2021 Q1 Form 10-K Financial Statement

#000143774921006923 Filed on March 23, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4 2018
Revenue $2.500M $2.870M $12.63M
YoY Change 15.85% -11.15% 3.95%
Cost Of Revenue $1.290M $1.010M $6.295M
YoY Change 23.68% -35.26% -5.01%
Gross Profit $1.210M $1.860M $6.334M
YoY Change 8.52% 11.38% 14.7%
Gross Profit Margin 48.4% 64.81% 50.15%
Selling, General & Admin $1.800M $2.040M $9.982M
YoY Change -4.2% -11.3% 0.83%
% of Gross Profit 148.76% 109.68% 157.59%
Research & Development $2.150M $2.750M $9.948M
YoY Change 18.2% 13.64% 3.93%
% of Gross Profit 177.69% 147.85% 157.06%
Depreciation & Amortization $180.0K $300.0K $1.280M
YoY Change -33.33% 0.0% -6.57%
% of Gross Profit 14.88% 16.13% 20.21%
Operating Expenses $3.950M $4.790M $19.93M
YoY Change -5.43% 1.27% 2.35%
Operating Profit -$2.740M -$2.930M -$13.60M
YoY Change -10.52% -4.25% -2.54%
Interest Expense -$30.00K -$80.00K $108.0K
YoY Change -137.5% 166.67% -6.09%
% of Operating Profit
Other Income/Expense, Net $0.00 $40.00K $77.00K
YoY Change -100.0% -20.0% 266.67%
Pretax Income -$2.890M -$2.970M -$13.63M
YoY Change -8.17% -1.98% -2.97%
Income Tax $50.00K $90.00K $152.0K
% Of Pretax Income
Net Earnings -$2.940M -$3.060M -$13.78M
YoY Change -7.11% -0.33% -2.49%
Net Earnings / Revenue -117.6% -106.62% -109.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$263.0K -$367.3K -$2.163M
COMMON SHARES
Basic Shares Outstanding 11.27M 116.6M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.70M $21.40M $26.40M
YoY Change 20.11% -18.94% 60.0%
Cash & Equivalents $22.75M $21.55M $26.40M
Short-Term Investments
Other Short-Term Assets $182.0K $1.565M $1.900M
YoY Change -14.55% 435.96% 90.0%
Inventory $2.688M $3.260M $3.800M
Prepaid Expenses $884.0K $1.296M
Receivables $1.688M $1.991M $2.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.19M $28.36M $34.30M
YoY Change 14.13% -17.27% 55.91%
LONG-TERM ASSETS
Property, Plant & Equipment $548.0K $830.0K $1.400M
YoY Change -82.88% -42.72% -41.67%
Goodwill $185.0K $185.0K
YoY Change
Intangibles $860.0K $1.008M
YoY Change -11.43%
Long-Term Investments
YoY Change
Other Assets $280.0K $314.0K $400.0K
YoY Change -6.67% -11.3% 33.33%
Total Long-Term Assets $4.698M $5.040M $1.800M
YoY Change -9.65% 179.53% -30.77%
TOTAL ASSETS
Total Short-Term Assets $28.19M $28.36M $34.30M
Total Long-Term Assets $4.698M $5.040M $1.800M
Total Assets $32.89M $33.40M $36.10M
YoY Change 9.99% -7.43% 46.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $1.000M $1.500M
YoY Change 0.0% -33.33% 7.14%
Accrued Expenses $1.340M $1.133M $1.900M
YoY Change -33.0% -40.46% 11.76%
Deferred Revenue $52.00K $158.0K
YoY Change
Short-Term Debt $15.00M $15.00M $15.00M
YoY Change 0.0% 0.0% 150.0%
Long-Term Debt Due $300.0K
YoY Change 0.0%
Total Short-Term Liabilities $18.01M $18.00M $18.70M
YoY Change -0.14% -3.79% 98.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.200M $0.00 $100.0K
YoY Change -100.0% -75.0%
Other Long-Term Liabilities $1.600M $0.00
YoY Change 9900.0%
Total Long-Term Liabilities $0.00 $1.600M $100.0K
YoY Change -100.0% 9900.0% -75.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.01M $18.00M $18.70M
Total Long-Term Liabilities $0.00 $1.600M $100.0K
Total Liabilities $20.40M $19.58M $18.80M
YoY Change 3.56% 3.98% 91.84%
SHAREHOLDERS EQUITY
Retained Earnings -$294.4M -$283.3M
YoY Change 5.77%
Common Stock $11.00K $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.49M $13.82M $17.30M
YoY Change
Total Liabilities & Shareholders Equity $32.89M $33.40M $36.10M
YoY Change 9.99% -7.43% 46.75%

Cashflow Statement

Concept 2021 Q1 2019 Q4 2018
OPERATING ACTIVITIES
Net Income -$2.940M -$3.060M -$13.78M
YoY Change -7.11% -0.33% -2.49%
Depreciation, Depletion And Amortization $180.0K $300.0K $1.280M
YoY Change -33.33% 0.0% -6.57%
Cash From Operating Activities -$1.590M -$2.840M -$12.64M
YoY Change -26.9% -25.46% -2.32%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$340.0K $351.0K
YoY Change -883.78% 41.67% -45.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $60.00K
YoY Change -100.0%
Cash From Investing Activities -$290.0K -$340.0K -$288.0K
YoY Change 0.0% 88.89% -55.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.22M
YoY Change -7.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K -90.00K $22.86M
YoY Change -52.94% -101.44% 50.04%
NET CHANGE
Cash From Operating Activities -1.590M -2.840M -$12.64M
Cash From Investing Activities -290.0K -340.0K -$288.0K
Cash From Financing Activities -40.00K -90.00K $22.86M
Net Change In Cash -1.920M -3.270M $9.936M
YoY Change -24.71% -245.98% 499.64%
FREE CASH FLOW
Cash From Operating Activities -$1.590M -$2.840M -$12.64M
Capital Expenditures -$290.0K -$340.0K $351.0K
Free Cash Flow -$1.300M -$2.500M -$12.99M
YoY Change -41.23% -29.97% -4.35%

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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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FinanceLeasePrincipalPayments
270000 USD
CY2019 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
365000 USD
CY2018 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
407000 USD
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1191000 USD
CY2019 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2018 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2021 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
57000000 USD
CY2019 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
46000000 USD
CY2018 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
36000000 USD
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
57000000 USD
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
46000000 USD
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
27000000 USD
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9296000 USD
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9437000 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16215000 USD
CY2021 us-gaap Payments Of Stock Issuance Costs
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PaymentsOfStockIssuanceCosts
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CY2018 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
72000 USD
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
291000 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
308000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8998000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7600000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1200000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26463000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22748000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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21548000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26463000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
277000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
300000 USD
CY2018 us-gaap Interest Paid Net
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89000 USD
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IncomeTaxesPaid
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IncomeTaxesPaid
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CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
171000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021 us-gaap Stock Issued1
StockIssued1
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CY2019 us-gaap Stock Issued1
StockIssued1
903000 USD
CY2018 us-gaap Stock Issued1
StockIssued1
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CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
670000 USD
CY2019 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
471000 USD
CY2018 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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37000 USD
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2019 us-gaap Stock Issued During Period Value Acquisitions
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903000 USD
CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3144000 USD
CY2019 us-gaap Net Income Loss
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CY2019Q4 us-gaap Stockholders Equity
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CY2021 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021 us-gaap Stock Issued During Period Value New Issues
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CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1739000 USD
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CY2017Q4 us-gaap Stockholders Equity
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CY2018 us-gaap Stock Issued During Period Value New Issues
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CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1901000 USD
CY2021 us-gaap Net Income Loss
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
12487000 USD
CY2021 us-gaap Restructuring Costs
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753000 USD
CY2019Q4 quik Reverse Stock Split Ratio Authorized
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5 pure
CY2019Q4 quik Reverse Stock Split Ratio Authorized
ReverseStockSplitRatioAuthorized
15 pure
CY2021 quik Operating Expenses Denominated In Foreign Currency Percent
OperatingExpensesDenominatedInForeignCurrencyPercent
0.18 pure
CY2019 quik Operating Expenses Denominated In Foreign Currency Percent
OperatingExpensesDenominatedInForeignCurrencyPercent
0.19 pure
CY2018 quik Operating Expenses Denominated In Foreign Currency Percent
OperatingExpensesDenominatedInForeignCurrencyPercent
0.27 pure
CY2021 us-gaap Asset Impairment Charges
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44000 USD
CY2019 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4000 USD
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
5000 USD
CY2021 quik Revenue From Contract With Customer Valuation Allowances And Reserves Sales Return
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30000 USD
CY2019 quik Revenue From Contract With Customer Valuation Allowances And Reserves Sales Return
RevenueFromContractWithCustomerValuationAllowancesAndReservesSalesReturn
60000 USD
CY2021Q1 us-gaap Deferred Tax Assets Gross
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61000000 USD
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
60000000 USD
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Concentrations of Credit and Suppliers</i></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:47.05pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality institutions. The Company’s accounts receivables are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Europe and Asia Pacific. The Company performs ongoing credit evaluations of its customers and generally does <em style="font: inherit;">not</em> require collateral. See Note <em style="font: inherit;">14</em> for information regarding concentrations associated with accounts receivable.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:47.05pt;">The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for wafer fabrication, assembly, programming and test of its devices, and for the supply of programming equipment, and these services are typically provided by <span style="-sec-ix-hidden:c71232414">one</span> supplier for each of the Company’s devices. The Company generally purchases these single or limited source services through standard purchase orders. Because the Company relies on independent subcontractors to perform these services, it cannot directly control its product delivery schedules, costs or quality levels. The Company’s future success also depends on the financial viability of its independent subcontractors.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:47.05pt;"/>
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CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
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2370000 USD
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668000 USD
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CY2019Q4 us-gaap Inventory Net
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182000 USD
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DepreciationAmortizationAndAccretionNet
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CY2021 us-gaap Depreciation Amortization And Accretion Net
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DepreciationAmortizationAndAccretionNet
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1900000 USD
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CY2019 us-gaap Variable Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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CY2021 quik Finance Lease Cost
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CY2019 quik Finance Lease Cost
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OperatingLeasePayments
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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2370000 USD
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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422000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Five
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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127000 USD
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2021Q1 us-gaap Finance Lease Liability
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CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M15D
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CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2019 us-gaap Current Federal Tax Expense Benefit
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CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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3000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
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3000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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2000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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CY2018 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
169000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
42000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
152000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
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1018000 USD
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54913000 USD

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