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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
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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: 001-09043
BROAD STREET REALTY, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
36-3361229 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
7250 Woodmont Ave, Suite 350 Bethesda, Maryland |
20814 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (301) 828-1200
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Name of each exchange on which registered |
None |
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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, 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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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☐ |
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 November 7, 2022, the registrant had 32,270,452 shares of common stock outstanding.
BROAD STREET REALTY, INC. AND SUBSIDIARIES
Table of Contents
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BROAD STREET REALTY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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September 30, 2022 |
|
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December 31, 2021 |
|
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(unaudited) |
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|
|
Assets |
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|
|
|
|
Real estate properties |
|
|
|
|
|
|
Land |
|
$ |
49,413 |
|
|
$ |
49,341 |
|
Building and improvements |
|
|
174,341 |
|
|
|
171,894 |
|
Intangible lease assets |
|
|
35,289 |
|
|
|
35,435 |
|
Construction in progress |
|
|
2,751 |
|
|
|
1,247 |
|
Less accumulated depreciation and amortization |
|
|
(36,605 |
) |
|
|
(23,683 |
) |
Total real estate properties, net |
|
|
225,189 |
|
|
|
234,234 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,559 |
|
|
|
2,786 |
|
Restricted cash |
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5,197 |
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|
8,238 |
|
Tenant and accounts receivable, net of allowance of $122 and $75, respectively |
|
|
1,424 |
|
|
|
1,812 |
|
Other assets, net |
|
|
10,200 |
|
|
|
4,599 |
|
Total Assets |
|
$ |
243,569 |
|
|
$ |
251,669 |
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|
|
|
|
|
|
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Liabilities and Equity |
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Liabilities |
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|
|
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Mortgage and other indebtedness, net |
|
$ |
179,136 |
|
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$ |
178,982 |
|
Accounts payable and accrued liabilities |
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|
13,427 |
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|
|
11,384 |
|
Unamortized intangible lease liabilities, net |
|
|
1,645 |
|
|
|
2,729 |
|
Payables due to related parties |
|
|
997 |
|
|
|
626 |
|
Deferred tax liabilities |
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|
6,513 |
|
|
|
8,964 |
|
Deferred revenue |
|
|
694 |
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|
|
860 |
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Total liabilities |
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202,412 |
|
|
|
203,545 |
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Commitments and contingencies |
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Equity |
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Preferred stock, $0.01 par value, 1,000,000 shares authorized: Series A preferred stock, 20,000 shares authorized, 500 shares issued and outstanding at each of September 30, 2022 and December 31, 2021 |
|
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— |
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|
|
— |
|
Common stock, $0.01 par value, 50,000,000 shares authorized, 32,270,452 and 31,873,428 issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
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|
323 |
|
|
|
319 |
|
Additional paid in capital |
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|
71,877 |
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|
70,022 |
|
Accumulated deficit |
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(27,354 |
) |
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(19,543 |
) |
Total Broad Street Realty, Inc. stockholders' equity |
|
|
44,846 |
|
|
|
50,798 |
|
Noncontrolling interest |
|
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(3,689 |
) |
|
|
(2,674 |
) |
Total equity |
|
|
41,157 |
|
|
|
48,124 |
|
Total Liabilities and Equity |
|
$ |
243,569 |
|
|
$ |
251,669 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
BROAD STREET REALTY, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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|
2021 |
|
Revenues |
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Rental income |
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$ |
7,369 |
|
|
$ |
5,875 |
|
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$ |
21,034 |
|
|
$ |
14,629 |
|
Commissions |
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|
413 |
|
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|
854 |
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|
2,142 |
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|
2,060 |
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Management fees and other income |
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|
149 |
|
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|
278 |
|
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|
450 |
|
|
|
934 |
|
Total revenues |
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|
7,931 |
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|
7,007 |
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|
23,626 |
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17,623 |
|
Operating Expenses |
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|
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Cost of services |
|
|
315 |
|
|
|
557 |
|
|
|
1,588 |
|
|
|
1,346 |
|
Depreciation and amortization |
|
|
4,029 |
|
|
|
3,426 |
|
|
|
12,240 |
|
|
|
8,415 |
|
Property operating |
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|
1,926 |
|
|
|
1,426 |
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|
|
5,924 |
|
|
|
3,873 |
|
Bad debt expense (recoveries) |
|
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12 |
|
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(31 |
) |
|
|
47 |
|
|
|
15 |
|
General and administrative |
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|
3,053 |
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|
2,781 |
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|
10,150 |
|
|
|
7,844 |
|
Total operating expenses |
|
|
9,335 |
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|
|
8,159 |
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|
|
29,949 |
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|
21,493 |
|
Operating loss |
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(1,404 |
) |
|
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(1,152 |
) |
|
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(6,323 |
) |
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(3,870 |
) |
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|
Other income (expense) |
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Interest and other income |
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|
— |
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|
1 |
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|
26 |
|
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|
8 |
|
Derivative fair value adjustment |
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1,249 |
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|
50 |
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|
3,819 |
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|
261 |
|
Interest expense |
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(3,073 |
) |
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(2,387 |
) |
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(8,346 |
) |
|
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(7,346 |
) |
Gain on extinguishment of debt |
|
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— |
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|
|
773 |
|
|
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— |
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|
1,530 |
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Other expense |
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(9 |
) |
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— |
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|
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(15 |
) |
|
|
(12 |
) |
Total other expense |
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(1,833 |
) |
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(1,563 |
) |
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(4,516 |
) |
|
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(5,559 |
) |
|
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|
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|
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Income tax benefit |
|
|
795 |
|
|
|
673 |
|
|
|
2,309 |
|
|
|
2,316 |
|
Net loss |
|
$ |
(2,442 |
) |
|
$ |
(2,042 |
) |
|
$ |
(8,530 |
) |
|
$ |
(7,113 |
) |
Plus: Net loss attributable to noncontrolling interest |
|
|
202 |
|
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|
222 |
|
|
|
719 |
|
|
|
886 |
|
Net loss attributable to common stockholders |
|
$ |
(2,240 |
) |
|
$ |
(1,820 |
) |
|
$ |
(7,811 |
) |
|
$ |
(6,227 |
) |
|
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Net loss attributable to common stockholders per share |
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|
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Basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.24 |
) |
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$ |
(0.25 |
) |
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Weighted average shares outstanding |
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Basic and diluted |
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32,079,861 |
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28,825,677 |
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32,030,500 |
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25,399,433 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
BROAD STREET REALTY, INC. AND SUBSIDIARIES
Consolidated Statements of Equity
(in thousands, except share amounts)
(Unaudited)
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Preferred Stock |
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Common Stock |
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|
|
|
|
|
|
|
|
|
|
|
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Shares |
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Par Value |
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Shares |
|
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Par Value |
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Additional Paid-In Capital |
|
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Accumulated Deficit |
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|
Non- controlling Interest |
|
|
Total Equity |
|
Balance at December 31, 2020 |
|
|
500 |
|
|
$ |
— |
|
|
|
22,624,679 |
|
|
$ |
225 |
|
|
$ |
54,622 |
|
|
$ |
(10,035 |
) |
|
$ |
(1,328 |
) |
|
$ |
43,484 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
21 |
|
|
|
— |
|
|
|
— |
|
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|
21 |
|
Tax effect of change in ownership percentage of OP |
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|
— |
|
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|
— |
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|
— |
|
|
|
— |
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|
(16 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,677 |
) |
|
|
(265 |
) |
|
|
(1,942 |
) |
Balance at March 31, 2021 |
|
|
500 |
|
|
|
— |
|
|
|
22,624,679 |
|
|
|
225 |
|
|
|
54,627 |
|
|
|
(11,712 |
) |
|
|
(1,593 |
) |
|
|
41,547 |
|
Issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
6,331,162 |
|
|
|
63 |
|
|
|
7,797 |
|
|
|
— |
|
|
|
— |
|
|
|
7,860 |
|
Grants of restricted stock |
|
|
— |
|
|
|
— |
|
|
|
90,517 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares surrendered for taxes upon vesting |
|
|
— |
|
|
|
— |
|
|
|
(7,136 |
) |
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
Issuance of warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
22 |
|
|
|
— |
|
|
|
— |
|
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|
22 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
2 |
|
|
|
121 |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
Tax effect of change in ownership percentage of OP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,730 |
) |
|
|
(399 |
) |
|
|
(3,129 |
) |
Balance at June 30, 2021 |
|
|
500 |
|
|
|
— |
|
|
|
29,039,222 |
|
|
|
290 |
|
|
|
62,542 |
|
|
|
(14,442 |
) |
|
|
(1,992 |
) |
|
|
46,398 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
|
— |
|
|
|
76 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,820 |
) |
|
|
(222 |
) |
|
|
(2,042 |
) |
Balance at September 30, 2021 |
|
|
500 |
|
|
$ |
— |
|
|
|
29,039,222 |
|
|
$ |
290 |
|
|
$ |
62,618 |
|
|
$ |
(16,262 |
) |
|
|