2024 Q2 Form 10-K Financial Statement

#000121390024033498 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $27.59K $7.460K $203.7K
YoY Change -52.96% -88.25% -36.48%
Cost Of Revenue $5.940K $786.9K $960.5K
YoY Change -88.13% 986.55% 286.62%
Gross Profit $21.65K -$779.4K -$756.7K
YoY Change 151.85% 8618.34% -1146.77%
Gross Profit Margin 78.47% -10447.99% -371.46%
Selling, General & Admin $186.5K $73.31K $720.1K
YoY Change 3.0% -70.8% -24.45%
% of Gross Profit 861.27%
Research & Development $132.0K $205.2K $294.8K
YoY Change 169.81% 34.88% -12.52%
% of Gross Profit 609.68%
Depreciation & Amortization $26.09K $38.36K $102.2K
YoY Change -3.12% 165.1% 67.32%
% of Gross Profit 120.49%
Operating Expenses $318.5K $278.5K $1.015M
YoY Change 38.49% -30.93% -21.34%
Operating Profit -$296.9K -$1.058M -$1.772M
YoY Change 34.09% 156.68% 45.47%
Interest Expense $71.27K $0.00 -$7.090K
YoY Change 3844.11% -100.0% -102.99%
% of Operating Profit
Other Income/Expense, Net $71.27K -$6.196K
YoY Change -4043.88% -97.69%
Pretax Income -$225.6K -$1.058M -$1.778M
YoY Change 1.08% 153.21% 19.59%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$225.6K -$1.058M -$1.778M
YoY Change 1.08% 10.83% 19.59%
Net Earnings / Revenue -817.57% -14181.64% -872.69%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 1.462B shares 1.462B shares 1.462B shares
Diluted Shares Outstanding 1.472B shares 1.462B shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $698.7K $719.1K $719.1K
YoY Change -35.44% -60.96% -60.96%
Cash & Equivalents $698.7K $719.1K
Short-Term Investments
Other Short-Term Assets $15.90K $8.710K $8.710K
YoY Change 6.0%
Inventory $79.62K $99.15K $99.15K
Prepaid Expenses
Receivables $10.29K $9.030K $9.030K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $804.5K $836.0K $836.0K
YoY Change -61.39% -71.27% -71.27%
LONG-TERM ASSETS
Property, Plant & Equipment $128.9K $360.3K $360.3K
YoY Change -41.07% 161.15% -18.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $261.9K $370.3K $370.3K
YoY Change -44.19% -17.92% -17.93%
TOTAL ASSETS
Total Short-Term Assets $804.5K $836.0K $836.0K
Total Long-Term Assets $261.9K $370.3K $370.3K
Total Assets $1.066M $1.206M $1.206M
YoY Change -58.23% -64.11% -64.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.2K $37.00K $37.00K
YoY Change 621.68% -32.54% -32.54%
Accrued Expenses $6.426K $194.9K $194.9K
YoY Change -95.93% -17.17% -17.17%
Deferred Revenue $36.00K
YoY Change
Short-Term Debt $78.61K $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $493.9K $231.9K $231.9K
YoY Change 187.1% -51.08% -51.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $43.68K $43.68K
YoY Change -75.49% -75.49%
Total Long-Term Liabilities $43.68K $43.68K
YoY Change -75.49% -75.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $493.9K $231.9K $231.9K
Total Long-Term Liabilities $43.68K $43.68K
Total Liabilities $493.9K $275.6K $275.6K
YoY Change 67.91% -57.75% -57.75%
SHAREHOLDERS EQUITY
Retained Earnings -$14.67M -$14.19M
YoY Change 14.04% 14.32%
Common Stock $1.482M $1.462M
YoY Change 1.43% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $572.5K $930.7K $930.7K
YoY Change
Total Liabilities & Shareholders Equity $1.066M $1.206M $1.206M
YoY Change -58.23% -64.11% -64.11%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$225.6K -$1.058M -$1.778M
YoY Change 1.08% 10.83% 19.59%
Depreciation, Depletion And Amortization $26.09K $38.36K $102.2K
YoY Change -3.12% 165.1% 67.32%
Cash From Operating Activities -$151.9K -$173.6K -$791.3K
YoY Change -49.93% -36.03% -64.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $11.67K $147.6K
YoY Change -77.03% 20.75%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$11.67K -$147.6K
YoY Change -77.03% 20.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K 0.000 -183.9K
YoY Change -251.53% -100.0% -122.58%
NET CHANGE
Cash From Operating Activities -151.9K -173.6K -791.3K
Cash From Investing Activities 0.000 -11.67K -147.6K
Cash From Financing Activities 120.0K 0.000 -183.9K
Net Change In Cash -31.89K -185.3K -1.123M
YoY Change -91.66% -41.92% -27.16%
FREE CASH FLOW
Cash From Operating Activities -$151.9K -$173.6K -$791.3K
Capital Expenditures $0.00 $11.67K $147.6K
Free Cash Flow -$151.9K -$185.3K -$939.0K
YoY Change -49.93% -42.5% -60.15%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Use of Estimates </span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Concentrations of Credit Risk</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”). As of December 31, 2023 and 2022, the Company had $469,100 and $1,591,988 of cash above the FDIC’s $250,000 coverage limit, respectively.</span></p>
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CY2022Q4 us-gaap Cash Uninsured Amount
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CY2023 us-gaap Revenue Recognition Allowances
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Revenue Recognition</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). The Company determines revenue recognition through the following steps:</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of a contract with a customer;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligations in the contract;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction price to the performance obligations in the contract; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition of revenue when or as the performance obligations are satisfied.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All orders are received online at which time payment is made. When payment is approved the product is shipped. When the product ships control of the promised goods is transferred to the customers and the revenue is recognized. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Warrants And Rights Outstanding Term
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CY2022 us-gaap Depreciation
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CY2023 rmsl Agreement Term
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P1Y
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company entered into a Lease Agreement (the “Lease”) with 14175 Icot Blvd, LLC (the “Lessor”), effective May 1, 2022, relating to approximately 9,677 square feet of property located at 14175 Icot Blvd, Clearwater, FL 33760.
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
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9034.17 usd
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134438 usd
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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5475 usd
CY2023Q4 us-gaap Operating Lease Liability
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178114 usd
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43676 usd
CY2023 us-gaap Operating Lease Cost
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136320 usd
CY2023 us-gaap Adjustment For Amortization
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103613 usd
CY2023Q4 us-gaap Prepaid Expense Noncurrent
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8675 usd
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
114000000 shares
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
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855000 usd
CY2023Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1 shares
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0.81 pure
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0.21 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2980000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2494000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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2980000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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2494000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2980000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
226500000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0013
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P3Y9M10D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0104
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y1M20D
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1665500 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
172500000 shares
CY2024Q1 rmsl Issuance Of Convertible Promissory Note Percentage
IssuanceOfConvertiblePromissoryNotePercentage
0.10 pure
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023 dei Auditor Firm
AuditorFirmId
5525
CY2022Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
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CY2023 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1461616601 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1461965506 shares
CY2022 us-gaap Conversion Of Stock Amount Converted1
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CY2022 us-gaap Warrant Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
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CY2023 us-gaap Stock Issued During Period Value Other
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CY2022 us-gaap Inventory Write Down
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CY2023 us-gaap Fair Value Adjustment Of Warrants
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CY2023 us-gaap Amortization Of Debt Discount Premium
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CY2023 us-gaap Increase Decrease In Accrued Liabilities
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CY2023 us-gaap Repayments Of Debt
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CY2022 us-gaap Repayments Of Related Party Debt
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CY2023 us-gaap Proceeds From Related Party Debt
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022 us-gaap Income Taxes Paid Net
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CY2023 us-gaap Stock Issued1
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CY2023 rmsl Establish Right Of Use Asset
EstablishRightOfUseAsset
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CY2022 rmsl Series C Preferred Stock Issued For Intangibles Related Party
SeriesCPreferredStockIssuedForIntangiblesRelatedParty
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAsset
CY2022Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAsset
CY2023Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2023#OperatingLeaseLiabilityCurrent
CY2022Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 rmsl Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Expired
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023 dei Amendment Flag
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false
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true
CY2023 dei Document Fiscal Period Focus
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FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001412126

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