2022 Q1 Form 10-Q Financial Statement

#000162828022014502 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $16.12M $15.47M
YoY Change 4.21% -2.42%
Cost Of Revenue $16.91M $15.07M
YoY Change 12.19% 2.22%
Gross Profit -$786.0K $401.0K
YoY Change -296.01% -63.97%
Gross Profit Margin -4.87% 2.59%
Selling, General & Admin $4.273M $5.774M
YoY Change -26.0% -21.4%
% of Gross Profit 1439.9%
Research & Development $1.567M $1.809M
YoY Change -13.38% -0.71%
% of Gross Profit 451.12%
Depreciation & Amortization $138.0K $202.0K
YoY Change -31.68% -3.35%
% of Gross Profit 50.37%
Operating Expenses $5.840M $7.583M
YoY Change -22.99% -17.29%
Operating Profit -$6.626M -$7.182M
YoY Change -7.74% -10.84%
Interest Expense $540.0K $581.0K
YoY Change -7.06% 469.61%
% of Operating Profit
Other Income/Expense, Net -$536.0K -$570.0K
YoY Change -5.96% -902.82%
Pretax Income -$7.162M -$7.752M
YoY Change -7.61% -2.86%
Income Tax
% Of Pretax Income
Net Earnings -$7.162M -$7.752M
YoY Change -7.61% -2.91%
Net Earnings / Revenue -44.42% -50.1%
Basic Earnings Per Share -$0.84 -$0.91
Diluted Earnings Per Share -$0.84 -$0.91
COMMON SHARES
Basic Shares Outstanding 8.544M shares 8.508M shares
Diluted Shares Outstanding 8.544M shares 8.508M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.900M $46.14M
YoY Change -78.54% -5.65%
Cash & Equivalents $9.900M $35.68M
Short-Term Investments $0.00 $10.46M
Other Short-Term Assets $2.231M $2.389M
YoY Change -6.61% 35.74%
Inventory $5.531M $4.117M
Prepaid Expenses
Receivables $7.121M $6.597M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.80M $59.24M
YoY Change -58.14% -0.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.377M $2.472M
YoY Change -3.84% 1.72%
Goodwill $921.0K $921.0K
YoY Change 0.0% 0.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $618.0K $629.0K
YoY Change -1.75% 12.2%
Total Long-Term Assets $12.64M $10.21M
YoY Change 23.83% 39.21%
TOTAL ASSETS
Total Short-Term Assets $24.80M $59.24M
Total Long-Term Assets $12.64M $10.21M
Total Assets $37.44M $69.45M
YoY Change -46.1% 3.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.224M $3.307M
YoY Change 27.73% 5.89%
Accrued Expenses $4.373M $4.032M
YoY Change 8.46% -34.55%
Deferred Revenue $2.163M $2.170M
YoY Change -0.32% -0.43%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $6.631M
YoY Change
Total Short-Term Liabilities $19.60M $11.23M
YoY Change 74.46% -15.91%
LONG-TERM LIABILITIES
Long-Term Debt $11.78M $21.04M
YoY Change -44.02% 1.73%
Other Long-Term Liabilities $14.00K $11.00M
YoY Change -99.87% -0.11%
Total Long-Term Liabilities $11.79M $21.04M
YoY Change -43.96% 1.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.60M $11.23M
Total Long-Term Liabilities $11.79M $21.04M
Total Liabilities $42.24M $43.27M
YoY Change -2.38% -3.95%
SHAREHOLDERS EQUITY
Retained Earnings -$377.2M -$345.2M
YoY Change 9.27% 9.76%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.807M $26.18M
YoY Change
Total Liabilities & Shareholders Equity $37.44M $69.45M
YoY Change -46.1% 3.93%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$7.162M -$7.752M
YoY Change -7.61% -2.91%
Depreciation, Depletion And Amortization $138.0K $202.0K
YoY Change -31.68% -3.35%
Cash From Operating Activities -$9.800M -$12.50M
YoY Change -21.57% 91.11%
INVESTING ACTIVITIES
Capital Expenditures -$29.00K -$38.00K
YoY Change -23.68% -81.0%
Acquisitions
YoY Change
Other Investing Activities $9.162M -$474.0K
YoY Change -2032.91% -116.99%
Cash From Investing Activities $9.133M -$512.0K
YoY Change -1883.79% -119.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.687M $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$9.800M -$12.50M
Cash From Investing Activities $9.133M -$512.0K
Cash From Financing Activities -$2.687M $0.00
Net Change In Cash -$3.366M -$13.01M
YoY Change -74.12% -150.8%
FREE CASH FLOW
Cash From Operating Activities -$9.800M -$12.50M
Capital Expenditures -$29.00K -$38.00K
Free Cash Flow -$9.771M -$12.46M
YoY Change -21.56% 96.54%

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CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2021Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2022Q1 us-gaap Repayments Of Debt
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CY2021Q1 us-gaap Repayments Of Debt
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CY2022Q1 us-gaap Repayments Of Notes Payable
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CY2021Q1 us-gaap Repayments Of Notes Payable
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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0 USD
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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CY2022Q1 rmti Years Of Service
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P25Y
CY2022Q1 rmti Entity Yearly Revenue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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rmti Period To Regain Nasdaq Minimum Bid Requirements
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P180D
CY2021Q4 rmti Common Stock Closing Bid Price
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rmti Number Of Consecutive Business Days
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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></div>
CY2022Q1 us-gaap Contract With Customer Asset Net
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0 USD
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2989588 shares
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7600000 USD
CY2022Q1 rmti Number Of Distribution And License Agreements
NumberOfDistributionAndLicenseAgreements
5 agreement
CY2022Q1 rmti Average Payment Term Of Customers
AveragePaymentTermOfCustomers
P30D
CY2022Q1 rmti Average Payment Term Of Distributors
AveragePaymentTermOfDistributors
P45D
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
16124000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
15473000 USD
CY2021Q1 us-gaap Contract With Customer Asset Credit Loss Expense
ContractWithCustomerAssetCreditLossExpense
0 USD
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Other Receivables
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7121000 USD
CY2021Q4 us-gaap Other Receivables
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5913000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7619000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8157000 USD
CY2022Q1 us-gaap Contract With Customer Asset Credit Loss Expense
ContractWithCustomerAssetCreditLossExpense
0 USD
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
9143000 USD
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8544225 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8544225 shares
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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1000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Current
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLossCurrent
14000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
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9158000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4312000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3434000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
408000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
201000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2334000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1964000 USD
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q1 rmti Current And Non Current Inventory
CurrentAndNonCurrentInventory
7054000 USD
CY2021Q4 rmti Current And Non Current Inventory
CurrentAndNonCurrentInventory
5599000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9576000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9589000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7199000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7103000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2377000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2486000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
100000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
200000 USD
CY2022Q1 rmti Research And Development Related Liabilities Current
ResearchAndDevelopmentRelatedLiabilitiesCurrent
338000 USD
CY2021Q4 rmti Research And Development Related Liabilities Current
ResearchAndDevelopmentRelatedLiabilitiesCurrent
366000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1158000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1791000 USD
CY2022Q1 rmti Accrued Unvouchered Receipts Current
AccruedUnvoucheredReceiptsCurrent
537000 USD
CY2021Q4 rmti Accrued Unvouchered Receipts Current
AccruedUnvoucheredReceiptsCurrent
796000 USD
CY2022Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
458000 USD
CY2021Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
382000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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1755000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
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4373000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
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5090000 USD
CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q1 us-gaap Preferred Stock Shares Authorized
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2000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2022Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Authorized
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170000000 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
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170000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2018Q4 rmti Number Of Additional Agreements
NumberOfAdditionalAgreements
3 agreement
CY2022Q1 rmti Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
7400000 USD
CY2022Q1 rmti Operating Lease And Finance Lease Right Of Use Assets Net
OperatingLeaseAndFinanceLeaseRightOfUseAssetsNet
7200000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7900000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7700000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
449000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
419000 USD
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
95000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
102000 USD
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
544000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
521000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
141000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
45000 USD
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
47000 USD
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13000 USD
CY2022Q1 rmti Finance Lease Expense
FinanceLeaseExpense
188000 USD
CY2021Q1 rmti Finance Lease Expense
FinanceLeaseExpense
58000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4000 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
736000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
583000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
464000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
425000 USD
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
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47000 USD
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
13000 USD
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
118000 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
37000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1896000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
460000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y7M6D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P5Y2M12D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.063
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.063
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.064
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3489000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1307000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
495000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1456000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
669000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1114000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
672000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
637000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
676000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
260000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
666000 USD
CY2022Q1 rmti Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
121000 USD
CY2022Q1 rmti Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
311000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4895000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
485000 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
516000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4410000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
2973000 USD

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