2024 Q1 Form 10-Q Financial Statement

#000121390024050479 Filed on June 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $0.00 $98.05K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $300.00
YoY Change
Gross Profit Margin 0.31%
Selling, General & Admin $3.030M $1.414M $1.038M
YoY Change 191.99% 490.22% 734.44%
% of Gross Profit 345930.0%
Research & Development $729.1K $760.5K
YoY Change -4.13%
% of Gross Profit 253495.0%
Depreciation & Amortization $94.39K $105.7K
YoY Change -10.67%
% of Gross Profit 35224.0%
Operating Expenses $3.759M $1.414M $1.038M
YoY Change 262.25% 490.22% 734.5%
Operating Profit -$3.759M -$1.742M
YoY Change 115.83%
Interest Expense $3.739K -$18.05M $1.361M
YoY Change -99.73% -1787.72% 13506.9%
% of Operating Profit
Other Income/Expense, Net -$26.01M $0.00 $1.361M
YoY Change -2011.3% 15612.4%
Pretax Income -$29.77M -$19.46M $322.9K
YoY Change -9318.24% -2445.74% -388.31%
Income Tax $0.00 $897.7K $275.2K
% Of Pretax Income 85.24%
Net Earnings -$29.77M -$20.36M $47.66K
YoY Change -62555.44% -3406.16% -142.55%
Net Earnings / Revenue 48.61%
Basic Earnings Per Share -$0.38 -$0.02
Diluted Earnings Per Share -$0.38 -$3.00 $0.00
COMMON SHARES
Basic Shares Outstanding 78.20M shares 69.80M shares
Diluted Shares Outstanding 78.20M shares 69.80M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.824M $20.00K $98.05K
YoY Change 1759.87% -96.33% -92.27%
Cash & Equivalents $1.824M $19.98K $98.05K
Short-Term Investments
Other Short-Term Assets $1.362M $28.33M $189.3K
YoY Change 619.38% 13039.17% -4.03%
Inventory $22.73K $22.73K
Prepaid Expenses $334.4K $85.54K $189.3K
Receivables $998.00 $2.164K
Other Receivables $302.5K $187.5K
Total Short-Term Assets $3.512M $28.35M $287.4K
YoY Change 1122.03% 3624.11% -80.39%
LONG-TERM ASSETS
Property, Plant & Equipment $2.262M $2.319M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $42.99M $130.2M
YoY Change -66.35% 3.33%
Other Assets $819.6K
YoY Change
Total Long-Term Assets $4.988M $42.99M $130.2M
YoY Change -96.17% -66.36% 3.19%
TOTAL ASSETS
Total Short-Term Assets $3.512M $28.35M $287.4K
Total Long-Term Assets $4.988M $42.99M $130.2M
Total Assets $8.500M $71.35M $130.5M
YoY Change -93.48% -44.51% 2.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.866M $2.131M $893.0K
YoY Change 220.9% 385.32% 74.94%
Accrued Expenses $890.4K $890.0K $0.00
YoY Change 17700.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.716M $2.203M $1.235M
YoY Change 119.94% 1657.62% 885.32%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $49.13M $71.21M $2.743M
YoY Change 1691.04% 7731.44% 317.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $49.13M $71.21M $2.743M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $49.13M $75.54M $7.066M
YoY Change 595.35% 1343.78% 41.91%
SHAREHOLDERS EQUITY
Retained Earnings -$119.7M -$28.53M -$6.110M
YoY Change 1859.31% 632.55%
Common Stock $8.689K $6.980K $12.00
YoY Change 72308.33% 58066.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$40.63M -$28.53M -$6.110M
YoY Change
Total Liabilities & Shareholders Equity $8.500M $71.35M $130.5M
YoY Change -93.48% -44.51% 2.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$29.77M -$20.36M $47.66K
YoY Change -62555.44% -3406.16% -142.55%
Depreciation, Depletion And Amortization $94.39K $105.7K
YoY Change -10.67%
Cash From Operating Activities -$2.041M -$516.1K -$522.3K
YoY Change 290.71% 1698.26% 20223.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $7.250M
YoY Change
Other Investing Activities -$91.35K -$62.90K -$1.035M
YoY Change -91.17% -99.18%
Cash From Investing Activities -$91.35K -$62.90K -$1.035M
YoY Change -91.17% -99.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.850M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.955M 597.5K $1.110M
YoY Change 256.41% -99.13%
NET CHANGE
Cash From Operating Activities -$2.041M -516.1K -$522.3K
Cash From Investing Activities -$91.35K -62.90K -$1.035M
Cash From Financing Activities $3.955M 597.5K $1.110M
Net Change In Cash $1.823M 18.50K -$447.6K
YoY Change -507.24% -164.46% -135.29%
FREE CASH FLOW
Cash From Operating Activities -$2.041M -$516.1K -$522.3K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with US GAAP requires the Company’s management to make 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 expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p>
CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Number Of Reportable Segments
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CY2024Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
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CY2024Q1 us-gaap Depreciation
Depreciation
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CY2023Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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13316 usd
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9500000 shares
CY2024Q1 us-gaap Common Stock Other Shares Outstanding
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9500000 shares
CY2024Q1 sti Percentage Of Number Of Stocks Of Common Stock Outstanding
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0.05 pure
CY2023Q1 us-gaap Other Expenses
OtherExpenses
60908 usd
CY2023Q1 sti Capital Contributions From Related Party
CapitalContributionsFromRelatedParty
812855 usd
CY2023Q4 us-gaap Other Receivables
OtherReceivables
187500 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
81948122 shares
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of Credit Risk</i></b></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 of cash accounts in financial institutions, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts.</p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 sti Patents Net Of Amortization
PatentsNetOfAmortization
1906699 usd
CY2023Q4 sti Patents Net Of Amortization
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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13316 usd
CY2024Q1 us-gaap Assets Net
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23463 usd
CY2023Q4 us-gaap Assets Net
AssetsNet
24132 usd
CY2024Q1 us-gaap Other Liabilities
OtherLiabilities
64015 usd
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
62753 usd
CY2024Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
8170 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
14500 usd
CY2024Q1 us-gaap Other Expenses
OtherExpenses
100093 usd
CY2023 sti Additional Trust Funding Requirement Percentage
AdditionalTrustFundingRequirementPercentage
0.50 pure
CY2024Q1 us-gaap Other Receivables
OtherReceivables
302500 usd
CY2024Q1 us-gaap Related Party Transaction Amounts Of Transaction
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88979 usd
CY2024Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
906000 usd
CY2024Q1 us-gaap Shares Issued
SharesIssued
200000 shares
CY2024Q1 us-gaap Interest Income Federal Funds Sold
InterestIncomeFederalFundsSold
1910630 usd
CY2024Q1 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
906000 usd
CY2024Q1 sti Liability At Fair Value Holdback Shares
LiabilityAtFairValueHoldbackShares
200000 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2024Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
522867000000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
260803 usd
CY2024Q1 sti Redeemed Common Stock Percentage
RedeemedCommonStockPercentage
1 pure
CY2024Q1 sti Consideration Receivable Percentage
ConsiderationReceivablePercentage
0.70 pure
CY2024Q1 sti Equity Proceeds Percentage
EquityProceedsPercentage
0.60 pure
CY2024Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
18
CY2024Q1 sti Market Value And New Issue Price Per Share Percentage
MarketValueAndNewIssuePricePerSharePercentage
1.80 pure
CY2024Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
8431850 usd
CY2024Q1 sti Cash Payment
CashPayment
7352 shares
CY2024Q1 sti Trust Account
TrustAccount
80241 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
5838537 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
8038537 shares
CY2024Q1 sti Cash Payment Paid To Backstop Investors
CashPaymentPaidToBackstopInvestors
13937997 usd
CY2024Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
527500 usd
CY2024Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
527500 usd
CY2023Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
0 usd
CY2023 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
0 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y9M18D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y9M18D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0 pure
CY2024Q1 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
1359000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P6Y
CY2024Q1 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
4800000 usd
CY2024Q1 sti Percentage Of Cash Bonus
PercentageOfCashBonus
0.025 pure
CY2024Q1 us-gaap Officers Compensation
OfficersCompensation
20000000 usd
CY2024Q1 sti Proceeds From Fair Value
ProceedsFromFairValue
1600000000000 usd
CY2024Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
22200000000000 usd
CY2024Q1 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
20600000000000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0443 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0414 pure
CY2024Q1 us-gaap Share Price
SharePrice
2.75
CY2024Q1 us-gaap Share Price
SharePrice
4.53
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q1 us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarnings
21169150 usd
CY2024Q1 sti Fair Value Of Warrants Gain Loss
FairValueOfWarrantsGainLoss
8431850 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
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CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
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CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2024Q1 us-gaap Gross Profit
GrossProfit
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CY2023Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
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CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2023Q1 us-gaap Interest Expense
InterestExpense
usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69800000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78198418 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.38
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
usd
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2023Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
CY2023Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
usd
CY2023Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
usd
CY2024Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
CY2023Q1 sti Cash Received From Nubi Trust
CashReceivedFromNUBITrust
usd
CY2023Q1 sti Discount Payment Related To Non Redemption Agreement
DiscountPaymentRelatedToNonRedemptionAgreement
usd
CY2023Q1 sti Payment For Reimbursement Of Consideration Shares Related To The Forward Purchase Agreement
PaymentForReimbursementOfConsiderationSharesRelatedToTheForwardPurchaseAgreement
usd
CY2023Q1 sti Payment For Reimbursement Of Recycled Shares Related To Forward Purchase Agreement
PaymentForReimbursementOfRecycledSharesRelatedToForwardPurchaseAgreement
usd
CY2023Q1 sti Business Combination
BusinessCombination
usd
CY2023Q1 sti Inflow From Merger
InflowFromMerger
usd
CY2023Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2023Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2023Q1 us-gaap Stock Issued1
StockIssued1
usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
shares
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001881551

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