XENETIC BIOSCIENCES, INC. BUSINESS OVERVIEW
We are a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers. Our DNase platform is designed to improve outcomes of existing treatments, including immunotherapies, by targeting NETs. We licensed the DNase oncology platform inApril 2022 and expect to prioritize our efforts and resources on the development of this newly acquired technology. We are currently focused on advancing our systemic DNase program into the clinic as an adjunctive therapy for pancreatic carcinoma and locally advanced or metastatic solid tumors. We are also developing our personalized Chimeric Antigen Receptor ("CAR") T platform technology, XCART™, to develop cell-based therapeutics targeting the unique B-cell receptor on the surface of an individual patient's malignant tumor cells, for the treatment of B-cell lymphomas. Additionally, we have partnered with biotechnology and pharmaceutical companies to develop our proprietary drug delivery platform, PolyXen, and receive royalty payments under an exclusive license arrangement in the field of blood coagulation disorders. We incorporate our patented and proprietary technologies into drug candidates currently under development with biotechnology and pharmaceutical industry collaborators to create what we believe will be the next-generation biologic drugs with improved pharmacological properties over existing therapeutics. Our drug candidates have resulted from our research activities or that of our collaborators and are in the development stage. As a result, we continue to commit a significant amount of our resources to our research and development activities and anticipate continuing to do so for the near future. To date, none of our drug candidates have received regulatory marketing authorization or approval in theU.S. by theFood and Drug Administration ("FDA") nor in any other countries or territories by any applicable agencies. We are receiving ongoing royalties pursuant to a license of our PolyXen technology to an industry partner. Although we hold a broad patent portfolio, the focus of our internal efforts during the year endedDecember 31, 2022 , was on the licensing and advancement of our DNase platform and on the development of our XCART platform technology.
Critical Accounting Policies and Estimates
The preparation of our financial statements in conformity withU.S. generally accepted accounting principles ("U.S. GAAP") requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue, costs and expenses during the reporting period. On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of expenses that are not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results and outcomes may differ materially from our estimates, judgments and assumptions. Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management's most difficult subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. The following narrative describes these critical accounting estimates, judgments and assumptions and the effect if actual results differ from these assumptions. Revenue Recognition We enter into supply, license and collaboration arrangements with pharmaceutical and biotechnology partners, some of which include royalty agreements based on potential net sales of approved commercial pharmaceutical products. 58 We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue at a point in time, or over time, as it satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. As part of the accounting for these arrangements, we must use significant judgment to determine: a) the number of performance obligations based on the determination under step (ii) above; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. We use judgment to determine whether milestones or other variable consideration should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. In developing the stand-alone price for a performance obligation, we consider applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. We validate the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations. We recognize a contract asset or liability for the difference between our performance (i.e., the goods or services transferred to the customer) and the customer's performance (i.e., the consideration paid by, and unconditionally due from,
the customer). The terms of our license agreements may include delivery of an IP license to a collaboration partner. We may be compensated under license arrangements through a combination of non-refundable upfront receipts, development and regulatory objective receipts and royalty receipts on future product sales by partners. We anticipate recognizing non-refundable upfront license payments and development and regulatory milestone payments received by us in license and collaboration arrangements that include future obligations, such as supply obligations, ratably over our expected performance period under each respective arrangement. We make our best estimate of the period over which we expect to fulfill our performance obligations, which may include technology transfer assistance, research activities, clinical development activities, and manufacturing activities from development through the commercialization of the product. Given the uncertainties of these collaboration arrangements, significant judgment is required to determine the duration of the performance period. When we enter into an arrangement to sublicense some of our patents, we will consider the performance obligations to determine if there is a single element or multiple elements to the arrangement as we determine the proper method and timing of revenue recognition. We consider the terms of the license or sublicense for such elements as price adjustments or refund clauses in addition to any performance obligations for us to provide such as services, patent defense costs, technology support, marketing or sales assistance or any other elements to the arrangement that could constitute an additional deliverable to it that could change the timing of the revenue recognition. Non-refundable upfront license and sublicense fees received, whereby continued performance or future obligations are considered inconsequential or perfunctory to the relevant licensed technology, are recognized as revenue upon delivery of the technology. We expect to recognize royalty revenue in the period of sale, based on the underlying contract terms, provided that the reported sales are reliably measurable, we have no remaining performance obligations, and all other revenue recognition criteria are met. We anticipate reimbursements for research and development services completed by us related to the collaboration agreements to be recognized in operations as revenue on a gross basis. Our license and collaboration agreements with certain collaboration partners could also provide for future milestone receipts to us based solely upon the performance of the respective collaboration partner in consideration of deadline extensions or upon the achievement of specified sales volumes of approved drugs. For such receipts, we expect to recognize the receipts as revenue when earned under the applicable contract terms on a performance basis or ratably over the term of the agreement. These receipts may also be recognized as revenue when continued performance or future obligations by us are considered inconsequential or perfunctory. 59
Research and Development Expenses
Research and development expenses consist of expenses incurred in performing
research and development activities, including compensation and benefits,
facilities expenses, overhead expenses, pre-clinical development, clinical trial
and related clinical manufacturing expenses, fees paid to contract research
organizations ("CROs") and contract manufacturing organizations ("CMOs") and
other outside expenses. We expense research and development costs as incurred.
We expense upfront, non-refundable payments made for research and development
services as obligations are incurred. The value ascribed to intangible assets
acquired but which have not met capitalization criteria is expensed as research
and development at the time of acquisition. Upfront payments under license
agreements are expensed upon receipt of the license. Milestone payments under
license agreements are accrued, with a corresponding expense being recognized,
in the period in which the milestone is determined to be probable of achievement
and the related amount is reasonably estimable.
We are required to estimate accrued research and development expenses at each
reporting period. This process involves reviewing open contracts and purchase
orders, communicating with our personnel to identify services that have been
performed on our behalf and estimating the level of service performed and the
associated cost incurred for the service when we have not yet been invoiced or
otherwise notified of actual costs. The majority of our service providers
invoice us in arrears for services performed, on a pre-determined schedule or
when contractual milestones are met. However, some require advanced payments. We
make estimates of accrued expenses as of each balance sheet date in the
financial statements based on facts and circumstances known at that time. We
periodically confirm the accuracy of the estimates with the service providers
and make adjustments, if necessary. Examples of estimated accrued research and
development expenses include fees paid to:
· Collaborative partners performing research and development and pre-clinical
activities;
· Program managers in connection with overall program management of clinical
trials;
· CMOs in connection with cGMP manufacturing;
· CROs in connection with clinical trials; and
· Investigative sites in connection with clinical trials.
We base our expenses related to research and development, pre-clinical
activities and clinical trials on our estimates of the services received and
efforts expended pursuant to quotes and contracts with multiple research
institutions, CMOs and CROs that conduct and manage clinical trials on our
behalf. The financial terms of these agreements are subject to negotiation, vary
from contract to contract and may result in uneven payment flows. There may be
instances in which payments made to vendors will exceed the level of services
provided and result in a prepayment of the expense. In accruing service fees, we
estimate the time period over which services will be performed and the level of
effort to be expended in each period. If the actual timing of the performance of
services or the level of effort varies from the estimate, we adjust the accrual
or prepaid accordingly. Although we do not expect our estimates to be materially
different from amounts actually incurred, our understanding of the status and
timing of services performed relative to the actual status and timing of
services performed may vary and may result in reporting amounts that are too
high or too low in any particular period. To date, there have not been any
material adjustments to our prior estimates of accrued research and development
expenses.
Share-based Expense
Share-based expense includes grants of options and restricted stock units
("RSUs") to employees and non-employees to purchase shares of our common stock,
Joint Share Ownership Plan awards to employees and agreements to issue common
stock in exchange for services provided by non-employees.
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Share-based expense is based on the estimated fair value of the option or
calculated using the Black-Scholes option pricing model. Determining the
appropriate fair value model and related assumptions requires judgment,
including estimating share price volatility and expected terms of the awards.
The expected volatility rates are estimated based on the historical volatility
of the Company. To the extent Company data is not available for the full
expected term of the awards, we use a weighted average of our historical
volatility and of a peer group of comparable publicly traded companies over the
expected term of the option. The expected term represents the time that options
are expected to be outstanding. We account for forfeitures as they occur and not
at the time of grant. We have not paid dividends and do not anticipate paying
cash dividends in the foreseeable future and, accordingly, we use an expected
dividend yield of zero. The risk-free interest rate is based on the rate of U.S.
Treasury securities with maturities consistent with the estimated expected term
of the awards. Upon exercise, stock options are redeemed for newly issued shares
of our common stock. RSUs are redeemed for newly issued shares of our common
stock as the vesting and settlement provisions of the grant are met.
For employee options that vest based solely on service conditions, the fair
value measurement date is generally on the date of grant and the related
compensation expense is recognized on a straight-line basis over the requisite
vesting period of the awards. For non-employee options issued in exchange for
goods or services consumed in the Company's operations, the fair value
measurement date is the earlier of the date the performance of services is
complete or the date the performance commitment has been reached. We generally
determine that the fair value of the stock options is more reliably measurable
than the fair value of the services received. Compensation expense related to
stock options granted to non-employees is recognized on a straight-line basis
over requisite vesting periods of the awards.
Warrants
In connection with certain financing, consulting and collaboration arrangements,
we issued warrants to purchase shares of our common stock. The outstanding
warrants are standalone instruments that are not puttable or mandatorily
redeemable by the holder and are classified as equity awards. We measure the
fair value of the awards using the Black-Scholes option pricing model as of the
measurement date. Warrants issued to collaboration partners in conjunction with
the issuance of common stock are initially recorded at fair value as a reduction
in additional paid-in capital of the common stock issued.
All other warrants are recorded at fair value as expense on a straight-line
basis over the requisite service period or at the date of issuance if there is
not a service period or if service has already been rendered. For warrants that
contain vesting triggers based on the achievement of certain objectives, we
apply judgment to estimate the probability and timing of the achievement of
those objectives. These estimates involve inherent uncertainties, and as a
result, if the probability or timing of the achievement of those objectives
change, expense related warrants could be materially different in the future.
For warrants issued in connection with financing arrangements we allocate the
proceeds based on the relative fair value of the award and other instrument(s).
Indefinite-lived Intangible Assets
Assets acquired and liabilities assumed in business combinations, licensing and
other transactions are generally recognized at the date of acquisition at their
respective fair values. At acquisition, we generally determine the fair value of
intangible assets, including in-process research and development ("IPR&D"),
using the "income method." Acquired IPR&D intangible assets are considered
indefinite-lived intangible assets until completion or abandonment of the
associated research and development efforts. Substantial additional research and
development may be required before the Company's IPR&D reaches technological
feasibility. Upon completion of the IPR&D project, the IPR&D assets will be
amortized over their estimated useful lives.
61
Indefinite lived intangibles are not amortized but are reviewed for impairment
at least annually or when events or changes in the business environment indicate
it is more likely than not that the carrying value may be impaired. Our annual
assessment may consist of a qualitative or quantitative analysis to determine if
it is more likely than not that its fair value exceeds the carrying value. When
performing the qualitative method, we determine whether the existence of events
or circumstances leads us to determine that it is more likely than not (that is,
a likelihood of more than 50%) that indefinite lived intangibles are impaired.
If we choose to first assess qualitative factors and it is determined that it is
not more likely than not that intangible assets are impaired, then we are not
required to take further action to test for impairment. We also have the option
to bypass the qualitative assessment and perform only the quantitative
impairment test, which we may choose to perform in some periods but not in
others. As the option to perform the qualitative assessment is not a permanent
election, we reassess this option during each annual impairment review. An
impairment loss, if any, is measured as the excess of the carrying value of the
intangible asset over its fair value.
Intangible assets are highly vulnerable to impairment charges, particularly
newly acquired assets for IPR&D. Considering the high risk nature of research
and development and the industry's success rate of bringing developmental
compounds to market, IPR&D impairment charges are likely to occur in future
periods. Estimating the fair value of IPR&D for potential impairment is highly
sensitive to changes in projections and assumptions and changes in assumptions
could potentially lead to impairment.
We believe our estimates and assumptions are reasonable and otherwise consistent
with assumptions that market participants would use in their estimates of fair
value. However, if future results are not consistent with our estimates and
assumptions, then we may be exposed to an impairment charge, which could be
material. Use of different estimates and judgments could yield materially
different results in our analysis and could result in materially differentasset values or expense.
Effects of the COVID-19 Pandemic
DuringMarch 2020 , a global pandemic was declared by theWorld Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus, or COVID-19. The pandemic has significantly affected economic conditions in theU.S. , accelerating during the first half ofMarch 2020 and continuing throughout 2021 and into 2022, as federal, state and local governments reacted to the public health crisis with mitigation measures, creating significant uncertainties in theU.S. economy. We continue to evaluate the effects of the COVID-19 pandemic on our business, and while there has been no significant impact to our operations to date despite social distancing and other measures taken in response to the pandemic, the ultimate impact of the COVID-19 pandemic on our results of operations and financial condition is dependent on future developments, including the duration of the pandemic and the related extent of its severity, the pace and rate at which vaccines are administered, and the continued emergence of new strains of COVID-19, such as the Delta and Omicron variants and any subvariants, as well as its impact on macroeconomic conditions, which are uncertain and cannot be predicted at this time. If the global response to contain the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, we could experience a material adverse effect on our business, financial condition, results of operations and cash flows.
Impact of the Conflict in
The short and long-term implications of
62 Results of Operations The table below sets forth the comparison of our historical results of operations for the year endedDecember 31, 2022 to the year endedDecember 31, 2021 . Increase Percentage Description 2022 2021 (Decrease) Change Revenue: Royalty revenue$ 1,706,925 $ 1,160,692 $ 546,233 47.1% Operating costs and expenses: Research and development (4,770,834 ) (3,163,485 ) 1,607,349 50.8% General and administrative (3,653,999 ) (3,743,972 ) (89,973 ) (2.4 )% Total operating costs and expenses (8,424,833 ) (6,907,457 ) 1,517,376 22.0% Loss from operations (6,717,908 ) (5,746,765 ) 971,143 16.9% Other income (expense): Other income (expense) (1,597 ) 1,119 2,716 242.7% Interest income, net 167,152 100,467 66,685 66.4% Net loss$ (6,552,353 ) $ (5,645,179 ) $ 907,174 16.1% Revenue
Revenue for the year ended
Research and Development Expense
Overall, R&D expenses for the year endedDecember 31, 2022 increased by$1.6 million , or 50.8% to$4.8 million from$3.2 million in the comparable period in 2021 primarily due to IPR&D expense of$1.8 million . During the year endedDecember 31, 2022 , the Company expensed$1.8 million of IPR&D associated with the Company's licensing of the DNase platform. There was no similar expense in 2021 The table below sets forth the R&D costs incurred by us, by category of expense, for the year endedDecember 31, 2022 and 2021: Year ended December 31, Category of Expense 2022 2021 IPR&D expense$ 1,793,750 $ - Outside services and contract research organizations 2,314,513 2,497,190 Salaries and wages 435,564 457,313 Share-based expense 86,305 68,208 Other 140,702 140,774 Total research and development expense$ 4,770,834 $ 3,163,485 63
Excluding the$1.8 million of IPR&D expense from total R&D expense of$4.8 million , R&D expenses decreased approximately$0.2 million , or 5.9% to$3.0 million for the year endedDecember 31, 2022 , from$3.2 million for the year endedDecember 31, 2021 . The decrease in outside services and contract research organizations expense was primarily due to decreased spending in connection with our XCART technology platform, which was substantially offset by costs related to the licensing and our initial development efforts related to our DNase platform. We licensed the DNase platform inApril 2022 and expect to direct our efforts and resources on the development of this newly acquired technology. As a result, we have suspended development of our XCART technology platform.
General and Administrative Expense
General and administrative expenses for the year endedDecember 31, 2022 was$3.7 million , decreasing by approximately$0.1 million , or 2.4%, compared to the same period in the prior year. The decrease was primarily due to a decrease in consulting and legal costs associated with our intellectual property portfolio substantially offset by an increase in legal costs related to the licensing of the DNase oncology platform from CLS during the year endedDecember 31, 2022 compared to the same period in 2021. Other Income (Expense)
Other expense was approximately$1,600 for the year endedDecember 31, 2022 compared to other income of approximately$1,100 for the same period in 2021. This increase in other expense was primarily related to unfavorable changes in foreign currency exchange rates during the year endedDecember 31, 2022 as compared to the same period in 2021. Interest Income, net Interest income, net increased to approximately$0.2 million during the year endedDecember 31, 2022 as compared to approximately$0.1 million for the same period in the prior year. This increase is primarily due to an increase in interest income due to higher interest rates on invested funds during the year endedDecember 31, 2022 compared to the same period in 2021. This increase was partially offset by a decrease in interest income on the Pharmsynthez Loan.
Liquidity and Capital Resources
We incurred a net loss of approximately$6.6 million for the year endedDecember 31, 2022 . We had an accumulated deficit of approximately$189.1 million atDecember 31, 2022 , as compared to an accumulated deficit of approximately$182.5 million atDecember 31, 2021 . Working capital was approximately$12.6 million atDecember 31, 2022 , and$17.3 million atDecember 31, 2021 , respectively. During the year endedDecember 31, 2022 , our working capital decreased by$4.7 million primarily due to our net loss for the year endedDecember 31, 2022 and cash of$0.5 million used to obtain a license to the DNase oncology platform. Our principal source of liquidity consists of cash. AtDecember 31, 2022 , we had approximately$13.1 million in cash and$1.1 million in current liabilities. AtDecember 31, 2021 , we had approximately$18.2 million in cash and$1.4 million in current liabilities. 64 We evaluate whether there are conditions or events, considered in the aggregate that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. We have incurred substantial losses since our inception, and we expect to continue to incur operating losses in the near-term. These factors raise substantial doubt about our ability to continue as a going concern. We believe that we have access to capital resources through possible public or private equity offerings, debt financings, corporate collaborations, related party funding, or other means to continue as a going concern. We believe that our existing resources will be adequate to fund our operations for a period of at least twelve months from the date of these financial statements. However, we anticipate we may need additional capital in the long-term to pursue our business initiatives. The terms, timing and extent of any future financing will depend upon several factors, including the achievement of progress in our clinical development programs, our ability to identify and enter into licensing or other strategic arrangements, our continued listing on theNasdaq Stock Market ("Nasdaq"), and factors related to financial, economic, geo-political, industry and market conditions, many of which are beyond our control. The capital markets for the biotech industry can be highly volatile, which make the terms, timing and extent of any future financing uncertain. OnJune 3, 2022 , we received a written notification (the "Notice") from theListing Qualifications Department of Nasdaq notifying us that the closing bid price for our common stock had been below$1.00 for 30 consecutive business days and that we therefore were not in compliance with the minimum bid price requirement for continued inclusion on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Requirement"). The Notice has no immediate effect on the listing of our common stock on the Nasdaq Capital Market. Under the Nasdaq Listing Rules, we had a period of 180 calendar days from the date of the Notice to regain compliance with the Bid Price Requirement. Accordingly, we had untilNovember 30, 2022 to regain compliance with the Bid Price Requirement and were eligible for an additional 180 calendar day compliance period if certain other criteria were met. OnDecember 1, 2022 , we received a letter from Nasdaq informing us that although our common stock had not regained compliance with the minimum$1.00 bid price per share requirement, Nasdaq had determined that we were eligible for an additional 180 calendar day period, or untilMay 29, 2023 , to regain compliance. Nasdaq's determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and our written notice of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
OnMarch 10, 2023 , SVB was closed by theCalifornia Department of Financial Protection and Innovation , which appointed theFDIC as receiver. We maintained our cash primarily with SVB. OnMarch 12, 2023 , theU.S. Treasury ,Federal Reserve andFDIC rolled out emergency measures to fully protect all depositors of SVB and, onMarch 13, 2023 , we had full access to our cash on deposit with SVB. As a result, we do not anticipate any losses with respect to such balances.
Cash Flows from Operating Activities
Cash flows used in operating activities for the year endedDecember 31, 2022 totaled approximately$4.6 million , which was primarily due to our net loss for the period, partially offset by non-cash charges associated with acquired IPR&D and share-based expense. In addition, current liabilities decreased during the year endedDecember 31, 2022 . Cash flows used in operating activities for the year endedDecember 31, 2021 totaled approximately$4.7 million , which was primarily due to our net loss for the period, partially offset by non-cash charges associated with share-based expense.
Cash Flows from Investing Activities
Cash flows used in investing activities for the year endedDecember 31, 2022 totaled$500,000 , which represented cash paid to license the DNase oncology platform. There were no cash flows from investing activities for the year endedDecember 31, 2021 .
Cash Flow from Financing Activities
There were no cash flows from financing activities for the year endedDecember 31, 2022 . Cash flows from financing activities for the year endedDecember 31, 2021 totaled approximately$11.5 million representing net proceeds from our private placement inJuly 2021 . 65 Contractual Obligations Contractual obligations represent future cash commitments and liabilities under agreements with third-parties and exclude contingent liabilities for which we cannot reasonably predict future payment. Our contractual obligations result from property leases for office space. Although we do have obligations for CMO services, the table below excludes potential payments we may be required to make under our agreements with CMOs because timing of payments and actual amounts paid under those agreements may be different depending on the timing of receipt of goods or services or changes to agreed-upon terms or amounts for some obligations, and those agreements are cancelable upon written notice by the Company and therefore, not long-term liabilities. The contracts may also contain variable costs that are hard to predict as they are based on such things as patients enrolled and clinical trial sites, which can vary and, therefore, are also not included in the table below. Additionally, the expected timing of payment of the obligations presented below is estimated based on current information. The following tables represent our contractual obligations as ofDecember 31, 2022 , aggregated by type: Payments Due by Period As of December 31, 2022 Less More than 1-3 3-5 than Total 1 year years years 5 years Lease obligations$ 28,524 $ 28,524 $ - $ - $ - Total$ 28,524 $ 28,524 $ - $ - $ - Recent Accounting Standards
Refer to Note 3, Summary of Significant Accounting Policies, of the accompanying financial statements set forth in Item 8.
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