2024 Q1 Form 10-K Financial Statement

#000121390024027282 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $23.34M $75.89M
YoY Change -16.48% 28.74%
Cost Of Revenue $14.60M $51.01M
YoY Change 0.03% 20.36%
Gross Profit $8.739M $24.88M
YoY Change -34.53% 50.16%
Gross Profit Margin 37.44% 32.78%
Selling, General & Admin $7.660M $26.03M
YoY Change -68.76% -64.32%
% of Gross Profit 87.65% 104.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $466.2K $1.506M
YoY Change 140.33% 107.64%
% of Gross Profit 5.34% 6.05%
Operating Expenses $7.660M $26.03M
YoY Change -70.33% 44.01%
Operating Profit $1.079M -$1.149M
YoY Change -108.66% -23.72%
Interest Expense $238.2K $840.0K
YoY Change -97.73% -108.62%
% of Operating Profit 22.07%
Other Income/Expense, Net $61.33K $375.1K
YoY Change -103.27% 1236.3%
Pretax Income $1.379M $66.51K
YoY Change -136.02% -104.5%
Income Tax $495.4K $31.45K
% Of Pretax Income 35.93% 47.29%
Net Earnings $883.3K $35.06K
YoY Change -130.31% -104.5%
Net Earnings / Revenue 3.78% 0.05%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 18.61M shares 18.57M shares 18.52M shares
Diluted Shares Outstanding 29.45M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.45M $18.45M
YoY Change 19.94% 19.94%
Cash & Equivalents $7.989M
Short-Term Investments $10.46M $10.46M
Other Short-Term Assets $3.528M $3.528M
YoY Change 38.95% 38.95%
Inventory $6.639M $6.639M
Prepaid Expenses
Receivables $20.47M $20.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $49.09M $49.09M
YoY Change 1.06% 39.34%
LONG-TERM ASSETS
Property, Plant & Equipment $2.857M $2.857M
YoY Change 185.63% -84.95%
Goodwill
YoY Change
Intangibles $9.659M
YoY Change 54.0%
Long-Term Investments
YoY Change
Other Assets $11.00M
YoY Change 923.76%
Total Long-Term Assets $12.52M $12.52M
YoY Change 55.34% -68.48%
TOTAL ASSETS
Total Short-Term Assets $49.09M $49.09M
Total Long-Term Assets $12.52M $12.52M
Total Assets $61.60M $61.60M
YoY Change 8.79% -17.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.316M $4.316M
YoY Change -77.98% -77.98%
Accrued Expenses $3.091M $3.091M
YoY Change -74.53% -74.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.870M $2.870M
YoY Change 58.58% 58.58%
Total Short-Term Liabilities $16.67M $16.67M
YoY Change 19.43% -68.97%
LONG-TERM LIABILITIES
Long-Term Debt $4.587M $4.587M
YoY Change -92.46% -92.46%
Other Long-Term Liabilities $797.6K $797.6K
YoY Change -97.58% -97.58%
Total Long-Term Liabilities $5.384M $5.384M
YoY Change 62.86% -94.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.67M $16.67M
Total Long-Term Liabilities $5.384M $5.384M
Total Liabilities $22.05M $22.05M
YoY Change 27.75% -85.1%
SHAREHOLDERS EQUITY
Retained Earnings $1.119M
YoY Change 3.24%
Common Stock $38.43M
YoY Change 2079494.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.55M $39.55M
YoY Change
Total Liabilities & Shareholders Equity $61.60M $61.60M
YoY Change 8.79% -17.79%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $883.3K $35.06K
YoY Change -130.31% -104.5%
Depreciation, Depletion And Amortization $466.2K $1.506M
YoY Change 140.33% 107.64%
Cash From Operating Activities -$985.1K -$4.365M
YoY Change -24.28% 80.82%
INVESTING ACTIVITIES
Capital Expenditures $209.7K $1.660M
YoY Change -235.29% 164.98%
Acquisitions
YoY Change
Other Investing Activities -$44.86K -$414.9K
YoY Change -94.36% -47.88%
Cash From Investing Activities -$254.6K -$2.075M
YoY Change -60.29% -82.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$50.00K
YoY Change -101.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -215.3K -825.3K
YoY Change -71.66%
NET CHANGE
Cash From Operating Activities -985.1K -4.365M
Cash From Investing Activities -254.6K -2.075M
Cash From Financing Activities -215.3K -825.3K
Net Change In Cash -1.455M -7.265M
YoY Change -25.08% -57.2%
FREE CASH FLOW
Cash From Operating Activities -$985.1K -$4.365M
Capital Expenditures $209.7K $1.660M
Free Cash Flow -$1.195M -$6.025M
YoY Change 4.26% 98.16%

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CY2022 us-gaap Proceeds From Warrant Exercises
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaid
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CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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NonCashGAPPromotionsAssetAcquisition
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NonCashTrendBrandSolutionsAssetAcquisition
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NonCashPremierAssetAcquisition
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ReductionInContingentEarnoutLiabilities
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CY2022 strn Reduction In Contingent Earnout Liabilities
ReductionInContingentEarnoutLiabilities
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ReductionInIntangibleAssetAssociatedWithContingentEarnoutLiabilities
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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of Credit Risk - Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable and deposits in excess of federally insured limits. These risks are managed by performing ongoing credit evaluations of customers’ financial condition and by maintaining all deposits in high quality financial institutions.</span></td></tr></table>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</span></td></tr></table>
CY2023Q4 us-gaap Investment Owned At Cost
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InventoryFinishedGoods
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CY2023Q4 us-gaap Inventory Work In Process
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CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 strn Cost Of Sale Purchases
CostOfSalePurchases
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CY2022Q4 strn Cost Of Sale Purchases
CostOfSalePurchases
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CY2023Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
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CY2023Q4 us-gaap Line Of Credit
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CY2022Q4 us-gaap Line Of Credit
LineOfCredit
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LineOfCreditFacilityAverageOutstandingAmount
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CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
0 usd
CY2023 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.05 pure
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
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DeferredRevenueCurrent
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CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
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CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
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CY2023 strn Revenue Recognized
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RevenueRecognized
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CY2023 strn Amounts Collected Or Invoiced
AmountsCollectedOrInvoiced
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CY2022 strn Amounts Collected Or Invoiced
AmountsCollectedOrInvoiced
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CY2023 us-gaap Deferred Revenue Revenue Recognized1
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CY2023Q4 strn Reward Program Liability
RewardProgramLiability
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RewardProgramLiability
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CY2023 strn Increase Decrease Value Of Assts Percentage
IncreaseDecreaseValueOfAsstsPercentage
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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OperatingLeaseLiabilityCurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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OperatingLeaseLiabilityNoncurrent
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OperatingLeaseLiability
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OperatingLeaseLiability
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CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q4 strn Number Of Shares Issued Per Unit
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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OutstandingVotingStockPercentage
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WarrantExercisePriceDecrease
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CY2022Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
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CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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P10Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.15
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3045700 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
68000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.8
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.09
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35058 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18519615 shares
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
35058 usd
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29453206 shares
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-778441 usd
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
18040 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
18040 usd
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
13409 usd
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CurrentStateAndLocalTaxExpenseBenefit
-19469 usd
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CY2023 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Income Loss From Continuing Operations
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023 us-gaap Advertising Expense
AdvertisingExpense
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CY2022 us-gaap Advertising Expense
AdvertisingExpense
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CY2023Q4 strn Note Payable Wildman
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CY2023 us-gaap Deferred Income Taxes And Tax Credits
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2023 strn Non Cash Premier Asset Acquisition
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CY2023 strn Total Noncash Investing And Financing Transactions
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CY2022 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022 strn Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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CY2022 strn Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitedor Expiredand Other Adjustments Intrinsic Value
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023 strn Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001872525

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