2022 Q4 Form 10-K Financial Statement

#000121390023025507 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$47.56K $1.250M $2.557M
YoY Change -103.37% -51.09%
Operating Profit -$1.250M -$2.557M
YoY Change -51.09%
Interest Expense $1.868M $9.031M $7.582M
YoY Change 134.19% 19.1%
% of Operating Profit
Other Income/Expense, Net $0.00 $9.031M -$438.3K
YoY Change -2160.51%
Pretax Income $1.915M $7.781M $4.588M
YoY Change -412.3% 69.6%
Income Tax $259.6K $384.0K
% Of Pretax Income 13.55% 4.93%
Net Earnings $1.656M $7.397M $4.588M
YoY Change -369.98% 61.23%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.09 $0.40 $256.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $990.00 $990.00 $194.0K
YoY Change -99.49% -99.49%
Cash & Equivalents $985.00
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $63.61K
YoY Change -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $985.00 $990.00 $257.7K
YoY Change -99.62% -99.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $154.0M $154.0M $151.8M
YoY Change 1.45% 1.45%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $154.0M $154.0M $151.8M
YoY Change 1.45% 1.45% 84219.52%
TOTAL ASSETS
Total Short-Term Assets $985.00 $990.00 $257.7K
Total Long-Term Assets $154.0M $154.0M $151.8M
Total Assets $154.0M $154.0M $152.0M
YoY Change 1.28% 1.28% 84362.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $248.1K $248.1K $391.5K
YoY Change -36.64% -36.64% 3815.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.639M $2.639M $1.117M
YoY Change 136.18% 136.18% 698.01%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.899M $2.899M $1.509M
YoY Change 92.13% 92.13% 905.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.378M $5.378M $12.22M
YoY Change -55.97% -55.97%
Total Long-Term Liabilities $5.378M $5.378M $12.22M
YoY Change -55.97% -55.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.899M $2.899M $1.509M
Total Long-Term Liabilities $5.378M $5.378M $12.22M
Total Liabilities $8.276M $8.276M $13.72M
YoY Change -39.69% -39.69% 9049.25%
SHAREHOLDERS EQUITY
Retained Earnings -$8.224M
YoY Change -38.78%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.223M $145.7M $138.3M
YoY Change
Total Liabilities & Shareholders Equity $154.0M $154.0M $152.0M
YoY Change 1.28% 1.28% 84362.66%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $1.656M $7.397M $4.588M
YoY Change -369.98% 61.23%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$496.6K -$1.428M -$2.182M
YoY Change -55.44% -34.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $482.5K -$12.16K -$151.7M
YoY Change -99.99%
Cash From Investing Activities $482.5K -$12.16K -$151.7M
YoY Change -99.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $1.248M 154.1M
YoY Change -100.0% -99.19%
NET CHANGE
Cash From Operating Activities -496.6K -$1.428M -2.182M
Cash From Investing Activities 482.5K -$12.16K -151.7M
Cash From Financing Activities 0.000 $1.248M 154.1M
Net Change In Cash -14.14K -$193.0K 194.0K
YoY Change -87.66% -199.51%
FREE CASH FLOW
Cash From Operating Activities -$496.6K -$1.428M -$2.182M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make 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 revenues and expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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 those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022 ocax Weighted Average Trading Pricedescription
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In addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s Sponsor or its affiliates, without taking into account any founder shares held by the Company’s Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price (as further described below) will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 
CY2022 ocax Warrants For Redemption Description
WarrantsForRedemptionDescription
Once the warrants become exercisable, the Company may call the warrants for redemption:    ● in whole and not in part;         ● at a price of $0.01 per warrant;         ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and         ● if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company send the notice of redemption to the warrant holders.  
CY2022 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
7057500 usd
CY2022 ocax Obligation To Redeem Public Shares Percentage
ObligationToRedeemPublicSharesPercentage
1 pure
CY2021Q1 ocax Additional Borrowings On Promissory Note
AdditionalBorrowingsOnPromissoryNote
10800 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1500000 usd
CY2022Q3 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
747500 usd
CY2022Q3 ocax Per Public Share
PerPublicShare
0.05
CY2022Q4 ocax Cash Deposited In Trust Account
CashDepositedInTrustAccount
270000 usd
CY2021Q1 us-gaap Payments For Rent
PaymentsForRent
15000 usd
CY2022Q4 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
45000 usd
CY2021Q4 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
30000 usd
CY2022 us-gaap Legal Fees
LegalFees
108678 usd
CY2022 ocax Sponsor Shared Services Value
SponsorSharedServicesValue
67338 usd
CY2021 us-gaap Other General Expense
OtherGeneralExpense
87223 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
117223 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
The Company’s initial stockholders have agreed not to transfer, assign or sell its founder shares until the earlier to occur of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the last sale price of the Company’s Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares. 
CY2022 us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
In the case that additional shares of Class A Common Stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial Business Combination, the ratio at which shares of Class B Common Stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B Common Stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A Common Stock issuable upon conversion of all shares of Class B Common Stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Common Stock outstanding upon the completion of this offering plus all shares of Class A Common Stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination or any private placement-equivalent units issued to the Sponsor or its affiliates upon conversion of loans made to the Company).
CY2022Q4 ocax Us Money Market Held In Trust Account
USMoneyMarketHeldInTrustAccount
153980991 usd
CY2022Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
153980991 usd
CY2022Q4 ocax Public Warrants Liability
PublicWarrantsLiability
74750 usd
CY2022Q4 ocax Private Placement Warrants Liability
PrivatePlacementWarrantsLiability
70575 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
145325 usd
CY2021Q4 ocax Us Money Market Held In Trust Account
USMoneyMarketHeldInTrustAccount
151775132 usd
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
6982658 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0473 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0131 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0414 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0846 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2022Q4 ocax Stock Price
StockPrice
10.27
CY2021Q4 ocax Stock Price
StockPrice
9.92
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
780662 usd
CY2021Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
537146 usd
CY2022Q4 ocax Federal Net Operating Loss
FederalNetOperatingLoss
95 usd
CY2021Q4 ocax Federal Net Operating Loss
FederalNetOperatingLoss
-85187 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
780567 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
622334 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
780567 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
622334 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
383965 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-158233 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
622334 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
158233 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-622334 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
383965 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
158233 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
622334 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.1846 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.3456 pure
CY2022 ocax Effective Income Tax Rate Reconciliation Acquisition Facilitative Expenses
EffectiveIncomeTaxRateReconciliationAcquisitionFacilitativeExpenses
0.0034 pure
CY2021 ocax Effective Income Tax Rate Reconciliation Acquisition Facilitative Expenses
EffectiveIncomeTaxRateReconciliationAcquisitionFacilitativeExpenses
0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.02 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.1356 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0488 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022Q4 us-gaap Deferred Tax Liabilities Unrealized Currency Transaction Gains
DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains
6837333 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
124504 usd
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
7173 usd
CY2022 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
11049283 shares
CY2022Q4 ocax Shares Issued Price Per Shares
SharesIssuedPricePerShares
10.31
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
114017035 usd
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
usd
CY2022 ocax Offering Costs Allocated To Warrants
OfferingCostsAllocatedToWarrants
usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
CY2021 ocax Interest Withdrawn From Trust Account To Pay For Franchise And Federal Income Taxes
InterestWithdrawnFromTrustAccountToPayForFranchiseAndFederalIncomeTaxes
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CY2022 us-gaap Proceeds From Subordinated Short Term Debt
ProceedsFromSubordinatedShortTermDebt
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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CY2022 ocax Deferred Offering Costs Included In Accrued Offering Costs And Expenses
DeferredOfferingCostsIncludedInAccruedOfferingCostsAndExpenses
usd
CY2022 ocax Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
usd
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
pure
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001820175

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