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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

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 001-36164

 

Twitter, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

20-8913779

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

1355 Market Street, Suite 900

San Francisco, California 94103

(Address of principal executive offices and Zip Code)

(415) 222-9670

(Registrant’s telephone number, including area code)

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.000005 per share

TWTR

New York Stock Exchange

 

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, a 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  

The number of shares of the registrant’s common stock outstanding as of July 26, 2019 was 773,017,657.

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

PART I – FINANCIAL INFORMATION

  

Page

Item 1.

 

Financial Statements (Unaudited)

  

6

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

 

6

 

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

7

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

8

 

 

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

9

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and June 30, 2018

 

10

 

 

Notes to Consolidated Financial Statements

 

11

Item 2.

 

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

  

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

39

Item 4.

 

Controls and Procedures

  

40

 

 

 

PART II – OTHER INFORMATION

  

 

Item 1.

 

Legal Proceedings

  

41

Item 1A.

 

Risk Factors

  

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

65

Item 6.

 

Exhibits

  

66

 

 

Signatures

  

68

 

 

 

2


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, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements 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,” “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 ability to attract and retain users and increase the level of engagement, including ad engagement, of our users and its impact on revenue;

 

our plans regarding health and user safety, including our expectations regarding the impact on our reported metrics, policies, enforcement and preventing manipulation of our platform;

 

our expectations regarding monetizable DAU (mDAU), changes in cost per ad engagement and changes in ad engagements;

 

our ability to develop or acquire new products, product features and services, improve our existing products and services, including with respect to Promoted Tweet product features, video and performance advertising, and increase the value of our products and services;

 

our business strategies, plans and priorities, including our plans for growth and hiring, investment in our research and development efforts and our plans to scale capacity and enhance capability and reliability of our infrastructure, including capital expenditures relating to infrastructure;

 

our work to increase the stability, performance and scale of our ads platform and our mobile application download product;

 

our ability to provide new content from third parties, including our ability to secure live streaming video content on terms that are acceptable to us;

 

our ability to attract advertisers to our platforms, products and services and increase the amount that advertisers spend with us;

 

our expectations regarding our user growth and growth rates and related opportunities as well as the continued usage of our mobile applications, including the impact of seasonality;

 

our ability to increase our revenue and our revenue growth rate, including advertising and data licensing and other revenue;

 

our ability to improve user monetization;

 

our future financial performance, including trends in cost per ad engagement, revenue (including data licensing revenue), cost of revenue, operating expenses, including stock-based compensation and income taxes;

 

our expectations regarding certain deferred tax assets and fluctuations in our tax expense and cash taxes;

 

the impact of the General Data Protection Regulation (GDPR) and other data and privacy regulation;

 

the impact of content- or copyright-related legislation or regulation;

 

our expectations regarding outstanding litigation or the decisions of the courts;

 

the effects of seasonal trends on our results of operations;

 

the impact of our future transactions and corporate structuring on our income and other taxes;

 

the sufficiency of our cash and cash equivalents, short-term investment balance and credit facility together with cash generated from operations to meet our working capital and capital expenditure requirements;

 

our ability to timely and effectively develop, invest in, scale and adapt our existing technology and network infrastructure;

 

our ability to successfully acquire and integrate companies and assets; and

 

our expectations regarding international operations and foreign exchange gains and losses.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

3


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, operating results, cash flows or 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. 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. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will 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.

 


4


NOTE REGARDING KEY METRICS

We review a number of metrics, including monetizable daily active usage or users, or mDAU, changes in ad engagements and changes in cost per ad engagement, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics” for a discussion of how we calculate mDAU, changes in ad engagements and changes in cost per ad engagement.

We define mDAU as Twitter users who logged in and accessed Twitter on any given day through Twitter.com or Twitter applications that are able to show ads. Our definition and calculation of mDAU is the same as that of the DAU data presented since the first quarter of 2016. The calculation of mDAU is not based on any standardized industry methodology and is not necessarily calculated in the same manner or comparable to similarly-titled measures presented by other companies. Average mDAU for a period represents the number of mDAU on each day of such period divided by the number of days for such period. Changes in mDAU are a measure of changes in the size of our daily logged in active user base. To calculate the year-over-year change in mDAU, we subtract the average mDAU for the three months ended in the previous year from the average mDAU for the same three months ended in the current year and divide the result by the average mDAU in the previous year. We believe that mDAU, and its related growth, are the best ways to measure our success against our objectives and to show the size of our audience and engagement.

The numbers of active users presented in this Quarterly Report on Form 10-Q are based on internal company data. While these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. Furthermore, our metrics may be impacted by our information quality efforts, which are our overall efforts to reduce malicious activity on the service, inclusive of spam, malicious automation, and fake accounts. For example, there are a number of false or spam accounts in existence on our platform. We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the second quarter of 2019 represented fewer than 5% of our mDAU during the quarter. The false or spam accounts for a period represents the average of false or spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated. We are continually seeking to improve our ability to estimate the total number of spam accounts and eliminate them from the calculation of our active users, and have made improvements in our spam detection capabilities that have resulted in the suspension of a large number of spam, malicious automation and fake accounts. We intend to continue to make such improvements. After we determine an account is spam, malicious automation or fake, we stop counting it in our mDAU or related metrics. We also treat multiple accounts held by a single person or organization as multiple users for purposes of calculating mDAU because we permit people and organizations to have more than one account. Additionally, some accounts used by organizations are used by many people within the organization. As such, the calculations of our active users may not accurately reflect the actual number of people or organizations using our platform.

In addition, our data regarding user geographic location for purposes of reporting the geographic location of our mDAU is based on the IP address or phone number associated with the account when a user initially registered the account on Twitter. The IP address or phone number may not always accurately reflect a user’s actual location at the time such user engaged with our platform. For example, someone accessing Twitter on a mobile device may appear to be accessing Twitter from the location of the proxy server that the user connects to rather than from the user’s actual location.

We regularly review and may adjust our processes for calculating our internal metrics to improve their accuracy. Our measures of user growth and user engagement may differ from estimates published by third parties or from similarly-titled metrics of our competitors due to differences in methodology.

 

 

 

5


PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

TWITTER, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,183,111

 

 

$

1,894,444

 

Short-term investments

 

 

4,503,427

 

 

 

4,314,957

 

Accounts receivable, net of allowance for doubtful accounts of $2,285 and $3,559

 

 

719,904

 

 

 

788,700

 

Prepaid expenses and other current assets

 

 

106,341

 

 

 

112,935

 

Total current assets

 

 

7,512,783

 

 

 

7,111,036

 

Property and equipment, net

 

 

982,513

 

 

 

885,078

 

Operating lease right-of-use assets

 

 

694,855

 

 

 

 

Intangible assets, net

 

 

50,722

 

 

 

45,025

 

Goodwill

 

 

1,246,883

 

 

 

1,227,269

 

Deferred tax assets, net

 

 

1,954,808

 

 

 

808,459

 

Other assets

 

 

79,043

 

 

 

85,705

 

Total assets

 

$

12,521,607

 

 

$

10,162,572

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

206,282

 

 

$

145,186

 

Accrued and other current liabilities

 

 

428,296

 

 

 

405,751

 

Convertible notes, short-term

 

 

923,648

 

 

 

897,328

 

Operating lease liabilities, short-term

 

 

129,919

 

 

 

 

Finance lease liabilities, short-term

 

 

45,593

 

 

 

68,046

 

Total current liabilities

 

 

1,733,738

 

 

 

1,516,311

 

Convertible notes, long-term

 

 

1,773,092

 

 

 

1,730,922

 

Operating lease liabilities, long-term

 

 

614,213

 

 

 

 

Finance lease liabilities, long-term

 

 

7,576

 

 

 

24,394

 

Deferred and other long-term tax liabilities, net

 

 

23,393

 

 

 

17,849

 

Other long-term liabilities

 

 

24,781

 

 

 

67,502

 

Total liabilities

 

 

4,176,793

 

 

 

3,356,978

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.000005 par value-- 200,000 shares authorized; none issued and outstanding

 

 

 

 

 

 

Common stock, $0.000005 par value-- 5,000,000 shares authorized; 772,393 and 764,257 shares issued and outstanding

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

8,535,463

 

 

 

8,324,974

 

Accumulated other comprehensive loss

 

 

(46,944

)

 

 

(65,311

)

Accumulated deficit

 

 

(143,709

)

 

 

(1,454,073

)

Total stockholders' equity

 

 

8,344,814

 

 

 

6,805,594

 

Total liabilities and stockholders' equity

 

$

12,521,607

 

 

$

10,162,572

 

 

 

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

 

 

 

6


TWITTER, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

841,381

 

 

$

710,541

 

 

$

1,628,271

 

 

$

1,375,412

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

277,965

 

 

 

230,185

 

 

 

541,976

 

 

 

453,008

 

Research and development

 

 

159,242

 

 

 

138,574

 

 

 

305,488

 

 

 

261,920

 

Sales and marketing

 

 

240,249

 

 

 

188,032

 

 

 

446,048

 

 

 

366,091

 

General and administrative

 

 

88,239

 

 

 

74,126

 

 

 

165,415

 

 

 

139,844

 

Total costs and expenses

 

 

765,695

 

 

 

630,917

 

 

 

1,458,927

 

 

 

1,220,863

 

Income from operations

 

 

75,686

 

 

 

79,624

 

 

 

169,344

 

 

 

154,549

 

Interest expense

 

 

(38,317

)

 

 

(29,982

)

 

 

(75,577

)

 

 

(56,997

)

Interest income

 

 

42,887

 

 

 

21,960

 

 

 

83,428

 

 

 

38,141

 

Other income (expense), net

 

 

7,523

 

 

 

(5,735

)

 

 

7,087

 

 

 

(5,944

)

Income before income taxes

 

 

87,779

 

 

 

65,867

 

 

 

184,282

 

 

 

129,749

 

Provision (benefit) for income taxes

 

 

(1,031,781

)

 

 

(34,250

)

 

 

(1,126,082

)

 

 

(31,365

)

Net income

 

$

1,119,560

 

 

$

100,117

 

 

$

1,310,364

 

 

$

161,114

 

Net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.46

 

 

$

0.13

 

 

$

1.71

 

 

$

0.21

 

Diluted

 

$

1.43

 

 

$

0.13

 

 

$

1.68

 

 

$

0.21

 

Weighted-average shares used to compute net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

768,755

 

 

 

752,351

 

 

 

766,658

 

 

 

750,037

 

Diluted

 

 

785,056

 

 

 

772,556

 

 

 

781,378

 

 

 

769,222

 

 

 

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

 

 

 

7


TWITTER, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

1,119,560

 

 

$

100,117

 

 

$

1,310,364

 

 

$

161,114

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain (loss) on investments in available-for-sale securities

 

 

9,106

 

 

 

1,384

 

 

 

17,954

 

 

 

(445

)

Change in foreign currency translation adjustment

 

 

615

 

 

 

(35,493

)

 

 

413

 

 

 

(24,410

)

Net change in accumulated other comprehensive income (loss)

 

 

9,721

 

 

 

(34,109

)

 

 

18,367

 

 

 

(24,855

)

Comprehensive income

 

$

1,129,281

 

 

$

66,008

 

 

$

1,328,731

 

 

$

136,259

 

 

 

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

 

 

 

8


TWITTER, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

767,913

 

 

$

4

 

 

 

752,037

 

 

$

4

 

 

 

764,257

 

 

$

4

 

 

 

746,902

 

 

$

4

 

Issuance of common stock in connection with RSU vesting

 

 

3,243

 

 

 

 

 

 

3,086

 

 

 

 

 

 

7,132

 

 

 

 

 

 

8,184

 

 

 

 

Issuance of common stock in connection with acquisitions

 

 

 

 

 

 

 

 

119

 

 

 

 

 

 

 

 

 

 

 

 

119

 

 

 

 

Issuance of restricted stock in connection with acquisitions accounted for as stock-based compensation

 

 

306

 

 

 

 

 

 

655

 

 

 

 

 

 

306

 

 

 

 

 

 

655

 

 

 

 

Exercise of stock options

 

 

123

 

 

 

 

 

 

129

 

 

 

 

 

 

195

 

 

 

 

 

 

434

 

 

 

 

Issuance of common stock upon purchases under employee stock purchase plan

 

 

901

 

 

 

 

 

 

990

 

 

 

 

 

 

901

 

 

 

 

 

 

990

 

 

 

 

Shares withheld related to net share settlement of equity awards

 

 

(91

)

 

 

 

 

 

(60

)

 

 

 

 

 

(396

)

 

 

 

 

 

(320

)

 

 

 

Other activities

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(8

)

 

 

 

Balance, end of period

 

 

772,393

 

 

$

4

 

 

 

756,956

 

 

$

4

 

 

 

772,393

 

 

$

4

 

 

 

756,956

 

 

$

4

 

Additional paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

 

$

8,408,749

 

 

 

 

 

$

7,831,429

 

 

 

 

 

$

8,324,974

 

 

 

 

 

$

7,750,522

 

Issuance of common stock in connection with acquisitions

 

 

 

 

 

 

 

 

 

 

 

5,405

 

 

 

 

 

 

 

 

 

 

 

 

5,405

 

Issuance of stock options in connection with acquisitions

 

 

 

 

 

 

 

 

 

 

 

917

 

 

 

 

 

 

 

 

 

 

 

 

917

 

Issuance of restricted stock in connection with acquisitions

 

 

 

 

 

 

 

 

 

 

 

12,843

 

 

 

 

 

 

 

 

 

 

 

 

12,843

 

Exercise of stock options

 

 

 

 

 

413

 

 

 

 

 

 

329

 

 

 

 

 

 

509

 

 

 

 

 

 

3,097

 

Issuance of common stock upon purchases under employee stock purchase plan

 

 

 

 

 

25,209

 

 

 

 

 

 

16,337

 

 

 

 

 

 

25,209

 

 

 

 

 

 

16,337

 

Shares withheld related to net share settlement of equity awards

 

 

 

 

 

(3,461

)

 

 

 

 

 

(1,803

)

 

 

 

 

 

(12,938

)

 

 

 

 

 

(9,353

)

Stock-based compensation

 

 

 

 

 

104,553

 

 

 

 

 

 

89,368

 

 

 

 

 

 

197,709

 

 

 

 

 

 

175,053

 

Equity component of the convertible note issuance, net

 

 

 

 

 

 

 

 

 

 

 

252,248

 

 

 

 

 

 

 

 

 

 

 

 

252,248

 

Purchase of convertible note hedge

 

 

 

 

 

 

 

 

 

 

 

(267,950

)

 

 

 

 

 

 

 

 

 

 

 

(267,950

)

Issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

186,760

 

 

 

 

 

 

 

 

 

 

 

 

186,760

 

Other activities

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

10

 

Balance, end of period

 

 

 

 

$

8,535,463

 

 

 

 

 

$

8,125,889

 

 

 

 

 

$

8,535,463

 

 

 

 

 

$

8,125,889

 

Accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

 

$

(56,665

)

 

 

 

 

$

(22,325

)

 

 

 

 

$

(65,311

)

 

 

 

 

$

(31,579

)

Other comprehensive income (loss)

 

 

 

 

 

9,721

 

 

 

 

 

 

(34,109

)

 

 

 

 

 

18,367

 

 

 

 

 

 

(24,855

)

Balance, end of period

 

 

 

 

$

(46,944

)

 

 

 

 

$

(56,434

)

 

 

 

 

$

(46,944

)

 

 

 

 

$

(56,434

)

Accumulated deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

 

$

(1,263,269

)

 

 

 

 

$

(2,598,672

)