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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For
the quarterly period ended September 30, 2022
or
☐
Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For
the transition period from _____________ to _____________
Commission
File Number 001-38185
PRESSURE BIOSCIENCES, INC.
(Exact
name of registrant as specified in its charter)
Massachusetts |
|
04-2652826 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
14
Norfolk Avenue
South
Easton, Massachusetts |
|
02375 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(508)
230-1828
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A
|
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
Non-accelerated
Filer |
☒ |
Smaller
Reporting Company |
☒ |
|
Emerging
Growth Company |
☐ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act).
☐
Yes ☒ No
The
number of shares outstanding of the Issuer’s common stock as of November 18, 2022 was 11,068,187.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
PRESSURE
BIOSCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
| |
September
30, 2022 (Unaudited) | | |
December
31, 2021 (Audited) | |
ASSETS | |
| | | |
| | |
CURRENT
ASSETS | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 230,880 | | |
$ | 132,311 | |
Accounts
receivable | |
| 166,314 | | |
| 154,746 | |
Inventories,
net of $342,496 reserve at September 30,2022 and December 31, 2021 | |
| 1,386,527 | | |
| 1,147,554 | |
Prepaid
expenses and other current assets | |
| 218,476 | | |
| 422,617 | |
Total
current assets | |
| 2,002,197 | | |
| 1,857,228 | |
Investment
in equity securities | |
| 51,929 | | |
| 59,976 | |
Property
and equipment, net | |
| 111,884 | | |
| 115,846 | |
Right
of use asset leases | |
| 313,564 | | |
| 395,565 | |
Intangible
assets, net | |
| 360,577 | | |
| 403,846 | |
TOTAL
ASSETS | |
$ | 2,840,151 | | |
$ | 2,832,461 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
CURRENT
LIABILITIES | |
| | | |
| | |
Accounts
payable | |
$ | 608,054 | | |
$ | 527,924 | |
Accrued
employee compensation | |
| 221,938 | | |
| 117,680 | |
Accrued
professional fees and other | |
| 2,435,910 | | |
| 1,955,672 | |
Accrued
interest and dividends payable | |
| 9,929,179 | | |
| 7,757,217 | |
Deferred
revenue | |
| 127,091 | | |
| 37,124 | |
Convertible
debt, net of unamortized debt discounts of $434,313 and $1,536,649, respectively | |
| 16,708,661 | | |
| 12,839,813 | |
Other
debt, net of unamortized discounts of $0 and $0, respectively | |
| 1,555,775 | | |
| 1,256,840 | |
Related
party, net of unamortized debt discount of $19,149 and $0, respectively | |
| 565,501 | | |
| - | |
Operating
lease liability | |
| 141,649 | | |
| 132,996 | |
Total
current liabilities | |
| 32,293,758 | | |
| 24,625,266 | |
LONG
TERM LIABILITIES | |
| | | |
| | |
Long
term debt | |
| 150,000 | | |
| 150,000 | |
Operating
lease liability – long term | |
| 171,915 | | |
| 262,569 | |
Deferred
revenue | |
| - | | |
| 3,587 | |
TOTAL
LIABILITIES | |
| 32,615,673 | | |
| 25,041,422 | |
COMMITMENTS
AND CONTINGENCIES (Notes 4) | |
| - | | |
| | |
STOCKHOLDERS’
DEFICIT | |
| | | |
| | |
Series
D, G, H, H2, J, K, AA Convertible Preferred Stock, $.01 par value (Note 6) | |
| 1,098 | | |
| 1,099 | |
Common
stock, $.01 par value; 100,000,000 shares authorized; 12,220,611 and 9,120,526 shares issued and outstanding on September 30, 2022
and December 31, 2021, respectively | |
| 122,207 | | |
| 91,206 | |
Warrants
to acquire common stock | |
| 31,995,762 | | |
| 31,715,154 | |
Additional
paid-in capital | |
| 67,041,489 | | |
| 64,261,048 | |
Accumulated
deficit | |
| (128,936,078 | ) | |
| (118,277,468 | ) |
Total
stockholders’ deficit | |
| (29,775,522 | ) | |
| (22,208,961 | ) |
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 2,840,151 | | |
$ | 2,832,461 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
PRESSURE
BIOSCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
For
the Three Months Ended | | |
For
the Nine Months Ended | |
| |
September
30, | | |
September
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Products,
services, other | |
$ | 144,032 | | |
$ | 518,365 | | |
$ | 1,122,169 | | |
$ | 1,687,166 | |
Total
revenue | |
| 144,032 | | |
| 518,365 | | |
| 1,122,169 | | |
| 1,687,166 | |
| |
| | | |
| | | |
| | | |
| | |
Costs
and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost
of products and services | |
| 126,203 | | |
| 258,170 | | |
| 742,707 | | |
| 771,105 | |
Research
and development | |
| 262,370 | | |
| 282,622 | | |
| 716,685 | | |
| 839,072 | |
Selling
and marketing | |
| 226,526 | | |
| 66,068 | | |
| 422,422 | | |
| 252,209 | |
General
and administrative | |
| 892,293 | | |
| 1,154,063 | | |
| 2,591,644 | | |
| 2,788,779 | |
Total
operating costs | |
| 1,507,392 | | |
| 1,760,923 | | |
| 4,473,458 | | |
| 4,651,165 | |
Operating
loss | |
| (1,363,360 | ) | |
| (1,242,558 | ) | |
| (3,351,289 | ) | |
| (2,963,999 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
(expense) income: | |
| | | |
| | | |
| | | |
| | |
Interest
expense, net | |
| (2,034,021 | ) | |
| (3,330,101 | ) | |
| (6,448,771 | ) | |
| (11,524,306 | ) |
Unrealized
(loss) gain on investment in equity securities | |
| (8,675 | ) | |
| (162,071 | ) | |
| (8,047 | ) | |
| (404,451 | ) |
Gain
(loss) on extinguishment of liabilities | |
| (1,054,122 | ) | |
| (277,010 | ) | |
| (1,809,249 | ) | |
| (1,500,395 | ) |
Other
income (expense) | |
| (2,059 | ) | |
| 60,627 | | |
| (904 | ) | |
| 119,280 | |
Total
other expense | |
| (3,098,877 | ) | |
| (3,708,555 | ) | |
| (8,266,971 | ) | |
| (13,309,872 | ) |
Net
loss | |
| (4,462,237 | ) | |
| (4,951,113 | ) | |
| (11,618,260 | ) | |
| (16,273,871 | ) |
Deemed
dividends on beneficial conversion feature | |
| - | | |
| (815,914 | ) | |
| - | | |
| (873,798 | ) |
Preferred
stock dividends | |
| (431,709 | ) | |
| (432,149 | ) | |
| (1,295,566 | ) | |
| (1,239,535 | ) |
Net
loss attributable to common shareholders | |
$ | (4,893,946 | ) | |
$ | (6,199,176 | ) | |
$ | (12,913,826 | ) | |
$ | (18,387,204 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted net loss per share attributable to common shareholders | |
$ | (0.44 | ) | |
$ | (0.82 | ) | |
$ | (1.24 | ) | |
$ | (3.02 | ) |
Weighted
average common shares outstanding used in the basic and diluted net loss per share calculation | |
| 11,131,742 | | |
| 7,561,728 | | |
| 10,429,817 | | |
| 6,083,017 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
PRESSURE
BIOSCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
2022 | | |
2021 | |
| |
For
the Nine Months Ended September 30, | |
| |
2022 | | |
2021 | |
CASH
FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net
loss | |
$ | (11,618,260 | ) | |
$ | (16,273,871 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Gain
on loan forgiveness | |
| (10,000 | ) | |
| (367,039 | ) |
Non-cash
lease expense | |
| 82,001 | | |
| 48,158 | |
Common
stock and warrants issued for interest and extension fees | |
| 2,196,278 | | |
| 6,208,696 | |
Depreciation
and amortization | |
| 67,985 | | |
| 83,531 | |
Accretion
of interest and amortization of debt discount | |
| 1,777,863 | | |
| 5,308,424 | |
Loss
on extinguishment of accrued liabilities and debt | |
| 1,809,249 | | |
| 23,004 | |
Stock-based
compensation expense | |
| 128,984 | | |
| 219,943 | |
Loss
on investment in equity securities | |
| 8,047 | | |
| 404,451 | |
Common
stock and warrants issued for services | |
| 367,370 | | |
| 579,512 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (11,568 | ) | |
| (407,404 | ) |
Inventories | |
| (238,973 | ) | |
| (203,651 | ) |
Prepaid
expenses and other assets | |
| 204,141 | | |
| (306,024 | ) |
Accounts
payable | |
| 80,130 | | |
| (336,675 | ) |
Accrued
employee compensation | |
| 104,258 | | |
| 39,801 | |
Operating
lease liability | |
| (82,001 | ) | |
| (48,158 | ) |
Deferred
revenue and other accrued expenses | |
| 2,083,239 | | |
| 943,400 | |
Net
cash used in operating activities | |
| (3,051,257 | ) | |
| (4,083,902 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchases
of property plant and equipment | |
| (20,754 | ) | |
| (4,503 | ) |
Net
cash used in investing activities | |
| (20,754 | ) | |
| (4,503 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Net
proceeds from Series AA Convertible Preferred Stock | |
| - | | |
| 1,015,000 | |
Proceeds
from stock option exercises | |
| 17,443 | | |
| 14,773 | |
Net
proceeds from convertible debt | |
| 3,428,249 | | |
| 5,054,500 | |
Net
proceeds from non-convertible debt - third party | |
| 1,815,000 | | |
| 1,610,688 | |
Net
proceeds from non-convertible debt - related party | |
| 762,500 | | |
| 194,600 | |
Payments
on convertible debt | |
| (1,086,946 | ) | |
| (1,608,295 | ) |
Payments
on non-convertible debt - related party | |
| (259,600 | ) | |
| (256,600 | ) |
Payments
on non-convertible debt | |
| (1,506,066 | ) | |
| (1,291,150 | ) |
Net
cash provided by financing activities | |
$ | 3,170,580 | | |
$ | 4,733,516 | |
| |
| | | |
| | |
NET
INCREASE IN CASH AND CASH EQUIVALENTS | |
| 98,569 | | |
| 645,111 | |
CASH
AND CASH EQUIVALENTS AT BEGINNING OF YEAR | |
| 132,311 | | |
| 18,540 | |
CASH
AND CASH EQUIVALENTS AT END OF PERIOD | |
$ | 230,880 | | |
$ | 663,651 | |
| |
| | | |
| | |
SUPPLEMENTAL
INFORMATION | |
| | | |
| | |
Interest
paid in cash | |
$ | 938,451 | | |
$ | 802,084 | |
NON
CASH TRANSACTIONS: | |
| | | |
| | |
Common
stock issued for non-cash warrant exercise | |
| - | | |
| 363 | |
Early adoption of ASU
2020-06 adoption | |
| 473,027 | | |
| - | |
Common
stock issued with debt | |
| 512,593 | | |
| 551,198 | |
Discount
from warrants issued with debt | |
| 93,576 | | |
| 1,403,546 | |
Common
stock issued in lieu of cash for dividend | |
| 306,333 | | |
| 114,298 | |
Preferred
stock dividends | |
| 1,295,566 | | |
| 1,239,535 | |
Conversion
of debt and interest into common stock | |
| 350,500 | | |
| 2,589,990 | |
Discount
due to beneficial conversion feature | |
| - | | |
| 1,231,528 | |
Deemed
dividend - beneficial conversion feature | |
| - | | |
| 873,798 | |
Conversion of accrued liabilities and debt for Series AA preferred stock | |
| - | | |
| 500,250 | |
Conversion
of preferred stock into common stock | |
| 44 | | |
| - | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
PRESSURE
BIOSCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
For
the nine months ended September 30, 2022
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Warrants | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Combined
Preferred Stock | | |
Common
Stock | | |
Stock | | |
Additional
Paid In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Warrants | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE,
December 31, 2021 | |
| 109,878 | | |
$ | 1,099 | | |
| 9,120,526 | | |
$ | 91,206 | | |
$ | 31,715,154 | | |
$ | 64,261,048 | | |
$ | (118,277,468 | ) | |
$ | (22,208,961 | ) |
Early
adoption of ASU 2020-06 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,728,243 | ) | |
| 2,255,216 | | |
| (473,027 | ) |
Stock-based
compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 64,483 | | |
| - | | |
| 64,483 | |
Series
AA Preferred Stock dividend | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (432,149 | ) | |
| (432,149 | ) |
Issuance
of common stock for services | |
| - | | |
| - | | |
| 37,000 | | |
| 370 | | |
| - | | |
| 77,330 | | |
| - | | |
| 77,700 | |
Issuance
of common stock warrants for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 39,761 | | |
| - | | |
| - | | |
| 39,761 | |
Warrants
issued for debt extension | |
| - | | |
| - | | |
| - | | |
| - | | |
| 132,537 | | |
| - | | |
| - | | |
| 132,537 | |
Common
stock issued for debt extension | |
| - | | |
| - | | |
| 214,500 | | |
| 2,145 | | |
| - | | |
| 470,755 | | |
| - | | |
| 472,900 | |
Conversion
of debt and interest for common stock | |
| - | | |
| - | | |
| 140,200 | | |
| 1,402 | | |
| - | | |
| 349,098 | | |
| - | | |
| 350,500 | |
Issuance
of common stock for dividends paid-in-kind | |
| - | | |
| - | | |
| 31,810 | | |
| 318 | | |
| - | | |
| 63,938 | | |
| - | | |
| 64,256 | |
Issuance
of common stock for interest paid-in-kind | |
| - | | |
| - | | |
| 558,100 | | |
| 5,581 | | |
| - | | |
| 1,167,877 | | |
| - | | |
| 1,173,458 | |
Stock
issued with debt | |
| - | | |
| - | | |
| 92,000 | | |
| 920 | | |
| - | | |
| 141,560 | | |
| - | | |
| 142,480 | |
Warrants
issued with debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 87,436 | | |
| - | | |
| - | | |
| 87,436 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,239,685 | ) | |
| (4,239,685 | ) |
BALANCE,
March 31, 2022 | |
| 109,878 | | |
$ | 1,099 | | |
| 10,194,136 | | |
$ | 101,942 | | |
$ | 31,974,888 | | |
$ | 63,867,846 | | |
$ | (120,694,086 | ) | |
$ | (24,748,311 | ) |
Stock-based
compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 32,074 | | |
| - | | |
| 32,074 | |
Stock
option exercise | |
| - | | |
| - | | |
| 25,279 | | |
| 253 | | |
| - | | |
| 17,190 | | |
| - | | |
| 17,443 | |
Series
AA Preferred Stock dividend | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (431,708 | ) | |
| (431,708 | ) |
Issuance
of common stock for services | |
| - | | |
| - | | |
| 40,000 | | |
| 400 | | |
| - | | |
| 67,400 | | |
| - | | |
| 67,800 | |
Common
stock issued for debt extension | |
| - | | |
| - | | |
| 106,400 | | |
| 1,064 | | |
| - | | |
| 190,239 | | |
| - | | |
| 191,303 | |
Conversion
of preferred stock for common stock | |
| (4 | ) | |
| (1 | ) | |
| 4,400 | | |
| 44 | | |
| - | | |
| (43 | ) | |
| - | | |
| - | |
Issuance
of common stock for dividends paid-in-kind | |
| - | | |
| - | | |
| 86,464 | | |
| 865 | | |
| - | | |
| 150,156 | | |
| - | | |
| 151,021 | |
Issuance
of common stock for interest paid-in-kind | |
| - | | |
| - | | |
| 224,500 | | |
| 2,245 | | |
| - | | |
| 386,270 | | |
| - | | |
| 388,515 | |
Stock
issued with debt | |
| - | | |
| - | | |
| 22,000 | | |
| 220 | | |
| - | | |
| 35,628 | | |
| - | | |
| 35,848 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,916,338 | ) | |
| (2,916,338 | ) |
BALANCE,
June 30, 2022 | |
| 109,874 | | |
$ | 1,098 | | |
| 10,703,179 | | |
$ | 107,033 | | |
$ | 31,974,888 | | |
$ | 64,746,760 | | |
$ | (124,042,132 | ) | |
$ | (27,212,353 | ) |
Stock-based
compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 32,427 | | |
| - | | |
| 32,427 | |
Issuance
of common stock for interest paid-in-kind | |
| - | | |
| - | | |
| 389,500 | | |
| 3,895 | | |
| - | | |
| 630,410 | | |
| - | | |
| 634,305 | |
Issuance
of common stock for dividends paid-in-kind | |
| - | | |
| - | | |
| 52,032 | | |
| 520 | | |
| - | | |
| 90,536 | | |
| - | | |
| 91,056 | |
Issuance
of common stock for services | |
| - | | |
| - | | |
| 113,500 | | |
| 1,135 | | |
| - | | |
| 166,240 | | |
| - | | |
| 167,375 | |
Series
AA Preferred Stock dividend | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (431,709 | ) | |
| (431,709 | ) |
Common
stock issued for debt extension | |
| - | | |
| - | | |
| 707,900 | | |
| 7,079 | | |
| - | | |
| 1,043,396 | | |
| - | | |
| 1,050,475 | |
Warrants
issued for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 14,734 | | |
| - | | |
| - | | |
| 14,734 | |
Stock
issued with debt | |
| - | | |
| - | | |
| 254,500 | | |
| 2,545 | | |
| - | | |
| 331,720 | | |
| - | | |
| 334,265 | |
Stock
warrants issued | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,140 | | |
| - | | |
| - | | |
| 6,140 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,462,237 | ) | |
| (4,462,237 | ) |
BALANCE,
September 30, 2022 | |
| 109,874 | | |
$ | 1,098 | | |
| 12,220,611 | | |
$ | 122,207 | | |
$ | 31,995,762 | | |
$ | 67,041,489 | | |
$ | (128,936,078 | ) | |
$ | (29,775,522 | ) |
For the nine
months ended September 30, 2021:
| |
Combined
Preferred Stock | | |
Common
Stock | | |
Stock | | |
Additional
Paid In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Warrants | | |
Capital | | |
Deficit | | |
Deficit | |
BALANCE,
December 31, 2020 | |
| 109,272 | | |
$ | 1,093 | | |
| 4,168,324 | | |
$ | 41,683 | | |
$ | 29,192,471 | | |
$ | 50,312,968 | | |
$ | (96,465,807 | ) | |
$ | (16,917,592 | ) |
Stock-based
compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 61,237 | | |
| - | | |
| 61,237 | |
Stock
option exercise | |
| - | | |
| - | | |
| 21,411 | | |
| 214 | | |
| - | | |
| 14,559 | | |
| - | | |
| 14,773 | |
Series
AA Preferred Stock dividend | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (403,215 | ) | |
| (403,215 | ) |
Issuance of common stock warrants for interest and paid-in-kind | |
| - | | |
| - | | |
| - | | |
| - | | |
| 600,298 | | |
| - | | |
| - | | |
| 600,298 | |
|