The following discussion and analysis of our results of operations and financial condition for quarterly period endedSeptember 30, 2021 , should be read in conjunction with our condensed consolidated financial statements and the related notes and the other financial information that are included elsewhere in this Quarterly Report. This discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Forward-looking statements are based upon estimates, forecasts, and assumptions that are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements. As used in this quarterly report, the terms "we," "us," "our" and the "Company" means, collectively,Assisted 4 Living, Inc. ("A4L") and its wholly owned subsidiaries,Banyan Pediatric Care Centers, Inc , including its wholly owned subsidiaries ("Banyan") and the Trillium Subsidiaries, including their wholly owned subsidiaries ("Trillium"), unless otherwise indicated. General Overview
Assisted 4 Living, Inc was incorporated inNevada onMay 24, 2017 , with an objective to operate as a facilitator of assisted living projects and related services. OnMarch 23, 2021 , A4L entered into a Plan of Merger (the "Plan of Merger") with its wholly owned subsidiary,BPCC Acquisition, Inc. , aFlorida corporation ("Merger Sub"), andBanyan Pediatric Care Centers, Inc. , aFlorida corporation ("Banyan").
Under the terms of the Plan of Merger, Merger Sub merged with and into Banyan with Banyan surviving the merger and becoming a wholly owned subsidiary of A4L.
A4L also had a wholly owned subsidiary, Assisted 2Live, Inc. , aFlorida corporation ("A2L"), which was incorporated onJune 15, 2017 . OnApril 30, 2021 , the Board of Directors of A4L approved the discontinuance and disposal of the operations in A2L. The operations of A2L are reflected on our condensed consolidated statement of operations for the first thirty days of the three-month period endedJune 30, 2021 as a loss from discontinued operations. OnJune 10, 2021 , we entered into an Amended and Restated Membership Interest Purchase Agreement (the "Restated Purchase Agreement"), by and among the Company,Richard T. Mason ("Mason"),G. Shayne Bench ("Bench") andTrillium Healthcare Group, LLC , aFlorida limited liability company ("Trillium") to acquire all of the issued and outstanding ownership interests ofFairway Healthcare Properties, LLC ("FHP") andTrillium Healthcare Consulting, LLC (together with FHP, the "Trillium Subsidiaries") from Trillium. The Trillium acquisition closed and was effectiveJune 10, 2021 .
As a result of the above stated transactions A4L now operates as the parent company of an organization that delivers skilled nursing and therapy services to pediatric patients through Banyan and to the senior population through our senior living communities in the Trillium subsidiaries.
Our principal executive office is located at 5115 East SR 64
We have not been subject to any bankruptcy, receivership or similar proceeding.
Our Current Business Banyan was organized under the laws of theState of Florida onJanuary 15, 2019 , for the purpose of providing health care services for medically fragile and chronically ill children. Specifically, to open and operatePrescribed Pediatric Extended Care ("PPEC") centers in theState of Florida . Our PPEC centers provide, among other services, daily medical care for medically fragile and chronically ill children whose current locations are inFlorida . PPEC centers provide up to 12 hours of daily care for families struggling with the unique and complex medical needs of their children and allow the parents of children with special needs some independence and the opportunity to still pursue their professional goals. OnMay 1, 2020 , we acquired a PPEC facility located inSt. Petersburg, Florida . The facility is licensed to provide PPEC services for up to 81 children. All State and County accreditations to run the facility throughJanuary 2022 are in place. 3
OnOctober 12, 2019 , we entered into a lease for commercial real estate inNew Port Richey Florida . The lease commenced onSeptember 1, 2020 , with an initial term of 7 years. Construction for this location has been completed and all State and County accreditations to run the facility through July of 2023. OnAugust 24, 2019 , we entered into a lease for commercial real estate inSarasota Florida . The lease commenced onFebruary 1, 2020 , with an initial term of 5 years. Construction for this location has been completed and all State and County accreditations to run the facility through April of 2023. In May of 2021 this location opened and started to admit children for services. The Trillium Subsidiaries were organized under the laws of theState of Florida onFebruary 9, 2012 , for the purpose of acquiring and managing long term care facilities, such as skilled nursing facilities and assisted living centers. Trillium has 26 facilities which primarily provide health care services for seniors that require daily care services. The facilities provide room and board, routine daily care services, post-acute care including rehabilitation and memory care.
A Skilled Nursing Facility is a state licensed and regulated in-patient rehabilitation and medical treatment center staffed with trained medical professionals. They provide the medically necessary services of licensed nurses, physical and occupational therapists, and speech pathologists.
The residentswho come to our Trillium facilities receive skilled medical, respiratory, physical, occupational, and other therapies tailored to their individual needs. Trillium facilities are operated and staffed by registered nurses, licensed practical nurses, and other qualified personnel such as certified nursing assistants, physical and occupational therapists, and speech language pathologists. These specialized health care professionals are experienced in treating the frail and medically complex elderly residents and administering required medications and other therapies.
The Trillium facilities provide 24/7 care for their residents.
We lease and operate 26 Trillium facilities in four states:Florida ,Georgia ,Iowa , andNebraska with 1,685 total licensed beds (1,546 skilled nursing, 139 assisted living) and 36 independent living apartments. The breakdown by state is as follows:Florida - 1 skilled nursing facility;Georgia - 1 skilled nursing facility;Iowa - 16 skilled nursing facilities, 2 independent living centers and 1 assisted living centers;Nebraska - 4 skilled nursing facilities and 1 assisted living center.
Skilled nursing and assisted living facilities are regulated and licensed by each state's licensing agency. The licensing agency is responsible for the administration of the Medicaid program, licensure and regulation of health facilities. Our skilled nursing facilities are also Medicare certified with Centers of Medicare and Medicaid Services (CMS).
Trillium and Banyan reimbursement rates are determined by CMS for Medicare and each state's Medicaid program. These rates could be significantly affected by any future changes in Medicare or Medicaid reimbursement. To receive authorization to be admitted to a skilled nursing facility or a PPEC facility a resident or child must have a qualifying diagnosis and a doctor's order from a physician.
Our plans include expansion into multiple states, and we will be subject to the regulations, licensure requirements and processes, and reimbursement rates in each of those states. Each state manages their own program requirements, regulations and reimbursement programs. Our projected financial plans in these expansion states could be impacted by any changes or barriers to entry in each of these states as they expand. Regulatory Matters Health care operations are highly regulated by both state and federal government agencies. Regulation of health care services is an ever-evolving area of law that varies from jurisdiction to jurisdiction. Regulatory agencies generally have discretion to issue regulations and interpret and enforce laws and rules. Changes in applicable laws, statutes, regulations and interpretive guidance occur frequently. In addition, government agencies may impose taxes, fees or other assessments upon Banyan at any time. We are also subject to certain state laws prohibiting the payment of remuneration for patient or business referrals and the provision of services where a financial relationship exists between a referring person or entity and the entity providing the service. Federal laws governing our activities include regulation under the Medicare and Medicaid programs. Federal fraud and abuse laws prohibit or restrict, among other things, the payment of remuneration to parties in a position to influence or cause the referral of patients or business, as well as the filing of false claims. Government enforcement authorities have become increasingly active in recent years in their review and scrutiny of various sectors of the health care industry. 4 Changes in or new interpretations of these laws could have an adverse effect on our methods and costs of doing business. Further, failure to comply with such laws could adversely affect the ability to continue to provide, or receive reimbursement for, our services, and could subject A4L, its subsidiaries, and its officers and employees to civil and criminal penalties. There can be no assurance that A4L or its subsidiaries will not encounter regulatory impediments that could adversely affect the ability to open facilities or to expand the services currently planned to provide at the facilities.
HIPAA, HITECH Act, State Privacy Laws and Breach Notification Laws.
HIPAA and the regulations adopted under HIPAA are intended to improve the portability and continuity of health insurance coverage and simplify the administration of health insurance claims and related transactions.
The HITECH Act modified certain provisions of HIPAA by, among other things, extending the privacy and security provisions to business associates, mandating new regulations around electronic health records, expanding enforcement mechanisms, and increasing penalties for violations.
OnJanuary 25, 2013 , theU.S. Department of Health and Human Services ("HHS"), as required by the HITECH Act, issued the Final Omnibus Rules that provide final modifications to HIPAA rules to implement the HITECH Act. The HITECH Act also contains a number of provisions that provide incentives for states to initiate certain programs related to health care and health care technology, such as electronic health records. While provisions such as these will not apply to us directly, states wishing to apply for grants under the HITECH Act, or otherwise participating in such programs, may impose new health care technology requirements on us through our expected contracts with state Medicaid agencies. All health plans are considered covered entities subject to HIPAA. HIPAA generally requires health plans, as well as their providers and vendors, to: (1) protect patient privacy and safeguard individually identifiable health information; and (2) establish the capability to receive and transmit electronically certain administrative health care transactions, such as claims payments, in a standardized format. Specifically, the HIPAA Privacy Rule regulates use and disclosure of individually identifiable health information, known as "protected health information" ("PHI"). The HIPAA Security Rule requires covered entities to implement administrative, physical and technical safeguards to protect the security of electronic PHI. Certain provisions of the security and privacy regulations apply to business associates (entities that handle PHI on behalf of covered entities), and business associates are subject to direct liability for violation of these provisions. Furthermore, a covered entity may be subject to penalties as a result of a business associate violating HIPAA, if the business associate is found to be an agent of the covered entity. Covered entities must report breaches of unsecured PHI to affected individuals without unreasonable delay, but not to exceed 60 days of discovery of the breach by a covered entity or its agents. Notification must also be made to HHS and, in certain situations involving large breaches, to the media. HHS is required to publish on its website a list of all covered entities that report a breach involving more than 500 individuals. All non-permitted uses or disclosures of unsecured PHI are presumed to be breaches unless the covered entity or business associate establishes that there is a low probability the information has been compromised. Various state laws and regulations may also require us to notify affected individuals in the event of a data breach involving individually identifiable information. HIPAA violations by covered entities may result in civil and criminal penalties. Covered entities could face civil monetary penalties up to an annual maximum of$1,500,000 for uncorrected violations based on willful neglect. HHS enforces the regulations and performs audits to confirm compliance. Investigations of violations that indicate willful neglect, for which penalties are mandatory, are statutorily required. HHS may also resolve HIPAA violations through informal means, such as allowing a covered entity to implement a corrective action plan, but HHS has the discretion to move directly to impose monetary penalties and is required to impose penalties for violations resulting from willful neglect. In addition, state attorneys general are authorized to bring civil actions seeking either injunctions or damages in response to violations of HIPAA privacy and security regulations that threaten the privacy of state residents. A4L and its subsidiaries enforce a HIPAA compliance plan, which complies with the HIPAA privacy and security regulation, also provided are dedicated resources to monitor compliance with our HIPAA compliance program. 5 A4L and subsidiaries, its providers, and certain of its vendors are also subject to numerous other privacy and security laws and regulations at the federal and state levels. We remain subject to any federal or state privacy-related laws that are more restrictive than the privacy regulations issued under HIPAA. These laws vary and violations may result in additional penalties. Fraud and Abuse Laws. Federal and state enforcement authorities have prioritized the investigation and prosecution of health care fraud, waste and abuse. Fraud, waste and abuse prohibitions encompass a wide range of operating activities, including kickbacks or other inducements for referral of members, billing for unnecessary medical services by a provider and improper marketing and violation of patient privacy rights. Companies involved in public health care programs such as Medicaid and Medicare are required to maintain compliance programs to detect and deter fraud, waste and abuse, and are often the subject of fraud, waste and abuse investigations and audits. The regulations and contractual requirements applicable to participants in these public-sector programs are complex and subject to change. Although we have structured a compliance program with care in an effort to meet all statutory and regulatory requirements, our policies and procedures will be continuously under review and subject to updates and our training and education programs will always be evolving. We intend to invest significant resources towards our compliance efforts. False Claims Act. We are subject to federal and state laws and regulations that apply to the submission of information and claims to various agencies. For example, the federal False Claims Act provides, in part, that the federal government may bring a lawsuit against any person or entitywho it believes has knowingly presented, or caused to be presented, a false or fraudulent request for payment from the federal government, orwho has made a false statement or used a false record to get a claim approved. The federal government has taken the position that claims presented in violation of the federal anti-kickback statute may be considered a violation of the federal False Claims Act. Violations of the False Claims Act are punishable by treble damages and penalties of up to a specified dollar amount per false claim. In addition, a special provision under the False Claims Act allows a private person (for example, a "whistleblower" such as a disgruntled former associate, competitor or member) to bring an action under the False Claims Act on behalf of the government alleging that an entity has defrauded the federal government and permits the private person to share in any settlement of, or judgment entered in, the lawsuit. A number of states, includingFlorida , have adopted false claims acts that are similar to the federal False Claims Act. Medicare and Medicaid Regulations. As a provider of services under the Medicare and Medicaid programs (the "Programs"), we are subject to federal and state laws and regulations governing reimbursement procedures and practices. These laws include the Medicare and Medicaid fraud and abuse statutes and regulations which, among other provisions, prohibit the payment or receipt of any form of remuneration in return for referring business or patients to providers for which payments are made by a governmental health care program. Violation of these laws may result in civil and criminal penalties, including substantial fines, loss of the right to participate in the Programs and imprisonment of responsible individuals. In addition, HIPAA expanded the federal government's fraud and abuse enforcement powers. Among other provisions, HIPAA expands the federal government's authority to prosecute fraud and abuse beyond Medicare and Medicaid to all payors; makes exclusion from the Programs mandatory for a minimum of five years for any felony conviction relating to fraud; requires that organizations contracting with another organization or individual take steps to be informed as to whether the organization or individual is excluded from Medicare and Medicaid participation; and enhances civil penalties by increasing the amount of fines permitted. These laws also include a prohibition on referrals contained in the Omnibus Budget Reconciliation Act of 1989, which prohibits referrals by physicians to clinical laboratories where the physician has a financial interest, and further prohibitions contained in the Omnibus Budget Reconciliation Act of 1993, which prohibits such referrals for a more extensive range of services, including durable medical equipment. Various federal and state laws impose civil and criminal penalties against participants in the Programswho make false claims for payment for services or otherwise engage
in false billing practices.
Many state laws prohibit the payment or receipt or the offer of anything of value in return for, or to induce, a referral for health care goods or services. In addition, there are several other statutes that, although they do not explicitly address payments for referrals, could be interpreted as prohibiting the practice. While similar in many respects to the federal laws, these state laws vary from state to state, are often vague and have sometimes been interpreted inconsistently by courts and regulatory agencies. Private insurers and various state enforcement agencies have also increased their scrutiny of health care providers' practices and claims. There can be no assurance that we will not become the subject of a regulatory or other investigation or proceeding or that our interpretations of applicable health care laws and regulations will not be challenged. The defense of any such challenge could result in substantial cost to us, diversion of management's time and attention, and could have a material adverse effect on The Company. 6 The Social Security Act, as amended by HIPAA, provides for the mandatory exclusion of providers and related persons from participation in the Programs if the individual or entity has been convicted of a criminal offense related to the delivery of an item or service under the Programs or relating to neglect or abuse of patients. Further, individuals or entities may be, but are not required to be, excluded from the Programs in circumstances including, but not limited to, convictions relating to fraud; obstruction of an investigation of a controlled substance; license revocation or suspension; filing claims for excessive charges or unnecessary services or failure to furnish medically necessary services; or ownership or control by an individualwho has been excluded from the Programs, against whom a civil monetary penalty related to the Programs has been assessed, orwho has been convicted of a crime described in this section. The illegal remuneration provisions of the Social Security Act make it a felony to solicit, receive, offer to pay, or pay any kickback, bribe, or rebate in return for referring a patient for any item or service, or in return for purchasing, leasing or ordering any good, service or item, for which payment may be made under the Programs. Other provisions in HIPAA proscribe false statements in billing and in meeting reporting requirements and in representations made with respect to the conditions or operations of providers. A violation of the illegal remuneration statute is a felony and may result in the imposition of criminal penalties, including imprisonment for up to five years and/or a fine of up to$25,000 . Further, a civil action to exclude a provider from participation in the Programs could occur. There are also other civil and criminal statutes applicable to the industry, such as those governing false billings and the health care/services offenses contained in HIPAA, including health care/services fraud, theft or embezzlement, false statements and obstruction of criminal investigation of offenses. Criminal sanctions for these health care criminal offenses can be severe, including imprisonment for up to 20 years. Results of Operations COVID-19 InMarch 2020 , theWorld Health Organization declared the outbreak of COVID-19 as a pandemic based on the rapid increase in global exposure. COVID-19 continues to spread throughout the world. We are closely monitoring developments and taking steps to mitigate the potential risks related to the COVID-19 pandemic to the Company, its employees, as well as its residential and pediatric patients. Our evaluations of our practices, procedures, and operations, related to COVID-19, is ongoing. Additional updates to policies, procedures and operations will occur as best practices are adopted and as we deem necessary or advisable, or as further governmental guidance or regulations are implemented. The following summary of our operations should be read in conjunction with our unaudited financial statements for the period endedSeptember 30, 2021 which are included in this quarterly report.
For the three and nine months ended
Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 Change 2021 2020 Change Revenue 22,375,092 659,449 21,715,643 29,093,845 1,102,841 27,991,004 Cost of services provided 12,310,011 256,825 12,053,186 15,477,070 409,838 15,067,232 Operating expenses 15,157,050 706,752 14,450,298 20,538,357 1,689,380 18,848,977 Other income (expense) (179,293 ) (30,673 ) (148,620 ) (317,881 ) (30,676 ) (287,205 ) Net Loss (5,271,262 ) (334,802 ) (4,936,460 ) (7,239,463 ) (1,027,054 ) (6,212,409 )
We recognized revenue of
The first operating PPEC facility began in May of 2020 with the acquisition of theSt. Petersburg location and revenues began being reported at that time. The Sarasota PPEC facility began reporting revenue in May of 2021 and thePasco location started reporting revenue in July of 2021. The Banyan revenue for the nine months endedSeptember 2021 was$2,094,905 compared to$1,102,841 for the same period in 2020. Operating expenses for the nine months endedSeptember 30, 2021 and 2020 were 2,449,042 and$1,689,380 respectively. Net losses were$1,164,31 and$1,027,054 for the nine months endedSeptember 30 2021 and 2020, respectively.
The Trillium acquisition closed onJune 10, 2021 , revenue reflected for the three- and nine-month periods endingSeptember 2021 include 20 days and 92 days of revenue from the Trillium Subsidiaries respectively; compared to the revenue for the same period ending in 2020. 7
Operating expenses for the three months endedSeptember 30, 2021 , increased to$15,470,758 from$706,752 from the three months endedSeptember 30, 2020 . Operating expenses consist of salary expenses, general and administrative and professional fees. The increase in operating expense was primarily due to the acquisition of Trillium.
Our net loss for the three months ended
For the nine month period endedSeptember 30,2021 and 2020 we recognized revenue of$29,693,845 and$1,102,841 , respectively. The increase in revenue is mainly due to the Trillium acquisition onJune 10, 2021 and the consolidation of the companies. Operating expenses for the nine month periods endingSeptember 30, 2021 and 2020 were also increased to$20,538.359 from$1,689,380 ; operating expenses are increased primarily from the Trillium acquisition.
Net loss for the nine month period ended
Liquidity and Capital Resources
The following table provides selected financial data about us as of
September 30, December 30, 2021 2020 Change Cash$ 3,894,536 $ 345,982 $ 3,548,554 Current Assets$ 15,131,867 $ 650,647 $ 14,481,220 Current Liabilities 35,722,633 2,860,798 32,861,835 Working Capital$ (20,590,766 ) $ (2,210,151 ) $ (18,380,615 )
As of
As ofSeptember 30, 2021 andDecember 31, 2020 , current assets consisted of cash, accounts receivable and other current assets. The increase in cash was primarily due to the issuance of shares of restricted common stock at a purchase price of$0.50 per share for an aggregate amount of$4,115,000 during the period ofFebruary 11, 2021 throughApril 30, 2021 . During the period ofAugust 13, 2021 toSeptember 30, 3031 we also sold shares at a purchase price of$1.00 for an aggregate amount of$5,000,000 . Cash and other current assets also increased due to the Trillium acquisition. As ofSeptember 30, 2021 , current liabilities consisted of notes and loans payable in the amount of$7,539,899 , accrued expenses and accounts payable of$10,879,082 , lease obligation of$8,311,905 , share liability of $$5,000,000 , deferred revenue of$1,374,635 , advance payments of$1,671,698 and a liability due to the Trillium sellers in the amount of$902,847 . The increases in liabilities are due to the Trillium acquisition and the liabilities assumed
in that transaction.
Going Concern and Liquidity Considerations
AtSeptember 30, 2021 , we had accrued expenses and current notes payable in excess of cash and accounts receivable, we had cash and accounts receivable in the amount of approximately$11.4 million and a deficiency in working capital of approximately$20.1 million . For the nine months endedSeptember 30, 2021 , our net loss was approximately$6.9 million . As a result of these factors, we determined it was necessary to review our cash flow for 2021 and an overall analysis of market trends to determine whether or not we have sufficient liquidity to continue as a going concern for a period of at least twelve months from the date of this Quarterly Report. We also determined it was necessary to take certain corporate actions, including reducing discretionary expenses, raising additional capital and improving revenue, as discussed below, in order to ensure we have sufficient liquidity to continue as a going concern for a period of at least twelve months from the
date of this Quarterly Report.
Below is a summary of the corporate actions being taken to address liquidity.
Of the
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Additional actions being taken are as follows, with expected impacts over the next 12 months following the filing of this report:
? Exploring opportunities related to therapy and medical management contracts and improved pricing ? Purchase of 16 Omega properties (own vs lease) (see NOTE 5) - planned impact to net operating income is approximately$2.7 million ? Certain Medicaid rate increases that were effectiveJuly 1, 2021 - planned impact to net operating income is$3.2 million ? Medicaid reimbursement rates are controlled by each state specific Medicaid program. Additional rate increases could also be recognized over the next 12 months following the filing of this report
? Current managed care payer contracts are being reviewed for improved
reimbursement structure to be negotiated
? Since the acquisition date of
month over month, this continued trend would sustain consistent increased
revenue over the next 12 months
The Company has also partnered with certain investment banking relationships for future acquisition and growth strategies.
As such, the Company believes it will be able fund future liquidity and capital requirements through cash flows generated from its operating activities for a period of at least twelve months from the date its Financial Statements are
issued. Cash Flows The below chart summarizes the Company's cash flows for the nine months endedSeptember 30 : September 30, September 30, 2021 2020 Change Cash used in operating activities$ (10,012,019 ) $ (870,286 ) $ (9,141,734 ) Cash provided by investing activities 3,568,856 (5,316,155 ) 8,885,011 Cash provided by financing activities 9,991,717 3,006,562 6,985,155 Net change in cash for period$ 3,548,554 $ (3,179,879 ) $ 6,728,433
Cash flow from Operating Activities
During the nine months endedSeptember 30, 2021 , we used$10,012,019 for operating activities compared to$870,286 cash used for operating activities during the nine months endedSeptember 30, 2020 . The change in cash used for operating activities is due to the Trillium acquisition.
Cash flow from Investing Activities
The cash from investing activities for the nine months endedSeptember 30, 2021 was$3,568,856 compared to cash used in investing activities of$5,316,155 for the nine months endedSeptember 30, 2020 . This is primarily due to the cash acquired in the Trillium acquisition and the consolidation of the Company as a result of the acquisition.
Cash flow from Financing Activities
The cash flow from financing activities in the nine months endedSeptember 30, 2021 , was$9,991,717 compared to$3,006,562 for the nine months endedSeptember 30, 2020 . The increase is primarily due to cash received from use of the line of credit and cash received from the issuance of restricted common stock.
Critical Accounting Policies
We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the financial statements are prepared. On a regular basis, we review our accounting policies and how they are applied and disclosed in our financial statements.
While we believe that the historical experience, current trends, and other factors considered support the preparation of our financial statements in conformity with GAAP, actual results could differ from our estimates and such differences could be material.
See Note 2 - Significant Accounting Policies and the Financial Statements that are included in this Quarterly Report.
Off Balance Sheet Arrangements
We do not engage in any activities involving variable interest entities or off-balance sheet arrangements.
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