10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2021

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: 001-40256

 

ACV Auctions Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-2415221

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

640 Ellicott Street, #321

Buffalo, New York

14203

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (800) 553-4070

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.001 per share

 

ACVA

 

The Nasdaq Stock Market LLC

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, smaller reporting company, or an emerging growth 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.

 

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 Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 3, 2021, there were 93,285,078 shares of the registrant's Class A common stock, and 62,290,000 shares of Class B common stock, each with a par value of $0.001, outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

 

 

Condensed Consolidated Statements of Operations

4

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

5

 

Condensed Consolidated Balance Sheets

6

 

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit)

7

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

 

 

 

PART II.

OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

Signatures

67

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

 

our expectations regarding our revenue, operating expenses and other operating results, including our key metrics;
our ability to effectively manage our growth;
our ability to grow the number of Marketplace Participants on our platform;
our ability to acquire new customers and successfully retain existing customers and capture a greater share of wholesale transactions from our existing customers;
our ability to increase usage of our platform and generate revenue from our value-added services;
anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;
our ability to achieve or sustain our profitability;
future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements;
the costs and success of our marketing efforts, and our ability to promote our brand;
our reliance on key personnel and our ability to identify, recruit and retain skilled personnel;
our ability to obtain, maintain, protect and enforce our intellectual property rights and any costs associated therewith;
the effect of COVID-19, including variants of COVID-19 or other public health crises on our business and the global economy;
our ability to compete effectively with existing competitors and new market entrants;
our ability to expand internationally;
our ability to identify and complete acquisitions that complement and expand our reach and platform;
our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; and
the growth rates of the markets in which we compete.

 

You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the header “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

 

 

1


 

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

 

Unless the context otherwise indicates, references in this report to the terms “ACV Auctions,” “ACV,” “the Company,” “we,” “our” and “us” refer to ACV Auctions Inc. and its subsidiaries.

 

We may announce material business and financial information to our investors using our investor relations website (www.investors.acvauto.com). We therefore encourage investors and others interested in ACV to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission, webcasts, press releases and conference calls.

 

 

2


 

SUMMARY RISK FACTORS

 

Investing in our Class A Common Stock involves numerous risks, including the risks described in “Part II—Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q. Below are some of our principal risks, any one of which could materially adversely affect our business, financial condition, results of operations and prospects

Our recent, rapid growth may not be indicative of our future growth.
We have a history of operating losses and we may not achieve or maintain profitability in the future.
We have a limited operating history, and our future results of operations may fluctuate significantly due to a wide range of factors, which makes it difficult to forecast our future results of operations.
Our ability to expand our products and services may be limited, which could negatively impact our growth rate, revenue and financial performance.
We participate in a highly competitive industry, and pressure from existing and new companies may adversely affect our business and results of operations.
Our business is sensitive to changes in the prices of used vehicles.
Decreases in the supply of used vehicles coming to the wholesale market may impact sales volumes, which may adversely affect our revenue and profitability.
The loss of sellers could adversely affect our results of operations and financial position, and an inability to increase our sources of vehicle supply could adversely affect our growth rates.
We may experience seasonal and other fluctuations in our quarterly results of operations, which may not fully reflect the underlying performance of our business.
Prospective purchasers of vehicles may choose not to shop online, which would prevent us from growing our business.
Failure to properly and accurately inspect the condition of vehicles sold through our marketplace, or to deal effectively with fraudulent activities on our platform, could harm our business.
Our operations and employees face risks related to health crises, such as the ongoing COVID-19 pandemic, that could adversely affect our financial condition and operating results.
General business and economic conditions, and risks related to the larger automotive ecosystem, including customer demand, could reduce auto sales and profitability, which may harm our business.
We may not properly leverage or make the appropriate investment in technology advancements, which could result in the loss of any sustainable competitive advantage in products, services and processes.
We rely on third-party technology and information systems to complete critical business functions and such reliance may negatively impact our business.
A significant disruption in service of, or other performance or reliability issues with, our platform could damage our reputation and result in a loss of customers, which could harm our brand or our business.
Failure to adequately obtain, maintain, protect and enforce our intellectual property rights, including our technology and confidential information, could harm our business.
We operate in highly regulated industries and either are or may be subject to a wide range of federal, state and local laws and regulations and our failure to comply with these laws and regulations may force us to change our operations or harm our business.
We previously identified a material weakness in our internal control over financial reporting, and if we are unable to achieve and maintain effective internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected.

 

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

 

 

For the three months
ended September 30,

 

 

For the nine months
ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Marketplace and service revenue

$

79,306

 

 

$

56,367

 

 

$

221,632

 

 

$

129,273

 

Customer assurance revenue

 

12,492

 

 

 

11,093

 

 

 

36,626

 

 

 

25,321

 

Total revenue

 

91,798

 

 

 

67,460

 

 

 

258,258

 

 

 

154,594

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Marketplace and service cost of revenue
   (excluding depreciation & amortization)

 

41,547

 

 

 

25,064

 

 

 

113,844

 

 

 

61,994

 

Customer assurance cost of revenue
   (excluding depreciation & amortization)

 

12,371

 

 

 

8,765

 

 

 

32,886

 

 

 

20,699

 

Operations and technology

 

26,395

 

 

 

16,792

 

 

 

71,489

 

 

 

47,613

 

Selling, general, and administrative

 

33,787

 

 

 

11,639

 

 

 

85,275

 

 

 

48,601

 

Depreciation and amortization

 

2,348

 

 

 

1,665

 

 

 

5,877

 

 

 

4,337

 

Total operating expenses

 

116,448

 

 

 

63,925

 

 

 

309,371

 

 

 

183,244

 

Income (loss) from operations

 

(24,650

)

 

 

3,535

 

 

 

(51,113

)

 

 

(28,650

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

29

 

 

 

69

 

 

 

100

 

 

 

719

 

Interest expense

 

(121

)

 

 

(159

)

 

 

(582

)

 

 

(450

)

Total other income (expense)

 

(92

)

 

 

(90

)

 

 

(482

)

 

 

269

 

Income (loss) before income taxes

 

(24,742

)

 

 

3,445

 

 

 

(51,595

)

 

 

(28,381

)

Provision for income taxes

 

61

 

 

 

286

 

 

 

275

 

 

 

381

 

Net income (loss)

$

(24,803

)

 

$

3,159

 

 

$

(51,870

)

 

$

(28,762

)

Weighted-average shares

 

 

 

 

 

 

 

 

 

 

 

Basic

 

155,037,911

 

 

 

21,742,708

 

 

 

115,075,030

 

 

 

21,437,785

 

Diluted

 

155,037,911

 

 

 

139,240,687

 

 

 

115,075,030

 

 

 

21,437,785

 

Net earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

(0.16

)

 

 

0.15

 

 

 

(0.45

)

 

 

(1.34

)

Diluted

 

(0.16

)

 

 

0.02

 

 

 

(0.45

)

 

 

(1.34

)

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in thousands)

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

$

(24,803

)

 

$

3,159

 

 

$

(51,870

)

 

$

(28,762

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

(51

)

 

 

1

 

 

 

25

 

 

 

(6

)

Comprehensive income (loss)

$

(24,854

)

 

$

3,160

 

 

$

(51,845

)

 

$

(28,768

)

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


 

ACV AUCTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share data)

 

 

 

September 30, 2021

 

 

December 31,
2020

 

Assets

 

 

 

 

 

 

Current Assets :

 

 

 

 

 

 

Cash and cash equivalents

 

$

601,651

 

 

$

233,725

 

Trade receivables (net of allowance of $3,034 and $2,093)

 

 

215,645

 

 

 

104,138

 

Finance receivables (net of allowance of $266 and $40)

 

 

35,074

 

 

 

8,501

 

Other current assets

 

 

12,375

 

 

 

8,041

 

 Total current assets

 

 

864,745

 

 

 

354,405

 

Property and equipment (net of accumulated depreciation of $4,053 and $2,439)

 

 

5,162

 

 

 

4,912

 

Goodwill

 

 

69,938

 

 

 

21,820

 

Acquired intangible assets (net of amortization of $5,874 and $3,059)

 

 

21,476

 

 

 

11,491

 

Internal-use software costs (net of amortization of $3,270 and $1,963)

 

 

14,868

 

 

 

7,775

 

Operating lease right-of-use assets

 

 

1,458

 

 

 

2,000

 

Other assets

 

 

2,613

 

 

 

2,147

 

Total assets

 

 

980,260

 

 

 

404,550

 

Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit)

 

 

 

 

 

 

Current Liabilities :

 

 

 

 

 

 

Accounts payable

 

 

376,305

 

 

 

151,967

 

Accrued payroll

 

 

12,985

 

 

 

8,109

 

Accrued other liabilities

 

 

6,180

 

 

 

4,375

 

Deferred revenue

 

 

4,380

 

 

 

1,504

 

Operating lease liabilities

 

 

807

 

 

 

746

 

 Total current liabilities

 

 

400,657

 

 

 

166,701

 

Long-term operating lease liabilities

 

 

710

 

 

 

1,323

 

Long-term debt

 

 

500

 

 

 

4,832

 

Other long-term liabilities

 

 

2,342

 

 

 

5,054

 

Total liabilities

 

$

404,209

 

 

$

177,910

 

Commitments and Contingencies (Note 3)

 

 

 

 

 

 

Convertible Preferred Stock :

 

 

 

 

 

 

Convertible preferred stock; $0.001 par value; 0 and 230,538,501 shares
   authorized;
0 and 115,269,221 shares issued and outstanding at September 30, 2021
   and December 31, 2020, respectively

 

 

-

 

 

 

366,332

 

Stockholders' Equity (Deficit) :

 

 

 

 

 

 

Preferred Stock; $0.001 par value; 20,000,000 and 0 shares
   authorized;
0 and 0 shares issued and outstanding at September 30, 2021
   and December 31, 2020, respectively

 

 

-

 

 

 

-

 

Common stock; $0.001 par value; 0 and 311,100,000 shares authorized;
   
0 and 22,331,842 shares issued and outstanding at September 30, 2021 and
   December 31, 2020, respectively

 

 

-

 

 

 

22

 

Common stock - Class A; $0.001 par value; 2,000,000,000 and 0 shares
   authorized;
90,158,968 and 0 shares issued and outstanding at September 30, 2021
   and December 31, 2020, respectively

 

 

90

 

 

 

-

 

Common Stock - Class B; $0.001 par value; 160,000,000 and 0 shares
   authorized;
65,187,200 and 0 shares issued and outstanding at September 30, 2021
   and December 31, 2020, respectively

 

 

65

 

 

 

-

 

Additional paid-in capital

 

 

794,777

 

 

 

27,322

 

Accumulated deficit

 

 

(218,849

)

 

 

(166,979

)

Accumulated other comprehensive loss

 

 

(32

)

 

 

(57

)

Total stockholders' equity (deficit)

 

 

576,051

 

 

 

(139,692

)

Total liabilities, convertible preferred stock and stockholders' equity
    (deficit)

 

$

980,260

 

 

$

404,550

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


 

ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND

STOCKHOLDERS’ EQUITY (DEFICIT) (Unaudited)

(in thousands, except share data)

 

 

 

Three months ended September 30, 2021

 

 

 

Common Stock Class A

 

 

Common Stock Class B

 

 

 

 

 

 

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Stockholders'

 

 

 

 

 

 

Par

 

 

 

 

 

Par

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Equity

 

 

 

Shares

 

 

Value

 

 

Shares

 

 

Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

(Deficit)

 

Balance, June 30, 2021

 

 

40,225,160

 

 

$

40

 

 

 

114,445,042

 

 

$

114

 

 

$

785,875

 

 

$

(194,046

)

 

$

19

 

 

$

592,002

 

Other offering costs in connection with
    initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

24

 

Issuance of common stock from the
   exercise of stock options

 

 

554,283

 

 

 

1

 

 

 

 

 

 

-

 

 

 

420

 

 

 

 

 

 

 

 

 

421

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,787

 

 

 

 

 

 

 

 

 

9,787

 

Issuance of common stock for vested restricted stock units

 

 

121,657

 

 

 

-

 

 

 

 

 

 

 

 

 

(1,329

)

 

 

 

 

 

 

 

 

(1,329

)

Conversion of Class B common stock to Class A
    common stock

 

 

49,257,842

 

 

 

49

 

 

 

(49,257,842

)

 

 

(49

)

 

 

 

 

 

 

 

 

 

 

 

-

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51

)

 

 

(51

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,803

)

 

 

 

 

 

(24,803

)

Balance as of September 30, 2021

 

 

90,158,942

 

 

$

90

 

 

 

65,187,200

 

 

$

65

 

 

$

794,777

 

 

$

(218,849

)

 

$

(32

)

 

$

576,051

 

 

 

 

Nine months ended September 30, 2021

 

 

 

Convertible Preferred Stock

 

 

 

Common Stock

 

 

Common Stock Class A

 

 

Common Stock Class B

 

 

 

 

 

 

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Stockholders'

 

 

 

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

 

Par

 

 

 

 

 

Par

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Value

 

 

Shares

 

 

Value

 

 

Shares

 

 

Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

(Deficit)

 

Balance, December 31, 2020

 

 

115,269,221

 

 

$

366,332

 

 

 

 

22,331,842

 

 

$

22

 

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

27,322

 

 

$

(166,979

)

 

$

(57

)

 

$

(139,692

)

Issuance of common stock in
    connection with initial public
    offering, net of underwriting
    discounts and commissions and
    other offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,550,000

 

 

 

17

 

 

 

 

 

 

 

 

 

385,051

 

 

 

 

 

 

 

 

 

385,068

 

Issuance of common stock from the
   exercise of stock options

 

 

 

 

 

 

 

 

 

375,971

 

 

 

-

 

 

 

694,736

 

 

 

1

 

 

 

2,715

 

 

 

-

 

 

 

1,094

 

 

 

 

 

 

 

 

 

1,095

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,422

 

 

 

 

 

 

 

 

 

16,422

 

Issuance of common stock for vested restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

121,657

 

 

 

0

 

 

 

 

 

 

 

 

 

(1,329

)

 

 

 

 

 

 

 

 

(1,329

)

Conversion of redeemable
    convertible preferred stock to
    Class B common stock in
    connection with initial
   public offering

 

 

(115,269,221

)

 

$

(366,332

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115,269,221

 

 

 

115

 

 

 

366,217

 

 

 

 

 

 

 

 

 

366,332

 

Sale of Class B common stock to
   underwriters

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,482,500

 

 

 

2

 

 

 

(2,482,500

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

-

 

Reclassification of common stock to
   Class B common stock

 

 

 

 

 

 

 

 

 

(22,707,813

)

 

 

(22

)

 

 

 

 

 

 

 

 

22,707,813

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Conversion of Class B common
    stock to Class A common
    stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,310,049

 

 

 

70

 

 

 

(70,310,049

)

 

 

(70

)

 

 

 

 

 

 

 

 

 

 

 

-

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

25

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,870

)

 

 

 

 

 

(51,870

)

Balance as of September 30, 2021

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

90,158,942

 

 

$

90

 

 

 

65,187,200

 

 

$

65

 

 

$

794,777

 

 

$

(218,849

)

 

$

(32

)