United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2003
Commission File Number 333-58246
HYTHIAM, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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88-0464853 |
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(State or other jurisdiction of incorporation) |
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(I.R.S. Employer Identification Number) |
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11111 Santa Monica Boulevard, Suite 550, California 90025 |
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(Address of principal executive offices, including zip code) |
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(310) 268-0011 |
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(Registrant’s telephone number, including area code) |
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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 10, 2003, there were 24,606,895 shares of registrant’s common stock, $0.0001 par value, outstanding.
INDEX
2
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements.
HYTHIAM, INC.
(a Development Stage Company)
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(Dollars in thousands, except per share data) |
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September
30 |
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June
30 |
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(Unaudited) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
20,166 |
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$ |
— |
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Receivables |
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32 |
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— |
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Deposits |
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352 |
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— |
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Prepaids and other current assets |
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185 |
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— |
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Total current assets |
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20,735 |
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— |
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Long-term assets |
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Property and equipment, net |
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328 |
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— |
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Intellectual property, net |
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2,785 |
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69 |
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Other assets |
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— |
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10 |
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Total assets |
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$ |
23,848 |
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$ |
79 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
1,022 |
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$ |
224 |
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Accrued liabilities |
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345 |
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56 |
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Total current liabilities |
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1,367 |
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280 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $.0001 par value; 50,000,000 shares authorized, no shares outstanding |
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— |
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— |
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Common stock, $.0001 par value; 200,000,000 shares authorized, and 24,607,000 outstanding |
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2 |
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1 |
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Additional paid-in capital |
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23,795 |
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Stock subscriptions receivable |
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(150 |
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(1 |
) |
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Deficit accumulated during the development stage |
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(1,166 |
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(201 |
) |
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Total stockholders’ equity |
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22,481 |
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(201 |
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Total liabilities and stockholders’ equity |
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$ |
23,848 |
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$ |
79 |
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See accompanying notes to financial statements.
3
HYTHIAM, INC.
(a Development Stage Company)
(Unaudited)
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(In thousands, except per share amounts) |
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Three
months |
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Period
from |
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Revenues |
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$ |
44 |
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$ |
44 |
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Operating expenses |
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Employee costs and benefits |
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364 |
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367 |
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Professional fees |
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223 |
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331 |
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General, administrative and other operating costs |
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292 |
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382 |
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Depreciation and amortization |
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9 |
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9 |
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Total operating expenses |
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888 |
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1,089 |
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Loss from operations |
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(844 |
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(1,045 |
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Interest income |
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3 |
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3 |
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Loss before provision for income taxes |
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(841 |
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(1,042 |
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Provision for income taxes |
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— |
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— |
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Net loss |
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$ |
(841 |
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$ |
(1,042 |
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Basic and diluted loss per share |
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$ |
(.06 | ||||