FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper” or the “Company”),
a leading national online lease-to-own (“LTO”) retailer and LTO
payment solution provider, today announced its financial results
for both the second quarter and first six months of 2019,
highlighted by continued growth in originations, revenues and
Adjusted EBITDA.
Results for the Quarter Ended June 30,
2019 vs. Quarter Ended June 30, 20181:
- Net lease revenues and
fees1 increased 51.9% to $19.9 million from $13.1
million.
- FlexShopper originated 29,252 gross
leases, up 24.6% from 23,474.
- Gross lease originations increased
$4.0 million, an increase of 43.4%, to $13.2 million from $9.2
million.
- The average origination value
increased to $452 from $393.
- Net loss decreased to $(0.3)
million compared with net loss of $(2.0) million.
- Net loss attributable to common
stockholders declined to $(0.9) million, or $(0.05) per diluted
share, compared to $(2.6) million, or $(0.48) per diluted
share.
- Gross Profit increased 37.9% to
$5.9 million from $4.3 million.
- Adjusted EBITDA increased to $1.7
million compared to ($0.4) million.
Results for the Six Months
Ended June 30, 2019 vs. Six Months Ended June
30, 20181:
- Net lease revenues and fees rose
52.8% to $41.7 million from $27.3 million.
- Lease originations increased from
45,517 to 59,245, for an increase of of 30.2%.
- Gross lease originations increased
$9.3 million, an increase of 50.5%, to $27.7 million from $18.4
million.
- The average origination value
advanced to $467 versus $404.
- Net income posted positive at $0.2
million compared to a net loss of $(4.3) million.
- Net loss attributable to common
shareholders decreased to $(1.0)
million or $(0.06) per diluted share, compared
to $(5.5) million, or $(1.03) per diluted
share.
- Gross Profit increased 53.9% to
$12.8 million from $8.3 million.
- Adjusted EBITDA2 grew to $4.1
million compared to $(1.3) million.
1 Beginning with Q1 2019 financial results, the
Company adopted a new accounting standard which requires revenues
to be reported net of bad debt expense. The Company has
retroactively adopted the provisions of the new accounting standard
to prior periods in order to provide an accurate comparison.2
Adjusted EBITDA is a non-GAAP financial measure. Refer to the
definitions and reconciliations of this measure under “Non-GAAP
Measures.”
Q2 2019 Highlights and Recent
Developments
- Continued growth in
originations. FlexShopper originated 29,252 gross leases
in Q2 2019, representing an increase of 24.6% compared with the
prior year period. Growth continued to be driven by the
combination of repeat customer activity, along with strong growth
in the Company’s B2B channel.
- Lease originations through
third-party retail stores, the Company’s B2B channel, increased
776% compared to the same period last year. In addition,
retail store lease originations increased from 6.7% of total
originations in the second quarter of 2018 to 24.5% of originations
in the second quarter of 2019. Leases
acquired through the Company’s B2B retail channel have
significantly lower acquisition costs than the Company’s direct to
consumer, or B2C, channel.
- The Company’s average cost
to acquire a new customer continued to decrease in the second
quarter of 2019, reaching a new quarterly low of $58, compared to
$167 for the same period in 2018. The Company continues to
optimize its marketing expense, which declined from $1.3 million in
Q2 2018 to $0.3 million in Q2 2019. For the six months ended
June 30, 2019, marketing expense was $1.2 million compared with
$2.4 million in the same period last year.
- Completed roll-outs with
two B2B partners. During Q2, the Company completed the
rollout of its integrationless, mobile app-based LTO checkout
option at more than 560 additional retail locations between two new
retail partners.
- Business model continuing
to gain leverage. Gross Profit increased 37.9%
during Q2 2019 resulting in $712,038 of operating income compared
to an operating loss of $929,568 for the same period last year.
Gross Profit increased 53.9% for the six months ended June 30, 2019
resulting in operating income of $2.4 million compared to an
operating loss of $2.3 million for the same period last
year.
Brad Bernstein, CEO, commented on the Company’s
success, saying “Following strong first quarter results, we are
very pleased to record another quarter of solidly-positive Adjusted
EBITDA. All of our channels are contributing to our lease
origination growth and we are particularly excited about our recent
accelerated growth in our B2B in-store channel. Omnichannel growth,
combined with our strong repeat business, continues to translate
into increases in Gross Profit, which is growing at a faster rate
than our expenses; this has led to our improved bottom line
performance and illustrates the operating leverage of our model. We
are very focused on efficiently increasing lease originations
across all of our channels which ultimately enhances the leverage
in our business.”
2019 Outlook
The Company is updating its guidance for
2019.
|
Current Guidance |
Previous Guidance |
2019 Gross Lease Originations |
> $72 million |
> $70 million |
2019 Gross Revenue |
> $112 million |
> $110 million |
2019 Gross Profit |
> $26.5 million |
> $25.5 million |
2019 Adjusted EBITDA |
> $5.0 million |
> $4.0 million |
|
|
|
The Company's guidance for Gross Lease
Originations, Gross Revenue, Gross Profit and Adjusted EBITDA are
forward-looking statements. They are subject to various risks and
uncertainties that could cause the Company's actual results to
differ materially from the anticipated targets. There can be no
assurance the Company will meet these financial projections. See
the cautionary information about forward-looking statements in the
"Forward-Looking Statements" section of this press release.
Additionally, Adjusted EBITDA is a non-GAAP financial measure.
Refer to the definition of this measure under “Non-GAAP Measures,”
but note that information reconciling forward-looking non-GAAP
measures to GAAP measures is not available without unreasonable
effort.
Conference Call Details
Date: |
|
Tuesday, August 13, 2019 |
Time: |
|
10:00 a.m., Eastern time |
|
|
|
Participant Dial-In Numbers: |
Domestic callers: |
|
(877) 407-3944 |
International callers: |
|
(412) 902-0038 |
|
|
|
Access by Webcast
The call will also be simultaneously webcast over the Internet
via the “Investor” section of the Company’s website at
www.flexshopper.com or by clicking on the conference call link:
https://78449.themediaframe.com/dataconf/productusers/fpay/mediaframe/31688/indexl.html.
An audio replay of the call will be archived on the Company’s
website.
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenues and fees, net |
|
$ |
19,901,156 |
|
|
$ |
13,104,990 |
|
|
$ |
41,685,935 |
|
|
$ |
27,266,568 |
|
Lease merchandise sold |
|
|
763,184 |
|
|
|
487,830 |
|
|
|
1,709,802 |
|
|
|
1,102,348 |
|
Total revenues |
|
|
20,664,340 |
|
|
|
13,592,820 |
|
|
|
43,395,737 |
|
|
|
28,368,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of lease revenues,
consisting of depreciation and impairment of lease merchandise |
|
|
14,260,308 |
|
|
|
8,987,412 |
|
|
|
29,538,247 |
|
|
|
19,395,158 |
|
Cost of lease merchandise
sold |
|
|
498,838 |
|
|
|
324,705 |
|
|
|
1,063,845 |
|
|
|
658,468 |
|
Marketing |
|
|
314,229 |
|
|
|
1,260,237 |
|
|
|
1,162,775 |
|
|
|
2,429,187 |
|
Salaries and benefits |
|
|
2,037,081 |
|
|
|
2,031,788 |
|
|
|
3,795,168 |
|
|
|
4,211,164 |
|
Operating expenses |
|
|
2,841,846 |
|
|
|
1,918,246 |
|
|
|
5,438,128 |
|
|
|
3,957,184 |
|
Total costs and expenses |
|
|
19,952,302 |
|
|
|
14,522,388 |
|
|
|
40,998,163 |
|
|
|
30,651,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
|
712,038 |
|
|
|
(929,568 |
) |
|
|
2,397,574 |
|
|
|
(2,282,245 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense including
amortization of debt issuance costs |
|
|
1,021,984 |
|
|
|
1,045,338 |
|
|
|
2,203,977 |
|
|
|
1,979,005 |
|
Net
income/(loss) |
|
|
(309,946 |
) |
|
|
(1,974,906 |
) |
|
|
193,597 |
|
|
|
(4,261,250 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series 2
Convertible Preferred Shares |
|
|
609,282 |
|
|
|
604,824 |
|
|
|
1,218,450 |
|
|
|
1,208,504 |
|
Net loss attributable
to common shareholders |
|
$ |
(919,228 |
) |
|
$ |
(2,579,730 |
) |
|
$ |
(1,024,853 |
) |
|
$ |
(5,469,754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(0.05 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
17,666,193 |
|
|
|
5,368,390 |
|
|
|
17,658,562 |
|
|
|
5,331,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEXSHOPPER,
INC.CONSOLIDATED BALANCE SHEETS
|
|
June 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash |
|
$ |
2,791,829 |
|
|
$ |
6,141,210 |
|
Accounts receivable, net |
|
|
6,897,421 |
|
|
|
6,375,963 |
|
Prepaid expenses |
|
|
517,139 |
|
|
|
317,160 |
|
Lease merchandise, net |
|
|
24,425,167 |
|
|
|
32,364,697 |
|
Total current assets |
|
|
34,631,556 |
|
|
|
45,199,030 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
net |
|
|
5,266,219 |
|
|
|
3,336,664 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS, net |
|
|
129,884 |
|
|
|
90,621 |
|
|
|
$ |
40,027,659 |
|
|
$ |
48,626,315 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current portion of loan payable under credit agreement to
beneficial shareholder net of $0 at 2019 and $167,483 at 2018 of
unamortized issuance costs |
|
$ |
- |
|
|
$ |
14,252,717 |
|
Accounts payable |
|
|
2,571,890 |
|
|
|
8,317,216 |
|
Accrued payroll and related taxes |
|
|
364,659 |
|
|
|
393,095 |
|
Promissory notes to related parties net of $13,333 at 2019 and $0
at 2018 of unamortized issuance costs |
|
|
1,053,114 |
|
|
|
1,814,771 |
|
Accrued expenses |
|
|
799,468 |
|
|
|
1,335,505 |
|
Lease liability - current portion |
|
|
224,998 |
|
|
|
- |
|
Total current liabilities |
|
|
5,014,129 |
|
|
|
26,113,304 |
|
|
|
|
|
|
|
|
|
|
Loan payable under credit agreement to beneficial shareholder net
of $226,963 at 2019 and $164,752 at 2018 of unamortized issuance
costs and current portion |
|
|
20,480,678 |
|
|
|
14,020,335 |
|
Promissory notes to related parties net of $33,103 at 2019 and $0
at 2018 of unamortized issuance costs and current portion |
|
|
3,716,896 |
|
|
|
- |
|
Lease liabilities less current portion |
|
|
1,734,564 |
|
|
|
- |
|
Total liabilities |
|
|
30,946,267 |
|
|
|
40,133,639 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Series 1 Convertible Preferred Stock, $0.001 par value - authorized
250,000 shares, issued and outstanding 171,191 shares at 2019 and
239,405 shares at 2018 at $5.00 stated value |
|
|
855,955 |
|
|
|
1,197,025 |
|
Series 2 Convertible Preferred Stock, $0.001 par value - authorized
25,000 shares, issued and outstanding 21,952 shares at $1,000
stated value |
|
|
21,952,000 |
|
|
|
21,952,000 |
|
Common stock, $0.0001 par value- authorized 40,000,000 shares,
issued and outstanding 17,666,193 shares at 2019 and 17,579,870
shares at 2018 |
|
|
1,767 |
|
|
|
1,758 |
|
Additional paid in capital |
|
|
34,810,668 |
|
|
|
34,074,488 |
|
Accumulated deficit |
|
|
(48,538,998 |
) |
|
|
(48,732,595 |
) |
Total stockholders’ equity |
|
|
9,081,392 |
|
|
|
8,492,676 |
|
|
|
$ |
40,027,659 |
|
|
$ |
48,626,315 |
|
|
|
|
|
|
|
|
|
|
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWSFor the six months ended June 30, 2019 and
2018(unaudited)
|
|
2019 |
|
|
2018 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net income/(loss) |
|
$ |
193,597 |
|
|
$ |
(4,261,250 |
) |
Adjustments to reconcile net income/(loss) to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and impairment of lease merchandise |
|
|
29,538,247 |
|
|
|
19,395,158 |
|
Other depreciation and amortization |
|
|
1,237,143 |
|
|
|
1,191,510 |
|
Compensation expense related to issuance of stock options and
warrants |
|
|
371,972 |
|
|
|
72,481 |
|
Provision for doubtful accounts |
|
|
15,774,830 |
|
|
|
10,658,805 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(16,296,288 |
) |
|
|
(10,504,020 |
) |
Prepaid expenses and other |
|
|
(198,666 |
) |
|
|
(60,167 |
) |
Lease merchandise |
|
|
(21,598,717 |
) |
|
|
(15,786,419 |
) |
Security deposits |
|
|
(40,801 |
) |
|
|
- |
|
Accounts payable |
|
|
(5,745,326 |
) |
|
|
(3,188,174 |
) |
Accrued payroll and related taxes |
|
|
(28,436 |
) |
|
|
(38,832 |
) |
Accrued expenses |
|
|
(511,712 |
) |
|
|
108,198 |
|
Net cash used in operating activities |
|
|
(2,695,843 |
) |
|
|
(2,412,710 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and equipment, including capitalized software
costs |
|
|
(1,105,122 |
) |
|
|
(1,021,551 |
) |
Net cash used in investing activities |
|
|
(1,105,122 |
) |
|
|
(1,021,551 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Refund of equity issuance related costs |
|
|
23,147 |
|
|
|
- |
|
Proceeds from exercise of warrants |
|
|
- |
|
|
|
1,750 |
|
Proceeds from promissory notes, net of fees |
|
|
3,440,000 |
|
|
|
3,465,000 |
|
Repayment of promissory note |
|
|
(500,000 |
) |
|
|
- |
|
Proceeds from loan payable under credit agreement |
|
|
1,358,343 |
|
|
|
3,550,000 |
|
Repayment of loan payable under credit agreement |
|
|
(9,255,988 |
) |
|
|
(6,420,852 |
) |
Repayment of installment loan |
|
|
(5,604 |
) |
|
|
(5,604 |
) |
Debt issuance related costs |
|
|
- |
|
|
|
(69,000 |
) |
Net cash (used in) provided by financing activities |
|
|
(4,940,102 |
) |
|
|
521,294 |
|
|
|
|
|
|
|
|
|
|
DECREASE IN CASH |
|
|
(3,349,381 |
) |
|
|
(2,912,967 |
) |
|
|
|
|
|
|
|
|
|
CASH, beginning of period |
|
|
6,141,210 |
|
|
|
4,968,915 |
|
|
|
|
|
|
|
|
|
|
CASH, end of period |
|
$ |
2,791,829 |
|
|
$ |
2,055,948 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
1,936,218 |
|
|
$ |
1,422,484 |
|
Non-cash financing
activities: |
|
|
|
|
|
|
|
|
Conversion of preferred stock to common stock |
|
$ |
341,070 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
We regularly review a number of metrics,
including the following key metrics, to evaluate our business,
measure our performance, identify trends affecting our business,
formulate financial projections and make strategic decisions.
Adjusted EBITDA represents net income before
interest, stock-based compensation, taxes, depreciation (other than
depreciation of leased inventory), amortization, and one-time or
non-recurring items. We believe that Adjusted EBITDA provides
us with an understanding of one aspect of earnings before the
impact of investing and financing charges and income
taxes.
Key performance metrics for the three months ended June 30, 2019
and 2018 were as follows:
|
|
Three months ended June 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
(309,946 |
) |
|
$ |
(1,974,906 |
) |
|
$ |
1,664,960 |
|
|
|
84.3 |
|
Amortization of debt
costs |
|
|
58,569 |
|
|
|
160,903 |
|
|
|
(102,334 |
) |
|
|
(63.6 |
) |
Other amortization and
depreciation |
|
|
593,605 |
|
|
|
462,530 |
|
|
|
131,075 |
|
|
|
28.3 |
|
Interest expense |
|
|
963,415 |
|
|
|
884,435 |
|
|
|
78,980 |
|
|
|
8.9 |
|
Stock compensation |
|
|
303,243 |
|
|
|
22,779 |
|
|
|
280,464 |
|
|
|
1,231.2 |
|
Non-recurring
product/infrastructure expenses |
|
|
134,814 |
|
|
|
- |
|
|
|
134,814 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
1,743,699 |
|
|
$ |
(444,259 |
) |
|
$ |
2,187,958 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key performance metrics for the six months ended June 30, 2019
and 2018 were as follows:
|
|
Six months ended June 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
193,597 |
|
|
$ |
(4,261,250 |
) |
|
$ |
4,454,847 |
|
|
|
- |
|
Amortization of debt
costs |
|
|
118,834 |
|
|
|
293,307 |
|
|
|
(174,473 |
) |
|
|
(59.5 |
) |
Other amortization and
depreciation |
|
|
1,118,308 |
|
|
|
898,204 |
|
|
|
220,104 |
|
|
|
24.5 |
|
Interest expense |
|
|
2,085,143 |
|
|
|
1,685,698 |
|
|
|
399,445 |
|
|
|
23.7 |
|
Stock compensation |
|
|
328,772 |
|
|
|
72,481 |
|
|
|
256,291 |
|
|
|
353.6 |
|
Non recurring
product/infrastructure expenses |
|
|
227,111 |
|
|
|
- |
|
|
|
227,111 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
4,071,765 |
|
|
$ |
(1,311,560 |
) |
|
$ |
5,156,214 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company refers to Adjusted EBITDA in the
above tables as the Company uses this measure to evaluate operating
performance and to make strategic decisions about the
Company. Management believes that Adjusted EBITDA provides
relevant and useful information which is widely used by analysts,
investors and competitors in its industry in assessing
performance.
About FlexShopper
FlexShopper, Inc. is a financial and technology
company that provides brand name electronics, home furnishings and
other durable goods to consumers on a lease-to-own (LTO) basis
through its e-commerce marketplace (www.FlexShopper.com) as well as
its patented and patent pending systems. FlexShopper also provides
LTO technology platforms to retailers and e-retailers to facilitate
transactions with consumers that want to acquire their products,
but do not have sufficient cash or credit. FlexShopper approves
consumers utilizing its proprietary consumer screening model,
collects from consumers under an LTO contract and funds the LTO
transactions by paying merchants for the goods.
Forward-Looking Statements
All statements in this release that are not
based on historical fact are “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
These statements include the Company’s financial guidance for
fiscal year 2019 appearing under “2019 Outlook” above.
Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can
generally be identified by the use of forward-looking terms such as
“believe,” “expect,” “may,” “will,” “should,” “could,” “seek,”
“intend,” “plan,” “goal,” “estimate,” “anticipate,” or other
comparable terms. Examples of forward-looking statements include,
among others, statements we make regarding expectations of lease
originations during the holiday season; the expansion of our
lease-to-own program; expectations concerning our partnerships with
retail partners; investments in, and the success of, our
underwriting technology and risk analytics platform; our ability to
collect payments due from customers; expected future operating
results; and expectations concerning our business strategy.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including, among others, the following: our limited operating
history, limited cash and history of losses; our ability to obtain
adequate financing to fund our business operations in the future;
the failure to successfully manage and grow our FlexShopper.com
e-commerce platform; our ability to maintain compliance with
financial covenants under our credit agreement; our dependence on
the success of our third-party retail partners and our continued
relationships with them; our compliance with various federal, state
and local laws and regulations, including those related to consumer
protection; the failure to protect the integrity and security of
customer and employee information; and the other risks and
uncertainties described in the Risk Factors and in Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of our Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. The
forward-looking statements made in this release speak only as of
the date of this release, and FlexShopper assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
U.S. federal securities laws.
Contact:Jeremy HellmanVice
PresidentThe Equity Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper, Inc.
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