K $779.0K $779.0K
YoY Change 20.33% -73.2% -73.2%
Inventory $1.471M $1.559M $1.559M
Prepaid Expenses
Receivables $469.7K $518.8K $518.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.15M $20.85M $20.85M
YoY Change -12.71% -13.49% -13.49%
LONG-TERM ASSETS
Property, Plant & Equipment $268.5K $293.4K $543.6K
YoY Change 72.81% 77.18% 1.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.40K $26.40K $26.40K
YoY Change 0.0% -95.31% -95.31%
Total Long-Term Assets $512.2K $570.0K $570.0K
YoY Change -2.23% 1.31% 1.31%
TOTAL ASSETS
Total Short-Term Assets $20.15M $20.85M $20.85M
Total Long-Term Assets $512.2K $570.0K $570.0K
Total Assets $20.66M $21.42M $21.42M
YoY Change -12.48% -13.15% -13.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $144.6K $215.5K $215.5K
YoY Change -63.89% -41.45% -41.45%
Accrued Expenses $1.554M $876.7K $1.025M
YoY Change 79.0% 48.62% 38.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.847M $1.241M $1.241M
YoY Change 30.36% 12.13% 12.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $60.95K $92.49K $92.49K
YoY Change -66.2% -55.43% -55.43%
Total Long-Term Liabilities $60.95K $92.49K $92.49K
YoY Change -66.2% -55.43% -55.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.847M $1.241M $1.241M
Total Long-Term Liabilities $60.95K $92.49K $92.49K
Total Liabilities $1.908M $1.333M $1.333M
YoY Change 19.46% 1.46% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings -$213.1M -$210.1M
YoY Change 3.89% 3.21%
Common Stock $199.00 $152.00
YoY Change -74.42% -80.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.76M $20.09M $20.09M
YoY Change
Total Liabilities & Shareholders Equity $20.66M $21.42M $21.42M
YoY Change -12.48% -13.15% -13.15%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.030M -$1.650M -$6.529M
YoY Change 92.45% 138.42% 47.84%
Depreciation, Depletion And Amortization $24.91K $25.71K $55.71K
YoY Change 143.67% 151.57% 12.8%
Cash From Operating Activities -$2.081M -$1.455M -$6.085M
YoY Change 85.6% -1.9% 15.04%
INVESTING ACTIVITIES
Capital Expenditures $43.54K $183.5K
YoY Change 691.74%
Acquisitions
YoY Change
Other Investing Activities $138.3K $139.9K $1.340M
YoY Change -116.52% -93.18% -107.94%
Cash From Investing Activities $138.3K $96.35K $1.156M
YoY Change -116.52% -95.3% -106.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.471M 1.625M $2.325M
YoY Change -15.04% -39.82%
NET CHANGE
Cash From Operating Activities -$2.081M -1.455M -$6.085M
Cash From Investing Activities $138.3K 96.35K $1.156M
Cash From Financing Activities $1.471M 1.625M $2.325M
Net Change In Cash -$472.0K 266.9K -$2.603M
YoY Change -75.9% -89.24% -85.79%
FREE CASH FLOW
Cash From Operating Activities -$2.081M -$1.455M -$6.085M
Capital Expenditures $43.54K $183.5K
Free Cash Flow -$1.498M -$6.268M
YoY Change 1.04% 17.99%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22572104 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1731946 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4335020 usd
CY2023 nuro Stock Issuance Settle Incentive Compensation Obligation
StockIssuanceSettleIncentiveCompensationObligation
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CY2022 nuro Stock Issuance Settle Incentive Compensation Obligation
StockIssuanceSettleIncentiveCompensationObligation
189398 usd
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
18000000 usd
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UseOfEstimates
<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates and Assumptions</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur.</span></div>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents, trade receivables, and securities. The Company invests its cash equivalents and securities in highly rated institutions.</span></div>At December 31, 2023 and 2022, three customers accounted for 74% and two customers accounted for 31% of accounts receivable, respectively. Two customers accounted for 34% of revenues for the year ended December 31, 2023 and one customer accounted for 32% of revenues, for the year ended December 31, 2022.
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1041991 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
889540 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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889540 shares
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CY2022 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Marketing And Advertising Expense
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CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022 nuro Sales Revenue Goods Net Percentage From Foreign Country
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0
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
36885 usd
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2023Q4 nuro Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Weighted Average Price Per Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedWeightedAveragePricePerShares
25.40
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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16025034 usd
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240171 usd
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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982129 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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408047 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q4 us-gaap Inventory Net
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1559428 usd
CY2022Q4 us-gaap Inventory Net
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1614987 usd
CY2023 us-gaap Inventory Write Down
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CY2022 us-gaap Inventory Write Down
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2022Q4 us-gaap Accrued Professional Fees Current
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155000 usd
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346245 usd
CY2022Q4 us-gaap Accrued Salaries Current
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249224 usd
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CY2022Q4 us-gaap Product Warranty Accrual Classified Current
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CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q4 nuro Income Tax Expense Benefit Attributable To Tax Credit Carry Forwards
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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165785 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
117431 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 nuro Operating Lease Discount
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42340 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
92485 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
283216 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
197310 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
163061 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M12D
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0 usd
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0 usd
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
971492 shares
CY2023 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
173924 shares
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-8 reverse stock split of its Common Stock
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8733398 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1091648 shares

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