2020 Q4 Form 10-K Financial Statement

#000110465921033790 Filed on March 09, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $11.96M $41.00M $7.430M
YoY Change 60.91% 64.35% 22.19%
Cost Of Revenue $2.530M $11.05M $2.090M
YoY Change 21.05% 50.09% 0.48%
Gross Profit $9.428M $29.95M $5.336M
YoY Change 76.71% 70.32% 33.47%
Gross Profit Margin 78.86% 73.05% 71.81%
Selling, General & Admin $9.380M $28.46M $7.210M
YoY Change 30.1% 29.35% 0.7%
% of Gross Profit 99.49% 95.03% 135.13%
Research & Development $2.690M $8.811M $3.560M
YoY Change -24.44% -27.14% 47.11%
% of Gross Profit 28.53% 29.42% 66.72%
Depreciation & Amortization $160.0K $553.9K $170.0K
YoY Change -5.88% 11.74% 30.77%
% of Gross Profit 1.7% 1.85% 3.19%
Operating Expenses $12.06M $40.32M $10.77M
YoY Change 11.98% 10.29% 12.3%
Operating Profit -$2.634M -$10.37M -$5.431M
YoY Change -51.5% -45.34% -2.76%
Interest Expense $830.0K -$1.201M $390.0K
YoY Change 112.82% 16.2% -188.64%
% of Operating Profit
Other Income/Expense, Net $1.406M
YoY Change -201.59%
Pretax Income -$1.800M -$8.964M -$5.040M
YoY Change -64.29% -55.97% -16.28%
Income Tax -$1.130M -$1.127M -$1.090M
% Of Pretax Income
Net Earnings -$680.0K -$7.837M -$3.950M
YoY Change -82.78% -59.32% -26.85%
Net Earnings / Revenue -5.69% -19.11% -53.16%
Basic Earnings Per Share $0.00 -$0.20 -$0.13
Diluted Earnings Per Share $0.00 -$0.20 -$0.13
COMMON SHARES
Basic Shares Outstanding 43.18M 38.82M
Diluted Shares Outstanding 38.82M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.40M $71.42M $12.20M
YoY Change 485.25% 483.97% -45.54%
Cash & Equivalents $71.42M $71.42M $12.23M
Short-Term Investments
Other Short-Term Assets $3.200M $3.200M $2.100M
YoY Change 52.38% 53.11% 90.91%
Inventory $2.674M $2.670M $2.114M
Prepaid Expenses
Receivables $5.159M $5.160M $4.467M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $82.45M $82.45M $20.90M
YoY Change 294.48% 294.5% -26.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.120M $3.150M $1.925M
YoY Change 10.11% 5.0% 11.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.348M $130.0K $3.485M
YoY Change 24.78% 8.33% 26.57%
Total Long-Term Assets $7.497M $7.500M $6.481M
YoY Change 15.68% 15.74% 9.24%
TOTAL ASSETS
Total Short-Term Assets $82.45M $82.45M $20.90M
Total Long-Term Assets $7.497M $7.500M $6.481M
Total Assets $89.95M $89.95M $27.38M
YoY Change 228.5% 228.52% -19.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.835M $1.840M $2.039M
YoY Change -10.01% -9.8% 37.25%
Accrued Expenses $631.6K $8.010M $629.2K
YoY Change 0.39% 31.96% 31.14%
Deferred Revenue $728.4K $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $1.667M
YoY Change -100.0% -100.0% 150.0%
Total Short-Term Liabilities $10.15M $10.15M $9.936M
YoY Change 2.18% 2.11% 43.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $13.39M
YoY Change -100.0% -100.0% 44.33%
Other Long-Term Liabilities $600.0K $580.0K $600.0K
YoY Change 0.0% -9.38% -45.45%
Total Long-Term Liabilities $0.00 $580.0K $13.39M
YoY Change -100.0% -95.87% 44.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.15M $10.15M $9.936M
Total Long-Term Liabilities $0.00 $580.0K $13.39M
Total Liabilities $10.73M $10.73M $23.96M
YoY Change -55.2% -55.22% 38.83%
SHAREHOLDERS EQUITY
Retained Earnings -$196.6M -$188.8M
YoY Change 4.15% 11.36%
Common Stock $43.22K $32.62K
YoY Change 32.52% 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.22M $79.22M $3.418M
YoY Change
Total Liabilities & Shareholders Equity $89.95M $89.95M $27.38M
YoY Change 228.5% 228.52% -19.93%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$680.0K -$7.837M -$3.950M
YoY Change -82.78% -59.32% -26.85%
Depreciation, Depletion And Amortization $160.0K $553.9K $170.0K
YoY Change -5.88% 11.74% 30.77%
Cash From Operating Activities -$1.050M -$5.613M -$4.130M
YoY Change -74.58% -66.51% 52.4%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K $708.4K -$400.0K
YoY Change -32.5% 1.47% 25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$270.0K -$1.676M -$400.0K
YoY Change -32.5% 10.27% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.20M
YoY Change
Debt Paid & Issued, Net $16.41M
YoY Change
Cash From Financing Activities -15.15M 66.35M 780.0K
YoY Change -2042.31% 711.33% 62.5%
NET CHANGE
Cash From Operating Activities -1.050M -5.613M -4.130M
Cash From Investing Activities -270.0K -1.676M -400.0K
Cash From Financing Activities -15.15M 66.35M 780.0K
Net Change In Cash -16.47M 59.19M -3.750M
YoY Change 339.2% -683.93% 47.06%
FREE CASH FLOW
Cash From Operating Activities -$1.050M -$5.613M -$4.130M
Capital Expenditures -$270.0K $708.4K -$400.0K
Free Cash Flow -$780.0K -$6.322M -$3.730M
YoY Change -79.09% -63.79% 56.07%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The accompanying consolidated financial statements include the results of CytoSorbents Corporation (the “Parent”), CytoSorbents Medical Inc., its wholly-owned operating subsidiary (the “Subsidiary”), and CytoSorbents Europe GmbH, its wholly-owned European subsidiary (the “European Subsidiary”). In addition, the consolidated financial statements include CytoSorbents Switzerland GmbH and CytoSorbents Poland Sp. z.o.o., wholly owned subsidiaries of CytoSorbents Europe GmbH, and CytoSorbents UK Limited, a wholly-owned subsidiary of CytoSorbents Medical, Inc. These entities are collectively referred to as “the Company”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In years prior to December 31, 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. 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  $53.8 million. See Note 11. As of December 31, 2020, the Company’s cash balance was approximately $71.4 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 substantially mitigated.</p>
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CY2020 us-gaap Concentration Risk Credit Risk
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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;text-indent:36pt;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;text-indent:36pt;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 3 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;text-indent:36pt;margin:0pt;">As of December 31, 2020 and 2019, no agency, distributor/strategic partners or direct customer represented more than 10%of outstanding grants and accounts receivables. For the years ended December 31, 2020, 2019 and 2018 no agency, distributor/strategic partners or direct customer represented more than 10% of the Company’s total revenue. </p>
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CY2019 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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5636000
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true
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