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10-Q Filing

RADNET, INC. CIK: 790526 Q1 2012
Filing Information
Form Type 10-Q
Accession Number 0001019687-12-001708
Period End Date 20120331
Filing Date 20120510
Fiscal Year 2012
Fiscal Period Q1
XBRL Instance rdnt-20120331.xml
Balance Sheet 79 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 CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock - shares authorized CommonStockSharesAuthorized 200.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.46M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $627.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.83M USD Point-in-time
Common stock - shares issued CommonStockSharesIssued 37.43M shares Point-in-time
Common stock - shares issued CommonStockSharesIssued 38.23M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $259.00K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $133.97M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $128.43M USD Point-in-time
Common stock - shares outstanding CommonStockSharesOutstanding 37.43M shares Point-in-time
Common stock - shares outstanding CommonStockSharesOutstanding 38.23M shares Point-in-time
Asset held for sale AssetsHeldForSaleCurrent $2.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssets $19.14M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssets $19.86M USD Point-in-time
Total current assets AssetsCurrent $155.66M USD Point-in-time
Total current assets AssetsCurrent $152.33M USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $220.21M USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $215.53M USD Point-in-time
Goodwill Goodwill $159.59M USD Point-in-time
Goodwill Goodwill $159.51M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $53.10M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $52.20M USD Point-in-time
Deferred financing costs, net DeferredFinanceCostsNoncurrentNet $13.49M USD Point-in-time
Deferred financing costs, net DeferredFinanceCostsNoncurrentNet $12.72M USD Point-in-time
Investment in joint ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $22.33M USD Point-in-time
Investment in joint ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $22.93M USD Point-in-time
Deposits and other DepositsAssets $2.91M USD Point-in-time
Deposits and other DepositsAssets $2.97M USD Point-in-time
Total assets Assets $619.19M USD Point-in-time
Total assets Assets $626.28M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrent $103.10M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrent $111.09M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $3.21M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $3.76M USD Point-in-time
Deferred revenue DeferredRevenue $1.08M USD Point-in-time
Deferred revenue DeferredRevenue $1.16M USD Point-in-time
Current portion of notes payable NotesPayableCurrent $6.61M USD Point-in-time
Current portion of notes payable NotesPayableCurrent $6.24M USD Point-in-time
Current portion of deferred rent DeferredRentCreditCurrent $1.01M USD Point-in-time
Current portion of deferred rent DeferredRentCreditCurrent $999.00K USD Point-in-time
Current portion of obligations under capital leases CapitalLeaseObligationsCurrent $6.83M USD Point-in-time
Current portion of obligations under capital leases CapitalLeaseObligationsCurrent $5.46M USD Point-in-time
Total current liabilities LiabilitiesCurrent $122.38M USD Point-in-time
Total current liabilities LiabilitiesCurrent $128.18M USD Point-in-time
Deferred rent, net of current portion DeferredRentCreditNoncurrent $12.69M USD Point-in-time
Deferred rent, net of current portion DeferredRentCreditNoncurrent $12.41M USD Point-in-time
Deferred taxes DeferredTaxLiabilitiesNoncurrent $277.00K USD Point-in-time
Deferred taxes DeferredTaxLiabilitiesNoncurrent $277.00K USD Point-in-time
Line of credit LineOfCredit $60.70M USD Point-in-time
Line of credit LineOfCredit $58.00M USD Point-in-time
Notes payable, net of current portion LongTermNotesPayable $484.05M USD Point-in-time
Notes payable, net of current portion LongTermNotesPayable $482.57M USD Point-in-time
Obligations under capital lease, net of current portion CapitalLeaseObligationsNoncurrent $2.27M USD Point-in-time
Obligations under capital lease, net of current portion CapitalLeaseObligationsNoncurrent $3.34M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $8.55M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $8.13M USD Point-in-time
Total liabilities Liabilities $689.00M USD Point-in-time
Total liabilities Liabilities $694.81M USD Point-in-time
COMMITMENTS AND CONTINGENCIES CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES CommitmentsAndContingencies - USD Point-in-time
Common stock - $.0001 par value, 200,000,000 shares authorized; 38,225,482, and 37,426,460 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively CommonStockValue $4.00K USD Point-in-time
Common stock - $.0001 par value, 200,000,000 shares authorized; 38,225,482, and 37,426,460 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively CommonStockValue $4.00K USD Point-in-time
Paid-in-capital AdditionalPaidInCapital $166.97M USD Point-in-time
Paid-in-capital AdditionalPaidInCapital $165.80M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-664.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-946.00K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-235.72M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-235.61M USD Point-in-time
Total Radnet, Inc.'s equity deficit StockholdersEquity $-70.76M USD Point-in-time
Total Radnet, Inc.'s equity deficit StockholdersEquity $-69.41M USD Point-in-time
Noncontrolling interests MinorityInterest $882.00K USD Point-in-time
Noncontrolling interests MinorityInterest $949.00K USD Point-in-time
Total equity deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-69.81M USD Point-in-time
Total equity deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-68.53M USD Point-in-time
Total liabilities and equity deficit LiabilitiesAndStockholdersEquity $619.19M USD Point-in-time
Total liabilities and equity deficit LiabilitiesAndStockholdersEquity $626.28M USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Service fee revenue, net of contractual allowances and discounts SalesRevenueServicesNet $168.50M USD 1 Quarter
Service fee revenue, net of contractual allowances and discounts SalesRevenueServicesNet $144.08M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $5.03M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $6.48M USD 1 Quarter
Net service fee revenue SalesRevenueNet $139.05M USD 1 Quarter
Net service fee revenue SalesRevenueNet $162.02M USD 1 Quarter
Cost of operations CostOfRevenue $135.40M USD 1 Quarter
Cost of operations CostOfRevenue $115.83M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $14.89M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $13.92M USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnDispositionOfProperty $-259.00K USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnDispositionOfProperty $-24.00K USD 1 Quarter
Severance costs SeveranceCosts $449.00K USD 1 Quarter
Severance costs SeveranceCosts $145.00K USD 1 Quarter
Total operating expenses OperatingExpenses $130.15M USD 1 Quarter
Total operating expenses OperatingExpenses $150.76M USD 1 Quarter
INCOME FROM OPERATIONS OperatingIncomeLoss $8.90M USD 1 Quarter
INCOME FROM OPERATIONS OperatingIncomeLoss $11.25M USD 1 Quarter
Interest expense InterestExpenseDebt $13.57M USD 1 Quarter
Interest expense InterestExpenseDebt $12.91M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $1.87M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $1.15M USD 1 Quarter
Total other expenses OtherExpenses $12.42M USD 1 Quarter
Total other expenses OtherExpenses $11.04M USD 1 Quarter
LOSS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-1.17M USD 1 Quarter
LOSS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-2.15M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $147.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $245.00K USD 1 Quarter
Equity in earnings of joint ventures MinorityInterestInNetIncomeLossJointVenturePartners $-1.48M USD 1 Quarter
Equity in earnings of joint ventures MinorityInterestInNetIncomeLossJointVenturePartners $-1.26M USD 1 Quarter
NET LOSS ProfitLoss $-808.00K USD 1 Quarter
NET LOSS ProfitLoss $-152.00K USD 1 Quarter
Net (loss) income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-41.00K USD 1 Quarter
Net (loss) income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $68.00K USD 1 Quarter
NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS NetIncomeLoss $-111.00K USD 1 Quarter
NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS NetIncomeLoss $-876.00K USD 1 Quarter
BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in Dollars per share) EarningsPerShareBasicAndDiluted - USD 1 Quarter
BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in Dollars per share) EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
WEIGHTED AVERAGE SHARES OUTSTANDING Basic and diluted (in Shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 37.26M shares 1 Quarter
WEIGHTED AVERAGE SHARES OUTSTANDING Basic and diluted (in Shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 37.67M shares 1 Quarter
Cash Flow Statement 71 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-808.00K USD 1 Quarter
Net loss ProfitLoss $-152.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $14.89M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $13.92M USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts $5.03M USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts $6.48M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $-1.26M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $-1.48M USD 1 Quarter
Distributions from joint ventures EquityMethodInvestmentDividendsOrDistributions $1.57M USD 1 Quarter
Distributions from joint ventures EquityMethodInvestmentDividendsOrDistributions $1.76M USD 1 Quarter
Deferred rent amortization DeferredRentAmortization $288.00K USD 1 Quarter
Deferred rent amortization DeferredRentAmortization $105.00K USD 1 Quarter
Amortization of deferred financing cost AmortizationOfFinancingCosts $748.00K USD 1 Quarter
Amortization of deferred financing cost AmortizationOfFinancingCosts $771.00K USD 1 Quarter
Amortization of bond discount AmortizationOfDebtDiscountPremium $-65.00K USD 1 Quarter
Amortization of bond discount AmortizationOfDebtDiscountPremium $-58.00K USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnSaleOfPropertyPlantEquipment $259.00K USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnSaleOfPropertyPlantEquipment $24.00K USD 1 Quarter
Amortization of cash flow hedge AmortizationOfDeferredHedgeGains $276.00K USD 1 Quarter
Amortization of cash flow hedge AmortizationOfDeferredHedgeGains $306.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.18M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.05M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-12.02M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-12.61M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherOperatingAssets $-683.00K USD 1 Quarter
Other current assets IncreaseDecreaseInOtherOperatingAssets $-2.35M USD 1 Quarter
Other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-64.00K USD 1 Quarter
Other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $51.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $86.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-186.00K USD 1 Quarter
Accounts payable, accrued expenses and other IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $3.98M USD 1 Quarter
Accounts payable, accrued expenses and other IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $9.34M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $15.43M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $15.20M USD 1 Quarter
Purchase of imaging facilities PaymentsToAcquireProductiveAssets $580.00K USD 1 Quarter
Purchase of imaging facilities PaymentsToAcquireProductiveAssets $6.34M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $15.62M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $13.96M USD 1 Quarter
Proceeds from sale of equipment ProceedsFromSaleOfPropertyPlantAndEquipment $410.00K USD 1 Quarter
Proceeds from sale of equipment ProceedsFromSaleOfPropertyPlantAndEquipment $235.00K USD 1 Quarter
Proceeds from sale of imaging facilities ProceedsFromSaleOfProductiveAssets $2.30M USD 1 Quarter
Purchase of equity interest in joint ventures PaymentsToAcquireInvestments $1.50M USD 1 Quarter
Purchase of equity interest in joint ventures PaymentsToAcquireInvestments $920.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-12.75M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-23.22M USD 1 Quarter
Principal payments on notes and leases payable RepaymentsOfLongTermDebtAndCapitalSecurities $4.48M USD 1 Quarter
Principal payments on notes and leases payable RepaymentsOfLongTermDebtAndCapitalSecurities $6.49M USD 1 Quarter
Deferred financing costs PaymentsOfFinancingCosts $218.00K USD 1 Quarter
Proceeds from, net of payments on, line of credit ProceedsFromLinesOfCredit $2.70M USD 1 Quarter
Proceeds from, net of payments on, line of credit ProceedsFromLinesOfCredit $15.90M USD 1 Quarter
Payments to counterparties of interest rate swaps, net of amounts received PaymentsToCounterpartiesOfInterestRateSwapsNetOfAmountsReceived $-1.61M USD 1 Quarter
Payments to counterparties of interest rate swaps, net of amounts received PaymentsToCounterpartiesOfInterestRateSwapsNetOfAmountsReceived $-1.50M USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $26.00K USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $33.00K USD 1 Quarter
Proceeds from issuance of common stock upon exercise of options/warrants ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans $99.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $7.65M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-3.31M USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $5.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $13.00K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-621.00K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-368.00K USD 1 Quarter
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $2.46M USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $627.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $1.83M USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $259.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $2.46M USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $627.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $1.83M USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $259.00K USD Point-in-time
Cash paid during the period for interest InterestPaid $6.84M USD 1 Quarter
Cash paid during the period for interest InterestPaid $6.33M USD 1 Quarter
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.18M USD 1 Quarter
Dividends paid to noncontrolling interests PaymentsOfDividendsMinorityInterest $-26.00K USD 1 Quarter
Change in cumulative foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.00K USD 1 Quarter
Change in cumulative foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $30.00K USD 1 Quarter
Change in fair value of cash flow hedge from prior periods reclassified to earnings ChangeInFairValueOfCashFlowHedgeFromPriorPeriodsReclassifiedToEarnings $276.00K USD 1 Quarter
Net loss ProfitLoss $-808.00K USD 1 Quarter
Net loss ProfitLoss $-152.00K USD 1 Quarter
BALANCE StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-69.81M USD Point-in-time
BALANCE StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-68.53M USD Point-in-time
BALANCE StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-69.81M USD Point-in-time
BALANCE StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-68.53M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
NET LOSS ProfitLoss $-808.00K USD 1 Quarter
NET LOSS ProfitLoss $-152.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $30.00K USD 1 Quarter
Reclassification of net cash flow hedge losses included in net loss during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $276.00K USD 1 Quarter
Reclassification of net cash flow hedge losses included in net loss during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $306.00K USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $-472.00K USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $130.00K USD 1 Quarter
Less comprehensive income (loss) attributible to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $41.00K USD 1 Quarter
Less comprehensive income (loss) attributible to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-68.00K USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ATTRIBUTIBLE TO RADNET, INC. COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $89.00K USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ATTRIBUTIBLE TO RADNET, INC. COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-404.00K USD 1 Quarter

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

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