Cytosorbents Corp
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 15, 2024
CTSO$5.80-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year ended · Year ended · Year ended | |||||||||
| · · December 31, · · December 31, · · December 31, | |||||||||
| · · 2023 · · 2022 · · 2021 | |||||||||
| Cash flows from operating activities: · · · · | |||||||||
| Net loss | | $(28,507,394) | | $(32,812,583) | | $(24,558,648) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |||
| Accrued final fee | | | 42,857 | | | — | | | — |
| Non-cash compensation | | 371,397 | | | 376,574 | | 2,183,317 | ||
| Depreciation and amortization | | 1,462,436 | | | 882,621 | | 731,578 | ||
| Amortization of right-of-use asset | | | 564,356 | | | 249,008 | | | 398,035 |
| Bad debt expense (recovery) | | 14,434 | | | (8,354) | | (512) | ||
| Loss on disposal of fixed assets | | | — | | | 132,303 | | | — |
| Impairment of patents | | 655,685 | | | 635,606 | | | — | |
| Foreign currency transaction (gains) losses | | (1,949,256) | | | 2,448,583 | | 2,577,913 | ||
| Stock-based compensation | | | 3,329,307 | | | 3,423,517 | | | 4,020,819 |
| Changes in operating assets and liabilities: | | | | | | ||||
| Grants and accounts receivable | | (245,616) | | | (1,288,422) | | 420,578 | ||
| Inventories | | (121,039) | | | 945,352 | | (2,350,547) | ||
| Prepaid expenses and other current assets | | 1,104,167 | | | (22,187) | | 280,915 | ||
| Other assets | | (50) | | | 52,678 | | (135,857) | ||
| Accounts payable and accrued expenses | | 1,623,580 | | | (3,248,978) | | 2,426,810 | ||
| Net cash used in operating activities | | (21,655,136) | | | (28,234,282) | | (14,005,599) | ||
| | | | | | | | | | |
| Cash flows from investing activities: | | | | | |||||
| Purchases of property and equipment | | (538,115) | | | (6,087,365) | | (3,641,248) | ||
| Patent costs | | (398,121) | | | (368,211) | | (640,013) | ||
| Net cash used in investing activities | | (936,236) | | | (6,455,576) | | (4,281,261) | ||
| | | | | | | | | | |
| Cash flows from financing activities: | | | | ||||||
| Proceeds from long-term debt | | — | | 5,000,000 | | — | |||
| Equity contributions - net of fees incurred | | 14,255,932 | | (40,358) | | (90,000) | |||
| Proceeds from exercise of stock options | | 218,278 | | | — | | 805,199 | ||
| Net cash provided by financing activities | | 14,474,210 | | | 4,959,642 | | 715,199 | ||
| Effect of exchange rates on cash | | (99,769) | | | (262,924) | | (24,774) | ||
| Net change in cash, cash equivalents and restricted cash | | (8,216,931) | | | (29,993,140) | | (17,596,435) | ||
| | | | | | | | | | |
| Cash, cash equivalents and restricted cash at beginning of year | | 23,832,026 | | | 53,825,166 | | 71,421,601 | ||
| Cash, cash equivalents and restricted cash at end of year | | $15,615,095 | | $23,832,026 | | $53,825,166 | |||
| | | | | | | | | | |
| Supplemental disclosure of cash flow information: | | | | | |||||
| Cash paid during the year for interest | | $376,668 | | $— | | $— | |||
| | | | | | | | | | |
| Supplemental disclosure of non-cash financing activities: | | | | | |||||
| Issuance of common stock to vendor in lieu of cash payment | | $— | | | 42,499 | | | — | |
| Capital expenditures included in accounts payable | | $— | | | 359,965 | | | — | |
| Settlement of accrued bonuses with restricted stock units | | $403,939 | | $380,091 | | $928,417 | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.