$CTSO
Cytosorbents Corp

2022 Q1 Form 10-Q Financial Statement

#000141057822001133 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $8.691M $10.60M
YoY Change -18.0% 21.72%
Cost Of Revenue $2.278M $2.751M
YoY Change -17.22% 15.37%
Gross Profit $6.414M $7.847M
YoY Change -18.27% 24.12%
Gross Profit Margin 73.79% 74.04%
Selling, General & Admin $9.161M $7.710M
YoY Change 18.82% 22.05%
% of Gross Profit 142.83% 98.25%
Research & Development $4.243M $2.282M
YoY Change 85.95% 16.12%
% of Gross Profit 66.16% 29.08%
Depreciation & Amortization $217.6K $160.0K
YoY Change 35.98% -11.11%
% of Gross Profit 3.39% 2.04%
Operating Expenses $14.20M $10.70M
YoY Change 32.76% 21.57%
Operating Profit -$7.791M -$2.852M
YoY Change 173.16% 15.07%
Interest Expense $8.027K -$10.12K
YoY Change -179.29% -96.69%
% of Operating Profit
Other Income/Expense, Net -$1.175M -$1.316M
YoY Change -10.67% 35.07%
Pretax Income -$8.966M -$4.168M
YoY Change 115.13% 20.71%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.966M -$4.168M
YoY Change 115.13% 20.71%
Net Earnings / Revenue -103.16% -39.32%
Basic Earnings Per Share -$0.21 -$0.10
Diluted Earnings Per Share -$0.21 -$0.10
COMMON SHARES
Basic Shares Outstanding 43.49M 43.24M
Diluted Shares Outstanding 41.59M 43.32M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.02M $68.50M
YoY Change -37.19% 159.47%
Cash & Equivalents $43.02M $68.47M
Short-Term Investments
Other Short-Term Assets $2.809M $3.000M
YoY Change -6.37% -21.05%
Inventory $5.445M $3.108M
Prepaid Expenses
Receivables $4.577M $5.019M
Other Receivables $0.00 $0.00
Total Short-Term Assets $55.85M $79.63M
YoY Change -29.86% 112.36%
LONG-TERM ASSETS
Property, Plant & Equipment $7.849M $2.405M
YoY Change 226.36% -19.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.685M $4.515M
YoY Change 3.75% 22.04%
Total Long-Term Assets $27.42M $7.844M
YoY Change 249.53% 17.08%
TOTAL ASSETS
Total Short-Term Assets $55.85M $79.63M
Total Long-Term Assets $27.42M $7.844M
Total Assets $83.27M $87.48M
YoY Change -4.81% 97.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.826M $1.678M
YoY Change 187.66% -6.8%
Accrued Expenses $7.410M $8.100M
YoY Change -8.51% 47.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.67M $9.759M
YoY Change 50.34% -15.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $13.17M $500.0K
YoY Change 2534.48% 0.0%
Total Long-Term Liabilities $13.17M $500.0K
YoY Change 2534.48% -95.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.67M $9.759M
Total Long-Term Liabilities $13.17M $500.0K
Total Liabilities $27.84M $10.22M
YoY Change 172.44% -55.37%
SHAREHOLDERS EQUITY
Retained Earnings -$230.2M -$200.8M
YoY Change 14.62%
Common Stock $43.51K $43.27K
YoY Change 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.43M $77.26M
YoY Change
Total Liabilities & Shareholders Equity $83.27M $87.48M
YoY Change -4.81% 97.92%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$8.966M -$4.168M
YoY Change 115.13% 20.71%
Depreciation, Depletion And Amortization $217.6K $160.0K
YoY Change 35.98% -11.11%
Cash From Operating Activities -$8.119M -$2.344M
YoY Change 246.35% -26.96%
INVESTING ACTIVITIES
Capital Expenditures $710.2K $428.6K
YoY Change 65.7% 81.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$848.0K -$606.3K
YoY Change 39.85% 19.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.36K 76.55K
YoY Change -152.72% -99.57%
NET CHANGE
Cash From Operating Activities -8.119M -2.344M
Cash From Investing Activities -848.0K -606.3K
Cash From Financing Activities -40.36K 76.55K
Net Change In Cash -9.115M -2.953M
YoY Change 208.63% -120.86%
FREE CASH FLOW
Cash From Operating Activities -$8.119M -$2.344M
Capital Expenditures $710.2K $428.6K
Free Cash Flow -$8.829M -$2.773M
YoY Change 218.42% -19.51%

Facts In Submission

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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Basis Of Accounting
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;">1.    BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The interim consolidated 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, for a fair statement of the Company’s consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2022. The results for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 31, 2022, the Company’s cash, cash equivalents and restricted cash balances were approximately $44.7 million, which the Company expects will fund the Company’s operations beyond twelve months from the issuance of these financial statements. As a result, the Company has determined that the going concern risk has been substantially mitigated.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated 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. The valuation of options granted is a significant estimate in these consolidated financial statements.</p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A significant portion of the Company's revenues are from product sales in Germany. Substantially all of the Compnay's grant and other income are from government agencies in the United States. (See Note 4 for further information relating to the Company’s revenue.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of March 31, 2022, one distributor accounted for approximately 22% of outstanding grants and accounts receivable.  As of December 31, 2021, one distributor accounted for approximately 12% of outstanding grants and accounts receivables.  For the three months ended March 31, 2022, no distributor accounted for more than 10% of the Company's total revenue and for the three months ended March 31, 2021, one distributor accounted for approximately 11% of the Company's total revenue. </p>
CY2022Q1 ctso Number Of Primary Revenue Streams
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2
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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56500
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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3.42
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8.67
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35124
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7.48
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5802229
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P10Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.593
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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3.19
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4293305
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6.46
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
41703
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2994846
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.68
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
56500
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.92
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
1105125
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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5.29
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437297
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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4.01
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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1508924
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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4.30
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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6073000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q1 us-gaap Contract With Customer Asset Net Current
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2435452
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CY2022Q1 ctso Contract With Customer Liability Value Of Free Of Charge Goods And Credit Rebates Current
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CY2022Q1 ctso Contract With Customer Liability Net Of Free Of Charge Goods And Credit Rebates Current
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ContractWithCustomerLiabilityNetOfFreeOfChargeGoodsAndCreditRebatesCurrent
1947353
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175000
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138000
CY2022Q1 ctso Executive Employment Agreements Initial Term
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CY2022Q1 ctso License Period
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13196795
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13659352
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486964
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570566
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13172388
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13250943
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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1799764
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1275860
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1666361
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1705625
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1745970
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18567617
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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26761197
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P13Y6M
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P14Y3M18D

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