2022 Q3 Form 10-Q Financial Statement

#000110465922089668 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $13.65K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.484M $1.635M $2.495M
YoY Change 73.98% 421.7% 539.85%
% of Gross Profit
Research & Development $4.571M $3.230M $2.606M
YoY Change 283.16% 328.16% 1271.58%
% of Gross Profit
Depreciation & Amortization $1.883K $2.108K $3.930K
YoY Change -87.75% -80.39% -60.7%
% of Gross Profit
Operating Expenses $6.054M $4.865M $5.101M
YoY Change 195.96% 340.07% 779.55%
Operating Profit -$6.054M -$4.865M -$3.939M
YoY Change 192.35% 340.07%
Interest Expense $97.26K $134.3K $2.008M
YoY Change -90.98% 0.45% -128.61%
% of Operating Profit
Other Income/Expense, Net $97.26K $2.120M $1.844M
YoY Change -88.69% 140.9%
Pretax Income -$5.957M -$2.745M -$3.079M
YoY Change 519.23% 823.17% -59.48%
Income Tax
% Of Pretax Income
Net Earnings -$6.000M -$2.700M -$3.079M
YoY Change 523.71% 1097.11% -59.48%
Net Earnings / Revenue -22559.63%
Basic Earnings Per Share -$0.85 -$0.38 -$0.29
Diluted Earnings Per Share -$0.85 -$0.38 -$427.9K
COMMON SHARES
Basic Shares Outstanding 7.196M 7.196M 7.196M
Diluted Shares Outstanding 7.196M 7.196M 7.196M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.951M $8.936M $17.22M
YoY Change -85.12% 28.44% 95.01%
Cash & Equivalents $3.921M $8.904M $17.18M
Short-Term Investments $30.54K $32.69K $42.08K
Other Short-Term Assets $1.408M $1.225M $651.6K
YoY Change -40.44% 78.28% 225.8%
Inventory
Prepaid Expenses
Receivables $125.9K
Other Receivables $0.00
Total Short-Term Assets $5.359M $10.16M $18.00M
YoY Change -81.6% 31.75% 94.35%
LONG-TERM ASSETS
Property, Plant & Equipment $788.00 $2.776K $6.260K
YoY Change -98.69% -96.17% -93.04%
Goodwill
YoY Change
Intangibles $21.73K $24.56K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $22.52K $27.33K $39.54K
YoY Change -76.75% -75.31% -69.58%
TOTAL ASSETS
Total Short-Term Assets $5.359M $10.16M $18.00M
Total Long-Term Assets $22.52K $27.33K $39.54K
Total Assets $5.382M $10.19M $18.04M
YoY Change -81.58% 30.23% 92.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.795M $888.0K $805.0K
YoY Change 210.11% 206.97% 159.66%
Accrued Expenses $1.304M $986.0K $930.7K
YoY Change 281.29% 270.69% 564.81%
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 $3.099M $1.874M $1.736M
YoY Change 41.35% 60.94% -22.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.057M
YoY Change -100.0% -100.0% 12.37%
Other Long-Term Liabilities $1.553M $1.605M $6.576M
YoY Change -87.65% -85.26% -42.01%
Total Long-Term Liabilities $1.553M $1.605M $11.63M
YoY Change -91.08% -89.62% -26.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.099M $1.874M $1.736M
Total Long-Term Liabilities $1.553M $1.605M $11.63M
Total Liabilities $4.652M $3.479M $13.37M
YoY Change -76.27% -79.07% -26.02%
SHAREHOLDERS EQUITY
Retained Earnings -$73.00M -$67.00M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $729.8K $6.710M $3.738M
YoY Change
Total Liabilities & Shareholders Equity $5.382M $10.19M $18.04M
YoY Change -81.58% 30.23% 92.08%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$6.000M -$2.700M -$3.079M
YoY Change 523.71% 1097.11% -59.48%
Depreciation, Depletion And Amortization $1.883K $2.108K $3.930K
YoY Change -87.75% -80.39% -60.7%
Cash From Operating Activities -$4.636M -$4.555M -$4.264M
YoY Change 41.88% 143.53% 335.14%
INVESTING ACTIVITIES
Capital Expenditures $30.00 -$37.00 -$2.610K
YoY Change -102.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $30.00 -$37.00 -$2.610K
YoY Change -102.0% -101.56%
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 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -4.636M -4.555M -4.264M
Cash From Investing Activities 30.00 -37.00 -2.610K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -4.636M -4.555M -4.267M
YoY Change -123.66% 143.16% -154.99%
FREE CASH FLOW
Cash From Operating Activities -$4.636M -$4.555M -$4.264M
Capital Expenditures $30.00 -$37.00 -$2.610K
Free Cash Flow -$4.636M -$4.555M -$4.262M
YoY Change 41.94% 143.53%

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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q2 pmn Stockholders Equity Note Reverse Stock Split Conversion Ratio
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, the valuation of share-based compensation, and the valuation of warrant liabilities and embedded derivative liabilities. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements.</p>
us-gaap Number Of Operating Segments
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PropertyPlantAndEquipmentNet
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1306
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1320
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2622
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2637
CY2022Q2 pmn Accrued Legal Fees Current
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CY2022Q2 us-gaap Accrued Professional Fees Current
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AccruedResearchAndDevelopmentCurrent
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CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
2741058
CY2022Q2 pmn Common Stock Fair Value Per Share On Conversion Date
CommonStockFairValuePerShareOnConversionDate
0.08
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7195529
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022Q2 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7195529
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q2 us-gaap Common Stock No Par Value
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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1560588
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1560588
CY2022Q2 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2021Q4 pmn Convertible Debt Shares Reserved For Future Issuance
ConvertibleDebtSharesReservedForFutureIssuance
1166667
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
834691
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
738037
CY2022Q2 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2021Q4 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
185144
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
281798
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3748151
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3748151
pmn Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
70000000
CY2022Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
6.00
CY2022Q2 pmn Value Divided To Ascertain Shares Convertible
ValueDividedToAscertainSharesConvertible
0.10
CY2022Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.10
pmn Preferred Stock Convertible Conversion Price After Reverse Stock Split
PreferredStockConvertibleConversionPriceAfterReverseStockSplit
6.00
CY2022Q2 pmn Stockholders Equity Note Reverse Stock Split Conversion Ratio
StockholdersEquityNoteReverseStockSplitConversionRatio
60
pmn Minimum Gross Proceeds From Sale Of Equity Securities
MinimumGrossProceedsFromSaleOfEquitySecurities
30000000
CY2021Q3 pmn Payments Of Warrants Issuance Costs
PaymentsOfWarrantsIssuanceCosts
444558
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1560588
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
738037
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.40
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2231293
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
151666
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
55013
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
18.59
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.64
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
471532
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
629886
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
597539
pmn Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue
964305
pmn Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue
328148
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0259
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0071
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
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P2Y9M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
16666
CY2022Q2 pmn Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Redeemable Per Unit
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesRedeemablePerUnit
1
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
116943
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
126264
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
240277
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
207851
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1387704
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3563007
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2769095
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
CY2018Q1 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
892500
CY2018Q3 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
1130000
CY2019Q1 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
2130000
CY2019Q1 pmn Related Party Transaction Additional Term Of Agreement
RelatedPartyTransactionAdditionalTermOfAgreement
P2Y
CY2019Q3 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
2630000
CY2021Q4 pmn Related Party Transaction Additional Grant Commitment
RelatedPartyTransactionAdditionalGrantCommitment
800000
CY2022Q1 pmn Related Party Transaction Additional Grant Commitment
RelatedPartyTransactionAdditionalGrantCommitment
3430000
us-gaap Related Party Costs
RelatedPartyCosts
255563
us-gaap Related Party Costs
RelatedPartyCosts
197634
CY2022Q2 pmn Collaborative Arrangement Accruals For Royalty Payments
CollaborativeArrangementAccrualsForRoyaltyPayments
0
CY2022Q1 pmn Related Party Transaction Additional Term Of Agreement
RelatedPartyTransactionAdditionalTermOfAgreement
P3Y
us-gaap Short Term Lease Cost
ShortTermLeaseCost
20301
us-gaap Short Term Lease Cost
ShortTermLeaseCost
5150
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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9001
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4790406
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6480071
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7195529
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5000935
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.30

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