2019 Q1 Form 10-K Financial Statement

#000114420419012774 Filed on March 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $5.192M $6.081M $5.743M
YoY Change 5.42% 30.86% 50.17%
Cost Of Revenue $1.739M $2.080M $2.053M
YoY Change 10.9% 63.78% 35.32%
Gross Profit $3.453M $3.998M $3.690M
YoY Change 2.86% 18.21% 59.93%
Gross Profit Margin 66.51% 65.74% 64.26%
Selling, General & Admin $4.758M $7.160M $4.041M
YoY Change 10.23% 50.1% 13.03%
% of Gross Profit 137.79% 179.11% 109.5%
Research & Development $2.419M $2.420M $1.943M
YoY Change 40.19% 0.0% 202.15%
% of Gross Profit 70.04% 60.54% 52.66%
Depreciation & Amortization $140.0K $130.0K $140.0K
YoY Change 133.33% 116.67% 133.33%
% of Gross Profit 4.05% 3.25% 3.79%
Operating Expenses $7.738M $9.590M $6.401M
YoY Change 19.82% 33.57% 43.63%
Operating Profit -$4.285M -$5.585M -$2.711M
YoY Change 38.18% 46.78% 26.13%
Interest Expense -$205.2K -$440.0K -$185.2K
YoY Change -14.19% 2100.0% -27.01%
% of Operating Profit
Other Income/Expense, Net -$598.6K -$294.1K
YoY Change -602.5% -410.39%
Pretax Income -$4.884M -$6.020M -$3.005M
YoY Change 63.77% 57.59% 46.27%
Income Tax $0.00 -$620.0K $0.00
% Of Pretax Income
Net Earnings -$4.884M -$5.400M -$3.005M
YoY Change 63.77% 71.43% 46.27%
Net Earnings / Revenue -94.07% -88.8% -52.32%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$0.15 -$170.4K -$95.82K
COMMON SHARES
Basic Shares Outstanding 31.86M 31.65M shares 31.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.60M $22.40M $24.90M
YoY Change -7.11% 29.48% 61.69%
Cash & Equivalents $19.65M $22.37M $24.91M
Short-Term Investments
Other Short-Term Assets $700.0K $1.100M $600.0K
YoY Change 75.0% 175.0% 20.0%
Inventory $1.214M $833.1K $779.4K
Prepaid Expenses
Receivables $3.267M $3.943M $3.643M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.83M $28.26M $29.95M
YoY Change 1.28% 36.28% 54.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.897M $1.730M $1.677M
YoY Change 17.94% 23.32% 67.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.911M $2.753M $2.622M
YoY Change 33.54% 40.39% 45.67%
Total Long-Term Assets $6.167M $5.933M $4.299M
YoY Change 62.79% 76.36% 51.79%
TOTAL ASSETS
Total Short-Term Assets $24.83M $28.26M $29.95M
Total Long-Term Assets $6.167M $5.933M $4.299M
Total Assets $30.99M $34.20M $34.25M
YoY Change 9.51% 41.88% 54.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.841M $1.486M $1.859M
YoY Change -13.97% 19.4% 43.03%
Accrued Expenses $3.200M $479.8K $2.400M
YoY Change 77.78% 54.66% 60.0%
Deferred Revenue $10.46K $42.22K $35.11K
YoY Change -76.0% 38.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.667M $666.7K $0.00
YoY Change -83.33% -100.0%
Total Short-Term Liabilities $6.711M $6.917M $4.261M
YoY Change 68.36% -11.87% -26.25%
LONG-TERM LIABILITIES
Long-Term Debt $8.298M $9.275M $9.917M
YoY Change -16.18% 54.78% 42.36%
Other Long-Term Liabilities $1.000M $1.100M
YoY Change
Total Long-Term Liabilities $8.298M $9.275M $9.917M
YoY Change -16.18% 54.78% 42.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.711M $6.917M $4.261M
Total Long-Term Liabilities $8.298M $9.275M $9.917M
Total Liabilities $15.98M $17.26M $14.18M
YoY Change 14.96% 24.72% 11.25%
SHAREHOLDERS EQUITY
Retained Earnings -$174.4M -$169.5M -$164.1M
YoY Change 11.3% 10.03%
Common Stock $32.24K $31.77K $31.63K
YoY Change 7.57% 9.66% 11.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.01M $16.93M $20.07M
YoY Change
Total Liabilities & Shareholders Equity $30.99M $34.20M $34.25M
YoY Change 9.52% 41.88% 54.15%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$4.884M -$5.400M -$3.005M
YoY Change 63.77% 71.43% 46.27%
Depreciation, Depletion And Amortization $140.0K $130.0K $140.0K
YoY Change 133.33% 116.67% 133.33%
Cash From Operating Activities -$4.238M -$2.710M -$2.630M
YoY Change 92.29% 560.98% 20.64%
INVESTING ACTIVITIES
Capital Expenditures $292.5K -$320.0K -$280.0K
YoY Change 20.36% -44.83% -48.15%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$474.2K -$320.0K -$280.0K
YoY Change 0.41% -44.83% -48.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 2.005M 480.0K 2.570M
YoY Change -68.89% -83.45% 52.07%
NET CHANGE
Cash From Operating Activities -4.238M -2.710M -2.630M
Cash From Investing Activities -474.2K -320.0K -280.0K
Cash From Financing Activities 2.005M 480.0K 2.570M
Net Change In Cash -2.707M -2.550M -340.0K
YoY Change -171.87% -233.51% -66.99%
FREE CASH FLOW
Cash From Operating Activities -$4.238M -$2.710M -$2.630M
Capital Expenditures $292.5K -$320.0K -$280.0K
Free Cash Flow -$4.530M -$2.390M -$2.350M
YoY Change 85.14% -1505.88% 43.29%

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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. BASIS OF PRESENTATION</div></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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accompanying consolidated financial statements include the results of CytoSorbents Corporation (the &#8220;Parent&#8221;), CytoSorbents Medical Inc., its wholly-owned operating subsidiary (the &#8220;Subsidiary&#8221;), and CytoSorbents Europe GmbH, its wholly-owned European subsidiary (the &#8220;European Subsidiary&#8221;). In addition, the financial statements include CytoSorbents Switzerland GmbH and CytoSorbents Poland Sp. z.o.o., wholly-owned subsidiaries of CytoSorbents Europe GmbH. These entities are collectively referred to as &#8220;the Company&#8221;.</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; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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. Based on its projections, the Company believes it will have to raise additional capital to fund its planned operations over the next twelve-month period.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018, the Company had an accumulated deficit of $169,523,815, which included net losses of $17,211,179 for the year ended December 31, 2018, $8,460,799 for the year ended December 31, 2017 and $11,763,456 for the year ended December 31, 2016. The Company&#8217;s losses have resulted principally from costs incurred in the research and development of the Company&#8217;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&#8217;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&#8217;s CytoSorb product and for potential label extensions of the Company&#8217;s current CE mark, establishing manufacturing and sales and marketing arrangements with third parties, and raising sufficient funds to finance the Company&#8217;s activities. No assurance can be given that the Company&#8217;s product development efforts will be successful, that the Company&#8217;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&#8217;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&#8217;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>
CY2018 us-gaap Use Of Estimates
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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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&#8217;s outstanding warrants.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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; 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; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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 3 for further information relating to the Company&#8217;s revenue.)</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; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018, two distributors/strategic partners accounted for <div style="letter-spacing: 0px; top: 0px;;display:inline;">29</div> percent of the outstanding grants and accounts receivables. As of December 31, 2017, two distributors/strategic partners accounted for <div style="letter-spacing: 0px; top: 0px;;display:inline;">28</div> percent of outstanding grants and accounts receivables. As of December 31, 2016, one distributor/strategic partners and one government agency accounted for approximately <div style="letter-spacing: 0px; top: 0px;;display:inline;">22</div> percent of grants and accounts receivable. For the years ended December 31, 2018 and 2017, no agency, distributor/strategic partners or direct customer represented more than <div style="letter-spacing: 0px; top: 0px;;display:inline;">10</div>% of the Company&#8217;s total revenue. For the year ended December 31, 2016, one direct customer accounted for approximately <div style="letter-spacing: 0px; top: 0px;;display:inline;">11</div> percent of total revenue.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Reclassifications
Reclassifications
<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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); 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; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Certain reclassifications have been made to the December 31, 2018, 2017 and 2016 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>
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304252
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
243170
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2625265
CY2018 us-gaap Adjustment For Amortization
AdjustmentForAmortization
61082
CY2017 us-gaap Adjustment For Amortization
AdjustmentForAmortization
40495
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4437000
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3314000
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2757000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q4 us-gaap Share Price
SharePrice
8.08
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
943000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
531900
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
668550
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1200450
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested
5636000
CY2018 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3381000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
953200
CY2017Q1 ctso Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested In Period Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedInPeriodFairValue
3284000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
810220
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
900100
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3174352
CY2016Q2 ctso Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested In Period Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedInPeriodFairValue
2437000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
716480
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2855428
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0209
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0311
CY2018 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0
CY2017 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13679730
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14126525
CY2018 ctso License Period
LicensePeriod
P18Y
CY2018Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
9.61
CY2018 ctso Share Based Compensation Option Milestones Met By The Company Percentage
ShareBasedCompensationOptionMilestonesMetByTheCompanyPercentage
0.6
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Entity Registrant Name
EntityRegistrantName
Cytosorbents Corp
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001175151
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2018Q2 dei Entity Public Float
EntityPublicFloat
320079293
CY2018 dei Trading Symbol
TradingSymbol
CTSO
CY2019Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31855099
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
true
CY2017 us-gaap Other Noncash Expense
OtherNoncashExpense
0
CY2016 us-gaap Other Noncash Expense
OtherNoncashExpense
0
CY2018 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0
CY2017 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0
CY2017 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2016 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2016 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0
CY2016 us-gaap Stock Issued1
StockIssued1
0
CY2018 ctso Dividend Warrant Exercise Price Adjustment
DividendWarrantExercisePriceAdjustment
0
CY2016 ctso Dividend Warrant Exercise Price Adjustment
DividendWarrantExercisePriceAdjustment
0
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
41400000

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