$CTSO
Cytosorbents Corp

2021 Q2 Form 10-Q Financial Statement

#000110465921099452 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $12.02M $9.795M $8.707M
YoY Change 22.76% 57.16% 67.72%
Cost Of Revenue $2.710M $3.250M $2.385M
YoY Change -16.6% 77.16% 37.17%
Gross Profit $9.314M $6.545M $6.322M
YoY Change 42.3% 48.82% 83.1%
Gross Profit Margin 77.46% 66.82% 72.61%
Selling, General & Admin $9.821M $6.591M $6.317M
YoY Change 49.02% 46.25% 32.76%
% of Gross Profit 105.45% 100.7% 99.91%
Research & Development $3.699M $2.406M $1.965M
YoY Change 53.75% -17.87% -18.74%
% of Gross Profit 39.72% 36.76% 31.08%
Depreciation & Amortization $120.1K $160.0K $180.0K
YoY Change -24.96% 14.29% 28.57%
% of Gross Profit 1.29% 2.44% 2.85%
Operating Expenses $14.24M $9.843M $8.801M
YoY Change 44.66% 22.6% 13.74%
Operating Profit -$4.925M -$3.298M -$2.479M
YoY Change 49.34% -9.16% -42.16%
Interest Expense $13.07K -$273.8K -$305.5K
YoY Change -104.77% 27.62% 48.91%
% of Operating Profit
Other Income/Expense, Net $247.2K $430.7K -$974.0K
YoY Change -42.61% 421.49% 62.71%
Pretax Income -$4.678M -$2.867M -$3.453M
YoY Change 63.15% -19.18% -29.3%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.678M -$2.867M -$3.453M
YoY Change 63.15% -19.18% -29.3%
Net Earnings / Revenue -38.9% -29.27% -39.65%
Basic Earnings Per Share -$0.11 -$0.08 -$0.10
Diluted Earnings Per Share -$0.11 -$0.08 -$0.10
COMMON SHARES
Basic Shares Outstanding 43.32M
Diluted Shares Outstanding 43.32M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.61M $35.10M $26.40M
YoY Change 86.92% 115.34% 34.69%
Cash & Equivalents $65.61M $35.11M $26.39M
Short-Term Investments
Other Short-Term Assets $2.032M $1.000M $3.800M
YoY Change 103.2% 0.0% 442.86%
Inventory $3.689M $1.987M $2.000M
Prepaid Expenses
Receivables $5.755M $3.890M $5.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.08M $41.95M $37.50M
YoY Change 83.76% 88.95% 51.04%
LONG-TERM ASSETS
Property, Plant & Equipment $3.058M $1.952M $3.000M
YoY Change 56.65% -38.99% 58.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.786M $4.126M $3.700M
YoY Change 16.0% 33.1% 27.11%
Total Long-Term Assets $21.11M $7.311M $6.700M
YoY Change 188.73% 16.04% 8.65%
TOTAL ASSETS
Total Short-Term Assets $77.08M $41.95M $37.50M
Total Long-Term Assets $21.11M $7.311M $6.700M
Total Assets $98.19M $49.26M $44.20M
YoY Change 99.34% 72.84% 42.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.166M $2.727M $1.800M
YoY Change -20.56% 23.94% -2.21%
Accrued Expenses $8.630M $6.300M $5.500M
YoY Change 36.98% 61.54% 71.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.667M $4.200M
YoY Change 733.33% 152.0%
Total Short-Term Liabilities $10.80M $15.66M $11.50M
YoY Change -31.08% 127.02% 71.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $8.457M $10.90M
YoY Change -100.0% -8.07% 31.35%
Other Long-Term Liabilities $13.01M $800.0K $500.0K
YoY Change 1526.5% -11.11% -50.0%
Total Long-Term Liabilities $13.01M $8.457M $11.40M
YoY Change 53.86% -16.26% 37.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.80M $15.66M $11.50M
Total Long-Term Liabilities $13.01M $8.457M $11.40M
Total Liabilities $23.81M $24.94M $22.90M
YoY Change -4.52% 47.55% 43.31%
SHAREHOLDERS EQUITY
Retained Earnings -$205.5M -$195.1M
YoY Change 5.31%
Common Stock $43.34K $36.81K
YoY Change 17.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.38M $24.32M $21.31M
YoY Change
Total Liabilities & Shareholders Equity $98.19M $49.26M $44.20M
YoY Change 99.34% 72.84% 42.6%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.678M -$2.867M -$3.453M
YoY Change 63.15% -19.18% -29.3%
Depreciation, Depletion And Amortization $120.1K $160.0K $180.0K
YoY Change -24.96% 14.29% 28.57%
Cash From Operating Activities -$2.040M $1.940M -$3.209M
YoY Change -205.18% -160.82% -24.26%
INVESTING ACTIVITIES
Capital Expenditures -$981.0K -$500.0K $235.6K
YoY Change 96.2% 51.52% -19.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$981.0K -$500.0K -$508.6K
YoY Change 96.2% 51.52% 7.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 126.4K 7.240M 17.88M
YoY Change -98.25% 3922.22% 792.05%
NET CHANGE
Cash From Operating Activities -2.040M 1.940M -3.209M
Cash From Investing Activities -981.0K -500.0K -508.6K
Cash From Financing Activities 126.4K 7.240M 17.88M
Net Change In Cash -2.895M 8.680M 14.16M
YoY Change -133.35% -359.88% -622.92%
FREE CASH FLOW
Cash From Operating Activities -$2.040M $1.940M -$3.209M
Capital Expenditures -$981.0K -$500.0K $235.6K
Free Cash Flow -$1.059M $2.440M -$3.445M
YoY Change -143.42% -185.31% -23.95%

Facts In Submission

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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, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2021. The results for the three and six months ended June 30, 2021 and 2020 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 $53.8 million. See Note 3. As of June 30, 2021, the Company’s cash balance was approximately $65.6 million, which the Company expects will fund the Company’s operations well beyond the next twelve months. As a result, the Company continues to assert that the going concern risk has been substantially mitigated.</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 government 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, 2021, no agency, distributor/strategic partner or direct customer accounted for more than 10% of outstanding grants and accounts receivable.  As of December 31, 2020, 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, 2021, no agency, distributor/strategic partner accounted for more than 10%of the Company's total revenue. 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. </p>
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