ecor-10q_20180930.htm

 

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, 2018

 

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 001-38538

 

 

electroCore, Inc.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

20-3454976

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

150 Allen Road, Suite 201, Basking Ridge, NJ 07920

(Address of principal executive offices, including zip code)

 

(973) 290-0097

(Registrant’s telephone number, including area code)

 

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 8, 2018, the registrant had 29,450,034 shares of common stock outstanding. 

 

 

 


 

PART I. FINANCIAL INFORMATION

 

Page

 

 

 

 

 

Cautionary Note Regarding Forward-Looking Statements

 

3

Item 1.

Financial Statements

 

 

 

Consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017

 

 

4

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2018 and 2017 (Unaudited)

 

 

5

 

Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2018 and 2017 (Unaudited)

 

 

6

 

Consolidated Statements of Changes in Convertible Preferred Units, Members’ (Deficit) and Stockholders’ Equity for the Year Ended December 31, 2017 and the Nine Months Ended September 30, 2018 (Unaudited)

 

 

7

 

Consolidated Statements of Cash Flow for the Nine Months Ended September 30, 2018 and 2017 (Unaudited)

 

 

8

 

Notes to Consolidated Financial Statements (Unaudited)

 

 

9

Item 2.

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

 

 

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

 

33

Item 4.

Controls and Procedures

 

 

33

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

 

 

35

Item 1A.

Risk Factors

 

 

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

 

35

Item 3.

Defaults Upon Senior Securities

 

 

35

Item 4.

Mine Safety Disclosures

 

 

35

Item 5.

Other Information

 

 

35

Item 6.

Exhibits

 

 

36

 

Signatures

 

 

37

 

2


 

REFERENCES TO ELECTROCORE

In this Quarterly Report on Form 10-Q, unless otherwise stated or the context otherwise requires references to the “Company,” “electroCore,” “we,” “us” and “our” following the date of the Corporate Conversion (June 21, 2018) refer to electroCore, Inc. a Delaware corporation, and its subsidiaries and affiliate; references to the “Company,” “electroCore,” “we,” “us” and “our” prior to the date of the Corporate Conversion refer to ElectroCore, LLC, a Delaware limited liability company, and its subsidiaries and affiliate; and references to the “Corporate Conversion” or “corporate conversion” refer to all of the transactions related to the statutory conversion of ElectroCore, LLC from a Delaware limited liability company to a Delaware corporation and the change of its name to electroCore, Inc., effected on June 21, 2018.  

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. The statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would” and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those included in our prospectus dated June 21, 2018, filed with the SEC described under “Risk Factors” and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and elsewhere in this Quarterly Report on Form 10-Q. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

The electroCore logo, gammaCore and other trademarks of electroCore, Inc. appearing in this Quarterly Report on Form 10-Q are the property of electroCore, Inc. All other trademarks, service marks and trade names in this Quarterly Report on Form 10-Q are the property of their respective owners. We have omitted the ® and ™ designations, as applicable, for the trademarks used in this Quarterly Report on Form 10-Q.

 

3


 

ELECTROCORE, INC. SUBSIDIARIES AND AFFILIATE

Consolidated Balance Sheets

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

26,263,737

 

 

$

13,224,194

 

Debt securities and other investments available for sale

 

 

54,246,536

 

 

 

23,950,566

 

Accounts receivable, net

 

 

227,313

 

 

 

103,209

 

Inventories

 

 

1,124,232

 

 

 

327,787

 

Prepaid expenses and other current assets

 

 

3,096,729

 

 

 

570,755

 

Deferred financing costs

 

 

 

 

 

856,895

 

Total current assets

 

 

84,958,547

 

 

 

39,033,406

 

 

 

 

 

 

 

 

 

 

Property and equipment – net

 

 

405,840

 

 

 

168,646

 

Security deposits

 

 

60,096

 

 

 

30,604

 

Total assets

 

$

85,424,483

 

 

$

39,232,656

 

Liabilities, Convertible Preferred Units and Stockholders' and Members’ Equity/(Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

4,726,241

 

 

$

3,879,775

 

Warrant liability

 

 

 

 

 

2,239,544

 

Other current liabilities

 

 

40,930

 

 

 

 

Total current liabilities

 

 

4,767,171

 

 

 

6,119,319

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Deferred rent

 

 

262,497

 

 

 

306,886

 

Total liabilities

 

 

5,029,668

 

 

 

6,426,205

 

Commitments and contingencies (Note 17)

 

 

 

 

 

 

 

 

Convertible preferred units:

 

 

 

 

 

 

 

 

Series A Preferred Units, 0 Units authorized at September 30, 2018 and 71,050,860 at

   December 31, 2017; 0 Units issued and outstanding at September 30, 2018 and

   70,918,506 at December 31, 2017

 

 

 

 

 

53,518,463

 

Series B Preferred Units, 0 Units authorized at September 30, 2018 and 123,000,000 at

   December 31, 2017; 0 Units issued and outstanding at September 30, 2018 and

   105,186,020 at December 31, 2017

 

 

 

 

 

68,755,544

 

Series B-1 Preferred Units, 0 Units authorized at September 30, 2018 and December 31,

   2017; 0 Units issued and outstanding at September 30, 2018 and December 31, 2017

 

 

 

 

 

 

Total convertible preferred units

 

 

 

 

 

122,274,007

 

Stockholders'/members' equity/(deficit):

 

 

 

 

 

 

 

 

Common Units, 0 Units authorized at September 30, 2018 and 600,000,000 at

   December 31, 2017; 0 Units issued and outstanding at September 30, 2018 and

   218,982,140 at December 31, 2017

 

 

 

 

 

40,180,619

 

Preferred Stock, par value $0.001 per share; 10,000,000 shares authorized at

   September 30, 2018 and 0 shares at December 31, 2017; 0 shares issued

   and outstanding at September 30, 2018 and December 31, 2017

 

 

 

 

 

 

Common Stock, par value $0.001 per share; 500,000,000 shares authorized at

   September 30, 2018 and 0 shares at December 31, 2017; 29,450,034

   shares issued and outstanding at September 30, 2018 and 0 at December 31, 2017

 

 

29,450

 

 

 

 

Additional paid-in capital

 

 

102,694,632

 

 

 

22,596,485

 

Accumulated deficit

 

 

(22,995,331

)

 

 

(152,928,928

)

Accumulated other comprehensive income

 

 

30,454

 

 

 

80,213

 

Total stockholders'/members' equity/(deficit) attributable to

   electroCore, Inc., subsidiaries and affiliate

 

 

79,759,205

 

 

 

(90,071,611

)

Noncontrolling interest

 

 

635,610

 

 

 

604,055

 

Total stockholders'/members' equity/(deficit):

 

 

80,394,815

 

 

 

(89,467,556

)

Total liabilities, convertible preferred units and stockholders' equity/members' equity

 

$

85,424,483

 

 

$

39,232,656

 

 

See accompanying notes to consolidated financial statements.

4


 

ELECTROCORE, INC. SUBSIDIARIES AND AFFILIATE

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net sales

 

$

150,972

 

 

$

283,239

 

 

$

625,385

 

 

$

576,727

 

Cost of goods sold

 

 

97,067

 

 

 

128,318

 

 

 

386,502

 

 

 

239,813

 

Gross profit

 

 

53,905

 

 

 

154,921

 

 

 

238,883

 

 

 

336,914

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,333,255

 

 

 

1,882,431

 

 

 

9,006,659

 

 

 

6,380,426

 

Selling, general and administrative

 

 

11,272,531

 

 

 

4,260,386

 

 

 

30,104,551

 

 

 

12,117,252

 

Total operating expenses

 

 

13,605,786

 

 

 

6,142,817

 

 

 

39,111,210

 

 

 

18,497,678

 

Loss from operations

 

 

(13,551,881

)

 

 

(5,987,896

)

 

 

(38,872,327

)

 

 

(18,160,764

)

Other expense/(income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

3,868,771

 

 

 

 

 

 

3,868,771

 

Interest expense

 

 

 

 

 

1,822,081

 

 

 

 

 

 

6,295,837

 

Amortization of debt issuance costs

 

 

 

 

 

264,780

 

 

 

 

 

 

827,317

 

Change in fair value of warrant liability

 

 

 

 

 

438,701

 

 

 

1,870,923

 

 

 

813,355

 

Change in fair value of derivative instrument related to

   convertible bridge notes

 

 

 

 

 

 

 

 

 

 

 

348,163

 

Interest and other income, net

 

 

(355,228

)

 

 

(20,622

)

 

 

(579,838

)

 

 

(23,844

)

Other expense

 

 

4,856

 

 

 

542

 

 

 

263,728

 

 

 

2,727

 

Total other expense/(income)

 

 

(350,372

)

 

 

6,374,253

 

 

 

1,554,813

 

 

 

12,132,326

 

Loss before income taxes

 

 

(13,201,509

)

 

 

(12,362,149

)

 

 

(40,427,140

)

 

 

(30,293,090

)

Provision for income taxes

 

 

2,431

 

 

 

 

 

 

2,431

 

 

 

 

Net loss from operations

 

 

(13,203,940

)

 

 

(12,362,149

)

 

 

(40,429,571

)

 

 

(30,293,090

)

Less: Net income/(loss) attributable to noncontrolling

   interest

 

 

 

 

 

(95

)

 

 

55,005

 

 

 

(6,140

)

Total net loss attributable to Electrocore LLC and

   electroCore, Inc. subsidiaries and affiliate

 

$

(13,203,940

)

 

$

(12,362,054

)

 

$

(40,484,576

)

 

$

(30,286,950

)

Net loss attributable to Electrocore, LLC

   subsidiaries and affiliate

 

$

 

 

$

(12,362,054

)

 

$

(21,118,337

)

 

$

(30,286,950

)

Net loss attributable to electroCore, Inc.

   subsidiaries and affiliate

 

$

(13,203,940

)

 

$

 

 

$

(19,366,239

)

 

$

 

Net loss per share of common stock - Basic and Diluted

   (see Note 11)

 

$

(0.45

)

 

$

 

 

$

(0.66

)

 

$

 

Weighted average and potential shares outstanding -

   Basic and Diluted (see Note 11)

 

 

29,261,942

 

 

 

 

 

 

29,261,942

 

 

 

 

 

See accompanying notes to consolidated financial statements.

5


 

ELECTROCORE, INC. SUBSIDIARIES AND AFFILIATE

Consolidated Statements of Comprehensive Loss

(Unaudited)

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net loss from operations

 

$

(13,203,940

)

 

$

(12,362,149

)

 

$

(40,429,571

)

 

$

(30,293,090

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

27,094

 

 

 

(92,041

)

 

 

(25,553

)

 

 

(132,956

)

Amount reclassed from accumulated OCI

 

 

2

 

 

 

 

 

 

11,026

 

 

 

 

Unrealized losses on securities, net of taxes as applicable

 

 

(38,383

)

 

 

(4,978

)

 

 

(35,232

)

 

 

(4,978

)

Other comprehensive loss

 

 

(11,287

)

 

 

(97,019

)

 

 

(49,759

)

 

 

(137,934

)

Comprehensive loss

 

 

(13,215,227

)

 

 

(12,459,168

)

 

 

(40,479,330

)

 

 

(30,431,024

)

Less: Net comprehensive (loss)/income attributable to

   noncontrolling interest

 

 

 

 

 

(14,334

)

 

 

5,085

 

 

 

(12,824

)

Comprehensive loss attributable to Electrocoe, LLC

   and electroCore, Inc. subsidiaries and affiliates

 

$

(13,215,227

)

 

$

(12,444,834

)

 

$

(40,474,245

)

 

$

(30,418,200

)

Comprehensive loss attributable to

   Electrocore, LLC subsidiaries and affiliate

 

$

 

 

$

(12,444,834

)

 

$

(21,118,056

)

 

$

(30,418,200

)

Comprehensive loss attributable to

   electroCore, Inc. subsidiaries and affiliate

 

$

(13,215,227

)

 

$

 

 

$

(19,356,189

)

 

$

 

 

See accompanying notes to consolidated financial statements.

 

 

6


 

ELECTROCORE, INC. SUBSIDIARIES AND AFFILIATE

Consolidated Statements of Changes in Convertible Preferred Units, Members’ (Deficit) and Stockholders’ Equity

(Unaudited)

 

 

Convertible Preferred Units

 

 

 

Electrocore LLC for the year ended December 31, 2017 and electroCore, Inc. for the nine months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

attributable to

 

 

 

 

 

 

stockholders'/

 

 

Series A

 

 

Series B

 

 

 

Common

 

 

Common

 

 

Additional

 

 

 

 

 

 

other

 

 

electroCore, Inc.

 

 

 

 

 

 

members’

 

 

Preferred Units

 

 

Preferred Units

 

 

 

Units

 

 

Stock

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

subsidiaries

 

 

Noncontrolling

 

 

equity/

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

 

Units

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

income

 

 

and affiliates

 

 

interest

 

 

(deficit)

 

Balances as of January 1, 2017

 

70,918,506

 

 

$

53,518,463

 

 

 

 

 

$

 

 

 

 

90,711,018

 

 

$

30,912,091

 

 

 

 

 

$

 

 

$

8,126,416

 

 

$

(100,706,419

)

 

$

214,006

 

 

$

(61,453,906

)

 

$

400,421

 

 

$

(61,053,485

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,792,423

)

 

 

 

 

 

(35,792,423

)

 

 

(236,358

)

 

 

(36,028,781

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(133,793

)

 

 

(133,793

)

 

 

 

 

 

(133,793

)

Issuance of Series B Preferred Units, net

 

 

 

 

 

 

 

105,186,020

 

 

 

68,755,544

 

 

 

 

18,340,000

 

 

 

4,074,447

 

 

 

 

 

 

 

 

 

(2,012,611

)

 

 

 

 

 

 

 

 

2,061,836

 

 

 

 

 

 

2,061,836

 

Noncontrolling interest contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

439,992

 

 

 

439,992

 

Unit-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

462,329

 

 

 

 

 

 

 

 

 

462,329

 

 

 

 

 

 

462,329

 

Common Units issued in connection

   with convertible bridge notes, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,565,948

 

 

 

5,194,081

 

 

 

 

 

 

 

 

 

(409,735

)

 

 

 

 

 

 

 

 

4,784,346

 

 

 

 

 

 

4,784,346

 

Common Units issued in exchange for

   elimination of preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,365,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Units issued for initial

   funding of Series B Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,430,086

 

 

 

(16,430,086

)

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2017

 

70,918,506

 

 

$

53,518,463

 

 

 

105,186,020

 

 

$

68,755,544

 

 

 

 

218,982,140

 

 

$

40,180,619

 

 

 

 

 

$

 

 

$

22,596,485

 

 

$

(152,928,928

)

 

$

80,213

 

 

$

(90,071,611

)

 

$

604,055

 

 

$

(89,467,556

)

Net loss attributable to Electrocore, LLC

   subsidiaries and affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,118,337

)

 

 

(5,085

)

 

 

(21,123,422

)

 

 

60,090

 

 

 

(21,063,332

)

Reclass of accumulated deficit to APIC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,047,265

)

 

 

174,047,265

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,674

)

 

 

(44,674

)

 

 

(5,085

)

 

 

(49,759

)

Conversion of Series A preferred units

   to common stock

 

(70,918,506

)

 

 

(53,518,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,939,917

 

 

 

3,940

 

 

 

53,514,523

 

 

 

 

 

 

 

 

 

53,518,463

 

 

 

 

 

 

53,518,463

 

Conversion of Series B preferred units

   to common stock

 

 

 

 

 

 

 

(105,186,020

)

 

 

(68,755,544

)

 

 

 

 

 

 

 

 

 

5,843,668

 

 

 

5,844

 

 

 

68,749,700

 

 

 

 

 

 

 

 

 

68,755,544

 

 

 

 

 

 

68,755,544

 

Conversion of members common units

   to common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(218,982,140

)

 

 

(40,180,619

)

 

 

12,099,280

 

 

 

12,099

 

 

 

40,168,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock dividend issued to Series A

   preferred holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

241,939

 

 

 

242

 

 

 

3,628,850

 

 

 

(3,629,092

)

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued related to initial

   public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,980,000

 

 

 

5,980

 

 

 

89,692,675

 

 

 

 

 

 

 

 

 

89,698,655

 

 

 

 

 

 

89,698,655

 

Issuance costs related to initial public

   offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,177,438

)

 

 

 

 

 

 

 

 

(12,177,438

)

 

 

 

 

 

(12,177,438

)

Reclass of warrant liability to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,110,467

 

 

 

 

 

 

 

 

 

4,110,467

 

 

 

 

 

 

4,110,467

 

Noncontrolling interest distributions