2016 Q2 Form 10-K Financial Statement

#000114420416110227 Filed on June 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 2015 Q4
Revenue $1.918M $5.882M $1.459M
YoY Change 34.03% 49.47% 49.64%
Cost Of Revenue $1.136M $3.992M $1.070M
YoY Change 20.41% 44.3% 44.47%
Gross Profit $782.0K $1.890M $384.0K
YoY Change 60.27% 61.71% 63.4%
Gross Profit Margin 40.77% 32.14% 26.32%
Selling, General & Admin $2.625M $11.27M $2.835M
YoY Change 29.56% 75.83% 89.95%
% of Gross Profit 335.73% 596.17% 738.38%
Research & Development $135.8K $598.1K $227.8K
YoY Change 74.72% 69.64% 129.94%
% of Gross Profit 17.37% 31.64% 59.31%
Depreciation & Amortization $100.0K $374.2K $80.00K
YoY Change 118.95% 89.05% 60.0%
% of Gross Profit 12.79% 19.8% 20.83%
Operating Expenses $2.761M $11.87M $3.063M
YoY Change 31.23% 75.5% 92.43%
Operating Profit -$1.979M -$8.766M -$2.679M
YoY Change 22.45% 56.73% 97.42%
Interest Expense $21.24K $139.4K $79.95K
YoY Change -93.01% -90.24% 64.48%
% of Operating Profit
Other Income/Expense, Net -$1.915K -$4.341M -$1.347K
YoY Change 96.41% 101668.35% -29.33%
Pretax Income -$3.932M -$13.11M -$2.760M
YoY Change 104.7% 86.58% 96.07%
Income Tax $2.484K $5.673K $305.00
% Of Pretax Income
Net Earnings -$3.935M -$9.820M -$2.760M
YoY Change 104.49% 39.75% 96.05%
Net Earnings / Revenue -205.16% -166.95% -189.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$276.8K -$675.8K -$381.7K
COMMON SHARES
Basic Shares Outstanding 14.27M shares 7.225M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $4.500M $5.200M
YoY Change 87.5% 60.71% 550.0%
Cash & Equivalents $4.526M $4.500M $5.247M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K $289.0K
YoY Change 13.97% 50.0% 188.97%
Inventory $100.0K $100.0K $52.88K
Prepaid Expenses
Receivables $1.000M $1.200M $616.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.900M $6.100M $6.206M
YoY Change 68.02% 48.78% 343.29%
LONG-TERM ASSETS
Property, Plant & Equipment $1.400M $1.600M $875.7K
YoY Change 267.11% 23.08% 191.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0%
Total Long-Term Assets $1.800M $2.000M $1.253M
YoY Change 253.85% 17.65% 150.51%
TOTAL ASSETS
Total Short-Term Assets $5.900M $6.100M $6.206M
Total Long-Term Assets $1.800M $2.000M $1.253M
Total Assets $7.700M $8.100M $7.459M
YoY Change 91.54% 39.66% 292.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $1.200M $1.100M
YoY Change 133.33% -7.69% 57.14%
Accrued Expenses $400.0K $400.0K $400.0K
YoY Change 0.0% -20.0% -33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $900.0K $700.0K $1.000M
YoY Change -10.0% 75.0% -23.08%
Total Short-Term Liabilities $2.600M $2.200M $2.468M
YoY Change 31.8% 0.0% -17.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $0.00 $200.0K $0.00
YoY Change -66.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.600M $2.200M $2.468M
Total Long-Term Liabilities $0.00 $200.0K $0.00
Total Liabilities $2.600M $2.400M $2.468M
YoY Change 31.8% -11.11% -17.72%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $114.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.100M $5.700M $4.990M
YoY Change
Total Liabilities & Shareholders Equity $7.700M $8.100M $7.459M
YoY Change 91.54% 39.66% 292.56%

Cashflow Statement

Concept 2016 Q2 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$3.935M -$9.820M -$2.760M
YoY Change 104.49% 39.75% 96.05%
Depreciation, Depletion And Amortization $100.0K $374.2K $80.00K
YoY Change 118.95% 89.05% 60.0%
Cash From Operating Activities -$1.450M -$5.719M -$1.400M
YoY Change -22.46% -9.37% 30.84%
INVESTING ACTIVITIES
Capital Expenditures $193.9K $1.063M -$370.0K
YoY Change 76.85% 1415.65%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$190.0K -$1.068M -$370.0K
YoY Change 72.73% -4.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.380M $6.064M -40.00K
YoY Change 14.19% -31.17% -102.31%
NET CHANGE
Cash From Operating Activities -1.450M -$5.719M -1.400M
Cash From Investing Activities -190.0K -$1.068M -370.0K
Cash From Financing Activities 3.380M $6.064M -40.00K
Net Change In Cash 1.740M -$722.9K -1.810M
YoY Change 77.55% -152.38% -374.24%
FREE CASH FLOW
Cash From Operating Activities -$1.450M -$5.719M -$1.400M
Capital Expenditures $193.9K $1.063M -$370.0K
Free Cash Flow -$1.644M -$6.782M -$1.030M
YoY Change -16.96% 6.3% -3.74%

Facts In Submission

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CY2016Q1 us-gaap Commitments And Contingencies
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CY2015Q1 us-gaap Commitments And Contingencies
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2500000 shares
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CY2015 us-gaap General And Administrative Expense
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CY2016 us-gaap Selling And Marketing Expense
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CY2015 us-gaap Selling And Marketing Expense
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CY2015 us-gaap Proceeds From Issuance Of Common Stock
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CY2016 cyrx Convertible Preferred Stock Beneficial Conversion Feature And Fair Value Of Warrants Issued
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CY2015 cyrx Convertible Preferred Stock Beneficial Conversion Feature And Fair Value Of Warrants Issued
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CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2016 us-gaap Research And Development Asset Acquired Other Than Through Business Combination Written Off
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CY2016Q1 cyrx Cryogenic Shippers And Data Loggers
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CY2015Q1 us-gaap Property Plant And Equipment Gross
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CY2016 cyrx Noncash Or Part Noncash Acquisition Reclassification Of Shipper Inventory To Fixed Assets
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70350 USD
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CY2016 us-gaap Capital Lease Obligations Incurred
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CY2015 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2016Q1 cyrx Number Of Stock Units Issued
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CY2016 us-gaap Convertible Preferred Stock Terms Of Conversion
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As a result, all outstanding shares of Preferred Stock were automatically exchanged at the Mandatory Exchange Time for such units sold in the Qualified Offering (consisting of one share of Common Stock and one Warrant) at an exchange rate determined by: 1) multiplying the number of shares of Preferred Stock to be exchanged by the Class A Original Issue Price or Class B Original Issue Price (as defined in the Certificates of Designation), or $12.00 per share; 2) adding to the result all dividends then accrued but unpaid on such shares of Preferred Stock to be exchanged of $1,068,100; then 3) dividing the result by $2.60 (which is eighty percent (80%) of the price per unit issued in the Qualified Offering).
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270000 USD
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0 USD
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0 USD
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2018-03-31
CY2015Q3 dei Entity Public Float
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23081331 USD
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248729 USD
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521056 USD
CY2016 us-gaap Nature Of Operations
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<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Note 1.&#160;Nature of the Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in" align="justify">Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions for biologic materials, such as immunotherapies, stem cells, CAR-T cells and reproductive cells for clients worldwide. Leading global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider for time- and temperature-sensitive biological material. &#160;Cryoport actively&#160;supports points-of-care, contract research organizations, central laboratories, pharmaceutical companies, contract manufacturers and university researchers.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in"> The Company is a Nevada corporation and its common stock is traded on the NASDAQ Capital Market exchange under the ticker symbol &#8220;CYRX.&#8221;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0px 0in 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Going Concern</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The consolidated financial statements have been prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) 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. 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We believe that our cash resources at March 31, 2016, together with the proceeds from the tender offer completed in April 2016, the rights offering completed in June 2016, and revenues generated from our services will be sufficient to sustain our planned operations through the third quarter of fiscal year 2017; 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. 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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&#8217;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, we are&#160;seeking additional capitalization to properly fund our efforts to become a self-sustaining financially viable entity.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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280400 USD
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259600 USD
CY2015 us-gaap Amortization Of Debt Discount Premium
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20800 USD
CY2016 us-gaap Prior Period Reclassification Adjustment Description
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CY2016 us-gaap Use Of Estimates
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<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"><strong><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>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">&#160;</font></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">The preparation of the consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company&#8217;s significant estimates include the allowance for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations, and valuation of equity instruments and conversion features.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; 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"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Concentrations of Credit Risk</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">&#160;</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"></font> <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">The Company maintains its cash accounts in financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) with basic deposit insurance coverage limits up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font> per owner. At March 31, 2016 and 2015, the Company had cash balances of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.6</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.3</font> million, respectively, which exceeded the FDIC insurance limit. The Company performs ongoing evaluations of these institutions to limit its concentration risk exposure.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 us-gaap Dividends Preferred Stock Stock
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305300 USD
CY2016 cyrx Warrants Expiration Date
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2018-12-31
CY2015 cyrx Adjustments To Additional Paid In Capital Fair Value Of Convertible Debt And Warrants With Conversion Feature
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0 USD
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0 USD
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1-for-12
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1437000 USD
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1555000 USD
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436000 USD
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582000 USD
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1459000 USD
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384000 USD
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0.96
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0 USD
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-2679000 USD
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-0.41
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-0.42
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-0.40
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CY2015Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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937000 USD
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825000 USD
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975000 USD
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1198000 USD
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225000 USD
CY2014Q4 us-gaap Gross Profit
GrossProfit
235000 USD
CY2015Q1 us-gaap Gross Profit
GrossProfit
370000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1168000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1375000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-1357000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1693000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-2297000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-1385000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-1408000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-1937000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
8600 USD

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0001144204-16-110227.txt Edgar Link pending
0001144204-16-110227-xbrl.zip Edgar Link pending
cyrx-20160331.xml Edgar Link completed
cyrx-20160331.xsd Edgar Link pending
cyrx-20160331_cal.xml Edgar Link unprocessable
cyrx-20160331_def.xml Edgar Link unprocessable
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