$CTSO
Cytosorbents Corp

2012 Q2 Form 10-Q Financial Statement

#000114420412029748 Filed on May 15, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q4
Revenue $33.04K $16.89K $40.00K
YoY Change
Cost Of Revenue $10.08K $53.84K $10.00K
YoY Change
Gross Profit $72.96K -$3.614K $20.00K
YoY Change
Gross Profit Margin 220.82% -21.39% 50.0%
Selling, General & Admin $293.2K $269.5K $500.0K
YoY Change 52.86% -0.23% 150.0%
% of Gross Profit 401.83% 2500.0%
Research & Development $715.8K $632.9K $490.0K
YoY Change -16.27% -16.64% 145.0%
% of Gross Profit 980.99% 2450.0%
Depreciation & Amortization $10.00K $10.00K -$10.00K
YoY Change -50.0% 0.0% -200.0%
% of Gross Profit 13.71% -50.0%
Operating Expenses $1.082M $1.064M $990.0K
YoY Change -2.84% -5.75% 147.5%
Operating Profit -$1.010M -$1.067M -$970.0K
YoY Change -9.39% -5.43%
Interest Expense -$37.81K -$359.4K -$230.0K
YoY Change -83.35% 317.42% 228.57%
% of Operating Profit
Other Income/Expense, Net -$37.81K -$359.4K
YoY Change -83.35% 317.42%
Pretax Income -$1.047M -$1.427M -$1.200M
YoY Change -21.91% 17.46% 150.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.047M -$1.427M -$1.200M
YoY Change -21.91% 17.46% 150.0%
Net Earnings / Revenue -3169.63% -8444.89% -3000.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$135.0K -$197.2K -$166.2K
COMMON SHARES
Basic Shares Outstanding 194.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.700M $1.800M $1.200M
YoY Change -50.0% -25.0% 9.09%
Cash & Equivalents $1.742M $1.803M $1.187M
Short-Term Investments
Other Short-Term Assets $100.0K $0.00 $0.00
YoY Change -100.0%
Inventory $535.3K $468.6K $431.0K
Prepaid Expenses
Receivables $0.00 $39.79K $36.08K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.467M $2.358M $1.697M
YoY Change -29.53% -5.66% 21.25%
LONG-TERM ASSETS
Property, Plant & Equipment $142.4K $148.2K $155.1K
YoY Change 42.44% 48.22% 55.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $287.2K $277.4K $270.0K
YoY Change -4.26% -7.53% -10.0%
Total Long-Term Assets $429.7K $425.6K $425.1K
YoY Change 7.42% 6.41% 6.27%
TOTAL ASSETS
Total Short-Term Assets $2.467M $2.358M $1.697M
Total Long-Term Assets $429.7K $425.6K $425.1K
Total Assets $2.896M $2.784M $2.123M
YoY Change -25.74% -4.0% 17.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $620.8K $647.5K $675.2K
YoY Change -22.39% -19.06% -15.61%
Accrued Expenses $500.0K $500.0K $600.0K
YoY Change -16.67% 0.0% 50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.100M $300.0K
YoY Change
Total Short-Term Liabilities $2.304M $2.249M $1.528M
YoY Change 64.59% 87.4% 27.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $300.0K
YoY Change -100.0% -100.0% -72.73%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $276.3K
YoY Change -100.0% -100.0% -74.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.304M $2.249M $1.528M
Total Long-Term Liabilities $0.00 $0.00 $276.3K
Total Liabilities $2.304M $2.249M $1.804M
YoY Change 21.28% 32.28% -21.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $199.1K $189.8K $177.6K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $592.0K $535.3K -$10.09M
YoY Change
Total Liabilities & Shareholders Equity $2.896M $2.784M $2.123M
YoY Change -25.74% -4.0% 17.92%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income -$1.047M -$1.427M -$1.200M
YoY Change -21.91% 17.46% 150.0%
Depreciation, Depletion And Amortization $10.00K $10.00K -$10.00K
YoY Change -50.0% 0.0% -200.0%
Cash From Operating Activities -$1.150M -$1.072M -$1.110M
YoY Change 11.65% 82.38% 65.67%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00
YoY Change -33.33% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$20.00K -$11.28K $0.00
YoY Change -33.33% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.100M $1.700M 0.000
YoY Change -46.08% -13.65% -100.0%
NET CHANGE
Cash From Operating Activities -1.150M -$1.072M -1.110M
Cash From Investing Activities -20.00K -$11.28K 0.000
Cash From Financing Activities 1.100M $1.700M 0.000
Net Change In Cash -70.00K $616.4K -1.110M
YoY Change -107.14% -55.36% -482.76%
FREE CASH FLOW
Cash From Operating Activities -$1.150M -$1.072M -$1.110M
Capital Expenditures -$20.00K $0.00
Free Cash Flow -$1.130M -$1.072M -$1.110M
YoY Change 13.0% 82.38% 113.46%

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CY2012Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>1.&#xA0;&#xA0; BASIS OF PRESENTATION</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q of the Securities and Exchange Commission (the &#x201C;Commission&#x201D;) and include the results of CytoSorbents Corporation (the &#x201C;Parent&#x201D;), CytoSorbents, Inc., its wholly-owned operating subsidiary (the &#x201C;Subsidiary&#x201D;), and CytoSorbents Europe GmbH, its wholly-owned European subsidiary (the &#x201C;European Subsidiary&#x201D;), collectively referred to as &#x201C;the Company.&#x201D; Accordingly, certain information and footnote disclosures required in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. Interim statements are subject to possible adjustments in connection with the annual audit of the Company's accounts for the year ended December 31, 2012. In the opinion of the Company&#x2019;s management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) which the Company considers necessary for the fair presentation of the Company's consolidated financial position as of March 31, 2012 and the results of its operations and cash flows for three month periods ended March 31, 2012 and 2011, and for the period January 22, 1997 (date of inception) to March 31, 2012. Results for the three months ended are not necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the year ended December 31, 2011 as included in the Company&#x2019;s Form 10-K filed with the Commission on March 30, 2012.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced negative cash flows from operations since inception and has a deficit accumulated during the development stage at March 31, 2012 of $94,648,055. The Company is not currently generating significant revenue and is dependent on the proceeds of present and future financings to fund its research, development and commercialization program.&#xA0;These matters raise substantial doubt about the Company&#x2019;s ability to continue as a going concern.&#xA0;&#xA0;The Company is continuing its fund-raising efforts.&#xA0; Although the Company has historically been successful in raising additional capital through equity and debt financings, there can be no assurance that the Company will be successful in raising additional capital in the future or that it will be on favorable terms.&#xA0; Furthermore, if the Company is successful in raising the additional financing, there can be no assurance that the amount will be sufficient to complete the Company's plans. These consolidated financial statements do not include any adjustments related to the outcome of this uncertainty.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The Company is a development stage company and has not yet generated significant revenues&#xA0;from inception to March 31, 2012. Since inception, the Company's expenses relate primarily to research and development, organizational activities, clinical manufacturing, regulatory compliance and operational strategic planning.&#xA0; Although the Company has made advances on these matters, there can be no assurance that the Company will continue to be successful regarding these issues, nor can there be any assurance that the Company will successfully implement its long-term strategic plans.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The Company has developed an intellectual property portfolio, including 29 issued and multiple pending&#xA0;patents,&#xA0;covering materials, methods of production, systems incorporating the technology and multiple medical uses.</p> </div>
CY2012Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
43175
CY2012Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
700000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-1426596
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-359370
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
643281
CY2012Q1 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
87700
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2090513
CY2012Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-359370
CY2012Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
532
CY2012Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1160152
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
10707
CY2012Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
11280
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1067226
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
269466
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
616396
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3340
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
37541
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
1074039
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1700001
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2012Q1 ctso Preferred Dividends Accrued Not Yet Paid
PreferredDividendsAccruedNotYetPaid
663917
CY2012Q1 ctso Issuance Of Common Stock In Exchange For Convertible Notes Value
IssuanceOfCommonStockInExchangeForConvertibleNotesValue
395154
CY2012Q1 ctso Debt Discount
DebtDiscount
87700
CY2012Q1 ctso Weighted Average Number Basic Diluted Shares Outstanding
WeightedAverageNumberBasicDilutedSharesOutstanding
181150646 shares

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