DIGITAL ALLY, INC ANNOUNCES THIRD QUARTER 2020 OPERATING RESULTS
November 12 2020 - 8:00AM
Digital Ally, Inc. (Nasdaq: DGLY), which develops, manufactures and
markets advanced video surveillance products for law enforcement,
homeland security and commercial applications, today announced its
third quarter 2020 operating results. An investor conference call
is scheduled for 11:15 p.m. EDT on Thursday, November 12, 2020 (see
details below).
Highlights for the Third quarter Ended
September 30, 2020
● |
Total revenues increased 23% in the third quarter 2020 to
$3,588,640 from $2,923,148 in the comparable 2019 period. Total
revenues for the third quarter 2020 represent the highest quarterly
revenue amount reported by the Company since the first quarter of
2017. The overall revenue increase is attributable to approximately
$1.1 million of revenues generated by the Company’s new ThermoVU™
and Shield™ product lines during the third quarter 2020. |
|
|
● |
Our third quarter 2020 basic and diluted earnings per share was
$0.02 representing a significant improvement from the net loss per
share of ($0.26) reported in the comparable quarter in 2019. The
improvement is primarily attributable to the 23% increase in total
revenues, the 12% decrease in selling, general and administrative
expenses and the $2,365,000 gain reported from the termination and
extinguishment of the PIA obligation during the third quarter 2020
as compared to the similar period in 2019. Our earnings per share
of $.02 represents for the third quarter 2020 represent our highest
earnings per share amount reported by the Company since the first
quarter of 2013. |
|
|
● |
The Company recently added two new lines of branded products: (1)
the ThermoVu™ which is a line of self-contained temperature
monitoring systems that provides alerts and controls facility
access when an individual’s temperature exceeds a pre-set threshold
and (2) our Shield™ disinfectants and cleansers which are for use
against viruses and bacteria. We began offering such products
beginning late in the second quarter 2020 and experienced strong
demand during the third quarter resulting in total revenues for the
quarter approximating $1.1 million. Shield™ disinfectants has been
listed on the United States Environmental Protection Agency’s List
N: Disinfectants for Use Against SARS-CoV-2, the virus that causes
COVID-19. We expect continued revenue growth from these two new
product lines in future quarters and are considering additional
products to complement these new safety product lines. We are
ramping up our supply chain for both of these new product lines,
which are manufactured by third-parties. These branded products are
being offered to our first responder customers including police,
fire and paramedics. Commercial customers such as schools, cruise
lines, taxi-cab and para transit are also be good candidates for
the products, which the Company is actively pursuing. |
|
|
● |
The Covid-19 pandemic continued to delay the shipment of some
orders in the third quarter 2020 as police forces and governments
reacted to its impact. In general, our salesmen were unable to
travel and meet with potential customers as they normally do to
demonstrate our hardware, to promote our integrated solutions and
close hardware sales. Specifically, we were unable to ship the
initial purchase orders under a substantial contract awarded by the
Director of Strategic Procurement of a country for the expected
deployment of body cameras to its entire national police force. The
contract was expected to include up to 5,000 body cameras with our
web-based software infrastructure service over a three-year period.
Contract deliveries were suspended pending the government’s
decision to freeze the planned deployment until such time as the
pandemic is contained within its population. The initial purchase
order was expected to ship during the first quarter 2020 with
follow-on orders for the second and third quarters of 2020 and
would have made a substantial impact to our product revenues for
the third quarter of 2020. At this point, we are unable to forecast
if and when this major project will be restarted or how it may be
modified as a result of the pandemic. Upon completion, the original
contract would have been the largest body camera deployment in our
history and the largest contract for recurring service revenues for
our web-based software related to the body cameras. |
|
|
● |
The Company recorded a gain of $2,365,000 during the third quarter
2020 resulting from the termination and extinguishment of all
obligations related to the Proceeds Investment Agreement (the
“PIA”). On July 20, 2020, the Company and the holder of the PIA
executed a Termination Agreement and Mutual Release (the
“Termination Agreement”). Upon payment of $1,250,000 by the Company
both parties agreed to terminate the PIA and to release each other
from any further liability thereunder. In addition, the Company
further agreed to pay the following: (a) a contingent payment in
the amount of $2,750,000 following the closing of an asset
purchase, membership interest purchase, or similar transaction
between the Company and a specified third-party (the “Purchase
Transaction”) and (b) any and all future proceeds received from
Watchguard and its successors and assigns by the Company for
WatchGuard’s use of U.S. Patent Nos. 8,781,292 and 9,253,452. For
clarity, the parties further agreed that the payment of the
contingent payment would only be due and payable upon the closing
of the specified Purchase Transaction and would automatically
terminate if the specified Purchase Transaction was abandoned prior
to its closing. The Company abandoned the Purchase Transaction
during the third quarter 2020 and therefore, the contingent payment
obligation automatically terminated. The Company recorded a as the
specified Purchase Transaction was abandoned prior to its closing.
Furthermore, the Company does not anticipate any future recoveries
from Watchguard and its successors and assigns relative to
WatchGuard’s use of U.S. Patent Nos. 8,781,292 and 9,253,452. |
|
|
● |
On July 2, 2020 the SEC declared the Company’s shelf registration
statement on Form S-3 effective. The Shelf Registration Statement
will provide the Company with access to liquidity from the public
markets should it decide to utilize it for such purposes. The Shelf
Registration Statement allows the Company to offer and sell, from
time to time in one or more offerings, any combination of our
common stock, debt securities, debt securities convertible into
Common Stock or other securities in any combination thereof, rights
to purchase shares of Common Stock or other securities in any
combination thereof, warrants to purchase shares of Common Stock or
other securities in any combination thereof or units consisting of
Common Stock or other securities in any combination thereof having
an aggregate initial offering price not exceeding
$125,000,000. |
|
|
● |
On August 21, 2020, the Company completed the purchase of a
building which will serve as the company’s warehouse and
distribution location for its new branded temperature screening
device ThermoVU™ and its Shield™ line of disinfectant/cleanser
products. The total purchase price was $420,000 and the Company
used its available cash to close the building purchase. |
|
|
● |
We have asserted two significant patent infringement lawsuit
involving Axon and WatchGuard that have had significant impacts on
our quarterly results primarily due to the timing and amount of
legal fees expended on such lawsuits. We settled the WatchGuard
lawsuit in May 2019 for a total payment from WatchGuard of $6.0
million. In June 2019 the District Court granted Axon’s Motion for
Summary Judgment, and accepted Axon’s position that it did not
infringe on our patents and dismissed the lawsuit. We appealed the
District Court’s ruling. On April 22, 2020, a three-judge panel of
the United States Court of Appeals denied our appeal and affirmed
the District Court’s previous decision to grant Axon summary
judgment. On May 22, 2020, we filed a petition for panel rehearing
requesting that we be granted a rehearing of our appeal of the U.S.
District Court’s summary judgment ruling. Furthermore, we requested
that we be given an opportunity to make our case through oral
argument in front of the three-judge panel of the Court of Appeals,
all of which was denied. The Company has abandoned its right to any
further appeals and this matter is now concluded. Our litigation
costs related to the Axon and other lawsuits has declined
substantially in 2020 compared to 2019 and previous years.
Furthermore, we believe our future quarterly results during the
remainder of 2020 and beyond will continue to be positively
impacted form the conclusion of these legal matters.. |
|
|
● |
Our overall gross margin percentage declined to 34.1% in the third
quarter 2020 compared to 40.7% in the 2019 period. The
deterioration is attributable to the manufacturing inefficiencies
and unfavorable overhead variances caused by the Covid-19 pandemic.
We also continued to experience significant disruptions in the
third quarter 2020 because we moved our office, manufacturing and
warehouse facility to a newer and smaller location during June
2020. |
|
|
● |
Selling, general and administrative expenses were $3,066,606 and
$3,468,709 for the third quarter 2020 and 2019, respectively, a
decrease of $402,103 (12%). The significant decrease was the result
of lower litigation costs due to the Company abandoning the Axon
patent infringement lawsuit, sales and support staff headcount
reductions due to the COVID-19 pandemic and we reduced overall
travel in response to the impact of the Covid-19 pandemic during
the third quarter 2020. |
|
|
● |
The COVID-19 pandemic represents a fluid situation that presents a
wide range of potential impacts of varying durations for different
global geographies, including locations where we have offices,
employees, customers, vendors and other suppliers and business
partners. Like most US-based businesses, the COVID-19 pandemic and
efforts to mitigate the same began to have impacts on our business
in March 2020. By that time, much of our first fiscal quarter was
completed. During the quarter ended September 30, 2020, we have
observed recent decreases in demand from certain customers,
including primarily our law-enforcement and commercial
customers.Given the fact that our products are sold through a
variety of distribution channels, we expect our sales will
experience more volatility as a result of the changing and less
predictable operational needs of many customers as a result of the
COVID-19 pandemic. We are aware that many companies, including many
of our suppliers and customers, are reporting or predicting
negative impacts from COVID-19 on future operating results.
Although we observed significant declines in demand for our
products from certain customers during the three months ended
September 30, 2020, we believe that it remains too early for us to
know the exact impact COVID-19 will have on the long-term demand
for our products. We also cannot be certain how demand may shift
over time as the impacts of the COVID-19 pandemic may go through
several phases of varying severity and duration.To date, travel
restrictions and border closures have not materially impacted our
ability to obtain inventory or manufacture or deliver products or
services to customers. However, if such restrictions become more
severe, they could negatively impact those activities in a way that
would harm our business over the long term. Travel restrictions
impacting people can restrain our ability to assist our customers
and distributors as well as impact our ability to develop new
distribution channels, but at present we do not expect these
restrictions on personal travel to be material to our business
operations or financial results. We have taken steps to restrain
and monitor our operating expenses and therefore we do not expect
any such impacts to materially change the relationship between
costs and revenues.Like most companies, we have taken a range of
actions with respect to how we operate to assure we comply with
government restrictions and guidelines as well as best practices to
protect the health and well-being of our employees and our ability
to continue operating our business effectively. To date, we have
been able to operate our business effectively using these measures
and to maintain all internal controls as documented and posted. We
also have not experienced challenges in maintaining business
continuity and do not expect to incur material expenditures to do
so. However, the impacts of COVID-19 and efforts to mitigate the
same have remained unpredictable and it remains possible that
challenges may arise in the future. |
Management Comments
Stanton E. Ross, Chief Executive Officer of
Digital Ally, stated, “We are very pleased to report a 23% increase
in total revenues for our third quarter and net earnings per share
of $0.02. Furthermore, our third quarter 2020 total revenues of
$3,588,640 represents our highest quarterly total for revenues
since the first quarter of 2017 and our earnings per share
represents our highest earnings per share since the first quarter
of 2013. Our decision not to stand still during the Covid-19
pandemic and proactively expand our product offerings to include
the ThermoVU and Shield lines has proven to be successful as they
generated approximately $1.1 million in combined revenues during
the third quarter 2020. We are considering further expansion of the
ThermoVU and Shield product lines to include complementary products
that we hope they will achieve similar market acceptance. We also
reduced our SG&A expenses by reducing staffing levels, limiting
travel and reducing many advertising and promotional activities. In
addition, we moved to a new, smaller office and warehouse space in
June 2020 that will dramatically reduce our occupancy costs for the
balance of 2020 and beyond” concluded Ross.
Investor Conference Call
The Company will host an investor
conference call at 11:15 p.m. EDT on Thursday, November 12, 2020,
to discuss its operating results for the third quarter 2020,
developments related to its disinfectant and safety products, the
impact of the Covid-19 pandemic and other topics of interest.
Shareholders and other interested parties may participate in the
conference call by dialing 844-761-0863 and entering conference ID#
5148159 a few minutes before 11:15 p.m. EDT on Thursday November
12, 2020.
A replay of the conference call will be
available two hours after its completion, from November 12, 2020
until 11:59 p.m. on January 12, 2021 by dialing 855-859-2056 and
entering the conference ID # 5148159.
For additional news and information please visit
or follow us on Twitter @digitalallyinc and Facebook
www.facebook.com/DigitalAllyInc
Follow additional Digital Ally Inc. social media
channels here:
Facebook | Instagram | LinkedIn | Twitter
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Act of 1934. These
forward-looking statements are based largely on the expectations or
forecasts of future events, can be affected by inaccurate
assumptions, and are subject to various business risks and known
and unknown uncertainties, a number of which are beyond the control
of management. Therefore, actual results could differ materially
from the forward-looking statements contained in this press
release. A wide variety of factors that may cause actual results to
differ from the forward-looking statements include, but are not
limited to, the following: whether the Company will be able to
improve its revenue and operating results, especially in light of
the adverse effects of the Covid-19 pandemic on our customers,
suppliers and employees; whether it will be able to resolve its
liquidity and operational issues and raise sufficient capital given
the impact of the Covid-19 pandemic; whether it will be able to
achieve improved production and other efficiencies to restore its
gross and operating margins in the future; whether the Company will
be able to continue to expand into non-law enforcement markets,
including disinfectant/sanitizer and temperature screening
products, and increase its service based revenue; whether the
Company has resolved its product quality and supply chain issues;
whether the EVO-HD will help the Company increase its product
revenues; whether the Company will continue to experience declines
in legal expenses as a result of concluding its patent litigation;
whether and the extent to which the US Patent and Trademark Office
(USPTO) rulings will curtail, eliminate or otherwise have an effect
on the actions of competitors and others in the marketplace
respecting the Company, its products and customers; its ability to
deliver its newer product offerings as scheduled, and in particular
the new EVO-HD product platform, obtain the required components and
products on a timely basis, and have them perform as planned; its
ability to maintain or expand its share of the markets in which it
competes, including those outside the law enforcement industry;
whether it will be able to adapt its technology to new and
different uses, including being able to introduce new products;
competition from larger, more established companies with far
greater economic and human resources; its ability to attract and
retain customers and quality employees; the effect of changing
economic conditions; and changes in government regulations, tax
rates and similar matters. These cautionary statements should not
be construed as exhaustive or as any admission as to the adequacy
of the Company’s disclosures. The Company cannot predict or
determine after the fact what factors would cause actual results to
differ materially from those indicated by the forward-looking
statements or other statements. The reader should consider
statements that include the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “projects,”
“should,” or other expressions that are predictions of or indicate
future events or trends, to be uncertain and forward-looking. It
does not undertake to publicly update or revise forward-looking
statements, whether because of new information, future events or
otherwise. Additional information respecting factors that could
materially affect the Company and its operations are contained in
its Quarterly Report on Form 10-Q for the three and nine months
ended September 30, 2020 and in its annual report on Form 10-K for
the year ended December 31, 2019, filed with the Securities and
Exchange Commission (the “SEC”).
For Additional Information, Please
Contact:Stanton E. Ross, CEO, at (913) 814-7774
orThomas J. Heckman, CFO, at (913)
814-7774(Financial Highlights Follow)
DIGITAL ALLY,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETSSEPTEMBER 30, 2020 AND DECEMBER 31,
2019
|
|
September 30,2020
(Unaudited) |
|
|
December 31,2019 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,130,331 |
|
|
$ |
359,685 |
|
Accounts receivable-trade, less allowance for doubtful accounts of
$123,224 – 2020 and 2019 |
|
|
1,799,935 |
|
|
|
1,071,018 |
|
Accounts receivable-other |
|
|
884,853 |
|
|
|
514,730 |
|
Inventories, net |
|
|
5,993,627 |
|
|
|
5,280,412 |
|
Income tax refund receivable, current |
|
|
— |
|
|
|
44,650 |
|
Prepaid expenses and other current assets |
|
|
2,295,945 |
|
|
|
381,090 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
19,104,691 |
|
|
|
7,651,585 |
|
|
|
|
|
|
|
|
|
|
Land, building and equipment,
net |
|
|
681,315 |
|
|
|
197,063 |
|
Intangible assets, net |
|
|
379,351 |
|
|
|
413,268 |
|
Operating lease right of use
assets, net |
|
|
792,121 |
|
|
|
122,459 |
|
Other assets |
|
|
893,180 |
|
|
|
532,500 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
21,850,658 |
|
|
$ |
8,916,875 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,058,739 |
|
|
$ |
2,339,985 |
|
Accrued expenses |
|
|
616,343 |
|
|
|
845,881 |
|
Operating lease obligations – Current |
|
|
83,094 |
|
|
|
159,160 |
|
Contract liabilities – Current |
|
|
1,702,587 |
|
|
|
1,707,943 |
|
Debt obligations – Current |
|
|
791,521 |
|
|
|
1,827,748 |
|
Income taxes payable |
|
|
1,158 |
|
|
|
5,934 |
|
Total current liabilities |
|
|
4,253,442 |
|
|
|
6,886,651 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Proceeds investment agreement obligation, at fair value –
Long-term |
|
|
— |
|
|
|
6,500,000 |
|
Operating lease obligation – Long-term |
|
|
754,031 |
|
|
|
44,460 |
|
Debt obligations – Long-term |
|
|
777,379 |
|
|
|
— |
|
Contract liabilities – Long-term |
|
|
1,663,481 |
|
|
|
1,803,143 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
7,448,333 |
|
|
|
15,234,254 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
(Deficit): |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value per share; 100,000,000 and
50,000,000 shares authorized, respectively; shares issued:
26,836,209 – September 30, 2020 and 12,079,095 – December 31,
2019 |
|
|
26,836 |
|
|
|
12,079 |
|
Additional paid in capital |
|
|
106,225,896 |
|
|
|
83,216,387 |
|
Treasury stock, at cost (63,518 shares) |
|
|
(2,157,226 |
) |
|
|
(2,157,226 |
) |
Accumulated deficit |
|
|
(89,693,181 |
) |
|
|
(87,388,619 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity (deficit) |
|
|
14,402,325 |
|
|
|
(6,317,379 |
) |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
|
$ |
21,850,658 |
|
|
$ |
8,916,875 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30, 2020 FILED WITH THE SEC)
DIGITAL ALLY,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE AND NINE MONTHS
ENDEDSEPTEMBER 30, 2020 AND
2019(Unaudited)
|
|
Three months endedSeptember
30, |
|
|
Nine months endedSeptember
30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
2,958,579 |
|
|
$ |
2,173,257 |
|
|
$ |
5,778,695 |
|
|
$ |
6,039,445 |
|
Service and other |
|
|
630,061 |
|
|
|
749,891 |
|
|
|
1,967,881 |
|
|
|
1,981,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
3,588,640 |
|
|
|
2,923,148 |
|
|
|
7,746,576 |
|
|
|
8,020,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
2,177,676 |
|
|
|
1,601,913 |
|
|
|
4,332,450 |
|
|
|
4,333,812 |
|
Service and other |
|
|
188,316 |
|
|
|
132,973 |
|
|
|
533,690 |
|
|
|
366,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenue |
|
|
2,365,992 |
|
|
|
1,734,886 |
|
|
|
4,866,140 |
|
|
|
4,700,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,222,648 |
|
|
|
1,118,262 |
|
|
|
2,880,436 |
|
|
|
3,320,814 |
|
Selling, general and
administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
405,083 |
|
|
|
517,010 |
|
|
|
1,250,528 |
|
|
|
1,562,086 |
|
Selling, advertising and promotional expense |
|
|
789,854 |
|
|
|
877,218 |
|
|
|
1,958,884 |
|
|
|
2,871,154 |
|
General and administrative expense |
|
|
1,871,668 |
|
|
|
2,074,481 |
|
|
|
5,585,500 |
|
|
|
7,686,537 |
|
Patent litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total selling, general and
administrative expenses |
|
|
3,066,605 |
|
|
|
3,468,709 |
|
|
|
8,794,912 |
|
|
|
6,119,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,843,957 |
) |
|
|
(2,280,447 |
) |
|
|
(5,914,476 |
) |
|
|
(2,798,963 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
11,339 |
|
|
|
6,667 |
|
|
|
33,208 |
|
|
|
30,279 |
|
Interest expense |
|
|
(4,940 |
) |
|
|
(37,037 |
) |
|
|
(338,136 |
) |
|
|
(37,037 |
) |
Secured convertible notes
issuance expense |
|
|
— |
|
|
|
(89,148 |
) |
|
|
(34,906 |
) |
|
|
(89,148 |
) |
Change in fair value of
proceeds investment agreement |
|
|
2,365,000 |
|
|
|
(177,000 |
) |
|
|
5,250,000 |
|
|
|
(3,275,000 |
) |
Change in fair value of
secured convertible notes |
|
|
— |
|
|
|
(408,860 |
) |
|
|
(1,300,252 |
) |
|
|
(408,860 |
) |
Total other income
(expense) |
|
|
2,371,399 |
|
|
|
(705,378 |
) |
|
|
3,609,914 |
|
|
|
(3,779,766 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax benefit |
|
|
527,442 |
|
|
|
(2,985,825 |
) |
|
|
(2,304,562 |
) |
|
|
(6,578,729 |
) |
Income tax benefit
(expense) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
527,442 |
|
|
$ |
(2,985,825 |
) |
|
$ |
(2,304,562 |
) |
|
$ |
(6,578,729 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.02 |
|
|
$ |
(0.26 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.58 |
) |
Diluted |
|
$ |
0.02 |
|
|
$ |
(0.26 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,613,109 |
|
|
|
11,637,289 |
|
|
|
19,861,694 |
|
|
|
11,296,999 |
|
Diluted |
|
|
26,627,941 |
|
|
|
11,637,289 |
|
|
|
19,861,694 |
|
|
|
11,296,999 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30, 2020 FILED WITH THE SEC)
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