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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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, 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: 001-40396

 

Procore Technologies, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

73-1636261

(State or other jurisdiction of

incorporation or organization)

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

6309 Carpinteria Avenue

Carpinteria, CA

93013

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (866) 477-6267

 

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, $0.0001 par value

 

PCOR

 

The New York Stock Exchange

 

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 28, 2022, the registrant had 138,009,119 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

5

 

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

6

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Condensed Consolidated Financial Statements

10

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 6.

Exhibits

70

Signatures

71

 


 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), about us and our industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact contained in this Quarterly Report on Form 10-Q, are forward-looking statements of our future operating results and financial position, our business strategy and plans, market growth and trends, and objectives for future operations, and the impact of the ongoing coronavirus pandemic (the “COVID-19 pandemic”), on our financial condition and results of operations. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements include, but are not limited to, statements concerning the following:

 

our expectations regarding our financial performance, including revenues, expenses, and margins, and our ability to achieve or maintain future profitability;

 

our expectations regarding our ability to successfully integrate Express Lien, Inc. (d/b/a Levelset), a Delaware corporation (“Levelset”), and LaborChart, Inc., a Delaware corporation (“LaborChart”), into our business and receive the anticipated benefits from all such transactions;

 

our ability to effectively manage our growth;

 

anticipated performance, trends, growth rates, and challenges in our business and in the markets in which we operate or anticipate entering into;

 

economic and industry trends, in particular the rate of adoption of construction management software and digitization of the construction industry, inflation, and challenging geopolitical conditions;

 

the performance of our corporate investments;

 

our ability to attract new customers and retain and increase sales to existing customers;

 

our ability to expand internationally;

 

the effects of increased competition in our markets and our ability to compete effectively;

 

our estimated total addressable market;

 

our ability to develop new products and features, and whether our customers and prospective customers will adopt these new products and features;

 

our ability to maintain, protect, and enhance our brand;

 

the sufficiency of our cash to meet our cash needs for at least the next 12 months;

 

future acquisitions, joint ventures, or investments;

 

our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States (“U.S.”) and internationally;

 

the effects of the COVID-19 pandemic or other public health crises;

 

our reliance on key personnel and our ability to attract, maintain, and retain management and skilled personnel;

 

the future trading price of our common stock; and

 

our anticipated use of the net proceeds from our initial public offering (“IPO”).

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.


1

 


 

In addition, statements that “we believe,” and similar statements, reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.


2

 


 

RISK FACTORS SUMMARY

Investing in our common stock involves a high degree of risk. Below is a summary of factors material to our business that make an investment in our securities speculative or risky. Importantly, this summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, as well as other risks we face can be found under the heading “Risk Factors” in Part II of this Quarterly Report on Form 10-Q.

Our business is subject to a number of risks of which you should be aware before making a decision to invest in our common stock. These risks include, among others, the following:

 

we have experienced rapid growth in recent periods, and such growth may not be indicative of our future growth. If we fail to properly manage future growth, our business, financial condition, results of operations, and prospects could be materially adversely affected;

 

we have a history of losses and may not be able to achieve or sustain profitability in the future;

 

our business may be significantly impacted by changes in the economy and related reductions in spend across the construction industry;

 

the construction management software industry is evolving and may not develop in ways we expect;

 

our current and future products and features may not be widely accepted by our customers, and we may not be able to respond to technological changes or changes in customer demands and preferences, or develop new products and functionality;

 

we are continuing to expand our operations outside the U.S., where we may be subject to increased business, regulatory, and economic risks that could materially adversely affect our business, financial condition, results of operations, and prospects;

 

our business depends on a strong brand, and if we are not able to maintain and enhance our brand, our ability to maintain and expand our customer base may be impaired, and our business may be harmed;

 

our ability to increase our customer base and achieve broader market acceptance of our products will significantly depend on our ability to develop and expand our sales and marketing capabilities, the failure of which could materially adversely impact our business, financial condition, results of operations, and prospects;

 

we operate in a competitive market, and we must continue to compete effectively;

 

our results of operations may fluctuate significantly, which could make our future results difficult to predict and could cause our results of operations to fall below expectations;

 

if we lose key management personnel or if we are unable to retain or hire additional qualified personnel, we may not be able to achieve our strategic objectives and our business, financial condition, results of operations, and prospects could be materially adversely affected;

 

we are subject to stringent, changing, and sometimes potentially inconsistent obligations related to data privacy and security, both domestically and internationally, and our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, loss of customers or sales, and other adverse consequences, any of which could materially adversely affect our business, financial condition, results of operations, and prospects;

 

if our information technology systems or data, or those of third parties upon which we rely, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, loss of customers or sales, and other adverse consequences, any of which could materially adversely affect our business, financial condition, results of operations, and prospects;

 

any failure to offer high quality support for our customers and collaborators may harm our relationships with our customers and, consequently, our business;

 

if we fail to maintain an effective system of disclosure controls and internal control over our financial reporting, including our acquired companies, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and our business, financial condition, results of operations, and prospects could be materially adversely affected; and

 

the COVID-19 pandemic has had and could continue to have an adverse impact on our business, operations, and the markets and communities in which we, our partners, and our customers operate.

 

3

 


 

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except number of shares and par value)

 

September 30,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

264,622

 

 

$

586,108

 

Marketable securities

 

 

293,430

 

 

 

-

 

Accounts receivable, net

 

 

106,749

 

 

 

113,977

 

Contract cost asset, current

 

 

20,658

 

 

 

17,030

 

Prepaid expenses and other current assets

 

 

49,913

 

 

 

35,173

 

Total current assets

 

 

735,372

 

 

 

752,288

 

Capitalized software development costs, net

 

 

51,376

 

 

 

27,062

 

Property and equipment, net

 

 

40,666

 

 

 

36,837

 

Right of use assets - finance leases

 

 

37,459

 

 

 

39,623

 

Right of use assets - operating leases

 

 

45,494

 

 

 

44,052

 

Contract cost asset, non-current

 

 

33,528

 

 

 

25,889

 

Intangible assets, net

 

 

172,303

 

 

 

201,977

 

Goodwill

 

 

539,016

 

 

 

540,922

 

Other assets

 

 

22,090

 

 

 

22,007

 

Total assets

 

$

1,677,304

 

 

$

1,690,657

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,277

 

 

$

15,490

 

Accrued expenses

 

 

83,079

 

 

 

65,907

 

Deferred revenue, current

 

 

329,072

 

 

 

301,557

 

Other current liabilities

 

 

30,475

 

 

 

20,750

 

Total current liabilities

 

 

458,903

 

 

 

403,704

 

Deferred revenue, non-current

 

 

5,023

 

 

 

4,024

 

Finance lease liabilities, non-current

 

 

45,790

 

 

 

47,344

 

Operating lease liabilities, non-current

 

 

39,935

 

 

 

41,573

 

Other liabilities, non-current

 

 

3,352

 

 

 

4,723

 

Total liabilities

 

 

553,003

 

 

 

501,368

 

Contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 100,000,000 shares authorized

   at September 30, 2022 and December 31, 2021; 0 shares issued and

   outstanding at September 30, 2022 and December 31, 2021.

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value, 1,000,000,000 shares

   authorized at September 30, 2022 and December 31, 2021; 137,968,304

   and 134,046,926 shares issued and outstanding at September 30, 2022

   and December 31, 2021, respectively.

 

 

14

 

 

 

13

 

Additional paid-in capital

 

 

2,004,995

 

 

 

1,852,071

 

Accumulated other comprehensive loss

 

 

(2,749

)

 

 

(583

)

Accumulated deficit

 

 

(877,959

)

 

 

(662,212

)

Total stockholders’ equity

 

 

1,124,301

 

 

 

1,189,289

 

Total liabilities, redeemable convertible preferred stock and stockholders’

   equity

 

$

1,677,304

 

 

$

1,690,657

 

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

 

4

 


 

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except share and per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

186,429

 

 

$

131,990

 

 

$

518,150

 

 

$

368,718

 

Cost of revenue

 

 

37,779

 

 

 

22,693

 

 

 

107,846

 

 

 

68,545

 

Gross profit

 

 

148,650

 

 

 

109,297

 

 

 

410,304

 

 

 

300,173

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

109,608

 

 

 

70,356

 

 

 

306,806

 

 

 

224,226

 

Research and development

 

 

71,493

 

 

 

53,447

 

 

 

195,569

 

 

 

176,619

 

General and administrative

 

 

39,362

 

 

 

35,051

 

 

 

123,181

 

 

 

110,805

 

Total operating expenses

 

 

220,463

 

 

 

158,854

 

 

 

625,556

 

 

 

511,650

 

Loss from operations

 

 

(71,813

)

 

 

(49,557

)

 

 

(215,252

)

 

 

(211,477

)

Interest income

 

 

2,143

 

 

 

51

 

 

 

2,895

 

 

 

100

 

Interest expense

 

 

(504

)

 

 

(572

)

 

 

(1,636

)

 

 

(1,759

)

Other expense, net

 

 

(698

)

 

 

(653

)

 

 

(1,045

)

 

 

(880

)

Loss before provision for income taxes

 

 

(70,872

)

 

 

(50,731

)

 

 

(215,038

)

 

 

(214,016

)

Provision for income taxes

 

 

333

 

 

 

11

 

 

 

709

 

 

 

177

 

Net loss

 

$

(71,205

)

 

$

(50,742

)

 

$

(215,747

)

 

$

(214,193

)

Net loss per share attributable to common stockholders,

    basic and diluted

 

$

(0.52

)

 

$

(0.39

)

 

$

(1.59

)

 

$

(2.71

)

Weighted-average shares used in computing net loss

    per share attributable to common stockholders,

    basic and diluted

 

 

137,180,639

 

 

 

131,438,987

 

 

 

135,888,952

 

 

 

79,145,139

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(1,277

)

 

 

(562

)

 

 

(1,723

)

 

 

(786

)

Unrealized loss on available-for-sale debt

   and marketable securities, net of tax

 

 

(443

)

 

 

-

 

 

 

(443

)

 

 

-

 

Total other comprehensive loss

 

 

(1,720

)

 

 

(562

)

 

 

(2,166

)

 

 

(786

)

Comprehensive loss

 

$

(72,925

)

 

$

(51,304

)

 

$

(217,913

)

 

$

(214,979

)

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

 

5

 


 

Procore Technologies, Inc.

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

(unaudited)

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders'

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

(in thousands, except share amounts)

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

(Deficit)

 

Balances as of December 31, 2020

 

 

85,331,278

 

 

$

727,474

 

 

 

 

30,707,113

 

 

$

3

 

 

$

124,755

 

 

$

187

 

 

$

(397,047

)

 

$

(272,102

)

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

 

1,264,484

 

 

 

-

 

 

 

11,038

 

 

 

-

 

 

 

-

 

 

 

11,038

 

Stock-based compensation

 

 

-

 

 

 

676

 

 

 

 

-

 

 

 

-

 

 

 

9,710

 

 

 

-

 

 

 

-

 

 

 

9,710

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(24

)

 

 

-

 

 

 

(24

)

Net loss

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,732

)

 

 

(13,732

)

Balances as of March 31, 2021

 

 

85,331,278

 

 

$

728,150

 

 

 

 

31,971,597

 

 

$

3

 

 

$

145,503

 

 

$

163

 

 

$

(410,779

)

 

$

(265,110

)

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

 

1,644,603

 

 

 

-

 

 

 

17,658

 

 

 

-

 

 

 

-

 

 

 

17,658

 

Stock-based compensation

 

 

-

 

 

 

225

 

 

 

 

-

 

 

 

-

 

 

 

138,055

 

 

 

-

 

 

 

-

 

 

 

138,055

 

Conversion of redeemable convertible preferred stock

   to common stock upon initial public offering

 

 

(85,331,278

)

 

 

(728,375

)

 

 

 

85,331,278

 

 

 

9

 

 

 

728,366

 

 

 

-

 

 

 

-

 

 

 

728,375

 

Issuance of common stock upon initial public offering,

   net of underwriting discounts and offering costs

 

 

-

 

 

 

-

 

 

 

 

10,410,000

 

 

 

1

 

 

 

657,617

 

 

 

-

 

 

 

-

 

 

 

657,618

 

Issuance of common stock, net of common stock

   withheld for tax liability upon settlement of

   restricted stock units

 

 

-

 

 

 

-

 

 

 

 

1,709,527

 

 

 

-

 

 

 

(15

)

 

 

-

 

 

 

-

 

 

 

(15

)

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(200

)

 

 

-

 

 

 

(200

)

Net loss

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(149,719

)

 

 

(149,719

)

Balances as of June 30, 2021

 

 

-

 

 

$

-

 

 

 

 

131,067,005

 

 

$

13

 

 

$

1,687,184

 

 

$

(37

)

 

$

(560,498

)

 

$

1,126,662

 

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

 

529,934

 

 

 

-

 

 

 

5,782

 

 

 

-

 

 

 

-

 

 

 

5,782

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

40,434

 

 

 

-

 

 

 

-

 

 

 

40,434

 

Issuance of common stock upon settlement

   of restricted stock units

 

 

-

 

 

 

-

 

 

 

 

359,523

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Offering costs

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(562

)

 

 

-

 

 

 

(562

)

Net loss

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,742

)

 

 

(50,742

)

Balances as of September 30, 2021

 

 

-

 

 

$

-

 

 

 

 

131,956,462

 

 

$

13

 

 

$

1,733,411

 

 

$

(599

)

 

$

(611,240

)

 

$

1,121,585

 

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

 

6

 


 

Procore Technologies, Inc.

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

(unaudited)

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

(in thousands, except share amounts)

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balances as of December 31, 2021

 

 

-

 

 

$

-

 

 

 

 

134,046,926

 

 

$

13

 

 

$

1,852,071

 

 

$

(583

)

 

$

(662,212

)

 

$

1,189,289

 

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

 

697,998

 

 

 

-

 

 

 

6,795

 

 

 

-

 

 

 

-

 

 

 

6,795

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

39,375

 

 

 

-

 

 

 

-

 

 

 

39,375

 

Issuance of common stock upon settlement

    of restricted stock units

 

 

-

 

 

 

-

 

 

 

 

706,663

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

345

 

 

 

-

 

 

 

345

 

Net loss

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(71,419

)

 

 

(71,419

)

Balances as of March 31, 2022

 

 

-

 

 

$

-

 

 

 

 

135,451,587

 

 

$

13

 

 

$

1,898,241

 

 

$

(238

)

 

$

(733,631

)

 

$

1,164,385

 

Exercise of stock options

 

 

-

 

 

 

-