$CING
Cingulate Inc

2023 Q4 Form 10-Q Financial Statement

#000149315223040540 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.812M $1.830M $1.845M
YoY Change -28.75% -0.83% -83.05%
% of Gross Profit
Research & Development $4.985M $3.924M $2.123M
YoY Change 158.06% 84.82% -70.3%
% of Gross Profit
Depreciation & Amortization $172.9K $154.7K $101.4K
YoY Change 92.73% 52.48% 30.38%
% of Gross Profit
Operating Expenses $6.797M $3.924M $2.123M
YoY Change 51.89% 84.82% -88.23%
Operating Profit -$5.750M -$3.968M
YoY Change 44.89% -74.03%
Interest Expense -$137.6K $237.5K $104.8K
YoY Change 5.81% 126.54% -537.01%
% of Operating Profit
Other Income/Expense, Net -$229.4K -$58.89K
YoY Change 289.54% 457.68%
Pretax Income -$6.935M -$5.979M -$4.027M
YoY Change 50.59% 48.47% -77.7%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.935M -$5.979M -$4.027M
YoY Change 50.59% 48.47% -77.7%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$0.36
Diluted Earnings Per Share -$4.69 -$0.30 -$356.1K
COMMON SHARES
Basic Shares Outstanding 18.74M shares 15.66M shares 11.31M shares
Diluted Shares Outstanding 19.77M shares 11.31M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.42K $1.990M $9.796M
YoY Change -99.02% -79.68%
Cash & Equivalents $52.42K $1.986M $9.796M
Short-Term Investments $0.00
Other Short-Term Assets $511.6K $910.0K $1.991M
YoY Change -77.55% -54.31%
Inventory
Prepaid Expenses $910.3K $1.991M
Receivables $14.62K $10.00K $47.35K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $578.6K $2.902M $11.83M
YoY Change -92.65% -75.47%
LONG-TERM ASSETS
Property, Plant & Equipment $2.546M $2.531M $2.851M
YoY Change -12.35% -11.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.913M $2.968M $3.542M
YoY Change -17.61% -16.22%
TOTAL ASSETS
Total Short-Term Assets $578.6K $2.902M $11.83M
Total Long-Term Assets $2.913M $2.968M $3.542M
Total Assets $3.491M $5.870M $15.38M
YoY Change -69.39% -61.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.199M $1.670M $392.8K
YoY Change 581.98% 325.27%
Accrued Expenses $1.652M $692.0K $670.7K
YoY Change 84.6% 3.18%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $3.000M $5.000M
YoY Change -40.0% -40.0%
Long-Term Debt Due $17.06K $20.00K $15.81K
YoY Change 6.29% 26.5%
Total Short-Term Liabilities $10.23M $5.732M $6.406M
YoY Change 45.82% -10.51%
LONG-TERM LIABILITIES
Long-Term Debt $4.440K $10.00K $25.59K
YoY Change -79.34% -60.92%
Other Long-Term Liabilities $130.7K $230.0K $578.6K
YoY Change -73.27% -60.25%
Total Long-Term Liabilities $135.1K $234.2K $604.1K
YoY Change -73.52% -61.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.23M $5.732M $6.406M
Total Long-Term Liabilities $135.1K $234.2K $604.1K
Total Liabilities $10.36M $5.967M $7.010M
YoY Change 37.72% -14.89%
SHAREHOLDERS EQUITY
Retained Earnings -$92.94M -$86.01M -$64.80M
YoY Change 33.91% 32.72%
Common Stock $118.00 $1.738K $1.131K
YoY Change -89.57% 53.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.869M -$96.33K $8.367M
YoY Change
Total Liabilities & Shareholders Equity $3.491M $5.870M $15.38M
YoY Change -69.39% -61.82%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$6.935M -$5.979M -$4.027M
YoY Change 50.59% 48.47% -77.7%
Depreciation, Depletion And Amortization $172.9K $154.7K $101.4K
YoY Change 92.73% 52.48% 30.38%
Cash From Operating Activities -$2.565M -$4.290M -$3.400M
YoY Change -39.03% 26.19% 31.5%
INVESTING ACTIVITIES
Capital Expenditures $184.1K $0.00 $0.00
YoY Change 28.72% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.250K
YoY Change -100.0%
Cash From Investing Activities -$184.1K $0.00 $3.250K
YoY Change 28.72% -100.0% -120.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 814.8K 5.930M 4.996M
YoY Change -1007.53% 18.69% 43.89%
NET CHANGE
Cash From Operating Activities -2.565M -4.290M -3.400M
Cash From Investing Activities -184.1K 0.000 3.250K
Cash From Financing Activities 814.8K 5.930M 4.996M
Net Change In Cash -1.934M 1.640M 1.600M
YoY Change -56.44% 2.51% 83.66%
FREE CASH FLOW
Cash From Operating Activities -$2.565M -$4.290M -$3.400M
Capital Expenditures $184.1K $0.00 $0.00
Free Cash Flow -$2.749M -$4.290M -$3.400M
YoY Change -36.81% 26.19% 32.31%

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304287 usd
us-gaap Share Based Compensation
ShareBasedCompensation
658106 usd
us-gaap Share Based Compensation
ShareBasedCompensation
594360 usd
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
-228596 usd
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
-642899 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1368658 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
293140 usd
CING Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-194125 usd
CING Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-167828 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1517952 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
197462 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
13428 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
31147 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-263380 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-249952 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12472172 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11676314 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37136 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10400 usd
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
933 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
165 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-37136 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9632 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6151288 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3000000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5000000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
11943 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
11229 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9139345 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4988771 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3369963 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6697175 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5356276 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16492745 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1986313 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9795570 usd
us-gaap Interest Paid Net
InterestPaidNet
10266 usd
us-gaap Interest Paid Net
InterestPaidNet
10291 usd
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
20400000 usd
CY2022Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
5000000.0 usd
CY2023Q2 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
3000000.0 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
2100000 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3300000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zysuUUs1i12e" 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_865_zx7EJ2cCuEPj">Concentration of Credit Risk</span></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"> </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_90A_eus-gaap--TimeDepositsAtOrAboveFDICInsuranceLimit_iI_c20230930_zzZXzlfM2cp6" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000 usd
CY2022Q4 CING Prepaid Dues And Subscriptions
PrepaidDuesAndSubscriptions
37684 usd
CY2023Q3 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
413431 usd
CY2022Q4 CING Prepaid Research And Development
PrepaidResearchAndDevelopment
1377391 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
339676 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
472152 usd
CY2023Q3 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
77422 usd
CY2022Q4 CING Prepaid Active Pharmaceutical Ingredients
PrepaidActivePharmaceuticalIngredients
209156 usd
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
100339 usd
CY2023Q3 CING Prepaid Professional Fees
PrepaidProfessionalFees
20775 usd
CY2022Q4 CING Prepaid Professional Fees
PrepaidProfessionalFees
61524 usd
CY2023Q3 CING Prepaid Dues And Subscriptions
PrepaidDuesAndSubscriptions
38284 usd
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
20698 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
20698 usd
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
910286 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2278944 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5001989 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4964853 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2470659 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2060066 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2531330 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2904787 usd
us-gaap Depreciation
Depreciation
410593 usd
us-gaap Depreciation
Depreciation
304287 usd
CY2023Q3 us-gaap Depreciation
Depreciation
154663 usd
CY2022Q3 us-gaap Depreciation
Depreciation
101429 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
157339 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
292339 usd
CY2023Q3 CING Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
253524 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
314446 usd
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
175625 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
175625 usd
CY2023Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
62393 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28127 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
112225 usd
CY2023Q3 us-gaap Debt Instrument Description
DebtInstrumentDescription
The WFIA Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of $0.0001 per share, to the extent that after giving effect to such exercise, WFIA and its affiliates would beneficially own, for purposes of Section 13(d) of the Exchange Act, no more than 19.99% of the outstanding shares of common stock of the Company.
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
692008 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
894635 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80A_eus-gaap--LossContingencyDisclosures_zGaRDsjnTNUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6) <span id="xdx_82B_zwWeLt3Je6Zf">Contingencies</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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; 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 0pt 0pt 0; 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; 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 consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
3000000.0 usd
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
8000000.0 usd
us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
1862735 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
237500 usd
us-gaap Interest Expense
InterestExpense
677500 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17378798 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17378798 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11309412 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11309412 shares
CY2023Q3 us-gaap Debt Instrument Description
DebtInstrumentDescription
The September 2023 Offering closed on September 13, 2023. The Pre-Funded Warrants are exercisable at any time after the date of issuance and have no expiration date. The holder of Pre-Funded Warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise.
CY2023Q3 CING Gross Proceeds
GrossProceeds
3999480 usd
CY2023Q3 us-gaap Payments For Fees
PaymentsForFees
688929 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
27777513 shares
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
38018839 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
9376904 usd
CY2023Q3 CING Equity Fair Value Percentage
EquityFairValuePercentage
1 pure
CING Amount Allocated
AmountAllocated
3999480 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.04073 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0127 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
0.71
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
1.00
CY2023Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1255601 usd
CY2022Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-845722 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3486052 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2733779 usd
CY2023Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-330642 usd
CY2022Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-222707 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-917994 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-719896 usd
CY2023Q3 CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
6154 usd
CY2022Q3 CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
3157 usd
CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
14457 usd
CING Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
11920 usd
CY2023Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2218188 usd
CY2022Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1132895 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5089875 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3572189 usd
CY2023Q3 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-620630 usd
us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-620630 usd
CY2023Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-17469 usd
CY2022Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-67623 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-79656 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-130434 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10988821 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5580595 usd
CY2023Q3 CING Deferred Tax Assets In Research And Development Costs Current
DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent
723577 usd
CY2022Q4 CING Deferred Tax Assets In Research And Development Costs Current
DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent
343087 usd
CY2023Q3 CING Deferred Tax Assets Other Current
DeferredTaxAssetsOtherCurrent
59126 usd
CY2022Q4 CING Deferred Tax Assets Other Current
DeferredTaxAssetsOtherCurrent
59018 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5862906 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3381215 usd
CY2023Q3 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
3645038 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1762716 usd
CY2023Q3 CING Deferred Tax Assets In Research And Development Tax Credit
DeferredTaxAssetsInResearchAndDevelopmentTaxCredit
756122 usd
CY2023Q3 CING Deferred Tax Assets Unvested Stock Options Non Current
DeferredTaxAssetsUnvestedStockOptionsNonCurrent
405739 usd
CY2022Q4 CING Deferred Tax Assets Unvested Stock Options Non Current
DeferredTaxAssetsUnvestedStockOptionsNonCurrent
204380 usd
CY2023Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
99118 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
92417 usd
CY2023Q3 CING Deferred Tax Assets Rightofuse Assets
DeferredTaxAssetsRightofuseAssets
45265 usd
CY2022Q4 CING Deferred Tax Assets Rightofuse Assets
DeferredTaxAssetsRightofuseAssets
63563 usd
CY2023Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
11596891 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
5906396 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10988821 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5580595 usd
CY2023Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
608070 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
325801 usd
CY2022Q4 CING Deferred Tax Liabilities Accrual To Cash Current
DeferredTaxLiabilitiesAccrualToCashCurrent
11228 usd
CY2023Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
608070 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
314573 usd
CY2023Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
608070 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
325801 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-5979054 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-4027247 usd
us-gaap Net Income Loss
NetIncomeLoss
-16600250 usd
us-gaap Net Income Loss
NetIncomeLoss
-13071205 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19766654 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19766654 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11309412 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11309412 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14287942 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14287942 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11309412 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11309412 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.16
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17186815 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5883799 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17186815 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5883799 shares
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
8000000.0 usd
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3000000.0 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5000000.0 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
237500 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
104838 usd
us-gaap Interest Expense
InterestExpense
677500 usd
us-gaap Interest Expense
InterestExpense
104838 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
157339 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
292339 usd

Files In Submission

Name View Source Status
cing-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001493152-23-040540-index-headers.html Edgar Link pending
0001493152-23-040540-index.html Edgar Link pending
0001493152-23-040540.txt Edgar Link pending
0001493152-23-040540-xbrl.zip Edgar Link pending
cing-20230930.xsd Edgar Link pending
cing-20230930_cal.xml Edgar Link unprocessable
cing-20230930_def.xml Edgar Link unprocessable
cing-20230930_lab.xml Edgar Link unprocessable
ex31-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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form10-q_htm.xml Edgar Link completed
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