2024 Q3 Form 10-Q Financial Statement
#000121390024068862 Filed on August 14, 2024
Income Statement
Concept | 2024 Q3 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
Revenue | $3.848K | $26.94K | $271.2K |
YoY Change | -80.76% | -51.94% | 24.62% |
Cost Of Revenue | $16.23K | $103.1K | |
YoY Change | |||
Gross Profit | $3.848K | $10.71K | $168.1K |
YoY Change | -720.65% | ||
Gross Profit Margin | 100.0% | 39.76% | 61.99% |
Selling, General & Admin | $521.4K | $1.510M | $7.052M |
YoY Change | -60.8% | -2.84% | 163.6% |
% of Gross Profit | 13550.16% | 14102.43% | 4195.21% |
Research & Development | $11.46K | ||
YoY Change | -95.79% | ||
% of Gross Profit | 297.87% | ||
Depreciation & Amortization | $878.00 | $348.2K | |
YoY Change | -99.86% | -68.31% | |
% of Gross Profit | 22.82% | 207.14% | |
Operating Expenses | $532.9K | $1.510M | $7.052M |
YoY Change | -72.81% | -33.75% | 86.86% |
Operating Profit | -$529.0K | -$1.500M | -$6.884M |
YoY Change | -72.01% | ||
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $73.00 | -$70.00 | $340.2K |
YoY Change | -99.98% | 73.48% | |
Pretax Income | -$529.0K | -$1.500M | -$10.51M |
YoY Change | -66.31% | -35.09% | -9.93% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$529.0K | -$1.500M | -$10.51M |
YoY Change | -66.31% | -35.09% | -9.93% |
Net Earnings / Revenue | -13746.13% | -5566.97% | -3876.59% |
Basic Earnings Per Share | -$0.22 | ||
Diluted Earnings Per Share | -$0.22 | -$0.60 | -$11.52 |
COMMON SHARES | |||
Basic Shares Outstanding | 2.551M shares | 2.506M shares | |
Diluted Shares Outstanding | 2.506M shares |
Balance Sheet
Concept | 2024 Q3 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $471.3K | $905.9K | $4.689M |
YoY Change | -78.28% | -71.64% | 297.76% |
Cash & Equivalents | $471.2K | $905.9K | $4.689M |
Short-Term Investments | |||
Other Short-Term Assets | $770.9K | $913.7K | $160.5K |
YoY Change | 108.36% | 114.62% | -28.11% |
Inventory | |||
Prepaid Expenses | $770.9K | $913.7K | $160.5K |
Receivables | $10.25K | $8.680K | |
Other Receivables | $9.540K | ||
Total Short-Term Assets | $1.243M | $1.830M | $4.868M |
YoY Change | -51.82% | -49.74% | 232.76% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $878.00 | $1.940K | |
YoY Change | -95.25% | -98.88% | |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $8.680K | ||
YoY Change | -92.0% | ||
Total Long-Term Assets | $0.00 | $878.00 | $10.62K |
YoY Change | -100.0% | -99.98% | -99.86% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.243M | $1.830M | $4.868M |
Total Long-Term Assets | $0.00 | $878.00 | $10.62K |
Total Assets | $1.243M | $1.831M | $4.878M |
YoY Change | -83.84% | -80.67% | -44.58% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $12.66K | $82.58K | |
YoY Change | -82.09% | -40.28% | |
Accrued Expenses | $25.78K | $10.95K | $26.35K |
YoY Change | 28.92% | -69.64% | -66.69% |
Deferred Revenue | $1.164K | $9.331K | $35.05K |
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | ||
YoY Change | -100.0% | ||
Total Short-Term Liabilities | $26.95K | $32.94K | $321.5K |
YoY Change | -98.71% | -98.56% | -90.33% |
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 | $26.95K | $32.94K | $321.5K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | -$7.658M | -$7.684M | -$7.066M |
YoY Change | 55.97% | 70.85% | 131.03% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$138.7M | -$138.1M | -$135.4M |
YoY Change | 7.57% | ||
Common Stock | $147.3M | $147.3M | $147.1M |
YoY Change | 7.5% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $2.500M | $9.515M | $11.94M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.243M | $1.831M | $4.878M |
YoY Change | -83.84% | -80.67% | -44.58% |
Cashflow Statement
Concept | 2024 Q3 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$529.0K | -$1.500M | -$10.51M |
YoY Change | -66.31% | -35.09% | -9.93% |
Depreciation, Depletion And Amortization | $878.00 | $348.2K | |
YoY Change | -99.86% | -68.31% | |
Cash From Operating Activities | -$472.3K | -$1.986M | -$1.161M |
YoY Change | -44.44% | 58.15% | -44.26% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$590.00 | ||
YoY Change | -100.15% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $4.900K | ||
YoY Change | |||
Cash From Investing Activities | -$4.510K | ||
YoY Change | -98.87% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $5.674M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 3.686M | ||
YoY Change | 40.04% | ||
NET CHANGE | |||
Cash From Operating Activities | -472.3K | -1.986M | -1.161M |
Cash From Investing Activities | -4.510K | ||
Cash From Financing Activities | 3.686M | ||
Net Change In Cash | -472.3K | -1.986M | 2.520M |
YoY Change | -54.15% | -4.75% | 1585.28% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$472.3K | -$1.986M | -$1.161M |
Capital Expenditures | -$590.00 | ||
Free Cash Flow | -$1.160M | ||
YoY Change | -53.26% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Earnings Per Share Diluted
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|
-5.46 | ||
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Common Stock Par Or Stated Value Per Share
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||
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||
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Document Type
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10-Q | ||
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true | ||
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Document Period End Date
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|
2024-06-30 | ||
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2024 | ||
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001-39885 | ||
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VERSUS SYSTEMS INC. | ||
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A1 | ||
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1558 West Hastings St | ||
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Vancouver | ||
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BC | ||
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V6G 3J4 Canada | ||
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(424) | ||
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226-8588 | ||
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1797764 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
4734088 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
4446200 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
2250000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
226544 | usd |
CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
-1247113 | usd |
CY2023Q1 | us-gaap |
Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
|
-9348 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1326889 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8639090 | usd |
CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
90896 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6438180 | usd |
us-gaap |
Profit Loss
ProfitLoss
|
-3001425 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
-3637544 | usd | |
us-gaap |
Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
|
113391 | usd | |
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
1371951 | usd | |
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-51771 | usd | |
us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
-2582 | usd | |
us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-91219 | usd | |
us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-56500 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
160865 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
-1156217 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-7972 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-39363 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
753184 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
67338 | usd | |
us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-25718 | usd | |
us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-58720 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-262821 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-229742 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3783092 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3514003 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
664697 | usd | |
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
4446200 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2250000 | usd | |
us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
131142 | usd | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
361706 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
5538655 | usd | |
us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
4899 | usd | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
14569 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-9670 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-3783092 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
2014981 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4689007 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1178846 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
905915 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3193827 | usd |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NATURE OF OPERATIONS </b></span></td></tr> </table> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Versus Systems Inc. (the Company) was continued under the Business Corporations Act (British Columbia) effective January 2, 2007. The Company’s head office and registered and records office is 1558 West Hastings Street, Vancouver, BC, V6C 3J4, Canada. The Company’s common stock is traded on the NASDAQ under the symbol “VS”. The Company’s Unit A warrants are traded on NASDAQ under “VSSYW”. On November 9, 2022, the Company completed a one-for-15 reverse stock split of the Company’s common shares. On December 28, 2023, the Company completed a one-for-16 reverse stock split of the Company’s common shares. All share and per share data are presented to reflect the reverse share splits on a retroactive basis.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is engaged in the technology sector and has developed a proprietary prizing and promotions tool allowing game developers and creators of streaming media, live events, broadcast TV, games, apps, and other content to offer real world prizes inside their content. The ability to win prizes drives increased levels of consumer engagement creating an attractive platform for advertisers.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In June 2021, the Company completed its acquisition of multimedia, production, and interactive gaming company Xcite Interactive, a provider of online audience engagement through its owned and operated XEO technology platform. The Company partners with professional sports franchises across Major League Baseball (MLB), National Hockey League (NHL), National Basketball Association (NBA) and the National Football League (NFL) to drive audience engagement.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is actively pursuing a range of strategic alternatives aimed at maximizing shareholder value and strengthening its market position. We are in the process of evaluating and implementing commercial agreements to expand the distribution of applications that leverage our proprietary technology. These arrangements are intended to enhance market reach, drive user growth, and establish relationships with distribution partners. These collaborations may support technology and development, integrate complementary technologies, and improve our competitive edge.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In parallel, we are exploring various strategic options, including potential acquisitions, mergers, reverse mergers, and the sale of non-core assets. These alternatives would be designed to create synergies, streamline operations, and generate revenue. We are also seeking strategic partnerships and evaluating opportunities for capital raises to support our growth initiatives. Furthermore, the Company is focused on enhancing operational efficiency by optimizing processes and upgrading technology systems to reduce costs and improve profitability. Strengthening our financial health through better cash flow management and prudent financial practices is also a key priority. These comprehensive efforts are aimed at positioning the Company for long-term success and delivering sustainable value to our shareholders.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is undertaking a strategic transition by shifting its governing jurisdiction from British Columbia to Delaware. This change is expected to better align with our evolving business strategy and deliver several key benefits. Firstly, the transition to Delaware is anticipated to enhance our access to investors and financial institutions within the United States. Delaware’s renowned business-friendly legal environment and proximity to the U.S. Northeast’s economic and financial centers is expected to facilitate easier access to funding, increase our strategic flexibility, and reduce the overall cost of capital. This improved access to funding would be crucial in supporting our future growth initiatives and financing our strategic plans.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Secondly, the move is expected to bolster our ability to execute an acquisitive growth strategy. By operating under Delaware’s well-established corporate laws, we believe that we will be better positioned to use our capital stock as consideration for acquisitions and be able to structure transactions with more legal certainty. This capability will allow us to pursue strategic opportunities more effectively, expand our business portfolio, and achieve our growth objectives through well-structured transactions.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, the change in jurisdiction will enable us to more effectively focus management efforts on our U.S. and international operations. This realignment would help streamline our governance and operational strategies across different regions, thereby enhancing our ability to manage and optimize each market effectively. Furthermore, the enhanced profile of companies incorporated in Delaware with operations in the U.S. is likely to make the Company more attractive to key employees and executives, aiding in the recruitment and retention of top talent critical for driving innovation and growth.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In conjunction with these changes, the Company is also exploring opportunities to raise capital through its shareholders. Engaging with our shareholder base could provide an additional source of funding that aligns with our strategic goals. Accretive capital raises would support our expansion plans, enable us to capitalize on growth opportunities, and strengthen our financial position.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Overall, the shift to Delaware, combined with the exploration of acquisition opportunities and investor engagement, is part of our broader strategy to enhance operational effectiveness, execute our growth strategy, and maximize shareholder value.</p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These condensed interim consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As of June 30, 2024, the Company has not achieved positive cash flow from operations and is not able to finance day to day activities through operations and as such, there is substantial doubt as to the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to attain profitable operations and generate funds therefrom and/or raise equity capital or borrowings sufficient to meet current and future obligations. These condensed interim consolidated financial statements do not include any adjustments as to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material.</p> | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
911775 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
127041 | shares | |
CY2024Q2 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P3Y | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.50 | pure | |
us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Deferred revenue</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Revenue recognition of sales is recorded on a monthly basis upon delivery or as the services are provided. Cash received in advance for services are recorded as deferred revenue based on the proportion of time remaining under the service arrangement as of the reporting date.</p> | ||
CY2024Q2 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
0 | usd |
CY2024Q2 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
10250 | usd |
CY2023Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
8680 | usd |
CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
2700 | usd |
CY2023Q4 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
9542 | usd |
CY2024Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
0 | usd |
CY2023Q4 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
8679 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
995921 | usd |
CY2023 | us-gaap |
Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
|
222468 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
773453 | usd |
us-gaap |
Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
|
247 | usd | |
CY2024Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
773206 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
901948 | usd |
CY2023 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
23754 | usd |
CY2023 | us-gaap |
Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1
|
154184 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
771518 | usd |
us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
892 | usd | |
us-gaap |
Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1
|
82 | usd | |
CY2024Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
772328 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
93973 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1935 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
878 | usd |
CY2022Q1 | us-gaap |
Assets Net
AssetsNet
|
4562631 | usd |
CY2022Q1 | us-gaap |
Other Minority Interests
OtherMinorityInterests
|
4376337 | usd |
us-gaap |
Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
|
3968332 | usd | |
CY2022Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
19517189 | usd |
CY2023 | us-gaap |
Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
|
19413 | usd |
CY2023 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
-3968332 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
15568270 | usd |
CY2022Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
13123825 | usd |
CY2023 | vs |
Finite Lived Intangible Assets Amortization
FiniteLivedIntangibleAssetsAmortization
|
2444445 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
15568270 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
15568270 | usd |
CY2022Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
6393364 | usd |
CY2024Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
12655 | usd |
CY2023Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
82579 | usd |
CY2024Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
10951 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
26348 | usd |
CY2024Q2 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
23606 | usd |
CY2023Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
286427 | usd |
vs |
Finance Expense
FinanceExpense
|
0 | usd | |
CY2023 | vs |
Finance Expense
FinanceExpense
|
60770 | usd |
CY2022Q4 | us-gaap |
Notes Payable
NotesPayable
|
2604713 | usd |
CY2023 | us-gaap |
Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
|
-35380 | usd |
CY2023 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
2519835 | usd |
CY2023 | vs |
Cancellation Of Remaining Debt
CancellationOfRemainingDebt
|
-49498 | usd |
CY2023 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
989903 | shares |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
2.59 | |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
2562660 | usd |
vs |
Common Shares Issued And Outstanding Percentage
CommonSharesIssuedAndOutstandingPercentage
|
0.10 | pure | |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
14238 | shares |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
594.08 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
25000 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
14.4 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
10247 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
392.6 | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
28990 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
165.38 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
13860 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
186.49 | ||
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
15130 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
146.03 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
160865 | usd | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
1156217 | usd | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0393 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0393 | pure | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P3Y4M17D | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.3265 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.3265 | pure | |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
15130 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
146.03 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P3Y3M7D | ||
CY2023Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
10938 | shares |
CY2023Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
14.4 | |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
815217 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
3.68 | |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
881472 | usd | |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
868010 | usd | |
us-gaap |
Occupancy Net
OccupancyNet
|
0 | usd | |
CY2023 | us-gaap |
Occupancy Net
OccupancyNet
|
64741 | usd |
CY2024Q2 | vs |
Foreign Currency Risk Percentage
ForeignCurrencyRiskPercentage
|
0.10 | pure |
us-gaap |
Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
|
25000 | usd | |
CY2023 | us-gaap |
Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
|
152500 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
878 | usd |
CY2023Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
8672 | usd |
CY2023Q2 | us-gaap |
Deposits
Deposits
|
100000 | usd |
CY2023Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
18504 | usd |
CY2023Q2 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
5700984 | usd |
CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2023Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd | |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd | ||
CY2024Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2023Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | ||
CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.54 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.07 | ||
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-3.05 | |
CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2506015 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2506015 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
592896 | shares | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
669636 | shares |
CY2024Q2 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
usd | |
us-gaap |
Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
|
usd | ||
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
usd | ||
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
usd | ||
us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
usd | ||
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | ||
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
usd | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
usd | ||
us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
usd | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
usd | ||
us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
usd | ||
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
usd | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | ||
CY2023 | us-gaap |
Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
|
usd | |
us-gaap |
Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
|
usd | ||
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
usd | |
vs |
Finite Lived Intangible Assets Amortization
FiniteLivedIntangibleAssetsAmortization
|
usd | ||
CY2023Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
usd | |
CY2024Q2 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
usd | |
CY2023Q4 | us-gaap |
Notes Payable
NotesPayable
|
usd | |
CY2023 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
shares | |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
shares | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
|||
us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
shares | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
|||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
pure | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
pure | ||
CY2024Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
usd | |
CY2024Q2 | us-gaap |
Deposits
Deposits
|
usd | |
CY2024Q2 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
usd | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001701963 |