Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Cytosorbents Corp | ||
Entity Central Index Key | 1,175,151 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 107,833,057 | ||
Trading Symbol | CTSO | ||
Entity Common Stock, Shares Outstanding | 29,471,343 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 17,321,862 | $ 5,245,178 |
Grants and accounts receivable, net of allowance for doubtful accounts of accounts of $72,698 and $65,414 at December 31, 2017 and 2016, respectively | 2,205,859 | 1,433,468 |
Inventories | 795,657 | 833,976 |
Prepaid expenses and other current assets | 415,962 | 315,802 |
Total current assets | 20,739,340 | 7,828,424 |
Property and equipment - net | 1,402,782 | 569,409 |
Other assets | 1,961,185 | 1,296,011 |
Total Assets | 24,103,307 | 9,693,844 |
Current Liabilities: | ||
Accounts payable | 1,244,411 | 1,330,072 |
Accrued expenses and other current liabilities | 2,603,920 | 2,114,666 |
Current maturities of long-term debt | 4,000,000 | 833,333 |
Total current liabilities | 7,848,331 | 4,278,071 |
Long-term debt, net of current maturities and debt issuance costs | 5,992,141 | 4,078,314 |
Total liabilities | 13,840,472 | 8,356,385 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity: | ||
Common Stock, Par Value $0.001, 50,000,000 shares authorized; 28,973,679 and 25,483,966 shares issued and outstanding at December 31, 2017 and 2016, respectively | 28,974 | 25,484 |
Additional paid-in capital | 162,907,482 | 143,929,397 |
Accumulated other comprehensive income | (360,985) | 898,684 |
Accumulated deficit | (152,312,636) | (143,516,106) |
Total stockholders’ equity | 10,262,835 | 1,337,459 |
Total Liabilities and Stockholders' Equity | $ 24,103,307 | $ 9,693,844 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 72,698 | $ 65,414 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 28,973,679 | 25,483,966 |
Common Stock, shares outstanding | 28,973,679 | 25,483,966 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Sales | $ 13,381,853 | $ 8,206,036 | $ 4,043,819 |
Grant income | 1,768,901 | 1,321,807 | 735,863 |
Other revenue | 0 | 0 | 11,934 |
Total revenue | 15,150,754 | 9,527,843 | 4,791,616 |
Cost of revenue | 5,518,360 | 3,953,725 | 2,212,546 |
Gross profit | 9,632,394 | 5,574,118 | 2,579,070 |
Operating expenses: | |||
Research and development | 4,049,436 | 4,783,491 | 3,871,069 |
Legal, financial and other consulting | 1,339,493 | 1,184,788 | 1,089,145 |
Selling, general and administrative | 14,086,063 | 11,097,964 | 6,922,515 |
Total operating expenses | 19,474,992 | 17,066,243 | 11,882,729 |
Loss from operations | (9,842,598) | (11,492,125) | (9,303,659) |
Other income (expense): | |||
Interest income (expense), net | (749,076) | (231,804) | 9,301 |
Gain/(loss) on foreign currency transactions | 1,454,136 | (358,077) | (507,276) |
Total other income (expense), net | 705,060 | (589,881) | (497,975) |
Loss before benefit from income taxes | (9,137,538) | (12,082,006) | (9,801,634) |
Benefit from income taxes | 676,739 | 318,550 | 324,606 |
Net loss | (8,460,799) | (11,763,456) | (9,477,028) |
Dividend, warrant exercise price adjustment | 335,731 | 0 | 0 |
Net loss attributable to common shareholders | $ (8,796,530) | $ (11,763,456) | $ (9,477,028) |
Basic and diluted net loss per common share | $ (0.32) | $ (0.46) | $ (0.38) |
Weighted average number of shares of common stock outstanding | 27,613,911 | 25,433,719 | 24,885,809 |
Comprehensive loss: | |||
Net loss | $ (8,460,799) | $ (11,763,456) | $ (9,477,028) |
Other comprehensive income (loss): | |||
Currency translation adjustment | (1,259,669) | 314,367 | 356,616 |
Comprehensive loss | $ (9,720,468) | $ (11,449,089) | $ (9,120,412) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | $ 3,963,183 | $ 23,305 | $ 128,106,297 | $ (124,394,120) | $ 227,701 |
Balance at Dec. 31, 2014 | 6,944,601 | $ 23,305 | 128,969,217 | 227,701 | (122,275,622) |
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | 23,304,640 | ||||
Balance (in shares) at Dec. 31, 2014 | 23,304,640 | ||||
Stock based compensation - employees, consultants and directors | 382,284 | $ 0 | 382,284 | 0 | 0 |
Issuance of common stock - offerings, net of fees incurred | 9,524,083 | $ 1,279 | 9,522,804 | 0 | 0 |
Issuance of common stock - offerings, net of fees incurred (in shares) | 1,278,880 | ||||
Proceeds from exercise of warrants | 1,705,433 | $ 447 | 1,704,986 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | 447,178 | ||||
Cashless exercise of warrants | 0 | $ 52 | (52) | 0 | 0 |
Cashless exercise of warrants (in shares) | 51,810 | ||||
Proceeds from exercise of stock options | 410,726 | $ 291 | 410,435 | 0 | 0 |
Proceeds from exercise of stock options (in shares) | 291,812 | ||||
Cashless exercise of stock options | 0 | $ 23 | (23) | 0 | 0 |
Cashless exercise of stock options (in shares) | 22,736 | ||||
Other comprehensive income foreign translation adjustment | 356,616 | $ 0 | 0 | 356,616 | 0 |
Net loss | (9,477,028) | 0 | 0 | 0 | (9,477,028) |
Balance at Dec. 31, 2015 | 9,846,715 | $ 25,397 | 140,989,651 | 584,317 | (131,752,650) |
Balance (in shares) at Dec. 31, 2015 | 25,397,056 | ||||
Adjustment (See Note 3) | Restatement Adjustment [Member] | 2,981,418 | $ 0 | 862,920 | 2,118,498 | 0 |
Stock based compensation - employees, consultants and directors | 2,631,734 | 0 | 2,631,734 | 0 | 0 |
Issuance of restricted stock options | 125,059 | $ 27 | 125,032 | 0 | 0 |
Issuance of restricted stock options (in shares) | 26,665 | ||||
Proceeds from exercise of warrants | 65,000 | $ 20 | 64,980 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | 20,000 | ||||
Cashless exercise of warrants | 0 | $ 4 | (4) | 0 | 0 |
Cashless exercise of warrants (in shares) | 4,045 | ||||
Proceeds from exercise of stock options | 118,040 | $ 36 | 118,004 | 0 | 0 |
Proceeds from exercise of stock options (in shares) | 36,200 | ||||
Other comprehensive income foreign translation adjustment | 314,367 | $ 0 | 0 | 314,367 | 0 |
Net loss | (11,763,456) | 0 | 0 | 0 | (11,763,456) |
Balance at Dec. 31, 2016 | 1,337,459 | $ 25,484 | 143,929,397 | 898,684 | (143,516,106) |
Balance (in shares) at Dec. 31, 2016 | 25,483,966 | ||||
Stock based compensation - employees, consultants and directors | 3,313,603 | $ 0 | 3,313,603 | 0 | 0 |
Issuance of common stock - offerings, net of fees incurred | $ 13,679,730 | $ 3,106 | 13,676,624 | 0 | 0 |
Issuance of common stock - offerings, net of fees incurred (in shares) | 550,000 | 3,105,555 | |||
Issuance of restricted stock options | $ 207,608 | $ 41 | 207,567 | 0 | 0 |
Issuance of restricted stock options (in shares) | 41,390 | ||||
Proceeds from exercise of warrants | 853,004 | $ 192 | 852,812 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | 192,001 | ||||
Cashless exercise of warrants | 0 | $ 2 | (2) | 0 | 0 |
Cashless exercise of warrants (in shares) | 1,516 | ||||
Proceeds from exercise of stock options | 591,899 | $ 146 | 591,753 | 0 | 0 |
Proceeds from exercise of stock options (in shares) | 145,848 | ||||
Cashless exercise of stock options | 0 | $ 3 | (3) | 0 | 0 |
Cashless exercise of stock options (in shares) | 3,403 | ||||
Dividend, warrant exercise price adjustment | 0 | $ 0 | 335,731 | 0 | (335,731) |
Other comprehensive income foreign translation adjustment | (1,259,669) | 0 | 0 | (1,259,669) | 0 |
Net loss | (8,460,799) | 0 | 0 | 0 | (8,460,799) |
Balance at Dec. 31, 2017 | $ 10,262,835 | $ 28,974 | $ 162,907,482 | $ (360,985) | $ (152,312,636) |
Balance (in shares) at Dec. 31, 2017 | 28,973,679 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (8,460,799) | $ (11,763,456) | $ (9,477,028) |
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Depreciation and amortization | 218,271 | 161,613 | 112,969 |
Bad debt expense | 904 | 65,378 | 0 |
Foreign currency transaction losses | (1,454,136) | 358,077 | 386,435 |
Stock-based compensation | 3,313,603 | 2,756,793 | 382,284 |
Amortization of loan acquisition costs | 82,054 | 30,480 | 0 |
Changes in operating assets and liabilities: | |||
Grants and accounts receivable | (649,318) | (889,715) | 131,970 |
Inventories | 57,320 | 340,392 | (671,348) |
Prepaid expenses and other current assets | (76,981) | 187,099 | 178,107 |
Other assets | (15,000) | (41,112) | (7,134) |
Accounts payable and accrued expenses | 523,377 | 2,063,484 | (83,169) |
Deferred revenue | 0 | 0 | (833) |
Net cash used by operating activities | (6,460,705) | (6,730,967) | (9,047,747) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (990,673) | (140,724) | (403,608) |
Patent costs | (687,446) | (454,807) | (239,839) |
Proceeds from sale of short-term investments | 0 | 2,192,000 | 5,430,547 |
Purchases of short-term investments | 0 | 0 | (5,678,000) |
Net cash provided/(used) by investing activities | (1,678,119) | 1,596,469 | (890,900) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 5,000,000 | 5,000,000 | 0 |
Payment of loan acquisition costs | (1,560) | (118,833) | 0 |
Equity contributions - net of fees incurred | 13,679,730 | 0 | 9,524,083 |
Proceeds from exercise of stock options | 591,899 | 118,040 | 410,726 |
Proceeds from exercise of warrants | 853,004 | 65,000 | 1,705,433 |
Net cash provided by financing activities | 20,123,073 | 5,064,207 | 11,640,242 |
Effect of exchange rates on cash | 92,435 | (1,382) | 9,976 |
Net change in cash and cash equivalents | 12,076,684 | (71,673) | 1,711,571 |
Cash and cash equivalents at beginning of year | 5,245,178 | 5,316,851 | 3,605,280 |
Cash and cash equivalents at end of year | 17,321,862 | 5,245,178 | 5,316,851 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 634,608 | 175,897 | 0 |
Supplemental disclosure of non-cash financing activities: | |||
Settlement of accrued bonuses with restricted stock units | 207,608 | 0 | 0 |
Costs paid from proceeds in conjunction with issuance of common stock | 0 | 0 | 1,019,207 |
Dividend, warrant exercise price adjustment | $ 335,731 | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2017 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements include the results of CytoSorbents Corporation (the “Parent”), CytoSorbents Medical Inc., its wholly-owned operating subsidiary (the “Subsidiary”), and CytoSorbents Europe GmbH, its wholly-owned European subsidiary (the “European Subsidiary”). In addition, the financial statements include CytoSorbents Switzerland GmbH, a wholly-owned subsidiary of CytoSorbents Europe GmbH. These entities are collectively referred to as “the Company.” 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. Based on its projections, the Company believes it will have to raise additional capital to fund its planned operations over the next twelve month period. As of December 31, 2017, the Company had an accumulated deficit of $ 152,312,636 8,460,799 11,763,456 9,477,028 |
PRINCIPAL BUSINESS ACTIVITY AND
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Company is a leader in critical care immunotherapy using blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world. The Company, through its subsidiary CytoSorbents Medical Inc. (formerly known as CytoSorbents, Inc.), is engaged in the research, development and commercialization of medical devices with its blood purification technology platform which incorporates a proprietary adsorbent, porous polymer technology. The Company, through its European Subsidiary, Cytosorbents Europe GmbH, conducts sales and marketing related operations for the CytoSorb device. In March 2016, the Company formed CytoSorbents Switzerland GmbH, a wholly-owned subsidiary of CytoSorbents Europe GmbH. This subsidiary, which began operations during the second quarter of 2016, provides marketing and direct sales services in Switzerland. CytoSorb , The technology is based upon biocompatible, highly porous polymer sorbent beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface absorption. The Company has numerous products under development based upon this unique blood purification technology, which is protected by 15 2 On December 17, 2014 the Company’s common stock was approved for listing on The Nasdaq Capital Market (“Nasdaq”), and it began trading on Nasdaq on December 23, 2014 under the symbol “CTSO”. Previously, the Company’s common stock traded in the over-the-counter-market on the OTC Bulletin Board. The consolidated financial statements include the accounts of the Parent, CytoSorbents Corporation, and its wholly-owned subsidiaries, CytoSorbents Medical, Inc. and CytoSorbents Europe GmbH. In addition, the financial statements include CytoSorbents Switzerland GmbH, a wholly owned subsidiary of CytoSorbents Europe GmbH. All significant intercompany transactions and balances have been eliminated in consolidation. Translation gains and losses resulting from the process of remeasuring into the United States of America dollar, the foreign currency financial statements of the European subsidiary, for which the United States of America dollar is the functional currency, are included in operations. Foreign currency transaction gain (loss) included in net loss amounted to approximately $ 1,454,000 358,000 507,000 The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Grants receivable represent amounts due from U.S. government agencies and are included in Grants and Accounts Receivable. Accounts receivable are unsecured, non-interest bearing customer obligations due under normal trade terms. The Company sells its devices to various hospitals and distributors. The Company performs ongoing credit evaluations of customers’ financial condition. Management reviews accounts receivable periodically to determine collectability. Balances that are determined to be uncollectible are written off to the allowance for doubtful accounts. The allowance for doubtful accounts contains both specific, where applicable, and general accruals for estimated bad debts which amounted to approximately $ 73,000 65,000 Inventories are valued at the lower of cost or net realizable value. Cost is determined using a first-in first-out (“FIFO”) basis. At December 31, 2017 and December 31, 2016 the Company’s inventory was comprised of finished goods, which amounted to $ 151,872 307,483 528,039 467,663 115,746 58,830 Property and equipment are recorded at cost less accumulated depreciation. Depreciation of property and equipment is provided for by the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lesser of their economic useful lives or the term of the related leases. Gains and losses on depreciable assets retired or sold are recognized in the statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred. Legal costs incurred to establish patents are capitalized. When patents are issued, capitalized costs are amortized on the straight-line method over the related patent term. In the event a patent is abandoned, the net book value of the patent is written off. The Company assesses the impairment of patents and other long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. Product Sales: Grant Revenue : All research and development costs, payments to laboratories, research consultants and costs related to clinical trials and studies are expensed when incurred. Advertising costs are charged to activities when incurred. Advertising expense amounted to approximately $ 162,000 173,000 282,000 Income taxes are accounted for under the asset and liability method prescribed by accounting standards for accounting for income taxes. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax asset will not be realized. Under Section 382 of the Internal Revenue Code the net operating losses generated prior to the previously completed reverse merger may be limited due to the change in ownership. Additionally, net operating losses generated subsequent to the reverse merger may be limited in the event of changes in ownership. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35 21 The Company follows the accounting standards associated with uncertain tax provisions. The Company had no unrecognized tax benefits at December 31, 2017 or 2016. The Company files tax returns in the U.S. federal and state jurisdictions. The Company utilizes the Technology Business Tax Certificate Transfer Program to sell a portion of its New Jersey Net Operating Loss tax carryforwards to an industrial company. CytoSorbents Europe GmbH and CytoSorbents Switzerland GmbH files an annual corporate tax return, a VAT return and a trade tax return in Germany and Switzerland, respectively. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Significant estimates in these financials are the valuation of options granted, the valuation of preferred shares issued as stock dividends, valuation methods used to determine the fair value of the warrant liability (in the event a re-measurement is required) and valuation methods used in determining any debt discount associated with the convertible securities. The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions in an effort to minimize its collection risk of these balances. A significant portion of our revenues are from product sales in Germany. Substantially all of our grant and other income are from grant agencies in the United States. 2017 2016 2015 Product Sales: Germany $ 7,993,954 $ 4,985,049 $ 2,353,998 All other countries 5,387,899 3,220,987 1,689,821 Grant and other income: United States 1,768,901 1,321,807 735,863 Germany 11,934 Total Revenue $ 15,150,754 $ 9,527,843 $ 4,791,616 As of December 31, 2017, two distributors accounted for 28 22 48 10 11 14 The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other debt obligations approximate their fair values due to their short-term nature. Basic earnings per share is computed by dividing loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed using the treasury stock method on the basis of the weighted-average number of shares of common stock plus the dilutive effect of potential common shares outstanding during the period. Dilutive potential common shares include outstanding warrants, stock options and restricted shares. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings (See Note 11). The Company accounts for its stock-based compensation under the recognition requirements of accounting standards for accounting for stock-based compensation for employees and directors whereby each option granted is valued at fair market value on the date of grant. Under these accounting standards, the fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model. The Company also follows the guidance of accounting standards for accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services for equity instruments issued to consultants. In May 2014, the FASB issued ASU 2014-09, “Revenue with Contracts from Customers.” ASU 2014-09 supersedes the current revenue recognition guidance, including industry-specific guidance. The ASU introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2014, the FASB issued ASU 2015-14 which deferred the effective date by one year. Accordingly, the updated guidance is effective for public entities for interim and annual periods beginning after December 15, 2017 and early adoption is permitted as of the beginning of an interim or annual reporting period beginning after December 31, 2016. In 2016, the FASB issued ASU’s 2016-08, 2016-10 and 2016-12, all of which relate to this same topic and have the same effective date. The Company has evaluated the impact of these ASU’s and has determined that the adoption of this updated guidance will result in the deferral of revenue for certain distributors and strategic partners due to volume pricing discounts in the contracts. Also, revenues will be deferred on certain grant contracts with government agencies in certain circumstances. The Company will also be required to capitalize costs incurred to obtain certain grant contracts and amortize these costs over the term of the related contract. Adoption of these ASU’s will require enhanced disclosures regarding contracts with customers including disaggregation of revenue, information about contract balances and performance obligations, significant judgments used in determining transaction price and assets recognized from costs to obtain a contract. These ASU’s were adopted effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. ASU 2016-02 outlines reporting requirements for Lessees to recognize a right-of-use asset and corresponding liability on the balance sheet for all leases covering a period of greater than 12 months. The liability is to be measured as the present value of the future minimum lease payments, plus any initial direct costs. The minimum payments are discounted using the rate implicit in the lease, or, if not known, the lessee’s incremental borrowing rate. The updated guidance is effective for public entities for fiscal years beginning after December 31, 2018. The Company is evaluating the impact of the updated guidance and has determined that the adoption of ASU 2016-02 may impact certain financial statement disclosures, particularly with regard to leases of premises. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” The amendments in this Update relate to eight specific types of cash receipts and cash payments which current GAAP either is unclear or does not include specific guidance on the cash flow classification issues. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will adopt the provisions of this ASU for its fiscal year beginning January 1, 2018. The adoption of ASU 2016-15 is not expected to have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation Stock Compensation (Topic 718). The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1) public business entities for reporting periods for which financial statements have not yet been issued and (2) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company is evaluating the impact of the revised guidance and believes that this will not have a significant impact on its consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, “Earning Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815). Part I of this Update addresses the complexity of accounting for certain financial instruments with down round features. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company has elected to adopt the provisions of this ASU as of September 30, 2017 and has restated its current and comparative financial statements within this filing accordingly. (See Note 3). hipping and Handling Costs The cost of shipping product to customers and distributors is typically borne by the customer or distributor. The Company records shipping and handling costs in Cost of Revenue. Total freight costs amounted to approximately $ 257,000 167,000 145,000 |
ADOPTION OF NEW ACCOUNTING STAN
ADOPTION OF NEW ACCOUNTING STANDARD AND ADJUSTMENT | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ADOPTION OF NEW ACCOUNTING STANDARD AND ADJUSTMENT | 3. ADOPTION OF NEW ACCOUNTING STANDARD AND ADJUSTMENT Effective September 30, 2017, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2017-11, “Earning Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815). The provisions of this ASU change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. The fair value of a financial instrument with a down round feature is now required to be classified as a component of stockholders equity, as opposed to a liability as it was previously required to be reported. In addition, this recorded fair value of the financial instrument is no longer to be subsequently remeasured. When the down round feature of the financial instrument is triggered due to a change in the underlying strike price, the change in the fair value is now required to be treated as a dividend and as a reduction of income available to common stockholders in accordance with the guidance of ASC-260. Accordingly, the Company has adjusted its current and historical financial statements to properly reflect the provisions of this ASU as discussed below. Prior accounting treatment Current accounting treatment. As a result of the repricing of the warrants which occurred in connection with the April 2017 equity offering, the Company additionally recorded a dividend of $335,731 during the year ended December 31, 2017. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 4. PROPERTY AND EQUIPMENT, NET: Depreciation/ Amortization December 31, 2017 2016 Period Furniture and fixtures $ 469,329 $ 264,793 7 years Equipment and computers 2,938,137 2,396,811 3 to 7 years Leasehold improvements 850,744 570,678 Lesser of term of lease or estimated useful life 4,258,210 3,232,282 Less accumulated depreciation and amortization 2,855,428 2,662,873 Property and Equipment, Net $ 1,402,782 $ 569,409 Depreciation expense for the years ended December 31, 2017, 2016 and 2015 amounted to $ 177,776 126,112 87,396 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
OTHER ASSETS [Abstract] | |
OTHER ASSETS | 5. OTHER ASSETS: Other assets consist of the following: December 31, 2017 2016 Intangible assets, net $ 1,838,052 $ 1,191,101 Security deposits 123,133 104,910 Total $ 1,961,185 $ 1,296,011 Intangible assets, which are included as a component of other assets, consist of the following: 2017 2016 Gross Accumulated Gross Accumulated December 31, Amount Amortization Net Amount Amortization Net Patents $ 2,081,222 243,170 1,838,052 $ 1,393,776 $ 202,675 $ 1,191,101 Amortization expense amounted to $ 40,495 35,501 25,573 Amortization expense for the next five years will be approximately $43,400 for the year ended December 31, 2018; approximately $43,400 for the year ended December 31, 2019; approximately $42,500 for the year ended December 31, 2020; approximately $40,890 for the year ended December 31, 2021; and approximately $37,600 for the year ended December 31, 2022. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: 2017 2016 Sales, payroll and income taxes payable $ 452,362 $ 96,159 Accrued royalties 334,335 183,047 Accrued accounts payable 322,404 44,876 Accrued salaries and commissions 723,966 700,917 Professional fees 300,351 249,945 Travel and entertainment 164,985 224,621 Clinical Studies 111,394 556,170 Interest 78,585 35,681 Congresses 72,291 Board of Director fees 28,500 23,250 Customer Deposits 14,747 $ 2,603,920 $ 2,114,666 |
LONG-TERM DEBT, NET
LONG-TERM DEBT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT, NET | 7. LONG-TERM DEBT, NET On June 30, 2016 (the “Closing Date”), the Company and its wholly-owned subsidiary CytoSorbents Medical, Inc. (together, the “Borrower”), entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Bridge Bank, a division of Western Alliance Bank, (the “Bank”), pursuant to which the Bank agreed to loan up to an aggregate of $ 10 5 9.12 On the Closing Date, the Company was required to pay a non-refundable closing fee of $ 50,000 24,000 44,833 120,393 29,971 10.0 333,333 52,083 2.0 1.5 1.0 Events of default which may cause repayment of the Term Loans to be accelerated include, among other customary events of default, (1) non-payment of any obligation when due, (2) the failure to perform any obligation required under the Loan and Security Agreement and to cure such default within a reasonable time frame, (3) the occurrence of a Material Adverse Event (as defined in the Loan and Security Agreement), (4) the attachment or seizure of a material portion of the Borrower’s assets if such attachment or seizure is not released, discharged or rescinded within 10 days, and (5) if the Borrower becomes insolvent or starts an insolvency proceeding or if an insolvency proceeding is brought by a third party against the Borrower and such proceeding is not dismissed or stayed within 30 days. The Loan and Security Agreement includes customary loan conditions, Borrower representations and warranties, Borrower affirmative covenants and Borrower negative covenants for secured transactions of this type. Effective with the issuance of Term Loan B on June 30, 2017, the Company is required to meet a financial covenant which requires the Company to achieve consolidated trailing six-month revenue from product sales equal to at least 75% of the projected revenue for such period in accordance with financial projections supplied to the Bank by the Company. The Company has maintained compliance with the covenant during 2017. The Borrower’s obligations under the Loan and Security Agreement are joint and severable, and are secured by a first priority security interest in favor of the Bank with respect to the Shares (as defined in the Loan and Security Agreement) and the Collateral (as defined in the Loan and Security Agreement, which definition excludes the Borrower’s intellectual property and other customary exceptions). Success Fee Letter: In connection with the Loan and Security Agreement, the Borrower simultaneously entered into a Success Fee Letter (the “Letter”) with the Bank. Pursuant to the Letter, the Borrower shall pay to the Bank a success fee in the amount equal to 6.37 8.00 If the Success Fee is due pursuant to a Liquidity Event described in clause (d) of the definition thereof, the Company may elect, in lieu of paying the Success Fee in cash, to issue and sell to the Bank, in exchange for the Success Fee, such number of shares of the Company’s common stock as would be equal to the quotient (calculated by rounding up the nearest whole number) obtained by dividing (a) the Success Fee by (b) the volume weighted average price per share of the Company’s common stock for the same five successive business days on which the closing price per share of the Company’s common stock caused the Success Fee to become payable. The Bank’s right to receive the Success Fee and the Borrower’s obligation to pay such Success Fee terminate on June 30, 2021, and shall survive the termination of the Loan and Security Agreement and any prepayment of the Term Loans. Long-term debt consists of the following at December 31, 2017: Principal amount $ 10,000,000 Less unamortized debt acquisition costs (75,567) Plus accrued final fee 67,708 Subtotal 9,992,141 Less Current maturities 4,000,000 Long-term debt net of current maturities $ 5,992,141 Principal payments of long-term debt are due as follows at December 31, 2107: 2018 $ 4,000,000 2019 4,000,000 2020 2,000,000 Total $ 10,000,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 8. INCOME TAXES: The Company accounts for income taxes under FASB ASC 740 ("ASC 740"). Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Year Ended December 31, 2017 2016 2015 Domestic $ (6,071,009) $ (9,300,042) $ (6,853,093) Foreign (3,066,529) (2,781,964) (2,948,541) Total $ (9,137,538) $ (12,082,006) $ (9,801,634) Year Ended December 31, 2017 2016 2015 State Tax, including sale of New Jersey losses & credits $ 676,739 $ 318,550 $ 324,606 Foreign tax provision $ 676,739 $ 318,550 $ 324,606 As of December 31, 2017, the Company had federal net operating loss ("NOL") carry forwards of approximately $ 41,010,000 4,746,000 11,977,000 1,096,000 60,000 The NOL carry forwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. The NOLs may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state tax provisions. In addition to the new provisions enacted under the Tax Cuts and Jobs Act, this could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will generally be determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. U.S. Tax Reform On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act ("Tax Reform Legislation"), which made significant changes to U.S. federal income tax law. The Company expects that certain aspects of the Tax Reform Legislation will positively impact the Company’s future after-tax earnings in the U.S., primarily due to the lower federal statutory tax rate. Set forth below is a discussion of certain provisions of the Tax Reform Legislation and our preliminary assessment of the effect of such provisions on the Company’s results of operations, cash flows and consolidated financial statements. Beginning January 1, 2018, the Company’s U.S. income, if any, will be taxed at a 21 Further, the Tax Reform Legislation provides for a one-time “deemed repatriation” of accumulated foreign earnings for the year ended December 31, 2017. The Company does not expect to pay U.S. federal cash taxes on the deemed repatriation due to an accumulated deficit in foreign earnings for tax purposes. The Company does not expect that our future foreign earnings will be subject to U.S. federal income tax. In addition, the Tax Reform Legislation provides for 100 percent bonus depreciation on tangible property expenditures through 2022. The bonus depreciation percentage is phased down from 100 percent beginning in 2023 through 2026. We do not expect this to have a material impact to the Company. Sale of Net Operating Losses (NOLs) The Company may be eligible, from time to time, to receive cash from the sale of its New Jersey Net Operating Losses and R&D tax credits under the State of New Jersey Technology Business Tax Certificate Transfer Program. In December 2017, the Company received a net cash amount of $ 676,739 Year Ended December 31, 2017 2016 2015 Current and long term deferred tax assets: Net operating loss carry forward $ 12,517,356 $ 15,227,562 $ 13,041,156 Stock Options 479,033 498,287 486,726 Warrants 108,594 120,329 Research and development credit carryforward 1,096,308 1,121,722 1,113,151 Accruals and others 74,477 213,791 (12,065) Gross deferred tax assets 14,167,174 17,169,956 14,749,297 Less valuation allowance (14,147,354) (17,152,066) (14,746,091) 19,820 17,890 3,206 Deferred tax liability: Fixed Assets (19,820) (17,890) (3,206) Net deferred tax assets $ $ $ In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on this assessment, management has established a full valuation allowance against all of the deferred tax assets for each period because it is more likely than not that all of the deferred tax assets will not be realized. The increases in valuation allowance for the years ended December 31, 2017, 2016 and 2015 were $ (3,004,712) 2,405,975 3,673,088 Year Ended December 31, 2017 2016 2015 Federal statutory rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit (2.6) (4.1) 3.1 Foreign rate differential (1.4) (1.0) (1.5) Permanent items (5.1) (8.4) 2.9 Rate change and true-up (62.7) (6.0) 5.1 Timing differences Change in valuation allowance 44.3 (13.7) (43.4) R&D credit 0.8 1.8 3.6 Effective income tax rate 7.3 % 2.6 % 3.8 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES: The Company is obligated under non-cancelable operating leases for office space expiring at various dates through August 2021. The aggregate minimum future payments under these leases are approximately as follows: Year ending December 31, 2018 $ 424,190 2019 226,720 2020 85,670 2021 57,113 Total $ 793,693 The preceding data reflects existing leases through the date of this report and does not include replacements upon their expiration. In the normal course of business, operating leases are normally renewed or replaced by other leases. Rent expense for the years ended December 31, 2017, 2016 and 2015 amounted to approximately $ 676,000 473,000 411,000 Employment Agreements On July 14, 2015, CytoSorbents Corporation entered into executive employment agreements with its principal executives, Dr. Phillip P. Chan, President and Chief Executive Officer, Vincent Capponi, Chief Operating Officer, and Kathleen P. Bloch, Chief Financial Officer. Each of these agreements has an initial term of three years, and is retroactively effective as of January 1, 2015. After 2017, these employment agreements automatically renew for one year, unless terminated by the Company or the employee. On May 30, 2017, CytoSorbents Corporation announced the appointment of Dr. Eric R. Mortensen as the Company’s Chief Medical Officer, pursuant to the terms of an employment agreement dated May 23, 2017. Dr. Mortensen’s employment agreement provides for an initial term commencing on June 1, 2017 and ending on December 31, 2019. These employment agreements each provide for base salary and other customary benefits which include participation in group insurance plans, paid time off and reimbursement of certain business related expenses, including travel and continuing educational expenses, as well as bonus and/or equity awards at the discretion of the Board of Directors. In addition, the agreements provide for certain termination benefits in the event of termination without Cause or voluntary termination of employment for “Good Reason”, as defined in each agreement. The agreements also provide for certain benefits in the event of a Change in Control of the Company, as defined in each agreement. Litigation The Company is, from time to time, subject to claims and litigation arising in the ordinary course of business. The Company intends to defend vigorously against any future claims and litigation. The Company is not currently a party to any legal proceedings. Royalty Agreements Pursuant to an agreement dated August 11, 2003, an existing investor agreed to make a $ 4 3 393,000 243,000 118,000 License Agreements In an agreement dated September 1, 2006, the Company entered into a license agreement which provides the Company the exclusive right to use its patented technology and proprietary know how relating to adsorbent polymers for a period of 18 2.5 5 655,000 324,000 158,000 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS' EQUITY Preferred Stock In December 2014, the Company amended and restated its articles of incorporation to reduce the total number of authorized shares of preferred stock. The amended and restated articles of incorporation authorize the issuance of up to 5,000,000 Common Stock Shelf Registration On July 29, 2015, the Company’s registration statement on Form S-3, as filed with the SEC on July 23, 2015, was declared effective using a “shelf” registration process. Under this shelf registration statement, the Company may issue, in one or more offerings, any combination of common stock, preferred stock, senior or subordinated debt securities, warrants, or units, up to a total dollar amount of $ 100 April 5, 2017 Equity Offering On April 5, 2017, the Company closed on the sale of an aggregate of 2,222,222 10,000,000 4.50 On April 11, 2017, the Company closed the sale of an additional 333,333 1,500,000 11,500,000 $ 10,300,000 4.50 November 4, 2015 Controlled Equity Offering On November 4, 2015, the Company entered into a Controlled Equity Offering SM 25,000,000 Under the Sales Agreement, Cantor may sell Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on Nasdaq, on any existing trading market for the Common Stock or to or through a market maker. In addition, under the Sales Agreement, Cantor may sell the Shares by any other method permitted by law, including in privately negotiated transactions. The Company may instruct Cantor not to sell Shares if the sales cannot be effected at or above the price designated by the Company from time to time. The Company is not obligated to make any sales of Shares under the Sales Agreement, and if it elects to make any sales, the Company can set a minimum sales price for the Shares. The offering of Shares pursuant to the Sales Agreement will terminate upon the earlier of (a) the sale of all the shares subject to the Sales Agreement and (b) the termination of the Sales Agreement by Cantor or the Company, as permitted therein. From November 4, 2015 through December 31, 2015, the Company sold 28,880 225,000 550,000 6.31 3,367,000 From January 1, 2018 through March 7, 2018, 465,112 7.91 3,568,000 1,043,992 7.07 7,159,000 The Company pays a commission rate of 3.0 50,000 The Company intends to use the net proceeds raised through “at the market” sales for research and development activities, which include the funding of additional clinical studies and costs of obtaining regulatory approvals in countries not covered by the CE Mark, capital expenditures and other costs necessary to expand production capacity, support of various sales and marketing efforts, product development and general working capital purposes. As a result of the repricing of the warrants which occurred in connection with the April 2017 equity offering, the Company recorded a dividend of $ 335,731 January 14, 2015 Public Offering On January 14, 2015, the Company closed an underwritten public offering (the “Offering”) consisting of 1,250,000 8.25 10,312,500 9,409,000 The Company conducted the Offering pursuant to a registration statement on Form S-1 (File No. 333-199762), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 8, 2015. The Company filed a final prospectus on January 9, 2015, disclosing the final terms of the Offering. In connection with the Offering, on January 8, 2015, the Company entered into underwriting agreements with Brean Capital, LLC and H.C. Wainwright & Co., LLC (the “Representatives”), who acted as book-running managers and as representatives of the underwriters in the Offering. In connection with the successful completion of the Offering, the underwriters received aggregate discounts and commissions of 6 30,000 30,000 120 85,000 Stock Option Plans As of December 31, 2017, the Company had two Long Term Incentive Plans (the “2014 Plan” and the “2006 Plan”) to attract, retain, and provide incentives to employees, officers, directors, and consultants. The Plans generally provide for the granting of stock, stock options, stock appreciation rights, restricted shares, or any combination of the foregoing to eligible participants. A total of 7,400,000 2,400,000 1,957,000 1,622,000 The 2014 and 2006 Plans as well as grants issued outside of the Plan are administered by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The Compensation Committee is authorized to select from among eligible employees, directors, advisors and consultants those individuals to whom incentives are to be granted and to determine the number of shares to be subject to, and the terms and conditions of the options. The Compensation Committee is also authorized to prescribe, amend and rescind terms relating to options granted under the Plans. Generally, the interpretation and construction of any provision of the Plans or any options granted hereunder is within the discretion of the Compensation Committee. The 2014 Plan provide that options may or may not be Incentive Stock Options (ISOs) within the meaning of Section 422 of the Internal Revenue Code. Only employees of the Company are eligible to receive ISOs, while employees and non-employee directors, advisors and consultants are eligible to receive options, which are not ISOs, i.e. “Non-Qualified Options.” Because the Company has not yet obtained shareholder approval of the 2006 Plan, all options granted thereunder to date are “Non-Qualified Options” and until such shareholder approval is obtained, all future options issued under the 2006 Plan will also be “Non-Qualified Options.” In December 2014, the Company’s received shareholder approval authorizing the Board of Directors to implement the form, terms and provisions of the 2014 Plan. Accordingly, any options issued to employees under the 2014 Plan will be ISOs within the meaning of Section 422 of the Internal Revenue Code. Stock-based Compensation Total share-based employee, director, and consultant compensation for the years ended December 31, 2017, 2016 and 2015 amounted to approximately $ 3,314,000 2,757,000 382,000 829,000 2,046,000 126,000 2,485,000 1,921,000 256,000 Weighted Weighted Average Average Remaining Exercise Contractual Shares per Share Life (Years) Outstanding January 1, 2015 2,302,187 $ 5.37 6.1 Granted 681,000 $ 7.88 - Forfeited (166,287) $ 5.19 - Expired - $ - - Exercised (339,621) $ 1.74 3.2 Outstanding, December 31, 2015 2,477,279 $ 6.56 6.2 Granted 1,044,219 $ 4.68 - Forfeited (695,770) $ 7.12 - Expired (27,351) $ 114.33 - Exercised (36,200) $ 3.26 2.5 Outstanding, December 31, 2016 2,762,177 $ 4.69 6.0 Granted 1,204,950 $ 5.46 9.2 Forfeited (165,720) $ 5.50 - Expired (34,020) $ 34.61 - Exercised (188,849) $ 4.40 - Outstanding, December 31, 2017 3,578,538 $ 4.64 6.3 The fair value of each stock option was estimated using the Black Scholes pricing model which takes into account as of the grant date the exercise price (ranging from $ 3.45 6.90 10 64.3 80.8 0 1.24 2.21 The intrinsic value is calculated at the difference between the market value as of December 31, 2017 of $ 6.50 Options Outstanding Number Weighted Weighted Range of Outstanding at Average Average Aggregate Exercise December 31, Exercise Remaining Intrinsic Price 2017 Price Life (Years) Value $0.88 - $11.48 3,578,538 $ 4.64 6.3 $ 6,827,905 Options Exercisable Number Weighted Exercisable at Average Aggregate December 31, Exercise Intrinsic 2017 Price Value 2,507,579 $ 4.30 $ 5,701,744 Weighted Average Grant Date Shares Fair Value Non-vested, January 1, 2017 912,547 $ 2.55 Granted 1,204,950 0.64 Forfeited (144,980) 0.03 Vested (901,558) 2.38 Non-vested, December 31, 2017 1,070,959 $ 0.70 As of December 31, 2017, the Company had approximately $ 411,000 In 2018, the Board of Directors intends to grant a pool of options to purchase shares of common stock to the Company’s employees which will vest upon the achievement of certain specific, predetermined milestones related to the Company’s 2018 operations. Since these options relate exclusively to the achievement of 2018 milestones, no charge for these options has been recorded in the consolidated statements of operations for the year ended December 31, 2017. The Company will assess the likelihood of meeting these milestones throughout 2018 and will record stock option expense as appropriate. On February 24, 2017, the Board of Directors granted options to purchase 953,200 3,284,000 810,220 2,791,000 On June 7, 2016, the Board of Directors granted options to purchase 900,100 2,437,000 716,480 1,940,000 In April 2015, the Board of Directors granted options to purchase 566,000 The grant date fair value of these unvested options amounted to approximately $ 1,388,000 72,400 241,000 In April 2015, the Board of Directors also granted 960,000 7,747,200 240,000 1,936,000 75,000 414,000 1,941,660 1,539,000 129,500 725,200 1,668,500 Performance Based Stock Awards: Pursuant to a review of the compensation of the senior management of the Company, on June 7, 2016, the Board of Directors granted 80,000 375,200 108,000 Pursuant to a review of the compensation of the senior management of the Company and managements’ performance in 2016, on February 24, 2017, the Board of Directors granted 125,000 700,000 201,000 Weighted Average Grant Date Shares Fair Value Non-vested, January 1, 2017 53,335 $ 4.69 Granted 125,000 5.60 Vested (68,332) 5.24 Non-vested, December 31, 2017 110,003 $ 5.38 Warrants: Number of Shares Warrant Warrant To be Purchased Price per Share Expiration Date 101,600 $ 3.750 June 21, 2018 110,000 $ 3.125 September 30, 2018 48,960 $ 7.500 March 11, 2019 592,000 $ 4.500 March 11, 2019 30,000 $ 9.900 January 14, 2020 882,560 In connection with its March 11, 2014 offering, the Company issued warrants to purchase 816,000 592,000 4.50 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
NET LOSS PER SHARE [Abstract] | |
NET LOSS PER SHARE | 11. NET LOSS PER SHARE Basic earnings per share and diluted earnings per share for the years ended December 31, 2017, 2016 and 2015 have been computed by dividing the net loss attributable to common shareholders for each respective period by the weighted average number of shares outstanding during that period. All outstanding warrants and options and restricted stock awards representing approximately 4,571,000 5,433,000 |
RETIREMENT PLAN
RETIREMENT PLAN | 12 Months Ended |
Dec. 31, 2017 | |
RETIREMENT PLAN [Abstract] | |
RETIREMENT PLAN | 12. RETIREMENT PLAN In June 2014, the Company formed the CytoSorbents 401(k) Plan. The plan is a defined contribution plan as described in section 401(k) of the Internal Revenue Code (“IRC”) covering substantially all full-time employees. Employees are eligible to participate in the plan on the first day of the calendar quarter following three full months of employment. Participants may defer up to 100 41,700 35,900 26,400 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENT [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENT From January 1, 2018 through March 7, 2018, the Company sold 465,112 7.91 SM 3,568,000 7,159,000 Pursuant to a review of the compensation of the senior management of the Company and managements’ performance in 2017, on February 28, 2018, the Board of Directors granted 146,200 1,148,000 383,000 |
QUARTERLY FINANCIAL RESULTS (UN
QUARTERLY FINANCIAL RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL RESULTS (UNAUDITED) | 14. QUARTERLY FINANCIAL RESULTS (UNAUDITED): For the Quarters Ended March 31 June 30 September 30 December 31 2017: Total revenue $ 3,113,518 3,566,226 3,824,299 4,646,711 Gross margin 1,859,035 2,084,216 2,307,435 3,381,708 Loss from operations (1,557,478) (2,330,908) (2,149,045) (3,805,167) Net loss attributable to common stockholders (1,524,873) (2,070,359) (2,054,279) (3,147,019) Net loss per share, basic and diluted $ (0.06) (0.07) (0.07) (0.12) 2016: Total revenue $ 1,810,182 $ 2,222,338 $ 2,411,708 $ 3,083,615 Gross margin 990,683 1,349,072 1,447,827 1,786,536 Loss from operations (2,090,094) (2,687,371) (2,144,212) (4,570,448) Net income ( loss) attributable to common stockholders (1,854,596) (2,814,730) (2,188,119) (4,906,011) Net loss per share, basic and diluted (0.07) (0.11) (0.09) (0.19) 2015: Total revenue $ 723,074 $ 963,939 $ 1,343,625 $ 1,760,978 Gross margin 418,593 498,508 704,795 957,174 Loss from operations (2,711,629) (2,227,459) (2,150,296) (2,214,275) Net loss attributable to common stockholders (2,709,016) (2,162,514) (2,076,113) (2,529,385) Net loss per share, basic and diluted (0.11) (0.09) (0.08) (0.10) |
PRINCIPAL BUSINESS ACTIVITY A21
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Business | Nature of Business The Company is a leader in critical care immunotherapy using blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world. The Company, through its subsidiary CytoSorbents Medical Inc. (formerly known as CytoSorbents, Inc.), is engaged in the research, development and commercialization of medical devices with its blood purification technology platform which incorporates a proprietary adsorbent, porous polymer technology. The Company, through its European Subsidiary, Cytosorbents Europe GmbH, conducts sales and marketing related operations for the CytoSorb device. In March 2016, the Company formed CytoSorbents Switzerland GmbH, a wholly-owned subsidiary of CytoSorbents Europe GmbH. This subsidiary, which began operations during the second quarter of 2016, provides marketing and direct sales services in Switzerland. CytoSorb , The technology is based upon biocompatible, highly porous polymer sorbent beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface absorption. The Company has numerous products under development based upon this unique blood purification technology, which is protected by 15 2 |
Stock Market Listing | Stock Market Listing On December 17, 2014 the Company’s common stock was approved for listing on The Nasdaq Capital Market (“Nasdaq”), and it began trading on Nasdaq on December 23, 2014 under the symbol “CTSO”. Previously, the Company’s common stock traded in the over-the-counter-market on the OTC Bulletin Board. |
Basis of Consolidation and Foreign Currency Translation | Basis of Consolidation and Foreign Currency Translation The consolidated financial statements include the accounts of the Parent, CytoSorbents Corporation, and its wholly-owned subsidiaries, CytoSorbents Medical, Inc. and CytoSorbents Europe GmbH. In addition, the financial statements include CytoSorbents Switzerland GmbH, a wholly owned subsidiary of CytoSorbents Europe GmbH. All significant intercompany transactions and balances have been eliminated in consolidation. Translation gains and losses resulting from the process of remeasuring into the United States of America dollar, the foreign currency financial statements of the European subsidiary, for which the United States of America dollar is the functional currency, are included in operations. Foreign currency transaction gain (loss) included in net loss amounted to approximately $ 1,454,000 358,000 507,000 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. |
Grants and Accounts Receivable | Grants and Accounts Receivable Grants receivable represent amounts due from U.S. government agencies and are included in Grants and Accounts Receivable. Accounts receivable are unsecured, non-interest bearing customer obligations due under normal trade terms. The Company sells its devices to various hospitals and distributors. The Company performs ongoing credit evaluations of customers’ financial condition. Management reviews accounts receivable periodically to determine collectability. Balances that are determined to be uncollectible are written off to the allowance for doubtful accounts. The allowance for doubtful accounts contains both specific, where applicable, and general accruals for estimated bad debts which amounted to approximately $ 73,000 65,000 |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using a first-in first-out (“FIFO”) basis. At December 31, 2017 and December 31, 2016 the Company’s inventory was comprised of finished goods, which amounted to $ 151,872 307,483 528,039 467,663 115,746 58,830 |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation of property and equipment is provided for by the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lesser of their economic useful lives or the term of the related leases. Gains and losses on depreciable assets retired or sold are recognized in the statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred. |
Patents | Patents Legal costs incurred to establish patents are capitalized. When patents are issued, capitalized costs are amortized on the straight-line method over the related patent term. In the event a patent is abandoned, the net book value of the patent is written off. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets The Company assesses the impairment of patents and other long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. |
Revenue Recognition | Revenue Recognition Product Sales: Grant Revenue : |
Research and Development | Research and Development All research and development costs, payments to laboratories, research consultants and costs related to clinical trials and studies are expensed when incurred. |
Advertising Expenses | Advertising Expenses Advertising costs are charged to activities when incurred. Advertising expense amounted to approximately $ 162,000 173,000 282,000 |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method prescribed by accounting standards for accounting for income taxes. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax asset will not be realized. Under Section 382 of the Internal Revenue Code the net operating losses generated prior to the previously completed reverse merger may be limited due to the change in ownership. Additionally, net operating losses generated subsequent to the reverse merger may be limited in the event of changes in ownership. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35 21 The Company follows the accounting standards associated with uncertain tax provisions. The Company had no unrecognized tax benefits at December 31, 2017 or 2016. The Company files tax returns in the U.S. federal and state jurisdictions. The Company utilizes the Technology Business Tax Certificate Transfer Program to sell a portion of its New Jersey Net Operating Loss tax carryforwards to an industrial company. CytoSorbents Europe GmbH and CytoSorbents Switzerland GmbH files an annual corporate tax return, a VAT return and a trade tax return in Germany and Switzerland, respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Significant estimates in these financials are the valuation of options granted, the valuation of preferred shares issued as stock dividends, valuation methods used to determine the fair value of the warrant liability (in the event a re-measurement is required) and valuation methods used in determining any debt discount associated with the convertible securities. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions in an effort to minimize its collection risk of these balances. A significant portion of our revenues are from product sales in Germany. Substantially all of our grant and other income are from grant agencies in the United States. 2017 2016 2015 Product Sales: Germany $ 7,993,954 $ 4,985,049 $ 2,353,998 All other countries 5,387,899 3,220,987 1,689,821 Grant and other income: United States 1,768,901 1,321,807 735,863 Germany 11,934 Total Revenue $ 15,150,754 $ 9,527,843 $ 4,791,616 As of December 31, 2017, two distributors accounted for 28 22 48 10 11 14 |
Financial Instruments | Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other debt obligations approximate their fair values due to their short-term nature. |
Net Loss Per Common Share | Net Loss per Common Share Basic earnings per share is computed by dividing loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed using the treasury stock method on the basis of the weighted-average number of shares of common stock plus the dilutive effect of potential common shares outstanding during the period. Dilutive potential common shares include outstanding warrants, stock options and restricted shares. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings (See Note 11). |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation under the recognition requirements of accounting standards for accounting for stock-based compensation for employees and directors whereby each option granted is valued at fair market value on the date of grant. Under these accounting standards, the fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model. The Company also follows the guidance of accounting standards for accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services for equity instruments issued to consultants. |
Effects of Recent Accounting Pronouncements | Effects of Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue with Contracts from Customers.” ASU 2014-09 supersedes the current revenue recognition guidance, including industry-specific guidance. The ASU introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2014, the FASB issued ASU 2015-14 which deferred the effective date by one year. Accordingly, the updated guidance is effective for public entities for interim and annual periods beginning after December 15, 2017 and early adoption is permitted as of the beginning of an interim or annual reporting period beginning after December 31, 2016. In 2016, the FASB issued ASU’s 2016-08, 2016-10 and 2016-12, all of which relate to this same topic and have the same effective date. The Company has evaluated the impact of these ASU’s and has determined that the adoption of this updated guidance will result in the deferral of revenue for certain distributors and strategic partners due to volume pricing discounts in the contracts. Also, revenues will be deferred on certain grant contracts with government agencies in certain circumstances. The Company will also be required to capitalize costs incurred to obtain certain grant contracts and amortize these costs over the term of the related contract. Adoption of these ASU’s will require enhanced disclosures regarding contracts with customers including disaggregation of revenue, information about contract balances and performance obligations, significant judgments used in determining transaction price and assets recognized from costs to obtain a contract. These ASU’s were adopted effective January 1, 2018. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. ASU 2016-02 outlines reporting requirements for Lessees to recognize a right-of-use asset and corresponding liability on the balance sheet for all leases covering a period of greater than 12 months. The liability is to be measured as the present value of the future minimum lease payments, plus any initial direct costs. The minimum payments are discounted using the rate implicit in the lease, or, if not known, the lessee’s incremental borrowing rate. The updated guidance is effective for public entities for fiscal years beginning after December 31, 2018. The Company is evaluating the impact of the updated guidance and has determined that the adoption of ASU 2016-02 may impact certain financial statement disclosures, particularly with regard to leases of premises. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” The amendments in this Update relate to eight specific types of cash receipts and cash payments which current GAAP either is unclear or does not include specific guidance on the cash flow classification issues. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will adopt the provisions of this ASU for its fiscal year beginning January 1, 2018. The adoption of ASU 2016-15 is not expected to have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation Stock Compensation (Topic 718). The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1) public business entities for reporting periods for which financial statements have not yet been issued and (2) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company is evaluating the impact of the revised guidance and believes that this will not have a significant impact on its consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, “Earning Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815). Part I of this Update addresses the complexity of accounting for certain financial instruments with down round features. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company has elected to adopt the provisions of this ASU as of September 30, 2017 and has restated its current and comparative financial statements within this filing accordingly. (See Note 3). |
Shipping and Handling Costs | hipping and Handling Costs The cost of shipping product to customers and distributors is typically borne by the customer or distributor. The Company records shipping and handling costs in Cost of Revenue. Total freight costs amounted to approximately $ 257,000 167,000 145,000 |
PRINCIPAL BUSINESS ACTIVITY A22
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Geographic summary of revenues | The following table provides a geographic summary of revenues: 2017 2016 2015 Product Sales: Germany $ 7,993,954 $ 4,985,049 $ 2,353,998 All other countries 5,387,899 3,220,987 1,689,821 Grant and other income: United States 1,768,901 1,321,807 735,863 Germany 11,934 Total Revenue $ 15,150,754 $ 9,527,843 $ 4,791,616 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment - net, consists of the following: Depreciation/ Amortization December 31, 2017 2016 Period Furniture and fixtures $ 469,329 $ 264,793 7 years Equipment and computers 2,938,137 2,396,811 3 to 7 years Leasehold improvements 850,744 570,678 Lesser of term of lease or estimated useful life 4,258,210 3,232,282 Less accumulated depreciation and amortization 2,855,428 2,662,873 Property and Equipment, Net $ 1,402,782 $ 569,409 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
OTHER ASSETS [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: December 31, 2017 2016 Intangible assets, net $ 1,838,052 $ 1,191,101 Security deposits 123,133 104,910 Total $ 1,961,185 $ 1,296,011 |
Schedule of Intangible Assets | Intangible assets, which are included as a component of other assets, consist of the following: 2017 2016 Gross Accumulated Gross Accumulated December 31, Amount Amortization Net Amount Amortization Net Patents $ 2,081,222 243,170 1,838,052 $ 1,393,776 $ 202,675 $ 1,191,101 |
ACCRUED EXPENSES AND OTHER CU25
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: 2017 2016 Sales, payroll and income taxes payable $ 452,362 $ 96,159 Accrued royalties 334,335 183,047 Accrued accounts payable 322,404 44,876 Accrued salaries and commissions 723,966 700,917 Professional fees 300,351 249,945 Travel and entertainment 164,985 224,621 Clinical Studies 111,394 556,170 Interest 78,585 35,681 Congresses 72,291 Board of Director fees 28,500 23,250 Customer Deposits 14,747 $ 2,603,920 $ 2,114,666 |
LONG-TERM DEBT, NET (Tables)
LONG-TERM DEBT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following at December 31, 2017: Principal amount $ 10,000,000 Less unamortized debt acquisition costs (75,567) Plus accrued final fee 67,708 Subtotal 9,992,141 Less Current maturities 4,000,000 Long-term debt net of current maturities $ 5,992,141 |
Schedule of Principal payments of long-term debt | Principal payments of long-term debt are due as follows at December 31, 2107: 2018 $ 4,000,000 2019 4,000,000 2020 2,000,000 Total $ 10,000,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The Company's consolidated loss before income taxes for the years ended December 31, 2017, 2016 and 2015 is as follows: Year Ended December 31, 2017 2016 2015 Domestic $ (6,071,009) $ (9,300,042) $ (6,853,093) Foreign (3,066,529) (2,781,964) (2,948,541) Total $ (9,137,538) $ (12,082,006) $ (9,801,634) |
Schedule of Components of Income Tax Expense (Benefit) | The benefit from income taxes consists of the following: Year Ended December 31, 2017 2016 2015 State Tax, including sale of New Jersey losses & credits $ 676,739 $ 318,550 $ 324,606 Foreign tax provision $ 676,739 $ 318,550 $ 324,606 |
Schedule of Deferred Tax Assets and Liabilities | The principal components of the Company's deferred tax assets and liabilities are as follows: Year Ended December 31, 2017 2016 2015 Current and long term deferred tax assets: Net operating loss carry forward $ 12,517,356 $ 15,227,562 $ 13,041,156 Stock Options 479,033 498,287 486,726 Warrants 108,594 120,329 Research and development credit carryforward 1,096,308 1,121,722 1,113,151 Accruals and others 74,477 213,791 (12,065) Gross deferred tax assets 14,167,174 17,169,956 14,749,297 Less valuation allowance (14,147,354) (17,152,066) (14,746,091) 19,820 17,890 3,206 Deferred tax liability: Fixed Assets (19,820) (17,890) (3,206) Net deferred tax assets $ $ $ |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2017 2016 2015 Federal statutory rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit (2.6) (4.1) 3.1 Foreign rate differential (1.4) (1.0) (1.5) Permanent items (5.1) (8.4) 2.9 Rate change and true-up (62.7) (6.0) 5.1 Timing differences Change in valuation allowance 44.3 (13.7) (43.4) R&D credit 0.8 1.8 3.6 Effective income tax rate 7.3 % 2.6 % 3.8 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases | The aggregate minimum future payments under these leases are approximately as follows: Year ending December 31, 2018 $ 424,190 2019 226,720 2020 85,670 2021 57,113 Total $ 793,693 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Schedule Of Share Based Compensation Stock Options Activity | The summary of the stock option activity for the years ended December 31, 2017, 2016 and 2015 is as follows: Weighted Weighted Average Average Remaining Exercise Contractual Shares per Share Life (Years) Outstanding January 1, 2015 2,302,187 $ 5.37 6.1 Granted 681,000 $ 7.88 - Forfeited (166,287) $ 5.19 - Expired - $ - - Exercised (339,621) $ 1.74 3.2 Outstanding, December 31, 2015 2,477,279 $ 6.56 6.2 Granted 1,044,219 $ 4.68 - Forfeited (695,770) $ 7.12 - Expired (27,351) $ 114.33 - Exercised (36,200) $ 3.26 2.5 Outstanding, December 31, 2016 2,762,177 $ 4.69 6.0 Granted 1,204,950 $ 5.46 9.2 Forfeited (165,720) $ 5.50 - Expired (34,020) $ 34.61 - Exercised (188,849) $ 4.40 - Outstanding, December 31, 2017 3,578,538 $ 4.64 6.3 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options Outstanding Number Weighted Weighted Range of Outstanding at Average Average Aggregate Exercise December 31, Exercise Remaining Intrinsic Price 2017 Price Life (Years) Value $0.88 - $11.48 3,578,538 $ 4.64 6.3 $ 6,827,905 Options Exercisable Number Weighted Exercisable at Average Aggregate December 31, Exercise Intrinsic 2017 Price Value 2,507,579 $ 4.30 $ 5,701,744 |
Schedule Of Nonvested Share Activity | The summary of the status of the Company’s non-vested options for the year ended December 31, 2017 is as follows: Weighted Average Grant Date Shares Fair Value Non-vested, January 1, 2017 912,547 $ 2.55 Granted 1,204,950 0.64 Forfeited (144,980) 0.03 Vested (901,558) 2.38 Non-vested, December 31, 2017 1,070,959 $ 0.70 |
Schedule Of Restricted Stock Unit Activity | The following table outlines the restricted stock unit activity for the year ended December 31, 2017: Weighted Average Grant Date Shares Fair Value Non-vested, January 1, 2017 53,335 $ 4.69 Granted 125,000 5.60 Vested (68,332) 5.24 Non-vested, December 31, 2017 110,003 $ 5.38 |
Schedule Of Stockholders Equity Note Warrants and Common Stock Activity | As of December 31, 2017, the Company has the following warrants to purchase common stock outstanding: Number of Shares Warrant Warrant To be Purchased Price per Share Expiration Date 101,600 $ 3.750 June 21, 2018 110,000 $ 3.125 September 30, 2018 48,960 $ 7.500 March 11, 2019 592,000 $ 4.500 March 11, 2019 30,000 $ 9.900 January 14, 2020 882,560 |
QUARTERLY FINANCIAL RESULTS (30
QUARTERLY FINANCIAL RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Income Statement | Summarized quarterly data for 2017, 2016 and 2015 are as follows: For the Quarters Ended March 31 June 30 September 30 December 31 2017: Total revenue $ 3,113,518 3,566,226 3,824,299 4,646,711 Gross margin 1,859,035 2,084,216 2,307,435 3,381,708 Loss from operations (1,557,478) (2,330,908) (2,149,045) (3,805,167) Net loss attributable to common stockholders (1,524,873) (2,070,359) (2,054,279) (3,147,019) Net loss per share, basic and diluted $ (0.06) (0.07) (0.07) (0.12) 2016: Total revenue $ 1,810,182 $ 2,222,338 $ 2,411,708 $ 3,083,615 Gross margin 990,683 1,349,072 1,447,827 1,786,536 Loss from operations (2,090,094) (2,687,371) (2,144,212) (4,570,448) Net income ( loss) attributable to common stockholders (1,854,596) (2,814,730) (2,188,119) (4,906,011) Net loss per share, basic and diluted (0.07) (0.11) (0.09) (0.19) 2015: Total revenue $ 723,074 $ 963,939 $ 1,343,625 $ 1,760,978 Gross margin 418,593 498,508 704,795 957,174 Loss from operations (2,711,629) (2,227,459) (2,150,296) (2,214,275) Net loss attributable to common stockholders (2,709,016) (2,162,514) (2,076,113) (2,529,385) Net loss per share, basic and diluted (0.11) (0.09) (0.08) (0.10) |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
BASIS OF PRESENTATION [Line Items] | |||
Accumulated deficit | $ (152,312,636) | $ (143,516,106) | |
Net income (loss) | $ (8,460,799) | $ (11,763,456) | $ (9,477,028) |
PRINCIPAL BUSINESS ACTIVITY A32
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Sales: | |||||||||||||||
Sales Revenue, Goods, Net | $ (13,381,853) | $ (8,206,036) | $ (4,043,819) | ||||||||||||
Grant and other income: | |||||||||||||||
Other Revenue, Net | 0 | 0 | 11,934 | ||||||||||||
Total Revenue | $ 4,646,711 | $ 3,824,299 | $ 3,566,226 | $ 3,113,518 | $ 3,083,615 | $ 2,411,708 | $ 2,222,338 | $ 1,810,182 | $ 1,760,978 | $ 1,343,625 | $ 963,939 | $ 723,074 | 15,150,754 | 9,527,843 | 4,791,616 |
United States [Member] | |||||||||||||||
Grant and other income: | |||||||||||||||
Other Revenue, Net | 1,768,901 | 1,321,807 | 735,863 | ||||||||||||
Germany [Member] | |||||||||||||||
Product Sales: | |||||||||||||||
Sales Revenue, Goods, Net | 7,993,954 | 4,985,049 | 2,353,998 | ||||||||||||
Grant and other income: | |||||||||||||||
Other Revenue, Net | 0 | 0 | 11,934 | ||||||||||||
All other countries [Member] | |||||||||||||||
Product Sales: | |||||||||||||||
Sales Revenue, Goods, Net | $ 5,387,899 | $ 3,220,987 | $ 1,689,821 |
PRINCIPAL BUSINESS ACTIVITY A33
PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Number of patents issued | 15 | |||
Number of patents allowed | 2 | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 1,454,136 | $ (358,077) | $ (507,276) | |
Allowance For Doubtful Accounts Receivable | 72,698 | 65,414 | ||
Inventory, Finished Goods, Gross | 151,872 | 307,483 | ||
Inventory, Work in Process, Gross | 528,039 | 467,663 | ||
Inventory, Raw Materials, Gross | 115,746 | 58,830 | ||
Advertising Expense | 162,000 | 173,000 | 282,000 | |
Freight Costs | 257,000 | 167,000 | $ 145,000 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | 34.00% | 34.00% | |
Scenario, Plan [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |||
Accounts Receivable [Member] | Distributor and United States Government Agency [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 28.00% | |||
United States Government Agency [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 22.00% | |||
United States Government Agency [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 11.00% | ||
Distributor [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 14.00% | |||
One Direct Customer [Member] | Sales Revenue, Net [Member] | Credit Concentration Risk [Member] | ||||
Principal Business Activity and Summary of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 48.00% |
ADOPTION OF NEW ACCOUNTING ST34
ADOPTION OF NEW ACCOUNTING STANDARD AND ADJUSTMENT (Details Textual) - USD ($) | Mar. 11, 2014 | Jan. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Warrant Liability | $ 862,920 | $ 2,981,418 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 816,000 | 816,000 | |||
Share Price | $ 4.50 | $ 6.50 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.50 | $ 4.50 | |||
Preferred Stock Dividends and Other Adjustments | $ 335,731 | $ 0 | $ 0 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net IncomeLoss | $ (175,418) | $ 1,345,290 | |||
Retained Earnings [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2,118,498 | ||||
Additional Paid-in Capital [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 862,920 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 4,258,210 | $ 3,232,282 |
Less accumulated depreciation and amortization | $ 2,855,428 | 2,662,873 |
Property Plant And Equipment Useful Life Description | Lesser of term of lease or estimated useful life | |
Property and Equipment, Net | $ 1,402,782 | 569,409 |
Equipment and computers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 2,938,137 | 2,396,811 |
Equipment and computers [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment and computers [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 469,329 | 264,793 |
Property, Plant and Equipment, Useful Life | 7 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 850,744 | $ 570,678 |
PROPERTY AND EQUIPMENT, NET (36
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 177,776 | $ 126,112 | $ 87,396 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Line Items] | ||
Intangible assets, net | $ 1,838,052 | $ 1,191,101 |
Security deposits | 123,133 | 104,910 |
Total | $ 1,961,185 | $ 1,296,011 |
OTHER ASSETS (Details 1)
OTHER ASSETS (Details 1) - Patents [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 2,081,222 | $ 1,393,776 |
Accumulated Amortization | 243,170 | 202,675 |
Net | $ 1,838,052 | $ 1,191,101 |
OTHER ASSETS (Details Textual)
OTHER ASSETS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Line Items] | |||
2,018 | $ 43,400 | ||
2,019 | 43,400 | ||
2,020 | 42,500 | ||
2,021 | 40,890 | ||
2,022 | 37,600 | ||
Amortization expense | $ 40,495 | $ 35,501 | $ 25,573 |
ACCRUED EXPENSES AND OTHER CU40
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Sales, payroll and income taxes payable | $ 452,362 | $ 96,159 |
Accrued royalties | 334,335 | 183,047 |
Accrued accounts payable | 322,404 | 44,876 |
Accrued salaries and commissions | 723,966 | 700,917 |
Professional fees | 300,351 | 249,945 |
Travel and entertainment | 164,985 | 224,621 |
Clinical Studies | 111,394 | 556,170 |
Interest | 78,585 | 35,681 |
Congresses | 72,291 | 0 |
Board of Director fees | 28,500 | 23,250 |
Customer Deposits | 14,747 | 0 |
Accrued Expenses And Other Current Liabilities | $ 2,603,920 | $ 2,114,666 |
LONG-TERM DEBT, NET (Details)
LONG-TERM DEBT, NET (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Principal amount | $ 10,000,000 | |
Less unamortized debt acquisition costs | (75,567) | |
Plus accrued final fee | 67,708 | |
Subtotal | 9,992,141 | |
Less Current maturities | 4,000,000 | $ 833,333 |
Long-term debt net of current maturities | $ 5,992,141 | $ 4,078,314 |
LONG-TERM DEBT, NET (Details 1)
LONG-TERM DEBT, NET (Details 1) | Dec. 31, 2017USD ($) |
2,018 | $ 4,000,000 |
2,019 | 4,000,000 |
2,020 | 2,000,000 |
Total | $ 10,000,000 |
LONG-TERM DEBT, NET (Details Te
LONG-TERM DEBT, NET (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Mar. 11, 2014 | |
Debt Issuance Costs, Net | $ 75,567 | |||||
Share Price | $ 6.50 | $ 4.50 | ||||
Term Loan Interest Libro Rate Adjusted Monthly | 7.75% | |||||
Payments of Debt Issuance Costs | $ 1,560 | $ 118,833 | $ 0 | |||
Projected Revenue percentage | 75.00% | |||||
Term A Loan [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.00% | |||||
Non-Refundable Closing Fee [Member] | ||||||
Interest Expense, Debt | 29,971 | 14,855 | ||||
Non-Refundable Final Fee [Member] | ||||||
Interest Expense, Debt | $ 52,083 | $ 15,625 | ||||
Western Alliance Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.12% | |||||
Debt Issuance Costs, Net | $ 120,393 | |||||
Percentage Of Success fee | 6.37% | |||||
Share Price | $ 8 | |||||
Western Alliance Bank [Member] | First Anniversary [Member] | ||||||
Percentage Of Prepayment Interest | 2.00% | |||||
Western Alliance Bank [Member] | Second Anniversary [Member] | ||||||
Percentage Of Prepayment Interest | 1.50% | |||||
Western Alliance Bank [Member] | Third Anniversary [Member] | ||||||
Percentage Of Prepayment Interest | 1.00% | |||||
Western Alliance Bank [Member] | Closing Fee [Member] | ||||||
Debt Issuance Costs, Net | $ 50,000 | |||||
Western Alliance Bank [Member] | Bank related Expenses [Member] | ||||||
Debt Issuance Costs, Net | 24,000 | |||||
Western Alliance Bank [Member] | Legal Expenses [Member] | ||||||
Debt Issuance Costs, Net | 44,833 | |||||
Western Alliance Bank [Member] | Term A Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||
Western Alliance Bank [Member] | Term B Loan [Member] | First Anniversary [Member] | ||||||
Debt Instrument, Periodic Payment | $ 333,333 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic | $ (6,071,009) | $ (9,300,042) | $ (6,853,093) |
Foreign | (3,066,529) | (2,781,964) | (2,948,541) |
Total | $ (9,137,538) | $ (12,082,006) | $ (9,801,634) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
State Tax, including sale of New Jersey losses & credits | $ 676,739 | $ 318,550 | $ 324,606 |
Foreign tax provision | 0 | 0 | 0 |
Income Tax Expenase (Benefit), Total | $ 676,739 | $ 318,550 | $ 324,606 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current and long term deferred tax assets: | |||
Net operating loss carryforward | $ 12,517,356 | $ 15,227,562 | $ 13,041,156 |
Research and development credit carryforward | 1,096,308 | 1,121,722 | 1,113,151 |
Accruals and others | 74,477 | 213,791 | (12,065) |
Gross deferred tax assets | 14,167,174 | 17,169,956 | 14,749,297 |
Less valuation allowance | (14,147,354) | (17,152,066) | (14,746,091) |
Deferred Tax Assets, Net of Valuation Allowance | 19,820 | 17,890 | 3,206 |
Deferred tax liability: | |||
Fixed Assets | (19,820) | (17,890) | (3,206) |
Net deferred tax assets | 0 | 0 | 0 |
Stock Options [Member] | |||
Current and long term deferred tax assets: | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 479,033 | 498,287 | 486,726 |
Warrants [Member] | |||
Current and long term deferred tax assets: | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $ 0 | $ 108,594 | $ 120,329 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Holiday [Line Items] | |||
Federal statutory rate | 34.00% | 34.00% | 34.00% |
State taxes, net of federal benefit | (2.60%) | (4.10%) | 3.10% |
Foreign rate differential | (1.40%) | (1.00%) | (1.50%) |
Permanent items | (5.10%) | (8.40%) | 2.90% |
Rate change and true-up | (62.70%) | (6.00%) | 5.10% |
Timing differences | 0.00% | 0.00% | 0.00% |
Change in valuation allowance | 44.30% | (13.70%) | (43.40%) |
R&D credit | 0.80% | 1.80% | 3.60% |
Effective income tax rate | 7.30% | 2.60% | 3.80% |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Proceeds from the sale of prior unused net operating loss carryovers | $ 676,739 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (3,004,712) | $ 2,405,975 | $ 3,673,088 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | 34.00% | 34.00% | |
Scenario, Plan [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | $ 41,010,000 | |||
Tax Credit Carryforward, Amount | 1,096,000 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | 4,746,000 | |||
Tax Credit Carryforward, Amount | 60,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | $ 11,977,000 |
COMMITMENTS AND CONTINGENCIES49
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2017USD ($) |
Product Liability Contingency [Line Items] | |
2,018 | $ 424,190 |
2,019 | 226,720 |
2,020 | 85,670 |
2,021 | 57,113 |
Total | $ 793,693 |
COMMITMENTS AND CONTINGENCIES50
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Aug. 11, 2003 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Line Items] | ||||
Term of License Agreement | 18 years | |||
Rent expenses | $ 676,000 | $ 473,000 | $ 411,000 | |
Royalty Agreements [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Future royalty payment percentage on gross revenue | 3.00% | |||
Royalty cost | $ 393,000 | 243,000 | 118,000 | |
Equity investment by an existing investor | $ 4,000,000 | |||
License Agreement [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Royalty rate, lower limit | 2.50% | |||
Royalty rate, upper limit | 5.00% | |||
Royalty cost | $ 655,000 | $ 324,000 | $ 158,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | ||||
Outstanding | 2,762,177 | 2,477,279 | 2,302,187 | |
Granted | 1,204,950 | 1,044,219 | 681,000 | |
Forfeited | (165,720) | (695,770) | (166,287) | |
Expired | (34,020) | (27,351) | 0 | |
Exercised | (188,849) | (36,200) | (339,621) | |
Outstanding | 3,578,538 | 2,762,177 | 2,477,279 | 2,302,187 |
Weighted Average Exercise Price per Share | ||||
Outstanding | $ 4.69 | $ 6.56 | $ 5.37 | |
Granted | 5.46 | 4.68 | 7.88 | |
Forfeited | 5.5 | 7.12 | 5.19 | |
Expired | 34.61 | 114.33 | 0 | |
Exercised | 4.40 | 3.26 | 1.74 | |
Outstanding | $ 4.64 | $ 4.69 | $ 6.56 | $ 5.37 |
Weighted Average Remaining Contractual Life (Years) | ||||
Outstanding | 6 years 3 months 18 days | 6 years | 6 years 2 months 12 days | 6 years 1 month 6 days |
Granted | 9 years 2 months 12 days | 0 years | 0 years | |
Forfeited | 0 years | 0 years | 0 years | |
Expired | 0 years | 0 years | 0 years | |
Exercised | 0 years | 2 years 6 months | 3 years 2 months 12 days |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Options Exercisable | |
Number Exercisable at December 31, 2017 | shares | 2,507,579 |
Weighted Average Exercise Price | $ 4.3 |
Aggregate Intrinsic Value | $ | $ 5,701,744 |
$0.88 - $11.48 | |
Options Outstanding | |
Range of Exercise Price, Lower Range Limit | $ 0.88 |
Range of Exercise Price, Upper Range Limit | $ 11.48 |
Number Outstanding at December 31, 2017 | shares | 3,578,538 |
Weighted Average Exercise Price | $ 4.64 |
Weighted Average Remaining Life (Years) | 6 years 3 months 18 days |
Aggregate Intrinsic Value | $ | $ 6,827,905 |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | |||
Non-vested, January 1, 2017 | 912,547 | ||
Granted | 1,204,950 | 1,044,219 | 681,000 |
Forfeited | (144,980) | ||
Vested | (901,558) | ||
Non-vested, December 31, 2017 | 1,070,959 | 912,547 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, January 1, 2017 | $ 2.55 | ||
Granted | 0.64 | ||
Forfeited | 0.03 | ||
Vested | 2.38 | ||
Non-vested, December 31, 2017 | $ 0.7 | $ 2.55 |
STOCKHOLDERS' EQUITY (Details 3
STOCKHOLDERS' EQUITY (Details 3) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Shares | |
Non-vested, January 1, 2017 | shares | 53,335 |
Granted | shares | 125,000 |
Vested | shares | (68,332) |
Non-vested, December 31, 2017 | shares | 110,003 |
Weighted Average Grant Date Fair Value | |
Non-vested, January 1, 2017 | $ / shares | $ 4.69 |
Granted | $ / shares | 5.6 |
Vested | $ / shares | 5.24 |
Non-vested, December 31, 2017 | $ / shares | $ 5.38 |
STOCKHOLDERS' EQUITY (Details 4
STOCKHOLDERS' EQUITY (Details 4) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Mar. 11, 2014 | |
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 882,560 | |
Warrant Exercise Price per Share | $ 4.50 | $ 4.50 |
Warrant 1 | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 101,600 | |
Warrant Exercise Price per Share | $ 3.750 | |
Warrant Expiration Date | Jun. 21, 2018 | |
Warrant 2 | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 110,000 | |
Warrant Exercise Price per Share | $ 3.125 | |
Warrant Expiration Date | Sep. 30, 2018 | |
Warrant 3 | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 48,960 | |
Warrant Exercise Price per Share | $ 7.500 | |
Warrant Expiration Date | Mar. 11, 2019 | |
Warrant 4 | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 592,000 | |
Warrant Exercise Price per Share | $ 4.500 | |
Warrant Expiration Date | Mar. 11, 2019 | |
Warrant 5 | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares To be Purchased | 30,000 | |
Warrant Exercise Price per Share | $ 9.900 | |
Warrant Expiration Date | Jan. 14, 2020 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Apr. 05, 2017 | Jun. 07, 2016 | Nov. 04, 2015 | Jan. 14, 2015 | Apr. 30, 2017 | Feb. 28, 2017 | Feb. 24, 2017 | Jun. 30, 2016 | Apr. 30, 2015 | Mar. 07, 2018 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 15, 2018 | Jan. 30, 2017 | Jul. 29, 2015 | Dec. 31, 2014 | Mar. 11, 2014 |
Stockholders Equity [Line Items] | |||||||||||||||||||
Share Price | $ 6.50 | $ 4.50 | |||||||||||||||||
Stock Issued During Period Shares New Issues | 28,880 | 550,000 | |||||||||||||||||
Stock Issued During Period Value New Issues | $ 13,679,730 | $ 9,524,083 | |||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 10,300,000 | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 816,000 | 816,000 | |||||||||||||||||
Aggregate registered amount for offerings | $ 100,000,000 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number | 2,477,279 | 3,578,538 | 2,762,177 | 2,477,279 | 2,302,187 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 3,314,000 | $ 2,757,000 | $ 382,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.24% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.21% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-vested in Period, Fair Value | $ 2,437,000 | $ 3,284,000 | $ 1,388,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 411,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 900,100 | 953,200 | 566,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 207,608 | 125,059 | |||||||||||||||||
Class Of Warrant Or Right, Outstanding | 882,560 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.50 | $ 4.50 | |||||||||||||||||
Share Based Compensation, Option Vested And Expected To Vest | 72,400 | 716,480 | |||||||||||||||||
Preferred Stock Dividends and Other Adjustments | $ 335,731 | 0 | 0 | ||||||||||||||||
Shelf Registration [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 10,000,000 | ||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 1,500,000 | ||||||||||||||||||
AOCI Attributable to Parent [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Value New Issues | 0 | 0 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | 0 | $ 0 | |||||||||||||||||
AOCI Attributable to Parent [Member] | Over-Allotment Option [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares New Issues | 333,333 | ||||||||||||||||||
Common Stock Including Additional Paid in Capital [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Value New Issues | $ 11,500,000 | ||||||||||||||||||
Common Stock Including Additional Paid in Capital [Member] | Shelf Registration [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares New Issues | 2,222,222 | ||||||||||||||||||
Shares Issued, Price Per Share | $ 4.50 | ||||||||||||||||||
Warrant [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Class Of Warrant Or Right, Outstanding | 592,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 201,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,668,500 | 1,539,000 | 110,003 | 53,335 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 80,000 | 125,000 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 375,200 | $ 700,000 | |||||||||||||||||
Director [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 725,200 | 240,000 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,936,000 | ||||||||||||||||||
Employee [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | 960,000 | ||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 129,500 | 414,000 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,941,660 | $ 7,747,200 | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 75,000 | ||||||||||||||||||
Research and Development Expense [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 829,000 | $ 2,046,000 | 126,000 | ||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 2,485,000 | 1,921,000 | $ 256,000 | ||||||||||||||||
2014 Stock Option Plan [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,400,000 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number | 1,957,000 | ||||||||||||||||||
2006 Stock Option Plan [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,400,000 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number | 1,622,000 | ||||||||||||||||||
January 14, 2015 Public Offering [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share Price | $ 8.25 | ||||||||||||||||||
Stock Issued During Period Shares New Issues | 1,250,000 | ||||||||||||||||||
Stock Issued During Period Value New Issues | $ 10,312,500 | ||||||||||||||||||
Proceeds From Issuance Of Common Stock | 9,409,000 | ||||||||||||||||||
Out-of-pocket expenses | $ 85,000 | ||||||||||||||||||
January 14, 2015 Public Offering [Member] | Warrant [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Underwriters Discounts and Commissions as Percentage of Gross Proceeds of Shares Sold | 6.00% | ||||||||||||||||||
Exercise price as percentage of public offering price | 120.00% | ||||||||||||||||||
November 4, 2015 Equity Offering [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Value New Issues | $ 225,000 | $ 3,367,000 | |||||||||||||||||
Sale of Stock, Price Per Share | $ 6.31 | ||||||||||||||||||
Cantor Fitzgerald and Co. [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Commission Rate As Percentage Of Aggregate Gross Proceeds | 3.00% | ||||||||||||||||||
Maximum Amount To Be Reimbursed For Expenses In Connection With Agreement | $ 50,000 | ||||||||||||||||||
Aggregate Offering Price Maximum | $ 25,000,000 | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.80% | ||||||||||||||||||
Stock or Unit Option Plan Expense | $ 2,791,000 | 1,940,000 | |||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 64.30% | ||||||||||||||||||
Stock or Unit Option Plan Expense | $ 241,000 | ||||||||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 108,000 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | ||||||||||||||||||
Exercise Price Ranging From 3.67 to 5.63 [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||||||
Exercise Price Ranging From 3.67 to 5.63 [Member] | Maximum [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 6.90 | ||||||||||||||||||
Exercise Price Ranging From 3.67 to 5.63 [Member] | Minimum [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 3.45 | ||||||||||||||||||
Representatives' Warrants [Member] | January 14, 2015 Public Offering [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 30,000 | ||||||||||||||||||
Fair value of warrants | $ 30,000 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares New Issues | 465,112 | ||||||||||||||||||
Stock Issued During Period Value New Issues | $ 3,568,000 | ||||||||||||||||||
Sale of Stock, Price Per Share | $ 7.91 | ||||||||||||||||||
Share Based Compensation, Option Vested And Expected To Vest | 810,220 | ||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,043,992 | ||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 7,159,000 | ||||||||||||||||||
Subsequent Event [Member] | November 4, 2015 Equity Offering [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Sale of Stock, Price Per Share | $ 7.07 |
NET LOSS PER SHARE (Details Tex
NET LOSS PER SHARE (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options and Warrants [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 4,571,000 | 5,433,000 | 3,592,000 |
RETIREMENT PLAN (Details Textua
RETIREMENT PLAN (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 20.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |||
Defined Contribution Plan, Cost Recognized | $ 41,700 | $ 35,900 | $ 26,400 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Mar. 07, 2018 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | ||||||
Stock Issued During Period Value New Issues | $ 13,679,730 | $ 9,524,083 | ||||
Stock Issued During Period Shares New Issues | 28,880 | 550,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 207,608 | $ 125,059 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period Value New Issues | $ 3,568,000 | |||||
Stock Issued During Period Shares New Issues | 465,112 | |||||
Sale of Stock, Consideration Received on Transaction | $ 7,159,000 | |||||
Sale of Stock, Price Per Share | $ 7.91 | |||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 146,200 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,148,000 |
QUARTERLY FINANCIAL RESULTS (60
QUARTERLY FINANCIAL RESULTS (UNAUDITED) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Total revenue | $ 4,646,711 | $ 3,824,299 | $ 3,566,226 | $ 3,113,518 | $ 3,083,615 | $ 2,411,708 | $ 2,222,338 | $ 1,810,182 | $ 1,760,978 | $ 1,343,625 | $ 963,939 | $ 723,074 | $ 15,150,754 | $ 9,527,843 | $ 4,791,616 |
Gross margin | 3,381,708 | 2,307,435 | 2,084,216 | 1,859,035 | 1,786,536 | 1,447,827 | 1,349,072 | 990,683 | 957,174 | 704,795 | 498,508 | 418,593 | 9,632,394 | 5,574,118 | 2,579,070 |
Loss from operations | (3,805,167) | (2,149,045) | (2,330,908) | (1,557,478) | (4,570,448) | (2,144,212) | (2,687,371) | (2,090,094) | (2,214,275) | (2,150,296) | (2,227,459) | (2,711,629) | (9,842,598) | (11,492,125) | (9,303,659) |
Net income (loss) attributable to common stockholders | $ (3,147,019) | $ (2,054,279) | $ (2,070,359) | $ (1,524,873) | $ (4,906,011) | $ (2,188,119) | $ (2,814,730) | $ (1,854,596) | $ (2,529,385) | $ (2,076,113) | $ (2,162,514) | $ (2,709,016) | $ (8,796,530) | $ (11,763,456) | $ (9,477,028) |
Net loss per share, basic and diluted | $ (0.12) | $ (0.07) | $ (0.07) | $ (0.06) | $ (0.19) | $ (0.09) | $ (0.11) | $ (0.07) | $ (0.10) | $ (0.08) | $ (0.09) | $ (0.11) | $ (0.32) | $ (0.46) | $ (0.38) |