2015 Q1 Form 10-Q Financial Statement
#000114420415006303 Filed on February 05, 2015
Income Statement
Concept | 2015 Q1 | 2014 Q4 | 2013 Q4 |
---|---|---|---|
Revenue | $1.198M | $975.0K | $757.0K |
YoY Change | 43.47% | 28.8% | 146.58% |
Cost Of Revenue | $830.0K | $740.7K | $590.3K |
YoY Change | 20.29% | 25.48% | 60.05% |
Gross Profit | $370.0K | $235.0K | $167.0K |
YoY Change | 158.74% | 40.72% | -369.35% |
Gross Profit Margin | 30.88% | 24.1% | 22.06% |
Selling, General & Admin | $1.980M | $1.493M | $1.306M |
YoY Change | 47.76% | 14.34% | -6.27% |
% of Gross Profit | 535.14% | 635.21% | 781.77% |
Research & Development | $90.00K | $99.05K | $118.5K |
YoY Change | 12.5% | -16.4% | 25.49% |
% of Gross Profit | 24.32% | 42.15% | 70.95% |
Depreciation & Amortization | $40.00K | $50.00K | $51.48K |
YoY Change | -20.0% | -2.87% | -18.53% |
% of Gross Profit | 10.81% | 21.28% | 30.82% |
Operating Expenses | $2.060M | $1.592M | $1.424M |
YoY Change | 45.07% | 11.78% | -4.26% |
Operating Profit | -$1.693M | -$1.357M | -$1.257M |
YoY Change | 32.89% | 7.96% | -18.85% |
Interest Expense | -$240.0K | $48.61K | $31.79K |
YoY Change | 50.0% | 52.91% | -258.93% |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | -$1.906K | $0.00 |
YoY Change | -100.0% | -100.0% | |
Pretax Income | -$1.940M | -$1.408M | -$1.840M |
YoY Change | 34.72% | -23.51% | 17.44% |
Income Tax | $1.600K | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$1.937M | -$1.408M | -$1.840M |
YoY Change | 34.42% | -23.48% | 17.42% |
Net Earnings / Revenue | -161.69% | -144.41% | -243.06% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$386.5K | -$282.0K | -$374.0K |
COMMON SHARES | |||
Basic Shares Outstanding | 60.06M shares | 60.06M shares | |
Diluted Shares Outstanding | 65.13M shares |
Balance Sheet
Concept | 2015 Q1 | 2014 Q4 | 2013 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.400M | $800.0K | $200.0K |
YoY Change | 250.0% | 300.0% | -66.67% |
Cash & Equivalents | $1.405M | $773.9K | $220.0K |
Short-Term Investments | |||
Other Short-Term Assets | $97.34K | $100.0K | $102.7K |
YoY Change | -50.47% | -2.65% | 2.72% |
Inventory | $69.68K | $100.0K | $30.01K |
Prepaid Expenses | |||
Receivables | $589.7K | $400.0K | $635.7K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $2.162M | $1.400M | $988.4K |
YoY Change | 94.48% | 41.65% | 9.82% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $307.9K | $300.0K | $464.1K |
YoY Change | -24.69% | -35.36% | -7.18% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Total Long-Term Assets | $444.7K | $500.0K | $662.6K |
YoY Change | -25.67% | -24.54% | -17.18% |
TOTAL ASSETS | |||
Total Short-Term Assets | $2.162M | $1.400M | $988.4K |
Total Long-Term Assets | $444.7K | $500.0K | $662.6K |
Total Assets | $2.607M | $1.900M | $1.651M |
YoY Change | 52.44% | 15.08% | -2.88% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $800.0K | $700.0K | $900.0K |
YoY Change | 33.33% | -22.22% | 28.57% |
Accrued Expenses | $700.0K | $600.0K | $400.0K |
YoY Change | 40.0% | 50.0% | 100.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $1.500M | $300.0K | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | $1.300M | $500.0K |
YoY Change | -100.0% | 160.0% | 400.0% |
Total Short-Term Liabilities | $2.996M | $3.000M | $1.774M |
YoY Change | -25.36% | 69.13% | 77.38% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $1.300M |
YoY Change | -100.0% | 0.0% | |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $1.300M |
YoY Change | -100.0% | 0.0% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.996M | $3.000M | $1.774M |
Total Long-Term Liabilities | $0.00 | $0.00 | $1.300M |
Total Liabilities | $3.023M | $3.000M | $3.051M |
YoY Change | -24.7% | -1.68% | 32.67% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$97.77M | -$84.43M | |
YoY Change | 13.85% | ||
Common Stock | $97.35M | $83.03M | |
YoY Change | 16.49% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$416.3K | -$1.100M | -$1.400M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $2.607M | $1.900M | $1.651M |
YoY Change | 52.44% | 15.08% | -2.88% |
Cashflow Statement
Concept | 2015 Q1 | 2014 Q4 | 2013 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.937M | -$1.408M | -$1.840M |
YoY Change | 34.42% | -23.48% | 17.42% |
Depreciation, Depletion And Amortization | $40.00K | $50.00K | $51.48K |
YoY Change | -20.0% | -2.87% | -18.53% |
Cash From Operating Activities | -$1.290M | -$1.070M | -$840.0K |
YoY Change | 5.74% | 27.38% | -17.65% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $5.000M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 1.920M | 1.730M | 540.0K |
YoY Change | 40.15% | 220.37% | -1900.0% |
NET CHANGE | |||
Cash From Operating Activities | -1.290M | -1.070M | -840.0K |
Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
Cash From Financing Activities | 1.920M | 1.730M | 540.0K |
Net Change In Cash | 630.0K | 660.0K | -300.0K |
YoY Change | 320.0% | -320.0% | -71.96% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.290M | -$1.070M | -$840.0K |
Capital Expenditures | $0.00 | $0.00 | $0.00 |
Free Cash Flow | -$1.290M | -$1.070M | -$840.0K |
YoY Change | 5.74% | 27.38% | -16.0% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2014Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
515825 | USD |
CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
369581 | USD |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company’s significant estimates include allowances for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations and valuation of equity instruments.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-18123516 | USD | |
CY2014Q1 | us-gaap |
Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
|
150000 | shares |
CY2014Q1 | us-gaap |
Inventory Net
InventoryNet
|
29703 | USD |
CY2014Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
196505 | USD |
CY2014Q1 | us-gaap |
Assets Current
AssetsCurrent
|
1111614 | USD |
CY2014Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
408892 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
180086 | USD |
CY2014Q1 | us-gaap |
Deposits Assets
DepositsAssets
|
9358 | USD |
CY2014Q1 | us-gaap |
Assets
Assets
|
1709950 | USD |
CY2014Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
579678 | USD |
CY2014Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
454288 | USD |
CY2014Q1 | us-gaap |
Convertible Debt Current
ConvertibleDebtCurrent
|
1622359 | USD |
CY2014Q1 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
1358120 | USD |
CY2014Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4014445 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2014Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
59980 | USD |
CY2014Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
83512399 | USD |
CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-85876874 | USD |
CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2304495 | USD |
CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1709950 | USD |
us-gaap |
Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
|
0 | USD | |
us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
0 | USD | |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-18123516 | USD | |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
45342320 | shares | |
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.40 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
34052999 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
22717041 | shares | |
CY2014Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
24600 | USD |
cyrx |
Maturity Period Of Highly Liquid Investments
MaturityPeriodOfHighlyLiquidInvestments
|
P90D | ||
CY2014Q1 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
555500 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
|
12.00 | |
cyrx |
Rate Of One Share For Each Dividend
RateOfOneShareForEachDividend
|
0.40 | ||
cyrx |
Gross Proceeds From Issuance Of Preferred Stock
GrossProceedsFromIssuanceOfPreferredStock
|
3400000 | USD | |
cyrx |
Increased Principal Payment In Every Nine Months
IncreasedPrincipalPaymentInEveryNineMonths
|
2500 | USD | |
CY2014Q4 | us-gaap |
Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
|
8000 | USD |
us-gaap |
Related Party Transaction Rate
RelatedPartyTransactionRate
|
0.06 | pure | |
CY2006Q2 | us-gaap |
Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
|
2500 | USD |
CY2014Q4 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.05 | pure |
cyrx |
Minimum Amount Of Additional Compensation
MinimumAmountOfAdditionalCompensation
|
2000000 | USD | |
CY2014Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
101802919 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | shares |
us-gaap |
Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
|
2800000 | USD | |
us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
279280 | shares | |
CY2014Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
2234240 | shares |
CY2014Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.50 | |
cyrx |
Shares And Warrants Issued Description
SharesAndWarrantsIssuedDescription
|
The shares and warrants were issued as a unit (a “Unit”) consisting of (i) one share of Class A Convertible Preferred Stock and (ii) one warrant to purchase eight (8) shares of the Company’s common stock at an exercise price of $0.50 per share, which are immediately exercisable and may be exercised at any time on or before March 31, 2019. | ||
CY2014Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
1793000 | USD |
cyrx |
Units Issued Per Units To Investors
UnitsIssuedPerUnitsToInvestors
|
12.00 | ||
CY2014Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
10.80 | |
CY2014Q4 | cyrx |
Warrants Fair Value
WarrantsFairValue
|
3000000 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
442888 | shares |
CY2014Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
3543104 | shares |
us-gaap |
Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
|
101800000 | USD | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
9000 | USD | |
CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | shares |
CY2014Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
60057846 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
60057846 | shares |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1825117 | USD | |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
2736776 | USD | |
CY2013Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
757327 | USD |
CY2014Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
975188 | USD |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
1531312 | USD | |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
1937926 | USD | |
CY2013Q4 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
590266 | USD |
CY2014Q4 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
740651 | USD |
us-gaap |
Gross Profit
GrossProfit
|
293805 | USD | |
us-gaap |
Gross Profit
GrossProfit
|
798850 | USD | |
CY2013Q4 | us-gaap |
Gross Profit
GrossProfit
|
167061 | USD |
CY2014Q4 | us-gaap |
Gross Profit
GrossProfit
|
234537 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
3768049 | USD | |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
4431290 | USD | |
CY2013Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
1305562 | USD |
CY2014Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
1492732 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
329569 | USD | |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
267575 | USD | |
CY2013Q4 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
118490 | USD |
CY2014Q4 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
99052 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
4097618 | USD | |
us-gaap |
Operating Expenses
OperatingExpenses
|
4698865 | USD | |
CY2013Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
1424052 | USD |
CY2014Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
1591784 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3803813 | USD | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3900015 | USD | |
CY2013Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1256991 | USD |
CY2014Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1357247 | USD |
us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
13713767 | USD | |
us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
0 | USD | |
CY2013Q4 | us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
552750 | USD |
CY2014Q4 | us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
0 | USD |
us-gaap |
Interest Expense
InterestExpense
|
1185337 | USD | |
us-gaap |
Interest Expense
InterestExpense
|
626781 | USD | |
us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-5884 | USD | |
us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-5773 | USD | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
0 | USD | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
465 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
418590 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-107901 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-9204 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
37255 | USD | |
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
22898 | USD | |
us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
45022 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
129415 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
154249 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
174006 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
163348 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
2955813 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
3307485 | USD | |
CY2013Q4 | us-gaap |
Interest Expense
InterestExpense
|
31786 | USD |
CY2014Q4 | us-gaap |
Interest Expense
InterestExpense
|
48605 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD | |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-2829 | USD | |
CY2013Q4 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
CY2014Q4 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1906 | USD |
us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
20845 | USD | |
us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
0 | USD | |
CY2013Q4 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
1196 | USD |
CY2014Q4 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
0 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-18123516 | USD | |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-5088181 | USD | |
CY2013Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1840331 | USD |
CY2014Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1407758 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1600 | USD | |
CY2013Q4 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2014Q4 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-5089781 | USD | |
us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
194901 | USD | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
258189 | USD | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
155226 | USD | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
540648 | USD | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
1148153 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
509966 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
565220 | USD | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
85364 | USD | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
36430 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-3159406 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-2835293 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
139541 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
67851 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-139541 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-67851 | USD | |
us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
0 | USD | |
us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
2802854 | USD | |
us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
180001 | USD | |
us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
11631 | USD | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
3206301 | USD | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
0 | USD | |
us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
0 | USD | |
us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
50000 | USD | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
358489 | USD | |
cyrx |
Percentage Of Air Freight Supply
PercentageOfAirFreightSupply
|
0.85 | pure | |
us-gaap |
Preferred Stock Dividend Rate Per Dollar Amount
PreferredStockDividendRatePerDollarAmount
|
0.96 | ||
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
0 | USD | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
72000 | USD | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
72000 | USD | |
us-gaap |
Liabilities Assumed1
LiabilitiesAssumed1
|
0 | USD | |
us-gaap |
Liabilities Assumed1
LiabilitiesAssumed1
|
9658 | USD | |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-343134 | USD | |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
404341 | USD | |
CY2013Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
563104 | USD |
CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
219970 | USD |
cyrx |
Debt Conversion Converted Instrument Amount Warrant Issued
DebtConversionConvertedInstrumentAmountWarrantIssued
|
255452 | USD | |
cyrx |
Debt Conversion Converted Instrument Amount Warrant Issued
DebtConversionConvertedInstrumentAmountWarrantIssued
|
0 | USD | |
cyrx |
Convertible Preferred Stock Beneficial Conversion Feature And Fair Value Of Warrants Issued
ConvertiblePreferredStockBeneficialConversionFeatureAndFairValueOfWarrantsIssued
|
0 | USD | |
cyrx |
Convertible Preferred Stock Beneficial Conversion Feature And Fair Value Of Warrants Issued
ConvertiblePreferredStockBeneficialConversionFeatureAndFairValueOfWarrantsIssued
|
2961723 | USD | |
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
4127202 | USD | |
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
0 | USD | |
us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
0 | USD | |
us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
1766997 | USD | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Note 2. Nature of the Business</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Cryoport, Inc. is a Nevada corporation originally incorporated under the name G.T.5-Limited (“GT5”) on May 25, 1990. In connection with a Share Exchange Agreement, on March 15, 2005 we changed our name to Cryoport, Inc. and acquired all of the issued and outstanding shares of common stock of Cryoport Systems, Inc., a California corporation. Cryoport Systems, Inc., which was originally formed in 1999 as a California limited liability company, and subsequently reorganized into a California corporation on December 11, 2000, remains an operating company under Cryoport, Inc. We became “publicly held” by the reverse merger with GT5 described above. Over time the Company transitioned from being a development company to a fully operational public company in early 2011, providing global cryogenic logistics solutions to the biotechnology and life sciences industries.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Since 2011, we have validated, perfected and expanded the features of the Cryoport Express<sup style="font-style:normal">®</sup> logistics solutions and have now managed shipments of the Cryoport Express<sup style="font-style:normal">®</sup> Shippers through its Cryoportal<sup style="font-style:normal">TM</sup> into and out of more than 80 countries with more than 20,000 shipments, handling a vast array of different biological products and specimens.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">We provide cryogenic logistics solutions to the life sciences industry through a combination of purpose-built proprietary packaging, information technology and specialized cold chain logistics knowhow. We view our solutions as disruptive to the “older technologies” of dry ice and liquid nitrogen, in that our solutions are comprehensive and combine our competencies in configurations that are customized to our client’s requirements. We provide comprehensive, reliable, economic alternatives to all existing logistics solutions and services utilized for frozen shipping in the life sciences industry (e.g., personalized medicine, stem cells, cell lines, vaccines, diagnostic materials, semen, eggs, embryos, cord blood, bio-pharmaceuticals, infectious substances, and other commodities that require continuous exposure to cryogenic or frozen temperatures). We provide the ability to monitor, record and archive crucial information for each shipment that can be used for scientific and regulatory purposes.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Our Cryoport Express<sup style="font-style:normal">®</sup> Solutions include a sophisticated cloud-based logistics operating platform, which is branded as the Cryoportal™. The Cryoportal™ supports the management of the entire shipment and logistics process through a single interface, including initial order input, document preparation, customs clearance, courier management, shipment tracking, issue resolution, and delivery. In addition, it provides unique and incisive information dashboards and validation documentation for every shipment. The Cryoportal™ records and retains a fully documented “chain-of-custody” and, at the client’s option, “chain-of-condition” for every shipment, helping ensure that quality, safety, efficacy, and stability of shipped commodities are maintained throughout the process. This recorded and archived information allows our clients to meet exacting requirements necessary for scientific work and for proof of regulatory compliance during the logistics phase.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The branded packaging for our Cryoport Express<sup style="font-style:normal">®</sup> Solutions includes our liquid nitrogen dry vapor shippers, the Cryoport Express<sup style="font-style:normal">®</sup> Shippers. The Cryoport Express<sup style="font-style:normal">®</sup> Shippers are cost-effective and reusable cryogenic transport containers (our standard shipper is a patented vacuum flask) utilizing an innovative application of “dry vapor” liquid nitrogen (“LN2”) technology. Cryoport Express<sup style="font-style:normal">®</sup> Shippers are International Air Transport Association (“IATA”) certified and validated to maintain stable temperatures of minus 150° C and below for a 10-day dynamic shipment period. The Company currently features three Cryoport Express<sup style="font-style:normal">®</sup> Shippers: the Standard Dry Shipper (holding up to 75 2.0 ml vials), the High Volume Dry Shipper (holding up to 500 2.0 ml vials) and the recently introduced Cryoport Express<sup style="font-style:normal">®</sup> CXVC1 Shipper (holding up to 1,500 2.0 ml vials). In addition, we assist clients with internal secondary packaging as well (e.g., vials, canes, straws, plates, etc.)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Our most used solution is the “turnkey” solution, which can be accessed directly through our cloud-based Cryoportal™ or by contacting Cryoport Client Care for order entry. Once an order is placed and cleared, we ship a fully charged Cryoport Express<sup style="font-style:normal">®</sup> Shipper package to the client who conveniently loads its frozen commodity into the inner chamber of the Cryoport Express<sup style="font-style:normal">®</sup> Shipper.  The customer then closes the shipper package and reseals the shipping box displaying the next recipient’s address (“Flap A”) for pre-arranged carrier pick up.  Cryoport arranges for the pick-up of the parcel by a shipping service provider, which is designated by the client or chosen by Cryoport, for delivery to the client’s intended recipient.  The recipient simply opens the shipper package and removes the frozen commodity that has been shipped.  The recipient then reseals the package, displaying the nearest Cryoport Operations Center address (“Flap B”), making it ready for pre-arranged carrier pick-up. When the Cryoport Operations Center receives the Cryoport Express<sup style="font-style:normal">®</sup> Shipper, it is cleaned, put through quality assurance testing, and returned to inventory for reuse.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In late 2012, we shifted our focus to become a comprehensive cryogenic logistics solutions provider. Recognizing that clients in the life sciences industry have varying requirements, we unbundled our technologies, establishing customer facing solutions and taking a consultative approach to the market. Today, in addition to our standard “Turn-key Solution,” described above, we also provide the following customer facing, value-added solutions to address our various clients’ needs:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">   </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> “<b><i>Customer Staged Solution</i></b>,” designed for clients making 50 or more shipments per month. Under this solution, we supply an inventory of our Cryoport Express<sup style="font-style:normal">®</sup> Shipper packages to our customer, in an uncharged state, enabling our customer (after training/certification) to charge them with liquid nitrogen and use our Cryoportal™ to enter orders with shipping and delivery service providers for the transportation of the package. Once the order is released, our customer services professionals monitor the shipment and the return of the shipper for cleaning, quality assurance testing and reuse.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> “<b><i>Customer Managed Solution</i></b>,” a limited customer implemented solution whereby we supply our Cryoport Express<sup style="font-style:normal">®</sup> Shippers packages to clients in a fully charged state, but leaving it to the client to manage the shipping, including the selection of the shipping and delivery service provider and the return of the shipper to us. Under this solution, the customer accepts a significant level of risk for a successful shipment.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">“<b><i>powered by Cryoport</i></b><sup style="font-style:normal">SM</sup>,” available to providers of shipping and delivery services who seek to offer a “branded” cryogenic logistics solution as part of their service offerings, with “<i>powered by Cryoport<sup style="font-style:normal">SM</sup></i>” appearing prominently on the offering software interface and packaging. This solution can also be private labeled upon meeting certain requirements, such as minimum required shipping volumes.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> “<b><i>Integrated Solution,</i></b>” which is our outsource solution. It is our most comprehensive and complex solution. It involves our management of the entire cryogenic logistics process for our client, including Cryoport employees at the client’s site to manage the client’s cryogenic logistics function in total.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><i><font style="FONT-SIZE: 10pt">  </font></i></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> “<b><i>Regenerative Medicine Point-of-Care Repository Solution,</i></b>” designed for allogeneic therapies. In this model we supply our Cryoport Express<sup style="font-style:normal">®</sup> Shipper package to ship and store cryogenically preserved life science products for up to 6 days (or longer periods with supplementary shippers) at a point-of-care site, with the Cryoport Express<sup style="font-style:normal">®</sup> Shipper serving as a temporary freezer/repository enabling the efficient and effective distribution of temperature sensitive allogeneic cell-based therapies without the expense, inconvenience, and potential costly failure of an on-sight, cryopreservation device. Our customer service professionals monitor each shipment throughout the predetermined process including the return of the shipper to us. When the Cryoport Operations Center receives the Cryoport Express<sup style="font-style:normal">®</sup> Shipper package it is cleaned, put through quality assurance testing, and returned to inventory for reuse.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ·</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> “<i><strong>Personalized Medicine and Cell-based Immunotherapy Solution,</strong></i>” designed for autologous therapies. In this model, our Cryoport Express<sup style="font-style:normal">®</sup> Shipper package serves as an enabling technology for the safe transportation of manufactured autologous cellular-based immunotherapy market by providing a comprehensive logistics solution for the verified chain of custody and condition transport from, (a) the collection of the patient’s cells in a hospital setting, to (b) a central processing facility where they are manufactured into a personalized medicine, to (c) the safe, cryogenically preserved return of these irreplaceable cells to a point-of-care treatment facility.  If required, the Cryoport Express<sup style="font-style:normal">®</sup> Shipper can then serve as a temporary freezer/repository to allow the efficient distribution of this personalized medicine to the patient when and where the medical provider needs it most without the expense, inconvenience, and potential costly failure of an on-sight, cryopreservation device. Our customer service professionals monitor each shipment throughout the predetermined process, including the return of the shipper to us. When the Cryoport Operations Center receives the Cryoport Express<sup style="font-style:normal">®</sup> Shipper package it is cleaned, put through quality assurance testing, and returned to inventory for reuse.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> Agreements</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> Zoetis.</font></b> <font style="FONT-SIZE: 10pt">In December 2012, we signed an agreement with Pfizer Inc. relating to Zoetis Inc. (formerly the animal health business unit of Pfizer Inc.) pursuant to which we were engaged to manage frozen shipments of a key poultry vaccine. Under this arrangement, Cryoport provides on-site logistics personnel and its logistics management operating platform, the Cryoportal<sup style="font-style:normal">TM</sup><sub>,</sub> to manage shipments from the Zoetis manufacturing site in the United States to domestic customers as well as various international distribution centers. As part of our logistics management services, Cryoport is constantly analyzing logistics data and processes to further introduce economies and reliability throughout the network, ensuring products arrive at their destinations in specified conditions, on-time and with the optimum utilization of resources. The Company manages Zoetis’ total fleet of dewar flask shippers used for this purpose, including liquid nitrogen shippers. In July 2013, the agreement was amended to expand Cryoport’s scope to manage all logistics of Zoetis’ key frozen poultry vaccine to all Zoetis’ international distribution centers as well as all domestic shipments. In October 2013, the agreement was further amended to further expand Cryoport’s role to include the logistics management for a second poultry vaccine.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">FedEx.</font></b> <font style="FONT-SIZE: 10pt">In January 2013, we entered into a master agreement with Federal Express Corporation (“FedEx”) (the “FedEx Agreement”) renewing these services and providing FedEx with a non-exclusive license and right to use a customized version of our Cryoportal<sup style="font-style:normal">TM</sup> for the management of shipments made by FedEx customers. The FedEx Agreement became effective on January 1, 2013 and, unless sooner terminated as provided in the FedEx Agreement, expires on December 31, 2015. FedEx has the right to terminate this agreement at any time for convenience upon 180 days’ notice.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Under our FedEx Agreement, we provide frozen shipping logistics services through the combination of our purpose-built proprietary technologies and turnkey management processes. FedEx markets and sells Cryoport’s services for frozen temperature-controlled cold chain transportation as its FedEx<sup style="font-style:normal">®</sup> Deep Frozen Shipping Solution on a non-exclusive basis and at its sole expense. During fiscal year 2013, the Company worked closely with FedEx to further align its sales efforts and accelerate penetration within FedEx’s life sciences customer base through improved processes, sales incentives, joint customer calls and more frequent communication at the sales and executive level. In addition, FedEx has developed a FedEx branded version of the Cryoportal<sup style="font-style:normal">TM</sup> software platform, which is “<i>powered by Cryoport<sup style="font-style:normal">SM</sup></i>” for use by FedEx and its customers giving them access to the full capabilities of our cloud-based logistics management software platform.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Liventa Biosciences.</font></b> <font style="FONT-SIZE: 10pt">In February 2014, we entered into a services agreement with Liventa Bioscience, Inc. (“Liventa”), a privately-held, commercial stage biotechnology company focused on cell-based, advanced biologics in the orthopedic industry. Under this agreement, Liventa will use Cryoport’s Regenerative MedicinePoint-of-Care Repository Solution for the logistics of its cell-based therapies requiring cryogenic temperatures and also provide Cryoport Express<sup style="font-style:normal">®</sup> Solutions to other biologics suppliers within the orthopedic arena. The agreement combines Cryoport’s proprietary, purpose-built cold chain logistics solutions for cell-based and advanced biologic tissue forms with Liventa’s distribution capability to orthopedic care providers. The implementation of Cryoport’s Regenerative MedicinePoint-of-Care Repository Solution will eliminate the risks of degradation and also eliminate the need for expensive onsite cryogenic freezers for storage of cell-based orthopedic therapies. This will enable Liventa to confidently serve orthopedic practices, surgical centers, pain clinics, hospitals and, eventually, pharmacies and specialty care providers. The agreement has an initial three-year term and may be renewed for consecutive three-year terms, unless earlier terminated by either party. Liventa also agreed to certain performance criteria and the issuance of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 150,000</font> shares of its common stock to Cryoport in exchange for the exclusive right to offer, market and promote Cryoport Express<sup style="font-style:normal">®</sup> Solutions for cellular-based therapies requiring cryogenic temperatures for use in the orthopedic arena in the United States.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">DHL.</font></b> <font style="FONT-SIZE: 10pt">In June 2014, we entered into a master agreement with LifeConEx, a part of DHL Global Forwarding (“DHL”). This relationship with DHL is a further implementation of the Company’s expansion of distribution partnerships under the <i>“powered by Cryoport<sup style="font-style:normal">SM</sup></i>” model described above, allowing us to expand our sales and marketing reach through our partners and build awareness of the benefits of our validated cryogenic solution offerings. DHL can now enhance and supplement its cold chain logistics offerings to its life sciences and healthcare customers with Cryoport’s validated cryogenic solutions. DHL added 15 additional certified Life Sciences stations in the second quarter of 2014 bringing the Thermonet network to 60 stations in operation. Over the course of rolling out our new relationship, this expanded network will offer Cryoport’s cryogenic solutions under the DHL brands as “<i>powered by Cryoport<sup style="font-style:normal">SM”</sup></i>.  In addition, DHL’s customers will be able to have direct access to our cloud-based order entry and tracking portal to order Cryoport Express<sup style="font-style:normal">®</sup> Solutions and receive preferred DHL shipping rates and discounts. Our proprietary logistics management operating platform, the Cryoportal<sup style="font-style:normal">TM</sup>, is integrated with DHL’s tracking and billing systems to provide DHL life sciences and healthcare customers with a seamless way of accessing critical information regarding shipments of biological material worldwide.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">UPS.</font></b> <font style="FONT-SIZE: 10pt">In October 2014, we added United Parcel Services, Inc. (“UPS”) as our third major distributor by entering into an agreement with UPS Oasis Supply Corporation, a part of UPS, whereby UPS will offer our validated and comprehensive cryogenic solutions to its life sciences and healthcare customers on a global basis. This relationship with UPS is a further implementation of the Company’s expansion of distributors under the <i>“powered by Cryoport<sup style="font-style:normal">SM</sup></i>” model described above, allowing us to further expand our sales and marketing reach through our partners and build awareness of the benefits of our validated cryogenic solution offerings through UPS.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Over the course of rolling out our new relationship with UPS, UPS customers will have direct access to our cloud-based order entry and tracking portal to order Cryoport Express<sup style="font-style:normal">®</sup> Solutions and gain access to UPS’s broad array of domestic and international shipping and logistics solutions at competitive prices. Our proprietary logistics management operating platform, the Cryoportal<sup style="font-style:normal">TM</sup>, is integrated with UPS’s tracking and billing systems to provide UPS life sciences and healthcare customers with a seamless way of accessing critical information regarding shipments of biological material worldwide.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Cryoport now serves and supports the three largest integrators in the world, responsible for over 85% of worldwide air freight, with its advanced cryogenic logistics solutions for life sciences. We operate with each independently and confidentially in support of their respective market and sales strategies. We maintain our independent partnerships with strict confidentiality guidelines within the Company. These agreements represent a significant validation of our solutions and the way we conduct our business.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In summary, we serve the life sciences industry with cryogenic logistics solutions that are advanced, comprehensive, reliable, validated, and efficient. Our clients include those companies and institutions that have logistics requirements for personalized medicine, immunotherapies, stem cells, cell lines, tissue, vaccines, in-vitro fertilization, cord blood, and other temperature sensitive commodities of life sciences.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Companies or institutions such as therapy developers for personalized medicine, bio-pharmaceuticals, research, contract research organizations, diagnostic laboratories, contract manufacturers, cord blood repositories, vaccine manufacturers, animal husbandry related companies, in-vitro fertilization clinics, and other organizations handling commodities requiring reliable cryogenic logistics solutions are amongst our clients. These companies usually operate within heavily regulated environments and as such, changing vendors and distribution practices typically require a number of steps, which may include the audit of our facilities, review of our procedures, qualifying us as a vendor, and performing test shipments. This process can take three to nine months or longer to complete prior to a potential customer adopting one or more of our Cryoport Express<sup style="font-style:normal">®</sup> Solutions.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Going Concern</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 31.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The unaudited condensed consolidated financial statements have been prepared using the accrual method of accounting in accordance with U.S. GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. We have sustained operating losses since our inception and have used substantial amounts of working capital in our operations. At December 31, 2014, we had an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">93.9</font> million. During the nine months ended December 31, 2014, we used cash in operations of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.8</font> million and had a net loss of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.1</font> million.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">We expect to continue to incur substantial additional operating losses from costs related to the commercialization of our Cryoport Express<sup style="font-style:normal">®</sup> Solutions and do not expect that revenues from operations will be sufficient to satisfy our funding requirements in the near term. We believe that our cash resources at December 31, 2014, additional funds raised subsequent to December 31, 2014 through the secured promissory notes (see Note 10), together with the revenues generated from our services will be sufficient to sustain our planned operations into the fourth quarter of fiscal year 2015; however, we must obtain additional capital to fund operations thereafter and for the achievement of sustained profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. We are currently working on funding alternatives in order to secure sufficient operating capital to allow us to continue to operate as a going concern.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Future capital requirements will depend upon many factors, including the success of our commercialization efforts and the level of customer adoption of our Cryoport Express<sup style="font-style:normal">®</sup> Solutions as well as our ability to establish additional collaborative arrangements. We cannot make any assurances that the sales ramp will lead to achievement of sustained profitable operations or that any additional financing will be completed on a timely basis and on acceptable terms or at all. Management’s inability to successfully achieve significant revenue increases or implement cost reduction strategies or to complete any other financing will adversely impact our ability to continue as a going concern. To address this issue, the Company is seeking additional capitalization to properly fund our efforts to become a self-sustaining financially viable entity.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
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Q3 | ||
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Cryoport, Inc. | ||
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