2018 Q2 Form 10-Q Financial Statement
#000114420418026127 Filed on May 08, 2018
Income Statement
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
Revenue | $5.755M | $4.925M | $3.114M |
YoY Change | 61.39% | 58.17% | 72.0% |
Cost Of Revenue | $1.786M | $1.568M | $1.254M |
YoY Change | 20.5% | 24.96% | 53.08% |
Gross Profit | $3.970M | $3.357M | $1.859M |
YoY Change | 90.46% | 80.58% | 87.65% |
Gross Profit Margin | 68.97% | 68.17% | 59.71% |
Selling, General & Admin | $6.124M | $4.317M | $2.667M |
YoY Change | 74.27% | 61.85% | 35.37% |
% of Gross Profit | 154.27% | 128.59% | 143.46% |
Research & Development | $1.576M | $1.725M | $469.5K |
YoY Change | 244.03% | 267.43% | -45.15% |
% of Gross Profit | 39.7% | 51.39% | 25.26% |
Depreciation & Amortization | $60.00K | $60.00K | $60.00K |
YoY Change | 50.0% | 0.0% | 100.0% |
% of Gross Profit | 1.51% | 1.79% | 3.23% |
Operating Expenses | $8.157M | $6.458M | $3.417M |
YoY Change | 84.76% | 89.03% | 10.9% |
Operating Profit | -$4.188M | -$3.101M | -$1.557M |
YoY Change | 79.67% | 99.11% | -25.48% |
Interest Expense | -$839.8K | -$239.1K | -$120.4K |
YoY Change | 580.27% | 98.51% | -3183.69% |
% of Operating Profit | |||
Other Income/Expense, Net | -$1.633M | $119.1K | $32.61K |
YoY Change | -373.92% | 265.38% | -87.15% |
Pretax Income | -$5.821M | -$2.982M | -$1.525M |
YoY Change | 235.59% | 95.56% | -16.96% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$5.821M | -$2.982M | -$1.525M |
YoY Change | 235.59% | 95.56% | -16.96% |
Net Earnings / Revenue | -101.14% | -60.55% | -48.98% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$192.1K | -$101.5K | -$59.61K |
COMMON SHARES | |||
Basic Shares Outstanding | 30.03M shares | 29.47M shares | 25.52M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $25.30M | $21.10M | $3.200M |
YoY Change | 54.27% | 559.38% | -46.67% |
Cash & Equivalents | $25.28M | $21.09M | $3.240M |
Short-Term Investments | |||
Other Short-Term Assets | $1.800M | $400.0K | $500.0K |
YoY Change | 350.0% | -20.0% | 150.0% |
Inventory | $769.2K | $680.2K | $857.8K |
Prepaid Expenses | |||
Receivables | $2.903M | $2.352M | $1.732M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $30.78M | $24.52M | $6.281M |
YoY Change | 56.25% | 290.31% | -21.49% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.770M | $1.608M | $588.4K |
YoY Change | 152.79% | 173.32% | -1.94% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $2.396M | $2.180M | $1.420M |
YoY Change | 49.75% | 53.53% | 57.75% |
Total Long-Term Assets | $4.166M | $3.788M | $2.008M |
YoY Change | 77.62% | 88.63% | 33.88% |
TOTAL ASSETS | |||
Total Short-Term Assets | $30.78M | $24.52M | $6.281M |
Total Long-Term Assets | $4.166M | $3.788M | $2.008M |
Total Assets | $34.95M | $28.30M | $8.289M |
YoY Change | 58.13% | 241.45% | -12.75% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.253M | $2.140M | $1.660M |
YoY Change | -21.66% | 28.88% | 84.46% |
Accrued Expenses | $2.200M | $1.800M | $1.600M |
YoY Change | 37.5% | 12.5% | 100.0% |
Deferred Revenue | $39.33K | $43.59K | |
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | $0.00 | $1.250M |
YoY Change | -100.0% | -100.0% | |
Total Short-Term Liabilities | $3.491M | $3.986M | $6.183M |
YoY Change | -43.69% | -35.53% | 90.34% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $9.894M | $9.900M | $3.677M |
YoY Change | 25.24% | 169.25% | |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $9.894M | $9.900M | $3.677M |
YoY Change | 25.24% | 169.25% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.491M | $3.986M | $6.183M |
Total Long-Term Liabilities | $9.894M | $9.900M | $3.677M |
Total Liabilities | $13.38M | $13.90M | $9.860M |
YoY Change | -5.74% | 40.98% | 208.12% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$161.1M | -$145.8M | |
YoY Change | 8.54% | ||
Common Stock | $31.42K | $29.97K | $25.55K |
YoY Change | 17.3% | 0.58% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $21.56M | $14.45M | -$1.571M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $34.95M | $28.30M | $8.289M |
YoY Change | 58.13% | 241.41% | -12.86% |
Cashflow Statement
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$5.821M | -$2.982M | -$1.525M |
YoY Change | 235.59% | 95.56% | -16.96% |
Depreciation, Depletion And Amortization | $60.00K | $60.00K | $60.00K |
YoY Change | 50.0% | 0.0% | 100.0% |
Cash From Operating Activities | -$3.300M | -$2.204M | -$1.984M |
YoY Change | 74.6% | 11.05% | 57.49% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$450.0K | $243.0K | $70.97K |
YoY Change | 25.0% | 242.38% | 98.18% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$450.0K | -$472.3K | -$204.5K |
YoY Change | 25.0% | 130.99% | -48.89% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $666.7K | $0.00 | |
YoY Change | |||
Cash From Financing Activities | 7.980M | 6.443M | $176.3K |
YoY Change | -48.01% | 3553.94% | 487.76% |
NET CHANGE | |||
Cash From Operating Activities | -3.300M | -2.204M | -$1.984M |
Cash From Investing Activities | -450.0K | -472.3K | -$204.5K |
Cash From Financing Activities | 7.980M | 6.443M | $176.3K |
Net Change In Cash | 4.230M | 3.767M | -$2.013M |
YoY Change | -67.71% | -287.17% | 23.47% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$3.300M | -$2.204M | -$1.984M |
Capital Expenditures | -$450.0K | $243.0K | $70.97K |
Free Cash Flow | -$2.850M | -$2.447M | -$2.055M |
YoY Change | 86.27% | 19.04% | 58.62% |
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|
4.50 | |
CY2014Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
4.50 | |
CY2015Q1 | ctso |
Fair Value Warrant Liability
FairValueWarrantLiability
|
2981418 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2015Q3 | ctso |
Aggregate Registered Amount For Offerings
AggregateRegisteredAmountForOfferings
|
100000000 | USD |
CY2017Q2 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
10300000 | USD |
CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
524000 | USD |
CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
92000 | USD |
CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3578538 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
664125 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
17025 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
0 | shares |
CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
229496 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3996142 | shares |
CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.64 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
9.37 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
5.11 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
0 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
4.63 | |
CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.43 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y3M18D | |
CY2018Q1 | ctso |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Granted In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantedInPeriodWeightedAverageRemainingContractualTerm
|
P10Y | |
CY2018Q1 | ctso |
Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledInPeriodWeightedAverageRemainingContractualTerm
|
P0Y | |
CY2018Q1 | ctso |
Share Based Compensation Arrangement By Share Based Payment Award Options Expired In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageRemainingContractualTerm
|
P0Y | |
CY2018Q1 | ctso |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageRemainingContractualTerm
|
P0Y | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y10M24D | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0209 | pure |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0278 | pure |
CY2018Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
3996142 | shares |
CY2018Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
|
5.43 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
8153403 | USD |
CY2017Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
1070959 | shares |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
|
17025 | shares |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
617672 | shares |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
1100387 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
4.77 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
|
1.26 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
3.43 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
4.12 | |
CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
764000 | USD |
CY2018Q1 | ctso |
Term Loan Interest Libro Rate Adjusted Monthly
TermLoanInterestLibroRateAdjustedMonthly
|
0.0366 | pure |
CY2018Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
9869940 | USD |
CY2018Q1 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
130060 | USD |
CY2018Q1 | ctso |
License Period
LicensePeriod
|
P18Y | |
CY2018Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
CY2018Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2017Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2018Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2017Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2018Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2018Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2017Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2018Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2018Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
29974368 | shares |
CY2018Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
29974368 | shares |
CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
28973679 | shares |
CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
28973679 | shares |
CY2018Q1 | ctso |
Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
|
0 | USD |
CY2018Q1 | us-gaap |
Proceeds From Contributed Capital
ProceedsFromContributedCapital
|
6046761 | USD |
CY2017Q1 | us-gaap |
Proceeds From Contributed Capital
ProceedsFromContributedCapital
|
0 | USD |
CY2018Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-SIZE: 10pt"><b>1.</b></font></td> <td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><b> BASIS OF PRESENTATION</b></font></td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The interim 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 necessary for a fair statement of the Company’s financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 8, 2018. The results for the three months ended March 31, 2018 and 2017 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of March 31, 2018, the Company had an accumulated deficit of $ <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 155,294,671</font>, which included net losses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,892,035</font> for the three months ended March 31, 2018 and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,524,873</font> for the three months ended March 31, 2017. The Company’s losses have resulted principally from costs incurred in the research and development of the Company’s polymer technology and selling, general and administrative expenses. The Company intends to continue to conduct significant additional research, development, and clinical study activities which, together with expenses incurred for the establishment of manufacturing arrangements and a marketing and distribution presence and other selling, general and administrative expenses, are expected to result in continuing operating losses for the foreseeable future. The amount of future losses and when, if ever, the Company will achieve profitability are uncertain. The Company’s ability to achieve profitability will depend, among other things, on successfully completing the development of its technology and commercial products, obtaining additional requisite regulatory approvals in markets not covered by the CE mark previously received for the Company’s CytoSorb product and for potential label extensions of the current CE mark, establishing manufacturing and sales and marketing arrangements with third parties, and raising sufficient funds to finance the Company’s activities. (See Note 2 for a discussion of the CE mark.) No assurance can be given that the Company’s product development efforts will be successful, that the Company’s current CE mark will enable it to achieve profitability, that additional regulatory approvals in other countries will be obtained, that any of the Company’s products will be manufactured at a competitive cost and will be of acceptable quality, or that the Company will be able to achieve profitability or that profitability, if achieved, can be sustained. These matters raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments related to the outcome of this uncertainty.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of 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. Actual results could differ from these estimates. Significant estimates in these financials are the valuation of options granted, and valuation methods used to determine the change in fair value of the down round feature related to certain of the Company’s outstanding warrants.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
CY2018Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>Concentration of Credit Risk</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> 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 5 for further information relating to the Company’s revenue.)</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of March 31, 2018, one distributor accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11</font>% of outstanding grants and accounts receivable. As of March 31, 2017, two distributors accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 37</font>% of outstanding grants and accounts receivable. As of December 31, 2017, two distributors accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 28</font>% of outstanding grants and accounts receivable. For the three months ended March 31, 2018 and 2017, no agency, distributor, or direct customer represented more than <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font></font>% of the Company’s revenue. </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | pure |
CY2018Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2017Q1 | us-gaap |
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome
|
146858 | USD |
CY2018Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
|
4.55 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
7382918 | USD |
CY2018Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
862560 | shares |
CY2018Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
P6Y10M17D | |
CY2018Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
2895755 | shares |
CY2018Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
10000000 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2018Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
0 | USD |
CY2018Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
1666667 | USD |
CY2018Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
4000000 | USD |
CY2018Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
4000000 | USD |
CY2018Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
333333 | USD |
CY2018Q1 | ctso |
Longterm Debt And Final Fee
LongtermDebtAndFinalFee
|
10000000 | USD |
CY2017 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
335731 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
7.05 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
|
531900 | shares |
CY2018Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
254000 | USD |
CY2017Q1 | ctso |
Cytosorb Sales Revenue
CytosorbSalesRevenue
|
2596133 | USD |
CY2018Q1 | ctso |
Cytosorb Sales Revenue
CytosorbSalesRevenue
|
4403896 | USD |
CY2018Q1 | ctso |
Other Sales Revenue
OtherSalesRevenue
|
29400 | USD |
CY2017Q1 | ctso |
Other Sales Revenue
OtherSalesRevenue
|
0 | USD |
CY2018Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
4433296 | USD |
CY2017Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
2596133 | USD |
CY2018Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
666667 | USD |
CY2017Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD |
CY2018Q1 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
1249731 | USD |
CY2017Q4 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
1267459 | USD |
CY2018Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
43589 | USD |
CY2017Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
30380 | USD |