UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2003 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 0-21134 |
Paligent Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-2893483 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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369 Lexington Avenue, New York, New York |
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10017 |
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(Address of principal executive offices) |
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(zip code) |
(212) 453-3111
(Registrant’s telephone number, including area code)
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
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Outstanding as of May 9, 2003 |
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Common Stock, $0.01 par value |
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32,490,948 |
PALIGENT INC.
INDEX
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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Condensed
Consolidated Balance Sheets |
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Notes to Condensed Consolidated Financial Statements (unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Exhibit 99.1 – Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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2
PALIGENT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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March 31, 2003 |
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December 31, 2002 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
23,243 |
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$ |
153,046 |
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Prepaid expenses and other current assets |
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26,083 |
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94 |
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Total current assets |
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49,326 |
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153,140 |
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Property and equipment, net |
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67,137 |
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75,789 |
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Security deposits |
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77,582 |
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77,582 |
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Other assets |
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32,687 |
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33,669 |
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Total assets |
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$ |
226,732 |
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$ |
340,180 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Current liabilities: |
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Accounts payable |
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$ |
148,553 |
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$ |
95,061 |
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Due to related party |
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30,000 |
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— |
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Accrued compensation |
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6,410 |
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10,037 |
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Accrued professional services |
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60,000 |
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75,000 |
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Current portion of capital lease obligations |
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19,834 |
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20,383 |
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Total current liabilities |
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264,797 |
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200,481 |
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Deferred rent |
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30,818 |
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32,342 |
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Security deposits |
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20,000 |
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20,000 |
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Capital lease obligations |
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14,905 |
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20,545 |
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Stockholders’ equity (deficit): |
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Common stock, $.01 par value; 75,000,000 shares authorized; 32,490,948 shares issued and outstanding at March 31, 2003 and December 31, 2002 |
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324,910 |
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324,910 |
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Additional paid-in capital |
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154,634,974 |
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154,634,974 |
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Accumulated deficit |
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(155,063,672 |
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(154,893,072 |
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Total stockholders’ equity (deficit) |
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(103,788 |
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66,812 |
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Total liabilities and stockholders’ equity (deficit) |
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$ |
226,732 |
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$ |
340,180 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
3
PALIGENT INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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Three months ended March 31, |
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2003 |
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2002 |
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Revenue: |
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Interest income |
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$ |
113 |
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$ |
3,811 |
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Costs and expenses: |
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General and administrative |
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170,713 |
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272,975 |
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Net loss |
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$ |
(170,600 |
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(269,164 |
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Basic and diluted net loss per common share |
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$ |
(0.01 |
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(0.01 |
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Weighted average number of common shares outstanding - basic and diluted |
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32,490,948 |
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32,490,948 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
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