$CING
Cingulate Inc

2022 Q3 Form 10-Q Financial Statement

#000149315222021964 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.845M $1.871M $2.247M
YoY Change -83.05% 33.93% 192.72%
% of Gross Profit
Research & Development $2.123M $2.178M $2.762M
YoY Change -70.3% 174.48% 391.05%
% of Gross Profit
Depreciation & Amortization $101.4K $101.4K $101.4K
YoY Change 30.38% 31.98% -41.94%
% of Gross Profit
Operating Expenses $2.123M $2.178M $5.009M
YoY Change -88.23% 174.48% 276.6%
Operating Profit -$3.968M -$4.049M -$5.009M
YoY Change -74.03% 184.6%
Interest Expense $104.8K $8.370K $5.830K
YoY Change -537.01% -162.28% -255.05%
% of Operating Profit
Other Income/Expense, Net -$58.89K $8.370K $5.833K
YoY Change 457.68% -186.5%
Pretax Income -$4.027M -$4.040M -$5.004M
YoY Change -77.7% 182.1% 275.1%
Income Tax
% Of Pretax Income
Net Earnings -$4.027M -$4.040M -$5.004M
YoY Change -77.7% 182.1% 275.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.36 -$0.36 -$0.44
Diluted Earnings Per Share -$356.1K -$357.3K -$442.4K
COMMON SHARES
Basic Shares Outstanding 11.31M shares 11.31M shares 11.31M shares
Diluted Shares Outstanding 11.31M shares 11.31M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.796M $8.196M $12.62M
YoY Change 684.1%
Cash & Equivalents $9.796M $8.196M $12.61M
Short-Term Investments $0.00 $0.00 $930.00
Other Short-Term Assets $1.991M $1.766M $1.307M
YoY Change 8.37%
Inventory
Prepaid Expenses $1.991M $1.766M
Receivables $47.35K $140.1K $651.4K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.83M $10.10M $14.57M
YoY Change 241.81%
LONG-TERM ASSETS
Property, Plant & Equipment $2.851M $2.953M $3.859M
YoY Change -20.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.542M $3.702M $3.859M
YoY Change -0.95%
TOTAL ASSETS
Total Short-Term Assets $11.83M $10.10M $14.57M
Total Long-Term Assets $3.542M $3.702M $3.859M
Total Assets $15.38M $13.80M $18.43M
YoY Change 106.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $392.8K $282.3K $556.3K
YoY Change -64.92%
Accrued Expenses $670.7K $311.6K $1.059M
YoY Change -85.89%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $15.81K $15.57K $15.34K
YoY Change -93.28%
Total Short-Term Liabilities $6.406M $923.5K $1.631M
YoY Change -75.34%
LONG-TERM LIABILITIES
Long-Term Debt $25.59K $29.63K $33.61K
YoY Change -33.04%
Other Long-Term Liabilities $578.6K $665.8K $749.5K
YoY Change -33.65%
Total Long-Term Liabilities $604.1K $695.5K $783.1K
YoY Change -33.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.406M $923.5K $1.631M
Total Long-Term Liabilities $604.1K $695.5K $783.1K
Total Liabilities $7.010M $1.619M $2.414M
YoY Change -66.22%
SHAREHOLDERS EQUITY
Retained Earnings -$64.80M -$60.78M
YoY Change
Common Stock $1.131K $1.131K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.367M $12.18M $16.02M
YoY Change
Total Liabilities & Shareholders Equity $15.38M $13.80M $18.43M
YoY Change 106.26%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.027M -$4.040M -$5.004M
YoY Change -77.7% 182.1% 275.1%
Depreciation, Depletion And Amortization $101.4K $101.4K $101.4K
YoY Change 30.38% 31.98% -41.94%
Cash From Operating Activities -$3.400M -$4.412M -$3.864M
YoY Change 31.5% 36.82% 130.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.40K
YoY Change -100.0% -100.0% -84.35%
Acquisitions
YoY Change
Other Investing Activities $3.250K -$2.480K
YoY Change
Cash From Investing Activities $3.250K -$2.480K -$10.40K
YoY Change -120.61% -97.21% -84.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.996M -3.750K -3.680K
YoY Change 43.89% -100.12% -100.27%
NET CHANGE
Cash From Operating Activities -3.400M -4.412M -3.864M
Cash From Investing Activities 3.250K -2.480K -10.40K
Cash From Financing Activities 4.996M -3.750K -3.680K
Net Change In Cash 1.600M -4.418M -3.879M
YoY Change 83.66% 2781.08% 895.96%
FREE CASH FLOW
Cash From Operating Activities -$3.400M -$4.412M -$3.864M
Capital Expenditures $0.00 $0.00 -$10.40K
Free Cash Flow -$3.400M -$4.412M -$3.854M
YoY Change 32.31% 40.71% 139.75%

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PropertyPlantAndEquipmentNet
2952920 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8195760 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1044315 usd
CING Property And Equipment Accrued But Not Yet Paid At End Of Period
PropertyAndEquipmentAccruedButNotYetPaidAtEndOfPeriod
164365 usd
us-gaap Interest Paid Net
InterestPaidNet
9619 usd
us-gaap Interest Paid Net
InterestPaidNet
4880 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3145378 usd
us-gaap Depreciation
Depreciation
202858 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zbEAkleGLmji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_z3N5whGRf5e6">Concentration of Credit Risk</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $<span id="xdx_90E_eus-gaap--TimeDepositsAtOrAboveFDICInsuranceLimit_iI_c20220630_zyAP5CAn9gM4" title="Federal deposit insurance corporation limit">250,000</span> (without regard to reconciling items). Management monitors the soundness of these financial institutions and does not believe the Company is subject to any material credit risk relative to the uninsured portion of the deposits.</span></p>
CY2022Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000 usd
us-gaap Depreciation
Depreciation
351286 usd
CY2022Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1201974 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1766279 usd
CY2022Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
74615 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
49606 usd
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1137786 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
761594 usd
CY2022Q2 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
224381 usd
CY2021Q4 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
264361 usd
CY2022Q2 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
116432 usd
CY2021Q4 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
643917 usd
CY2022Q2 CING Prepaid Legal Fees
PrepaidLegalFees
154858 usd
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
132822 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
28481 usd
CY2022Q2 us-gaap Depreciation
Depreciation
101429 usd
CY2021Q2 us-gaap Depreciation
Depreciation
76853 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-497189 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15000 usd
CY2022Q2 CING Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
250000 usd
CY2021Q4 CING Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
250000 usd
CY2021Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
279730 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46573 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56570 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
311573 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
601300 usd
CY2021Q2 us-gaap Preferred Units Issued
PreferredUnitsIssued
948804 shares
CY2022Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-223432 usd
CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
8763 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11309412 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11309412 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11309412 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11309412 shares
CY2022Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-848475 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3666781 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1357945 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0160 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0112 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.09
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
1.46
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1888057 usd
CY2022Q2 CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
3098 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2439294 usd
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1077408 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-62811 usd
CY2022Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-8599 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3285986 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
847269 usd
CY2022Q2 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
962910 usd
CY2022Q2 CING Deferred Tax Assets Unvested Stock Options
DeferredTaxAssetsUnvestedStockOptions
116786 usd
CY2021Q4 CING Deferred Tax Assets Unvested Stock Options
DeferredTaxAssetsUnvestedStockOptions
11835 usd
CY2021Q4 CING Deferred Tax Assets Other Current
DeferredTaxAssetsOtherCurrent
4050 usd
CY2022Q2 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
102317 usd
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
90480 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2410153 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3285986 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
847269 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
380795 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5883799 shares
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
510676 usd
CY2022Q2 CING Deferred Tax Liabilities Accrual To Cash Current
DeferredTaxLiabilitiesAccrualToCashCurrent
29963 usd
CY2021Q4 CING Deferred Tax Liabilities Accrual To Cash Current
DeferredTaxLiabilitiesAccrualToCashCurrent
105075 usd
CY2021Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
9000 usd
CY2022Q2 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
350832 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
405601 usd
CY2022Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
380795 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
510676 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-4040447 usd
us-gaap Net Income Loss
NetIncomeLoss
-9043958 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11309412 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11309412 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5883799 shares
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
18000 usd
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
18000 usd
CY2022Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
9000 usd
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd

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