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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 June 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: 001-39848

 

Poshmark, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

27-4827617

( State or other jurisdiction of

incorporation or organization)

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

203 Redwood Shores Parkway, 8th Floor

Redwood City, California

94065

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 262-4771

 

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 of $0.0001 par value per share

 

POSH

 

The Nasdaq Global Select Market

 

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 July 31, 2021, the number of outstanding shares of the registrant’s Class A common stock, par value $0.0001 per share, was 40,286,602, and the number of outstanding shares of the registrant’s Class B common stock, par value $0.0001 per share, was 35,962,399.

 

 

 

 


 

Poshmark, Inc.

Table of Contents

 

 

 

Page

 

Note Regarding Forward-Looking Statements

3

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

4

 

Condensed Consolidated Balance Sheets (unaudited)

4

 

Condensed Consolidated Statements of Operations (unaudited)

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

6

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity (unaudited)

7

 

Condensed Consolidated Statements of Cash Flows (unaudited)

9

 

Notes to Condensed Consolidated Financial Statements (unaudited)

10

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

39

Signatures

41

 

2


 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

our expectations regarding our revenue, expenses, profitability, and other operating results;

 

the growth rates of the markets in which we compete;

 

our ability to acquire new users and successfully engage new and existing users and convert them into Active Users, Active Buyers, and sellers;

 

the costs and effectiveness of our marketing efforts through paid advertising channels and otherwise, as well as our ability to promote our brand;

 

our ability to continue to collect meaningful data, improve our algorithms, and provide recommendations for our users;

 

our reliance on key personnel and our ability to identify, recruit, and retain skilled personnel;

 

our ability to effectively manage our growth, including offering new categories and any international expansion;

 

our ability to maintain our profitability;

 

our ability to maintain the security and availability of our software;

 

our ability to protect our intellectual property rights and avoid disputes in connection with the use of intellectual property rights of others;

 

our ability to protect our users’ information and comply with growing and evolving data privacy laws and regulations;

 

impact of the COVID-19 pandemic on our business and consumers;

 

future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; and

 

our ability to compete effectively with existing competitors and new market entrants.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, as well as in our other filings with the Securities and Exchange Commission (SEC). 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 in this Quarterly Report on Form 10-Q. 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.

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. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q 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. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

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

3


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Poshmark, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except shares data)

(unaudited)

 

 

 

December 31,

 

 

June 30,

 

 

 

2020

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

235,834

 

 

$

573,416

 

Marketable securities

 

 

26,238

 

 

 

6,069

 

Prepaid expenses and other current assets

 

 

7,905

 

 

 

9,420

 

Total current assets

 

 

269,977

 

 

 

588,905

 

Property and equipment, net

 

 

8,447

 

 

 

7,946

 

Other assets

 

 

7,010

 

 

 

2,633

 

Total assets

 

$

285,434

 

 

$

599,484

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’

   (Deficit) Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,317

 

 

$

15,124

 

Funds payable to customers

 

 

117,127

 

 

 

127,130

 

Accrued expenses and other current liabilities

 

 

35,859

 

 

 

36,806

 

Total current liabilities

 

 

165,303

 

 

 

179,060

 

Redeemable convertible preferred stock warrant liability

 

 

3,494

 

 

 

 

Long-term portion of deferred rent and other liabilities

 

 

4,823

 

 

 

4,359

 

Convertible notes

 

 

55,421

 

 

 

 

Total liabilities

 

 

229,041

 

 

 

183,419

 

Commitments and Contingencies (Note 5)

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.0001 par value; 52,372,222 and zero shares authorized

   as of December 31, 2020 and June 30, 2021, respectively; aggregate liquidation preference of

   $159,704 and zero as of December 31, 2020 and June 30, 2021, respectively; 52,286,631 and

   zero shares issued and outstanding as of December 31, 2020 and June 30, 2021, respectively

 

 

156,175

 

 

 

 

Stockholders’ (deficit) equity

 

 

 

 

 

 

 

 

Preferred Stock, $0.0001 par value, zero and 100,000,000 shares authorized as of

   December 31, 2020 and June 30, 2021, respectively; zero shares issued and

   outstanding as of December 31, 2020 and June 30, 2021

 

 

 

 

 

 

Common stock, $0.0001 par value, 79,000,000 and zero shares authorized as of

   December 31, 2020 and June 30, 2021, respectively; 13,093,065 and zero shares

   issued and outstanding as of December 31, 2020 and June 30, 2021, respectively

 

 

1

 

 

 

 

Class A and Class B common stock, $0.0001 par value; zero and 5,000,000,000 Class A shares

   authorized as of December 31, 2020 and June 30, 2021, respectively; zero and 22,622,907

   Class A shares issued and outstanding as of December 31, 2020 and June 30, 2021,

   respectively; zero and 700,000,000 Class B shares authorized as of December 31, 2020 and

   June 30, 2021, respectively; zero and 53,294,960 Class B shares issued and outstanding as of

   December 31, 2020 and June 30, 2021, respectively

 

 

 

 

 

8

 

Additional paid-in capital

 

 

28,300

 

 

 

622,673

 

Treasury stock, at cost (zero shares at December 31, 2020 and 50,595 shares at

    June 30, 2021)

 

 

 

 

 

(2,651

)

Accumulated deficit

 

 

(126,509

)

 

 

(204,036

)

Accumulated other comprehensive (loss) income

 

 

(1,574

)

 

 

71

 

Total stockholders’ (deficit) equity

 

 

(99,782

)

 

 

416,065

 

Total liabilities, redeemable convertible preferred stock and stockholders’ equity

 

$

285,434

 

 

$

599,484

 

 

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

4


Poshmark, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Net revenue

 

$

66,870

 

 

$

81,757

 

 

$

123,978

 

 

$

162,713

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of net revenue, exclusive of depreciation and amortization

 

 

10,668

 

 

 

12,746

 

 

 

20,565

 

 

 

25,716

 

Operations and support

 

 

9,200

 

 

 

12,969

 

 

 

17,736

 

 

 

27,863

 

Research and development

 

 

7,067

 

 

 

12,449

 

 

 

14,143

 

 

 

31,249

 

Marketing

 

 

11,680

 

 

 

32,715

 

 

 

46,276

 

 

 

68,193

 

General and administrative

 

 

6,243

 

 

 

12,893

 

 

 

13,701

 

 

 

31,636

 

Depreciation and amortization

 

 

667

 

 

 

846

 

 

 

1,378

 

 

 

1,636

 

Total costs and expenses

 

 

45,525

 

 

 

84,618

 

 

 

113,799

 

 

 

186,293

 

Income (loss) from operations

 

 

21,345

 

 

 

(2,861

)

 

 

10,179

 

 

 

(23,580

)

Interest income

 

 

149

 

 

 

38

 

 

 

477

 

 

 

124

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of redeemable convertible preferred stock

   warrant liability

 

 

(278

)

 

 

 

 

 

(375

)

 

 

(2,816

)

Change in fair value of the convertible notes

 

 

 

 

 

 

 

 

 

 

 

(49,481

)

Loss on extinguishment of the convertible notes

 

 

 

 

 

 

 

 

 

 

 

(1,620

)

Other, net

 

 

(34

)

 

 

(142

)

 

 

(28

)

 

 

(184

)

 

 

 

(312

)

 

 

(142

)

 

 

(403

)

 

 

(54,101

)

Income (loss) before provision (benefit) for income taxes

 

 

21,182

 

 

 

(2,965

)

 

 

10,253

 

 

 

(77,557

)

Provision (benefit) for income taxes

 

 

62

 

 

 

40

 

 

 

120

 

 

 

(30

)

Net income (loss)

 

$

21,120

 

 

$

(3,005

)

 

$

10,133

 

 

$

(77,527

)

Undistributed earnings attributable to participating securities

 

 

(10,133

)

 

 

 

 

 

(10,133

)

 

 

 

Net income (loss) attributable to common stockholders

 

$

10,987

 

 

$

(3,005

)

 

$

 

 

$

(77,527

)

Net income (loss) per share attributable to common stockholders,

  basic

 

$

0.89

 

 

$

(0.04

)

 

 

 

 

$

(1.12

)

Net income (loss) per share attributable to common stockholders,

  diluted

 

$

0.61

 

 

$

(0.04

)

 

 

 

 

$

(1.12

)

Weighted-average shares used to compute net income (loss) per

  share attributable to common stockholders, basic

 

 

12,355

 

 

 

75,709

 

 

 

12,351

 

 

 

69,219

 

Weighted-average shares used to compute net income (loss) per

  share attributable to common stockholders, diluted

 

 

17,945

 

 

 

75,709

 

 

 

17,690

 

 

 

69,219

 

 

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

5


Poshmark, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Net income (loss)

 

$

21,120

 

 

$

(3,005

)

 

$

10,133

 

 

$

(77,527

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification upon extinguishment of the fair value of the

   convertible notes related to instrument-specific credit risk to

   statement of operations

 

 

 

 

 

 

 

 

 

 

 

1,620

 

Change in foreign currency translation adjustment

 

 

(2

)

 

 

19

 

 

 

42

 

 

 

25

 

Change in unrealized (losses) gains on marketable securities,

   net of tax

 

 

6

 

 

 

(1

)

 

 

(21

)

 

 

 

Total other comprehensive income

 

 

4

 

 

 

18

 

 

 

21

 

 

 

1,645

 

Comprehensive income (loss)

 

$

21,124

 

 

$

(2,987

)

 

$

10,154

 

 

$

(75,882

)

 

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

 

 

6


 

Poshmark, Inc.

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

(in thousands, except share data)

(unaudited)

 

 

 

For the Three Months Ended June 30, 2020

 

 

 

 

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Stockholders’

Deficit

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2020

 

 

52,286,631

 

 

$

156,175

 

 

 

 

12,348,727

 

 

$

1

 

 

$

20,385

 

 

 

(154,341

)

 

$

28

 

 

$

(133,927

)

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

11,244

 

 

 

 

 

 

40

 

 

 

 

 

 

 

 

 

40

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,682

 

 

 

 

 

 

 

 

 

1,682

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,120

 

 

 

 

 

 

21,120

 

 

 

 

 

Balance as of June 30, 2020

 

 

52,286,631

 

 

$

156,175

 

 

 

 

12,359,971

 

 

$

1

 

 

$

22,107

 

 

$

(133,221

)

 

$

32

 

 

$

(111,081

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2021

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Class A and Class B

Common Stock

 

 

Additional

Paid-in

Capital

 

 

Treasury

Stock

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2021

 

 

 

 

$

 

 

 

 

75,339,093

 

 

$

8

 

 

$

614,247

 

 

$

(2,608

)

 

$

(201,031

)

 

$

53

 

 

$

410,669

 

Offering costs associated with initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

(25

)

Issuance of common stock upon vesting of

restricted stock units

 

 

 

 

 

 

 

 

 

425,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to vesting of restricted stock units

 

 

 

 

 

 

 

 

 

(910

)

 

 

 

 

 

 

 

 

(43

)

 

 

 

 

 

 

 

 

(43

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

154,025

 

 

 

 

 

 

282

 

 

 

 

 

 

 

 

 

 

 

 

282

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,169

 

 

 

 

 

 

 

 

 

 

 

 

8,169

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

18

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,005

)

 

 

 

 

 

(3,005

)

Balance as of June 30, 2021

 

 

 

 

$

 

 

 

 

75,917,867

 

 

$

8

 

 

$

622,673

 

 

$

(2,651

)

 

$

(204,036

)

 

$

71

 

 

$

416,065

 

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


7


 

Poshmark, Inc.

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

(in thousands, except share data)

(unaudited)

 

 

For the Six Months Ended June 30, 2020

 

 

 

 

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Stockholders’

Deficit

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

52,286,631

 

 

 

156,175

 

 

 

 

12,342,146

 

 

 

1

 

 

 

18,555

 

 

 

(143,354

)

 

 

11

 

 

 

(124,787

)

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

17,825

 

 

 

 

 

 

54

 

 

 

 

 

 

 

 

 

54

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,498

 

 

 

 

 

 

 

 

 

3,498

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

21

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,133

 

 

 

 

 

 

10,133

 

 

 

 

 

Balance as of June 30, 2020

 

 

52,286,631

 

 

$

156,175

 

 

 

 

12,359,971

 

 

$

1

 

 

$

22,107

 

 

$

(133,221

)

 

$

32

 

 

$

(111,081

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2021

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Class A and Class B

Common Stock

 

 

Additional

Paid-in

Capital

 

 

Treasury

Stock

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Total

Stockholders’

(Deficit) Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

52,286,631

 

 

 

156,175

 

 

 

 

13,093,065

 

 

 

1

 

 

 

28,300

 

 

 

 

 

 

(126,509

)

 

 

(1,574

)

 

 

(99,782

)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

 

 

(52,286,631

)

 

 

(156,175

)

 

 

 

52,286,631

 

 

 

6

 

 

 

156,169

 

 

 

 

 

 

 

 

 

 

 

 

156,175

 

Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs

 

 

 

 

 

 

 

 

 

7,590,000

 

 

 

1

 

 

 

292,234

 

 

 

 

 

 

 

 

 

 

 

 

292,235

 

Conversion of convertible notes to common stock upon initial public offering

 

 

 

 

 

 

 

 

 

1,400,560

 

 

 

 

 

 

104,902

 

 

 

 

 

 

 

 

 

 

 

 

104,902

 

Exercise of common stock warrants