$CTSO
Cytosorbents Corp

2023 Q2 Form 10-Q Financial Statement

#000141057823000868 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $9.421M $9.449M
YoY Change 10.89% 8.72%
Cost Of Revenue $3.402M $3.994M
YoY Change -4.18% 75.36%
Gross Profit $6.019M $5.455M
YoY Change 21.71% -14.94%
Gross Profit Margin 63.89% 57.73%
Selling, General & Admin $8.888M $8.463M
YoY Change 5.32% -7.61%
% of Gross Profit 147.68% 155.14%
Research & Development $3.669M $4.214M
YoY Change -12.3% -0.68%
% of Gross Profit 60.96% 77.25%
Depreciation & Amortization $402.0K $258.6K
YoY Change 75.71% 18.87%
% of Gross Profit 6.68% 4.74%
Operating Expenses $12.56M $13.35M
YoY Change -5.6% -6.04%
Operating Profit -$6.538M -$7.892M
YoY Change -21.76% 1.29%
Interest Expense $406.2K -$63.17K
YoY Change 1594.2% -886.97%
% of Operating Profit
Other Income/Expense, Net $0.00 $565.7K
YoY Change -100.0% -148.14%
Pretax Income -$6.153M -$7.326M
YoY Change -43.44% -18.3%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.153M -$7.326M
YoY Change -43.44% -18.3%
Net Earnings / Revenue -65.31% -77.53%
Basic Earnings Per Share -$0.14 -$0.17
Diluted Earnings Per Share -$0.14 -$0.17
COMMON SHARES
Basic Shares Outstanding 43.95M 43.66M
Diluted Shares Outstanding 44.02M 43.68M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.15M $19.05M
YoY Change -56.4% -55.72%
Cash & Equivalents $13.15M $19.05M
Short-Term Investments
Other Short-Term Assets $1.422M $1.863M
YoY Change 6.8% -33.67%
Inventory $2.046M $1.726M
Prepaid Expenses
Receivables $7.025M $5.528M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.64M $28.16M
YoY Change -43.23% -49.57%
LONG-TERM ASSETS
Property, Plant & Equipment $22.84M $10.70M
YoY Change 123.44% 36.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.965M $4.445M
YoY Change 27.75% -5.11%
Total Long-Term Assets $28.80M $29.30M
YoY Change -2.56% 6.86%
TOTAL ASSETS
Total Short-Term Assets $23.64M $28.16M
Total Long-Term Assets $28.80M $29.30M
Total Assets $52.44M $57.46M
YoY Change -26.35% -30.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.836M $2.995M
YoY Change 33.19% -37.94%
Accrued Expenses $5.933M $5.824M
YoY Change -6.01% -21.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.35M $10.44M
YoY Change -1.92% -28.87%
LONG-TERM LIABILITIES
Long-Term Debt $5.021M $5.011M
YoY Change
Other Long-Term Liabilities $12.98M $13.06M
YoY Change -0.87% -0.85%
Total Long-Term Liabilities $18.00M $18.07M
YoY Change 37.48% 37.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.35M $10.44M
Total Long-Term Liabilities $18.00M $18.07M
Total Liabilities $28.35M $28.51M
YoY Change 19.9% 2.38%
SHAREHOLDERS EQUITY
Retained Earnings -$267.5M -$261.3M
YoY Change 10.97% 13.54%
Common Stock $44.19K $43.85K
YoY Change 1.42% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.09M $28.96M
YoY Change
Total Liabilities & Shareholders Equity $52.44M $57.46M
YoY Change -26.35% -30.99%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.153M -$7.326M
YoY Change -43.44% -18.3%
Depreciation, Depletion And Amortization $402.0K $258.6K
YoY Change 75.71% 18.87%
Cash From Operating Activities -$6.933M -$3.108M
YoY Change -13.76% -61.72%
INVESTING ACTIVITIES
Capital Expenditures -$140.3K $509.7K
YoY Change -97.01% -28.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $140.3K -$682.9K
YoY Change -102.99% -19.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 931.1K 684.3K
YoY Change -1795.49%
NET CHANGE
Cash From Operating Activities -6.933M -3.108M
Cash From Investing Activities 140.3K -682.9K
Cash From Financing Activities 931.1K 684.3K
Net Change In Cash -5.862M -3.096M
YoY Change -53.93% -66.03%
FREE CASH FLOW
Cash From Operating Activities -$6.933M -$3.108M
Capital Expenditures -$140.3K $509.7K
Free Cash Flow -$6.793M -$3.618M
YoY Change 102.47% -59.02%

Facts In Submission

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CY2023Q1 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 presentation 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, 2022, included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2023. The results for the three months ended March 31, 2023 and 2022, 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, 2023, the Company’s cash, cash equivalents and restricted cash balances were approximately $20.7 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 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, liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The valuation of options granted, allowance for doubtful accounts and recoverability of patents are significant estimates in these consolidated financial statements.</p>
CY2023Q1 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 (“FDIC”). Beginning in April of 2023, the Company joined the IntraFi network, and established an Insured Cash Sweep (“ICS”) account whereby all cash that was previously held in the Company’s money market account at Bridge Bank is swept daily in increments of less than $250,000 and deposited in a number of IntraFi’s 4,000 member banks. This arrangement provides FDIC insurance coverage for all of the cash balances previously held in the money market account, which represents all of the cash and cash equivalents held at Bridge Bank. This arrangement excludes the restricted cash balances. 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 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, 2023, two distributors accounted for approximately 30% of outstanding grants and accounts receivable. As of December 31, 2022, two distributors accounted for approximately 27% of outstanding grants and accounts receivable. For the three months ended March 31, 2023, one distributor accounted for approximately 11% of the Company’s total revenue and for the three months ended March 31, 2022, no customer accounted for more than 10% of the Company’s total revenue. </p>
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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