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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 7, 2023
PAYSIGN,
INC.
(Exact name of registrant as specified in its charter)
Nevada |
001-38623 |
95-4550154 |
(State or other jurisdiction of incorporation) |
(Commission file number) |
(I.R.S. Employer Identification Number) |
2615 St. Rose Parkway
Henderson, Nevada 89052
(Address of principal executive offices) (Zip Code)
(702) 453-2221
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.001 par value per share |
PAYS |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
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.
Item 2.02 Results of Operations and Financial Condition.
On November 7, 2023, we issued a press release
regarding our financial results for the fiscal quarter ended September 30, 2023. A copy of the press release is furnished herewith as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
As provided in General Instruction B-2 of SEC Form
8-K, such information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof,
except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
PAYSIGN, INC.
|
Date: November 7, 2023 |
By: /s/ Mark Newcomer |
|
Mark Newcomer, Chief Executive Officer |
Exhibit 99.1
Paysign, Inc. Reports Third Quarter 2023 Financial Results
· |
Third quarter total revenues of $12.4 million, an increase of 17% compared to third quarter 2022 |
|
|
· |
Third quarter net income of $1.1 million and diluted income per share of $0.02 |
|
|
· |
Third quarter Adjusted EBITDA of $2.3 million, an increase of 22% compared to third quarter 2022, and diluted Adjusted EBITDA per share of $0.04, unchanged from third quarter 20221 |
|
|
· |
Added 19 net new plasma donation centers during the third quarter, exiting the quarter with 462 centers, leading to a 13% increase in plasma revenue over the same period last year |
|
|
· |
Launched three new patient affordability programs during the third quarter, exiting the quarter with 34 active programs, leading to a 142% increase in pharma patient affordability revenue over the same period last year |
|
|
· |
Third quarter average revenue per plasma center per month of $8,102 up 7.8% compared to third quarter 2022 |
|
|
· |
Exited quarter with $9.9 million of unrestricted cash and zero debt while repurchasing 75,000 shares of common stock for $150 thousand, bringing year-to-date share repurchases to 394,558 for $1.1 million |
|
|
|
1Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP metrics used by management to gauge the operating performance of the business – see reconciliation of net income to Adjusted EBITDA at the end of the press release. |
HENDERSON, Nev. – November 7, 2023 – (ACCESSWIRE) –
Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital
banking services and integrated payment processing, today announced financial results for the third quarter 2023.
“In the third quarter, we delivered strong top and bottom-line
growth, with a 17% increase in revenue year-over-year and a 29% improvement in net income. Growth is evident across all business segments,
and we maintain a strong pipeline in every area," commented CEO Mark Newcomer. "Our plasma business expanded due to higher donor
rates at our existing centers and the addition of new centers. The patient affordability segment continues to see substantial revenue
growth, as our target audience increasingly views our products as game-changing alternatives to existing options. At Paysign, we are committed
to driving sustainable growth and maximizing shareholder value by introducing groundbreaking fintech solutions to the healthcare sector
and beyond.”
Quarterly Results
The following additional details are provided to aid in understanding
Paysign’s third quarter 2023 results versus the year-ago period:
· |
Total revenues increased 17%, or $1.8 million. The increase was attributable to the following factors: |
|
o |
Plasma revenue increased $1.2 million, or 13%, primarily due to an increase in plasma locations, plasma donations and dollars loaded to cards with average monthly revenue per center up 7.8% to $8,102. This is the first quarter since COVID-19 began in 2020 where the average monthly revenue per center surpassed $8,000. |
|
o |
Pharma revenue increased $333 thousand, or 48%, primarily due to the growth and launch of new pharma patient affordability programs. This is the first quarter in which our pharma patient affordability business surpassed $1.0 million in quarterly revenue. As of today’s release, we now have 39 active patient affordability programs. |
|
o |
Other revenue increased by $239 thousand, or 326%, primarily due to the growth in our payroll business and the launch of new prepaid disbursement programs. |
· |
Cost of revenues increased 25%, or $1.2 million. Cost of revenues is comprised of transaction processing fees, data connectivity, data center expenses, network fees, bank fees, card production costs, postage costs, customer service, program management, application integration setup and sales and commission expense. The year-over-year increase in cost of revenues was primarily due to an increase in cardholder usage activity and associated network expenses such as interchange and ATM costs, an increase in plastics and collateral related to an increase in the number of unique card loads, an increase in network expenses and sales commissions related to the growth in our pharma patient affordability business, an increase in customer service expenses associated with wage inflation pressures and the overall growth in our business. |
· |
Gross profit increased by $583 thousand, or 10%, primarily due to increased plasma and pharma patient affordability revenue, offset by a decline in pharma prepaid revenue. Our gross profit margin decreased to 51.1% versus 54.3% for the same period in the prior year primarily due to the decline in our pharma prepaid business and increased cost of revenues mentioned above. |
· |
Selling, general and administrative expenses increased by $309 thousand, or 7%, and consisted primarily of increases in (i) compensation and benefits of approximately $385 thousand due to continued hiring to support the company’s growth, a tight labor market and increased employee benefit costs, (ii) non-IT outside professional services of approximately $54 thousand, (iii) stock-based compensation of approximately $144 thousand, (iv) technologies and telecom of approximately $79 thousand, (v) and travel and entertainment of approximately $42 thousand. This was offset by a $391 thousand increase in the amount of capitalized software development costs mostly pertaining to salary and benefit expense and a decrease in all other operating expenses of approximately $4 thousand. We exited the quarter with 112 employees versus 95 employees at the end of the same period last year. |
· |
Depreciation and amortization increased by $306 thousand, or 41%, due to the continued capitalization of new software development costs and equipment purchases related to the enhancement to our processing platform. |
· |
Other income increased by $350 thousand primarily related to an increase in interest income resulting from higher average cash balances and rising interest rates. |
· |
We recorded an income tax provision of $105 thousand due to the full valuation on our deferred tax asset in both the current and prior period and the tax benefit related to our stock-based compensation. Our net operating loss carryforwards help to offset our federal and state tax liabilities but the amounts are limited by 80% limitation rule. |
· |
Net income of $1.1 million, or $0.02 per diluted share, improved by $248 thousand compared to net income of $852 thousand, or $0.02 per diluted share, during the same period last year. The overall change in net income relates to the factors mentioned above. |
· |
“EBITDA,” defined as earnings before interest, taxes, depreciation and amortization expense, which is a non-GAAP metric, increased by $274 thousand, or 20%, to $1.6 million due to the factors mentioned above, and was up $1.3 million sequentially from the second quarter of this year. |
· |
“Adjusted EBITDA,” which excludes stock-based compensation from EBITDA, and which is a non-GAAP metric used by management to gauge the operating performance of the business, increased by $417 thousand, or 22%, to $2.3 million, or $0.04 per diluted share, due to the factors mentioned above, and was up $1.2 million sequentially from the second quarter of this year. |
Third Quarter 2023 Milestones
· |
Exited the quarter with approximately 6.2 million cardholders and 605 card programs. |
· |
Year-over-year revenue increased 17%. |
· |
Added 19 new plasma donation centers, ending the quarter with 462 centers, and increased average revenue per plasma center per month to $8,102. |
· |
Launched three new pharma patient affordability programs, ending the quarter with 34 active programs, and surpassed $1 million in quarterly revenue. |
· |
Repurchased 75,000 shares at a cost of $150,217. |
Balance Sheet at September 30, 2023
Unrestricted cash increased $228 thousand to $9.9 million from December
31, 2022, due primarily to our increase in net income of $836 thousand, noncash items of $5.3 million and increases in working capital
accounts of $0.5 million. This was primarily offset by fixed assets and capitalized software development of $5.0 million and the repurchase
of 394,558 shares of our common stock for $1.1 million. Restricted cash of $78.0 million is funds used for customer card funding
with a corresponding offset under current liabilities. This balance decreased $2.2 million from December 31, 2022 primarily due to declines
in plasma deposits where customers managed their quarter-ending cash balances and the termination of our pharma prepaid programs where
we returned program funds of over $8.0 million. This was offset by increases in funds on cards and new pharma patient affordability programs
which brought in $13.7 million in new account balances.
2023 Update
“We delivered another solid quarter of revenue and Adjusted EBITDA
growth despite continued inflationary pressures across our business. We continue to work on ways to address those inflationary pressures
while managing the business to deliver on the financial guidance we provided in March, principally revenue to be in the range of $44.0
million to $46.0 million and Adjusted EBITDA to be in the range of $6.0 million to $7.5 million. Furthermore, we expect operating improvements
in the fourth quarter with year-over-year revenue growth slightly better than this quarter’s revenue growth of 17% and operating
expenses equivalent to our second quarter 2023 operating expenses of $6.3 million which reflect seasonal costs relative to the third quarter,"
said Paysign CFO Jeff Baker.
Third Quarter 2023 Financial Results Conference Call Details
The company will hold a conference call at 5:00 p.m. Eastern time today
to discuss its third quarter 2023 financial results. The conference call may include forward-looking statements. The dial-in information
for this call is 877.407.2988 (within the U.S.) and +1.201.389.0923 (outside the U.S.). A call replay will be available until February
7, 2024, and can be accessed by dialing 877.660.6853 (within the U.S.) and +1.201.612.7415 (outside the U.S.), using passcode 13742205.
The conference call may include forward-looking statements.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking
under federal securities laws, and the company intends that such forward-looking statements be subject to the safe harbor created thereby.
All statements, besides statements of fact included in this release are forward-looking. Such forward-looking statements include, among
others, our belief that growth is evident across all business segments; our belief that we maintain a strong pipeline in every area; our
belief that our plasma business expanded due to higher donor rates at our existing centers and the addition of new centers; our belief
that the patient affordability segment continues to see substantial growth, as our target audience increasingly views our products as
game-changing alternatives to existing options; our belief that introducing groundbreaking fintech solutions to the healthcare sector
and beyond aids our commitment to driving sustainable growth and maximizing shareholder value; our belief that we will be able to deliver
on the financial guidance we provided in March; our expectation of operating improvements in the fourth quarter with year-over-year revenue
growth at least in line with this quarter’s revenue growth and operating expenses equivalent to our second quarter 2023 operating
expenses which reflect seasonal costs. We caution that these statements are qualified by important risks, uncertainties and other factors
that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among
others, the inability to continue our current growth rate in future periods; that a downturn in the economy, including as a result of
COVID-19 and variants, as well as further government stimulus measures, could reduce our customer base and demand for our products and
services, which could have an adverse effect on our business, financial condition, profitability and cash flows; operating in a highly
regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations,
credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability
and protracted and costly litigation; and other risk factors set forth in our Form 10-K for the year ended December 31, 2022. Except to
the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or otherwise.
About Paysign, Inc.
Paysign, Inc. (NASDAQ: PAYS) is a leading financial services provider
uniquely positioned to provide technology solutions tailored to the healthcare industry. As an early innovator in prepaid card programs,
patient affordability, digital banking services and integrated payment processing, Paysign enables countless exchanges of value for businesses,
consumers and government agencies across all industry types.
Incorporated in southern Nevada in 1995, Paysign operates on a powerful,
high-availability payments platform with cutting-edge fintech capabilities that can be seamlessly integrated with our clients’ systems.
This distinctive positioning allows Paysign to provide end-to-end technologies that securely manage transaction processing, cardholder
enrollment, value loading, account management, data and analytics and customer service. Paysign’s architecture is known for its
cross-platform compatibility, flexibility and scalability – allowing our clients and partners to leverage these advantages for cost
savings and revenue opportunities.
Through Paysign’s direct connections for processing and program
management, the company navigates all aspects of the prepaid card lifecycle completely in house – from concept and card design to
inventory, fulfillment and launch. The company’s 24/7/365 in-house, bilingual customer service is facilitated through live agents,
interactive voice response (IVR) and two-way SMS alerts, reflecting the company's commitment to world-class consumer support.
For more than two decades, Paysign has been a trusted partner for major
pharmaceutical and healthcare companies, as well as multinational corporations, delivering fully managed programs built to meet their
individual business goals. The company’s suite of offerings include solutions for corporate rewards, prepaid gift cards, general
purpose reloadable (GPR) debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement
payments and copay assistance. For more information, visit paysign.com.
Contacts:
Paysign Investor Relations:
888.522.4810
ir@paysign.com |
Paysign Media Relations:
Alicia Ches
888.522.4850
pr@paysign.com
|
Paysign, Inc.
Condensed Consolidated Statements of Operation (Unaudited)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
| | | |
| | | |
| | | |
| | |
Plasma industry | |
$ | 11,061,712 | | |
$ | 9,829,811 | | |
$ | 30,436,240 | | |
$ | 25,030,376 | |
Pharma industry | |
| 1,026,270 | | |
| 693,353 | | |
| 2,345,068 | | |
| 2,273,232 | |
Other | |
| 312,343 | | |
| 73,264 | | |
| 803,358 | | |
| 112,235 | |
Total revenues | |
| 12,400,325 | | |
| 10,596,428 | | |
| 33,584,666 | | |
| 27,415,843 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 6,068,207 | | |
| 4,847,780 | | |
| 16,589,139 | | |
| 11,971,135 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 6,332,118 | | |
| 5,748,648 | | |
| 16,995,527 | | |
| 15,444,708 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 4,696,509 | | |
| 4,386,757 | | |
| 14,946,584 | | |
| 13,283,645 | |
Depreciation and amortization | |
| 1,045,177 | | |
| 738,883 | | |
| 2,848,194 | | |
| 2,131,234 | |
Total operating expenses | |
| 5,741,686 | | |
| 5,125,640 | | |
| 17,794,778 | | |
| 15,414,879 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 590,432 | | |
| 623,008 | | |
| (799,251 | ) | |
| 29,829 | |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Interest income, net | |
| 615,324 | | |
| 265,284 | | |
| 1,800,388 | | |
| 349,847 | |
| |
| | | |
| | | |
| | | |
| | |
Income before income tax provision | |
| 1,205,756 | | |
| 888,292 | | |
| 1,001,137 | | |
| 379,676 | |
Income tax provision | |
| 105,152 | | |
| 36,183 | | |
| 164,819 | | |
| 64,996 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,100,604 | | |
$ | 852,109 | | |
$ | 836,318 | | |
$ | 314,680 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.01 | |
Diluted | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 52,548,101 | | |
| 52,142,225 | | |
| 52,404,049 | | |
| 51,968,496 | |
Diluted | |
| 53,484,674 | | |
| 53,365,025 | | |
| 54,286,492 | | |
| 52,676,707 | |
Paysign, Inc.
Condensed Consolidated Balance Sheets
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Audited) | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 9,936,627 | | |
$ | 9,708,238 | |
Restricted cash | |
| 78,022,518 | | |
| 80,189,113 | |
Accounts receivable | |
| 7,278,098 | | |
| 4,680,991 | |
Other receivables | |
| 1,372,655 | | |
| 1,439,251 | |
Prepaid expenses and other current assets | |
| 2,245,751 | | |
| 1,699,808 | |
Total current assets | |
| 98,855,649 | | |
| 97,717,401 | |
| |
| | | |
| | |
Fixed assets, net | |
| 1,149,497 | | |
| 1,255,292 | |
Intangible assets, net | |
| 7,884,171 | | |
| 5,656,722 | |
Operating lease right-of-use asset | |
| 3,317,016 | | |
| 3,614,838 | |
| |
| | | |
| | |
Total assets | |
$ | 111,206,333 | | |
$ | 108,244,253 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 11,609,898 | | |
$ | 8,088,660 | |
Operating lease liability, current portion | |
| 378,001 | | |
| 361,408 | |
Customer card funding | |
| 78,022,518 | | |
| 80,189,113 | |
Total current liabilities | |
| 90,010,417 | | |
| 88,639,181 | |
| |
| | | |
| | |
Operating lease liability, long term portion | |
| 3,026,167 | | |
| 3,311,777 | |
| |
| | | |
| | |
Total liabilities | |
| 93,036,584 | | |
| 91,950,958 | |
| |
| | | |
| | |
Stockholders' equity | |
| | | |
| | |
Common stock, $0.001 par value, 150,000,000 shares authorized, 53,382,382 and 52,650,382 issued at September 30, 2023 and December 31, 2022, respectively | |
| 53,382 | | |
| 52,650 | |
Additional paid-in-capital | |
| 21,304,569 | | |
| 19,137,281 | |
Treasury stock, at cost, 698,008 and 303,450 shares, respectively | |
| (1,277,884 | ) | |
| (150,000 | ) |
Accumulated deficit | |
| (1,910,318 | ) | |
| (2,746,636 | ) |
Total stockholders' equity | |
| 18,169,749 | | |
| 16,293,295 | |
| |
| | | |
| | |
Total liabilities and stockholders' equity | |
$ | 111,206,333 | | |
$ | 108,244,253 | |
Paysign, Inc. Non-GAAP Measures
To supplement Paysign’s financial results presented on a GAAP
basis, we use non-GAAP measures that exclude from net income (loss) the following cash and non-cash items: interest, taxes, depreciation
and amortization and stock-based compensation. We believe these non-GAAP measures used by management to gauge the operating performance
of the business help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not
be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s
financial statements prepared in accordance with GAAP. The non-GAAP measures we use may be different from, and not directly comparable
to, similarly titled measures used by other companies.
“EBITDA” is defined as earnings before interest, taxes,
depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation
charges.
EBITDA and Adjusted EBITDA are not intended to represent cash flows
from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performances. Management
cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures
disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner.
Paysign, Inc.
Adjusted EBITDA (Unaudited)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Reconciliation of EBITDA and Adjusted EBITDA to net income: | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,100,604 | | |
$ | 852,109 | | |
$ | 836,318 | | |
$ | 314,680 | |
Income tax provision | |
| 105,152 | | |
| 36,183 | | |
| 164,819 | | |
| 64,996 | |
Interest income, net | |
| (615,324 | ) | |
| (265,284 | ) | |
| (1,800,388 | ) | |
| (349,847 | ) |
Depreciation and amortization | |
| 1,045,177 | | |
| 738,883 | | |
| 2,848,194 | | |
| 2,131,234 | |
EBITDA | |
| 1,635,609 | | |
| 1,361,891 | | |
| 2,048,943 | | |
| 2,161,063 | |
Stock-based compensation | |
| 709,750 | | |
| 566,205 | | |
| 2,158,420 | | |
| 1,623,994 | |
Adjusted EBITDA | |
$ | 2,345,359 | | |
$ | 1,928,096 | | |
$ | 4,207,363 | | |
$ | 3,785,057 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.04 | | |
$ | 0.04 | | |
$ | 0.08 | | |
$ | 0.07 | |
Diluted | |
$ | 0.04 | | |
$ | 0.04 | | |
$ | 0.08 | | |
$ | 0.07 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 52,548,101 | | |
| 52,142,225 | | |
| 52,404,049 | | |
| 51,968,496 | |
Diluted | |
| 53,484,674 | | |
| 53,365,025 | | |
| 54,286,492 | | |
| 52,676,707 | |
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- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
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- DefinitionIndicate if registrant meets the emerging growth company criteria.
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- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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- DefinitionTitle of a 12(b) registered security.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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