UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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ý Quarterly Report Pursuant to Section 13 or
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For the quarterly period ended September 30, 2003 |
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OR |
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o Transition Report Pursuant to Section 13 or
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For the transition period from to |
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Commission file number 0-13093 |
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HYPERFEED TECHNOLOGIES, INC. |
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(Exact Name of Registrant as Specified in its Charter) |
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Delaware |
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36-3131704 |
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(State or Other Jurisdiction |
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(I.R.S. Employer Identification No.) |
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300 S. Wacker Drive, Suite 300 |
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60606 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(312) 913-2800 |
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(Registrant’s telephone number, |
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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 by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý.
As of November 13, 2003, the registrant had 3,047,835 shares of $.001 par value common stock outstanding.
HYPERFEED TECHNOLOGIES, INC.
INDEX
2
HYPERFEED TECHNOLOGIES, INC. AND SUBSIDIARY
Consolidated Balance Sheets (Unaudited)
September 30, 2003 and December 31, 2002
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September 30, |
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December 31, |
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Assets |
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Current Assets |
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Cash and cash equivalents |
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$ |
82,514 |
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$ |
1,096,711 |
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Accounts receivable |
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369,378 |
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73,290 |
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Notes receivable, less allowance for doubtful accounts of: 2003: $75,000; 2002: $150,000 |
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249,571 |
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199,142 |
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Prepaid expenses and other current assets |
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187,936 |
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85,893 |
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Assets related to discontinued operations |
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658,680 |
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1,083,196 |
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Total Current Assets |
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1,548,079 |
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2,538,232 |
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Property and equipment |
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Computer equipment |
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2,281,700 |
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2,834,875 |
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Communication equipment |
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1,365,102 |
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1,402,652 |
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Furniture and fixtures |
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82,839 |
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108,947 |
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Leasehold improvements |
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531,809 |
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531,397 |
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4,261,450 |
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4,877,871 |
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Less: Accumulated depreciation and amortization |
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(3,053,823 |
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(3,373,393 |
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1,207,627 |
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1,504,478 |
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Notes receivable, less allowance for doubtful accounts of: 2003: $75,000 |
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99,571 |
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— |
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Intangible assets, net of accumulated amortization of: 2003: $55,000; 2002: $10,000 |
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125,000 |
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170,000 |
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Software development costs, net of accumulated amortization of: 2003: $2,976,527; 2002: $3,189,313 |
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1,856,670 |
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2,013,703 |
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Deposits and other assets |
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34,363 |
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69,177 |
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Total Assets |
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$ |
4,871,310 |
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$ |
6,295,590 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Note payable |
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$ |
23,011 |
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$ |
— |
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Accounts payable |
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375,385 |
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187,441 |
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Accrued expenses |
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212,855 |
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234,878 |
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Accrued compensation |
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63,003 |
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72,801 |
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Liabilities related to discontinued operations |
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2,475,583 |
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3,169,564 |
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Total Current Liabilities |
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3,149,837 |
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3,664,684 |
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Note payable, less current portion |
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38,351 |
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— |
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Deferred rent |
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291,832 |
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36,089 |
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Total Noncurrent Liabilities |
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330,183 |
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36,089 |
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Total Liabilities |
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3,480,020 |
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3,700,773 |
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Stockholders’ Equity |
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Common stock, $.001 par value; authorized 50,000,000 shares; issued and outstanding 3,047,835 shares at September 30, 2003 and 2,503,069 shares at December 31, 2002 |
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3,048 |
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2,503 |
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Additional paid-in capital |
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46,054,473 |
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44,585,588 |
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Accumulated deficit |
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(44,666,231 |
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(41,993,274 |
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Total Stockholders’ Equity |
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1,391,290 |
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2,594,817 |
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Total Liabilities and Stockholders’ Equity |
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$ |
4,871,310 |
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$ |
6,295,590 |
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See Notes to Unaudited Interim Consolidated Financial Statements.
3
HYPERFEED TECHNOLOGIES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (Unaudited)
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For The Three Months |
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For The Nine Months |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue |
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HyperFeed Services |
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$ |
363,441 |
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$ |
— |
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$ |
363,441 |
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$ |
— |
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HYPRWare Services |
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115,617 |
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211,494 |
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456,646 |
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716,219 |
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Total Revenue |
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479,058 |
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211,494 |
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820,087 |
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716,219 |
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