$CTSO
Cytosorbents Corp

2021 Q4 Form 10-Q Financial Statement

#000110465921134377 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $10.78M $9.760M $10.55M
YoY Change -9.82% -7.45% 73.04%
Cost Of Revenue $3.123M $2.463M $2.890M
YoY Change 23.43% -14.79% 70.4%
Gross Profit $7.659M $7.297M $7.656M
YoY Change -18.76% -4.69% 74.06%
Gross Profit Margin 71.04% 74.77% 72.59%
Selling, General & Admin $11.08M $7.777M $7.282M
YoY Change 18.17% 6.79% 19.23%
% of Gross Profit 144.71% 106.57% 95.12%
Research & Development $6.137M $4.262M $1.753M
YoY Change 128.15% 143.07% -44.95%
% of Gross Profit 80.13% 58.41% 22.9%
Depreciation & Amortization $214.4K $237.1K $160.0K
YoY Change 34.0% 48.19% 23.08%
% of Gross Profit 2.8% 3.25% 2.09%
Operating Expenses $17.22M $12.70M $9.616M
YoY Change 42.8% 32.11% -4.09%
Operating Profit -$9.562M -$5.406M -$1.960M
YoY Change 262.98% 175.87% -65.18%
Interest Expense -$481.2K $12.77K -$260.6K
YoY Change -157.98% -104.9% -13.69%
% of Operating Profit
Other Income/Expense, Net -$1.000M $1.120M
YoY Change -189.32% -189.06%
Pretax Income -$10.04M -$6.406M -$839.7K
YoY Change 457.95% 662.9% -87.8%
Income Tax -$736.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.307M -$6.406M -$839.7K
YoY Change 1268.68% 662.9% -87.8%
Net Earnings / Revenue -86.32% -65.64% -7.96%
Basic Earnings Per Share -$0.25 -$0.15 -$0.02
Diluted Earnings Per Share -$0.18 -$0.15 -$0.02
COMMON SHARES
Basic Shares Outstanding 43.48M 43.40M 41.59M
Diluted Shares Outstanding 43.40M 41.59M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.14M $61.04M $88.00M
YoY Change -26.98% -30.63% 450.0%
Cash & Equivalents $52.14M $61.04M $87.98M
Short-Term Investments
Other Short-Term Assets $2.872M $1.940M $1.000M
YoY Change -10.26% 94.02% -16.67%
Inventory $4.766M $4.528M $2.025M
Prepaid Expenses
Receivables $4.523M $5.241M $5.797M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $64.30M $72.75M $96.80M
YoY Change -22.02% -24.85% 332.16%
LONG-TERM ASSETS
Property, Plant & Equipment $5.151M $3.799M $2.078M
YoY Change 142.97% 82.87% -32.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.959M $4.865M $4.270M
YoY Change 14.04% 13.95% 33.43%
Total Long-Term Assets $25.22M $22.32M $7.479M
YoY Change 236.39% 198.38% 18.72%
TOTAL ASSETS
Total Short-Term Assets $64.30M $72.75M $96.80M
Total Long-Term Assets $25.22M $22.32M $7.479M
Total Assets $89.52M $95.07M $104.3M
YoY Change -0.48% -8.84% 263.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.805M $3.358M $2.386M
YoY Change 52.87% 40.71% 13.64%
Accrued Expenses $1.044M $5.648M $5.800M
YoY Change 65.3% -2.62% 41.46%
Deferred Revenue $1.947M
YoY Change 167.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.167M
YoY Change 195.7%
Total Short-Term Liabilities $13.69M $11.07M $17.36M
YoY Change 34.84% -36.22% 86.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.993M
YoY Change -100.0% -49.64%
Other Long-Term Liabilities $13.25M $13.39M $700.0K
YoY Change 2108.49% 1812.28% -12.5%
Total Long-Term Liabilities $13.25M $13.39M $5.993M
YoY Change 123.35% -52.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.69M $11.07M $17.36M
Total Long-Term Liabilities $13.25M $13.39M $5.993M
Total Liabilities $26.94M $24.46M $24.05M
YoY Change 150.97% 1.69% 9.81%
SHAREHOLDERS EQUITY
Retained Earnings -$221.2M -$211.9M -$195.9M
YoY Change 12.49% 8.13%
Common Stock $43.48K $43.48K $43.18K
YoY Change 0.59% 0.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.58M $70.61M $80.23M
YoY Change
Total Liabilities & Shareholders Equity $89.52M $95.07M $104.3M
YoY Change -0.48% -8.84% 263.35%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$9.307M -$6.406M -$839.7K
YoY Change 1268.68% 662.9% -87.8%
Depreciation, Depletion And Amortization $214.4K $237.1K $160.0K
YoY Change 34.0% 48.19% 23.08%
Cash From Operating Activities -$5.492M -$4.134M -$3.290M
YoY Change 423.01% 25.64% -36.73%
INVESTING ACTIVITIES
Capital Expenditures -$1.673M -$1.017M -$400.0K
YoY Change 519.54% 154.37% 25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.673M -$1.017M -$400.0K
YoY Change 519.54% 154.37% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.92K 589.7K 56.38M
YoY Change -99.47% -98.95% 980.08%
NET CHANGE
Cash From Operating Activities -5.492M -4.134M -3.290M
Cash From Investing Activities -1.673M -1.017M -400.0K
Cash From Financing Activities -80.92K 589.7K 56.38M
Net Change In Cash -7.245M -4.561M 52.69M
YoY Change -56.01% -108.66% -17663.33%
FREE CASH FLOW
Cash From Operating Activities -$5.492M -$4.134M -$3.290M
Capital Expenditures -$1.673M -$1.017M -$400.0K
Free Cash Flow -$3.819M -$3.116M -$2.890M
YoY Change 389.6% 7.82% -40.78%

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 nine months ended September 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 September 30, 2021, the Company’s cash balance was approximately $61 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;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from these estimates. The valuation of options granted is a significant estimate in these consolidated financial statements.</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 September 30, 2021, two distributors accounted for approximately 22% 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 receivable. For the three months ended September 30, 2021, no agency, distributor, or direct customer represented more than 10% of the Company's total revenue. For the three months ended September 30, 2020, one distributor/strategic partner accounted for approximately 13% of the Company's total revenue. For the nine months ended September 30, 2021 and 2020, no agency, distributor, or direct customer represented more than 10%of the Company’s total revenue. </p>
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LesseeOperatingLeaseRemainingLeaseTerm
P14Y4M24D
CY2020Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P4Y

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