$CTSO
Cytosorbents Corp

2018 Q3 Form 10-Q Financial Statement

#000114420418041671 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $5.743M $5.755M $3.566M
YoY Change 50.17% 61.39% 60.47%
Cost Of Revenue $2.053M $1.786M $1.482M
YoY Change 35.32% 20.5% 69.71%
Gross Profit $3.690M $3.970M $2.084M
YoY Change 59.93% 90.46% 54.49%
Gross Profit Margin 64.26% 68.97% 58.44%
Selling, General & Admin $4.041M $6.124M $3.514M
YoY Change 13.03% 74.27% 33.85%
% of Gross Profit 109.5% 154.27% 168.6%
Research & Development $1.943M $1.576M $458.0K
YoY Change 202.15% 244.03% -58.06%
% of Gross Profit 52.66% 39.7% 21.98%
Depreciation & Amortization $140.0K $60.00K $40.00K
YoY Change 133.33% 50.0% 0.0%
% of Gross Profit 3.79% 1.51% 1.92%
Operating Expenses $6.401M $8.157M $4.415M
YoY Change 43.63% 84.76% 9.38%
Operating Profit -$2.711M -$4.188M -$2.331M
YoY Change 26.13% 79.67% -13.26%
Interest Expense -$185.2K -$839.8K -$123.5K
YoY Change -27.01% 580.27% -7903.67%
% of Operating Profit
Other Income/Expense, Net -$294.1K -$1.633M $596.3K
YoY Change -410.39% -373.92% -287.58%
Pretax Income -$3.005M -$5.821M -$1.735M
YoY Change 46.27% 235.59% -42.28%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.005M -$5.821M -$1.735M
YoY Change 46.27% 235.59% -42.28%
Net Earnings / Revenue -52.32% -101.14% -48.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$95.82K -$192.1K -$61.90K
COMMON SHARES
Basic Shares Outstanding 31.46M shares 30.03M shares 28.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.90M $25.30M $16.40M
YoY Change 61.69% 54.27% 84.27%
Cash & Equivalents $24.91M $25.28M $16.40M
Short-Term Investments
Other Short-Term Assets $600.0K $1.800M $400.0K
YoY Change 20.0% 350.0% 100.0%
Inventory $779.4K $769.2K $900.0K
Prepaid Expenses
Receivables $3.643M $2.903M $2.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.95M $30.78M $19.70M
YoY Change 54.38% 56.25% 77.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.677M $1.770M $700.0K
YoY Change 67.7% 152.79% 16.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.622M $2.396M $1.600M
YoY Change 45.67% 49.75% 60.0%
Total Long-Term Assets $4.299M $4.166M $2.345M
YoY Change 51.79% 77.62% 45.57%
TOTAL ASSETS
Total Short-Term Assets $29.95M $30.78M $19.70M
Total Long-Term Assets $4.299M $4.166M $2.345M
Total Assets $34.25M $34.95M $22.10M
YoY Change 54.28% 58.13% 73.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.859M $1.253M $1.600M
YoY Change 43.03% -21.66% 56.63%
Accrued Expenses $2.400M $2.200M $1.600M
YoY Change 60.0% 37.5% 45.45%
Deferred Revenue $35.11K $39.33K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $2.000M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $4.261M $3.491M $6.200M
YoY Change -26.25% -43.69% 57.63%
LONG-TERM LIABILITIES
Long-Term Debt $9.917M $9.894M $7.900M
YoY Change 42.36% 25.24% 61.85%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $9.917M $9.894M $7.900M
YoY Change 42.36% 25.24% 61.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.261M $3.491M $6.200M
Total Long-Term Liabilities $9.917M $9.894M $7.900M
Total Liabilities $14.18M $13.38M $14.20M
YoY Change 11.25% -5.74% 61.1%
SHAREHOLDERS EQUITY
Retained Earnings -$164.1M -$161.1M
YoY Change 10.03%
Common Stock $31.63K $31.42K
YoY Change 11.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.07M $21.56M $7.900M
YoY Change
Total Liabilities & Shareholders Equity $34.25M $34.95M $22.10M
YoY Change 54.15% 58.13% 73.86%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.005M -$5.821M -$1.735M
YoY Change 46.27% 235.59% -42.28%
Depreciation, Depletion And Amortization $140.0K $60.00K $40.00K
YoY Change 133.33% 50.0% 0.0%
Cash From Operating Activities -$2.630M -$3.300M -$1.890M
YoY Change 20.64% 74.6% -1.56%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$450.0K -$360.0K
YoY Change -48.15% 25.0% 80.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$280.0K -$450.0K -$360.0K
YoY Change -48.15% 25.0% -117.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.570M 7.980M 15.35M
YoY Change 52.07% -48.01% 214.55%
NET CHANGE
Cash From Operating Activities -2.630M -3.300M -1.890M
Cash From Investing Activities -280.0K -450.0K -360.0K
Cash From Financing Activities 2.570M 7.980M 15.35M
Net Change In Cash -340.0K 4.230M 13.10M
YoY Change -66.99% -67.71% 162.53%
FREE CASH FLOW
Cash From Operating Activities -$2.630M -$3.300M -$1.890M
Capital Expenditures -$280.0K -$450.0K -$360.0K
Free Cash Flow -$2.350M -$2.850M -$1.530M
YoY Change 43.29% 86.27% -11.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<table style="border: none; border-collapse: separate; margin-bottom: 0.001pt; width: 100%; table-layout: fixed; border-spacing: 0px;"><tr><td style="padding: 0pt 0px; vertical-align: top; width: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: top; width: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></div></td><td style="padding: 0pt 0px; vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">BASIS OF PRESENTATION</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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 and six months ended June 30, 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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of June 30, 2018, the Company had an accumulated deficit of $161,115,871, which included net losses of $8,803,235 for the six months ended June 30, 2018 and $3,259,501 for the six months ended June 30, 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 net 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>
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UseOfEstimates
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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>
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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8.48
CY2017Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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4.50
dei Current Fiscal Year End Date
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--12-31
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.54
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="white-space: pre-wrap; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of June 30, 2018, one distributor accounted for approximately 14% of outstanding grants and accounts receivable. As of June 30, 2017, one distributor accounted for approximately 13% of outstanding grants and accounts receivable. As of December 31, 2017, two distributors accounted for approximately 28% of outstanding grants and accounts receivable. For the three months ended June 30, 2018, one direct customer accounted for approximately 11% of the Company’s total revenue, and for the six months ended June 30, 2018 and 2017, no agency, distributor, or direct customer represented more than 10% 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>
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
4.73
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
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us-gaap Professional Fees
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us-gaap Professional Fees
ProfessionalFees
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CY2018Q2 us-gaap Professional Fees
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CY2017Q2 us-gaap Professional Fees
ProfessionalFees
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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2589973 USD
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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ctso License Period
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P18Y
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-16899 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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56235 USD
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
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CY2017Q2 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
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dei Trading Symbol
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CTSO
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Net Cash Provided By Used In Operating Activities
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OperatingIncomeLoss
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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-3888386 USD
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4000000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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5.95
CY2018Q2 ctso Accrued Expenses And Other Current Liabilities
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ctso Stock Issued During Period Value Stock Cash Options Exercised
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1078921 USD
us-gaap Interest Income Expense Nonoperating Net
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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ctso Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Granted In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantedInPeriodWeightedAverageRemainingContractualTerm
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CY2018Q2 us-gaap Long Term Debt Noncurrent
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ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CommitmentsAndContingencies
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CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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ctso Stock Issued During Period Value Stock Warrants Exercised
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2018Q2 us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Income Tax Expense Benefit
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Earnings Per Share Basic And Diluted
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CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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ctso Stock Issued During Period Value Stock Cash Warrants Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Income Loss
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us-gaap Advertising Expense
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us-gaap Advertising Expense
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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15526124 USD
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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us-gaap Stock Option Plan Expense
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us-gaap Revenues
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us-gaap Revenues
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6679744 USD
us-gaap Reclassifications
Reclassifications
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reclassifications</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Certain reclassifications have been made to the June 30, 2017 financial statements in order to conform to the 2018 financial statement presentation. There was no change in the reported amount of the accumulated deficit as a result of these reclassifications.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
216335 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-119960 USD
ctso Proceeds Of Stock Sale Not Received
ProceedsOfStockSaleNotReceived
1426485 USD
ctso Proceeds Of Stock Sale Not Received
ProceedsOfStockSaleNotReceived
0 USD
ctso Stock Issued In Connection With Settlement Of Success Fee
StockIssuedInConnectionWithSettlementOfSuccessFee
0 USD
ctso Stock Issued In Connection With Settlement Of Success Fee
StockIssuedInConnectionWithSettlementOfSuccessFee
637000 USD
CY2018Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
68791 shares
CY2018Q2 us-gaap Revenues
Revenues
5755438 USD
CY2017Q2 us-gaap Revenues
Revenues
3566226 USD
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1200450 shares
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested
5635634 USD
CY2018Q2 ctso Milestones Percentage
MilestonesPercentage
0.375 pure

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0001144204-18-041671.txt Edgar Link pending
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ctso-20180630.xml Edgar Link completed
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ctso-20180630_cal.xml Edgar Link unprocessable
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