$CTSO
Cytosorbents Corp

2019 Q2 Form 10-Q Financial Statement

#000114420419024246 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $6.233M $5.192M $6.081M
YoY Change 8.29% 5.42% 30.86%
Cost Of Revenue $1.834M $1.739M $2.080M
YoY Change 2.72% 10.9% 63.78%
Gross Profit $4.398M $3.453M $3.998M
YoY Change 10.8% 2.86% 18.21%
Gross Profit Margin 70.57% 66.51% 65.74%
Selling, General & Admin $4.507M $4.758M $7.160M
YoY Change -26.41% 10.23% 50.1%
% of Gross Profit 102.46% 137.79% 179.11%
Research & Development $2.930M $2.419M $2.420M
YoY Change 85.92% 40.19% 0.0%
% of Gross Profit 66.61% 70.04% 60.54%
Depreciation & Amortization $140.0K $140.0K $130.0K
YoY Change 133.33% 133.33% 116.67%
% of Gross Profit 3.18% 4.05% 3.25%
Operating Expenses $8.028M $7.738M $9.590M
YoY Change -1.59% 19.82% 33.57%
Operating Profit -$3.630M -$4.285M -$5.585M
YoY Change -13.32% 38.18% 46.78%
Interest Expense -$214.6K -$205.2K -$440.0K
YoY Change -74.45% -14.19% 2100.0%
% of Operating Profit
Other Income/Expense, Net $82.59K -$598.6K
YoY Change -105.06% -602.5%
Pretax Income -$3.547M -$4.884M -$6.020M
YoY Change -39.06% 63.77% 57.59%
Income Tax $0.00 $0.00 -$620.0K
% Of Pretax Income
Net Earnings -$3.547M -$4.884M -$5.400M
YoY Change -39.06% 63.77% 71.43%
Net Earnings / Revenue -56.92% -94.07% -88.8%
Basic Earnings Per Share -$0.11 -$0.15
Diluted Earnings Per Share -$0.11 -$0.15 -$170.4K
COMMON SHARES
Basic Shares Outstanding 32.25M 31.86M 31.65M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.30M $19.60M $22.40M
YoY Change -35.57% -7.11% 29.48%
Cash & Equivalents $16.34M $19.65M $22.37M
Short-Term Investments
Other Short-Term Assets $1.000M $700.0K $1.100M
YoY Change -44.44% 75.0% 175.0%
Inventory $1.500M $1.214M $833.1K
Prepaid Expenses
Receivables $3.500M $3.267M $3.943M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.20M $24.83M $28.26M
YoY Change -27.88% 1.28% 36.28%
LONG-TERM ASSETS
Property, Plant & Equipment $3.200M $1.897M $1.730M
YoY Change 80.84% 17.94% 23.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.100M $2.911M $2.753M
YoY Change 29.38% 33.54% 40.39%
Total Long-Term Assets $6.300M $6.167M $5.933M
YoY Change 51.24% 62.79% 76.36%
TOTAL ASSETS
Total Short-Term Assets $22.20M $24.83M $28.26M
Total Long-Term Assets $6.300M $6.167M $5.933M
Total Assets $28.50M $30.99M $34.20M
YoY Change -18.45% 9.51% 41.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.200M $1.841M $1.486M
YoY Change 75.51% -13.97% 19.4%
Accrued Expenses $3.900M $3.200M $479.8K
YoY Change 77.27% 77.78% 54.66%
Deferred Revenue $10.46K $42.22K
YoY Change -76.0% 38.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $1.667M $666.7K
YoY Change -83.33%
Total Short-Term Liabilities $6.900M $6.711M $6.917M
YoY Change 97.64% 68.36% -11.87%
LONG-TERM LIABILITIES
Long-Term Debt $9.200M $8.298M $9.275M
YoY Change -7.01% -16.18% 54.78%
Other Long-Term Liabilities $900.0K $1.000M $1.100M
YoY Change
Total Long-Term Liabilities $10.10M $8.298M $9.275M
YoY Change 2.09% -16.18% 54.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.900M $6.711M $6.917M
Total Long-Term Liabilities $10.10M $8.298M $9.275M
Total Liabilities $16.90M $15.98M $17.26M
YoY Change 26.26% 14.96% 24.72%
SHAREHOLDERS EQUITY
Retained Earnings -$174.4M -$169.5M
YoY Change 11.3%
Common Stock $32.24K $31.77K
YoY Change 7.57% 9.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.54M $15.01M $16.93M
YoY Change
Total Liabilities & Shareholders Equity $28.50M $30.99M $34.20M
YoY Change -18.45% 9.52% 41.88%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$3.547M -$4.884M -$5.400M
YoY Change -39.06% 63.77% 71.43%
Depreciation, Depletion And Amortization $140.0K $140.0K $130.0K
YoY Change 133.33% 133.33% 116.67%
Cash From Operating Activities -$3.190M -$4.238M -$2.710M
YoY Change -3.33% 92.29% 560.98%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K $292.5K -$320.0K
YoY Change -26.67% 20.36% -44.83%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$330.0K -$474.2K -$320.0K
YoY Change -26.67% 0.41% -44.83%
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 180.0K 2.005M 480.0K
YoY Change -97.74% -68.89% -83.45%
NET CHANGE
Cash From Operating Activities -3.190M -4.238M -2.710M
Cash From Investing Activities -330.0K -474.2K -320.0K
Cash From Financing Activities 180.0K 2.005M 480.0K
Net Change In Cash -3.340M -2.707M -2.550M
YoY Change -178.96% -171.87% -233.51%
FREE CASH FLOW
Cash From Operating Activities -$3.190M -$4.238M -$2.710M
Capital Expenditures -$330.0K $292.5K -$320.0K
Free Cash Flow -$2.860M -$4.530M -$2.390M
YoY Change 0.35% 85.14% -1505.88%

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CY2019Q1 us-gaap Use Of Estimates
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CY2019Q1 us-gaap Reclassifications
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CY2019Q1 us-gaap Basis Of Accounting
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In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, for a fair statement of the Company&#8217;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&#160;31, 2018 included in the Company&#8217;s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on March 7, 2019. The results for the three months ended March 31, 2019 and 2018 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; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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; 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.</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; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</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; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of March 31, 2019, the Company had an accumulated deficit of $174,407,642, which included net losses of $4,883,827 for the three months ended March 31, 2019 and $2,982,035 for the three months ended March 31, 2018. 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 net 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 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>
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PreferredStockParOrStatedValuePerShare
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CommonStockParOrStatedValuePerShare
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P9Y3M18D
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P0Y
CY2019Q1 ctso Share Based Compensation Arrangement By Share Based Payment Award Options Expired In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageRemainingContractualTerm
P0Y
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2019Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
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CY2019Q1 ctso Percentage Of Non Refundable Final Fee
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CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2019Q1 ctso Warrant Expiration Date
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
388915
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
442865
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
136098
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
75308
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
82503
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
233408
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1359097
CY2018Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0916
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
215000
CY2018Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
199000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M
CY2018Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2019Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2021-08-31
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Trading Symbol
TradingSymbol
CTSO
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
Cytosorbents Corp
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001175151
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
32249044
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true

Files In Submission

Name View Source Status
0001144204-19-024246-index-headers.html Edgar Link pending
0001144204-19-024246-index.html Edgar Link pending
0001144204-19-024246.txt Edgar Link pending
0001144204-19-024246-xbrl.zip Edgar Link pending
ctso-20190331.xml Edgar Link completed
ctso-20190331.xsd Edgar Link pending
ctso-20190331_cal.xml Edgar Link unprocessable
ctso-20190331_def.xml Edgar Link unprocessable
ctso-20190331_lab.xml Edgar Link unprocessable
ctso-20190331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
tv519743_10q.htm Edgar Link pending
tv519743_ex31-1.htm Edgar Link pending
tv519743_ex31-2.htm Edgar Link pending
tv519743_ex32-1.htm Edgar Link pending
tv519743_ex32-2.htm Edgar Link pending