2024 Q1 Form 10-Q Financial Statement

#000184085624000019 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $11.59M $17.15M $6.707M
YoY Change 72.86% 80.48%
Cost Of Revenue $4.669M $3.911M $1.976M
YoY Change 136.29% 41.96% 11.45%
Gross Profit $6.925M $13.24M $4.731M
YoY Change 46.37% 96.21% 87.96%
Gross Profit Margin 59.73% 77.19% 70.54%
Selling, General & Admin $15.81M $12.11M $12.00M
YoY Change 31.74% -13.31% 82.26%
% of Gross Profit 228.29% 91.49% 253.65%
Research & Development $14.88M $12.71M $14.18M
YoY Change 4.89% -40.95% -14.81%
% of Gross Profit 214.84% 96.05% 299.81%
Depreciation & Amortization $1.470M $372.0K $708.0K
YoY Change 107.63% -55.71% -45.2%
% of Gross Profit 21.23% 2.81% 14.97%
Operating Expenses $30.69M $24.82M $26.18M
YoY Change 17.2% -30.07% 5243.13%
Operating Profit -$28.53M -$11.59M -$25.04M
YoY Change 13.94% -59.7% -1335.25%
Interest Expense $5.664M -$5.069M $1.096M
YoY Change 416.79% 400.39% 947.7%
% of Operating Profit
Other Income/Expense, Net -$4.185M $666.0K $63.00K
YoY Change -6742.86% 80.49% -113.49%
Pretax Income -$32.71M -$16.40M -$26.04M
YoY Change 25.63% -44.22% 6655.74%
Income Tax $295.0K $1.607M $329.0K
% Of Pretax Income
Net Earnings -$33.01M -$18.57M -$26.37M
YoY Change 25.18% -39.47% 6741.09%
Net Earnings / Revenue -284.71% -108.3% -393.16%
Basic Earnings Per Share -$0.12 -$0.13
Diluted Earnings Per Share -$0.12 -$0.07 -$0.13
COMMON SHARES
Basic Shares Outstanding 286.6M shares 205.1M shares
Diluted Shares Outstanding 286.6M shares 205.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $211.7M $95.26M $46.33M
YoY Change 357.02% 930.39% 255448.81%
Cash & Equivalents $211.7M $95.30M $46.30M
Short-Term Investments
Other Short-Term Assets $3.340M $1.528M $1.069M
YoY Change 212.44% 77.88% 1260.57%
Inventory
Prepaid Expenses $924.0K $1.651M
Receivables $18.95M $15.83M $4.206M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $234.0M $113.5M $53.26M
YoY Change 339.45% 541.37% 54974.46%
LONG-TERM ASSETS
Property, Plant & Equipment $5.894M $6.725M $10.15M
YoY Change -41.91% -41.86% -35.37%
Goodwill $5.760M $0.00
YoY Change
Intangibles $11.58M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $686.0K $577.0K $2.074M
YoY Change -66.92% -65.16% -71.31%
Total Long-Term Assets $53.39M $37.58M $19.55M
YoY Change 173.16% 82.89% -85.31%
TOTAL ASSETS
Total Short-Term Assets $234.0M $113.5M $53.26M
Total Long-Term Assets $53.39M $37.58M $19.55M
Total Assets $287.4M $151.1M $72.80M
YoY Change 294.8% 295.08% -45.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.997M $1.653M $2.542M
YoY Change 17.9% -40.92% -63.36%
Accrued Expenses $15.34M $13.88M $12.31M
YoY Change 24.66% 86.06% 2346.18%
Deferred Revenue $3.631M $4.310M $5.319M
YoY Change -31.74% -25.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $16.98M
YoY Change -100.0% -100.0% -72.55%
Total Short-Term Liabilities $26.48M $24.22M $41.51M
YoY Change -36.2% -35.4% 6210.35%
LONG-TERM LIABILITIES
Long-Term Debt $85.54M $84.31M $14.14M
YoY Change 505.1% 357.55%
Other Long-Term Liabilities $4.638M $6.420M $4.294M
YoY Change 8.01% 49.48% 2674.44%
Total Long-Term Liabilities $90.18M $90.73M $4.294M
YoY Change 2000.16% 2012.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.48M $24.22M $41.51M
Total Long-Term Liabilities $90.18M $90.73M $4.294M
Total Liabilities $132.0M $123.0M $70.42M
YoY Change 87.37% 67.34% 10604.88%
SHAREHOLDERS EQUITY
Retained Earnings -$625.4M -$592.4M -$528.5M
YoY Change 18.33% 17.98%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.5M $28.17M $2.382M
YoY Change
Total Liabilities & Shareholders Equity $287.4M $151.1M $72.80M
YoY Change 294.8% 295.08% -45.31%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$33.01M -$18.57M -$26.37M
YoY Change 25.18% -39.47% 6741.09%
Depreciation, Depletion And Amortization $1.470M $372.0K $708.0K
YoY Change 107.63% -55.71% -45.2%
Cash From Operating Activities -$21.95M -$13.87M -$14.47M
YoY Change 51.71% -32.06% 6561.6%
INVESTING ACTIVITIES
Capital Expenditures $99.00K $58.00K $15.00K
YoY Change 560.0% -58.87% -102.45%
Acquisitions $3.689M $0.00
YoY Change
Other Investing Activities -$3.689M
YoY Change
Cash From Investing Activities -$3.788M -$58.00K -$15.00K
YoY Change 25153.33% -58.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.887M $28.36M
YoY Change -68.66%
Debt Paid & Issued, Net $0.00 $4.120M
YoY Change -100.0%
Cash From Financing Activities $142.7M 13.06M $51.57M
YoY Change 176.72% -461.63%
NET CHANGE
Cash From Operating Activities -$21.95M -13.87M -$14.47M
Cash From Investing Activities -$3.788M -58.00K -$15.00K
Cash From Financing Activities $142.7M 13.06M $51.57M
Net Change In Cash $117.1M -866.0K $37.09M
YoY Change 215.66% -96.42%
FREE CASH FLOW
Cash From Operating Activities -$21.95M -$13.87M -$14.47M
Capital Expenditures $99.00K $58.00K $15.00K
Free Cash Flow -$22.05M -$13.93M -$14.48M
YoY Change 52.24% -32.24% -3777.22%

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CY2023Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2023Q1 us-gaap Proceeds From Other Equity
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CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
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CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
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CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2024Q1 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Repayments Of Long Term Debt
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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226100000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Income Taxes Paid
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CY2024Q1 us-gaap Conversion Of Stock Amount Converted1
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CY2023Q1 us-gaap Conversion Of Stock Amount Converted1
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CY2024Q1 us-gaap Stock Issued1
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CY2023Q1 us-gaap Stock Issued1
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CY2024Q1 soun Unpaid Issuance Costs In Connection With The Eloc Program
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CY2023Q1 soun Unpaid Issuance Costs In Connection With The Eloc Program
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CY2024Q1 soun Deferred Offering Costs Reclassified To Additional Paid In Capital
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CY2023Q1 soun Deferred Offering Costs Reclassified To Additional Paid In Capital
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CY2024Q1 soun Fair Value Of Class A Common Stock Issued For Business Combination
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CY2023Q1 soun Fair Value Of Class A Common Stock Issued For Business Combination
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CY2024Q1 soun Fair Value Of Deferred Consideration
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CY2023Q1 soun Fair Value Of Deferred Consideration
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CY2024Q1 soun Fair Value Of Issuable Acquisition Contingent Consideration
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CY2023Q1 soun Fair Value Of Issuable Acquisition Contingent Consideration
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CY2024Q1 soun Fair Value Of Acquisition Related Holdback Liability
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CY2024Q1 soun Deferred Financing Costs Included In Accrued Liabilities
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CY2023Q1 soun Deferred Financing Costs Included In Accrued Liabilities
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CY2024Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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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%;text-decoration:underline">Reclassification</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain accounts in the prior year condensed consolidated financial statements were reclassified to conform with the current year presentation. The reclassification had an immaterial impact on our consolidated balance sheet in the prior year period.</span></div>
CY2024Q1 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%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosures in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, allowance for credit losses, accrued liabilities, derivative and warrant liabilities, calculation of the incremental borrowing rate, financial instruments recorded at fair value on a recurring basis, the accounting for business combinations and allocating purchase price, valuation and estimating the useful life of identifiable intangible assets, probability of achievement of revenue estimates related to contingent earnout consideration and performance-based equity awards, valuation of deferred tax assets and uncertain tax positions and the fair value of common stock and other assumptions used to measure stock-based compensation expense. The Company bases its estimates on historical experience, the current economic environment, and on assumptions it believes are reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from changes in the economic environment will be reflected in the financial statements in future periods. Actual results could differ materially from those estimates.</span></div>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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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%;text-decoration:underline">Concentrations of Credit Risk and Other Risks and Uncertainties</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, the balances of which frequently exceed federally insured limits. The Company regularly monitors its credit risk exposure and takes steps to mitigate the likelihood of these exposures resulting in actual loss.</span></div>
CY2024Q1 us-gaap Goodwill Impairment Loss
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CY2024Q1 us-gaap Revenue Performance Obligation Description Of Timing
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Hosted services, along with non-distinct customization, integration, maintenance and support professional services, allow customers to access the Houndify platform over the contract period without taking possession of the software.
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2024Q1 us-gaap Goodwill Acquired During Period
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CY2024Q1 us-gaap Goodwill
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2024Q1 us-gaap Amortization Of Intangible Assets
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q1 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2024Q1 us-gaap Contractual Obligation
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CY2024Q1 us-gaap Interest Expense Debt
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CY2024Q1 us-gaap Long Term Debt
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CY2024Q1 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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180 employee
CY2023Q1 us-gaap Restructuring Charges
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CY2023Q1 us-gaap Payments For Restructuring
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CY2024Q1 soun Gain Loss On Stock Conversion
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CY2024Q1 soun Gain Loss On Stock Conversion
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CY2022Q2 soun Common Stock And Preferred Stock Shares Authorized
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CY2022Q2 us-gaap Preferred Stock Shares Authorized
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CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Interest Income Other
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CY2024Q1 soun Gain Loss On Equity Line Of Credit Financing Program
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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soun Gain Loss On Equity Line Of Credit Financing Program
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2023Q1 us-gaap Assets
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments Of Financing Costs
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CY2023Q1 us-gaap Proceeds From Other Equity
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CY2023Q1 us-gaap Stock Issued1
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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