SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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Quarterly Report Pursuant to Section 13 or
15(d) of the |
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For the quarterly period ended June 30, 2002 |
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Or |
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Transition Report Pursuant to Section 13 or
15(d) of the |
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For the transition period from to .
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Commission file number 0-13093
I.R.S. Employer Identification Number 36-3131704
HYPERFEED TECHNOLOGIES, INC.
(a Delaware Corporation)
300 S. Wacker, Suite 300
Chicago, Illinois 60606
Telephone (312) 913-2800
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 23,964,393 shares of the Company’s common stock ($.001 par value) were outstanding as of July 31, 2002.
HYPERFEED TECHNOLOGIES, INC.
INDEX
2
HYPERFEED TECHNOLOGIES, INC.
June 30, 2002 and December 31, 2001
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June 30, 2002 |
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December 31, 2001 |
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(Unaudited) |
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(Audited) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
689,000 |
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$ |
607,263 |
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Restricted cash equivalents |
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250,000 |
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250,000 |
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Accounts receivable, less allowance for doubtful accounts of: 2002: $310,830; 2001: $413,554 |
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958,041 |
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1,310,936 |
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Note receivable |
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99,142 |
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100,000 |
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Prepaid license fees |
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490,000 |
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1,330,000 |
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Prepaid expenses and other current assets |
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424,694 |
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312,106 |
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TOTAL CURRENT ASSETS |
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2,910,877 |
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3,910,305 |
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Property and equipment |
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Satellite receiving equipment |
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89,417 |
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89,417 |
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Computer equipment |
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3,088,592 |
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3,214,129 |
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Communication equipment |
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1,459,217 |
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1,631,960 |
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Furniture and fixtures |
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394,016 |
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430,996 |
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Leasehold improvements |
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972,481 |
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962,288 |
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6,003,723 |
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6,328,790 |
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Less: Accumulated depreciation and amortization |
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3,474,161 |
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3,306,865 |
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2,529,562 |
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3,021,925 |
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Goodwill and other intangible assets, net of accumulated amortization of: 2002: $552,095; 2001: $327,895 |
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1,007,002 |
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1,243,614 |
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Software development costs, net of accumulated amortization of: 2002: $2,515,051; 2001: $7,199,318 |
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2,081,749 |
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2,069,975 |
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Deposits and other assets |
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129,288 |
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128,936 |
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TOTAL ASSETS |
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$ |
8,658,478 |
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$ |
10,374,755 |
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See Notes to Unaudited Interim Consolidated Financial Statements.
3
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June 30,2002 |
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December 31, 2001 |
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(Unaudited) |
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(Audited) |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities |
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Notes payable |
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$ |
— |
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$ |
250,000 |
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Accrued satellite termination fees |
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75,000 |
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225,000 |
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Accounts payable |
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959,705 |
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1,070,163 |
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Accrued expenses |
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475,731 |
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340,286 |
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Accrued compensation |
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218,252 |
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240,297 |
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Income taxes payable |
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— |
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5,000 |
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Unearned revenue |
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1,082,363 |
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1,565,446 |
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TOTAL CURRENT LIABILITIES |
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2,811,051 |
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3,696,192 |
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Accrued expenses, less current portion |
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73,368 |
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35,435 |
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Unearned revenue, less current portion |
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54,134 |
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72,178 |
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TOTAL NONCURRENT LIABILITIES |
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127,502 |
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107,613 |
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TOTAL LIABILITIES |
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2,938,553 |
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3,803,805 |
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Stockholders’ Equity |
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Common stock, $.001 par value; authorized 50,000,000 shares; issued and outstanding 23,964,393 shares at June 30, 2002 and 23,849,605 shares at December 31, 2001 |
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23,964 |
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23,850 |
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Additional paid-in capital |
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44,225,195 |
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44,179,600 |
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Accumulated deficit |
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(38,529,234 |
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(37,632,500 |
) |
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TOTAL STOCKHOLDERS’ EQUITY |
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