2012 Q3 Form 10-Q Financial Statement

#000114420412044924 Filed on August 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $605.3K $33.04K $0.00
YoY Change
Cost Of Revenue $141.8K $10.08K $0.00
YoY Change
Gross Profit $463.5K $72.96K $0.00
YoY Change
Gross Profit Margin 76.57% 220.82%
Selling, General & Admin $359.6K $293.2K $191.8K
YoY Change -20.08% 52.86% -40.06%
% of Gross Profit 77.59% 401.83%
Research & Development $554.3K $715.8K $854.8K
YoY Change -28.94% -16.27% 144.24%
% of Gross Profit 119.58% 980.99%
Depreciation & Amortization $10.00K $10.00K $20.00K
YoY Change -50.0% -50.0% 100.0%
% of Gross Profit 2.16% 13.71%
Operating Expenses $1.065M $1.082M $1.114M
YoY Change -13.44% -2.84% 66.29%
Operating Profit -$601.2K -$1.010M -$1.114M
YoY Change -51.12% -9.39%
Interest Expense -$50.80K -$37.81K -$227.0K
YoY Change -89.84% -83.35%
% of Operating Profit
Other Income/Expense, Net -$50.80K -$37.81K -$227.0K
YoY Change -83.35%
Pretax Income -$652.0K -$1.047M -$1.341M
YoY Change -62.31% -21.91% 97.23%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$652.0K -$1.047M -$1.341M
YoY Change -62.31% -21.91% 97.23%
Net Earnings / Revenue -107.7% -3169.63%
Basic Earnings Per Share
Diluted Earnings Per Share -$79.46K -$135.0K -$210.4K
COMMON SHARES
Basic Shares Outstanding 203.0M shares 194.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $1.700M $3.400M
YoY Change -8.7% -50.0% 466.67%
Cash & Equivalents $2.061M $1.742M $3.417M
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $0.00
YoY Change -100.0%
Inventory $600.0K $535.3K
Prepaid Expenses
Receivables $100.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.900M $2.467M $3.500M
YoY Change 16.0% -29.53% 400.0%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $142.4K $100.0K
YoY Change 0.0% 42.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $287.2K $300.0K
YoY Change 0.0% -4.26% 0.0%
Total Long-Term Assets $400.0K $429.7K $400.0K
YoY Change 0.0% 7.42% 33.33%
TOTAL ASSETS
Total Short-Term Assets $2.900M $2.467M $3.500M
Total Long-Term Assets $400.0K $429.7K $400.0K
Total Assets $3.300M $2.896M $3.900M
YoY Change 13.79% -25.74% 290.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $620.8K $800.0K
YoY Change -12.5% -22.39% 0.0%
Accrued Expenses $400.0K $500.0K $600.0K
YoY Change -33.33% -16.67% 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.000M $1.200M
YoY Change 400.0%
Total Short-Term Liabilities $2.100M $2.304M $1.400M
YoY Change 31.25% 64.59% 16.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $500.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $500.0K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.100M $2.304M $1.400M
Total Long-Term Liabilities $0.00 $0.00 $500.0K
Total Liabilities $2.100M $2.304M $1.900M
YoY Change 16.67% 21.28% 58.33%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $199.1K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.200M $592.0K $1.900M
YoY Change
Total Liabilities & Shareholders Equity $3.300M $2.896M $3.900M
YoY Change 13.79% -25.74% 290.0%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$652.0K -$1.047M -$1.341M
YoY Change -62.31% -21.91% 97.23%
Depreciation, Depletion And Amortization $10.00K $10.00K $20.00K
YoY Change -50.0% -50.0% 100.0%
Cash From Operating Activities -$630.0K -$1.150M -$1.030M
YoY Change -42.73% 11.65% 37.33%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$20.00K -$30.00K
YoY Change -150.0% -33.33% 50.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $10.00K -$20.00K -$30.00K
YoY Change -150.0% -33.33% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 950.0K 1.100M 2.040M
YoY Change -46.08% 10100.0%
NET CHANGE
Cash From Operating Activities -630.0K -1.150M -1.030M
Cash From Investing Activities 10.00K -20.00K -30.00K
Cash From Financing Activities 950.0K 1.100M 2.040M
Net Change In Cash 330.0K -70.00K 980.0K
YoY Change -129.46% -107.14% -230.67%
FREE CASH FLOW
Cash From Operating Activities -$630.0K -$1.150M -$1.030M
Capital Expenditures $10.00K -$20.00K -$30.00K
Free Cash Flow -$640.0K -$1.130M -$1.000M
YoY Change -40.74% 13.0% 36.99%

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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>1.&#xA0;&#xA0; BASIS OF PRESENTATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 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 June 30, 2012 and the results of its operations and cash flows for six and three month periods ended June 30, 2012 and 2011, and for the period January 22, 1997 (date of inception) to June 30, 2012. Results for the six and 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 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 June 30, 2012 of $96,272,569. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;The Company is a development stage company and has not yet generated significant revenues&#xA0;from inception to June 30, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 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>
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ctso Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Grant Date Fair Value
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ctso Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period Weighted Average Grant Date Fair Value
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ctso Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period Weighted Average Grant Date Fair Value
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ctso Voluntarily Employee Termination Date
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ctso Consulting Fees
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ctso Change In Fair Value Of Management Units
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-1624514

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