Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | INTER PARFUMS, INC. | |
Trading Symbol | IPAR | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 31,537,558 | |
Amendment Flag | false | |
Entity Central Index Key | 0000822663 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-16469 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3275609 | |
Entity Address, Address Line One | 551 Fifth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10176 | |
City Area Code | 212 | |
Local Phone Number | 983-2640 | |
Title of 12(b) Security | Common Stock, $.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 133,350 | $ 192,417 |
Short-term investments | 70,685 | 60,714 |
Accounts receivable, net | 138,486 | 133,010 |
Inventories | 178,852 | 167,809 |
Receivables, other | 1,319 | 2,054 |
Other current assets | 18,032 | 17,123 |
Income taxes receivable | 624 | 169 |
Total current assets | 541,348 | 573,296 |
Equipment and leasehold improvements, net | 11,627 | 11,107 |
Right-of-use assets, net | 25,525 | 28,359 |
Trademarks, licenses and other intangible assets, net | 206,446 | 201,983 |
Deferred tax assets | 9,748 | 8,004 |
Other assets | 21,487 | 6,083 |
Total assets | 816,181 | 828,832 |
Current liabilities: | ||
Current portion of long-term debt | 5,755 | 12,326 |
Current portion of lease liabilities | 4,951 | 5,356 |
Accounts payable – trade | 27,321 | 54,098 |
Accrued expenses | 71,770 | 96,421 |
Income taxes payable | 9,450 | 5,865 |
Dividends payable | 10,399 | |
Total current liabilities | 119,247 | 184,465 |
Long–term debt, less current portion | 19,384 | 10,734 |
Lease liabilities, less current portion | 22,289 | 24,635 |
Equity: | ||
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued | ||
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,537,558 and 31,513,018 shares at September 30, 2020 and December 31, 2019, respectively | 32 | 31 |
Additional paid-in capital | 73,268 | 70,664 |
Retained earnings | 488,193 | 474,637 |
Accumulated other comprehensive loss | (24,558) | (39,853) |
Treasury stock, at cost, 9,864,805 shares at September 30, 2020 and December 31, 2019 | (37,475) | (37,475) |
Total Inter Parfums, Inc. shareholders’ equity | 499,460 | 468,004 |
Noncontrolling interest | 155,801 | 140,994 |
Total equity | 655,261 | 608,998 |
Total liabilities and equity | $ 816,181 | $ 828,832 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, outstanding | 31,537,558 | 31,513,018 |
Treasury stock | 9,864,805 | 9,864,805 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 160,637 | $ 191,227 | $ 354,967 | $ 535,712 |
Cost of sales | 63,439 | 76,790 | 141,883 | 204,459 |
Gross margin | 97,198 | 114,437 | 213,084 | 331,253 |
Selling, general and administrative expenses | 65,841 | 77,793 | 169,471 | 238,860 |
Income from operations | 31,357 | 36,644 | 43,613 | 92,393 |
Other expenses (income): | ||||
Interest expense | 148 | 384 | 1,510 | 1,214 |
(Gain) loss on foreign currency | 891 | 121 | (76) | 818 |
Interest income | (393) | (562) | (2,154) | (2,886) |
Other expenses (income) | 646 | (57) | (720) | (854) |
Income before income taxes | 30,711 | 36,701 | 44,333 | 93,247 |
Income taxes | 8,859 | 10,043 | 12,165 | 26,012 |
Net income | 21,852 | 26,658 | 32,168 | 67,235 |
Less: Net income attributable to the noncontrolling interest | 5,314 | 5,810 | 8,688 | 15,176 |
Net income attributable to Inter Parfums, Inc. | $ 16,538 | $ 20,848 | $ 23,480 | $ 52,059 |
Net income attributable to Inter Parfums, Inc. common shareholders: | ||||
Basic (in Dollars per share) | $ 0.52 | $ 0.66 | $ 0.74 | $ 1.66 |
Diluted (in Dollars per share) | $ 0.52 | $ 0.66 | $ 0.74 | $ 1.64 |
Weighted average number of shares outstanding: | ||||
Basic (in Shares) | 31,533 | 31,452 | 31,531 | 31,444 |
Diluted (in Shares) | 31,619 | 31,676 | 31,651 | 31,681 |
Dividends declared per share (in Dollars per share) | $ 0.28 | $ 0.33 | $ 0.83 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 21,852 | $ 26,658 | $ 32,168 | $ 67,235 |
Other comprehensive income: | ||||
Net derivative instrument loss, net of tax | (406) | (19) | (123) | |
Transfer from OCI into earnings | (52) | (136) | ||
Translation adjustments, net of tax | 22,604 | (20,277) | 21,770 | (23,271) |
Comprehensive income | 44,456 | 5,975 | 53,867 | 43,705 |
Comprehensive income (loss) attributable to the noncontrolling interests: | ||||
Net income | 5,314 | 5,810 | 8,688 | 15,176 |
Other comprehensive income: | ||||
Net derivative instrument loss, net of tax | (109) | (19) | (70) | |
Translation adjustments, net of tax | 6,596 | (5,938) | 6,423 | (6,702) |
Comprehensive income (loss) attributable to the noncontrolling interests | 11,910 | (237) | 15,092 | 8,404 |
Comprehensive income attributable to Inter Parfums, Inc. | $ 32,546 | $ 6,212 | $ 38,775 | $ 35,301 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Noncontrolling interest | Total |
Beginning Balance at Dec. 31, 2018 | $ 31 | $ 69,970 | $ 448,731 | $ (33,650) | $ 138,139 | ||
Foreign currency translation adjustment, net of tax | (16,569) | (6,702) | |||||
Transfer from other comprehensive income into earnings | (136) | ||||||
Net derivative instrument loss, net of tax | (53) | (70) | $ (70) | ||||
Net income | 52,059 | 15,176 | 67,235 | ||||
Dividends | (25,950) | (9,654) | |||||
Shares issued upon exercise of stock options | 2,781 | ||||||
Share-based compensation | 1,052 | 1,637 | 190 | ||||
Purchase of subsidiary shares from noncontrolling interest | (5,167) | (920) | |||||
Transfer of subsidiary shares purchased | |||||||
Ending Balance at Sep. 30, 2019 | 31 | 68,636 | 476,477 | (50,408) | $ (37,475) | 136,159 | 593,420 |
Beginning Balance at Dec. 31, 2019 | 31 | 70,664 | 474,637 | (39,853) | 140,994 | 608,998 | |
Foreign currency translation adjustment, net of tax | 15,347 | 6,423 | |||||
Transfer from other comprehensive income into earnings | (52) | ||||||
Net derivative instrument loss, net of tax | (19) | (19) | |||||
Net income | 23,480 | 8,688 | 32,168 | ||||
Dividends | (10,406) | (324) | |||||
Shares issued upon exercise of stock options | 1 | 796 | |||||
Share-based compensation | 1,283 | 482 | 178 | ||||
Purchase of subsidiary shares from noncontrolling interest | |||||||
Transfer of subsidiary shares purchased | 525 | (139) | |||||
Ending Balance at Sep. 30, 2020 | $ 32 | $ 73,268 | $ 488,193 | $ (24,558) | $ (37,475) | $ 155,801 | $ 655,261 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 32,168 | $ 67,235 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,751 | 6,329 |
Provision for doubtful accounts | 3,455 | 748 |
Lease expense | 53 | 1,046 |
Share based compensation | 1,805 | 2,735 |
Deferred tax (benefit) | (1,390) | (4,183) |
Change in fair value of derivatives | (604) | (1,377) |
Changes in: | ||
Accounts receivable | (3,095) | (43,189) |
Inventories | (5,629) | (12,222) |
Other assets | 533 | (1,915) |
Accounts payable and accrued expenses | (57,147) | (15,973) |
Income taxes, net | 2,946 | 7,469 |
Net cash provided by (used in) operating activities | (20,154) | 6,703 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (7,162) | (27,694) |
Proceeds from sale of short-term investments | 39,355 | |
Purchase of equity investment | (13,998) | |
Purchases of equipment and leasehold improvements | (3,013) | (4,727) |
Payment for intangible assets acquired | (971) | (5,519) |
Net cash provided by (used in) investing activities | (25,144) | 1,415 |
Cash flows from financing activities: | ||
Repayments of long-term debt | (12,380) | (16,795) |
Proceeds from issuance of long-term debt | 13,438 | |
Proceeds from exercise of stock options | 796 | 2,781 |
Purchase of subsidiary shares from noncontrolling interest | (6,087) | |
Dividends paid | (20,805) | (25,928) |
Dividends paid to noncontrolling interest | (324) | (9,654) |
Net cash used in financing activities | (19,275) | (55,683) |
Effect of exchange rate changes on cash | 5,506 | (7,114) |
Net decrease in cash and cash equivalents | (59,067) | (54,679) |
Cash and cash equivalents - beginning of period | 192,417 | 193,136 |
Cash and cash equivalents - end of period | 133,350 | 138,457 |
Cash paid for: | ||
Interest | 776 | 1,391 |
Income taxes | $ 10,330 | $ 20,888 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies: The accounting policies we follow are set forth in the notes to our consolidated financial statements included in our Form 10-K, which was filed with the Securities and Exchange Commission for the year ended December 31, 2019. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 9 Months Ended |
Sep. 30, 2020 | |
Impact Of COVI D19 Pandemic [Abstract] | |
Impact of COVID-19 Pandemic | 2. Impact of COVID-19 Pandemic: A novel strain of coronavirus (“COVID-19”) surfaced in late 2019 and has spread around the world, including to the United States and France. In March 2020, the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has disrupted our business operations and caused a significant unfavorable impact on our results of operations. In response to the COVID-19 pandemic various national, state, and local governments where we, our suppliers, and our customers operate initially issued decrees prohibiting certain businesses from continuing to operate and certain classes of workers from reporting to work. More recently, those governments have set guidelines in allowing businesses to reopen and employees to return to offices. Beginning in March 2020, we implemented travel restrictions and we are following social distancing practices. Our teams were set up to work from home and carry on business as efficiently as possible. In all jurisdictions in which we operate we are following guidance from authorities and health officials in allowing our teams to gradually return to our offices, including, requiring personnel to wear masks and other protective clothing as appropriate, and implementing additional cleaning and sanitization routines at our offices and distribution centers as the health and safety of our employees is paramount. The effects of the COVID-19 pandemic on the beauty industry began in early March 2020. Retail store closings, event cancellations and a shutdown of international air travel brought our sales to a virtual standstill. The duration and intensity of this global health emergency and its related disruptions are uncertain. Since March 2020, retail stores in many jurisdictions around the world began reopening and business has improved considerably. However, limited traffic in reopened stores and the virtual shutdown of international air traffic have and is expected to continue to have an unfavorable impact our business. We have faced significant challenges in 2020 and we anticipate that these challenges will continue for at least the remainder of 2020 due to uncertain market conditions. Business has significantly improved during the three months ended September 30, 2020, as compared to the prior quarter as retail stores began reopening and consumers have increased their on-line purchasing. We expect this trend to continue, however, we do not see a resurgence anytime soon in travel retail as air traffic continues to suffer due in part to governmental restrictions on international air travel. In addition, the recent resurgence of COVID-19 cases in various parts of the world, including the United Kingdom, Ireland and other countries in Europe, has caused the re-implementation of government restrictions to prevent further spread of the virus. These restrictions include the temporary closure of businesses deemed “non-essential”, travel bans and restrictions, social distancing and quarantines. Lastly, the COVID-19 pandemic has led to high levels of unemployment and deteriorating economic conditions in many countries where our products are sold, forcing many consumers to limit discretionary purchases. We believe that the impact of the COVID-19 pandemic will continue to have a material adverse effect on our results of our operations, financial position and cash flows through at least the end of this year and into 2021. |
Recent Agreements
Recent Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Recent Agreements | 3. Recent Agreements: Origines-parfums In June 2020, the Company, through its 73% owned French subsidiary, Interparfums SA, and Divabox SAS (“Divabox”), owner of the Origines-parfums e-commerce platform for beauty products, signed a strategic agreement and equity investment pursuant to which we acquired 25% of Divabox capital for $14 million, through a capital increase. The difference between the purchase price and the fair value of net assets acquired of $8.8 million has been allocated to goodwill, pending final purchase price allocation. The investment is being accounted for under the equity method and is included in other assets on the accompanying balance sheet as of September 30, 2020. In connection with the acquisition, the Company entered into a $13.4 million, three-year term loan payable in three equal annual installments bearing interest at 0.85% above the EURIBOR 3-month rate. The loan requires the maintenance of certain financial covenants, tested annually, including a maximum leverage ratio. Moncler In June 2020, the Company entered into an exclusive, 5-year worldwide license agreement with a potential 5-year extension with Moncler for the creation, development and distribution of fragrances under the Moncler brand. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. S.T. Dupont In January 2020, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2020, without any material changes in terms and conditions. Our initial 11-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended through December 31, 2019. The agreement will be extended annually in September of each year upon mutual consent. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 4. Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as updated in 2019 and 2020, which require a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The new rules eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. The new rules are effective for the Company in the first quarter of 2020 and there was no material impact on our consolidated financial statements. There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories: Inventories consist of the following: (In thousands) September 30, December 31, Raw materials and component parts $ 71,134 $ 71,895 Finished goods 107,718 95,914 $ 178,852 $ 167,809 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 6. Fair Value Measurement: The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Fair Value Measurements at Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Short-term investments $ 70,685 $ — $ 70,685 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 727 — 727 — $ 71,412 $ — $ 71,412 $ — Fair Value Measurements at Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Short-term investments $ 60,714 $ — $ 60,714 $ — Foreign currency forward exchange contracts accounted for using hedge accounting 16 16 Foreign currency forward exchange contracts not accounted for using hedge accounting 112 — 112 — $ 60,842 $ — $ 60,842 $ — Liabilities: Interest rate swap $ 30 $ — $ 30 $ — The carrying amount of cash and cash equivalents including money market funds, accounts receivable, other receivables, and accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value. Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 7. Derivative Financial Instruments: The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings. Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income (loss) and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying income statements. Such gains and losses were immaterial for both nine month periods ended September 30, 2020 and 2019. All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts at September 30, 2020 resulted in an asset and is included in other current assets on the accompanying balance sheet. At September 30, 2020, we had foreign currency contracts in the form of forward exchange contracts of approximately U.S. $48.0 million and GB £ |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases: The Company leases its offices and warehouses, vehicles, and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material financing leases. The Company determines if an arrangement is a lease at inception. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining lease asset value, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend or terminate, depending on the lease. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company generally uses its incremental borrowing rate based on information available at the lease commencement date for the location in which the lease is held in determining the present value of lease payments. As of September 30, 2020, the weighted average remaining lease term was 6.0 years and the weighted average discount rate used to determine the operating lease liability was 2.6%. Rental expense related to operating leases was $1.4 million and $4.7 million for the three and nine months ended September 30, 2020, respectively, as compared to $1.7 million and $4.9 million for the corresponding periods of the prior year. Operating lease payments included in operating cash flows totaled $4.3 million and $4.5 million for the nine months ended September 30, 2020 and 2019, respectively. Noncash additions to operating lease assets totaled $1.0 million and $33.9 million for the nine months ended September 30, 2020 and 2019, respectively. |
Share Based Payments
Share Based Payments | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Share Based Payments | 9. Share Based Payments: The Company maintains stock option programs for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four five-year The following table sets forth information with respect to nonvested options for the nine month period ended September 30, 2020: Number of Shares Weighted Average Grant Nonvested options – beginning of period 514,210 $ 12.36 Nonvested options granted 9,000 $ 12.16 Nonvested options vested or forfeited (19,390 ) $ 11.28 Nonvested options – end of period 503,820 $ 12.39 Share based payment expense decreased income before income taxes by $0.62 million and $1.81 million for the three and nine months ended September 30, 2020, respectively, as compared to $0.8 million and $2.7 million for the corresponding periods of the prior year. Share based payment expense decreased income attributable to Inter Parfums, Inc. by $0.43 million and $1.29 million for the three and nine months ended September 30, 2020, respectively, as compared to $0.5 million and $1.7 million for the corresponding periods of the prior year. The following table summarizes stock option information as of September 30, 2020: Shares Weighted Average Exercise Price Outstanding at January 1, 2020 815,800 $ 49.89 Options granted 9,000 69.11 Options forfeited (11,120 ) 60.77 Options exercised (24,540 ) 32.45 Outstanding at September 30, 2020 789,140 $ 50.49 Options exercisable 285,320 $ 35.41 Options available for future grants 575,815 As of September 30, 2020, the weighted average remaining contractual life of options outstanding is 3.29 years (1.90 years for options exercisable), the aggregate intrinsic value of options outstanding and options exercisable is $2.4 million and $1.9 million, respectively, and unrecognized compensation cost related to stock options outstanding aggregated $4.8 million. Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2020 and 2019 were as follows: (In thousands) September 30, September 30, Cash proceeds from stock options exercised $ 796 $ 2,781 Tax benefits -- 400 Intrinsic value of stock options exercised 788 2,752 The weighted average fair values of the options granted by Inter Parfums, Inc. during the nine months ended September 30, 2020 and 2019 were $12.16 and $14.83 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted. The assumptions used in the Black-Scholes pricing model for the periods ended September 30, 2020 and 2019 are set forth in the following table: September 30, September 30, Weighted average expected stock-price volatility 25 % 27 % Weighted average expected option life 5 years 5 years Weighted average risk-free interest rate 1.4 % 2.5 % Weighted average dividend yield 2.5 % 2.0 % Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield was based on the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase. In December 2018, Interparfums SA, our 73% owned French subsidiary, approved a plan to grant an aggregate of 26,600 shares of its stock to employees with no performance conditions, and an aggregate of 133,000 shares to officers and managers, subject to certain corporate performance conditions. The shares, subject to adjustment for stock splits, are expected to be distributed in June 2022. In order to avoid dilution of the Company’s ownership of Interparfums SA, all shares to be distributed pursuant to the plan will be pre-existing shares of Interparfums SA purchased in the open market by Interparfums SA in prior years. In March 2020, due to the potential impact on future net sales and operating results resulting from the COVID-19 pandemic, the estimated number of shares to be distributed, after forfeited shares, was reduced from 142,571 to 82,162. As the Company had already purchased shares in contemplation of the higher anticipated distribution, shares purchased in excess of the reduced anticipated distribution were transferred to treasury shares at the Interparfums SA level. The fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the NYSE Euronext on the date of grant. The original cost of the grant was approximately $4.4 million, and the March 2020 revaluation resulted in a reduction of the cost, to approximately $2.5 million. As a result, a $0.3 million reduction of cost, net, was recorded for the three months ended March 31, 2020. In June 2020, the performance conditions were modified effecting 96 employees. As of September 30, 2020, the number of shares to be distributed, after forfeited shares, increased to 120,943. The increase in shares anticipated to be distributed were transferred from treasury shares at the Interparfums SA level. The original cost of the grant was approximately $4.4 million, and the modification resulted in a revised cost of approximately $3.8 million. |
Net Income Attributable to Inte
Net Income Attributable to Inter Parfums, Inc. Common Shareholders | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Inter Parfums, Inc. Common Shareholders | 10. Net Income Attributable to Inter Parfums, Inc. Common Shareholders: Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Inter Parfums, Inc. by the weighted average number of shares outstanding. Net income attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: Three months ended Nine months ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Numerator: Net income attributable to Inter Parfums, Inc. $ 16,538 $ 20,848 $ 23,480 $ 52,059 Denominator: Weighted average shares 31,533 31,452 31,531 31,444 Effect of dilutive securities: Stock options 86 224 120 237 Denominator for diluted earnings per share 31,619 31,676 31,651 31,681 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 0.52 $ 0.66 $ 0.74 $ 1.66 Diluted 0.52 0.66 0.74 1.64 Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.52 and 0.47 million shares of common stock for both the three and nine months ended September 30, 2020, as compared to 0.18 million shares of common stock for the three and nine months ended September 30, 2019. |
Segment and Geographic Areas
Segment and Geographic Areas | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Areas | 11. Segment and Geographic Areas: The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. Both European operations and United States operations primarily represent the sale of prestige brand name fragrances. Information on our operations by geographical areas is as follows: Three months ended Nine months ended (In thousands) 2020 2019 2020 2019 Net sales: United States $ 31,126 $ 48,331 $ 72,970 $ 124,677 Europe 129,741 143,637 283,288 413,063 Eliminations (230 ) (741 ) (1,291 ) (2,028 ) $ 160,637 $ 191,227 $ 354,967 $ 535,712 Net income attributable to Inter Parfums, Inc.: United States $ 2,909 $ 5,802 $ 993 $ 12,475 Europe 13,629 15,046 22,487 39,584 $ 16,538 $ 20,848 $ 23,480 $ 52,059 September 30, December 31, 2020 2019 Total Assets: United States $ 134,519 $ 166,180 Europe 705,345 670,657 Eliminations (23,683 ) (8,005 ) $ 816,181 $ 828,832 |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Reclassifications | 12. Reclassifications: Certain prior year’s amounts in the accompanying consolidated statements of cash flows have been reclassified to conform to current period presentation. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | (In thousands) September 30, December 31, Raw materials and component parts $ 71,134 $ 71,895 Finished goods 107,718 95,914 $ 178,852 $ 167,809 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets measured on recurring basis | Fair Value Measurements at Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Short-term investments $ 70,685 $ — $ 70,685 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 727 — 727 — $ 71,412 $ — $ 71,412 $ — Fair Value Measurements at Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Short-term investments $ 60,714 $ — $ 60,714 $ — Foreign currency forward exchange contracts accounted for using hedge accounting 16 16 Foreign currency forward exchange contracts not accounted for using hedge accounting 112 — 112 — $ 60,842 $ — $ 60,842 $ — Liabilities: Interest rate swap $ 30 $ — $ 30 $ — |
Share Based Payments (Tables)
Share Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of nonvested share activity | Number of Shares Weighted Average Grant Nonvested options – beginning of period 514,210 $ 12.36 Nonvested options granted 9,000 $ 12.16 Nonvested options vested or forfeited (19,390 ) $ 11.28 Nonvested options – end of period 503,820 $ 12.39 |
Schedule of stock options, activity | Shares Weighted Average Exercise Price Outstanding at January 1, 2020 815,800 $ 49.89 Options granted 9,000 69.11 Options forfeited (11,120 ) 60.77 Options exercised (24,540 ) 32.45 Outstanding at September 30, 2020 789,140 $ 50.49 Options exercisable 285,320 $ 35.41 Options available for future grants 575,815 |
Schedule of cash proceeds received from share-based payment awards | (In thousands) September 30, September 30, Cash proceeds from stock options exercised $ 796 $ 2,781 Tax benefits -- 400 Intrinsic value of stock options exercised 788 2,752 |
Schedule of valuation assumptions in Black-Scholes pricing | September 30, September 30, Weighted average expected stock-price volatility 25 % 27 % Weighted average expected option life 5 years 5 years Weighted average risk-free interest rate 1.4 % 2.5 % Weighted average dividend yield 2.5 % 2.0 % |
Net Income Attributable to In_2
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Three months ended Nine months ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Numerator: Net income attributable to Inter Parfums, Inc. $ 16,538 $ 20,848 $ 23,480 $ 52,059 Denominator: Weighted average shares 31,533 31,452 31,531 31,444 Effect of dilutive securities: Stock options 86 224 120 237 Denominator for diluted earnings per share 31,619 31,676 31,651 31,681 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 0.52 $ 0.66 $ 0.74 $ 1.66 Diluted 0.52 0.66 0.74 1.64 |
Segment and Geographic Areas (T
Segment and Geographic Areas (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of company's operations by geographical areas | Three months ended Nine months ended (In thousands) 2020 2019 2020 2019 Net sales: United States $ 31,126 $ 48,331 $ 72,970 $ 124,677 Europe 129,741 143,637 283,288 413,063 Eliminations (230 ) (741 ) (1,291 ) (2,028 ) $ 160,637 $ 191,227 $ 354,967 $ 535,712 Net income attributable to Inter Parfums, Inc.: United States $ 2,909 $ 5,802 $ 993 $ 12,475 Europe 13,629 15,046 22,487 39,584 $ 16,538 $ 20,848 $ 23,480 $ 52,059 September 30, December 31, 2020 2019 Total Assets: United States $ 134,519 $ 166,180 Europe 705,345 670,657 Eliminations (23,683 ) (8,005 ) $ 816,181 $ 828,832 |
Recent Agreements (Details)
Recent Agreements (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Business Acquisition [Line Items] | |
License agreements, description | the Company, through its 73% owned French subsidiary, Interparfums SA, and Divabox SAS (“Divabox”), owner of the Origines-parfums e-commerce platform for beauty products, signed a strategic agreement and equity investment pursuant to which we acquired 25% of Divabox capital for $14 million, through a capital increase. The difference between the purchase price and the fair value of net assets acquired of $8.8 million has been allocated to goodwill, pending final purchase price allocation. The investment is being accounted for under the equity method and is included in other assets on the accompanying balance sheet as of September 30, 2020. In connection with the acquisition, the Company entered into a $13.4 million, three-year term loan payable in three equal annual installments bearing interest at 0.85% above the EURIBOR 3-month rate. |
Moncler [Member] | |
Business Acquisition [Line Items] | |
License agreements, description | the Company entered into an exclusive, 5-year worldwide license agreement with a potential 5-year extension with Moncler for the creation, development and distribution of fragrances under the Moncler brand. |
S.T. Dupont [Member] | |
Business Acquisition [Line Items] | |
License agreements, description | we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2020, without any material changes in terms and conditions. Our initial 11-year license agreement with S.T. Dupont was signed in June 1997, and had previously been extended through December 31, 2019. The agreement will be extended annually in September of each year upon mutual consent. |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and component parts | $ 71,134 | $ 71,895 |
Finished goods | 107,718 | 95,914 |
Inventories | $ 178,852 | $ 167,809 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Schedule of fair value, assets measured on recurring basis - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Short-term investments | $ 70,685 | $ 60,714 |
Foreign currency forward exchange contracts accounted for using hedge accounting | 16 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 727 | 112 |
Total Assets | 71,412 | 60,842 |
Liabilities: | ||
Interest rate swap | 30 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Short-term investments | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | ||
Foreign currency forward exchange contracts not accounted for using hedge accounting | ||
Total Assets | ||
Liabilities: | ||
Interest rate swap | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Short-term investments | 70,685 | 60,714 |
Foreign currency forward exchange contracts accounted for using hedge accounting | 16 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 727 | 112 |
Total Assets | 71,412 | 60,842 |
Liabilities: | ||
Interest rate swap | 30 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Short-term investments | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | ||
Foreign currency forward exchange contracts not accounted for using hedge accounting | ||
Total Assets | ||
Liabilities: | ||
Interest rate swap |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) - Sep. 30, 2020 £ in Millions, $ in Millions | USD ($) | GBP (£) |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 48 | £ 4 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average remaining lease term | 6 years | 6 years | ||
Operating lease, weighted average discount rate | 2.60% | 2.60% | ||
Operating lease related expenses | $ 1.4 | $ 1.7 | $ 4.7 | $ 4.9 |
Operating lease payments | 4.3 | 4.5 | ||
Noncash additions to operating lease assets | $ 1 | $ 33.9 |
Share Based Payments (Details)
Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 620 | $ 800 | $ 1,810 | $ 2,700 | ||
Allocated share-based compensation expense, effect on net income attributable to parent | 430 | $ 500 | $ 1,290 | 1,700 | ||
Weighted average remaining contractual life of options outstanding | 3 years 3 months 14 days | |||||
Weighted average remaining contractual life of options outstanding, options exercisable | 1 year 10 months 24 days | |||||
Aggregate intrinsic value of options outstanding | 2,400 | $ 2,400 | ||||
Aggregate intrinsic value of exercisable options | 1,900 | 1,900 | ||||
Unrecognized compensation cost related to stock options | $ 4,800 | $ 4,800 | ||||
Weighted average grant date fair value (in Dollars per share) | $ 12.16 | |||||
Forfeited shares (in Shares) | 120,943 | 120,943 | ||||
Interparfums SA Subsidiary [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Ownership percentage in Interparfums SA | 73.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 142,571 | 133,000 | ||||
Revaluation resulted in reduction of cost, description | The original cost of the grant was approximately $4.4 million, and the March 2020 revaluation resulted in a reduction of the cost, to approximately $2.5 million. | |||||
Original cost of grant | $ 4,400 | $ 4,400 | ||||
Reduction of cost, net | $ 300 | |||||
Modification resulted revised cost | 3,800 | |||||
Stock option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of shares vested | $ 90 | $ 70 | ||||
Weighted average grant date fair value (in Dollars per share) | $ 12.16 | $ 14.83 | ||||
Minimum [Member] | Stock option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Maximum [Member] | Stock option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 5 years | |||||
Employees [Member] | Interparfums SA Subsidiary [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 26,600 | |||||
Officers and Managers [Member] | Interparfums SA Subsidiary [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 82,162 |
Share Based Payments (Details)
Share Based Payments (Details) - Schedule of nonvested share activity | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, beginning of period | shares | 514,210 |
Weighted Average Grant Date Fair Value, beginning of period | $ / shares | $ 12.36 |
Number of Shares, granted | shares | 9,000 |
Weighted Average Grant Date Fair Value, granted | $ / shares | $ 12.16 |
Number of Shares, vested or forfeited | shares | (19,390) |
Weighted Average Grant Date Fair Value, vested or forfeited | $ / shares | $ 11.28 |
Number of Shares, end of period | shares | 503,820 |
Weighted Average Grant Date Fair Value, end of period | $ / shares | $ 12.39 |
Share Based Payments (Details_2
Share Based Payments (Details) - Schedule of stock options, activity | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding | shares | 815,800 |
Weighted Average Exercise Price, Options Outstanding | $ / shares | $ 49.89 |
Options granted | shares | 9,000 |
Weighted Average Exercise Price, Options granted | $ / shares | $ 69.11 |
Options forfeited | shares | (11,120) |
Weighted Average Exercise Price, Options forfeited | $ / shares | $ 60.77 |
Options exercised | shares | (24,540) |
Weighted Average Exercise Price, Options exercised | $ / shares | $ 32.45 |
Options Outstanding | shares | 789,140 |
Weighted Average Exercise Price, Options Outstanding | $ / shares | $ 50.49 |
Options exercisable | shares | 285,320 |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 35.41 |
Options available for future grants | shares | 575,815 |
Weighted Average Exercise Price, Options available for future grants | $ / shares |
Share Based Payments (Details_3
Share Based Payments (Details) - Schedule of cash proceeds received from share-based payment awards - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash proceeds from stock options exercised | $ 796 | $ 2,781 |
Tax benefits | 400 | |
Intrinsic value of stock options exercised | $ 788 | $ 2,752 |
Share Based Payments (Details_4
Share Based Payments (Details) - Schedule of valuation assumptions in Black-Scholes pricing | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average expected stock-price volatility | 25.00% | 27.00% |
Weighted average expected option life | 5 years | 5 years |
Weighted average risk-free interest rate | 1.40% | 2.50% |
Weighted average dividend yield | 2.50% | 2.00% |
Net Income Attributable to In_3
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 520 | 180 | 470 | 180 |
Net Income Attributable to In_4
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details) - Schedule of earnings per share, basic and diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income attributable to Inter Parfums, Inc. (in Dollars) | $ 16,538 | $ 20,848 | $ 23,480 | $ 52,059 |
Denominator: | ||||
Weighted average shares | 31,533 | 31,452 | 31,531 | 31,444 |
Effect of dilutive securities: | ||||
Stock options | 86 | 224 | 120 | 237 |
Denominator for diluted earnings per share | 31,619 | 31,676 | 31,651 | 31,681 |
Net income attributable to Inter Parfums, Inc. | ||||
Basic (in Dollars per share) | $ 0.52 | $ 0.66 | $ 0.74 | $ 1.66 |
Diluted (in Dollars per share) | $ 0.52 | $ 0.66 | $ 0.74 | $ 1.64 |
Segment and Geographic Areas (D
Segment and Geographic Areas (Details) - Schedule of company's operations by geographical areas - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Net sales: | |||||
Net sales | $ 160,637 | $ 191,227 | $ 354,967 | $ 535,712 | |
Net income attributable to Inter Parfums, Inc.: | |||||
Net income attributable to Inter Parfums, Inc | 16,538 | 20,848 | 23,480 | 52,059 | |
Total Assets: | |||||
Total assets | 816,181 | 816,181 | $ 828,832 | ||
United States [Member] | |||||
Net sales: | |||||
Net sales | 31,126 | 48,331 | 72,970 | 124,677 | |
Net income attributable to Inter Parfums, Inc.: | |||||
Net income attributable to Inter Parfums, Inc | 2,909 | 5,802 | 993 | 12,475 | |
Total Assets: | |||||
Total assets | 134,519 | 134,519 | 166,180 | ||
Europe [Member] | |||||
Net sales: | |||||
Net sales | 129,741 | 143,637 | 283,288 | 413,063 | |
Net income attributable to Inter Parfums, Inc.: | |||||
Net income attributable to Inter Parfums, Inc | 13,629 | 15,046 | 22,487 | 39,584 | |
Total Assets: | |||||
Total assets | 705,345 | 705,345 | 670,657 | ||
Intersegment Eliminations [Member] | |||||
Net sales: | |||||
Net sales | (230) | $ (741) | (1,291) | $ (2,028) | |
Total Assets: | |||||
Total assets | $ (23,683) | $ (23,683) | $ (8,005) |