BILI
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | -5.61 | -1.04 | -1.25 | -2.60 |
| Price to Sales | 0.28 | 0.22 | 0.43 | 0.91 |
| Book Value Per Common Share | 33.87 | 34.92 | 38.62 | 55.56 |
| Price to Book | 0.53 | 0.35 | 0.61 | 0.84 |
| Price to Operating Cash Flow | 1.25 | 18.86 | -2.39 | -6.66 |
| Price to Free Cash Flow | 1.77 | -4.73 | -1.41 | -2.78 |
| Enterprise Value to EBITDA | 63374.85 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 24.86 | 41.25 | -955.50 | 82.32 | -123.05 |
| Price to Sales | 1.53 | 1.23 | 1.15 | 0.98 | 1.34 |
| Book Value Per Common Share | 36.02 | 34.31 | 34.42 | 33.87 | 33.05 |
| Price to Book | 0.78 | 0.63 | 0.56 | 0.53 | 0.71 |
| Price to Operating Cash Flow | 4.52 | 6.17 | |||
| Price to Free Cash Flow | 5.61 | 8.78 | |||
| Enterprise Value to EBITDA | 233881.98 | 109002.54 | 140637.57 | 883347.54 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | ||||
| Revenue YoY | 19.10 | 2.87 | 12.98 | |
| EBITDA YoY | ||||
| Net Profit YoY |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | 117.31 | ||||
| Revenue YoY | 4.74 | 4.78 | -9.45 | 5.87 | |
| EBITDA YoY | -38.83 | 43.02 | 565.06 | ||
| Net Profit YoY | 114.71 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 39.73 | 36.40 | 49.55 | 79.54 |
| Quick Ratio | 1.26 | 0.97 | 1.32 | 2.79 |
| Current Ratio | 1.34 | 1.03 | 1.43 | 3.02 |
| Debt to Equity | 1.32 | 1.30 | 1.74 | 1.40 |
| Long-Term Debt to Equity | 0.27 | 0.05 | 0.62 | 0.84 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 56.26 | 53.14 | 41.41 | 39.60 | 36.46 |
| Quick Ratio | 1.49 | 1.53 | 1.29 | 1.26 | 0.94 |
| Current Ratio | 1.64 | 1.60 | 1.36 | 1.34 | 1.05 |
| Debt to Equity | 1.68 | 1.74 | 1.31 | 1.32 | 1.33 |
| Long-Term Debt to Equity | 0.58 | 0.61 | 0.26 | 0.27 | 0.04 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | -4.12 | -14.54 | -17.92 | -13.04 |
| ROE | -9.55 | -33.48 | -49.19 | -31.26 |
| Gross Margin | 32.70 | 24.16 | 17.58 | 20.86 |
| Operating Margin | -4.89 | -20.28 | -32.66 | -33.83 |
| EBITDA Margin | 4.44 | -7.41 | -16.38 | -20.40 |
| Net Profit Margin | -5.02 | -21.41 | -34.23 | -35.03 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 1.18 | 0.56 | -0.03 | 0.28 | -0.25 |
| ROE | 3.16 | 1.55 | -0.06 | 0.64 | -0.58 |
| Gross Margin | 36.67 | 36.47 | 36.26 | 36.05 | 34.87 |
| Operating Margin | 6.46 | 3.82 | 0.48 | 1.10 | -0.96 |
| EBITDA Margin | 6.46 | 11.07 | 8.11 | 1.10 | -0.96 |
| Net Profit Margin | 6.12 | 2.98 | -0.13 | 1.16 | -1.09 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | |||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 32,698,500.00 | 33,159,067.00 | 41,830,570.00 | 52,053,151.00 |
| Current Assets | 19,756,055.00 | 18,727,039.00 | 24,452,888.00 | 36,446,856.00 |
| Cash and Short-Term Investments | 16,544,392.00 | 15,039,777.00 | 19,564,008.00 | 30,216,164.00 |
| Cash and Cash Equivalents | 10,249,382.00 | 7,191,821.00 | 10,172,584.00 | 7,523,108.00 |
| Short-Term Investments | 6,295,010.00 | 7,847,956.00 | 9,391,424.00 | 22,693,056.00 |
| Net Receivables | 2,113,360.00 | 2,506,192.00 | 3,028,603.00 | 3,503,252.00 |
| Inventory | 255,185.00 | 186,497.00 | 437,451.00 | 455,767.00 |
| Other Current Assets | 843,118.00 | 994,573.00 | 1,422,826.00 | 2,271,673.00 |
| Non-Current Assets | 12,942,445.00 | 14,432,028.00 | 17,377,682.00 | 15,606,295.00 |
| Property, Plant, Equipment Net | 589,227.00 | 714,734.00 | 1,227,163.00 | 1,350,256.00 |
| Goodwill | 2,725,130.00 | 2,725,130.00 | 2,725,130.00 | 2,338,303.00 |
| Intangible Assets | 3,201,012.00 | 3,627,533.00 | 4,326,790.00 | 3,835,600.00 |
| Long-Term Investments | 3,911,592.00 | 4,366,632.00 | 5,651,018.00 | 5,502,524.00 |
| Non-Current Deferred Assets | 135,131.00 | 46,591.00 | 43,591.00 | 36,355.00 |
| Other Non-Current Assets | 2,380,353.00 | 2,951,408.00 | 3,403,990.00 | 2,543,257.00 |
| Liabilities | 18,594,587.00 | 18,754,800.00 | 26,590,983.00 | 30,337,085.00 |
| Current Liabilities | 14,762,803.00 | 18,103,695.00 | 17,093,404.00 | 12,071,011.00 |
| Payables and Expenses | 9,168,556.00 | 7,500,484.00 | 7,408,636.00 | 7,981,433.00 |
| Account Payables | 5,029,909.00 | 4,643,410.00 | 4,451,606.00 | 4,500,857.00 |
| Current Accrued Liabilities | 1,462,166.00 | 994,077.00 | 938,282.00 | 1,453,200.00 |
| Short-Term Debt | 1,786,460.00 | 7,644,257.00 | 6,860,073.00 | 1,438,864.00 |
| Other Current Liabilities | 3,807,787.00 | 2,958,954.00 | 2,824,695.00 | 2,650,714.00 |
| Non-Current Liabilities | 3,831,784.00 | 651,105.00 | 9,497,579.00 | 18,266,074.00 |
| Long-Term Debt | 3,264,153.00 | 646.00 | 8,683,150.00 | 17,784,092.00 |
| Other Non-Current Liabilities | 567,631.00 | 650,459.00 | 814,429.00 | 481,982.00 |
| Equity | 14,103,913.00 | 14,404,267.00 | 15,239,587.00 | 21,716,066.00 |
| Shareholders Equity | 14,108,397.00 | 14,391,900.00 | 15,237,828.00 | 21,703,667.00 |
| Capital Stock | 268.00 | 265.00 | 253.00 | 251.00 |
| Share Premium | 41,454,130.00 | 40,445,175.00 | 36,623,161.00 | 35,929,961.00 |
| Retained Earnings | -27,661,459.00 | -26,310,766.00 | -21,479,869.00 | -13,971,304.00 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 315,458.00 | 257,226.00 | 94,283.00 | -255,241.00 |
| Minority Interest | -4,484.00 | 12,367.00 | 1,759.00 | 12,399.00 |
| Debt | 5,050,613.00 | 7,644,903.00 | 15,543,223.00 | 19,222,956.00 |
| Net Debt | 0 | 264,578.00 | 5,131,952.00 | 11,493,090.00 |
| Common Shares Outstanding | 416,553.78 | 412,156.83 | 394,579.59 | 390,604.59 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 26,831,525.00 | 22,527,987.00 | 21,899,167.00 | 19,383,684.00 |
| Cost Of Revenue | 18,057,562.00 | 17,086,122.00 | 18,049,872.00 | 15,340,537.00 |
| Interest Income | 434,980.00 | 542,472.00 | 281,051.00 | 70,367.00 |
| Interest Expense | 89,193.00 | 164,927.00 | 250,923.00 | 155,467.00 |
| Non-Interest Expense | 6,432,718.00 | 6,038,582.00 | 7,441,879.00 | 7,632,359.00 |
| Gross Profit | 8,773,963.00 | 5,441,865.00 | 3,849,295.00 | 4,043,147.00 |
| Operating Expenses | 10,117,932.00 | 10,506,052.00 | 12,207,239.00 | 10,472,221.00 |
| Selling, General and Administrative Expenses | 6,432,718.00 | 6,038,582.00 | 7,441,879.00 | 7,632,359.00 |
| Research and Development Expenses | 3,685,214.00 | 4,467,470.00 | 4,765,360.00 | 2,839,862.00 |
| Operating Income | -1,343,969.00 | -5,064,187.00 | -8,357,944.00 | -6,429,074.00 |
| Net Non-Operating Income | 175,412.00 | 132,640.00 | 157,944.00 | 10,411.00 |
| EBT | -1,400,195.00 | -4,733,008.00 | -7,403,508.00 | -6,713,450.00 |
| Income Tax | -36,544.00 | 78,705.00 | 104,145.00 | 95,289.00 |
| Net Income Including Non-Controlling Interests | -1,363,651.00 | -4,811,713.00 | -7,507,653.00 | -6,808,739.00 |
| Net Income Non-Controlling Interests | 16,851.00 | -10,608.00 | 10,640.00 | 19,511.00 |
| Net Income | -1,346,800.00 | -4,822,321.00 | -7,497,013.00 | -6,789,228.00 |
| EBIT | -1,311,002.00 | -4,568,081.00 | -7,152,585.00 | -6,557,983.00 |
| Deprecation and Amortization | 2,501,165.00 | 2,899,686.00 | 3,566,072.00 | 2,603,700.00 |
| EBITDA | 1,190,163.00 | -1,668,395.00 | -3,586,513.00 | -3,954,283.00 |
| EPS | -0.00 | -0.01 | -0.02 | -0.02 |
| Diluted EPS | -0.00 | -0.01 | -0.02 | -0.02 |
| Average Shares Outstanding Basic | 416,470.26 | 413,210.27 | 394,863.58 | 379,898.12 |
| Average Shares Outstanding Diluted | 416,470.26 | 413,210.27 | 394,863.58 | 379,898.12 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 6,014,854.00 | 266,622.00 | -3,911,370.00 | -2,647,008.00 |
| Operating Net Income | -1,363,651.00 | -4,811,713.00 | -7,507,653.00 | -6,808,739.00 |
| Deprecation and Amortization | 2,501,165.00 | 2,899,686.00 | 3,566,072.00 | 2,603,700.00 |
| Deferred Income Tax | -110,118.00 | -25,376.00 | -36,495.00 | -21,492.00 |
| Share Based Compensation | 1,116,212.00 | 1,132,644.00 | 1,040,683.00 | 999,817.00 |
| Change in Working Capital | 3,153,728.00 | 449,158.00 | -1,152,091.00 | -9,161.00 |
| Other Operating Activities | 717,518.00 | 622,223.00 | 178,114.00 | 588,867.00 |
| Investing Cash Flow | -138,087.00 | 1,762,148.00 | 10,609,218.00 | -24,578,111.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -465,367.00 | -181,897.00 | -760,427.00 | -965,410.00 |
| Net Purchase/Sale of Investments Net | 1,463,749.00 | 2,376,884.00 | 13,318,451.00 | -20,982,747.00 |
| Net Purchase/Sale of Business | 0 | -70,000.00 | -1,179,889.00 | -447,380.00 |
| Other Investing Activities | -1,136,469.00 | -362,839.00 | -768,917.00 | -2,182,574.00 |
| Financing Cash Flow | -2,825,383.00 | -5,074,685.00 | -4,354,919.00 | 30,389,152.00 |
| Net Issuance/Repayment of Debt | -2,718,128.00 | -7,757,040.00 | -3,950,601.00 | 11,203,235.00 |
| Net Issuance/Repurchase of Equity | -117,523.00 | 2,689,380.00 | -347,581.00 | 19,288,423.00 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | 10,268.00 | -7,025.00 | -56,737.00 | -102,506.00 |
| Net Change in Cash | 3,051,384.00 | -3,045,915.00 | 2,342,929.00 | 3,164,033.00 |
| Cash at Beginning of Period | 7,241,821.00 | 10,187,387.00 | 7,523,108.00 | 4,678,109.00 |
| Cash at End of Period | 10,299,382.00 | 7,241,821.00 | 10,187,387.00 | 7,523,108.00 |
| Free Cash Flow | 4,259,743.00 | -1,063,522.00 | -6,649,694.00 | -6,334,217.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|
| Assets | 39,933,106.00 | 38,793,783.00 | 33,280,490.00 | 32,698,500.00 | 32,021,300.00 | 0 |
| Current Assets | 27,001,279.00 | 25,570,818.00 | 20,579,392.00 | 19,756,055.00 | 18,686,995.00 | 0 |
| Cash and Short-Term Investments | 23,487,565.00 | 22,290,805.00 | 17,396,656.00 | 16,544,392.00 | 15,234,102.00 | 0 |
| Cash and Cash Equivalents | 12,101,172.00 | 10,675,615.00 | 9,601,900.00 | 10,249,382.00 | 7,463,154.00 | 0 |
| Short-Term Investments | 11,386,393.00 | 11,615,190.00 | 7,794,756.00 | 6,295,010.00 | 7,770,948.00 | 0 |
| Net Receivables | 1,135,917.00 | 2,241,393.00 | 2,124,225.00 | 2,113,360.00 | 1,516,707.00 | 0 |
| Inventory | 0 | 209,114.00 | 233,741.00 | 255,185.00 | 0 | 215,787.00 |
| Other Current Assets | 0 | 829,506.00 | 824,770.00 | 843,118.00 | 0 | 0 |
| Non-Current Assets | 12,931,827.00 | 13,222,965.00 | 12,701,098.00 | 12,942,445.00 | 13,334,305.00 | 0 |
| Property, Plant, Equipment Net | 636,554.00 | 608,268.00 | 522,109.00 | 589,227.00 | 668,022.00 | 0 |
| Goodwill | 2,725,130.00 | 2,725,130.00 | 2,725,130.00 | 2,725,130.00 | 2,725,130.00 | 0 |
| Intangible Assets | 2,939,518.00 | 3,019,348.00 | 3,199,545.00 | 3,201,012.00 | 3,238,432.00 | 0 |
| Long-Term Investments | 4,353,581.00 | 4,565,609.00 | 3,919,494.00 | 3,911,592.00 | 4,172,991.00 | 0 |
| Non-Current Deferred Assets | 0 | 144,399.00 | 142,237.00 | 135,131.00 | 0 | 81,739.00 |
| Other Non-Current Assets | 0 | 2,160,211.00 | 2,192,583.00 | 2,380,353.00 | 0 | 0 |
| Liabilities | 25,041,457.00 | 24,638,025.00 | 18,900,142.00 | 18,594,587.00 | 18,298,184.00 | 0 |
| Current Liabilities | 16,477,331.00 | 16,014,318.00 | 15,104,777.00 | 14,762,803.00 | 17,756,866.00 | 0 |
| Payables and Expenses | 10,412,467.00 | 9,814,926.00 | 9,215,218.00 | 9,168,556.00 | 9,353,609.00 | 0 |
| Account Payables | 5,297,185.00 | 5,427,250.00 | 5,211,791.00 | 5,029,909.00 | 4,923,826.00 | 0 |
| Current Accrued Liabilities | 3,169,792.00 | 1,850,520.00 | 1,684,569.00 | 1,462,166.00 | 2,600,074.00 | 0 |
| Short-Term Debt | 1,636,078.00 | 1,953,423.00 | 2,033,945.00 | 1,786,460.00 | 4,297,045.00 | 0 |
| Other Current Liabilities | 4,428,786.00 | 4,245,969.00 | 3,855,614.00 | 3,807,787.00 | 4,106,212.00 | 0 |
| Non-Current Liabilities | 8,564,126.00 | 8,623,707.00 | 3,795,365.00 | 3,831,784.00 | 541,318.00 | 0 |
| Long-Term Debt | 8,056,329.00 | 8,088,858.00 | 3,264,089.00 | 3,264,153.00 | 724.00 | 0 |
| Other Non-Current Liabilities | 507,797.00 | 534,849.00 | 531,276.00 | 567,631.00 | 540,594.00 | 0 |
| Equity | 14,891,649.00 | 14,155,758.00 | 14,380,348.00 | 14,103,913.00 | 13,723,116.00 | 0 |
| Shareholders Equity | 14,899,296.00 | 14,162,576.00 | 14,386,407.00 | 14,108,397.00 | 13,726,574.00 | 0 |
| Capital Stock | 0 | 266.00 | 269.00 | 268.00 | 0 | 267.00 |
| Share Premium | 0 | 41,313,604.00 | 41,747,152.00 | 41,454,130.00 | 0 | 40,977,214.00 |
| Retained Earnings | 0 | -27,451,559.00 | -27,670,561.00 | -27,661,459.00 | 0 | -27,668,011.00 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 300,265.00 | 309,547.00 | 315,458.00 | 0 | 275,401.00 |
| Minority Interest | -7,647.00 | -6,818.00 | -6,059.00 | -4,484.00 | -3,458.00 | 0 |
| Debt | 9,692,407.00 | 10,042,281.00 | 5,298,034.00 | 5,050,613.00 | 4,297,769.00 | 0 |
| Net Debt | 0 | 0 | 0 | 0 | 0 | 1,114,400.00 |
| Common Shares Outstanding | 413,673.02 | 412,780.37 | 417,986.50 | 416,553.78 | 415,380.51 | 0 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 7,685,461.00 | 7,337,690.00 | 7,003,248.00 | 7,734,161.00 | 7,305,620.00 |
| Cost Of Revenue | 4,867,533.00 | 4,661,844.00 | 4,464,150.00 | 4,945,945.00 | 4,758,434.00 |
| Interest Income | 122,526.00 | 101,639.00 | 94,173.00 | 110,150.00 | 91,279.00 |
| Interest Expense | 42,135.00 | 35,506.00 | 32,571.00 | 19,986.00 | 17,824.00 |
| Non-Interest Expense | 1,559,443.00 | 1,557,820.00 | 1,682,613.00 | 1,742,454.00 | 1,707,793.00 |
| Gross Profit | 2,817,928.00 | 2,675,846.00 | 2,539,098.00 | 2,788,216.00 | 2,547,186.00 |
| Operating Expenses | 2,463,980.00 | 2,424,234.00 | 2,524,090.00 | 2,661,775.00 | 2,613,865.00 |
| Selling, General and Administrative Expenses | 1,559,443.00 | 1,557,820.00 | 1,682,613.00 | 1,742,454.00 | 1,707,793.00 |
| Research and Development Expenses | 904,537.00 | 866,414.00 | 841,477.00 | 919,321.00 | 906,072.00 |
| Operating Income | 353,948.00 | 251,612.00 | 15,008.00 | 126,441.00 | -66,679.00 |
| Net Non-Operating Income | 112,321.00 | -4,518.00 | -1,837.00 | 139,107.00 | -18,134.00 |
| EBT | 454,641.00 | 244,640.00 | 911.00 | 65,401.00 | -88,224.00 |
| Income Tax | -14,760.00 | 26,357.00 | 11,588.00 | -23,533.00 | -8,419.00 |
| Net Income Including Non-Controlling Interests | 469,401.00 | 218,283.00 | -10,677.00 | 88,934.00 | -79,805.00 |
| Net Income Non-Controlling Interests | 829.00 | 719.00 | 1,575.00 | 1,026.00 | 290.00 |
| Net Income | 470,230.00 | 219,002.00 | -9,102.00 | 89,960.00 | -79,515.00 |
| EBIT | 496,776.00 | 280,146.00 | 33,482.00 | 85,387.00 | -70,400.00 |
| Deprecation and Amortization | 0 | 532,029.00 | 534,397.00 | 0 | 0 |
| EBITDA | 496,776.00 | 812,175.00 | 567,879.00 | 85,387.00 | -70,400.00 |
| EPS | 0.00 | 0.00 | -0.00 | 0.00 | -0.00 |
| Diluted EPS | 0.00 | 0.00 | -0.00 | 0.00 | -0.00 |
| Average Shares Outstanding Basic | 417,467.81 | 419,443.58 | 420,086.40 | 417,829.04 | 417,849.45 |
| Average Shares Outstanding Diluted | 454,956.13 | 437,370.78 | 420,086.40 | 424,208.29 | 417,849.45 |
| Breakdown | 2025-06-30 | 2025-03-31 | 2024-06-30 |
|---|---|---|---|
| Operating Cash Flow | 1,989,265.00 | 1,302,095.00 | 1,750,540.00 |
| Operating Net Income | 218,283.00 | -10,677.00 | -608,149.00 |
| Deprecation and Amortization | 532,029.00 | 534,397.00 | 624,402.00 |
| Deferred Income Tax | -6,298.00 | -11,242.00 | -31,611.00 |
| Share Based Compensation | 284,847.00 | 290,765.00 | 259,479.00 |
| Change in Working Capital | 858,653.00 | 411,040.00 | 1,386,739.00 |
| Other Operating Activities | 101,751.00 | 87,812.00 | 119,680.00 |
| Investing Cash Flow | -4,981,266.00 | -2,206,517.00 | -3,941,586.00 |
| Capital Expenditure | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -144,448.00 | -35,699.00 | -152,457.00 |
| Net Purchase/Sale of Investments Net | -4,595,649.00 | -1,838,569.00 | -3,284,759.00 |
| Net Purchase/Sale of Business | 0 | 0 | 0 |
| Other Investing Activities | -241,169.00 | -332,249.00 | -504,370.00 |
| Financing Cash Flow | 4,051,538.00 | 251,258.00 | -107,497.00 |
| Net Issuance/Repayment of Debt | 4,771,004.00 | 249,000.00 | -115,470.00 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Other Financing Activities | -719,466.00 | 2,258.00 | 7,973.00 |
| Net Change in Cash | 1,059,537.00 | -653,164.00 | -2,298,543.00 |
| Cash at Beginning of Period | 9,652,850.00 | 10,299,382.00 | 6,087,409.00 |
| Cash at End of Period | 10,726,415.00 | 9,652,850.00 | 3,782,504.00 |
| Free Cash Flow | 1,603,646.00 | 914,611.00 | 1,094,112.00 |