2016 Q3 Form 10-Q Financial Statement
#000162828016018315 Filed on August 03, 2016
Income Statement
Concept | 2016 Q3 | 2016 Q2 | 2015 Q2 |
---|---|---|---|
Revenue | $204.0K | $483.0K | $3.834M |
YoY Change | -89.06% | -87.4% | 420.92% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $4.840M | $3.660M | $5.810M |
YoY Change | 13.88% | -37.01% | 96.95% |
% of Gross Profit | |||
Research & Development | $14.55M | $18.01M | $19.20M |
YoY Change | 32.73% | -6.22% | 77.87% |
% of Gross Profit | |||
Depreciation & Amortization | $660.0K | $510.0K | $410.0K |
YoY Change | 73.68% | 24.39% | 17.14% |
% of Gross Profit | |||
Operating Expenses | $19.40M | $21.67M | $25.02M |
YoY Change | 27.52% | -13.37% | 81.94% |
Operating Profit | -$19.19M | -$21.19M | -$21.18M |
YoY Change | 43.81% | 0.03% | 62.77% |
Interest Expense | $560.0K | $90.00K | $7.000K |
YoY Change | 9233.33% | 1185.71% | -30.0% |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$19.52M | -$21.10M | -$21.04M |
YoY Change | 49.93% | 0.29% | 75.7% |
Income Tax | $4.000K | -$8.000K | -$2.000K |
% Of Pretax Income | |||
Net Earnings | -$19.52M | -$21.09M | -$21.04M |
YoY Change | 50.15% | 0.26% | 75.69% |
Net Earnings / Revenue | -9568.14% | -4366.46% | -548.64% |
Basic Earnings Per Share | -$0.37 | -$0.40 | -$0.41 |
Diluted Earnings Per Share | -$4.436M | -$4.793M | -$0.41 |
COMMON SHARES | |||
Basic Shares Outstanding | 52.82M shares | 52.78M shares | 51.07M shares |
Diluted Shares Outstanding | 51.07M shares |
Balance Sheet
Concept | 2016 Q3 | 2016 Q2 | 2015 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $91.60M | $107.5M | $139.4M |
YoY Change | -29.7% | -22.88% | 34.69% |
Cash & Equivalents | $14.71M | $27.04M | $21.08M |
Short-Term Investments | $76.90M | $80.50M | $118.3M |
Other Short-Term Assets | $267.0K | $522.0K | $4.100M |
YoY Change | -95.69% | -87.27% | -6.82% |
Inventory | |||
Prepaid Expenses | $10.61M | $7.565M | |
Receivables | $300.0K | $100.0K | $600.0K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $102.8M | $116.2M | $144.1M |
YoY Change | -24.84% | -19.33% | 33.56% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $12.04M | $12.32M | $3.310M |
YoY Change | 245.24% | 272.27% | -16.16% |
Goodwill | |||
YoY Change | |||
Intangibles | $1.051M | $1.062M | $1.072M |
YoY Change | -1.96% | -0.93% | -3.6% |
Long-Term Investments | |||
YoY Change | |||
Other Assets | $343.0K | $310.0K | $1.794M |
YoY Change | -83.49% | -82.72% | 83.62% |
Total Long-Term Assets | $13.44M | $13.69M | $6.176M |
YoY Change | 102.44% | 121.73% | 2.3% |
TOTAL ASSETS | |||
Total Short-Term Assets | $102.8M | $116.2M | $144.1M |
Total Long-Term Assets | $13.44M | $13.69M | $6.176M |
Total Assets | $116.3M | $129.9M | $150.3M |
YoY Change | -18.95% | -13.53% | 31.9% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $5.724M | $3.504M | $2.407M |
YoY Change | 68.75% | 45.58% | -20.25% |
Accrued Expenses | $5.066M | $5.472M | $6.834M |
YoY Change | -31.62% | -19.93% | 54.2% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | ||
YoY Change | |||
Total Short-Term Liabilities | $13.15M | $11.10M | $14.55M |
YoY Change | -11.19% | -23.72% | 29.11% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $19.80M | $19.80M | $0.00 |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | $8.631M | $8.570M | $804.0K |
YoY Change | 1145.45% | 965.92% | -36.19% |
Total Long-Term Liabilities | $8.631M | $8.570M | $804.0K |
YoY Change | 1145.45% | 965.92% | -36.19% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $13.15M | $11.10M | $14.55M |
Total Long-Term Liabilities | $8.631M | $8.570M | $804.0K |
Total Liabilities | $43.58M | $41.48M | $17.64M |
YoY Change | 147.83% | 135.19% | -44.6% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$253.3M | -$233.8M | -$171.3M |
YoY Change | 37.46% | 36.5% | 65.02% |
Common Stock | $326.1M | $322.3M | $304.1M |
YoY Change | 5.11% | 6.01% | 707041.86% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $72.69M | $88.45M | $132.6M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $116.3M | $129.9M | $150.3M |
YoY Change | -18.95% | -13.53% | 31.9% |
Cashflow Statement
Concept | 2016 Q3 | 2016 Q2 | 2015 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$19.52M | -$21.09M | -$21.04M |
YoY Change | 50.15% | 0.26% | 75.69% |
Depreciation, Depletion And Amortization | $660.0K | $510.0K | $410.0K |
YoY Change | 73.68% | 24.39% | 17.14% |
Cash From Operating Activities | -$15.50M | -$17.35M | -$9.770M |
YoY Change | 31.36% | 77.58% | -2.5% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$480.0K | $130.0K | -$170.0K |
YoY Change | 4.35% | -176.47% | -73.85% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $3.410M | $5.170M | $10.50M |
YoY Change | -42.79% | -50.76% | -13.93% |
Cash From Investing Activities | $2.940M | $5.300M | $10.33M |
YoY Change | -46.45% | -48.69% | -10.41% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 230.0K | 19.83M | 920.0K |
YoY Change | -93.5% | 2055.43% | 2966.67% |
NET CHANGE | |||
Cash From Operating Activities | -15.50M | -17.35M | -9.770M |
Cash From Investing Activities | 2.940M | 5.300M | 10.33M |
Cash From Financing Activities | 230.0K | 19.83M | 920.0K |
Net Change In Cash | -12.33M | 7.780M | 1.480M |
YoY Change | 345.13% | 425.68% | -3.9% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$15.50M | -$17.35M | -$9.770M |
Capital Expenditures | -$480.0K | $130.0K | -$170.0K |
Free Cash Flow | -$15.02M | -$17.48M | -$9.600M |
YoY Change | 32.45% | 82.08% | 2.45% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | ||
dei |
Amendment Flag
AmendmentFlag
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false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
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--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2016-06-30 | ||
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Document Type
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10-Q | ||
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|
1837000 | USD | |
CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
12632000 | USD |
CY2015Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
1081000 | USD |
CY2016Q2 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
1062000 | USD |
CY2015Q2 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
151000 | USD |
us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
351000 | USD | |
CY2016Q2 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
180000 | USD |
us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
372000 | USD | |
CY2015Q2 | us-gaap |
Interest Expense
InterestExpense
|
7000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
16000 | USD | |
CY2016Q2 | us-gaap |
Interest Expense
InterestExpense
|
90000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
114000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
15000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
54000 | USD | |
CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
17005000 | USD |
CY2016Q2 | us-gaap |
Liabilities
Liabilities
|
41482000 | USD |
CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
141083000 | USD |
CY2016Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
129928000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
20364000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2935000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
16991000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-21015000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-26275000 | USD | |
CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21035000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-35522000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21090000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-42296000 | USD | |
CY2015Q1 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
-1800000 | USD |
CY2015Q2 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
0 | USD |
us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
-1811000 | USD | |
CY2016Q2 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
0 | USD |
us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
0 | USD | |
CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
25015000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
42086000 | USD | |
CY2016Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
21671000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
43539000 | USD | |
CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-21181000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-34052000 | USD | |
CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-21188000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-42567000 | USD | |
CY2015Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
759000 | USD |
CY2016Q2 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
522000 | USD |
CY2015Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
344000 | USD |
us-gaap |
Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
|
0 | USD | |
us-gaap |
Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
|
19819000 | USD | |
CY2016Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
310000 | USD |
CY2015Q2 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-2000 | USD |
us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
55000 | USD | |
CY2016Q2 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
9000 | USD |
us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
50000 | USD | |
CY2015Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
2308000 | USD |
CY2016Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
8570000 | USD |
us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
56000 | USD | |
us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
45000 | USD | |
us-gaap |
Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
|
0 | USD | |
us-gaap |
Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
|
6545000 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
19000 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
34000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
410000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
266000 | USD | |
us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
46281000 | USD | |
us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
30231000 | USD | |
CY2015Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
8159000 | USD |
CY2016Q2 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
7565000 | USD |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
257000 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
363000 | USD | |
us-gaap |
Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
49645000 | USD | |
us-gaap |
Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
47522000 | USD | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1655000 | USD | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
265000 | USD | |
CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
5400000 | USD |
CY2016Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
12322000 | USD |
us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
75000 | USD | |
us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
83000 | USD | |
CY2015Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
19201000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
32628000 | USD | |
CY2016Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
18007000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
34772000 | USD | |
CY2015Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
1256000 | USD |
CY2016Q2 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
462000 | USD |
CY2016Q2 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
500000 | USD |
CY2015Q3 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
1400000 | USD |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-191515000 | USD |
CY2016Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-233811000 | USD |
CY2015Q2 | us-gaap |
Revenues
Revenues
|
3834000 | USD |
us-gaap |
Revenues
Revenues
|
8034000 | USD | |
CY2016Q2 | us-gaap |
Revenues
Revenues
|
483000 | USD |
us-gaap |
Revenues
Revenues
|
972000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
8972000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
5986000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
507000 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
10.47 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
2375000 | shares | |
CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
5126000 | shares |
CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
6937798 | shares |
CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
6938000 | shares |
CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
8.91 | |
CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
8.04 | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
4.76 | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
6.62 | ||
CY2015Q1 | us-gaap |
Share Price
SharePrice
|
18.58 | |
CY2015Q4 | us-gaap |
Short Term Investments
ShortTermInvestments
|
98103000 | USD |
CY2016Q2 | us-gaap |
Short Term Investments
ShortTermInvestments
|
80502000 | USD |
us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
56000 | shares | |
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
124078000 | USD |
CY2016Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
88446000 | USD |
CY2015Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
51073488 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
50575096 | shares | |
CY2016Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
52782643 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
52746657 | shares | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our condensed financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements and accompanying notes. An estimated loss contingency is accrued in our financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions.</font></div></div> |