RENNOVA HEALTH INC The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and the notes thereto included elsewhere in this report. This discussion contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1996. Such statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "intend" or "estimate" or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are certain risks and uncertainties that could cause actual events or results to differ from those referred to in such forward-looking statements (see Item 1A, "Risk Factors").
COMPANY OVERVIEW
On
Our Services
We are a healthcare enterprise that delivers products and services to healthcare providers, their patients and individuals. We operate in two synergistic divisions: 1) Hospital Operations; and 2) Clinical Laboratory Operations. During 2017, we decided to separate two of our business divisions as more fully discussed below under the heading "Discontinued Operations."
Our Hospital Operations represented approximately 99.6% and 99.1% of our
revenues for the years ended
On
On
35
In addition, on
The purchase price was approximately
Going forward, we expect our Hospital Operations to provide us with a stable revenue base, as well as the potential for significant synergistic opportunities with our Clinical Laboratory Operations business segment.
Prior to our focus on our Hospital Operations, our principal line of business
had been clinical laboratory blood and urine testing services, with a particular
emphasis on the provision of urine drug toxicology testing to physicians,
clinics and rehabilitation facilities in
Discontinued Operations
On
The strategic goal of this transaction is to create a separate public company which can focus on its own strengths and operational plans and create value for Rennova and its shareholders.
The Company has reflected the amounts relating to AMSG and HTS as disposal
groups classified as held for sale and included in discontinued operations in
the Company's accompanying consolidated financial statements. Prior to being
classified as held for sale, AMSG had been included in the Decision Support and
Informatics division, except for the Company's subsidiary,
36 Outlook
We believe that the transition of our business model from diagnostics is now
complete and once stabilized will create more predictable and stable revenue.
Rural hospitals provide a much-needed service to their local communities and
reduce our reliance on commission based sales employees to generate sales. We
currently operate two hospitals and a rural clinic in the same general
geographic location and own another hospital and physician's office at which
operations are currently suspended. Owning a number of facilities in the same
geographic location will create numerous efficiencies in purchasing and staffing
and will enable the provision of additional, specialized and more valuable
services that are needed by rural communities but cannot be sustained by a
standalone rural hospital. While 2019 was a difficult year with unexpected
disruption to revenue causing us to suspend operations at the
The coronavirus pandemic and the steps taken by governments to seek to reduce its spread have severely impacted the economy and the health care industry in particular. Hospitals have especially been affected. Small rural hospitals, such as ours, may be overwhelmed by patients if conditions worsen in their local areas. Staffing costs, and concerns due to the potential exposure to infections, may increase, as may the costs of needed medical supplies necessary to keep the hospitals open. Doctors and patients may defer elective procedures and other health care services. Travel bans, social distancing and quarantines may limit access to our facilities. Business closings and layoffs in our local areas may result in the loss of insurance and adversely affect demand for our services, as well as the ability of patients and other payers to pay for services as rendered.
Our Clinical Laboratory Operations revenues have decreased significantly over the past few years. This decline in revenues has had a material adverse impact on our liquidity, results of operations and financial condition, and is the result of lower third-party reimbursement and while we secured numerous in-network contracts with payers our status in many cases is as an "out of network" service provider. We continue in our efforts to collect reimbursement for services that we believe we were entitled to be paid for and remain confident that we will succeed in these efforts.
We believe that a successful separation of AMSG and HTS will allow each to focus
on its own strengths and operational plans. We have agreed terms that will see
these divisions combined into one publicly traded entity and believe this will
provide a distinct and targeted investment opportunity. The Company believes it
will be able to recognize the expenditures to date with regard to AMSG and HTS,
which are in excess of
We received approximately
Our net loss from continuing operations for the year ended
37 RESULTS OF OPERATIONS
Critical Accounting Policies and Estimates
Our discussion and analysis of financial condition and results of operations are
based on our consolidated financial statements, which have been prepared in
accordance with
We have identified the policies and significant estimation processes discussed
below as critical to our business and to the understanding of our results of
operations. For a detailed application of these and other accounting policies,
see Note 2 to the accompanying consolidated financial statements as of and for
the year ended
Revenue Recognition
Revenue from Contracts with Customers
In
We review our calculations for the realizability of gross service revenues monthly to make certain that we are properly allowing for the uncollectable portion of our gross billings and that our estimates remain sensitive to variances and changes within our payer groups. The contractual allowance calculation is made based on historical allowance rates for the various specific payer groups monthly with a greater weight being given to the most recent trends; this process is adjusted based on recent changes in underlying contract provisions. This calculation is routinely analyzed by us based on actual allowances issued by payers and the actual payments made to determine what adjustments, if any, are needed.
Hospital Operations
Our revenues generally relate to contracts with patients in which our performance obligations are to provide health care services to the patients. Revenues are recorded during the period our obligations to provide health care services are satisfied. Our performance obligations for inpatient services are generally satisfied over periods that average approximately five days, and revenues are recognized based on charges incurred in relation to total expected charges. Our performance obligations for outpatient services are generally satisfied over a period of less than one day. The contractual relationships with patients, in most cases, also involve a third-party payer (Medicare, Medicaid, managed care health plans and commercial insurance companies, including plans offered through the health insurance exchanges) and the transaction prices for the services provided are dependent upon the terms provided by (Medicare and Medicaid) or negotiated with (managed care health plans and commercial insurance companies) the third-party payers. The payment arrangements with third-party payers for the services we provide to the related patients typically specify payments at amounts less than our standard charges. Medicare generally pays for inpatient and outpatient services at prospectively determined rates based on clinical, diagnostic and other factors. Services provided to patients having Medicaid coverage are generally paid at prospectively determined rates per discharge, per identified service or per covered member. Agreements with commercial insurance carriers, managed care and preferred provider organizations generally provide for payments based upon predetermined rates per diagnosis, per diem rates or discounted fee-for-service rates. Management continually reviews the contractual estimation process to consider and incorporate updates to laws and regulations and the frequent changes in managed care contractual terms resulting from contract renegotiations and renewals. Our revenues are based upon the estimated amounts we expect to be entitled to receive from patients and third-party payers. Estimates of contractual allowances under managed care and commercial insurance plans are based upon the payment terms specified in the related contractual agreements. Revenues related to uninsured patients and uninsured copayment and deductible amounts for patients who have health care coverage may have discounts applied (uninsured discounts and contractual discounts). We also record estimated implicit price concessions (based primarily on historical collection experience) related to uninsured accounts to record self-pay revenues at the estimated amounts we expect to collect.
38
Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Estimated reimbursement amounts are adjusted in subsequent periods as cost reports are prepared and filed and as final settlements are determined (in relation to certain government programs, primarily Medicare, this is generally referred to as the "cost report" filing and settlement process). There were no adjustments to estimated Medicare and Medicaid reimbursement amounts and disproportionate-share funds related primarily to cost reports filed during 2019 and 2018.
The Emergency Medical Treatment and Labor Act ("EMTALA") requires any hospital participating in the Medicare program to conduct an appropriate medical screening examination of every person who presents to the hospital's emergency room for treatment and, if the individual is suffering from an emergency medical condition, to either stabilize the condition or make an appropriate transfer of the individual to a facility able to handle the condition. The obligation to screen and stabilize emergency medical conditions exists regardless of an individual's ability to pay for treatment. Federal and state laws and regulations require, and our commitment to providing quality patient care encourages, us to provide services to patients who are financially unable to pay for the health care services they receive. Patients treated at hospitals for non-elective care, who have income at or below 200% of the federal poverty level, were eligible for charity care. The federal poverty level is established by the federal government and is based on income and family size. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in revenues. We provide discounts to uninsured patients who do not qualify for Medicaid or charity care. In implementing the uninsured discount policy, we may first attempt to provide assistance to uninsured patients to help determine whether they may qualify for Medicaid, other federal or state assistance, or charity care. If an uninsured patient does not qualify for these programs, the uninsured discount is applied.
The collection of outstanding receivables for Medicare, Medicaid, managed care payers, other third-party payers and patients is our primary source of cash and is critical to our operating performance. The primary collection risks relate to uninsured patient accounts, including patient accounts for which the primary insurance carrier has paid the amounts covered by the applicable agreement, but patient responsibility amounts (deductibles and copayments) remain outstanding. Implicit price concessions relate primarily to amounts due directly from patients. Estimated implicit price concessions are recorded for all uninsured accounts, regardless of the aging of those accounts. Accounts are written off when all reasonable internal and external collection efforts have been performed. The estimates for implicit price concessions are based upon management's assessment of historical writeoffs and expected net collections, business and economic conditions, trends in federal, state and private employer health care coverage and other collection indicators. Management relies on the results of detailed reviews of historical write offs and collections at facilities that represent a majority of our revenues and accounts receivable (the "hindsight analysis") as a primary source of information in estimating the collectability of our accounts receivable. We perform the hindsight analysis quarterly, utilizing rolling twelve-months accounts receivable collection and write off data. We believe our quarterly updates to the estimated implicit price concession amounts at each of our hospital facilities provide reasonable estimates of our revenues and valuations of our accounts receivable.
Clinical Laboratory Operations
Laboratory testing services include chemical diagnostic tests such as blood
analysis and urine analysis. Laboratory service revenues are recognized at the
time the testing services are performed and billed and are reported at their
estimated net realizable amounts. Net service revenues are determined utilizing
gross service revenues net of contractual adjustments and discounts. Even though
it is the responsibility of the patient to pay for laboratory service bills,
most individuals in the
39
Contractual Allowances and Doubtful Accounts Policy
Accounts receivable are reported at realizable value, net of allowances for
credits and doubtful accounts, which are estimated and recorded in the period
the related revenue is recorded. The Company has a standardized approach to
estimating and reviewing the collectability of its receivables based on a number
of factors, including the period they have been outstanding. Historical
collection and payer reimbursement experience is an integral part of the
estimation process related to allowances for contractual credits and doubtful
accounts. In addition, the Company regularly assesses the state of its billing
operations in order to identify issues which may impact the collectability of
these receivables or reserve estimates. Receivables deemed to be uncollectible
are charged against the allowance for doubtful accounts at the time such
receivables are written-off. Recoveries of receivables previously written-off
are recorded as credits to the allowance for doubtful accounts. Revisions to the
allowances for doubtful accounts estimates are recorded as an adjustment to
provision for bad debts. Total gross revenues were reduced by approximately
Impairment or Disposal of Long-Lived Assets
The Company accounts for the impairment or disposal of long-lived assets
according to FASB ASC Topic 360, Property, Plant and Equipment ("ASC 360"). ASC
360 clarifies the accounting for the impairment of long-lived assets and for
long-lived assets to be disposed of, including the disposal of business segments
and major lines of business. Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be
recoverable. When necessary, impaired assets are written down to estimated fair
value based on the best information available. Estimated fair value is generally
based on either appraised value or measured by discounting estimated future cash
flows. Considerable management judgment is necessary to estimate discounted
future cash flows. Accordingly, actual results could vary significantly from
such estimates. We did not record an asset impairment charge in 2019. At
Derivative Financial Instruments and Fair Value
We account for warrants issued in conjunction with the issuance of common stock and certain convertible debt instruments in accordance with the guidance contained in ASC Topic 815, Derivatives and Hedging ("ASC 815") and ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480"). For warrant instruments and conversion options embedded in promissory notes that are not deemed to be indexed to the Company's own stock, we classified such instruments as liabilities at their fair values at the time of issuance and adjusted the instruments to fair value at each reporting period. These liabilities were subject to re-measurement at each balance sheet date until extinguished either through conversion or exercise, and any change in fair value was recognized in our statement of operations. The fair values of these derivative and other financial instruments had been estimated using a Black-Scholes model and other valuation techniques.
In
40
When the down round feature is included in an equity-classified freestanding
financial instrument, the value of the effect of the down round feature is
treated as a dividend when it is triggered and as a numerator adjustment in the
basic EPS calculation. This reflects the occurrence of an economic transfer of
value to the holder of the instrument, while alleviating the complexity and
income statement volatility associated with fair value measurement on an ongoing
basis. We have determined that this amendment had a material impact on our
consolidated financial statements and we early adopted this accounting standard.
Deemed dividends of
In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
? Level 1 applies to assets or liabilities for which there are quoted prices in
active markets for identical assets or liabilities that we have the ability to
access at the measurement date.
? Level 2 applies to assets or liabilities for which there are inputs other than
quoted prices included in Level 1 that are observable for the asset or
liability, either directly or indirectly, such as quoted prices for similar
assets or liabilities in active markets; or quoted prices for identical assets
or liabilities in markets with insufficient volume or infrequent transactions
(less active markets).
? Level 3 applies to assets or liabilities for which fair value is derived from
valuation techniques in which one or more significant inputs are unobservable,
including our own assumptions.
Stock Based Compensation
The Company accounts for Stock-Based Compensation under ASC 718 "Compensation - Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. When stock options granted to employees are forfeited prior to completion of the vesting period, any previously recorded compensation expensed is reversed in the period of forfeiture.
The Company accounts for stock-based compensation awards to non-employees in accordance with ASC 505-50, "Equity-Based Payments to Non-Employees." Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the services provided or the fair value of the equity instruments issued, whichever is more reliably measurable. Any stock options or warrants issued to non-employees are recorded in expense and additional paid-in capital in stockholders' equity over the applicable service periods using variable accounting through the vesting dates based on the fair value of the options or warrants at the end of each period.
The Company issues stock to consultants for various services. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. The Company recognizes consulting expense and a corresponding increase to additional paid-in-capital related to stock issued for services.
41
Year ended
The following table summarizes the results of our consolidated continuing
operations for the years ended
Year Ended December 31,
2019 2018
$ % $ %
Net revenues $ 15,986,924 100.0 % $ 14,548,690 100.0 %
Operating expenses:
Direct costs of revenue 14,845,240 92.9 % 11,509,507 79.1 %
General and administrative
expenses 16,677,407 104.3 % 14,826,160 101.9 %
Asset impairment - 0.0 % 173,799 1.2 %
Depreciation and amortization 795,201 5.0 % 1,263,844 8.7 %
Loss from operations (16,330,924 ) -102.2 % (13,224,620 ) -90.9 %
Interest expense (21,730,066 ) -135.9 % (21,532,678 ) -148.0 %
Other (expense) income (9,340,244 ) -58.4 % 672,972 4.6 %
Change in fair value of
derivative instruments (105,076 ) -0.7 % 13,696,214 94.1 %
Gain on bargain purchase 250,000 1.6 % 7,566,670 52.0 %
Provision for income taxes - 0.0 % 766,070 5.3 %
Net loss from continuing
operations $ (47,256,310 ) -295.6 % $ (13,587,512 ) -93.4 %
Net Revenues
Consolidated net revenues were
Direct Costs of Revenue
Direct costs of revenue increased by
42
General and Administrative Expenses
General and administrative expenses increased by
Asset Impairment
We did not record an impairment charge during 2019. We determined that a
non-compete intangible asset that was acquired in the
Depreciation and Amortization Expenses
Depreciation and amortization expense decreased by
Loss from Operations Before Other Income (Expense) and Income Taxes
Our operating loss increased by
Interest Expense
Interest expense for the year ended
Other Income (Expense)
We incurred other loss of
Change in Fair Value of Derivative Instruments
For the year ended
43 Gain on Bargain Purchase
The gain on bargain purchase of
Provision for Income Taxes
We did not incur a tax provision for the year ended
Net Loss from Continuing Operations
Our net loss from continuing operations for the year ended
We have made progress in expanding into a wider and more varied market place with our Hospital Operations, and that combined with our aggressive consolidation and cost cutting is expected to reduce the losses incurred in the future.
The following table presents key financial metrics for our Hospital Operations
segment:
Year Ended December 31,
Hospital Operations 2019 2018 Change %
Net revenues $ 15,927,983 $ 14,417,676 1,510,307 10.5 %
Operating expenses:
Direct costs of revenue 14,759,258 11,286,278 3,472,980 30.8 %
General and administrative
expenses 11,513,840 8,893,785 2,620,055 29.5 %
Asset impairment - 173,799 (173,799 ) 0.0 %
Depreciation and amortization 715,286 498,352 216,934 43.5 %
Loss from operations $ (11,060,401 ) $ (6,434,538 ) $ (4,625,863 ) 71.9 %
Number of Patients Served 41,677 13,349 28,328 212.2 %
Key Operating Measures - Revenue
per patient served $ 382.18 $ 1,080.06 $ (697.88 ) -64.6 %
Key Operating Measures - Direct
costs of revenue per patient
served $ 354.13 $ 845.48 $ (491.34 ) -58.1 %
44
In the year ended
The following table presents key financial and operating metrics for our Clinical Laboratory Operations segment:
Year Ended December 31,
Clinical Laboratory Operations 2019 2018 Change %
Net revenues $ 58,941 $ 131,014 $ (72,073 ) -55.0 %
Operating expenses:
Direct costs of revenue 85,982 223,229 (137,247 ) -61.5 %
General and administrative
expenses 954,872 1,390,839 (435,967 ) -31.3 %
Depreciation and amortization 79,232 764,445 (685,213 ) -89.6 %
Loss from operations $ (1,061,145 ) $ (2,247,499 ) $ 1,186,354 -52.8 %
Key Operating Measures -
Revenues: (1)
Insured tests performed 78 3,593 (3,515 ) -97.8 %
Net revenue per insured test
11.0 % 11.0 % 0.0 %
Key Operating Measures - Direct
Costs: (1)
Total samples processed 19 4,560 (4,541 ) -99.6 %
Direct costs per sample $ 4,525.37 $ 48.95 $ 4,476.41 9144.2 %
(1) Net revenue per insured test and direct costs of insured tests are not
meaningful for the year ended December 31, 2019 due to the impact of the
recovery of $77,000 of bad debt in the year, partially offset by additional
bad debt expense recorded in the period.
The decrease in general and administrative expenses is primarily due to the reduction in employee compensation and related costs, as we significantly reduced our headcount. Depreciation and amortization decreased as a result of the sale of certain fixed assets during 2018 as well as fully depreciating certain fixed assets during 2018 and 2019.
The following table presents key financial metrics for our Corporate group:
Year Ended December 31,
Corporate 2019 2018 Change %
Operating expenses:
General and administrative expenses $ 4,208,695 $ 4,541,536 $ (332,841 ) -7.3 %
Depreciation and amortization 683 1,047 (364 ) -34.8 %
Loss from operations $ (4,209,378 ) $ (4,542,583 ) $ 333,205 -7.3 %
The
45
LIQUIDITY AND CAPITAL RESOURCES
For the years ended
Going Concern and Liquidity
Under Accounting Standards Update, or ASU, 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) ("ASC 205-40"), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed the Company's ability to continue as a going concern in accordance with the requirement of ASC 205-40.
At
We need to raise additional funds immediately and continue to do so until we begin to realize positive cash flow from operations. There can be no assurance that we will be able to achieve our business plan, which is to acquire and operate clusters of rural hospitals, raise any additional capital or secure the additional financing necessary to implement our current operating plan. Our ability to continue as a going concern is dependent upon our ability to significantly reduce our operating costs, increase our revenues and eventually achieve profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.
We received approximately
As of
46 The following table presents our capital resources as ofDecember 31, 2019 andDecember 31, 2018 : December 31, December 31, 2019 2018 Change Cash$ 16,933 $ 6,870 $ 10,063 Working capital deficit (78,073,092 ) (39,293,904 ) (38,444,617 ) Total debt, excluding discounts and derivative liabilties 49,010,905 26,918,305 22,092,600 Finance lease obligations 1,119,418 762,208 357,210 Stockholders' deficit (76,519,721 ) (39,167,864 ) (37,351,857 )
The following table presents the major sources and uses of cash for the years
ended
Year Ended December 31,
2019 2018 Change
Cash used in operations $ (13,731,006 ) $ (7,678,731 ) $ (6,052,275 )
Cash (used in) provided by investing
activities (658,664 ) 662,577 (1,321,241 )
Cash provided by financing activities 14,399,733 7,023,024 7,376,709
Net change in cash 10,063 6,870 3,193 Cash and cash equivalents, beginning of the year 6,870 - 6,870 Cash and cash equivalents, end of the year$ 16,933 $ 6,870 $ 10,063
The components of cash used in operations for the years ended
Year Ended December 31,
2019 2018 Change
Net loss from continuing operations
25,076,846 (2,054,462 ) 27,131,308
Accounts receivable (959,855 ) (2,840,437 ) 1,880,582
Inventory 156,485 234,194 (77,709 )
Accounts payable and accrued expenses 9,915,648 10,493,696 (578,048 )
Loss from discontinued operations (777,511 ) (434,843 ) (342,668 )
Other (18,364 ) 882,246 (900,610 )
Net cash used in operating activities (13,863,061 ) (7,307,118 ) (6,555,943 )
Cash provided by (used in) discontinued
operations 132,055 (371,613 ) 503,668
Cash used in operations $ (13,731,006 ) $ (7,678,731 ) $ (6,052,275 ) Cash used in investing activities for the year ended
Cash provided by financing activities in the year ended
47
The Company had 9,648,936,775 and 128,567,273 shares of common stock issued and
outstanding at
The terms of certain of the warrants, convertible preferred stock and
convertible debentures issued by the Company provide for reductions in the per
share exercise prices of the warrants and the per share conversion prices of the
debentures and preferred stock (if applicable and subject to a floor in certain
cases), in the event that the Company issues common stock or common stock
equivalents (as that term is defined in the agreements) at an effective
exercise/conversion price that is less than the then exercise/conversion prices
of the outstanding warrants, preferred stock or debentures, as the case may be.
In addition, the majority of these equity-based securities contain exercise or
conversion prices that vary based upon the price of the Company's common stock
on the date of exercise/conversion (see Notes 3, 13, 14 and 21 to the
accompanying consolidated financial statements). These provisions have resulted
in significant dilution of the Company's common stock and have given rise to
reverse splits of the Company's common stock. As a result of these down round
provisions, the potential common stock equivalents, including common stock
outstanding totaled 753.9 billion at
OTHER MATTERS
Inflation
We do not believe inflation has a significant effect on the Company's operations at this time.
Off-Balance Sheet Arrangements
Under
? Any obligation under certain guarantee contracts.
? Any retained or contingent interest in assets transferred to an unconsolidated
entity or similar arrangement that serves as credit, liquidity or market risk
support to that entity for such assets.
? Any obligation under a contract that would be accounted for as a derivative
instrument, except that it is both indexed to the Company's stock and
classified in stockholder's equity in the Company's statement of financial
position.
? Any obligation arising out of a material variable interest held by us in an
unconsolidated entity that provides financing, liquidity, market risk or
credit risk support to us, or engages in leasing, hedging or research and
development services with us.
As of
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