$CTSO
Cytosorbents Corp

2024 Q4 Form 10-Q Financial Statement

#000141057824001795 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $9.390M
YoY Change 6.58%
Cost Of Revenue $4.109M
YoY Change 28.24%
Gross Profit $5.282M
YoY Change -5.8%
Gross Profit Margin 56.24%
Selling, General & Admin $7.003M
YoY Change -13.59%
% of Gross Profit 132.59%
Research & Development $1.851M
YoY Change -50.62%
% of Gross Profit 35.05%
Depreciation & Amortization $520.6K
YoY Change 26.98%
% of Gross Profit 9.86%
Operating Expenses $9.678M
YoY Change -25.31%
Operating Profit -$4.396M
YoY Change -40.19%
Interest Expense -$588.2K
YoY Change 1646.82%
% of Operating Profit
Other Income/Expense, Net $2.062M
YoY Change -211.87%
Pretax Income -$2.334M
YoY Change -74.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.334M
YoY Change -74.61%
Net Earnings / Revenue -24.86%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 54.68M 54.43M
Diluted Shares Outstanding 54.45M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.685M
YoY Change -32.32%
Cash & Equivalents $5.685M
Short-Term Investments
Other Short-Term Assets $1.032M
YoY Change -39.31%
Inventory $3.248M
Prepaid Expenses
Receivables $6.633M
Other Receivables $0.00
Total Short-Term Assets $16.60M
YoY Change -13.83%
LONG-TERM ASSETS
Property, Plant & Equipment $9.270M
YoY Change -9.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.801M
YoY Change -8.38%
Total Long-Term Assets $31.21M
YoY Change 10.21%
TOTAL ASSETS
Total Short-Term Assets $16.60M
Total Long-Term Assets $31.21M
Total Assets $47.80M
YoY Change 0.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.338M
YoY Change -32.06%
Accrued Expenses $5.254M
YoY Change -13.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.430M
YoY Change -29.59%
LONG-TERM LIABILITIES
Long-Term Debt $13.81M
YoY Change 228.81%
Other Long-Term Liabilities $12.57M
YoY Change -2.57%
Total Long-Term Liabilities $13.81M
YoY Change 228.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.430M
Total Long-Term Liabilities $13.81M
Total Liabilities $34.80M
YoY Change 19.76%
SHAREHOLDERS EQUITY
Retained Earnings -$295.3M
YoY Change 6.75%
Common Stock $54.50K
YoY Change 22.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.00M
YoY Change
Total Liabilities & Shareholders Equity $47.80M
YoY Change 0.48%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.334M
YoY Change -74.61%
Depreciation, Depletion And Amortization $520.6K
YoY Change 26.98%
Cash From Operating Activities -$2.461M
YoY Change -52.76%
INVESTING ACTIVITIES
Capital Expenditures $298.4K
YoY Change 14.75%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$298.4K
YoY Change 14.75%
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
YoY Change -115.47%
NET CHANGE
Cash From Operating Activities -2.461M
Cash From Investing Activities -298.4K
Cash From Financing Activities -99.04K
Net Change In Cash -2.859M
YoY Change -40.82%
FREE CASH FLOW
Cash From Operating Activities -$2.461M
Capital Expenditures $298.4K
Free Cash Flow -$2.760M
YoY Change -49.55%

Facts In Submission

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ctso Amortization Of Right Of Use Asset
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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ctso Warrants Issued In Connection With Debt
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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 accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 2024 and 2023. The Company’s condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and; therefore, do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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. The results for the three and nine months ended September 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 September 30, 2024, the Company’s cash, cash equivalents and restricted cash balances were approximately $12.2 million, including approximately $5.7 million in cash and cash equivalents and approximately $6.5 million in restricted cash, of which the unrestricted portion 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 Capital Group debt facility that would increase its unrestricted cash position by up to $10 million. If these milestones are not achieved, the Company 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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2650000
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-1810000
ctso Foreign Currency Transaction Gain Loss Excluding Tax
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ctso Foreign Currency Transaction Gain Loss Excluding Tax
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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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 September 30, 2024, two distributors accounted for approximately 31% 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 months ended September 30, 2024 and 2023, no distributor or direct customers accounted for more than 10% of the Company’s total revenue. For the nine months ended September 30, 2024 and 2023, one distributor accounted for approximately 10% for each period, of the Company’s total revenue.</p>
ctso Number Of Member Bank
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ctso Number Of Primary Revenue Streams
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q3 us-gaap Operating Lease Liability
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Files In Submission

Name View Source Status
0001410578-24-001795-index-headers.html Edgar Link pending
0001410578-24-001795-index.html Edgar Link pending
0001410578-24-001795.txt Edgar Link pending
0001410578-24-001795-xbrl.zip Edgar Link pending
ctso-20240930.xsd Edgar Link pending
ctso-20240930x10q.htm Edgar Link pending
ctso-20240930xex10d1.htm Edgar Link pending
ctso-20240930xex31d1.htm Edgar Link pending
ctso-20240930xex31d2.htm Edgar Link pending
ctso-20240930xex32d1.htm Edgar Link pending
ctso-20240930xex32d2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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R39.htm Edgar Link pending
R4.htm Edgar Link pending
ctso-20240930_def.xml Edgar Link unprocessable
ctso-20240930_lab.xml Edgar Link unprocessable
ctso-20240930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
R40.htm Edgar Link pending
R41.htm Edgar Link pending
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R43.htm Edgar Link pending
R44.htm Edgar Link pending
R5.htm Edgar Link pending
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R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
ctso-20240930_cal.xml Edgar Link unprocessable
ctso-20240930x10q_htm.xml Edgar Link completed