SECAUCUS, N.J., April 10, 2026 (GLOBE NEWSWIRE) -- The Children's Place, Inc. (Nasdaq: PLCE), one of the only pure-play children's specialty retailers in North America with an omni-channel presence, today announced financial results for the Company's fourth fiscal quarter and the full fiscal year ended January 31, 2026.
Muhammad Umair, President and Chief Executive Officer said, "While our fourth quarter results were disappointing, we are taking decisive action to turn this business around. The Children's Place brand remains strong, recently ranked 21st in TIME's survey of "America's most iconic companies", and we are leveraging that foundation to drive our transformation. We are reigniting what makes our brand unique by delivering compelling product, design, and branding, with the consumer at the center of every decision we make."
Mr. Umair continued, "We have moved aggressively to address our ecommerce challenges and in February 2026, we migrated to the Salesforce Customer Cloud platform, which we expect to stabilize our customer file and drive increased traffic through faster execution, sharper segmentation, and a superior customer experience. This was essential to evolving our tech platform, and we acted swiftly."
Mr. Umair concluded, "Our transformation is creating real operating leverage. We are focused on reducing costs, margin expansion opportunities, and prioritizing free cash flow generation. We have strengthened our liquidity position and now have the financial flexibility to make the strategic investments needed to succeed during our critical back-to-school season. We know what needs to be done, we have a clear plan, and we are executing with urgency."
The Company's Executive Chairman, Turki S. AlRajhi, provides further details on the Company's strategic initiatives and other business priorities, in his letter to shareholders that can be found on the Company's corporate website at: https://corporate.childrensplace.com/chairmans-letters.
Fourth Quarter 2025 Results
Net sales decreased $79.3 million, or 19.4%, to $329.2 million in the three months ended January 31, 2026, compared to $408.6 million in the three months ended February 1, 2025. The decrease in net sales was driven by a decrease in e-commerce sales due to lower traffic and conversion compared to the prior year period, primarily due to challenges the Company experienced with its performance marketing strategies and execution, and a decrease in wholesale revenue due to the planned reduction in shipments to Amazon during the quarter to rebalance their inventory levels. Comparable retail sales decreased 10.7% for the quarter.
Gross profit decreased $39.2 million to $77.4 million in the three months ended January 31, 2026, compared to $116.6 million in the three months ended February 1, 2025. Gross margin decreased 500 basis points ("bps") to 23.5% during the three months ended January 31, 2026, compared to 28.5% in the prior year period. The decrease in gross margin was caused by the impact of higher tariffs on the Company's product (330 bps), a higher penetration of markdown sales and dilutions (200 bps), and higher inventory reserves (160 bps), partially offset by favorable product costs (290 bps) as the Company shifted strategies to respond to the impact of higher tariff costs.
Selling, general, and administrative expenses were $106.3 million in the three months ended January 31, 2026, compared to $100.6 million in the three months ended February 1, 2025, and deleveraged 770 basis points to 32.3% of net sales. The increase was primarily due to increases in marketing expenses, as the Company continues to refine its marketing strategy transformation. Adjusted selling, general, and administrative expenses were $106.1 million in the three months ended January 31, 2026, compared to $99.5 million in the comparable period last year, and deleveraged 780 basis points to 32.2% of net sales.
Operating loss was $(40.9) million in the three months ended January 31, 2026, compared to Operating income of $6.8 million in the three months ended February 1, 2025 and deleveraged 1,410 basis points to (12.4)% of net sales. Adjusted operating loss was $(38.7) million in the three months ended January 31, 2026, compared to Adjusted operating income of $8.3 million in the comparable period last year, and deleveraged 1,380 basis points to 11.8% of net sales.
Net interest expense was $8.4 million in the three months ended January 31, 2026, compared to $8.7 million in the three months ended February 1, 2025. The decrease was due to lower average borrowings and interest rates on the Company's revolving credit facility with Wells Fargo, partially offset by the write-off of deferred financing costs associated with the refinancing of the revolving credit facility.
Provision (benefit) for income taxes was a benefit of $(4.7) million in the three months ended January 31, 2026, compared to a provision of $6.1 million during the three months ended February 1, 2025. The change is primarily due to the impact of favorable provision to return adjustments and a reduction in reserves for unrecognized income tax benefits. The Company continues to adjust its valuation allowance based upon its ongoing operating results.
Net loss was $(44.6) million, or $(2.01) per diluted share, in the three months ended January 31, 2026, compared to $(8.0) million, or $(0.62) per diluted share, in the three months ended February 1, 2025. Adjusted net loss was $(41.2) million, or $(1.86) per diluted share, compared to $(9.6) million, or $(0.75) per diluted share, in the comparable period last year.
Fiscal Year-To-Date 2025 Results
Net sales decreased $177.4 million, or 12.8%, to $1.209 billion in the twelve months ended January 31, 2026, compared to $1.386 billion in the twelve months ended February 1, 2025. The decrease in net sales was driven by a decrease in e-commerce sales due to lower traffic and conversion. The Company also experienced a decrease in brick-and-mortar revenue from lower sales volume due to lower traffic, particularly in the first half of the fiscal year. The Company's stores and e-commerce sales were both impaired by the current macroeconomic environment, including the impact of tariffs, which has negatively affected the Company's target consumer. The Company also experienced a decrease in wholesale revenue due to the planned reduction in shipments to Amazon during the year to rebalance their inventory levels. Comparable retail sales decreased 8.4% for the twelve months ended January 31, 2026.
Gross profit decreased $97.9 million to $361.6 million in the twelve months ended January 31, 2026, compared to $459.5 million in the twelve months ended February 1, 2025. Gross margin decreased 320 basis points to 29.9% during the twelve months ended January 31, 2026, compared to 33.1% in the prior year period. The decrease in gross margin was caused primarily by an increase in inventory reserves (200 bps), the impact of higher tariffs on the Company's product (140 bps), and a higher penetration of markdown sales and dilutions (70 bps), partially offset by favorable product costs (100 bps) as the Company shifted strategies to respond to the impact of higher tariff costs.
Selling, general, and administrative expenses were $383.7 million in the twelve months ended January 31, 2026, compared to $405.6 million in the twelve months ended February 1, 2025 and deleveraged 240 basis points to 31.7% of net sales. The decrease was due to a reduction in one-time costs incurred in the prior year, primarily associated with the Company's change of control and restructuring costs, partially offset by an increase in marketing expenses. Adjusted selling, general, and administrative expenses were $381.1 million in the twelve months ended January 31, 2026, compared to $370.3 million in the prior year, and deleveraged 480 basis points to 31.5% of net sales.
Operating loss was $(57.2) million in the twelve months ended January 31, 2026, compared to $(13.7) million in the twelve months ended February 1, 2025. Adjusted operating loss was $(52.6) million in the twelve months ended January 31, 2026, compared to Adjusted operating income of $52.7 million in the comparable period last year.
Net interest expense was $33.1 million in the twelve months ended January 31, 2026, compared to $35.7 million in the twelve months ended February 1, 2025. The decrease was due to lower average borrowings and interest rates on the Company's revolving credit facility with Wells Fargo, partially offset by the write-off of deferred financing costs associated with the refinancing of the revolving credit facility and the partial paydown of the first term loan entered into with the Company's majority shareholder, Mithaq Capital SPC ("Mithaq") as a result of the Company's rights offering which was completed during the first quarter.
Provision (benefit) for income taxes was a benefit of $(2.0) million in the twelve months ended January 31, 2026, compared to a provision of $8.4 million during the twelve months ended February 1, 2025. The change is primarily due to shifts in earnings mix and a higher pretax loss for the twelve months ended January 31, 2026, in addition to the impact of favorable provision to return adjustments and a reduction in reserves for unrecognized income tax benefits. The Company continues to adjust its valuation allowance based upon its ongoing operating results.
Net loss was $(88.3) million, or $(4.01) per diluted share, in the twelve months ended January 31, 2026, compared to $(57.8) million, or $(4.53) per diluted share, in the twelve months ended February 1, 2025. Adjusted net loss was $(81.4) million, or $(3.70) per diluted share, compared to Adjusted net income of $5.5 million, or $0.43 per diluted share, in the prior year.
Store Update
During the fourth quarter, the Company opened 10 and closed 11 stores in the three months ended January 31, 2026, and ended the year with 498 stores, compared to 495 stores as of the end of the prior fiscal year.
Balance Sheet and Cash Flow
As of January 31, 2026, the Company had $5.5 million in cash and cash equivalents, $44.4 million in borrowing availability under its revolving credit facility and an additional $40.0 million of availability under the unsecured Commitment Letter provided by Mithaq, representing total liquidity of $89.9 million. The Company had $131.1 million outstanding on its revolving credit facility and has not drawn down on its Mithaq credit facility. Additionally, the Company generated $8.1 million in operating cash flows in the twelve months ended January 31, 2026, compared to $(117.6) million in the twelve months ended February 1, 2025, reflecting a significant improvement of $125.7 million, as the Company improved its working capital management with a reduction in inventory balances of $74.5 million compared to the prior year.
Inventories were $325.1 million as of January 31, 2026, compared to $399.6 million as of February 1, 2025.
Non-GAAP Reconciliation
The Company's results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted gross profit, adjusted selling, general, and administrative expenses, and adjusted operating income (loss) are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.
Please refer to the "Reconciliation of Non-GAAP Financial Information to GAAP" later in this press release, which sets forth the non-GAAP operating adjustments for the 13-week periods and 52-week periods ended January 31, 2026 and February 1, 2025.
About The Children's Place
The Children's Place is one of the only pure-play children's specialty retailers in North America with an omni-channel presence. Its global retail and wholesale network includes two digital storefronts, 498 stores in North America, wholesale marketplaces and distribution in 12 countries through nine international franchise and wholesale partners. The Children's Place designs, contracts to manufacture, and sells fashionable, high-quality, head-to-toe outfits predominantly at value prices, primarily under its proprietary brands: "The Children's Place" and "Gymboree". For more information, visit: www.childrensplace.com and www.gymboree.com.
Forward-Looking Statements
This press release contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company's strategic initiatives and results of operations, including adjusted net income (loss) per diluted share. Forward-looking statements typically are identified by use of terms such as "may," "will," "should," "plan," "project," "expect," "anticipate," "estimate," "believe" and similar words, although some forward-looking statements are expressed differently.
These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially.
Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the "Part I, Item1A. Risk Factors" section of its annual report on Form 10-K for the fiscal year ended January 31, 2026.
Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unable to achieve operating results at levels sufficient to fund and/or finance the Company's current level of operations and repayment of indebtedness, the risk that changes in trade policy and tariff regimes, including newly imposed U.S. tariffs and any responsive non-U.S. tariffs, may impact the Company's international manufacturing and operations or customers' discretionary spending habits, the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company's business and its dependence on consumer spending patterns, which may be affected by changes in economic conditions (including inflation), the risk that changes in the Company's plans and strategies with respect to pricing, capital allocation, capital structure, investor communications and/or operations may have a negative effect on the Company's business, the risk that the Company's strategic initiatives to increase sales and margin, improve operational efficiencies, enhance operating controls, decentralize operational authority and reshape the Company's culture are delayed or do not result in anticipated improvements, the risk of delays, interruptions, disruptions and higher costs in the Company's global supply chain, including resulting from disease outbreaks, foreign sources of supply in less developed countries, more politically unstable countries, or countries where vendors fail to comply with industry standards or ethical business practices, including the use of forced, indentured or child labor, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, various types of litigation, including class action litigation brought under securities, consumer protection, employment, and privacy and information security laws and regulations, risks related to the existence of a controlling stockholder, and the uncertainty of weather patterns, as well as other risks discussed in the Company's filings with the SEC from time to time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact: Investor Relations (201) 558-2400 ext. 14500
| THE CHILDREN'S PLACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||
| Net sales | - | 329,233 | - | 408,562 | - | 1,208,830 | - | 1,386,269 | |||||||
| Cost of sales | 251,868 | 291,977 | 847,272 | 926,808 | |||||||||||
| Gross profit | 77,365 | 116,585 | 361,558 | 459,461 | |||||||||||
| Selling, general and administrative expenses | 106,292 | 100,574 | 383,693 | 405,550 | |||||||||||
| Depreciation and amortization | 9,939 | 9,206 | 33,073 | 39,612 | |||||||||||
| Asset impairment charges | 2,004 | - | 2,004 | 28,000 | |||||||||||
| Operating income (loss) | (40,870 | - | 6,805 | (57,212 | - | (13,701 | - | ||||||||
| Related party interest expense | (1,998 | - | (1,939 | - | (7,607 | - | (6,493 | - | |||||||
| Other interest expense, net | (6,375 | - | (6,778 | - | (25,466 | - | (29,254 | - | |||||||
| Loss before provision for income taxes | (49,243 | - | (1,912 | - | (90,285 | - | (49,448 | - | |||||||
| Provision (benefit) for income taxes | (4,688 | - | 6,078 | (2,022 | - | 8,371 | |||||||||
| Net loss | - | (44,555 | - | - | (7,990 | - | - | (88,263 | - | - | (57,819 | - | |||
| Loss per common share (1) | |||||||||||||||
| Basic | - | (2.01 | - | - | (0.62 | - | - | (4.01 | - | - | (4.53 | - | |||
| Diluted | - | (2.01 | - | - | (0.62 | - | - | (4.01 | - | - | (4.53 | - | |||
| Weighted average common shares outstanding (1) | |||||||||||||||
| Basic | 22,170 | 12,805 | 22,028 | 12,766 | |||||||||||
| Diluted | 22,170 | 12,805 | 22,028 | 12,766 | |||||||||||
(1) In connection with the completion of the rights offering on February 6, 2025, the Company's weighted average common shares outstanding and basic and diluted loss per share were retroactively adjusted for all prior periods presented by a factor of 1.002.
| THE CHILDREN'S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||
| Net loss | - | (44,555 | - | - | (7,990 | - | - | (88,263 | - | - | (57,819 | - | |||
| Non-GAAP adjustments: | |||||||||||||||
| Asset impairment charges | 2,004 | - | 2,004 | 28,000 | |||||||||||
| Loss on extinguishment of debt | 1,183 | - | 2,223 | - | |||||||||||
| Restructuring costs | 180 | 498 | 2,665 | 11,678 | |||||||||||
| Fleet optimization | - | 571 | - | 1,428 | |||||||||||
| Accelerated depreciation | - | 432 | - | 2,246 | |||||||||||
| Change of control | - | - | - | 14,589 | |||||||||||
| Contract termination costs | - | - | - | 7,008 | |||||||||||
| Credit agreement / lender-required consulting fees | - | - | - | 2,390 | |||||||||||
| Canada distribution center closure | - | - | - | 781 | |||||||||||
| Professional and consulting fees | - | - | - | 580 | |||||||||||
| Provision for legal settlement | - | - | (46 | - | (2,279 | - | |||||||||
| Aggregate impact of non-GAAP adjustments | 3,367 | 1,501 | 6,846 | 66,421 | |||||||||||
| Income tax effect (1) | - | (3,113 | - | - | (3,113 | - | |||||||||
| Net impact of non-GAAP adjustments | 3,367 | (1,612 | - | 6,846 | 63,308 | ||||||||||
| Adjusted net income (loss) | - | (41,188 | - | - | (9,602 | - | - | (81,417 | - | - | 5,489 | ||||
| GAAP net loss per common share | - | (2.01 | - | - | (0.62 | - | - | (4.01 | - | - | (4.53 | - | |||
| Adjusted net income (loss) per common share | - | (1.86 | - | - | (0.75 | - | - | (3.70 | - | - | 0.43 | ||||
| % of Net Sales (GAAP) | (13.5)% | (2.0)% | (7.3)% | (4.2)% | |||||||||||
| % of Net Sales (As adjusted) | (12.5)% | (2.4)% | (6.7)% | 0.4 | - | ||||||||||
(1) The tax effects of the non-GAAP items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides, adjusted for the impact of any valuation allowance.
| THE CHILDREN'S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||
| Operating income (loss) | - | (40,870 | - | - | 6,805 | - | (57,212 | - | - | (13,701 | - | ||||
| Non-GAAP adjustments: | |||||||||||||||
| Asset impairment charges | 2,004 | - | 2,004 | 28,000 | |||||||||||
| Restructuring costs | 180 | 498 | 2,665 | 11,678 | |||||||||||
| Fleet optimization | - | 571 | - | 1,428 | |||||||||||
| Accelerated depreciation | - | 432 | - | 2,246 | |||||||||||
| Change of control | - | - | - | 14,589 | |||||||||||
| Contract termination costs | - | - | - | 7,008 | |||||||||||
| Credit agreement / lender-required consulting fees | - | - | - | 2,390 | |||||||||||
| Canada distribution center closure | - | - | - | 781 | |||||||||||
| Professional and consulting fees | - | - | - | 580 | |||||||||||
| Provision for legal settlement | - | - | (46 | - | (2,279 | - | |||||||||
| Aggregate impact of non-GAAP adjustments | 2,184 | 1,501 | 4,623 | 66,421 | |||||||||||
| Adjusted operating income (loss) | - | (38,686 | - | - | 8,306 | - | (52,589 | - | - | 52,720 | |||||
| % of Net Sales (GAAP) | (12.4)% | 1.7 | - | (4.7)% | (1.0)% | ||||||||||
| % of Net Sales (As adjusted) | (11.8)% | 2.0 | - | (4.4)% | 3.8 | - | |||||||||
| THE CHILDREN'S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||
| Gross profit | - | 77,365 | - | 116,585 | - | 361,558 | - | 459,461 | |||||||
| Non-GAAP adjustments: | |||||||||||||||
| Change of Control | - | - | - | 905 | |||||||||||
| Aggregate impact of non-GAAP adjustments | - | - | - | 905 | |||||||||||
| Adjusted gross profit | - | 77,365 | - | 116,585 | - | 361,558 | - | 460,366 | |||||||
| % of Net Sales (GAAP) | 23.5 | - | 28.5 | - | 29.9 | - | 33.1 | - | |||||||
| % of Net Sales (As adjusted) | 23.5 | - | 28.5 | - | 29.9 | - | 33.2 | - | |||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||
| Selling, general and administrative expenses | - | 106,292 | - | 100,574 | - | 383,693 | - | 405,550 | |||||||
| Non-GAAP adjustments: | |||||||||||||||
| Restructuring costs | (180 | - | (498 | - | (2,665 | - | (11,678 | - | |||||||
| Fleet optimization | - | (571 | - | - | (1,428 | - | |||||||||
| Change of control | - | - | - | (13,684 | - | ||||||||||
| Contract termination costs | - | - | - | (7,008 | - | ||||||||||
| Credit agreement / lender-required consulting fees | - | - | - | (2,390 | - | ||||||||||
| Canada distribution center closure | - | - | - | (781 | - | ||||||||||
| Professional and consulting fees | - | - | - | (580 | - | ||||||||||
| Provision for legal settlement | - | - | 46 | 2,279 | |||||||||||
| Aggregate impact of non-GAAP adjustments | (180 | - | (1,069 | - | (2,619 | - | (35,270 | - | |||||||
| Adjusted selling, general and administrative expenses | - | 106,112 | - | 99,505 | - | 381,074 | - | 370,280 | |||||||
| % of Net Sales (GAAP) | 32.3 | - | 24.6 | - | 31.7 | - | 29.3 | - | |||||||
| % of Net Sales (As adjusted) | 32.2 | - | 24.4 | - | 31.5 | - | 26.7 | - | |||||||
THE CHILDREN'S PLACE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| January 31, 2026 | February 1, 2025* | ||||||
| Assets: | |||||||
| Cash and cash equivalents | - | 5,489 | - | 5,347 | |||
| Accounts receivable | 25,967 | 42,701 | |||||
| Inventories | 325,100 | 399,602 | |||||
| Prepaid expenses and other current assets | 41,441 | 20,354 | |||||
| Total current assets | 397,997 | 468,004 | |||||
| Property and equipment, net | 81,658 | 97,487 | |||||
| Right-of-use assets | 164,495 | 161,595 | |||||
| Tradenames, net | 13,000 | 13,000 | |||||
| Other assets | 13,149 | 7,466 | |||||
| Total assets | - | 670,299 | - | 747,552 | |||
| Liabilities and Stockholders' Deficit: | |||||||
| Revolving loan | - | 131,078 | - | 245,659 | |||
| Accounts payable | 108,481 | 126,716 | |||||
| Current portion of operating lease liabilities | 57,236 | 67,407 | |||||
| Accrued expenses and other current liabilities | 91,094 | 78,336 | |||||
| Total current liabilities | 387,889 | 518,118 | |||||
| Long-term debt | 97,588 | - | |||||
| Related party long-term debt | 107,554 | 165,974 | |||||
| Long-term portion of operating lease liabilities | 120,410 | 107,287 | |||||
| Other long-term liabilities | 11,041 | 15,584 | |||||
| Total liabilities | 724,482 | 806,963 | |||||
| Stockholders' deficit | (54,183 | - | (59,411 | - | |||
| Total liabilities and stockholders' deficit | - | 670,299 | - | 747,552 | |||
* Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025.
| THE CHILDREN'S PLACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Fiscal Year Ended | |||||||
| January 31, 2026 | February 1, 2025 | ||||||
| Net loss | - | (88,263 | - | - | (57,819 | - | |
| Non-cash adjustments | 116,145 | 160,143 | |||||
| Working capital | (19,764 | - | (219,918 | - | |||
| Net cash provided by (used in) operating activities | 8,118 | (117,594 | - | ||||
| Net cash used in investing activities | (17,381 | - | (15,830 | - | |||
| Net cash provided by financing activities | 6,967 | 128,398 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 2,438 | (3,266 | - | ||||
| Net increase (decrease) in cash and cash equivalents | 142 | (8,292 | - | ||||
| Cash and cash equivalents, beginning of period | 5,347 | 13,639 | |||||
| Cash and cash equivalents, end of period | - | 5,489 | - | 5,347 | |||
