$CTSO
Cytosorbents Corp

2024 Q3 Form 10-Q Financial Statement

#000141057824001368 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $9.390M $9.895M
YoY Change 6.58% 5.03%
Cost Of Revenue $4.109M $3.392M
YoY Change 28.24% -0.3%
Gross Profit $5.282M $6.503M
YoY Change -5.8% 8.04%
Gross Profit Margin 56.24% 65.72%
Selling, General & Admin $7.003M $7.581M
YoY Change -13.59% -14.7%
% of Gross Profit 132.59% 116.58%
Research & Development $1.851M $1.520M
YoY Change -50.62% -58.58%
% of Gross Profit 35.05% 23.37%
Depreciation & Amortization $520.6K $400.6K
YoY Change 26.98% -0.34%
% of Gross Profit 9.86% 6.16%
Operating Expenses $9.678M $9.922M
YoY Change -25.31% -20.99%
Operating Profit -$4.396M -$3.419M
YoY Change -40.19% -47.71%
Interest Expense -$588.2K -$180.1K
YoY Change 1646.82% -144.34%
% of Operating Profit
Other Income/Expense, Net $2.062M -$724.3K
YoY Change -211.87%
Pretax Income -$2.334M -$4.143M
YoY Change -74.61% -32.67%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.334M -$4.143M
YoY Change -74.61% -32.67%
Net Earnings / Revenue -24.86% -41.87%
Basic Earnings Per Share -$0.04 -$0.08
Diluted Earnings Per Share -$0.04 -$0.08
COMMON SHARES
Basic Shares Outstanding 54.43M 54.31M
Diluted Shares Outstanding 54.45M 54.31M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.685M $8.459M
YoY Change -32.32% -35.68%
Cash & Equivalents $5.685M $8.459M
Short-Term Investments
Other Short-Term Assets $1.032M $1.357M
YoY Change -39.31% -4.56%
Inventory $3.248M $4.317M
Prepaid Expenses
Receivables $6.633M $7.823M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.60M $21.96M
YoY Change -13.83% -7.14%
LONG-TERM ASSETS
Property, Plant & Equipment $9.270M $9.424M
YoY Change -9.84% -58.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.801M $3.774M
YoY Change -8.38% -36.73%
Total Long-Term Assets $31.21M $31.47M
YoY Change 10.21% 9.27%
TOTAL ASSETS
Total Short-Term Assets $16.60M $21.96M
Total Long-Term Assets $31.21M $31.47M
Total Assets $47.80M $53.43M
YoY Change 0.48% 1.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.338M $3.047M
YoY Change -32.06% 7.44%
Accrued Expenses $5.254M $5.991M
YoY Change -13.86% 0.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $8.430M $10.34M
YoY Change -29.59% -0.14%
LONG-TERM LIABILITIES
Long-Term Debt $13.81M $13.67M
YoY Change 228.81% 172.3%
Other Long-Term Liabilities $12.57M $12.68M
YoY Change -2.57% -2.29%
Total Long-Term Liabilities $13.81M $13.67M
YoY Change 228.81% -24.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.430M $10.34M
Total Long-Term Liabilities $13.81M $13.67M
Total Liabilities $34.80M $36.69M
YoY Change 19.76% 29.42%
SHAREHOLDERS EQUITY
Retained Earnings -$295.3M -$293.0M
YoY Change 6.75% 9.54%
Common Stock $54.50K $54.31K
YoY Change 22.64% 22.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.00M $16.74M
YoY Change
Total Liabilities & Shareholders Equity $47.80M $53.43M
YoY Change 0.48% 1.87%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.334M -$4.143M
YoY Change -74.61% -32.67%
Depreciation, Depletion And Amortization $520.6K $400.6K
YoY Change 26.98% -0.34%
Cash From Operating Activities -$2.461M -$4.795M
YoY Change -52.76% -30.85%
INVESTING ACTIVITIES
Capital Expenditures $298.4K $119.9K
YoY Change 14.75% -185.44%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$298.4K -$119.9K
YoY Change 14.75% -185.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.04K 9.835M
YoY Change -115.47% 956.22%
NET CHANGE
Cash From Operating Activities -2.461M -4.795M
Cash From Investing Activities -298.4K -119.9K
Cash From Financing Activities -99.04K 9.835M
Net Change In Cash -2.859M 4.920M
YoY Change -40.82% -183.93%
FREE CASH FLOW
Cash From Operating Activities -$2.461M -$4.795M
Capital Expenditures $298.4K $119.9K
Free Cash Flow -$2.760M -$4.915M
YoY Change -49.55% -27.65%

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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, 2023, included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2024. The results for the three and six months ended June 30, 2024 and 2023, 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 June 30, 2024, the Company’s cash, cash equivalents and restricted cash balances were approximately $14.9 million, including approximately <span style="-sec-ix-hidden:Hidden_lx81RLfxGEKtJi5oG56lBA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$8.4</span></span> million in cash and cash equivalents and approximately $6.5 million in restricted cash, the unrestricted portion of 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 continues to pursue additional milestones related to its recently announced Avenue debt facility that would increase its unrestricted cash position by up to $10 million. If these milestones are not achieved, we will need to raise additional capital to support our ongoing operations in the future. Meanwhile the Company continues to evaluate other traditional and alternative sources of capital, including additional 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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<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 credit losses and recoverability of patents are significant estimates in these consolidated financial statements.</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;">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 June 30, 2024, two distributors accounted for approximately 30% of outstanding grants and accounts receivable. As of December 31, 2023, one distributor accounted for approximately 19% of outstanding grants and accounts receivable. For the three and six months ended June 30, 2024, one distributor accounted for approximately 14% and 12% of the Company’s total revenue. For the three months and six months ended June 30, 2023, one distributor accounted for approximately 12% and 11%, respectively, of the Company’s total revenue. </p>
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12680725
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12896659
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1676044
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1715575
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1756193
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1797927
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1840810
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
14487274
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23273823
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10181031
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13092792
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
566000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
466000
us-gaap Operating Lease Payments
OperatingLeasePayments
1137000
us-gaap Operating Lease Payments
OperatingLeasePayments
1099000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y10M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y8M12D
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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