Harrow Health(HROW) - 2022 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) This section presents the unaudited condensed consolidated financial statements and accompanying notes for the period Condensed Consolidated Balance Sheets | Metric | March 31, 2022 (unaudited) | December 31, 2021 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $41,948,000 | $42,167,000 | | Total current assets | $62,315,000 | $60,662,000 | | TOTAL ASSETS | $97,595,000 | $98,329,000 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total current liabilities | $9,182,000 | $9,722,000 | | TOTAL LIABILITIES | $87,859,000 | $87,398,000 | | TOTAL STOCKHOLDERS' EQUITY | $9,736,000 | $10,931,000 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $97,595,000 | $98,329,000 | Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Product sales, net | $20,340,000 | $14,948,000 | | Other revenues | $1,780,000 | $495,000 | | Total revenues | $22,120,000 | $15,443,000 | | Cost of sales | $(5,963,000) | $(3,770,000) | | Gross profit | $16,157,000 | $11,673,000 | | Income from operations | $2,101,000 | $2,917,000 | | Net (loss) income attributable to common stockholders | $(2,438,000) | $217,000 | | Basic net (loss) income per share | $(0.09) | $0.01 | | Diluted net (loss) income per share | $(0.09) | $0.01 | Unaudited Condensed Consolidated Statements of Stockholders' Equity | Metric | Balance at Dec 31, 2021 | Net Loss (Q1 2022) | Balance at Mar 31, 2022 | | :--- | :--- | :--- | :--- | | Common Stock (Par Value) | $27,000 | - | $27,000 | | Additional Paid-in Capital | $106,666,000 | $1,243,000 | $107,909,000 | | Accumulated Deficit | $(95,407,000) | $(2,438,000) | $(97,845,000) | | Total Harrow Health, Inc. Stockholders' Equity | $11,286,000 | $(2,438,000) | $10,091,000 | | Total Stockholders' Equity | $10,931,000 | $(2,438,000) | $9,736,000 | - Total stockholders' equity decreased from $10,931,000 at December 31, 2021, to $9,736,000 at March 31, 2022, primarily due to a net loss of $2,438,000[11] Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $967,000 | $3,208,000 | | Net cash used in investing activities | $(410,000) | $(224,000) | | Net cash used in financing activities | $(776,000) | $(781,000) | | Net change in cash, cash equivalents and restricted cash | $(219,000) | $2,203,000 | | Cash, cash equivalents and restricted cash, end of period | $41,948,000 | $6,504,000 | Notes to the Unaudited Condensed Consolidated Financial Statements NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Harrow Health, Inc is an ophthalmic-focused healthcare company specializing in the development, production, and sale of innovative medications[14] - The Company wholly owns ImprimisRx and Visionology, and holds non-controlling equity positions in Surface Ophthalmics, Inc and Melt Pharmaceuticals, Inc[14] - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and SEC rules[15] NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Beginning January 2022, management evaluates the business as a single operating segment, focusing on ImprimisRx, due to shifts in strategic plans[20] Basic and Diluted Net (Loss) Income Per Share | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net (loss) income attributable to common stockholders | $(2,438,000) | $217,000 | | Weighted average shares outstanding, basic | 27,226,819 | 26,019,255 | | Net (loss) income per share, basic | $(0.09) | $0.01 | | Dilutive common equivalent shares (for diluted EPS) | - | 1,461,367 | | Number of shares used for diluted EPS computation | 27,226,819 | 27,480,622 | | Net (loss) income per share, diluted | $(0.09) | $0.01 | NOTE 3. REVENUES - The Company's primary revenue streams are product sales from pharmacy services and intellectual property license/asset purchase agreements[30] - Deferred revenue and customer deposits increased from $16,000 at December 31, 2021, to $23,000 at March 31, 2022[38] Revenue Disaggregated by Source | Revenue Source | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Product sales, net | $20,340,000 | $14,948,000 | | Commissions | $1,320,000 | $485,000 | | Transfer of profit | $460,000 | - | | License | - | $10,000 | | Total revenues | $22,120,000 | $15,443,000 | NOTE 4. INVESTMENT IN, AND NOTE RECEIVABLE FROM MELT PHARMACEUTICALS, INC. - RELATED PARTY TRANSACTIONS - Harrow owns approximately 46% of Melt's equity interests and 100% of Melt's indebtedness as of March 31, 2022, accounting for it using the equity method[24] - The Melt Loan Agreement, with a principal of $13,500,000 and 12.50% interest, was due September 1, 2022, but was subsequently extended to September 1, 2026 (see Note 17)[42][44][108] Melt Pharmaceuticals, Inc. Condensed Results of Operations | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenues, net | - | - | | Loss from operations | $(3,337,000) | $(1,099,000) | | Net loss | $(3,337,000) | $(1,099,000) | NOTE 5. INVESTMENT IN SURFACE OPHTHALMICS, INC. - RELATED PARTY TRANSACTIONS - Harrow owns approximately 20% of Surface's equity interests as of March 31, 2022, and uses the equity method of accounting[27][48] - Harrow holds mid-single digit royalty rights on net sales of Surface's drug candidates[47][125] Surface Ophthalmics, Inc. Condensed Results of Operations | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenues, net | - | - | | Loss from operations | $(1,996,000) | $(2,831,000) | | Net loss | $(1,996,000) | $(2,831,000) | NOTE 6. INVENTORIES Inventory Composition | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Raw materials | $2,441,000 | $2,441,000 | | Work in progress | $44,000 | - | | Finished goods | $1,911,000 | $1,776,000 | | Total inventories | $4,396,000 | $4,217,000 | NOTE 7. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid Expenses and Other Current Assets | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Prepaid insurance | $455,000 | $728,000 | | Due from Melt Pharmaceuticals | $70,000 | $48,000 | | Other prepaid expenses | $757,000 | $437,000 | | Deposits and other current assets | $52,000 | $92,000 | | Total prepaid expenses and other current assets | $1,334,000 | $1,305,000 | NOTE 8. PROPERTY, PLANT AND EQUIPMENT - Depreciation related to property, plant and equipment was $376,000 for Q1 2022, down from $436,000 in Q1 2021[53] Property, Plant and Equipment, Net | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Computer hardware | $786,000 | $772,000 | | Furniture and equipment | $521,000 | $443,000 | | Lab and pharmacy equipment | $4,142,000 | $4,056,000 | | Leasehold improvements | $5,728,000 | $5,703,000 | | Accumulated depreciation | $(8,209,000) | $(7,833,000) | | Total property, plant and equipment, net | $2,968,000 | $3,141,000 | NOTE 9. CAPITALIZED SOFTWARE DEVELOPMENT COSTS - Amortization expense for capitalized software development costs was $43,000 for Q1 2022, up from $28,000 in Q1 2021[54] Capitalized Software Development Costs | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Capitalized internal-use software development costs | $942,000 | $942,000 | | Acquired third-party software license for internal-use | $159,000 | $159,000 | | Accumulated amortization | $(612,000) | $(569,000) | | Capitalized internal-use software in process | $982,000 | $781,000 | | Total capitalized software costs | $1,471,000 | $1,313,000 | NOTE 10. INTANGIBLE ASSETS AND GOODWILL - Amortization expense for intangible assets significantly increased to $404,000 in Q1 2022 from $40,000 in Q1 2021, primarily due to acquired NDAs[55] Intangible Assets at March 31, 2022 | Asset Category | Cost | Accumulated Amortization | Net Carrying Value | | :--- | :--- | :--- | :--- | | Patents | $972,000 | $(97,000) | $875,000 | | Licenses | $100,000 | $(15,000) | $85,000 | | Trademarks | $260,000 | - | $260,000 | | Acquired NDAs | $13,635,000 | $(341,000) | $13,294,000 | | Customer relationships | $1,519,000 | $(619,000) | $900,000 | | Total Intangible Assets | $16,549,000 | $(1,134,000) | $15,415,000 | Estimated Future Amortization Expense for Intangible Assets | Year | Amount | | :--- | :--- | | Remainder of 2022 | $1,194,000 | | 2023 | $1,592,000 | | 2024 | $1,592,000 | | 2025 | $1,592,000 | | 2026 | $1,595,000 | | Thereafter | $7,590,000 | | Total | $15,155,000 | NOTE 11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts Payable and Accrued Expenses | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Accounts payable | $5,595,000 | $5,174,000 | | Other accrued expenses | $49,000 | $49,000 | | Accrued interest | $1,114,000 | $1,114,000 | | Total accounts payable and accrued expenses | $6,758,000 | $6,337,000 | NOTE 12. DEBT - The Company has $75,000,000 aggregate principal amount of 8.625% Senior Notes due April 2026, with interest payable quarterly[57] - Interest expense related to the Notes was $1,810,000 for Q1 2022, including $193,000 in amortization of debt issuance costs and discount[59] Future Minimum Debt Payments (March 31, 2022) | Year | Amount | | :--- | :--- | | Remainder of 2022 | $4,852,000 | | 2023 | $6,469,000 | | 2024 | $6,469,000 | | 2025 | $6,469,000 | | 2026 | $77,158,000 | | Total minimum payments | $101,417,000 | | Notes payable, net of unamortized discount | $71,847,000 | NOTE 13. LEASES - The Company leases office and laboratory space under non-cancelable operating leases with remaining terms of one to five years[61] - Cash paid for operating lease liabilities was $166,000 in Q1 2022, down from $251,000 in Q1 2021[63] Operating Lease Liabilities (March 31, 2022) | Year | Operating Leases | | :--- | :--- | | Remainder of 2022 | $655,000 | | 2023 | $944,000 | | 2024 | $970,000 | | 2025 | $796,000 | | 2026 | $810,000 | | Thereafter | $6,648,000 | | Total operating lease liabilities | $7,268,000 | | Operating lease liabilities, net of current portion | $6,823,000 | NOTE 14. STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - As of March 31, 2022, there were 27,031,127 shares of common stock outstanding[4] - Total stock-based compensation expense was $2,016,000 for Q1 2022, significantly up from $855,000 in Q1 2021[83] - Unrecognized compensation expense related to unvested RSUs was approximately $8,756,000 as of March 31, 2022, expected to be recognized over a weighted-average period of 1.33 years[79] NOTE 15. COMMITMENTS AND CONTINGENCIES - The Company faces inherent risks from product and professional liability litigation in the pharmaceutical industry, covered by third-party insurance[85] - Royalty expenses for the Klarity License Agreement (related party) were $71,000 in Q1 2022, up from $35,000 in Q1 2021[88] - Commission revenues from the Dexycu Agreement were $1,320,000 in Q1 2022, significantly up from $485,000 in Q1 2021[92] NOTE 16. CONCENTRATIONS - Two products collectively accounted for 32% of total revenues in Q1 2022, down from 36% in Q1 2021[105] - Three main suppliers collectively accounted for 74% of active pharmaceutical ingredient purchases in Q1 2022, down from 82% in Q1 2021[106] NOTE 17. SUBSEQUENT EVENTS - In April 2022, the Melt Loan Agreement was amended to extend the maturity date to September 1, 2026[108] - The amendment requires Melt to maintain a minimum cash balance of $7,000,000 for one year, then $5,000,000 thereafter[108] - The effectiveness of the amendment is conditional on Melt consummating a qualifying financing of at least $15,000,000 from third-party investors by August 31, 2022[108] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Provides management's perspective on financial condition, operational results, and key business developments Overview - Harrow Health, Inc is an ophthalmic-focused healthcare company, operating ImprimisRx and Visionology, and holding non-controlling equity in Surface and Melt[111] - The company specializes in developing, producing, selling, and distributing innovative prescription medications[111] ImprimisRx - ImprimisRx is Harrow's ophthalmology-focused prescription pharmaceutical business, offering over twenty customizable compounded formulations[113] - The business serves over 10,000 U.S eyecare prescribers and institutions[113] - ImprimisRx has expanded its product portfolio to include FDA-approved products through commercial partnerships and acquisitions[114] DEXYCU® - ImprimisRx co-promotes DEXYCU® (dexamethasone intraocular suspension) 9% for post-operative ocular inflammation in the U.S under an agreement with Eyepoint Pharmaceuticals[115] - Eyepoint pays ImprimisRx a fee based on quarterly sales of DEXYCU[115] IOPIDINE®, MAXITROL®, MOXEZA® - In December 2021, Harrow acquired U.S commercial rights to four FDA-approved ophthalmic medicines: IOPIDINE 1% and 0.5%, MAXITROL, and MOXEZA[116] - A six-month transitional period is in effect where the seller continues to sell the products and transfers net profit to Harrow[117] AMP-100 - Harrow acquired exclusive marketing and supply rights to AMP-100, a patented ophthalmic topical anesthetic drug candidate, in the U.S and Canada from Sintetica S.A in July 2021[118] - An NDA for AMP-100 was submitted in Q4 2021, with an FDA PDUFA target action date of October 16, 2022[118] MAQ-100 - Harrow acquired exclusive marketing rights to MAQ-100, a preservative-free triamcinolone acetonide ophthalmic injection drug candidate, in the U.S and Canada from Wakamoto Pharmaceutical Co, Ltd in August 2021[119] - The company plans to leverage Japanese clinical data to support a U.S market NDA submission for MAQ-100 for visualization during vitrectomy[119] Visionology - Visionology is a direct-to-consumer digital eye health platform that leverages Harrow's ophthalmic experience and relationships with eyecare professionals[121] Carved-Out Businesses (De-Consolidated Businesses) - Harrow holds ownership and royalty interests in deconsolidated companies Surface, Melt, and Eton Pharmaceuticals, which are pursuing market approval for their drug candidates[122] Noncontrolling Equity Interests - Surface Ophthalmics, Inc is a clinical-stage pharmaceutical company focused on ocular surface diseases, with positive Phase 2 trial results for SURF-201 announced in January 2021[123][124] - Melt Pharmaceuticals, Inc is a clinical-stage company developing non-intravenous sedation and anesthesia therapeutics, which began enrolling patients in its Phase 2 study for MELT-300 in Q4 2021[126][127] - Harrow owns 1,982,000 shares of Eton common stock, representing less than 10% of its equity interests[129] Factors Affecting Our Performance - Key performance factors include increasing revenues from proprietary compounded formulations and non-proprietary products, and achieving operating efficiencies in pharmacy operations[130] - Regulatory restrictions, pricing optimization, and obtaining reimbursement options for proprietary formulations are also critical[130] Reimbursement Options - DEXYCU is covered under Medicare Part B, but its transitional pass-through reimbursement status is set to expire on December 31, 2022, which will adversely impact commission revenues[131][132] - The company is working to extend pass-through status or secure separate payment for DEXYCU and expects newly acquired FDA-approved products (MOXEZA, MAXITROL, IOPIDINE) to be eligible for third-party reimbursement[132][133] COVID-19 Pandemic - The COVID-19 pandemic initially impacted the global economy and healthcare delivery, limiting elective medical procedures[134] - Sales have returned to near historical norms as restrictions eased, but future impacts remain uncertain if new restrictions occur[134][135] Recent Developments - In April 2022, the Melt Loan Agreement was amended to extend the maturity date to September 1, 2026, and requires Melt to maintain minimum cash balances[136][139] - The amendment's effectiveness is contingent on Melt securing a minimum of $15,000,000 in financing from third-party investors by August 31, 2022[139] Results of Operations Revenues - The increase in revenues was driven by higher sales volumes of ophthalmology products, increased commissions from Dexycu®, and profit transfer from recently acquired products[138] Revenues (Q1 2022 vs. Q1 2021) | Revenue Type | Q1 2022 | Q1 2021 | $ Variance | | :--- | :--- | :--- | :--- | | Product sales, net | $20,340,000 | $14,948,000 | $5,392,000 | | Commission revenues | $1,320,000 | $485,000 | $835,000 | | Transfer of profit | $460,000 | - | $460,000 | | License revenues | - | $10,000 | $(10,000) | | Total revenues | $22,120,000 | $15,443,000 | $6,677,000 | Cost of Sales - The increase in cost of sales was primarily attributable to an increase in unit volumes sold[142] Cost of Sales (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | $ Variance | | :--- | :--- | :--- | :--- | | Cost of sales | $5,963,000 | $3,770,000 | $2,193,000 | Gross Profit and Margin - The decrease in gross margin was primarily attributable to the amortization of certain intangible assets related to recently acquired products, which began in January 2022[143] Gross Profit and Margin (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | $ Variance | | :--- | :--- | :--- | :--- | | Gross profit | $16,157,000 | $11,673,000 | $4,484,000 | | Gross margin | 73.0% | 75.6% | (2.6)% | Selling, General and Administrative Expenses - The increase was primarily due to higher compensation expense, including stock-based compensation from performance stock units granted in July 2021, increased consulting expenses, and new employee costs for sales and marketing[145] Selling, General and Administrative Expenses (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | $ Variance | | :--- | :--- | :--- | :--- | | Selling, general and administrative | $13,398,000 | $8,164,000 | $5,234,000 | Research and Development Expenses - The increase in R&D expenses was primarily a result of increased costs associated with the clinical programs for AMP-100 and MAQ-100[149] Research and Development Expenses (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | $ Variance | | :--- | :--- | :--- | :--- | | Research and development | $658,000 | $592,000 | $66,000 | Interest Expense, Net - The increase in interest expense was primarily due to an increase in the outstanding principal amount of the company's debt obligations[150] Interest Expense, Net (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Interest expense, net | $1,792,000 | $513,000 | Equity in Losses from Unconsolidated Entities - The loss increased to $2,886,000 in Q1 2022 from $1,319,000 in Q1 2021, primarily related to the company's share of losses in Melt Pharmaceuticals[151] Equity in Losses from Unconsolidated Entities (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Equity in losses of unconsolidated entities | $(2,886,000) | $(1,319,000) | Investment Gain (Loss) from Eton - The company recorded an unrealized investment gain of $139,000 in Q1 2022, a significant improvement from an unrealized loss of $2,835,000 in Q1 2021, related to the change in fair market value of Eton's common stock[152] Investment Gain (Loss) from Eton Pharmaceuticals (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Investment gain (loss) from Eton Pharmaceuticals | $139,000 | $(2,835,000) | Gain on Forgiveness of PPP Loan - A gain of $1,967,000 was recorded in Q1 2021 due to the forgiveness of the Paycheck Protection Program (PPP) loan[153] Gain on Forgiveness of PPP Loan (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Gain on forgiveness of PPP loan | - | $1,967,000 | Net (Loss) Income Net (Loss) Income and Per Share (Q1 2022 vs. Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net (loss) income attributable to Harrow Health, Inc common stockholders | $(2,438,000) | $217,000 | | Net (loss) income per share, basic | $(0.09) | $0.01 | | Net (loss) income per share, diluted | $(0.09) | $0.01 | Liquidity and Capital Resources Liquidity - Cash on hand at March 31, 2022, was $41,948,000, slightly down from $42,167,000 at December 31, 2021[155] - The company believes current cash and cash equivalents will be sufficient for planned operations and capital expenditures for at least the next 12 months[156] - Potential acquisitions or faster-than-expected growth may require additional financing, and the company may consider selling certain assets[156] Net Cash Flow Net Cash Flow Summary (Q1 2022 vs. Q1 2021) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $967,000 | $3,208,000 | | Net cash used in investing activities | $(410,000) | $(224,000) | | Net cash used in financing activities | $(776,000) | $(781,000) | | Net change in cash and cash equivalents | $(219,000) | $2,203,000 | | Cash, cash equivalents and restricted cash at end of the period | $41,948,000 | $6,504,000 | Operating Activities - Net cash provided by operating activities decreased to $967,000 in Q1 2022 from $3,208,000 in Q1 2021[159] - The decrease was mainly attributed to an increase in accounts receivable and a decrease in accounts payable and accrued liabilities balances[159] Investing Activities - Net cash used in investing activities increased to $410,000 in Q1 2022 from $224,000 in Q1 2021[160] - Cash used was primarily associated with equipment and software purchases and upgrades, along with investments in the intellectual property portfolio[160] Financing Activities - Net cash used in financing activities was $776,000 in Q1 2022, comparable to $781,000 in Q1 2021[160] - Cash used was primarily related to payment of taxes upon vesting of RSUs and exercise of stock options, and principal payments on loans[160] Sources of Capital - Principal sources of cash include operating activities from ImprimisRx, proceeds from senior notes, and sales of Eton common stock[161] - The company may seek additional financing through equity or debt, corporate partnerships, licensing arrangements, or asset sales, which could lead to dilution or increased leverage[162] - Inability to obtain necessary financing could force the company to forego development opportunities or scale back operations[163] Recently Issued and Adopted Accounting Pronouncements - Refer to Note 2 to the condensed consolidated financial statements for details on recently issued and adopted accounting pronouncements[164] Item 3. Quantitative and Qualitative Disclosures About Market Risk States that there are no applicable quantitative and qualitative disclosures about market risk - This item is not applicable[165] Item 4. Controls and Procedures Details the evaluation of disclosure controls and procedures and reports on changes in internal controls Evaluation of Disclosure Controls and Procedures - Management, including the principal executive officer and principal financial officer, concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[167] Changes in Internal Controls over Financial Reporting - There were no material changes in the company's internal control over financial reporting during the quarter ended March 31, 2022[168] PART II. OTHER INFORMATION Item 1. Legal Proceedings Refers to the notes to the financial statements for information regarding legal proceedings - Refer to Note 15 to the condensed consolidated financial statements for information on various legal proceedings[171] Item 1A. Risk Factors Directs readers to the Annual Report on Form 10-K for a comprehensive discussion of risk factors - Readers should consider the risk factors and other information in the Annual Report on Form 10-K for the year ended December 31, 2021[172] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds States that there were no unregistered sales of equity securities or use of proceeds to report - None[173] Item 3. Defaults Upon Senior Securities States that there were no defaults upon senior securities to report - Not applicable[174] Item 4. Mine Safety Disclosures States that there are no mine safety disclosures applicable to the company - Not applicable[175] Item 5. Other Information Indicates that there is no other information to report for the period - None[176] Item 6. Exhibits Lists the exhibits filed as part of the Quarterly Report, including certifications and XBRL documents - Exhibits include certifications (31.1, 31.2, 32.1) and Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[177] Signatures Contains the required signatures certifying the accuracy of the report - The report was signed by Mark L Baum (Chief Executive Officer and Director) and Andrew R Boll (Chief Financial Officer) on May 5, 2022[183]