2024 Q1 Form 10-K Financial Statement

#000141057824000201 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $9.786M $8.668M $36.35M
YoY Change 3.56% -7.69% 4.79%
Cost Of Revenue $3.216M $3.357M $13.96M
YoY Change -19.49% -7.61% 0.01%
Gross Profit $6.571M $5.311M $22.39M
YoY Change 20.44% -7.74% 8.0%
Gross Profit Margin 67.14% 61.27% 61.6%
Selling, General & Admin $8.567M $10.10M $36.94M
YoY Change 1.23% 18.69% 7.72%
% of Gross Profit 130.39% 190.09% 164.95%
Research & Development $2.248M $4.097M $15.73M
YoY Change -46.65% 20.42% 4.03%
% of Gross Profit 34.22% 77.13% 70.24%
Depreciation & Amortization $397.3K $394.6K $1.462M
YoY Change 53.61% 76.8% 112.39%
% of Gross Profit 6.05% 7.43% 6.53%
Operating Expenses $11.50M $14.19M $52.67M
YoY Change -13.87% 19.18% 0.79%
Operating Profit -$4.926M -$8.881M -$30.27M
YoY Change -37.59% 39.73% -3.96%
Interest Expense -$6.653K $2.631M $1.791M
YoY Change -89.47% -42.45% 1250.99%
% of Operating Profit
Other Income/Expense, Net -$1.432M $61.75K $96.75K
YoY Change -353.19% -183.3% -104.06%
Pretax Income -$6.358M -$6.649M -$29.32M
YoY Change -13.21% 257.7% -13.52%
Income Tax -$813.7K -$813.7K
% Of Pretax Income
Net Earnings -$6.358M -$5.835M -$28.51M
YoY Change -13.21% 661.61% -13.12%
Net Earnings / Revenue -64.97% -67.31% -78.43%
Basic Earnings Per Share -$0.12 -$0.12 -$0.64
Diluted Earnings Per Share -$0.12 -$0.13 -$0.64
COMMON SHARES
Basic Shares Outstanding 54.29M 44.44M 44.66M
Diluted Shares Outstanding 54.26M 44.66M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.608M $14.13M $14.13M
YoY Change -54.81% -36.19% -36.19%
Cash & Equivalents $8.608M $14.13M $14.13M
Short-Term Investments
Other Short-Term Assets $880.4K $1.834M $1.834M
YoY Change -52.75% -26.28% -26.28%
Inventory $3.739M $3.680M $3.680M
Prepaid Expenses
Receivables $6.765M $6.057M $6.057M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.99M $25.70M $25.70M
YoY Change -29.02% -23.87% -23.87%
LONG-TERM ASSETS
Property, Plant & Equipment $9.749M $22.12M $22.12M
YoY Change -8.85% 105.86% -5.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.920M $5.443M $1.536M
YoY Change -11.82% 22.65% -11.44%
Total Long-Term Assets $27.08M $27.56M $27.56M
YoY Change -7.58% -6.49% -6.49%
TOTAL ASSETS
Total Short-Term Assets $19.99M $25.70M $25.70M
Total Long-Term Assets $27.08M $27.56M $27.56M
Total Assets $47.07M $53.26M $53.26M
YoY Change -18.09% -15.77% -15.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.399M $3.802M $3.802M
YoY Change -19.88% 129.71% 129.71%
Accrued Expenses $6.929M $6.667M $6.682M
YoY Change 18.98% 683.73% 42.72%
Deferred Revenue $1.381M
YoY Change -8.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $2.500M $2.500M
YoY Change
Total Short-Term Liabilities $13.42M $14.55M $14.55M
YoY Change 28.63% 49.73% 49.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.929M $2.543M $2.543M
YoY Change -61.51% -49.14% -49.14%
Other Long-Term Liabilities $12.79M $12.90M $12.90M
YoY Change -2.07% -1.87% -1.87%
Total Long-Term Liabilities $1.929M $15.44M $15.44M
YoY Change -89.33% 208.79% -14.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.42M $14.55M $14.55M
Total Long-Term Liabilities $1.929M $15.44M $15.44M
Total Liabilities $28.14M $29.99M $29.99M
YoY Change -1.28% 7.64% 7.64%
SHAREHOLDERS EQUITY
Retained Earnings -$288.9M -$282.5M
YoY Change 10.54% 11.22%
Common Stock $54.29K $54.24K
YoY Change 23.81% 24.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.93M $23.28M $23.28M
YoY Change
Total Liabilities & Shareholders Equity $47.07M $53.26M $53.26M
YoY Change -18.09% -15.77% -15.77%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.358M -$5.835M -$28.51M
YoY Change -13.21% 661.61% -13.12%
Depreciation, Depletion And Amortization $397.3K $394.6K $1.462M
YoY Change 53.61% 76.8% 112.39%
Cash From Operating Activities -$4.830M -$6.407M -$21.66M
YoY Change 55.39% 19.98% -23.3%
INVESTING ACTIVITIES
Capital Expenditures $45.19K $135.9K $936.2K
YoY Change -91.13% -34.04% -84.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$127.0K -$135.9K -$936.2K
YoY Change -81.4% -34.04% -85.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.47M
YoY Change
Debt Paid & Issued, Net $625.0K
YoY Change
Cash From Financing Activities -571.8K 12.21M 14.47M
YoY Change -183.56% 144.21% 191.84%
NET CHANGE
Cash From Operating Activities -4.830M -6.407M -21.66M
Cash From Investing Activities -127.0K -135.9K -936.2K
Cash From Financing Activities -571.8K 12.21M 14.47M
Net Change In Cash -5.523M 5.667M -8.117M
YoY Change 78.37% -1137.18% -72.94%
FREE CASH FLOW
Cash From Operating Activities -$4.830M -$6.407M -$21.66M
Capital Expenditures $45.19K $135.9K $936.2K
Free Cash Flow -$4.875M -$6.543M -$22.59M
YoY Change 34.75% 17.97% -34.18%

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CY2023 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 0pt;">1. BASIS OF PRESENTATION:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The accompanying consolidated financial statements include the results of CytoSorbents Corporation (the “Parent”), CytoSorbents Medical Inc., its wholly owned operating subsidiary (the “Subsidiary”), and CytoSorbents Europe GmbH, its wholly owned European subsidiary (the “European Subsidiary”). In addition, the consolidated financial statements include CytoSorbents Switzerland, CytoSorbents Poland Sp. z.o.o., CytoSorbents Medical UK Limited, and CytoSorbents France SAS, the wholly owned subsidiaries of CytoSorbents Europe GmbH, and CytoSorbents UK Limited and CytoSorbents India Private Limited, wholly-owned subsidiaries of CytoSorbents Medical, Inc. These entities are collectively referred to as the “Company”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">As of December 31, 2023, the Company’s total cash and cash equivalents were approximately $15.6 million, including approximately $14.1 million in cash and cash equivalents and approximately $1.5 million in restricted cash, which is not expected to fund the Company’s operations beyond the next twelve months from the issuance of these consolidated financial statements. This matter raises substantial doubt about the Company’s ability to continue as a going concern. As a result, 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. The Company is actively pursuing financing sources, including less or non-dilutive debt financing, royalty financing, strategic or direct investments, equity financing, and/or combinations thereof. There can be no assurance that management will be successful in these endeavors.</p>
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75
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170
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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;text-indent:36pt;margin:0pt 0pt 10pt 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 credit losses and recoverability of patents are significant estimates in these consolidated financial statements.</p>
CY2023 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;text-indent:36pt;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. Beginning in April of 2023, the Company joined the IntraFi network, and established an Insured CashSweep (“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;text-indent:36pt;margin:0pt 0pt 10pt 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 grant agencies in the United States. (See Note 3 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;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">As of December 31, 2023, one distributor accounted for approximately 19% of outstanding grants and accounts receivables. As of December 31, 2022, two distributors accounted for approximately 27% of outstanding grants and accounts receivables. For the years ended December 31, 2023, 2022 and 2021, no agency, distributor/strategic partner or direct customer represented more than 10% of the Company’s total revenue.</p>
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CY2022Q4 ctso Contract With Customer Liability Net Of Free Of Charge Goods And Credit Rebates Current
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2021 us-gaap Adjustment For Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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212000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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212000
CY2023Q4 ctso Accrued Salaries And Commissions Current
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CY2022Q4 ctso Accrued Salaries And Commissions Current
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2022Q4 ctso Deferred Tax Assets Tax Credit Carryforwards Lease Liability
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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