Lucide Ledger

A filing-first public record from Lucide House.

Issue 006 | U.S. Pilot | US

CNEY

CN ENERGY GROUP. INC.

Screen state: Needs Review Source state: Stale Filing 20-F | 2026-01-30 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 95.0%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
65,768,591USD
Total Liabilities
5,342,105USD
NCAV
60,426,486USD
Cash
n/a
NCAV per share
60.32USD/share
Evidence
5 annual | 9 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
3
Requires inspection Negative OCF -1,971,537
Latest
-1,971,5372025-09-30
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-09-30 · 0001477932-26-000556

Supporting observation Share Count Reduced 4,988,337
Latest
4,988,3372025-09-30
Comparison
12,084,0132024-09-30
Change
-58.7%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-09-30 · 0001477932-26-000556; REPORTED_FILING 20-F 2024-09-30

Supporting observation Current Ratio > 1.5 13.9
Latest
13.92025-09-30
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-09-30 · 0001477932-26-000556

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001477932-26-000556 2026-01-30 20-F Verified Data Vault | sec/cleaned/cik=0001780785/accession=0001477932-26-000556/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 9 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-09-30
20-F
USD
2024-09-30
20-F
USD
2023-09-30
20-F
USD
2022-09-30
20-F
USD
2021-09-30
20-F
USD
Revenue 35,573,432 50,957,974 57,899,096 40,205,586 19,846,921
Operating Income -10,975,431 -12,488,605 -6,178,419 459,829 583,380
Net Income -11,142,007 -14,040,769 -5,625,740 2,229,708 1,296,360
Cash From Operations -1,971,537 -2,371,172 -30,164,971 -7,514,619 -11,593,069
Capex 0 0 -683,392 -2,493,448 -434,834
Free Cash Flow -1,971,537 -2,371,172 -30,848,363 -10,008,067 -12,027,903
Cash And Equivalents n/a n/a n/a n/a n/a
Accounts Receivable 1,650,231 11,790,391 29,012,866 18,764,549 12,375,425
Inventory 3,640,861 3,329,344 2,655,233 784,251 1,116,613
Total Current Assets 65,768,591 61,498,560 72,449,365 74,216,765 48,887,801
Total Assets 107,314,411 98,362,506 126,195,222 94,941,872 68,963,140
Total Current Liabilities 4,730,778 1,450,089 22,524,707 30,461,534 5,643,116
Total Liabilities 5,342,105 1,450,089 22,632,988 31,159,546 6,284,188
Shareholders Equity 101,972,306 96,912,417 103,562,234 63,782,326 62,678,952
Shares Outstanding 4,988,337 12,084,013 2,285,826 n/a 20,319,276
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 519,262 3,398,964 1,802,948 21,659,797 15,197,508
Weighted Avg Shares Basic 519,262 3,398,964 1,802,948 21,659,797 15,197,508
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 9 quarterly periods available from Data Vault for this company.

Metric
2025-03-31
6-K
USD
2024-09-30
6-K
USD
2024-03-31
6-K
USD
2023-09-30
6-K
USD
2023-03-31
6-K
USD
2022-09-30
6-K
USD
2022-03-31
6-K
USD
2021-09-30
6-K
USD
2021-03-31
6-K
USD
Revenue 16,376,697 50,957,974 31,285,396 57,899,096 22,675,117 40,205,586 13,650,703 19,846,921 7,723,067
Operating Income -1,098,554 -12,488,605 -2,722,408 -6,178,419 -4,362,047 459,829 -388,612 583,380 182,036
Net Income 6,928,242 -14,040,769 -2,955,367 -5,625,740 -4,171,178 2,229,708 1,000,786 1,296,360 730,568
Cash From Operations -1,457,318 -2,371,172 -579,200 -30,164,971 -29,286,121 -7,514,619 6,205,925 -11,593,069 -418,896
Capex n/a 0 -122 -683,392 -9,862 -2,493,448 -58,663 -434,834 -171,079
Free Cash Flow n/a -2,371,172 -579,322 -30,848,363 -29,295,983 -10,008,067 6,147,262 -12,027,903 -589,975
Cash And Equivalents n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total Current Assets 45,453,532 61,498,560 68,219,365 72,449,365 79,297,728 74,216,765 47,187,365 48,887,801 n/a
Total Liabilities 1,809,020 1,450,089 15,601,257 22,632,988 28,504,249 31,159,546 6,355,711 6,284,188 n/a
Shares Outstanding n/a 12,084,013 n/a 2,285,826 n/a n/a 20,319,276 20,319,276 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 723,571 3,398,964 72,118 1,802,948 1,489,732 21,659,797 20,319,276 15,197,508 11,684,066
Weighted Avg Shares Basic 510,256 3,398,964 72,118 1,802,948 1,489,732 21,659,797 20,319,276 15,197,508 11,684,066
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 45,453,532USD us-gaap:AssetsCurrent 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001780785/companyfacts.json
Data Vault | sec/companyfacts/cik=0001780785/companyfacts.json
Total Liabilities 1,809,020USD derived 2025-03-31 1.00 n/a
Cash n/a derived 2025-03-31 n/a n/a
Shares Outstanding 723,571 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001780785/companyfacts.json
Data Vault | sec/companyfacts/cik=0001780785/companyfacts.json
NCAV 43,644,512USD derived 2025-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 60.32USD derived 2025-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 95.0% derived 2025-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
n/a
CIK
0001780785
Company ID
n/a
Selected Annual Source
n/a
Selected Quarterly Source
n/a
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
9
Imported At
2026-08-15T12:51:48+00:00
Rendered At
2026-08-16T03:30:06+00:00

Run Audit

Mary Run
63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of
2026-08-15
Accession
0001477932-26-000556
CIK
0001780785
Mary Filing Date
2026-01-30
Filing Currency
USD
Internal Discount
95.0%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-01-30; mary_accession=0001477932-26-000556; mary_cik=0001780785; gnni_supporting_filing_date=2026-01-30; internal_discount=0.949643; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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