$CING
Cingulate Inc

2023 Q3 Form 10-Q Financial Statement

#000149315223028546 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.830M $1.906M $1.871M
YoY Change -0.83% 1.92% 33.93%
% of Gross Profit
Research & Development $3.924M $4.456M $2.178M
YoY Change 84.82% 104.57% 174.48%
% of Gross Profit
Depreciation & Amortization $154.7K $155.3K $101.4K
YoY Change 52.48% 53.11% 31.98%
% of Gross Profit
Operating Expenses $3.924M $4.456M $2.178M
YoY Change 84.82% 104.57% 174.48%
Operating Profit -$5.750M -$6.362M -$4.049M
YoY Change 44.89% 57.14% 184.6%
Interest Expense $237.5K $252.5K $8.370K
YoY Change 126.54% 2916.73% -162.28%
% of Operating Profit
Other Income/Expense, Net -$229.4K -$253.9K $8.370K
YoY Change 289.54% -3133.93% -186.5%
Pretax Income -$5.979M -$6.616M -$4.040M
YoY Change 48.47% 63.75% 182.1%
Income Tax
% Of Pretax Income
Net Earnings -$5.979M -$6.616M -$4.040M
YoY Change 48.47% 63.75% 182.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$0.57 -$0.36
Diluted Earnings Per Share -$0.30 -$0.57 -$357.3K
COMMON SHARES
Basic Shares Outstanding 15.66M shares 11.70M shares 11.31M shares
Diluted Shares Outstanding 19.77M shares 11.69M shares 11.31M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.990M $349.8K $8.196M
YoY Change -79.68% -95.73% 684.1%
Cash & Equivalents $1.986M $349.8K $8.196M
Short-Term Investments $0.00
Other Short-Term Assets $910.0K $1.653M $1.766M
YoY Change -54.31% -6.44% 8.37%
Inventory
Prepaid Expenses $910.3K $1.653M $1.766M
Receivables $10.00K $35.47K $140.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.902M $2.038M $10.10M
YoY Change -75.47% -79.83% 241.81%
LONG-TERM ASSETS
Property, Plant & Equipment $2.531M $2.686M $2.953M
YoY Change -11.23% -9.04% -20.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.968M $3.190M $3.702M
YoY Change -16.22% -13.83% -0.95%
TOTAL ASSETS
Total Short-Term Assets $2.902M $2.038M $10.10M
Total Long-Term Assets $2.968M $3.190M $3.702M
Total Assets $5.870M $5.227M $13.80M
YoY Change -61.82% -62.13% 106.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.670M $1.612M $282.3K
YoY Change 325.27% 471.17% -64.92%
Accrued Expenses $692.0K $1.018M $311.6K
YoY Change 3.18% 226.82% -85.89%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $8.000M $0.00
YoY Change -40.0% -100.0%
Long-Term Debt Due $20.00K $15.92K $15.57K
YoY Change 26.5% 2.25% -93.28%
Total Short-Term Liabilities $5.732M $10.99M $923.5K
YoY Change -10.51% 1090.56% -75.34%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $13.72K $29.63K
YoY Change -60.92% -53.7% -33.04%
Other Long-Term Liabilities $230.0K $317.3K $665.8K
YoY Change -60.25% -52.34% -33.65%
Total Long-Term Liabilities $234.2K $331.1K $695.5K
YoY Change -61.24% -52.4% -33.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.732M $10.99M $923.5K
Total Long-Term Liabilities $234.2K $331.1K $695.5K
Total Liabilities $5.967M $11.33M $1.619M
YoY Change -14.89% 599.57% -66.22%
SHAREHOLDERS EQUITY
Retained Earnings -$86.01M -$80.03M -$60.78M
YoY Change 32.72% 31.68%
Common Stock $1.738K $1.206K $1.131K
YoY Change 53.67% 6.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$96.33K -$6.099M $12.18M
YoY Change
Total Liabilities & Shareholders Equity $5.870M $5.227M $13.80M
YoY Change -61.82% -62.13% 106.26%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$5.979M -$6.616M -$4.040M
YoY Change 48.47% 63.75% 182.1%
Depreciation, Depletion And Amortization $154.7K $155.3K $101.4K
YoY Change 52.48% 53.11% 31.98%
Cash From Operating Activities -$4.290M -$4.604M -$4.412M
YoY Change 26.19% 4.34% 36.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.480K
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$2.480K
YoY Change -100.0% -100.0% -97.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.930M 3.215M -3.750K
YoY Change 18.69% -85828.53% -100.12%
NET CHANGE
Cash From Operating Activities -4.290M -4.604M -4.412M
Cash From Investing Activities 0.000 0.000 -2.480K
Cash From Financing Activities 5.930M 3.215M -3.750K
Net Change In Cash 1.640M -1.389M -4.418M
YoY Change 2.51% -68.57% 2781.08%
FREE CASH FLOW
Cash From Operating Activities -$4.290M -$4.604M -$4.412M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$4.290M -$4.604M -$4.412M
YoY Change 26.19% 4.34% 40.71%

Facts In Submission

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<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zlAwW4mDrXVa" 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_86F_zxlnUvtIcmO1">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_90E_eus-gaap--TimeDepositsAtOrAboveFDICInsuranceLimit_iI_c20230630_z0NcFrfckF5b" 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>
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<p id="xdx_80A_eus-gaap--LossContingencyDisclosures_z8ktA2Q3WC9l" 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"><b>(6) <span id="xdx_824_zisf8FqiltQj">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>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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