$CTSO
Cytosorbents Corp

2022 Q4 Form 10-Q Financial Statement

#000141057822002932 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $9.390M $8.111M
YoY Change -12.91% -16.9%
Cost Of Revenue $3.633M $4.494M
YoY Change 16.35% 82.46%
Gross Profit $5.757M $3.617M
YoY Change -24.84% -50.43%
Gross Profit Margin 61.31% 44.6%
Selling, General & Admin $8.506M $8.735M
YoY Change -23.25% 12.33%
% of Gross Profit 147.76% 241.47%
Research & Development $3.402M $3.290M
YoY Change -44.57% -22.81%
% of Gross Profit 59.09% 90.95%
Depreciation & Amortization $223.2K $213.1K
YoY Change 4.11% -10.13%
% of Gross Profit 3.88% 5.89%
Operating Expenses $11.91M $12.63M
YoY Change -30.85% -0.54%
Operating Profit -$6.356M -$9.017M
YoY Change -33.52% 66.8%
Interest Expense $4.572M $46.85K
YoY Change -1050.08% 266.95%
% of Operating Profit
Other Income/Expense, Net -$74.13K -$3.183M
YoY Change 218.26%
Pretax Income -$1.859M -$12.20M
YoY Change -81.49% 90.45%
Income Tax -$1.093M $0.00
% Of Pretax Income
Net Earnings -$766.1K -$12.20M
YoY Change -91.77% 90.45%
Net Earnings / Revenue -8.16% -150.42%
Basic Earnings Per Share -$0.02 -$0.28
Diluted Earnings Per Share -$0.02 -$0.28
COMMON SHARES
Basic Shares Outstanding 43.64M 43.58M
Diluted Shares Outstanding 43.61M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.14M $22.55M
YoY Change -57.53% -63.06%
Cash & Equivalents $22.14M $22.55M
Short-Term Investments
Other Short-Term Assets $2.489M $1.326M
YoY Change -13.34% -31.67%
Inventory $3.462M $3.542M
Prepaid Expenses
Receivables $5.665M $4.961M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.76M $32.38M
YoY Change -47.5% -55.49%
LONG-TERM ASSETS
Property, Plant & Equipment $10.74M $10.71M
YoY Change 108.57% 181.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.437M $4.695M
YoY Change -10.51% -3.49%
Total Long-Term Assets $29.47M $29.89M
YoY Change 16.86% 33.94%
TOTAL ASSETS
Total Short-Term Assets $33.76M $32.38M
Total Long-Term Assets $29.47M $29.89M
Total Assets $63.23M $62.27M
YoY Change -29.37% -34.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.655M $2.348M
YoY Change -41.0% -30.08%
Accrued Expenses $850.6K $7.771M
YoY Change -18.53% 37.59%
Deferred Revenue $1.517M
YoY Change -22.11%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.715M $10.12M
YoY Change -29.04% -8.6%
LONG-TERM LIABILITIES
Long-Term Debt $5.000M $0.00
YoY Change
Other Long-Term Liabilities $13.14M $13.01M
YoY Change -0.82% -2.81%
Total Long-Term Liabilities $5.000M $13.01M
YoY Change -62.27% -2.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.715M $10.12M
Total Long-Term Liabilities $5.000M $13.01M
Total Liabilities $27.86M $23.13M
YoY Change 3.4% -5.43%
SHAREHOLDERS EQUITY
Retained Earnings -$254.0M -$253.2M
YoY Change 14.83% 19.52%
Common Stock $43.64K $43.63K
YoY Change 0.36% 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.37M $39.14M
YoY Change
Total Liabilities & Shareholders Equity $63.23M $62.27M
YoY Change -29.37% -34.5%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$766.1K -$12.20M
YoY Change -91.77% 90.45%
Depreciation, Depletion And Amortization $223.2K $213.1K
YoY Change 4.11% -10.13%
Cash From Operating Activities -$5.340M -$6.735M
YoY Change -2.75% 62.93%
INVESTING ACTIVITIES
Capital Expenditures $206.1K -$716.5K
YoY Change -112.32% -29.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$206.1K -$716.5K
YoY Change -87.68% -29.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M 0.000
YoY Change -6278.94% -100.0%
NET CHANGE
Cash From Operating Activities -5.340M -6.735M
Cash From Investing Activities -206.1K -716.5K
Cash From Financing Activities 5.000M 0.000
Net Change In Cash -546.4K -7.451M
YoY Change -92.46% 63.36%
FREE CASH FLOW
Cash From Operating Activities -$5.340M -$6.735M
Capital Expenditures $206.1K -$716.5K
Free Cash Flow -$5.546M -$6.018M
YoY Change 45.24% 93.14%

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CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2021Q3 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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ctso Stock Issued During Period Value Stock Cash Options Exercised
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us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2021Q3 us-gaap Stockholders Equity
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ctso Issuance Of Stocks And Warrants For Services Or Claims
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us-gaap Depreciation And Amortization
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Impairment Of Intangible Assets Finitelived
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us-gaap Provision For Doubtful Accounts
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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ctso Payments For Equity Contributions Net Of Fees Incurred
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ctso Payments For Equity Contributions Net Of Fees Incurred
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Stock Issued During Period Value Issued For Services
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Stock Issued1
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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 and nine months ended September 30, 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 September 30, 2022, the Company’s cash and cash equivalents balances were approximately <span style="-sec-ix-hidden:Hidden_11C7D1Cde0-6i6RHhrk-Ig;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$22.6</span></span> million, which the Company expects will fund the Company’s operations beyond twelve months from the issuance of these consolidated financial statements. In addition, the Company has $15 million of debt availability and $25 million of availability under its ATM facility to provide additional liquidity, as needed. As a result, the Company has determined that the going concern risk has been substantially mitigated.</p>
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CY2022Q3 ctso Line Of Credit Atm Facility Current Borrowing Capacity
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25000000
ctso Number Of Countries Where Flagship Product Is Marketed And Distributed
NumberOfCountriesWhereFlagshipProductIsMarketedAndDistributed
70
CY2022Q2 ctso Supplier Agreement Term
SupplierAgreementTerm
P3Y
CY2022Q2 ctso Number Of Healthcare Facilities
NumberOfHealthcareFacilities
170
CY2021Q2 ctso Number Of States Across Healthcare Facilities
NumberOfStatesAcrossHealthcareFacilities
14
CY2022Q3 ctso Number Of Patents United States
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ForeignCurrencyTransactionGainLossExcludingTax
3230000
CY2021Q3 ctso Foreign Currency Transaction Gain Loss Excluding Tax
ForeignCurrencyTransactionGainLossExcludingTax
1013000
ctso Foreign Currency Transaction Gain Loss Excluding Tax
ForeignCurrencyTransactionGainLossExcludingTax
6967000
ctso Foreign Currency Transaction Gain Loss Excluding Tax
ForeignCurrencyTransactionGainLossExcludingTax
2084000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22552239
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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24239698
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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53825166
CY2022Q3 us-gaap Restricted Cash Noncurrent
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1687459
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q3 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2022Q3 us-gaap Inventory Work In Process
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CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2022Q3 us-gaap Inventory Raw Materials
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CY2021Q4 us-gaap Inventory Raw Materials
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CY2022Q3 us-gaap Inventory Adjustments
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CY2022Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Asset Impairment Charges
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2021Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2021Q3 us-gaap Advertising Expense
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us-gaap Advertising Expense
AdvertisingExpense
358000
us-gaap Advertising Expense
AdvertisingExpense
455000
CY2022Q3 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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us-gaap Use Of Estimates
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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>
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 Company’s grant income is 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;">As of September 30, 2022, two distributors accounted for approximately 39% 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">months ended September 30, 2022, one distributor accounted for approximately 16% of the Company’s total revenue and for the nine months ended September 30, 2022, no distributor or direct customer accounted for more than 10% of total revenue. For the three and nine months ended September 30, 2021, no distributor or direct customer accounted for more than 10% of the Company’s total revenue. </p>
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ctso Threshold Used For Calculating Concentration Of Risk
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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162668
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8.14
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
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4611352
CY2022Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
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6.36
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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3.74
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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3564538
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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2.13
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5471000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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us-gaap Stock Option Plan Expense
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CY2022Q3 us-gaap Stock Option Plan Expense
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CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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32383332
ctso Number Of Primary Revenue Streams
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CY2021Q4 us-gaap Contract With Customer Asset Net Current
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CY2022Q3 us-gaap Deferred Revenue
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CY2021Q4 us-gaap Deferred Revenue
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CY2022Q3 ctso Contract With Customer Liability Value Of Free Of Charge Goods And Credit Rebates Current
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78466
CY2021Q4 ctso Contract With Customer Liability Value Of Free Of Charge Goods And Credit Rebates Current
ContractWithCustomerLiabilityValueOfFreeOfChargeGoodsAndCreditRebatesCurrent
303824
CY2022Q3 ctso Contract With Customer Liability Net Of Free Of Charge Goods And Credit Rebates Current
ContractWithCustomerLiabilityNetOfFreeOfChargeGoodsAndCreditRebatesCurrent
1644080
CY2021Q4 ctso Contract With Customer Liability Net Of Free Of Charge Goods And Credit Rebates Current
ContractWithCustomerLiabilityNetOfFreeOfChargeGoodsAndCreditRebatesCurrent
1947353
ctso Debt Instrument Non Refundable Fee Upon Termination Or Maturity Percent
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0.025
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EmployeeRelatedLiabilitiesCurrent
154000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
131000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
175000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
138000
ctso Executive Employment Agreements Initial Term
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P3Y
ctso Employment Agreements Automatic Renewal Period
EmploymentAgreementsAutomaticRenewalPeriod
P1Y
ctso License Period
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P18Y
CY2022Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.098
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12794340
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13423472
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13385942
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13821509
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
376529
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
570566
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13009413
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13250943
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1668230
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1294887
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1685727
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1725524
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1766416
CY2022Q3 ctso Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
17684408
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25825192
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12439250
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13385942
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
659000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
593000
us-gaap Operating Lease Payments
OperatingLeasePayments
2057000
us-gaap Operating Lease Payments
OperatingLeasePayments
1248000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y3M18D

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ctso-20220930_cal.xml Edgar Link unprocessable
0001410578-22-002932-index-headers.html Edgar Link pending
0001410578-22-002932-index.html Edgar Link pending
0001410578-22-002932.txt Edgar Link pending
0001410578-22-002932-xbrl.zip Edgar Link pending
ctso-20220930.xsd Edgar Link pending
ctso-20220930x10q.htm Edgar Link pending
ctso-20220930xex10d1.htm Edgar Link pending
ctso-20220930xex31d1.htm Edgar Link pending
ctso-20220930xex31d2.htm Edgar Link pending
ctso-20220930xex32d1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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ctso-20220930_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
ctso-20220930_pre.xml Edgar Link unprocessable
ctso-20220930_lab.xml Edgar Link unprocessable
ctso-20220930x10q_htm.xml Edgar Link completed
R9.htm Edgar Link pending
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