2017 Q3 Form 10-Q Financial Statement

#000143774917019211 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $520.0K $500.0K
YoY Change 4.0% 16.28%
% of Gross Profit
Research & Development $530.0K $636.0K
YoY Change -16.67% 86.51%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $530.0K $636.0K
YoY Change -16.67% 86.51%
Operating Profit -$1.045M -$1.135M
YoY Change -7.93% 47.4%
Interest Expense $474.0K $45.00K
YoY Change 953.33% 18.42%
% of Operating Profit
Other Income/Expense, Net -$371.0K $11.00K
YoY Change -3472.73% -123.91%
Pretax Income -$1.416M -$1.124M
YoY Change 25.98% 37.75%
Income Tax -$197.0K -$45.00K
% Of Pretax Income
Net Earnings -$1.219M -$1.079M
YoY Change 12.97% 36.07%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$332.4K -$337.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $940.0K $1.230M
YoY Change -23.58% -31.28%
Cash & Equivalents $943.0K $1.229M
Short-Term Investments
Other Short-Term Assets $250.0K $160.0K
YoY Change 56.25% 220.0%
Inventory
Prepaid Expenses $250.0K $164.0K
Receivables
Other Receivables
Total Short-Term Assets $1.533M $1.646M
YoY Change -6.87% -15.93%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.533M $1.646M
Total Long-Term Assets $0.00 $0.00
Total Assets $1.533M $1.646M
YoY Change -6.87% -19.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $874.0K $1.069M
YoY Change -18.24% 67.55%
Accrued Expenses $1.218M $693.0K
YoY Change 75.76% 2135.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $250.0K
YoY Change -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.149M $2.082M
YoY Change 3.22% 126.55%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $292.0K
YoY Change 2.74% -2.67%
Other Long-Term Liabilities $90.00K $50.00K
YoY Change 80.0% 25.0%
Total Long-Term Liabilities $1.483M $3.069M
YoY Change -51.68% -1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.149M $2.082M
Total Long-Term Liabilities $1.483M $3.069M
Total Liabilities $3.632M $5.151M
YoY Change -29.49% 27.82%
SHAREHOLDERS EQUITY
Retained Earnings -$26.99M -$16.54M
YoY Change 63.18% 27.84%
Common Stock $4.000K $32.00K
YoY Change -87.5% 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.099M -$3.505M
YoY Change
Total Liabilities & Shareholders Equity $1.533M $1.646M
YoY Change -6.87% -19.35%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.219M -$1.079M
YoY Change 12.97% 36.07%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$250.0K -$940.0K
YoY Change -73.4% 6.82%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 270.0K
YoY Change -100.0% -76.92%
NET CHANGE
Cash From Operating Activities -250.0K -940.0K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 270.0K
Net Change In Cash -250.0K -670.0K
YoY Change -62.69% -184.81%
FREE CASH FLOW
Cash From Operating Activities -$250.0K -$940.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"><div style=" margin: 0pt; text-align: left; font-size: 10pt; font-family: Times New Roman,Times,serif;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-size: 10pt; font-family: Times New Roman,Times,serif;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Risks and Uncertainties</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (&#x201c;FDA&#x201d;) in the United States, the Therapeutic Goods Administration (&#x201c;TGA&#x201d;) in Australia, the European Medicines Agency (&#x201c;EMA&#x201d;) in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>take many years, and is normally expected to involve substantial expenditures.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">We have<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> incurred losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27.0</div> million since our inception in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011.</div> For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.2</div> million, which includes a non-cash charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.7</div> million related to the induced conversion of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.9</div> million of convertible promissory notes and accrued interest, originally issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000</div> of demand notes, originally issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015, </div>into shares of our common stock. We also incurred negative cash flows from operating activities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.6</div> million for this period. We expect to incur substantial losses for the foreseeable future, which will continue to generate negative net cash flows from operating activities, as we continue to pursue development activities and seek to commercialize our initial product candidate, SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>we had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$943,000,</div> negative working capital of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$616,000</div> and a stockholders&#x2019; deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million. The Company&#x2019;s principal sources of cash have historically included the issuance of convertible debt and equity securities. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The accompanying <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">condensed consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed<div style="display: inline; font-weight: bold;"> </div>consolidated financial statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our current independent registered public accounting firm, included a paragraph emphasizing this going concern uncertainty in their audit report covering our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> financial statements dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 30, 2017. </div>Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101</div> product candidate in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101</div> product candidate. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> titled &#x201c;<div style="display: inline; font-style: italic;">Liquidity and Management&#x2019;s Plans</div>.&#x201d;</div></div></div>
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OperatingIncomeLoss
-3056000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-62000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-61000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-246000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-94000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
56000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
264000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
63000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
16000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
16000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
152000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
152000
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
250000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
118000
CY2017Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3100000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.10
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1114400
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3059000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1873000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
28000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
19000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
530000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
636000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1955000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1657000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-26992000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18779000
us-gaap Share Based Compensation
ShareBasedCompensation
1167000
us-gaap Share Based Compensation
ShareBasedCompensation
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1110400
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3896235
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2121985
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
701960
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
683960
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.50
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.25
CY2017Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
490410
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P7Y302D
CY2017Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
9.77
CY2017Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
683960
CY2016Q3 us-gaap Share Price
SharePrice
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y350D
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued1
StockIssued1
75000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
5841000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
28000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
-2099000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-4642000
CY2017Q3 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
CY2016Q4 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
250000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The preparation of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">condensed consolidated financial statements requires 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 condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3670443
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3201700
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3518839
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3069195

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