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10-Q Filing

Sachem Capital Corp. CIK: 1682220 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001104659-20-058333
Period End Date 20200331
Filing Date 20200508
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance sach-20200331.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Deferred financing costs DeferredFinanceCostsNet $2.69M USD Point-in-time
Deferred financing costs DeferredFinanceCostsNet $2.57M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.63M USD Point-in-time
Preferred Stock, Par or Stated Value Per Share PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $18.84M USD Point-in-time
Preferred Stock, Par or Stated Value Per Share PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Investments Investments $15.95M USD Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Investments Investments $16.25M USD Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Mortgages receivable MortgageLoansOnRealEstate $94.35M USD Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Mortgages receivable MortgageLoansOnRealEstate $111.79M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Interest and fees receivable InterestReceivable $1.57M USD Point-in-time
Interest and fees receivable InterestReceivable $1.37M USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Other receivables OtherReceivables $141.40K USD Point-in-time
Other receivables OtherReceivables $116.40K USD Point-in-time
Due from borrowers DueFromAffiliates $840.93K USD Point-in-time
Due from borrowers DueFromAffiliates $1.09M USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 22.12M shares Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 22.12M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 22.12M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 22.12M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrentAndNoncurrent $24.73K USD Point-in-time
Prepaid expenses PrepaidExpenseCurrentAndNoncurrent $33.29K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.36M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.35M USD Point-in-time
Deposits on property and equipment DepositsOnPropertyPlantAndEquipment $35.00K USD Point-in-time
Deposits on property and equipment DepositsOnPropertyPlantAndEquipment $71.68K USD Point-in-time
Real estate owned RealEstateInvestmentsOwned $8.26M USD Point-in-time
Real estate owned RealEstateInvestmentsOwned $7.29M USD Point-in-time
Deferred financing costs DeferredCostsCurrent $16.43K USD Point-in-time
Deferred financing costs DeferredCostsCurrent $16.60K USD Point-in-time
Total assets Assets $141.18M USD Point-in-time
Total assets Assets $141.21M USD Point-in-time
Notes payable (net of deferred financing costs of $2,570,597 and $2,687,190) UnsecuredDebt $55.48M USD Point-in-time
Notes payable (net of deferred financing costs of $2,570,597 and $2,687,190) UnsecuredDebt $55.59M USD Point-in-time
Mortgage payable MortgagePayable $784.08K USD Point-in-time
Mortgage payable MortgagePayable $779.96K USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $249.88K USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $258.01K USD Point-in-time
Security deposits held SecurityDepositLiability $7.80K USD Point-in-time
Security deposits held SecurityDepositLiability $7.80K USD Point-in-time
Advances from borrowers AdvancePaymentsByBorrowersForTaxesAndInsurance $1.23M USD Point-in-time
Advances from borrowers AdvancePaymentsByBorrowersForTaxesAndInsurance $848.27K USD Point-in-time
Deferred revenue DeferredRevenue $1.21M USD Point-in-time
Deferred revenue DeferredRevenue $1.28M USD Point-in-time
Notes payable NotesPayable $75.43K USD Point-in-time
Notes payable NotesPayable $70.50K USD Point-in-time
Accrued interest InterestPayableCurrentAndNoncurrent $3.42K USD Point-in-time
Accrued interest InterestPayableCurrentAndNoncurrent $3.40K USD Point-in-time
Total liabilities Liabilities $58.65M USD Point-in-time
Total liabilities Liabilities $59.23M USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued PreferredStockValue - USD Point-in-time
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued PreferredStockValue - USD Point-in-time
Common stock - $.001 par value;100,000,000 shares authorized; 22,117,301 issued and outstanding CommonStockValue $22.12K USD Point-in-time
Common stock - $.001 par value;100,000,000 shares authorized; 22,117,301 issued and outstanding CommonStockValue $22.12K USD Point-in-time
Paid-in capital AdditionalPaidInCapital $83.80M USD Point-in-time
Paid-in capital AdditionalPaidInCapital $83.86M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-186.26K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-50.88K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.68M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.27M USD Point-in-time
Total shareholders' equity StockholdersEquity $81.96M USD Point-in-time
Total shareholders' equity StockholdersEquity $82.56M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $141.18M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $141.21M USD Point-in-time
Income Statement 54 line items
Line Item Tag Value Unit Period
Interest income from loans InterestAndFeeIncomeLoansAndLeases $2.75M USD 1 Quarter
Interest income from loans InterestAndFeeIncomeLoansAndLeases $2.90M USD 1 Quarter
Interest income on investments InvestmentIncomeInterest - USD 1 Quarter
Interest income on investments InvestmentIncomeInterest $97.52K USD 1 Quarter
Gain on sale of investment securities GainLossOnSaleOfInvestments - USD 1 Quarter
Gain on sale of investment securities GainLossOnSaleOfInvestments $446.08K USD 1 Quarter
Origination fees OriginationFees $364.72K USD 1 Quarter
Origination fees OriginationFees $511.06K USD 1 Quarter
Late and other fees RevenuesFromFeesAndCommissions $14.78K USD 1 Quarter
Late and other fees RevenuesFromFeesAndCommissions $46.50K USD 1 Quarter
Processing fees ProcessingFees $46.46K USD 1 Quarter
Processing fees ProcessingFees $34.80K USD 1 Quarter
Rental income, net RentalIncomeNonoperating $10.73K USD 1 Quarter
Rental income, net RentalIncomeNonoperating $25.65K USD 1 Quarter
Other income OtherIncome $117.14K USD 1 Quarter
Other income OtherIncome $284.27K USD 1 Quarter
Net gain on sale of real estate GainOnSaleOfRealEstateInvestment - USD 1 Quarter
Net gain on sale of real estate GainOnSaleOfRealEstateInvestment $7.15K USD 1 Quarter
Total revenue Revenues $4.31M USD 1 Quarter
Total revenue Revenues $3.35M USD 1 Quarter
Interest and amortization of deferred financing costs InterestAndAmortizationOfDebtServiceCosts $1.15M USD 1 Quarter
Interest and amortization of deferred financing costs InterestAndAmortizationOfDebtServiceCosts $621.05K USD 1 Quarter
Professional fees ProfessionalFees $132.31K USD 1 Quarter
Professional fees ProfessionalFees $88.11K USD 1 Quarter
Compensation, fees and taxes CompensationFeesAndTaxes $384.23K USD 1 Quarter
Compensation, fees and taxes CompensationFeesAndTaxes $344.49K USD 1 Quarter
Exchange fees ExchangeFees $10.29K USD 1 Quarter
Exchange fees ExchangeFees $7.27K USD 1 Quarter
Other expenses and taxes TaxesAndLicenses $28.70K USD 1 Quarter
Other expenses and taxes TaxesAndLicenses $14.19K USD 1 Quarter
Depreciation Depreciation $7.50K USD 1 Quarter
Depreciation Depreciation $16.28K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $140.21K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $165.45K USD 1 Quarter
Net loss on sale of real estate GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes - USD 1 Quarter
Net loss on sale of real estate GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes $-4.46K USD 1 Quarter
Impairment loss AssetImpairmentCharges - USD 1 Quarter
Impairment loss AssetImpairmentCharges $250.00K USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $1.29M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $2.07M USD 1 Quarter
Net income NetIncomeLoss $2.06M USD 1 Quarter
Net income NetIncomeLoss $2.24M USD 1 Quarter
Unrealized loss on investment securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-135.38K USD 1 Quarter
Unrealized loss on investment securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax - USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $2.10M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $2.06M USD 1 Quarter
Basic EarningsPerShareBasic $0.13 USD 1 Quarter
Basic EarningsPerShareBasic $0.10 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.10 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.13 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 22.12M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 15.58M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 15.58M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 22.12M shares 1 Quarter
Cash Flow Statement 95 line items
Line Item Tag Value Unit Period
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable RealEstateAcquiredThroughForeclosure $1.96M USD Point-in-time
Net income NetIncomeLoss $2.06M USD 1 Quarter
Net income NetIncomeLoss $2.24M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $47.08K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $116.76K USD 1 Quarter
Depreciation expense Depreciation $7.50K USD 1 Quarter
Depreciation expense Depreciation $16.28K USD 1 Quarter
Stock based compensation ShareBasedCompensation $4.11K USD 1 Quarter
Stock based compensation ShareBasedCompensation $4.10K USD 1 Quarter
Impairment loss GoodwillImpairmentLoss - USD 1 Quarter
Impairment loss GoodwillImpairmentLoss $250.00K USD 1 Quarter
Loss (gain) on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate $-4.46K USD 1 Quarter
Loss (gain) on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate $7.15K USD 1 Quarter
Realized gain on short-term marketable securities MarketableSecuritiesRealizedGainLoss $446.08K USD 1 Quarter
Realized gain on short-term marketable securities MarketableSecuritiesRealizedGainLoss - USD 1 Quarter
Escrow deposits IncreaseDecreaseInEscrowDeposit - USD 1 Quarter
Escrow deposits IncreaseDecreaseInEscrowDeposit $-12.82K USD 1 Quarter
Interest and fees receivable IncreaseDecreaseInInterestAndFeesReceivable $200.17K USD 1 Quarter
Interest and fees receivable IncreaseDecreaseInInterestAndFeesReceivable $649.16K USD 1 Quarter
Other receivables IncreaseDecreaseInOtherReceivables $-25.00K USD 1 Quarter
Other receivables IncreaseDecreaseInOtherReceivables $-25.00K USD 1 Quarter
Due from borrowers IncreaseDecreaseInFinanceReceivables $92.05K USD 1 Quarter
Due from borrowers IncreaseDecreaseInFinanceReceivables $778.32K USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $70.51K USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $8.55K USD 1 Quarter
Deposits on property and equipment IncreaseDecreaseInSecurityDeposits $-37.88K USD 1 Quarter
Deposits on property and equipment IncreaseDecreaseInSecurityDeposits $36.68K USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $-18.00 USD 1 Quarter
Accrued interest IncreaseDecreaseInInterestPayableNet $19.50K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $8.14K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-187.82K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-31.01K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $75.00K USD 1 Quarter
Advances from borrowers IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance $385.48K USD 1 Quarter
Advances from borrowers IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance $69.44K USD 1 Quarter
Total adjustments AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-511.23K USD 1 Quarter
Total adjustments AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $-890.14K USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $1.73M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $1.17M USD 1 Quarter
Purchase of investments and marketable securities PaymentsToAcquireMarketableSecurities $17.42M USD 1 Quarter
Purchase of investments and marketable securities PaymentsToAcquireMarketableSecurities - USD 1 Quarter
Proceeds from the sale of investments and marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $17.43M USD 1 Quarter
Proceeds from the sale of investments and marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Proceeds from sale of real estate owned ProceedsFromSaleOfRealEstateHeldforinvestment $1.09M USD 1 Quarter
Proceeds from sale of real estate owned ProceedsFromSaleOfRealEstateHeldforinvestment $124.81K USD 1 Quarter
Acquisitions of and improvements to real estate owned, net PaymentsToAcquireRealEstateHeldForInvestment $362.78K USD 1 Quarter
Acquisitions of and improvements to real estate owned, net PaymentsToAcquireRealEstateHeldForInvestment $377.29K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $29.76K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $141.92K USD 1 Quarter
Principal disbursements for mortgages receivable PaymentsToAcquireMortgageReceivable $28.68M USD 1 Quarter
Principal disbursements for mortgages receivable PaymentsToAcquireMortgageReceivable $12.83M USD 1 Quarter
Principal collections on mortgages receivable ProceedsFromCollectionOfMortgageReceivable $11.76M USD 1 Quarter
Principal collections on mortgages receivable ProceedsFromCollectionOfMortgageReceivable $8.48M USD 1 Quarter
NET CASH USED FOR INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.73M USD 1 Quarter
NET CASH USED FOR INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-16.22M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $19.74M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit - USD 1 Quarter
Repayment of line of credit RepaymentsOfLinesOfCredit $16.58M USD 1 Quarter
Repayment of line of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Proceeds from notes sold to shareholder ProceedsFromNotesSoldToShareholder $1.02M USD 1 Quarter
Proceeds from notes sold to shareholder ProceedsFromNotesSoldToShareholder - USD 1 Quarter
Proceeds from bank overdraft ProceedsFromRepaymentsOfBankOverdrafts - USD 1 Quarter
Proceeds from bank overdraft ProceedsFromRepaymentsOfBankOverdrafts $117.78K USD 1 Quarter
Principal payments on mortgage payable PaymentsForProceedsFromMortgageDeposits $4.12K USD 1 Quarter
Principal payments on mortgage payable PaymentsForProceedsFromMortgageDeposits $290.98K USD 1 Quarter
Principal payments on notes payable RepaymentsOfNotesPayable - USD 1 Quarter
Principal payments on notes payable RepaymentsOfNotesPayable $4.93K USD 1 Quarter
Dividends Paid PaymentsOfOrdinaryDividends $2.62M USD 1 Quarter
Dividends Paid PaymentsOfOrdinaryDividends $2.65M USD 1 Quarter
Costs in connection with ATM PaymentOfStockIssuanceCostsInConnectionWithATM - USD 1 Quarter
Costs in connection with ATM PaymentOfStockIssuanceCostsInConnectionWithATM $-2.23M USD 1 Quarter
Financing costs incurred PaymentsOfFinancingCosts $12.11K USD 1 Quarter
Financing costs incurred PaymentsOfFinancingCosts $58.35K USD 1 Quarter
Proceeds from mortgage payable ProceedsFromMortgagePayable - USD 1 Quarter
Proceeds from mortgage payable ProceedsFromMortgagePayable $76.48K USD 1 Quarter
Prepayment of mortgage payable RepaymentOfMortgagePayable $-795.00K USD 1 Quarter
Prepayment of mortgage payable RepaymentOfMortgagePayable - USD 1 Quarter
NET CASH (USED IN)PROVIDED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $4.47M USD 1 Quarter
NET CASH (USED IN)PROVIDED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-2.72M USD 1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $910.53K USD 1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-17.22M USD 1 Quarter
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.63M USD Point-in-time
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.07M USD Point-in-time
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.84M USD Point-in-time
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $158.86K USD Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.63M USD Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.07M USD Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.84M USD Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $158.86K USD Point-in-time
Taxes paid IncomeTaxesPaid - USD 1 Quarter
Taxes paid IncomeTaxesPaid - USD 1 Quarter
Interest paid InterestPaidNet $573.67K USD 1 Quarter
Interest paid InterestPaidNet $1.03M USD 1 Quarter
Dividends declared and payable DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Dividends declared and payable DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning balance MembersEquity $52.80M USD Point-in-time
Beginning balance MembersEquity $81.96M USD Point-in-time
Beginning balance MembersEquity $57.09M USD Point-in-time
Beginning balance MembersEquity $82.56M USD Point-in-time
Offering costs-ATM AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts $58.35K USD 1 Quarter
Stock based compensation StockGrantedDuringPeriodValueSharebasedCompensation $4.11K USD 1 Quarter
Stock based compensation StockGrantedDuringPeriodValueSharebasedCompensation $4.10K USD 1 Quarter
Unrealized loss on marketable securities MarketableSecuritiesUnrealizedGainLoss $-135.38K USD 1 Quarter
Dividends paid DividendsCommonStock $2.65M USD 1 Quarter
Net income ProfitLoss $2.24M USD 1 Quarter
Net income ProfitLoss $2.06M USD 1 Quarter
Balance MembersEquity $52.80M USD Point-in-time
Balance MembersEquity $81.96M USD Point-in-time
Balance MembersEquity $57.09M USD Point-in-time
Balance MembersEquity $82.56M USD Point-in-time

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

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