2023 Q4 Form 10-Q Financial Statement

#000147793223008373 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.424M $930.3K
YoY Change -64.46%
Cost Of Revenue $2.354M $698.3K
YoY Change -67.81%
Gross Profit $70.00K $232.0K
YoY Change 61.76%
Gross Profit Margin 2.89% 24.94%
Selling, General & Admin -$638.0K $1.651M
YoY Change -53.91%
% of Gross Profit -911.36% 711.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $98.07K $89.85K
YoY Change 477.44%
% of Gross Profit 140.1% 38.72%
Operating Expenses $1.856M $1.821M
YoY Change -25.06%
Operating Profit -$1.786M -$1.589M
YoY Change -30.51%
Interest Expense -$1.386M $183.3K
YoY Change 322.47%
% of Operating Profit
Other Income/Expense, Net -$1.795M
YoY Change 496.65%
Pretax Income -$4.425M -$3.384M
YoY Change -35.69%
Income Tax
% Of Pretax Income
Net Earnings -$4.425M -$3.384M
YoY Change 30.8%
Net Earnings / Revenue -182.56% -363.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.12 -$0.09
COMMON SHARES
Basic Shares Outstanding 36.18M shares 36.18M shares
Diluted Shares Outstanding 36.18M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.412M $3.218M
YoY Change 822.96%
Cash & Equivalents $1.412M $3.218M
Short-Term Investments
Other Short-Term Assets $1.011M $697.5K
YoY Change 634.41%
Inventory
Prepaid Expenses
Receivables $462.3K $128.1K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.885M $4.044M
YoY Change 145.27% 287.96%
LONG-TERM ASSETS
Property, Plant & Equipment $172.4K $115.0K
YoY Change 4204.55% 1354.4%
Goodwill $762.9K $762.9K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.675M $1.701M
YoY Change 55.04% 51.02%
TOTAL ASSETS
Total Short-Term Assets $2.885M $4.044M
Total Long-Term Assets $1.675M $1.701M
Total Assets $4.561M $5.745M
YoY Change 102.07% 164.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $304.4K $204.7K
YoY Change -71.54% -74.87%
Accrued Expenses $1.136M $772.7K
YoY Change -11.65% -29.85%
Deferred Revenue
YoY Change
Short-Term Debt $1.260M $1.825M
YoY Change 46.87%
Long-Term Debt Due $1.420M $683.1K
YoY Change
Total Short-Term Liabilities $6.805M $7.409M
YoY Change 44.23% 125.33%
LONG-TERM LIABILITIES
Long-Term Debt $935.3K $683.3K
YoY Change 171.42% 230.02%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $935.3K $683.3K
YoY Change 171.42% 230.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.805M $7.409M
Total Long-Term Liabilities $935.3K $683.3K
Total Liabilities $7.740M $8.092M
YoY Change 52.89% 131.53%
SHAREHOLDERS EQUITY
Retained Earnings -$21.06M -$16.63M
YoY Change 154.67% 161.21%
Common Stock $3.627K $3.618K
YoY Change 2.69% 2.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.180M -$2.347M
YoY Change
Total Liabilities & Shareholders Equity $4.561M $5.745M
YoY Change 102.07% 164.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.425M -$3.384M
YoY Change 30.8%
Depreciation, Depletion And Amortization $98.07K $89.85K
YoY Change 477.44%
Cash From Operating Activities -$2.984M $1.273M
YoY Change -299.59%
INVESTING ACTIVITIES
Capital Expenditures $72.02K $23.17K
YoY Change 178.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$72.02K -$23.17K
YoY Change 178.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.250M 860.0K
YoY Change 48.28%
NET CHANGE
Cash From Operating Activities -2.984M 1.273M
Cash From Investing Activities -72.02K -23.17K
Cash From Financing Activities 1.250M 860.0K
Net Change In Cash -1.806M 2.110M
YoY Change -3284.56%
FREE CASH FLOW
Cash From Operating Activities -$2.984M $1.273M
Capital Expenditures $72.02K $23.17K
Free Cash Flow -$3.056M $1.250M
YoY Change -293.43%

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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 cipi Issuances Of Shares For Services Amount
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CY2023Q2 cipi Issuance Of Shares For The Payment Of Accrued Interest Amount
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2023Q2 cipi Issuance Warrants Connectionwith Debt
IssuanceWarrantsConnectionwithDebt
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CY2023Q2 cipi Issuance Of Shares For Intangible Assets Amount
IssuanceOfSharesForIntangibleAssetsAmount
250000 usd
CY2023Q2 cipi Issuance Of Shares For Property And Equipment Amount
IssuanceOfSharesForPropertyAndEquipmentAmount
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CY2023Q2 cipi Issuance Of Returnable Shares Amount
IssuanceOfReturnableSharesAmount
0 usd
CY2023Q2 cipi Return Of Returnable Shares Amount
ReturnOfReturnableSharesAmount
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CY2023Q2 us-gaap Litigation Settlement Interest
LitigationSettlementInterest
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q3 cipi Issuance Of Shares For The Payment Of Accrued Interest Amount
IssuanceOfSharesForThePaymentOfAccruedInterestAmount
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CY2023Q3 cipi Issuance Of Shares For Services
IssuanceOfSharesForServices
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
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CY2023Q3 cipi Issuance Warrants Connectionwith Debt
IssuanceWarrantsConnectionwithDebt
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
152485 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Amortization Of Debt Discount Premium
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cipi Stock Issued For Services
StockIssuedForServices
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cipi Stock Issued For Services
StockIssuedForServices
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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cipi Financing Costs Discount Amount
FinancingCostsDiscountAmount
-4156291 usd
cipi Financing Costs Discount Amount
FinancingCostsDiscountAmount
0 usd
cipi Changes In Fair Value Of Derivative Liability
ChangesInFairValueOfDerivativeLiability
3107808 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
0 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
0 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
0 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
174843 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
301589 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
3076771 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
32816 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
583590 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65785 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8305 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
400000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1930000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3474950 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
470800 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
150000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3004150 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2080000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3121955 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
96499 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96308 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
252189 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3218263 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
348688 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Interest Paid
InterestPaid
245136 usd
us-gaap Interest Paid
InterestPaid
32141 usd
cipi Discount On Notes Payable From Derivative Liability
DiscountOnNotesPayableFromDerivativeLiability
1563929 usd
cipi Discount On Notes Payable From Derivative Liability
DiscountOnNotesPayableFromDerivativeLiability
0 usd
cipi Discount On Convertible Notes Payable From Derivative Liability
DiscountOnConvertibleNotesPayableFromDerivativeLiability
2564950 usd
cipi Discount On Convertible Notes Payable From Derivative Liability
DiscountOnConvertibleNotesPayableFromDerivativeLiability
0 usd
cipi Shares Issued For Settlement Of Accrued Interest
SharesIssuedForSettlementOfAccruedInterest
32657 usd
cipi Shares Issued For Settlement Of Accrued Interest
SharesIssuedForSettlementOfAccruedInterest
0 usd
cipi Accrued Interest Settled Through Note Payable
AccruedInterestSettledThroughNotePayable
78929 usd
cipi Accrued Interest Settled Through Note Payable
AccruedInterestSettledThroughNotePayable
0 usd
us-gaap Litigation Settlement Interest
LitigationSettlementInterest
5895190 usd
us-gaap Litigation Settlement Interest
LitigationSettlementInterest
0 usd
cipi Shares Issued For Intangible Assets
SharesIssuedForIntangibleAssets
250000 usd
cipi Shares Issued For Intangible Assets
SharesIssuedForIntangibleAssets
0 usd
cipi Shares Issued For Property And Equipment
SharesIssuedForPropertyAndEquipment
57507 usd
cipi Shares Issued For Property And Equipment
SharesIssuedForPropertyAndEquipment
0 usd
cipi Returnable Shares Issued In Connection With Notes Payable
ReturnableSharesIssuedInConnectionWithNotesPayable
120 usd
cipi Returnable Shares Issued In Connection With Notes Payable
ReturnableSharesIssuedInConnectionWithNotesPayable
0 usd
cipi Return Of Returnable Shares Issued In Connection With Notes Payable
ReturnOfReturnableSharesIssuedInConnectionWithNotesPayable
136 usd
cipi Return Of Returnable Shares Issued In Connection With Notes Payable
ReturnOfReturnableSharesIssuedInConnectionWithNotesPayable
0 usd
cipi Discount On Note Payable From Issuance Of Warrants
DiscountOnNotePayableFromIssuanceOfWarrants
1350982 usd
cipi Discount On Note Payable From Issuance Of Warrants
DiscountOnNotePayableFromIssuanceOfWarrants
1216442 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
135000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Fdic Indemnification Asset Period Increase Decrease
FDICIndemnificationAssetPeriodIncreaseDecrease
250000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
722328 usd
cipi Additions Derivative Liabilities
AdditionsDerivativeLiabilities
8280670 usd
cipi Settlement Derivative Liabilities
SettlementDerivativeLiabilities
-5895190 usd
cipi Changeinfairvalueof Assets
ChangeinfairvalueofAssets
-3107808 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 usd
CY2022Q4 us-gaap Share Price
SharePrice
1.06
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0441 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0473 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.64 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
3.79 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.00
cipi Gain Loss Reclassification In Fair Value Of Derivative Liability
GainLossReclassificationInFairValueOfDerivativeLiability
546654 usd
us-gaap Option Indexed To Issuers Equity Shares
OptionIndexedToIssuersEquityShares
7204068 shares
us-gaap Option Indexed To Issuers Equity Shares
OptionIndexedToIssuersEquityShares
4184068 shares
cipi Amount Of Dilutive Securities Warrant
AmountOfDilutiveSecuritiesWarrant
14474494 shares
cipi Amount Of Dilutive Securities Warrant
AmountOfDilutiveSecuritiesWarrant
3280000 shares
cipi Convertible Notes Payable Outstanding
ConvertibleNotesPayableOutstanding
1085922 usd
cipi Convertible Notes Payable Outstanding
ConvertibleNotesPayableOutstanding
0 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22764484 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7464068 shares
CY2020Q2 cipi Note Percentage Of Interest Rate
NotePercentageOfInterestRate
0.0375 pure
cipi Debt Instrument Periodic Payment Discount
DebtInstrumentPeriodicPaymentDiscount
539784 usd
CY2022 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
2681200 usd
CY2022 cipi Debt Instrument Periodic Payment Discount
DebtInstrumentPeriodicPaymentDiscount
823059 usd
CY2014Q4 us-gaap Line Of Credit
LineOfCredit
30000 usd
CY2014Q4 cipi Note Percentage Of Interest Rate
NotePercentageOfInterestRate
0.0800 pure
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
31408 usd
CY2022Q4 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
42130 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1593929 usd
CY2023Q1 cipi Stock Issued During Period Shares Issues
StockIssuedDuringPeriodSharesIssues
4245 shares
CY2023Q1 cipi Stock Issued During Period Amount Issues
StockIssuedDuringPeriodAmountIssues
4500 usd
CY2023Q1 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
7589 usd
CY2023Q1 cipi Class Of Warrants Or Rights Issued
ClassOfWarrantsOrRightsIssued
5655 shares
CY2023Q1 cipi Stock Issued During Period Shares Issues
StockIssuedDuringPeriodSharesIssues
17045 shares
CY2023Q1 cipi Stock Issued During Period Amount Issues
StockIssuedDuringPeriodAmountIssues
15000 usd
CY2023Q2 cipi Warrant Issued Value
WarrantIssuedValue
375000 usd
CY2022 cipi Stock Issued During Period Shares Issues
StockIssuedDuringPeriodSharesIssues
1200000 shares
cipi Options To Purchase Shares Of Common Stock Shares
OptionsToPurchaseSharesOfCommonStockShares
3617041 shares
cipi Options To Purchase Shares Of Common Stock Unvested
OptionsToPurchaseSharesOfCommonStockUnvested
3587027 shares
cipi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Total Expenses
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedTotalExpenses
2602630 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1030933 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
207438 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
823495 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
380933 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
67279 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
313654 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
83431 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
319884 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
286852 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
133328 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
823495 usd

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