UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
For the transition period from to
Commission File Number
(Exact name of registrant as specified in its charter)
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(I.R.S. Employer Identification Number) |
(Address of principal executive offices)
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(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Stock, no par value |
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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 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.
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).
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 definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer |
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Accelerated filer |
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Smaller reporting company |
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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. Yes ☐ No ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
As of November 14, 2023 the registrant had
Regional Health Properties, Inc.
Form 10-Q
Table of Contents
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Part I. |
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Item 1. |
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3 |
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Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 |
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4 |
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5 |
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Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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38 |
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Item 4. |
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38 |
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Part II. |
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Item 1. |
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38 |
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Item 1A. |
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38 |
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Item 2. |
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41 |
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Item 3. |
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41 |
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Item 4. |
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41 |
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Item 5. |
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Item 6. |
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41 |
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44 |
2
Part I. Financial Information
Item 1. Financial Statements
REGIONAL HEALTH PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in 000's)
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September 30, 2023 |
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December 31, 2022 |
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(Unaudited) |
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ASSETS |
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Property and equipment, net |
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$ |
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$ |
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Cash |
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Restricted cash |
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Accounts receivable, net of allowances of $ |
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Prepaid expenses and other |
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Notes receivable |
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Intangible assets - bed licenses |
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Intangible assets - lease rights, net |
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Right-of-use operating lease assets |
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Goodwill |
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Lease deposits and other deposits |
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— |
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Straight-line rent receivable |
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Total assets |
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$ |
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$ |
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LIABILITIES AND EQUITY |
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Senior debt, net |
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$ |
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$ |
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Bonds, net |
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Other debt, net |
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Accounts payable |
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Accrued expenses |
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Operating lease obligation |
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Other liabilities |
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Total liabilities |
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Stockholders' equity: |
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Common stock and additional paid-in capital, |
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Preferred stock, |
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Preferred stock, Series A, |
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Preferred stock, Series B, |
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— |
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Accumulated deficit |
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Total stockholders' equity |
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Total liabilities and stockholders' equity |
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$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
3
REGIONAL HEALTH PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in 000's, except per share data)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenues: |
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Patient care revenues |
$ |
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$ |
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$ |
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$ |
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Rental revenues |
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Management fees |
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Other revenues |
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— |
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Total revenues |
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Expenses: |
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Patient care expense |
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Facility rent expense |
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Cost of management fees |
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Depreciation and amortization |
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General and administrative expense |
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Doubtful accounts expense |
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Other operating expenses |
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Total expenses |
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Loss from operations |
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Other (income) expense: |
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Interest expense, net |
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Other (income) expense, net |
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Total other (income) expense, net |
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Net loss |
$ |
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$ |
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$ |
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$ |
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Preferred stock dividends - undeclared |
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— |
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( |
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— |
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Preferred stock dividends - gain on extinguishment |
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— |
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— |
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— |
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Net profit (loss) attributable to Regional Health Properties, Inc. common stockholders |
$ |
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$ |
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$ |
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$ |
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Net profit (loss) per share of common stock attributable to Regional Health Properties, Inc. |
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Basic: |
$ |
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$ |
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$ |
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$ |
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Diluted: |
$ |
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$ |
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$ |
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$ |
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Weighted average shares of common stock outstanding: |
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Basic: |
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Diluted: |
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See accompanying notes to unaudited consolidated financial statements.
4
REGIONAL HEALTH PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Amounts in 000's)
(Unaudited)
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Shares of |
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Shares of |
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Shares of |
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Shares of Treasury Stock |
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Common stock and additional paid-in capital |
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Preferred stock A, |
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Preferred stock B, |
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Accumulated |
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Total |
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Balance, December 31, 2022 |
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— |
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$ |
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$ |
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$ |
— |
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$ |
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$ |
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Restricted stock issuance |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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Balances, March 31, 2023 |
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— |
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( |
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$ |
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$ |
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$ |
— |
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$ |
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$ |
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Extinguishment of Series A Preferred Stock |
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( |
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— |
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— |
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— |
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( |
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— |
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— |
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Exchange of Series A to Series B |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Forfeitures of stock-based awards |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Balances, June 30, 2023 |
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( |
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$ |
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$ |
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$ |
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$ |
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$ |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Balances, September 30, 2023 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Shares of |
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Shares of |
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Shares of |
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Shares of Treasury Stock |
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Common |
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Preferred stock A, |
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Preferred stock B, |
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Accumulated |
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Total |
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Balances, December 31, 2021 |
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— |
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( |
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$ |
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$ |
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$ |
— |
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$ |
( |
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$ |
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Restricted stock issuance |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Exercise of restricted share awards net settlement option |
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— |
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— |
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— |
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( |
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( |
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— |
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— |
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— |
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( |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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Balances, March 31, 2022 |
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— |
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( |
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$ |
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$ |
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$ |
— |
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$ |
( |
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$ |
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Forfeitures of stock-based awards |
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( |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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Balances, June 30, 2022 |
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— |
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( |
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$ |
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$ |
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$ |
— |
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$ |
( |
) |
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$ |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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