$CTSO
Cytosorbents Corp

2020 Q2 Form 10-Q Financial Statement

#000110465920090287 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $9.795M $6.233M $5.192M
YoY Change 57.16% 8.29% 5.42%
Cost Of Revenue $3.250M $1.834M $1.739M
YoY Change 77.16% 2.72% 10.9%
Gross Profit $6.545M $4.398M $3.453M
YoY Change 48.82% 10.8% 2.86%
Gross Profit Margin 66.82% 70.57% 66.51%
Selling, General & Admin $6.591M $4.507M $4.758M
YoY Change 46.25% -26.41% 10.23%
% of Gross Profit 100.7% 102.46% 137.79%
Research & Development $2.406M $2.930M $2.419M
YoY Change -17.87% 85.92% 40.19%
% of Gross Profit 36.76% 66.61% 70.04%
Depreciation & Amortization $160.0K $140.0K $140.0K
YoY Change 14.29% 133.33% 133.33%
% of Gross Profit 2.44% 3.18% 4.05%
Operating Expenses $9.843M $8.028M $7.738M
YoY Change 22.6% -1.59% 19.82%
Operating Profit -$3.298M -$3.630M -$4.285M
YoY Change -9.16% -13.32% 38.18%
Interest Expense -$273.8K -$214.6K -$205.2K
YoY Change 27.62% -74.45% -14.19%
% of Operating Profit
Other Income/Expense, Net $430.7K $82.59K -$598.6K
YoY Change 421.49% -105.06% -602.5%
Pretax Income -$2.867M -$3.547M -$4.884M
YoY Change -19.18% -39.06% 63.77%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.867M -$3.547M -$4.884M
YoY Change -19.18% -39.06% 63.77%
Net Earnings / Revenue -29.27% -56.92% -94.07%
Basic Earnings Per Share -$0.08 -$0.11 -$0.15
Diluted Earnings Per Share -$0.08 -$0.11 -$0.15
COMMON SHARES
Basic Shares Outstanding 32.25M 31.86M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.10M $16.30M $19.60M
YoY Change 115.34% -35.57% -7.11%
Cash & Equivalents $35.11M $16.34M $19.65M
Short-Term Investments
Other Short-Term Assets $1.000M $1.000M $700.0K
YoY Change 0.0% -44.44% 75.0%
Inventory $1.987M $1.500M $1.214M
Prepaid Expenses
Receivables $3.890M $3.500M $3.267M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.95M $22.20M $24.83M
YoY Change 88.95% -27.88% 1.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.952M $3.200M $1.897M
YoY Change -38.99% 80.84% 17.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.126M $3.100M $2.911M
YoY Change 33.1% 29.38% 33.54%
Total Long-Term Assets $7.311M $6.300M $6.167M
YoY Change 16.04% 51.24% 62.79%
TOTAL ASSETS
Total Short-Term Assets $41.95M $22.20M $24.83M
Total Long-Term Assets $7.311M $6.300M $6.167M
Total Assets $49.26M $28.50M $30.99M
YoY Change 72.84% -18.45% 9.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.727M $2.200M $1.841M
YoY Change 23.94% 75.51% -13.97%
Accrued Expenses $6.300M $3.900M $3.200M
YoY Change 61.54% 77.27% 77.78%
Deferred Revenue $10.46K
YoY Change -76.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.667M $800.0K $1.667M
YoY Change 733.33%
Total Short-Term Liabilities $15.66M $6.900M $6.711M
YoY Change 127.02% 97.64% 68.36%
LONG-TERM LIABILITIES
Long-Term Debt $8.457M $9.200M $8.298M
YoY Change -8.07% -7.01% -16.18%
Other Long-Term Liabilities $800.0K $900.0K $1.000M
YoY Change -11.11%
Total Long-Term Liabilities $8.457M $10.10M $8.298M
YoY Change -16.26% 2.09% -16.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.66M $6.900M $6.711M
Total Long-Term Liabilities $8.457M $10.10M $8.298M
Total Liabilities $24.94M $16.90M $15.98M
YoY Change 47.55% 26.26% 14.96%
SHAREHOLDERS EQUITY
Retained Earnings -$195.1M -$174.4M
YoY Change
Common Stock $36.81K $32.24K
YoY Change 7.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.32M $11.54M $15.01M
YoY Change
Total Liabilities & Shareholders Equity $49.26M $28.50M $30.99M
YoY Change 72.84% -18.45% 9.52%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.867M -$3.547M -$4.884M
YoY Change -19.18% -39.06% 63.77%
Depreciation, Depletion And Amortization $160.0K $140.0K $140.0K
YoY Change 14.29% 133.33% 133.33%
Cash From Operating Activities $1.940M -$3.190M -$4.238M
YoY Change -160.82% -3.33% 92.29%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$330.0K $292.5K
YoY Change 51.52% -26.67% 20.36%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$500.0K -$330.0K -$474.2K
YoY Change 51.52% -26.67% 0.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 7.240M 180.0K 2.005M
YoY Change 3922.22% -97.74% -68.89%
NET CHANGE
Cash From Operating Activities 1.940M -3.190M -4.238M
Cash From Investing Activities -500.0K -330.0K -474.2K
Cash From Financing Activities 7.240M 180.0K 2.005M
Net Change In Cash 8.680M -3.340M -2.707M
YoY Change -359.88% -178.96% -171.87%
FREE CASH FLOW
Cash From Operating Activities $1.940M -$3.190M -$4.238M
Capital Expenditures -$500.0K -$330.0K $292.5K
Free Cash Flow $2.440M -$2.860M -$4.530M
YoY Change -185.31% 0.35% 85.14%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;">1.    BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The interim consolidated financial statements of CytoSorbents Corporation (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, for a fair statement of the Company’s consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2020. The results for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Prior to June 30, 2020, the Company's consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On July 24, 2020, the Company closed an underwritten public offering of 6,052,631 shares of its common stock at a public offering price of $9.50 per share (the “Offering”).  Gross proceeds from the Offering amounted to approximately $57.5 million and, after deducting the underwriting discounts and commissions and expenses related to the Offering, the Company received total net proceeds of approximately $54.0 million. See Note 9. As a result of the Offering, the Company’s cash balance increased to approximately $89.0 million, which the Company expects will fund the Company’s operations well beyond the next twelve months. As a result, the Company has determined that the going concern risk has been eliminated.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions in an effort to minimize its collection risk of these balances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A significant portion of our revenues are from product sales in Germany. Substantially all of our grant and other income are from grant agencies in the United States. (See Note 4 for further information relating to the Company’s revenue.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of June 30, 2020, one distributor accounted for approximately 21% of outstanding grants and accounts receivable.  As of December 31, 2019, no agency, distributor/strategic partners or direct customer represented more than 10% of outstanding grants and accounts receivables. For the three and six months ended June 30, 2020, no agency, distributor, or direct customer represented more than 10%of the Company’s total revenue. For the three and six months ended June 30, 2019, no agency, distributor, or direct customer represented more than 10% of the Company’s total revenue. </p>
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report.css Edgar Link pending
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tmb-20200630.xsd Edgar Link pending
tmb-20200630x10q.htm Edgar Link pending
tmb-20200630x10q_htm.xml Edgar Link completed
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tmb-20200630_cal.xml Edgar Link unprocessable
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tmb-20200630_lab.xml Edgar Link unprocessable
tmb-20200630_pre.xml Edgar Link unprocessable