Company Quick10K Filing
Avedro
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 17 $335
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
S-1 2019-01-18 Public Filing
10-K 2019-03-21 Annual: 2018-12-31
8-K 2019-11-19 M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-11-15 Officers, Other Events, Exhibits
8-K 2019-11-08 Other Events
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-07 Enter Agreement, Earnings, Officers, Other Events, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-03-21 Earnings, Exhibits
8-K 2019-02-19 Amend Bylaw, Other Events, Exhibits
AVDR 2019-09-30
Part I-Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 avdr-ex311_9.htm
EX-31.2 avdr-ex312_10.htm
EX-32.1 avdr-ex321_6.htm
EX-32.2 avdr-ex322_7.htm

Avedro Earnings 2019-09-30

AVDR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NUZE 346 6 1 2 0 -15 -15 344 8% -23.3 -247%
JEM 346 0 0 0 0 -0 -0 346 -4,033.1 -13,053%
FLLZ 345 0 1 0 0 -0 -0 345 -2,070.3 -807%
KBLB 343 1 5 0 0 -2 -1 342 0% -263.9 -124%
SIVR 337 335 0 0 0 12 12 337 28.0 4%
KLDO 335 110 25 0 0 -45 -44 248 -5.7 -41%
AVDR 335 79 29 19 14 -16 -14 297 73% -20.6 -20%
NWY 330 489 421 861 262 -12 1 247 30% 171.7 -2%
NXTC 326 213 34 3 0 -14 -13 133 0% -10.1 -7%
UUP 322 328 6 0 0 23 23 322 14.1 7%

10-Q 1 avdr-10q_20190930.htm 10-Q avdr-10q_20190930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

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: 001-38809

 

AVEDRO, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

13-4223265

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

201 Jones Road

Waltham, Massachusetts

02451

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 768-3400

 

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

AVDR

The Nasdaq Stock Market LLC

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.     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).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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      No  

 

As of October 31, 2019, the registrant had 17,520,793 shares of common stock, $0.00001 par value per share, outstanding.

 

 

 


Avedro, Inc.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that are based on our current beliefs and expectations. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “target,” “will” and other words and terms of similar meaning. Reference is made in particular to forward-looking statements regarding:

 

our expectations with respect to (i) the anticipated financial impact and potential benefits to us related to acquisition by Glaukos Corporation, or Glaukos, or the Merger and (ii) other matters related to the Merger, including our expectations regarding the timing of the closing of the Merger;

 

our ability to support the establishment of consistent and favorable payment policies for our treatment of corneal ectatic disorders in the United States;

 

our ability to commercialize our products successfully;

 

our ability to obtain the required regulatory approvals and clearances to market and sell our products in the United States, the European Union and certain other countries;

 

the outcome or success of our clinical trials;

 

the rate and degree of market acceptance of our products;

 

our ability to significantly grow our commercial sales and marketing organization and manage our anticipated growth;

 

the effects of increased competition as well as innovations by new and existing competitors in our market;

 

our ability to obtain additional funding for our operations;

 

our ability to pay our debts as they come due and comply with our ongoing financial covenants under our credit agreement;

 

our ability to maintain, protect and enhance our intellectual property rights and proprietary technologies and operate our business without infringing the intellectual property rights and proprietary technology of third parties; and

 

our expectations regarding the use of our existing cash and cash equivalents.

These forward-looking statements involve risks and uncertainties, including those that are described in Part II, Item A, “Risk Factors” section of this Quarterly Report on Form 10-Q and elsewhere within this Quarterly Report, or included in other periodic reports, that could cause actual results to differ materially from those reflected in such statements. You should not place undue reliance on these statements. Forward-looking statements speak only as of the date of this report. We do not undertake any obligation to publicly update any forward-looking statements.

NOTE REGARDING COMPANY REFERENCES

Throughout this Quarterly Report on Form 10-Q, “Avedro,” the “Company,” “we,” “us” and “our” refer to Avedro, Inc. and its subsidiaries.

NOTE REGARDING TRADEMARKS

All trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

 

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Unaudited Condensed Financial Statements

1

 

Condensed Balance Sheets as of September 30, 2019 and December 31, 2018

1

 

Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018

2

 

Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2019 and 2018

3

 

Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

5

 

Notes to Unaudited Condensed Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

31

 

 

 

PART II.

OTHER INFORMATION

32

 

 

 

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 3.

Defaults Upon Senior Securities

34

Item 4.

Mine Safety Disclosures

34

Item 5.

Other Information

34

Item 6.

Exhibits

35

 

 

 

i


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Avedro, Inc.

Condensed Balance Sheets

(amounts in thousands except share data)

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

52,146

 

 

$

9,769

 

Accounts receivable, net (a)

 

 

12,328

 

 

 

4,725

 

Inventories

 

 

4,482

 

 

 

4,259

 

Prepaid expenses and other current assets

 

 

3,264

 

 

 

1,919

 

Total current assets

 

 

72,220

 

 

 

20,672

 

Equipment and furniture, net

 

 

1,542

 

 

 

1,524

 

Restricted cash

 

 

551

 

 

 

551

 

Deferred offering costs

 

 

 

 

 

2,829

 

Other assets

 

 

218

 

 

 

291

 

Total assets

 

$

74,531

 

 

$

25,867

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’

   EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,483

 

 

$

2,126

 

Accrued expenses and other current liabilities

 

 

6,322

 

 

 

5,366

 

Current portion of license obligation

 

 

 

 

 

250

 

Deferred revenue

 

 

784

 

 

 

688

 

Total current liabilities

 

 

8,589

 

 

 

8,430

 

Deferred revenue

 

 

36

 

 

 

12

 

Long-term debt obligations

 

 

20,489

 

 

 

19,939

 

Derivative and warrant liability

 

 

900

 

 

 

2,206

 

Other non-current liabilities

 

 

422

 

 

 

445

 

Total liabilities

 

$

30,436

 

 

$

31,032

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Convertible preferred stock:

 

 

 

 

 

 

 

 

Series AA convertible preferred stock, $0.00001 par value; authorized shares zero

   and 32,650,000 at September 30, 2019 and December 31, 2018, respectively;

   issued and outstanding shares zero and 7,161,719 at September 30, 2019 and

   December 31, 2018, respectively; no liquidation preference at September 30, 2019

 

 

 

 

 

31,852

 

Series BB convertible preferred stock, $0.00001 par value; authorized shares zero

   and 5,950,000 at September 30, 2019 and December 31, 2018, respectively;

   issued and outstanding zero and shares 1,332,708 at September 30, 2019 and

   December 31, 2018, respectively; no liquidation preference at September 30, 2019

 

 

 

 

 

11,789

 

Series CC convertible preferred stock, $0.00001 par value; authorized shares zero

   and 9,529,571 at September 30, 2019 and December 31, 2018, respectively;

   issued and outstanding shares zero and 2,141,467 at September 30, 2019 and

   December 31, 2018, respectively;  no liquidation preference at September 30, 2019

 

 

 

 

 

24,782

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value; 10,000,000 and zero shares authorized at

   September 30, 2019 and December 31, 2018, respectively; no shares issued and

   outstanding at September 30, 2019 and December 31, 2018

 

 

 

 

 

 

Common stock, $0.00001 par value; authorized shares 200,000,000 and

   66,905,000 at September 30, 2019 and December 31, 2018, respectively; issued

   and outstanding shares 17,506,228 and 1,412,003 at September 30, 2019 and

   December 31, 2018, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

245,389

 

 

 

108,532

 

Accumulated deficit

 

 

(201,296

)

 

 

(182,122

)

Total stockholders’ equity (deficit)

 

 

44,095

 

 

 

(73,588

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

74,531

 

 

$

25,867

 

 

(a)

Includes $551 and $573 from related parties as of September 30, 2019 and December 31, 2018, net of allowance of $63 and $198, respectively.

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

1


Avedro, Inc.

Condensed Statements of Operations

(amounts in thousands except share and per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue (a)

 

$

11,046

 

 

$

8,018

 

 

$

30,108

 

 

$

19,467

 

Cost of goods sold (b)

 

 

2,404

 

 

 

2,861

 

 

 

7,469

 

 

 

8,223

 

Gross profit

 

 

8,642

 

 

 

5,157

 

 

 

22,639

 

 

 

11,244

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

12,966

 

 

 

7,179

 

 

 

33,654

 

 

 

18,995

 

Research and development

 

 

3,809

 

 

 

3,117

 

 

 

11,995

 

 

 

8,826

 

Total operating expenses

 

 

16,775

 

 

 

10,296

 

 

 

45,649

 

 

 

27,821

 

Loss from operations

 

 

(8,133

)

 

 

(5,139

)

 

 

(23,010

)

 

 

(16,577

)

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

285

 

 

 

79

 

 

 

822

 

 

 

144

 

Interest expense

 

 

(705

)

 

 

(682

)

 

 

(2,111

)

 

 

(1,975

)

Other (expense) income, net

 

 

(512

)

 

 

167

 

 

 

(547

)

 

 

(302

)

Total other expense, net

 

 

(932

)

 

 

(436

)

 

 

(1,836

)

 

 

(2,133

)

Net loss

 

$

(9,065

)

 

$

(5,575

)

 

$

(24,846

)

 

$

(18,710

)

Net loss per share of common stock, basic and diluted

 

$

(0.52

)

 

$

(3.96

)

 

$

(1.74

)

 

$

(13.42

)

Weighted average shares of common stock used to

   compute net loss per share, basic and diluted

 

 

17,307,914

 

 

 

1,408,540

 

 

 

14,295,164

 

 

 

1,393,833

 

 

(a)

Includes related party activity of $479 and $519 for the three months ended September 30, 2019 and 2018, respectively, and $1,606 and $1,452 for the nine months ended September 30, 2019 and 2018, respectively.

 

(b)

Includes related party activity of $47 and $116 for the three months ended September 30, 2019 and 2018, respectively, and $257 and $404 for the nine months ended September 30, 2019 and 2018, respectively.

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

2


Avedro, Inc.

Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(amounts in thousands except share data)

(unaudited)

 

 

 

Convertible Preferred Stock

$0.00001 Par Value

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Total

 

 

 

Series AA

 

 

Series BB

 

 

Series CC

 

 

 

$0.00001 Par Value

 

 

Paid-In

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at June 30, 2018

 

 

7,161,719

 

 

$

31,852

 

 

 

1,332,708

 

 

$

11,789

 

 

 

2,141,467

 

 

$

24,782

 

 

 

 

1,408,252

 

 

$

2

 

 

$

108,077

 

 

$

(170,135

)

 

$

(62,056

)

Exercise of common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

659

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225

 

 

 

 

 

 

225

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,575

)

 

 

(5,575

)

Balance at September 30, 2018

 

 

7,161,719

 

 

$

31,852

 

 

 

1,332,708

 

 

$

11,789

 

 

 

2,141,467

 

 

$

24,782

 

 

 

 

1,408,911

 

 

$

2

 

 

$

108,303

 

 

$

(175,710

)

 

$

(67,405

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

17,133,849

 

 

$

2

 

 

$

242,270

 

 

$

(192,231

)

 

$

50,041

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

286,958

 

 

 

 

 

 

496

 

 

 

 

 

 

496

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,712

 

 

 

 

 

 

2,712

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,865

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld to pay statutory

   withholding taxes for vesting

   of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,893

)

 

 

 

 

 

(89

)

 

 

 

 

 

 

(89

)

Exercise of common stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,449

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,065

)

 

 

(9,065

)

Balance at September 30, 2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

17,506,228

 

 

$

2

 

 

$

245,389

 

 

$

(201,296

)

 

$

44,095

 

 

3


 

 

 

Convertible Preferred Stock

$0.00001 Par Value

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Total

 

 

 

Series AA

 

 

Series BB

 

 

Series CC

 

 

 

$0.00001 Par Value

 

 

Paid-In

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at December 31, 2017

 

 

7,161,719

 

 

$

31,852

 

 

 

1,332,708

 

 

$

11,789

 

 

 

 

 

$

 

 

 

 

1,363,050

 

 

$

2

 

 

$

107,478

 

 

$

(157,000

)

 

$

(49,520

)

Issuance of Series CC

   convertible preferred stock,

   net of issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,141,467

 

 

 

24,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,861

 

 

 

 

 

 

63

 

 

 

 

 

 

63

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

762

 

 

 

 

 

 

762

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,710

)

 

 

(18,710

)

Balance at September 30, 2018

 

 

7,161,719

 

 

$

31,852

 

 

 

1,332,708

 

 

$

11,789

 

 

 

2,141,467

 

 

$

24,782

 

 

 

 

1,408,911

 

 

$

2

 

 

$

108,303

 

 

$

(175,710

)

 

$

(67,405

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

7,161,719

 

 

$

31,852

 

 

 

1,332,708

 

 

$

11,789

 

 

 

2,141,467

 

 

$

24,782

 

 

 

 

1,412,003

 

 

$

2

 

 

$

108,532

 

 

$

(182,122

)

 

$

(73,588

)

Cumulative effect of accounting

   change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,672

 

 

 

5,672

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

348,520

 

 

 

 

 

 

608

 

 

 

 

 

 

608

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,055

 

 

 

 

 

 

5,055

 

Issuance of common stock in

   connection with initial public

   offering, net of issuance costs

   of $8,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,000,000

 

 

 

 

 

 

61,025

 

 

 

 

 

 

61,025

 

Conversion of convertible

   preferred stock into

   common stock

 

 

(7,161,719

)

 

 

(31,852

)

 

 

(1,332,708

)

 

 

(11,789

)

 

 

(2,141,467

)

 

 

(24,782

)

 

 

 

10,635,894

 

 

 

 

 

 

68,423

 

 

 

 

 

 

68,423

 

Reclassification of a warrant to

   purchase shares of convertible

   preferred stock into a warrant

   to purchase common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,835

 

 

 

 

 

 

1,835

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,914

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld to pay statutory

   withholding taxes for vesting

   of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,893

)

 

 

 

 

 

(89

)

 

 

 

 

 

 

(89

)

Exercise of common stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,790

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,846

)

 

 

(24,846

)

Balance at September 30, 2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$