2023 Q4 Form 10-Q Financial Statement

#000121390023085569 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $1.363M $1.430M $0.00
YoY Change
Cost Of Revenue $1.545M $1.270M $315.7K
YoY Change 389.32% 75.17% 134.12%
Gross Profit -$181.7K $159.8K -$315.7K
YoY Change -42.44% -122.05% 134.12%
Gross Profit Margin -13.33% 11.18%
Selling, General & Admin $15.27M $1.275M $908.3K
YoY Change 1581.57% 627.86% 541.8%
% of Gross Profit 797.69%
Research & Development $576.2K $293.1K $72.96K
YoY Change 689.71%
% of Gross Profit 183.36%
Depreciation & Amortization -$64.60K -$83.68K $2.280K
YoY Change -2933.33% -3786.34% -23.49%
% of Gross Profit -52.35%
Operating Expenses $15.85M $2.132M $981.2K
YoY Change 1515.25% 136.88% 593.41%
Operating Profit -$16.03M -$1.972M -$1.297M
YoY Change 1136.04% 21.37% 369.29%
Interest Expense -$208.3K -$11.48K -$45.49K
YoY Change 357.97% -28800.0% -151733.33%
% of Operating Profit
Other Income/Expense, Net $120.0K -$11.48K $170.0K
YoY Change -29.4% -110.43% -319.64%
Pretax Income -$16.12M -$1.984M -$1.172M
YoY Change 1274.82% 151.1% 231.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.12M -$1.984M -$1.172M
YoY Change 1274.82% 151.1% 231.46%
Net Earnings / Revenue -1182.44% -138.76%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.10 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 169.1M shares 146.2M shares 39.20M shares
Diluted Shares Outstanding 146.7M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.022M $6.596M $1.351M
YoY Change 49.65% 1182.96% 233.04%
Cash & Equivalents $2.022M $6.596M $1.351M
Short-Term Investments
Other Short-Term Assets $8.386M $7.049M $8.680K
YoY Change 96511.75% 33337.24% 279.04%
Inventory $6.327M $4.171M
Prepaid Expenses
Receivables $1.647M $1.512M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.38M $19.33M $4.360M
YoY Change 321.62% 1081.98% 968.47%
LONG-TERM ASSETS
Property, Plant & Equipment $790.2K $661.6K $11.40K
YoY Change 6831.87% 4736.83% -44.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $7.096M $4.731M $11.40K
YoY Change 62154.46% 34488.14% -44.51%
TOTAL ASSETS
Total Short-Term Assets $18.38M $19.33M $4.360M
Total Long-Term Assets $7.096M $4.731M $11.40K
Total Assets $25.48M $24.06M $4.371M
YoY Change 482.85% 1359.09% 919.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.9K $175.8K
YoY Change 168.06%
Accrued Expenses $2.330M $1.996M $5.700K
YoY Change 40783.51% 34912.63% -67.8%
Deferred Revenue $156.3K
YoY Change
Short-Term Debt $6.019M $6.118M $4.000M
YoY Change 50.47% 456.2%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $9.271M $8.296M $4.051M
YoY Change 128.84% 530.28% 1310.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.910M $0.00 $0.00
YoY Change
Total Long-Term Liabilities $1.910M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.271M $8.296M $4.051M
Total Long-Term Liabilities $1.910M $0.00 $0.00
Total Liabilities $11.18M $8.296M $4.051M
YoY Change 175.99% 530.28% 1310.2%
SHAREHOLDERS EQUITY
Retained Earnings -$35.33M -$21.09M -$10.69M
YoY Change 230.46% 121.52% 26.1%
Common Stock $17.07K $36.21M $5.389K
YoY Change 216.77% 886780.87% 42.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.30M $15.76M $320.2K
YoY Change
Total Liabilities & Shareholders Equity $25.48M $24.06M $4.371M
YoY Change 482.85% 1359.09% 919.92%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$16.12M -$1.984M -$1.172M
YoY Change 1274.82% 151.1% 231.46%
Depreciation, Depletion And Amortization -$64.60K -$83.68K $2.280K
YoY Change -2933.33% -3786.34% -23.49%
Cash From Operating Activities $258.3K -$3.152M -$1.132M
YoY Change -122.81% 3525.41% 887.72%
INVESTING ACTIVITIES
Capital Expenditures $1.886M $141.4K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.533M -$3.298M -$1.900M
YoY Change -338.6% 199.8% -7407.69%
Cash From Investing Activities $2.647M -$3.439M -$1.900M
YoY Change -239.34% 212.66% -7407.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.288M 12.76M 3.869M
YoY Change -288.35% 786.41% 1237.95%
NET CHANGE
Cash From Operating Activities 258.3K -3.152M -1.132M
Cash From Investing Activities 2.647M -3.439M -1.900M
Cash From Financing Activities -7.288M 12.76M 3.869M
Net Change In Cash -4.382M 6.173M 837.2K
YoY Change -623.4% 2339.41% 317.4%
FREE CASH FLOW
Cash From Operating Activities $258.3K -$3.152M -$1.132M
Capital Expenditures $1.886M $141.4K
Free Cash Flow -$1.628M -$3.293M
YoY Change

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us-gaap Net Income Loss Available To Common Stockholders Basic
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ssii Aggregate Amounts
AggregateAmounts
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CY2023Q3 ssii Aggregate Amounts
AggregateAmounts
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StockholdersEquity
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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ssii Working Capital Deficit
WorkingCapitalDeficit
2880000 usd
CY2023Q3 us-gaap Time Deposit Liability Above Us Insurance Limit
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us-gaap Payments For Deposits
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us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
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ssii Provided Interim Financing
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. The Company regularly evaluates estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made by management.</p>
CY2023Q3 ssii Foreign Currency Closing Rate Translation
ForeignCurrencyClosingRateTranslation
83.09 pure
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
82.575 pure
CY2023Q3 us-gaap Inventory Net
InventoryNet
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us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentration of Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains its principal cash balance in United States financial institutions, where deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company also maintains cash balances maintained with banks in India, where balances are insured by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) to the extent of approximately US$ 6,100 per account and in the Bahamas, where deposits are insured by the Deposit Insurance Corporation of Bahamas insures deposits up to US$50,000 per account. As at September 30,2023, $ 6,263,878 of deposits were in excess of overall insurance coverage limits.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2023Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
6100 usd
CY2023Q3 us-gaap Deferred Revenue
DeferredRevenue
1355448 usd
CY2023Q3 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
3000000 usd
CY2023Q3 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
0.07 pure
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1012116 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
134714 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
350534 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
123315 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
661582 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11399 usd
us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
227599 usd
us-gaap Depreciation Expense On Reclassified Assets
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6864 usd
CY2023Q3 us-gaap Accounts Receivable Net
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1512055 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
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1512055 usd
CY2023Q3 us-gaap Other Long Term Investments
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2209050 usd
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2209050 usd
ssii Deferred Payment Terms
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2209050 usd
CY2022Q2 ssii Stock Issued During Period Security Offerings
StockIssuedDuringPeriodSecurityOfferings
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CY2023Q3 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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51229 usd
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
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2171524 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
51229 usd
CY2023Q2 ssii Working Capital
WorkingCapital
20000000 usd
CY2023Q3 us-gaap Assets Average Outstanding
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16980000 usd
CY2023Q3 us-gaap Shares Issued
SharesIssued
22945946 shares
CY2023Q3 us-gaap Bank Overdrafts
BankOverdrafts
6118214 usd
CY2023Q3 us-gaap Deposit Assets
DepositAssets
4827882 usd
CY2023Q3 us-gaap Deposits
Deposits
4964496 usd
CY2023Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
135808884 shares
ssii Common Stock Ownership Percentage
CommonStockOwnershipPercentage
0.95 pure
ssii Exercise Percentage
exercisePercentage
0.51 pure
ssii Preferred Shares Percentage
PreferredSharesPercentage
0.50 pure
CY2023Q3 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
250000000 shares
ssii Aggregate Shares
AggregateShares
10149232 shares
ssii Royalty Percentage
RoyaltyPercentage
0.03 pure
CY2023Q2 us-gaap Capital Units Total Cost To Investors
CapitalUnitsTotalCostToInvestors
3000000 usd
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
16980000 usd
CY2023Q3 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
22945946 shares
CY2023Q3 us-gaap Preferred Stock Convertible Conversion Price Increase
PreferredStockConvertibleConversionPriceIncrease
0.74
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1829.25 usd
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
2454.75 usd
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2223 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
1474.17 usd
CY2022Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
404.68 usd
CY2023Q3 us-gaap Tax Basis Of Investments Cost For Income Tax Purposes
TaxBasisOfInvestmentsCostForIncomeTaxPurposes
194 usd
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
16528 usd
ssii Lease Expiration Date
LeaseExpirationDate
March 2030
CY2023Q3 us-gaap Area Of Land
AreaOfLand
21600 sqm
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
16349 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1860333 usd
CY2022 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
0 usd
CY2023Q3 us-gaap Other Loans Payable
OtherLoansPayable
1860333 usd
CY2023Q3 us-gaap Loans Payable
LoansPayable
1860333 usd
CY2023Q2 us-gaap Related Party Transaction Date
RelatedPartyTransactionDate
2023-12-31
CY2023Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
20000000 usd
us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
0.74
CY2023Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
1225000 usd
us-gaap Related Party Tax Expense Effect Of Change In Allocation Methodology
RelatedPartyTaxExpenseEffectOfChangeInAllocationMethodology
15755000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
16980000 usd
CY2023Q3 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
16980000 usd
CY2023Q3 us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
0.74
CY2023Q3 us-gaap Common Unit Issued
CommonUnitIssued
22945946 shares
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q4 ssii Loans Advances Related Party
LoansAdvancesRelatedParty
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CY2022Q4 us-gaap Bank Overdrafts
BankOverdrafts
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CY2023Q3 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
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CY2022Q4 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
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CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
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CY2023Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
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CY2023Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2022Q4 ssii Translation Adjustment
TranslationAdjustment
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2022Q3 us-gaap Gross Profit
GrossProfit
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CY2023Q3 ssii Compensation Expense
CompensationExpense
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CY2022Q3 us-gaap Salaries And Wages
SalariesAndWages
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CY2023Q3 us-gaap Investment Income Net
InvestmentIncomeNet
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us-gaap Cost Of Revenue
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us-gaap Gross Profit
GrossProfit
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us-gaap Salaries And Wages
SalariesAndWages
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us-gaap Investment Income Net
InvestmentIncomeNet
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2023Q1 ssii Stock Issued During Period Security Offerings
StockIssuedDuringPeriodSecurityOfferings
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2023Q2 ssii Recapitalization
Recapitalization
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CY2023Q3 ssii Exercise Of Options1
ExerciseOfOptions1
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CY2022Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
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CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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CY2022Q1 ssii Stock Issued During Period Security Offerings
StockIssuedDuringPeriodSecurityOfferings
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CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2022Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2022Q2 us-gaap Stock Issued During Period Value Other
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CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
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us-gaap Interest Expense
InterestExpense
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us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Payments For Proceeds From Loans Receivable
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments For Proceeds From Deposit On Loan
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us-gaap Payments For Proceeds From Deposit On Loan
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us-gaap Proceeds From Repayments Of Bank Overdrafts
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us-gaap Repayments Of Notes Payable
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Stock Options Exercised
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ssii Recapitalization
Recapitalization
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us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
1698000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
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CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q4 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
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CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2022Q4 us-gaap Bank Overdrafts
BankOverdrafts
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CY2022Q4 us-gaap Loans Payable
LoansPayable
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001676163
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes

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