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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| | | | | |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________________ to ________________
Commission file number: 001-31775
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | | 86-1062192 |
(State or other jurisdiction of incorporation or organization) | | (IRS employer identification number) |
| | |
14185 Dallas Parkway | | |
Suite 1200 | | |
Dallas | | |
Texas | | 75254 |
(Address of principal executive offices) | | (Zip code) |
(972) 490-9600
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☑ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock | | AHT | | New York Stock Exchange |
Preferred Stock, Series D | | AHT-PD | | New York Stock Exchange |
Preferred Stock, Series F | | AHT-PF | | New York Stock Exchange |
Preferred Stock, Series G | | AHT-PG | | New York Stock Exchange |
Preferred Stock, Series H | | AHT-PH | | New York Stock Exchange |
Preferred Stock, Series I | | AHT-PI | | New York Stock Exchange |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | |
Common Stock, $0.01 par value per share | | 34,479,060 |
(Class) | | Outstanding at May 4, 2022 |
ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2022
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
| | | |
| | | |
Investments in hotel properties, net | $ | 3,199,962 | | | $ | 3,230,710 | |
Cash and cash equivalents | 548,592 | | | 592,110 | |
Restricted cash | 102,312 | | | 99,534 | |
| | | |
Accounts receivable, net of allowance of $470 and $455, respectively | 51,692 | | | 37,720 | |
Inventories | 3,255 | | | 3,291 | |
Notes receivable, net | 4,805 | | | 8,723 | |
Investments in unconsolidated entities | 11,100 | | | 11,253 | |
Deferred costs, net | 4,467 | | | 5,001 | |
Prepaid expenses | 17,591 | | | 13,384 | |
Derivative assets | 3,636 | | | 501 | |
Operating lease right-of-use assets | 44,335 | | | 44,575 | |
Other assets | 16,604 | | | 16,150 | |
Intangible assets | 797 | | | 797 | |
| | | |
| | | |
Due from Ashford Inc., net | — | | | 25 | |
Due from related parties, net | 7,167 | | | 7,473 | |
Due from third-party hotel managers | 21,879 | | | 26,896 | |
| | | |
Total assets | $ | 4,038,194 | | | $ | 4,098,143 | |
LIABILITIES AND EQUITY/DEFICIT | | | |
Liabilities: | | | |
Indebtedness, net | $ | 3,883,012 | | | $ | 3,887,822 | |
Accounts payable and accrued expenses | 122,281 | | | 117,650 | |
Accrued interest payable | 12,514 | | | 15,432 | |
Dividends and distributions payable | 3,103 | | | 3,104 | |
| | | |
Due to Ashford Inc., net | 946 | | | — | |
| | | |
Due to related parties, net | — | | | 728 | |
Due to third-party hotel managers | 1,606 | | | 1,204 | |
Intangible liabilities, net | 2,157 | | | 2,177 | |
Operating lease liabilities | 44,985 | | | 45,106 | |
| | | |
Other liabilities | 4,704 | | | 4,832 | |
| | | |
Total liabilities | 4,075,308 | | | 4,078,055 | |
Commitments and contingencies (note 16) | | | |
Redeemable noncontrolling interests in operating partnership | 23,249 | | | 22,742 | |
Equity (deficit): | | | |
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | | | |
| | | |
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 12 | | | 12 | |
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 12 | | | 12 | |
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 15 | | | 15 | |
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 13 | | | 13 | |
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 13 | | | 13 | |
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,479,057 and 34,490,381 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 345 | | | 345 | |
Additional paid-in capital | 2,381,191 | | | 2,379,906 | |
Accumulated deficit | (2,441,964) | | | (2,382,970) | |
| | | |
| | | |
Total equity (deficit) | (60,363) | | | (2,654) | |
Total liabilities and equity/deficit | $ | 4,038,194 | | | $ | 4,098,143 | |
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | | | |
REVENUE | | | | | | | | | |
Rooms | $ | 195,330 | | | $ | 97,114 | | | | | | | |
Food and beverage | 36,760 | | | 7,903 | | | | | | | |
Other hotel revenue | 14,436 | | | 10,428 | | | | | | | |
Total hotel revenue | 246,526 | | | 115,445 | | | | | | | |
Other | 612 | | | 385 | | | | | | | |
Total revenue | 247,138 | | | 115,830 | | | | | | | |
EXPENSES | | | | | | | | | |
Hotel operating expenses: | | | | | | | | | |
Rooms | 47,406 | | | 23,724 | | | | | | | |
Food and beverage | 27,770 | | | 6,527 | | | | | | | |
Other expenses | 92,048 | | | 55,769 | | | | | | | |
Management fees | 9,554 | | | 5,527 | | | | | | | |
Total hotel expenses | 176,778 | | | 91,547 | | | | | | | |
Property taxes, insurance and other | 16,459 | | | 17,471 | | | | | | | |
Depreciation and amortization | 52,120 | | | 57,627 | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Advisory services fee | 13,386 | | | 12,161 | | | | | | | |
Corporate, general and administrative | 3,104 | | | 6,997 | | | | | | | |
Total expenses | 261,847 | | | 185,803 | | | | | | | |
Gain (loss) on disposition of assets and hotel properties | 103 | | | (69) | | | | | | | |
OPERATING INCOME (LOSS) | (14,606) | | | (70,042) | | | | | | | |
Equity in earnings (loss) of unconsolidated entities | (153) | | | (137) | | | | | | | |
Interest income | 51 | | | 13 | | | | | | | |
Other income (expense) | 101 | | | 229 | | | | | | | |
Interest expense and amortization of discounts and loan costs | (43,559) | | | (33,264) | | | | | | | |
Write-off of premiums, loan costs and exit fees | (727) | | | (3,379) | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Unrealized gain (loss) on derivatives | 3,211 | | | 919 | | | | | | | |
INCOME (LOSS) BEFORE INCOME TAXES | (55,682) | | | (105,661) | | | | | | | |
Income tax (expense) benefit | (120) | | | 271 | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
NET INCOME (LOSS) | (55,802) | | | (105,390) | | | | | | | |
(Income) loss attributable to noncontrolling interest in consolidated entities | — | | | 81 | | | | | | | |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 372 | | | 2,271 | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (55,430) | | | (103,038) | | | | | | | |
Preferred dividends | (3,103) | | | 818 | | | | | | | |
Gain (loss) on extinguishment of preferred stock | — | | | 10,635 | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (58,533) | | | $ | (91,585) | | | | | | | |
| | | | | | | | | |
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | | | | | | | | | |
Basic: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | (1.71) | | | $ | (11.01) | | | | | | | |
Weighted average common shares outstanding – basic | 34,269 | | | 8,305 | | | | | | | |
Diluted: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | (1.71) | | | $ | (11.01) | | | | | | | |
Weighted average common shares outstanding – diluted | 34,269 | | | 8,305 | | | | | | | |
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | | | |
Net income (loss) | $ | (55,802) | | | $ | (105,390) | | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Total other comprehensive income (loss) | — | | | — | | | | | | | |
Comprehensive income (loss) | (55,802) | | | (105,390) | | | | | | | |
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities | — | | | 81 | | | | | | | |
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership | 372 | | | 2,271 | | | | | | | |
Comprehensive income (loss) attributable to the Company | $ | (55,430) | | | $ | (103,038) | | | | | | | |
See Notes to Consolidated Financial Statements.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Preferred Stock | | | | Additional Paid-in Capital | | Accumulated Deficit | | | | Total | | Redeemable Noncontrolling Interests in Operating Partnership |
| | | Series D | | Series F | | Series G | | Series H | | Series I | | Common Stock | | | | | |
| | | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | | | |
Balance at December 31, 2021 | | | | | 1,174 | | | $ | 12 | | | 1,251 | | | $ | 12 | | | 1,532 | | | $ | 15 | | | 1,308 | | | $ | 13 | | | 1,253 | | | $ | 13 | | | 34,490 | | | $ | 345 | | | $ | 2,379,906 | | | $ | (2,382,970) | | | | | $ | (2,654) | | | $ | 22,742 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of common stock | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (14) | | | — | | | (118) | | | — | | | | | (118) | | | — | |
Equity-based compensation | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,490 | | | — | | | | | 1,490 | | | 418 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of restricted shares/units | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | | — | | | — | | | — | | | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock offering costs | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (87) | | | — | | | | | (87) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends declared – preferred stock - Series D ($0.53/share) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (620) | | | | | (620) | | | — | |
Dividends declared – preferred stock - Series F ($0.46/share) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (577) | | | | | (577) | | | — | |
Dividends declared – preferred stock - Series G ($0.46/share) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (706) | | | | | (706) | | | — | |
Dividends declared – preferred stock - Series H ($0.47/share) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (613) | | | | | (613) | | | — | |
Dividends declared – preferred stock - Series I ($0.47/share) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (587) | | | | | (587) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Redemption value adjustment | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (461) | | | | | (461) | | | 461 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (55,430) | | | | | (55,430) | | | (372) | |
Balance at March 31, 2022 | | | | | 1,174 | | | $ | 12 | | | 1,251 | | | $ | 12 | | | 1,532 | | | $ | 15 | | | 1,308 | | | $ | 13 | | | 1,253 | | | $ | 13 | | | 34,479 | | | $ | 345 | | | $ | 2,381,191 | | | $ | (2,441,964) | | | | | $ | (60,363) | | | $ | 23,249 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Preferred Stock | | | | Additional Paid-in Capital | | Accumulated Deficit | | Noncontrolling Interests In Consolidated Entities | | Total | | Redeemable Noncontrolling Interests in Operating Partnership |
| | | Series D | | Series F | | Series G | | Series H | | Series I | | Common Stock | | | | | |
| | | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | | | |
Balance at December 31, 2020 | | | | | 1,791 | | | $ | 18 | | | 2,891 | | | $ | 29 | | | 4,423 | | | $ | 44 | | | 2,669 | | | $ | 27 | | | 3,391 | | | $ | 34 | | | 6,436 | | | $ | 64 | | | $ | 1,809,455 | | | $ | (2,093,292) | | | $ | 166 | | | $ | (283,455) | | | $ | 22,951 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of common stock | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | — | | | (46) | | | — | | | — | | | (46) | | | — | |
Equity-based compensation | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,279 | | | — | | | — | | | 1,279 | | | 665 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of restricted shares/units | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 13 | | | 1 | | | (1) | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,623 | | | 16 | | | 46,105 | | | — | | | — | | | 46,121 | | | — | |
PSU dividend claw back upon cancellation | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 178 | | | — | | | 178 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance LTIP dividend claw back upon cancellation | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 454 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Redemption value adjustment | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,884) | | | — | | | (2,884) | | | 2,884 | |
Extinguishment of preferred stock | | | | | (112) | | | (1) | | | (853) | | | (9) | | | (1,251) | | | (12) | | | (667) | | | (7) | | | (1,391) | | | (14) | | | 2,943 | | | 29 | | | (10,621) | | | 10,635 | | | — | | | — | | | — | |
Net income (loss) | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (103,038) | | | (81) | | | (103,119) | | | (2,271) | |
Balance at March 31, 2021 | | | | | 1,679 | | | $ | 17 | | | 2,038 | | | $ | 20 | | | 3,172 | | | $ | 32 | | | 2,002 | | | $ | 20 | | | 2,000 | | | $ | 20 | | | 11,014 | | | $ | 110 | | | $ | 1,846,171 | | | $ | (2,188,401) | | | $ | 85 | | | $ | (341,926) | | | $ | 24,683 | |
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 | | |
Cash Flows from Operating Activities | | | | | |
Net income (loss) | $ | (55,802) | | | $ | (105,390) | | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | |
| | | | | |
| | | | | |
Depreciation and amortization | 52,120 | | | 57,627 | | | |
| | | | | |
Amortization of intangibles | 33 | | | 33 | | | |
Recognition of deferred income | (127) | | | (125) | | | |
Bad debt expense | 669 | | | 279 | | | |
Deferred income tax expense (benefit) | (67) | | | (5) | | | |
Equity in (earnings) loss of unconsolidated entities | 153 | | | 137 | | | |
(Gain) loss on disposition of assets and hotel properties | (103) | | | 69 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Realized and unrealized (gain) loss on derivatives | (3,211) | | | (919) | | | |
| | | | | |
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees | 2,048 | | | (6,068) | | | |
| | | | | |
Equity-based compensation | 1,908 | | | 1,944 | | | |
| | | | | |
Non-cash interest income | (82) | | | (223) | | | |
Paid-in kind interest expense | — | | | 6,663 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties: | | | | | |
Accounts receivable and inventories | (15,567) | | | (11,593) | | | |
Prepaid expenses and other assets | (5,304) | | | 1,880 | | | |
Operating lease right-of-use assets | 187 | | | 126 | | | |
Operating lease liabilities | (121) | | | (125) | | | |
| | | | | |
Accounts payable and accrued expenses and accrued interest payable | 3,126 | | | (20,354) | | | |
Due to/from related parties | (422) | | | |