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10-Q/A Filing

LIFECORE BIOMEDICAL, INC. DE CIK: 1005286 Q1 2022
Filing Information
Form Type 10-Q/A
Accession Number 0001005286-23-000056
Period End Date 20220831
Filing Date 20230316
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance lndc-20220828_htm.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 50.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 50.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.22M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.64M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.41M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.51M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.59M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.16M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.51M shares Point-in-time
Accounts receivable, less allowance for credit losses AccountsReceivableNetCurrent $40.93M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.59M shares Point-in-time
Accounts receivable, less allowance for credit losses AccountsReceivableNetCurrent $48.17M USD Point-in-time
Inventories InventoryNet $66.84M USD Point-in-time
Inventories InventoryNet $64.28M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.05M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.16M USD Point-in-time
Total Current Assets AssetsCurrent $123.71M USD Point-in-time
Total Current Assets AssetsCurrent $116.60M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $117.55M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $118.53M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $8.23M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $8.58M USD Point-in-time
Goodwill Goodwill $13.88M USD Point-in-time
Goodwill Goodwill $13.88M USD Point-in-time
Trademarks/tradenames, net IndefiniteLivedTrademarks $8.70M USD Point-in-time
Trademarks/tradenames, net IndefiniteLivedTrademarks $8.70M USD Point-in-time
Customer relationships, net FiniteLivedCustomerListsNet $1.40M USD Point-in-time
Customer relationships, net FiniteLivedCustomerListsNet $1.35M USD Point-in-time
Other assets OtherAssetsNoncurrent $2.79M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.00M USD Point-in-time
Total Assets Assets $269.10M USD Point-in-time
Total Assets Assets $277.81M USD Point-in-time
Accounts payable AccountsPayableCurrent $16.37M USD Point-in-time
Accounts payable AccountsPayableCurrent $15.80M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $9.24M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $6.37M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrent $7.65M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrent $7.83M USD Point-in-time
Current portion of lease liabilities OperatingAndFinanceLeaseLiabilityCurrent $5.02M USD Point-in-time
Current portion of lease liabilities OperatingAndFinanceLeaseLiabilityCurrent $5.03M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $803.00K USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $919.00K USD Point-in-time
Line of credit LinesOfCreditCurrent $44.00M USD Point-in-time
Line of credit LinesOfCreditCurrent $40.00M USD Point-in-time
Current portion of long-term debt, net LongTermDebtCurrent $98.18M USD Point-in-time
Current portion of long-term debt, net LongTermDebtCurrent $98.57M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $178.96M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $176.81M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent - USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent - USD Point-in-time
Long-term lease liabilities OperatingAndFinanceLeaseLiabilityNoncurrent $9.45M USD Point-in-time
Long-term lease liabilities OperatingAndFinanceLeaseLiabilityNoncurrent $9.98M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $126.00K USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $124.00K USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $199.00K USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $190.00K USD Point-in-time
Total Liabilities Liabilities $188.73M USD Point-in-time
Total Liabilities Liabilities $187.11M USD Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 29,593 and 29,513 shares issued and outstanding at August 28, 2022 and May 29, 2022, respectively CommonStockValue $30.00K USD Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 29,593 and 29,513 shares issued and outstanding at August 28, 2022 and May 29, 2022, respectively CommonStockValue $30.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $167.35M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $168.07M USD Point-in-time
Retained earnings (accumulated deficit) RetainedEarningsAccumulatedDeficit $-87.45M USD Point-in-time
Retained earnings (accumulated deficit) RetainedEarningsAccumulatedDeficit $-76.10M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-286.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-586.00K USD Point-in-time
Total Stockholders Equity StockholdersEquity $202.78M USD Point-in-time
Total Stockholders Equity StockholdersEquity $90.70M USD Point-in-time
Total Stockholders Equity StockholdersEquity $193.87M USD Point-in-time
Total Stockholders Equity StockholdersEquity $80.36M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $277.81M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $269.10M USD Point-in-time
Income Statement 56 line items
Line Item Tag Value Unit Period
Change in net unrealized gains (losses) on interest rate swap, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $-90.00K USD 1 Quarter
Product sales RevenueFromContractWithCustomerIncludingAssessedTax $43.35M USD 1 Quarter
Change in net unrealized gains (losses) on interest rate swap, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $-16.00K USD 1 Quarter
Product sales RevenueFromContractWithCustomerIncludingAssessedTax $41.63M USD 1 Quarter
Cost of product sales CostOfGoodsAndServicesSold $31.20M USD 1 Quarter
Cost of product sales CostOfGoodsAndServicesSold $37.10M USD 1 Quarter
Gross profit GrossProfit $6.25M USD 1 Quarter
Gross profit GrossProfit $10.44M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.05M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $1.87M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $9.47M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $10.66M USD 1 Quarter
Restructuring costs RestructuringCharges $1.83M USD 1 Quarter
Restructuring costs RestructuringCharges $1.05M USD 1 Quarter
Total operating costs and expenses OperatingExpenses $13.76M USD 1 Quarter
Total operating costs and expenses OperatingExpenses $13.18M USD 1 Quarter
Operating loss OperatingIncomeLoss $-7.50M USD 1 Quarter
Operating loss OperatingIncomeLoss $-2.74M USD 1 Quarter
Interest income InvestmentIncomeInterest $27.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $15.00K USD 1 Quarter
Interest expense InterestExpense $3.68M USD 1 Quarter
Interest expense InterestExpense $6.68M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $109.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-180.00K USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-9.28M USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-11.35M USD 1 Quarter
Income tax (expense) benefit IncomeTaxExpenseBenefit $-1.65M USD 1 Quarter
Income tax (expense) benefit IncomeTaxExpenseBenefit $4.00K USD 1 Quarter
Net loss from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $-7.63M USD 1 Quarter
Net loss from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $-11.35M USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTax $-1.84M USD 1 Quarter
Loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTax - USD 1 Quarter
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Net loss NetIncomeLoss $-11.35M USD 1 Quarter
Loss from continuing operations - basic (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $-0.26 USD 1 Quarter
Loss from continuing operations - basic (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $-0.38 USD 1 Quarter
Loss from discontinued operations- basic (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare - USD 1 Quarter
Loss from discontinued operations- basic (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $-0.06 USD 1 Quarter
Total basic net loss per share (in dollars per share) EarningsPerShareBasic $-0.38 USD 1 Quarter
Total basic net loss per share (in dollars per share) EarningsPerShareBasic $-0.32 USD 1 Quarter
Loss from continuing operations - diluted (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $-0.38 USD 1 Quarter
Loss from continuing operations - diluted (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $-0.26 USD 1 Quarter
Loss from discontinued operations- diluted (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $-0.06 USD 1 Quarter
Loss from discontinued operations- diluted (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare - USD 1 Quarter
Total diluted net loss per share (in dollars per share) EarningsPerShareDiluted $-0.38 USD 1 Quarter
Total diluted net loss per share (in dollars per share) EarningsPerShareDiluted $-0.32 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.58M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.42M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.42M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.58M shares 1 Quarter
Net unrealized gain (losses) on interest rate swaps (net of tax effect of $(16) and $(90)) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $366.00K USD 1 Quarter
Net unrealized gain (losses) on interest rate swaps (net of tax effect of $(16) and $(90)) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $300.00K USD 1 Quarter
Other comprehensive income, net OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $300.00K USD 1 Quarter
Other comprehensive income, net OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $366.00K USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-11.05M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-9.11M USD 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Net loss NetIncomeLoss $-11.35M USD 1 Quarter
Depreciation, amortization of intangibles, debt costs and right-of-use assets DepreciationAmortizationOfIntangiblesDebtCostsAndRightOfUseAssets $5.05M USD 1 Quarter
Depreciation, amortization of intangibles, debt costs and right-of-use assets DepreciationAmortizationOfIntangiblesDebtCostsAndRightOfUseAssets $4.36M USD 1 Quarter
Gain on sale of BreatheWay GainLossOnSaleOfBusiness $2.11M USD 1 Quarter
Gain on sale of BreatheWay GainLossOnSaleOfBusiness - USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $785.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $620.00K USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $-17.00K USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $-2.14M USD 1 Quarter
Gain on disposal of property and equipment related to restructuring, net RestructuringCostsAndAssetImpairmentCharges - USD 1 Quarter
Gain on disposal of property and equipment related to restructuring, net RestructuringCostsAndAssetImpairmentCharges $-92.00K USD 1 Quarter
Provision for expected credit losses DiscontinuedOperationsCreditLossExpenseReversal - USD 1 Quarter
Provision for expected credit losses DiscontinuedOperationsCreditLossExpenseReversal $60.00K USD 1 Quarter
Net loss on disposal of property and equipment held and used GainLossOnSaleOfPropertyPlantEquipment $-16.00K USD 1 Quarter
Net loss on disposal of property and equipment held and used GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
Other, net OtherNoncashIncomeExpense $18.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $70.00K USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $-7.24M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $-8.00M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-248.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-2.56M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $761.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.70M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.52M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $581.00K USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-3.13M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-2.87M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $2.84M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $183.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-116.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $86.00K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-1.53M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $831.00K USD 1 Quarter
Proceeds from sale of BreatheWay, net ProceedsFromDivestitureOfBusinesses $3.13M USD 1 Quarter
Proceeds from sale of BreatheWay, net ProceedsFromDivestitureOfBusinesses - USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.93M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.91M USD 1 Quarter
Sale of Investment in non-public company ProceedsFromSaleOfEquityMethodInvestments $45.10M USD 1 Quarter
Sale of Investment in non-public company ProceedsFromSaleOfEquityMethodInvestments - USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $1.08M USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $38.27M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $206.00K USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $41.39M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $27.00K USD 1 Quarter
Proceeds from lines of credit ProceedsFromLinesOfCredit $4.00M USD 1 Quarter
Proceeds from lines of credit ProceedsFromLinesOfCredit $8.00M USD 1 Quarter
Payments on lines of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Payments on lines of credit RepaymentsOfLinesOfCredit $5.00M USD 1 Quarter
Taxes paid by Company for employee stock plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $67.00K USD 1 Quarter
Taxes paid by Company for employee stock plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts $132.00K USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-38.95M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $3.91M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $152.00K USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.58M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.45M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.29M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.22M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.64M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.45M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.29M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.22M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.64M USD Point-in-time
Purchases of property and equipment on trade vendor credit CapitalExpendituresIncurredButNotYetPaid $2.24M USD 1 Quarter
Purchases of property and equipment on trade vendor credit CapitalExpendituresIncurredButNotYetPaid $1.99M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning balance (in shares) CommonStockSharesIssued 29.51M shares Point-in-time
Beginning balance (in shares) CommonStockSharesIssued 29.59M shares Point-in-time
Beginning balance StockholdersEquity $202.78M USD Point-in-time
Beginning balance StockholdersEquity $90.70M USD Point-in-time
Beginning balance StockholdersEquity $193.87M USD Point-in-time
Beginning balance StockholdersEquity $80.36M USD Point-in-time
Issuance of stock under stock plans, net of shares withheld StockIssuedDuringPeriodValueNewIssues - USD 1 Quarter
Issuance of stock under stock plans, net of shares withheld StockIssuedDuringPeriodValueNewIssues - USD 1 Quarter
Taxes paid by Company for employee stock plans AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $67.00K USD 1 Quarter
Taxes paid by Company for employee stock plans AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $620.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $785.00K USD 1 Quarter
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Net loss NetIncomeLoss $-11.35M USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $300.00K USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $366.00K USD 1 Quarter
Ending balance (in shares) CommonStockSharesIssued 29.51M shares Point-in-time
Ending balance (in shares) CommonStockSharesIssued 29.59M shares Point-in-time
Ending balance StockholdersEquity $202.78M USD Point-in-time
Ending balance StockholdersEquity $90.70M USD Point-in-time
Ending balance StockholdersEquity $193.87M USD Point-in-time
Ending balance StockholdersEquity $80.36M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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