2023 Q1 Form 10-K Financial Statement

#000149315223007252 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.721M $2.543M $8.506M
YoY Change -23.39% 83.75% -30.67%
% of Gross Profit
Research & Development $2.129M $1.932M $8.995M
YoY Change -22.94% 52.94% 6.95%
% of Gross Profit
Depreciation & Amortization $100.6K $89.72K $394.0K
YoY Change -0.79% -74.87% -44.37%
% of Gross Profit
Operating Expenses $2.129M $4.475M $8.995M
YoY Change -57.51% 69.05% -56.5%
Operating Profit -$3.850M -$17.50M
YoY Change -23.14% -15.37%
Interest Expense $187.5K -$130.0K $292.3K
YoY Change 3116.12% 1869.7% -1055.67%
% of Operating Profit
Other Income/Expense, Net -$154.9K -$174.5K
YoY Change -2755.44% 470.44%
Pretax Income -$4.005M -$4.605M -$17.68M
YoY Change -19.96% 73.53% -14.65%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.005M -$4.605M -$17.68M
YoY Change -19.96% 73.53% -14.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.35 -$1.56
Diluted Earnings Per Share -$0.35 -$0.41 -$1.56
COMMON SHARES
Basic Shares Outstanding 11.31M shares 11.31M shares 11.31M shares
Diluted Shares Outstanding 565.5K shares 602.3K shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.739M $5.356M $5.356M
YoY Change -86.22% -67.53% -67.53%
Cash & Equivalents $1.739M $5.356M $5.356M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $1.983M $2.279M $2.279M
YoY Change 51.68% 34.19% 34.19%
Inventory
Prepaid Expenses $1.983M $2.279M
Receivables $31.95K $234.4K $234.4K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.753M $7.870M $7.870M
YoY Change -74.25% -58.32% -58.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.841M $2.905M $3.535M
YoY Change -26.37% -7.65% -11.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.410M $3.535M $3.535M
YoY Change -11.65% -11.7% -11.7%
TOTAL ASSETS
Total Short-Term Assets $3.753M $7.870M $7.870M
Total Long-Term Assets $3.410M $3.535M $3.535M
Total Assets $7.163M $11.41M $11.41M
YoY Change -61.14% -50.17% -50.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $599.0K $762.4K $762.4K
YoY Change 7.68% 188.02% 188.02%
Accrued Expenses $699.2K $894.6K $1.234M
YoY Change -34.0% 48.78% 37.63%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $5.000M $5.000M
YoY Change
Long-Term Debt Due $16.30K $16.05K $16.05K
YoY Change 6.26% 6.29% 6.29%
Total Short-Term Liabilities $6.659M $7.013M $7.013M
YoY Change 308.26% 495.98% 495.98%
LONG-TERM LIABILITIES
Long-Term Debt $17.32K $21.49K $21.49K
YoY Change -48.47% -42.74% -42.74%
Other Long-Term Liabilities $405.5K $488.8K $488.8K
YoY Change -45.9% -41.01%
Total Long-Term Liabilities $422.8K $510.2K $510.2K
YoY Change -46.01% -41.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.659M $7.013M $7.013M
Total Long-Term Liabilities $422.8K $510.2K $510.2K
Total Liabilities $7.081M $7.523M $7.523M
YoY Change 193.34% 268.29% 268.29%
SHAREHOLDERS EQUITY
Retained Earnings -$73.41M -$69.41M
YoY Change 34.17%
Common Stock $1.131K $1.131K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.61K $3.882M $3.882M
YoY Change
Total Liabilities & Shareholders Equity $7.163M $11.41M $11.41M
YoY Change -61.14% -50.17% -50.17%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.005M -$4.605M -$17.68M
YoY Change -19.96% 73.53% -14.65%
Depreciation, Depletion And Amortization $100.6K $89.72K $394.0K
YoY Change -0.79% -74.87% -44.37%
Cash From Operating Activities -$3.576M -$4.206M -$15.88M
YoY Change -7.45% -41.64% 52.24%
INVESTING ACTIVITIES
Capital Expenditures $37.14K $143.0K $153.4K
YoY Change -457.07% -119.71% -118.83%
Acquisitions
YoY Change
Other Investing Activities $0.00 $165.00
YoY Change
Cash From Investing Activities -$37.14K -$143.0K -$152.7K
YoY Change 257.07% -80.29% -81.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.920K -89.78K $4.899M
YoY Change 6.52% -100.38% -81.54%
NET CHANGE
Cash From Operating Activities -$3.576M -4.206M -$15.88M
Cash From Investing Activities -$37.14K -143.0K -$152.7K
Cash From Financing Activities -$3.920K -89.78K $4.899M
Net Change In Cash -$3.618M -4.439M -$11.14M
YoY Change -6.73% -128.74% -172.81%
FREE CASH FLOW
Cash From Operating Activities -$3.576M -$4.206M -$15.88M
Capital Expenditures $37.14K $143.0K $153.4K
Free Cash Flow -$3.614M -$4.350M -$16.04M
YoY Change -6.24% -32.9% 66.73%

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CY2022 us-gaap Proceeds From Notes Payable
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CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
15090 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
436259 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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15295073 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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16492745 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16492745 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
279730 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
19000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
114725 usd
CY2022Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
5000000.0 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zmkUGHVowwT3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zUnrBBAXK3mf">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during a reporting period. Actual results could differ from estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zX9HxbhxMjRc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zYIigLPnzCQd">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 0pt 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_903_eus-gaap--TimeDepositsAtOrAboveFDICInsuranceLimit_iI_c20221231_zd5wlxh6L3w9" 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4811433 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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2904787 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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0 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.00012 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M23D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.01126 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2022Q4 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
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CY2021Q4 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
643917 usd
CY2022Q4 us-gaap Prepaid Insurance
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472152 usd
CY2021Q4 us-gaap Prepaid Insurance
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CY2022Q4 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
209156 usd
CY2021Q4 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
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CY2022Q4 us-gaap Deferred Offering Costs
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CY2022Q4 CING Prepaid Professional Fees
PrepaidProfessionalFees
61524 usd
CY2022Q4 CING Prepaid Dues And Subscriptions
PrepaidDuesAndSubscriptions
37684 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
20698 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
28481 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2278944 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1698353 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
292339 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
314446 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
71570 usd
CY2021Q4 CING Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
250000 usd
CY2021Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
279730 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
175625 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
112225 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
894635 usd
CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022 us-gaap Loss Contingency Disclosures
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<p id="xdx_806_eus-gaap--LossContingencyDisclosures_zmnEjqdSd9Yi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zqMz6qqjLSHj">Contingencies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may, from time to time, be subject to legal proceedings and claims arising in the ordinary course of business and otherwise. A substantial legal liability against us could have an adverse effect on our business, financial condition and results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records legal costs associated with loss contingencies as incurred and establishes reserves when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, <i>“Contingencies.” </i>If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, we accrue the minimum amount in the range. These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately if recovery is considered probable. Management’s judgment is required related to loss contingencies because the outcomes are difficult to predict, and the ultimate resolution may differ from our current analysis. The Company revises accruals in light of new information. While it is not possible to predict the outcome of loss contingencies with certainty, management is of the opinion that adequate provision for potential losses associated with any such matters has been made in the financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 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 Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 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
5.13
CY2022 us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
warrants are exercisable from December 10, 2021 through December 10, 2026.
CY2022 CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
11935 usd
CY2021 CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
44804 usd
CY2022 us-gaap Interest Expense
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292339 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2022Q4 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
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 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
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11309412 shares
CY2022Q4 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
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11309412 shares
CY2021Q3 us-gaap Common Stock Dividends Shares
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0.029 shares
CY2021Q3 us-gaap Stock Dividends Shares
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448045 shares
CY2022 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On October 12, 2021, Cingulate effected a reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.699-for-1, and on November 29, 2021, Cingulate effected a second reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.64259-for-1 (the “Reverse Stock Splits”). No fractional shares of common stock were issued in connection with either of the Reverse Stock Splits, and all such fractional interests were rounded down to the nearest whole number. All share data, per share data and related information for all periods presented in the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Splits.
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.01889 pure
CY2022 CING Class Of Warrant Or Right Outstanding Underwritten Public Offering
ClassOfWarrantOrRightOutstandingUnderwrittenPublicOffering
4791665 shares
CY2022 CING Class Of Warrant Or Right Exercise Price Of Warrants Underwritten Public Offering
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6.00
CY2022 CING Class Of Warrant Or Right Grant Date Fair Value Per Warrant Underwritten Public Offering
ClassOfWarrantOrRightGrantDateFairValuePerWarrantUnderwrittenPublicOffering
4.77
CY2022 CING Warrants And Rights Outstanding Grant Date Fair Value Underwritten Public Offering
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22856242 usd
CY2022 CING Class Of Warrant Or Right Outstanding Issuanceof Underwriter Warrants
ClassOfWarrantOrRightOutstandingIssuanceofUnderwriterWarrants
208333 shares
CY2022 CING Class Of Warrant Or Right Exercise Price Of Warrants Issuanceof Underwriter Warrants
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7.50
CY2022 CING Class Of Warrant Or Right Grant Date Fair Value Per Warrant Issuance Of Underwriter Warrants
ClassOfWarrantOrRightGrantDateFairValuePerWarrantIssuanceOfUnderwriterWarrants
4.64
CY2022 CING Warrants And Rights Outstanding Grant Date Fair Value Issuance Of Underwriter Warrants
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966665 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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4999998 shares
CY2022Q4 us-gaap Warrants And Rights Outstanding
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CY2022 us-gaap Fair Value Adjustment Of Warrants
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48822907 usd
CY2022Q4 CING Equity Fair Value Percentage
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1 pure
CY2022 CING Amount Allocated
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 CING Deferred Tax Assets In Research And Development Costs Current
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CY2022Q4 CING Deferred Tax Assets Other Current
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CY2021Q4 CING Deferred Tax Assets Other Current
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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1762716 usd
CY2022Q4 CING Deferred Tax Assets Unvested Stock Options Non Current
DeferredTaxAssetsUnvestedStockOptionsNonCurrent
204380 usd
CY2021Q4 CING Deferred Tax Assets Unvested Stock Options Non Current
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11835 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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90480 usd
CY2022Q4 CING Deferred Tax Assets Rightofuse Assets
DeferredTaxAssetsRightofuseAssets
63563 usd
CY2021Q4 CING Deferred Tax Assets Rightofuse Assets
DeferredTaxAssetsRightofuseAssets
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
510676 usd
CY2022Q4 CING Deferred Tax Liabilities Accrual To Cash Current
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11228 usd
CY2021Q4 CING Deferred Tax Liabilities Accrual To Cash Current
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2018 us-gaap Payments For Rent
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61786 usd
CY2019Q4 us-gaap Lessee Operating Lease Option To Extend
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this lease was extended for a period of twenty-four months with a monthly lease payment of $37,072.
CY2019Q4 us-gaap Payments For Rent
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37072 usd
CY2022 us-gaap Lessee Operating Lease Description
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In April 2020, the Company entered into a 60-month lease agreement for office furniture under a lease classified as a financing lease as title of the furniture transfers to the Company at the end of the lease term. Monthly lease payments are $1,491. The leased furniture is amortized on a straight-line basis over 7 years. The imputed interest rate relating to the lease obligation is 6.12% and the maturity date is March 2025.
CY2020Q2 us-gaap Payments For Rent
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1491 usd
CY2021 CING Percentage Of Imputed Interest Rate Of Lease Obligation
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0.0612 pure
CY2021 us-gaap Finance Lease Interest Payment On Liability
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26504 usd
CY2022 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Finance Lease Principal Payments
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436259 usd
CY2022 CING Operating Leases Reductions To Right Of Use Assets Lease Obligations
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227981 usd
CY2022 us-gaap Operating Lease Cost
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338787 usd
CY2021 us-gaap Operating Lease Cost
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338787 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
10990 usd
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
409927 usd
CY2022 us-gaap Finance Lease Interest Expense
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2804 usd
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
26504 usd
CY2022 CING Finance Lease Cost
FinanceLeaseCost
13794 usd
CY2021 CING Finance Lease Cost
FinanceLeaseCost
436431 usd
CY2022 us-gaap Lease Cost
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352581 usd
CY2021 us-gaap Lease Cost
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775218 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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630618 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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858600 usd
CY2022Q4 us-gaap Other Liabilities Current
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339755 usd
CY2021Q4 us-gaap Other Liabilities Current
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295595 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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488748 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
828503 usd
CY2022Q4 us-gaap Operating Lease Liability
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828503 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1124098 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
76928 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
76928 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
44988 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
29602 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
31940 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
47326 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
16053 usd
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
15096 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
21487 usd
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
37534 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
21487 usd
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
37534 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
37540 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
52630 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
36000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
433172 usd
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3698 usd
CY2021 CING Operating Leases Reductions To Right Of Use Assets Lease Obligations
OperatingLeasesReductionsToRightOfUseAssetsLeaseObligations
196245 usd
CY2022 CING Finance Leases Reductions To Right Of Use Assets Lease Obligations
FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations
10990 usd
CY2021 CING Finance Leases Reductions To Right Of Use Assets Lease Obligations
FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations
409927 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P25M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P39M
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P27M
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P39M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1162 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1157 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0612 pure
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0612 pure
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-17676232 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-20709991 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11309412 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7413579 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.56
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.79
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5861017 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5523283 shares
CY2022Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 usd
CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 usd
CY2022 us-gaap Interest Expense
InterestExpense
292339 usd
CY2022 CING Accrued Interest
AccruedInterest
292339 usd

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