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v3.22.2.2

Supplemental Consolidating Data (Tables) | 9 Months Ended
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Sep. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations | Supplemental consolidating data is as follows (in thousands):
| Three months ended September 25, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,439,894 |  |  | $ | — |  |  | $ | (2,932) |  |  | $ | 1,436,962 |
Financial Services | — |  |  | 212,100 |  |  | (487) |  |  | 211,613 |
| 1,439,894 |  |  | 212,100 |  |  | (3,419) |  |  | 1,648,575 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 946,656 |  |  | — |  |  | — |  |  | 946,656 |
Financial Services interest expense | — |  |  | 60,740 |  |  | — |  |  | 60,740 |
Financial Services provision for credit losses | — |  |  | 36,617 |  |  | — |  |  | 36,617 |
Selling, administrative and engineering expense | 233,151 |  |  | 36,231 |  |  | (3,541) |  |  | 265,841 |
Restructuring expense | 3 |  |  | — |  |  | — |  |  | 3 |
| 1,179,810 |  |  | 133,588 |  |  | (3,541) |  |  | 1,309,857 |
Operating income | 260,084 |  |  | 78,512 |  |  | 122 |  |  | 338,718 |
Other income, net | 9,358 |  |  | — |  |  | — |  |  | 9,358 |
Investment income | 201,723 |  |  | — |  |  | (200,000) |  |  | 1,723 |
Interest expense | 8,124 |  |  | — |  |  | — |  |  | 8,124 |
Income before income taxes | 463,041 |  |  | 78,512 |  |  | (199,878) |  |  | 341,675 |
Provision for income taxes | 61,390 |  |  | 19,099 |  |  | — |  |  | 80,489 |
Net income | $ | 401,651 |  |  | $ | 59,413 |  |  | $ | (199,878) |  |  | $ | 261,186 |
| Nine months ended September 25, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,015,779 |  |  | $ | — |  |  | $ | (9,175) |  |  | $ | 4,006,604 |
Financial Services | — |  |  | 607,876 |  |  | (1,632) |  |  | 606,244 |
| 4,015,779 |  |  | 607,876 |  |  | (10,807) |  |  | 4,612,848 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 2,721,913 |  |  | — |  |  | — |  |  | 2,721,913 |
Financial Services interest expense | — |  |  | 150,488 |  |  | — |  |  | 150,488 |
Financial Services provision for credit losses | — |  |  | 94,572 |  |  | — |  |  | 94,572 |
Selling, administrative and engineering expense | 634,506 |  |  | 117,117 |  |  | (10,924) |  |  | 740,699 |
Restructuring benefit | (389) |  |  | — |  |  | — |  |  | (389) |
| 3,356,030 |  |  | 362,177 |  |  | (10,924) |  |  | 3,707,283 |
Operating income | 659,749 |  |  | 245,699 |  |  | 117 |  |  | 905,565 |
Other income, net | 30,443 |  |  | — |  |  | — |  |  | 30,443 |
Investment (income) loss | 196,214 |  |  | — |  |  | (200,000) |  |  | (3,786) |
Interest expense | 23,555 |  |  | — |  |  | — |  |  | 23,555 |
Income before income taxes | 862,851 |  |  | 245,699 |  |  | (199,883) |  |  | 908,667 |
Provision for income taxes | 150,231 |  |  | 58,899 |  |  | — |  |  | 209,130 |
Net income | $ | 712,620 |  |  | $ | 186,800 |  |  | $ | (199,883) |  |  | $ | 699,537 |
| Three months ended September 26, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,167,432 |  |  | $ | — |  |  | $ | (6,814) |  |  | $ | 1,160,618 |
Financial Services | — |  |  | 202,080 |  |  | 2,612 |  |  | 204,692 |
| 1,167,432 |  |  | 202,080 |  |  | (4,202) |  |  | 1,365,310 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 850,193 |  |  | — |  |  | — |  |  | 850,193 |
Financial Services interest expense | — |  |  | 44,770 |  |  | — |  |  | 44,770 |
Financial Services provision for credit losses | — |  |  | 11,208 |  |  | — |  |  | 11,208 |
Selling, administrative and engineering expense | 216,030 |  |  | 42,686 |  |  | (4,404) |  |  | 254,312 |
Restructuring expense | 517 |  |  | 98 |  |  | — |  |  | 615 |
| 1,066,740 |  |  | 98,762 |  |  | (4,404) |  |  | 1,161,098 |
Operating income | 100,692 |  |  | 103,318 |  |  | 202 |  |  | 204,212 |
Other income, net | 858 |  |  | — |  |  | — |  |  | 858 |
Investment income | 120,198 |  |  | — |  |  | (120,000) |  |  | 198 |
Interest expense | 7,779 |  |  | — |  |  | — |  |  | 7,779 |
Income before income taxes | 213,969 |  |  | 103,318 |  |  | (119,798) |  |  | 197,489 |
Provision for income taxes | 7,408 |  |  | 27,108 |  |  | — |  |  | 34,516 |
Net income | $ | 206,561 |  |  | $ | 76,210 |  |  | $ | (119,798) |  |  | $ | 162,973 |
| Nine months ended September 26, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 3,742,869 |  |  | $ | — |  |  | $ | (18,644) |  |  | $ | 3,724,225 |
Financial Services | — |  |  | 590,468 |  |  | 5,182 |  |  | 595,650 |
| 3,742,869 |  |  | 590,468 |  |  | (13,462) |  |  | 4,319,875 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 2,586,264 |  |  | — |  |  | — |  |  | 2,586,264 |
Financial Services interest expense | — |  |  | 149,098 |  |  | — |  |  | 149,098 |
Financial Services provision for credit losses | — |  |  | 4,935 |  |  | — |  |  | 4,935 |
Selling, administrative and engineering expense | 635,902 |  |  | 125,053 |  |  | (13,290) |  |  | 747,665 |
Restructuring expense | 731 |  |  | 436 |  |  | — |  |  | 1,167 |
| 3,222,897 |  |  | 279,522 |  |  | (13,290) |  |  | 3,489,129 |
Operating income | 519,972 |  |  | 310,946 |  |  | (172) |  |  | 830,746 |
Other income, net | 1,825 |  |  | — |  |  | — |  |  | 1,825 |
Investment income | 244,331 |  |  | — |  |  | (240,000) |  |  | 4,331 |
Interest expense | 23,209 |  |  | — |  |  | — |  |  | 23,209 |
Income before income taxes | 742,919 |  |  | 310,946 |  |  | (240,172) |  |  | 813,693 |
Provision for income taxes | 112,974 |  |  | 72,262 |  |  | — |  |  | 185,236 |
Net income | $ | 629,945 |  |  | $ | 238,684 |  |  | $ | (240,172) |  |  | $ | 628,457 |
Balance Sheet |
| September 25, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 926,389 |  |  | $ | 803,861 |  |  | $ | — |  |  | $ | 1,730,250 |
Accounts receivable, net | 695,899 |  |  | — |  |  | (395,445) |  |  | 300,454 |
Finance receivables, net | — |  |  | 1,807,718 |  |  | — |  |  | 1,807,718 |
Inventories, net | 680,762 |  |  | — |  |  | — |  |  | 680,762 |
Restricted cash | 100,000 |  |  | 187,264 |  |  | — |  |  | 287,264 |
Other current assets | 167,999 |  |  | 54,251 |  |  | (16,516) |  |  | 205,734 |
| 2,571,049 |  |  | 2,853,094 |  |  | (411,961) |  |  | 5,012,182 |
Finance receivables, net | — |  |  | 5,534,730 |  |  | — |  |  | 5,534,730 |
Property, plant and equipment, net | 616,382 |  |  | 25,269 |  |  | — |  |  | 641,651 |
Pension and postretirement assets | 424,784 |  |  | — |  |  | — |  |  | 424,784 |
Goodwill | 60,440 |  |  | — |  |  | — |  |  | 60,440 |
Deferred income taxes | 15,806 |  |  | 79,162 |  |  | (25,234) |  |  | 69,734 |
Lease assets | 34,230 |  |  | 6,313 |  |  | — |  |  | 40,543 |
Other long-term assets | 206,409 |  |  | 43,368 |  |  | (106,230) |  |  | 143,547 |
| $ | 3,929,100 |  |  | $ | 8,541,936 |  |  | $ | (543,425) |  |  | $ | 11,927,611 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 414,448 |  |  | $ | 419,531 |  |  | $ | (395,445) |  |  | $ | 438,534 |
Accrued liabilities | 532,808 |  |  | 193,328 |  |  | (15,592) |  |  | 710,544 |
Short-term deposits, net | — |  |  | 97,856 |  |  | — |  |  | 97,856 |
Short-term debt | — |  |  | 692,551 |  |  | — |  |  | 692,551 |
Current portion of long-term debt, net | — |  |  | 1,740,422 |  |  | — |  |  | 1,740,422 |
| 947,256 |  |  | 3,143,688 |  |  | (411,037) |  |  | 3,679,907 |
Long-term deposits, net | — |  |  | 246,879 |  |  | — |  |  | 246,879 |
Long-term debt, net | 745,192 |  |  | 3,993,042 |  |  | — |  |  | 4,738,234 |
Lease liabilities | 17,524 |  |  | 6,312 |  |  | — |  |  | 23,836 |
Pension and postretirement liabilities | 92,953 |  |  | — |  |  | — |  |  | 92,953 |
Deferred income taxes | 32,199 |  |  | 582 |  |  | (24,469) |  |  | 8,312 |
Other long-term liabilities | 157,112 |  |  | 138,027 |  |  | 2,141 |  |  | 297,280 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |
Shareholders’ equity | 1,936,864 |  |  | 1,013,406 |  |  | (110,060) |  |  | 2,840,210 |
| $ | 3,929,100 |  |  | $ | 8,541,936 |  |  | $ | (543,425) |  |  | $ | 11,927,611 |
| September 26, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,115,014 |  |  | $ | 946,289 |  |  | $ | — |  |  | $ | 2,061,303 |
Accounts receivable, net | 590,806 |  |  | — |  |  | (308,179) |  |  | 282,627 |
Finance receivables, net | — |  |  | 1,540,822 |  |  | — |  |  | 1,540,822 |
Inventories, net | 475,314 |  |  | — |  |  | — |  |  | 475,314 |
Restricted cash | — |  |  | 153,873 |  |  | — |  |  | 153,873 |
Other current assets | 114,221 |  |  | 94,868 |  |  | (14,608) |  |  | 194,481 |
| 2,295,355 |  |  | 2,735,852 |  |  | (322,787) |  |  | 4,708,420 |
Finance receivables, net | — |  |  | 5,322,436 |  |  | — |  |  | 5,322,436 |
Property, plant and equipment, net | 642,253 |  |  | 29,583 |  |  | — |  |  | 671,836 |
Pension and postretirement assets | 132,958 |  |  | — |  |  | — |  |  | 132,958 |
Goodwill | 63,841 |  |  | — |  |  | — |  |  | 63,841 |
Deferred income taxes | 43,097 |  |  | 86,011 |  |  | (1,049) |  |  | 128,059 |
Lease assets | 40,163 |  |  | 7,344 |  |  | — |  |  | 47,507 |
Other long-term assets | 191,126 |  |  | 37,370 |  |  | (103,749) |  |  | 124,747 |
| $ | 3,408,793 |  |  | $ | 8,218,596 |  |  | $ | (427,585) |  |  | $ | 11,199,804 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 361,057 |  |  | $ | 329,338 |  |  | $ | (308,179) |  |  | $ | 382,216 |
Accrued liabilities | 489,988 |  |  | 123,642 |  |  | (13,778) |  |  | 599,852 |
Short-term deposits, net | — |  |  | 92,626 |  |  | — |  |  | 92,626 |
Short-term debt | — |  |  | 749,620 |  |  | — |  |  | 749,620 |
Current portion of long-term debt, net | — |  |  | 1,605,798 |  |  | — |  |  | 1,605,798 |
| 851,045 |  |  | 2,901,024 |  |  | (321,957) |  |  | 3,430,112 |
Long-term deposits, net | — |  |  | 197,644 |  |  | — |  |  | 197,644 |
Long-term debt, net | 744,494 |  |  | 4,131,798 |  |  | — |  |  | 4,876,292 |
Lease liabilities | 19,457 |  |  | 6,560 |  |  | — |  |  | 26,017 |
Pension and postretirement liabilities | 103,144 |  |  | — |  |  | — |  |  | 103,144 |
Deferred income taxes | 7,166 |  |  | 1,419 |  |  | — |  |  | 8,585 |
Other long-term liabilities | 173,178 |  |  | 48,586 |  |  | 2,352 |  |  | 224,116 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |
Shareholders’ equity | 1,510,309 |  |  | 931,565 |  |  | (107,980) |  |  | 2,333,894 |
| $ | 3,408,793 |  |  | $ | 8,218,596 |  |  | $ | (427,585) |  |  | $ | 11,199,804 |
Cash Flows |
| Nine months ended September 25, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 712,620 |  |  | $ | 186,800 |  |  | $ | (199,883) |  |  | $ | 699,537 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 108,485 |  |  | 6,382 |  |  | — |  |  | 114,867 |
Amortization of deferred loan origination costs | — |  |  | 72,214 |  |  | — |  |  | 72,214 |
Amortization of financing origination fees | 524 |  |  | 10,951 |  |  | — |  |  | 11,475 |
Provision for long-term employee benefits | (14,637) |  |  | — |  |  | — |  |  | (14,637) |
Employee benefit plan contributions and payments | (4,766) |  |  | — |  |  | — |  |  | (4,766) |
Stock compensation expense | 31,418 |  |  | 2,177 |  |  | — |  |  | 33,595 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (294,698) |  |  | (294,698) |
Provision for credit losses | — |  |  | 94,572 |  |  | — |  |  | 94,572 |
Deferred income taxes | 1,981 |  |  | (4,681) |  |  | (280) |  |  | (2,980) |
Other, net | 20,190 |  |  | 4,318 |  |  | (116) |  |  | 24,392 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (443,645) |  |  | — |  |  | 292,919 |  |  | (150,726) |
Finance receivables – accrued interest and other | — |  |  | 3,566 |  |  | — |  |  | 3,566 |
Inventories, net | (6,577) |  |  | — |  |  | — |  |  | (6,577) |
Accounts payable and accrued liabilities | 22,075 |  |  | 321,594 |  |  | (305,924) |  |  | 37,745 |
Other current assets | (58,774) |  |  | 2,615 |  |  | 13,284 |  |  | (42,875) |
| (343,726) |  |  | 513,708 |  |  | (294,815) |  |  | (124,833) |
Net cash provided by operating activities | 368,894 |  |  | 700,508 |  |  | (494,698) |  |  | 574,704 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (82,153) |  |  | (2,794) |  |  | — |  |  | (84,947) |
Origination of finance receivables | — |  |  | (6,642,296) |  |  | 2,868,466 |  |  | (3,773,830) |
Collections on finance receivables | — |  |  | 5,684,649 |  |  | (2,573,768) |  |  | 3,110,881 |
Other investing activities | 2,160 |  |  | — |  |  | — |  |  | 2,160 |
Net cash used by investing activities | (79,993) |  |  | (960,441) |  |  | 294,698 |  |  | (745,736) |
| Nine months ended September 25, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 495,785 |  |  | — |  |  | 495,785 |
Repayments of medium-term notes | — |  |  | (950,000) |  |  | — |  |  | (950,000) |
Proceeds from securitization debt | — |  |  | 1,826,891 |  |  | — |  |  | 1,826,891 |
Repayments of securitization debt | — |  |  | (1,054,939) |  |  | — |  |  | (1,054,939) |
Borrowings of asset-backed commercial paper | — |  |  | 448,255 |  |  | — |  |  | 448,255 |
Repayments of asset-backed commercial paper | — |  |  | (228,431) |  |  | — |  |  | (228,431) |
Net decrease in unsecured commercial paper | — |  |  | (60,281) |  |  | — |  |  | (60,281) |
Net increase in deposits | — |  |  | 54,080 |  |  | — |  |  | 54,080 |
Deposit in advance of business combination | 100,000 |  |  | — |  |  | — |  |  | 100,000 |
Dividends paid | (70,163) |  |  | (200,000) |  |  | 200,000 |  |  | (70,163) |
Repurchase of common stock | (338,496) |  |  | — |  |  | — |  |  | (338,496) |
Other financing activities | (1,237) |  |  | — |  |  | — |  |  | (1,237) |
Net cash (used) provided by financing activities | (309,896) |  |  | 331,360 |  |  | 200,000 |  |  | 221,464 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30,821) |  |  | (2,540) |  |  | — |  |  | (33,361) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (51,816) |  |  | $ | 68,887 |  |  | $ | — |  |  | $ | 17,071 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,078,205 |  |  | $ | 947,014 |  |  | $ | — |  |  | $ | 2,025,219 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (51,816) |  |  | 68,887 |  |  | — |  |  | 17,071 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,026,389 |  |  | $ | 1,015,901 |  |  | $ | — |  |  | $ | 2,042,290 |
| Nine months ended September 26, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 629,945 |  |  | $ | 238,684 |  |  | $ | (240,172) |  |  | $ | 628,457 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 115,779 |  |  | 6,704 |  |  | — |  |  | 122,483 |
Amortization of deferred loan origination costs | — |  |  | 63,265 |  |  | — |  |  | 63,265 |
Amortization of financing origination fees | 517 |  |  | 9,909 |  |  | — |  |  | 10,426 |
Provision for long-term employee benefits | 19,640 |  |  | — |  |  | — |  |  | 19,640 |
Employee benefit plan contributions and payments | (14,677) |  |  | — |  |  | — |  |  | (14,677) |
Stock compensation expense | 31,089 |  |  | 2,943 |  |  | — |  |  | 34,032 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (22,031) |  |  | (22,031) |
Provision for credit losses | — |  |  | 4,935 |  |  | — |  |  | 4,935 |
Deferred income taxes | 4,710 |  |  | 6,028 |  |  | (112) |  |  | 10,626 |
Other, net | 3,320 |  |  | (1,397) |  |  | 171 |  |  | 2,094 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (379,821) |  |  | — |  |  | 231,151 |  |  | (148,670) |
Finance receivables – accrued interest and other | — |  |  | 11,088 |  |  | — |  |  | 11,088 |
Inventories, net | 31,874 |  |  | — |  |  | — |  |  | 31,874 |
Accounts payable and accrued liabilities | 162,088 |  |  | 247,740 |  |  | (241,522) |  |  | 168,306 |
Other current assets | (11,127) |  |  | 3,952 |  |  | 10,878 |  |  | 3,703 |
| (36,608) |  |  | 355,167 |  |  | (21,465) |  |  | 297,094 |
Net cash provided by operating activities | 593,337 |  |  | 593,851 |  |  | (261,637) |  |  | 925,551 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (59,128) |  |  | (2,348) |  |  | — |  |  | (61,476) |
Origination of finance receivables | — |  |  | (6,157,658) |  |  | 2,712,705 |  |  | (3,444,953) |
Collections on finance receivables | — |  |  | 5,659,465 |  |  | (2,691,068) |  |  | 2,968,397 |
Other investing activities | 2,485 |  |  | — |  |  | — |  |  | 2,485 |
Net cash used by investing activities | (56,643) |  |  | (500,541) |  |  | 21,637 |  |  | (535,547) |
| Nine months ended September 26, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Repayments of medium-term notes | — |  |  | (1,400,000) |  |  | — |  |  | (1,400,000) |
Proceeds from securitization debt | — |  |  | 1,169,910 |  |  | — |  |  | 1,169,910 |
Repayments of securitization debt | — |  |  | (1,013,820) |  |  | — |  |  | (1,013,820) |
Borrowings of asset-backed commercial paper | — |  |  | 27,406 |  |  | — |  |  | 27,406 |
Repayments of asset-backed commercial paper | — |  |  | (206,671) |  |  | — |  |  | (206,671) |
Net decrease in unsecured commercial paper | — |  |  | (261,978) |  |  | — |  |  | (261,978) |
Net increase in deposits | — |  |  | 210,144 |  |  | — |  |  | 210,144 |
Dividends paid | (69,316) |  |  | (240,000) |  |  | 240,000 |  |  | (69,316) |
Repurchase of common stock | (11,545) |  |  | — |  |  | — |  |  | (11,545) |
Other financing activities | 4,324 |  |  | — |  |  | — |  |  | 4,324 |
Net cash used by financing activities | (76,537) |  |  | (1,715,009) |  |  | 240,000 |  |  | (1,551,546) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11,304) |  |  | 254 |  |  | — |  |  | (11,050) |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 448,853 |  |  | $ | (1,621,445) |  |  | $ | — |  |  | $ | (1,172,592) |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 666,161 |  |  | $ | 2,743,007 |  |  | $ | — |  |  | $ | 3,409,168 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 448,853 |  |  | (1,621,445) |  |  | — |  |  | (1,172,592) |
Cash, cash equivalents and restricted cash, end of period | $ | 1,115,014 |  |  | $ | 1,121,562 |  |  | $ | — |  |  | $ | 2,236,576 |

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