2021 Q4 Form 10-Q Financial Statement

#000144637121000044 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $561.0K $493.0K
YoY Change
Cost Of Revenue $335.0K $469.0K
YoY Change
Gross Profit $226.0K $24.00K
YoY Change
Gross Profit Margin 40.29% 4.87%
Selling, General & Admin $151.0K $373.0K
YoY Change
% of Gross Profit 66.81% 1554.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $329.0K $680.0K
YoY Change
% of Gross Profit 145.58% 2833.33%
Operating Expenses $480.0K $7.469M $1.497M
YoY Change 398.93% 18.43%
Operating Profit -$254.0K -$6.976M -$968.0K
YoY Change 620.66% 207.3%
Interest Expense -$318.0K $319.0K $230.0K
YoY Change 38.7% 15.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.841M -$6.976M -$934.0K
YoY Change 646.9% 183.89%
Income Tax $34.00K
% Of Pretax Income
Net Earnings -$1.807M -$6.837M -$949.0K
YoY Change 620.44% 194.72%
Net Earnings / Revenue -322.1% -1386.82%
Basic Earnings Per Share -$0.64
Diluted Earnings Per Share -$168.2K -$636.6K
COMMON SHARES
Basic Shares Outstanding 10.74M shares 10.74M shares 10.74M shares
Diluted Shares Outstanding 10.74M shares 10.74M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.833M $1.661M
YoY Change
Cash & Equivalents $1.833M $1.661M $2.877M
Short-Term Investments
Other Short-Term Assets $129.0K $183.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $844.0K $616.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.806M $2.460M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $65.70M $66.51M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $844.0K $986.0K
YoY Change
Total Long-Term Assets $67.05M $68.29M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.806M $2.460M
Total Long-Term Assets $67.05M $68.29M
Total Assets $69.85M $70.75M $93.77M
YoY Change -11.65% -24.55% -3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $731.0K $872.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $731.0K $872.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $39.84M $38.79M
YoY Change
Other Long-Term Liabilities $370.0K $337.0K
YoY Change
Total Long-Term Liabilities $40.21M $39.13M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $731.0K $872.0K
Total Long-Term Liabilities $40.21M $39.13M
Total Liabilities $40.94M $40.00M $39.67M
YoY Change 3.91% 0.83% -7.86%
SHAREHOLDERS EQUITY
Retained Earnings -$66.31M -$64.50M -$41.62M
YoY Change 18.89% 54.98% -0.2%
Common Stock $110.0K $110.0K $110.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.45M $30.21M $53.10M
YoY Change
Total Liabilities & Shareholders Equity $69.85M $70.75M $93.77M
YoY Change -11.65% -24.55% -3.6%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$1.807M -$6.837M -$949.0K
YoY Change 620.44% 194.72%
Depreciation, Depletion And Amortization $329.0K $680.0K
YoY Change
Cash From Operating Activities -$515.0K -$1.220M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$581.0K -$695.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$37.00K -$172.0K
YoY Change
Cash From Investing Activities -$618.0K -$867.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 893.0K -38.00K
YoY Change
NET CHANGE
Cash From Operating Activities -515.0K -1.220M
Cash From Investing Activities -618.0K -867.0K
Cash From Financing Activities 893.0K -38.00K
Net Change In Cash -240.0K -2.125M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$515.0K -$1.220M
Capital Expenditures -$581.0K -$695.0K
Free Cash Flow $66.00K -$525.0K
YoY Change

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
5034000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
117000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
220000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
49000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3525000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
8926000 USD
srtr Paymentofloanfeesfrominvestmentsinconsolidatedvariableinterestentities
Paymentofloanfeesfrominvestmentsinconsolidatedvariableinterestentities
87000 USD
srtr Paymentofloanfeesfrominvestmentsinconsolidatedvariableinterestentities
Paymentofloanfeesfrominvestmentsinconsolidatedvariableinterestentities
174000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-38000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
25000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2622000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7241000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2647000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3847000 USD
srtr Changeinaccruedliabilitiescapitalizedtoinvestmentindevelopment
Changeinaccruedliabilitiescapitalizedtoinvestmentindevelopment
110000 USD
srtr Changeinaccruedliabilitiescapitalizedtoinvestmentindevelopment
Changeinaccruedliabilitiescapitalizedtoinvestmentindevelopment
-725000 USD
srtr Amortizationofdeferredloanfeescapitalizedtoinvestmentindevelopment
Amortizationofdeferredloanfeescapitalizedtoinvestmentindevelopment
131000 USD
srtr Amortizationofdeferredloanfeescapitalizedtoinvestmentindevelopment
Amortizationofdeferredloanfeescapitalizedtoinvestmentindevelopment
208000 USD
srtr Increase Decrease In Capital Additions Accrued But Not Yet Paid
IncreaseDecreaseInCapitalAdditionsAccruedButNotYetPaid
14000 USD
srtr Increase Decrease In Capital Additions Accrued But Not Yet Paid
IncreaseDecreaseInCapitalAdditionsAccruedButNotYetPaid
100000 USD
us-gaap Interest Paid Net
InterestPaidNet
642000 USD
us-gaap Interest Paid Net
InterestPaidNet
144000 USD
CY2021Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
6
CY2021Q3 us-gaap Net Rentable Area
NetRentableArea
27000 sqft
CY2021Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
1
CY2021Q3 srtr Percentof Real Estate Properties Leased
PercentofRealEstatePropertiesLeased
0.91
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1700000 USD
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1000000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1661000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1816000 USD
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
986000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
806000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2647000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2622000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform with current period’s presentation. The reclassifications had no effect on the Company’s condensed consolidated financial condition, results of operations, or cash flows.</span></div>
CY2021Q3 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P10Y2M12D
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
100000 USD
CY2021Q3 us-gaap Security Deposit
SecurityDeposit
100000 USD
CY2021Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
358000 USD
CY2020Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
351000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
1503000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
1540000 USD
CY2021Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
135000 USD
CY2020Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
178000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
431000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
450000 USD
CY2021Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
493000 USD
CY2020Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
529000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1934000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1990000 USD
CY2021Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
300000 USD
CY2021Q3 srtr Deferred Accounts Receivable
DeferredAccountsReceivable
3000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
405000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1893000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1928000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1889000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1644000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
6556000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
14315000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2057000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1892000 USD
CY2021Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
389000 USD
CY2020Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
389000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1264000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
716000 USD
CY2021Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
253000 USD
CY2020Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
142000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1176000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
793000 USD
CY2021Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
136000 USD
CY2020Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
247000 USD
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
281000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
63000 USD
CY2021Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
6000 USD
CY2020Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
11000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
604000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
188000 USD
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
111000 USD
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
41000 USD
CY2021Q3 us-gaap Secured Debt
SecuredDebt
18000000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
21258000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18000000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
39258000 USD
CY2021Q3 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
517000 USD
CY2021Q3 us-gaap Notes Payable
NotesPayable
38741000 USD
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
216000 USD
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
139000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
638000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
139000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
328000 USD
CY2021Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
103000 USD
CY2020Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
91000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
309000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
319000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
230000 USD
us-gaap Interest Expense
InterestExpense
947000 USD
us-gaap Interest Expense
InterestExpense
467000 USD
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2021Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2021Q3 srtr Common Stock Outstanding Percentage
CommonStockOutstandingPercentage
0.05
CY2021Q3 srtr Redemption Pricefor Shares Percentage
RedemptionPriceforSharesPercentage
1
CY2021Q3 srtr Share Redemption Amount Minimum Limit
ShareRedemptionAmountMinimumLimit
5000 USD
srtr Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-6976000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-968000 USD
us-gaap Profit Loss
ProfitLoss
-8906000 USD
us-gaap Profit Loss
ProfitLoss
-1067000 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-139000 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-19000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-177000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-21000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6837000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-949000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8729000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1046000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10739729 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10739729 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10739729 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10746195 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10739729 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10739729 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10739729 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10746195 shares
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.81
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
217475 shares
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
2500000 USD
CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.070

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