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 September 30, 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 000-29423
DYNABAZAAR, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-3351937 |
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(State
or other jurisdiction of |
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(I.R.S.
Employer |
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500 Unicorn Park Drive, Woburn, MA 01801-3341 |
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(Address of principal executive offices) (Zip Code) |
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Registrant’s telephone number, including area code: (781) 376-5600 |
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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 126-2 of the Exchange Act).
Yes o No ý
The number of shares outstanding of the registrant’s common stock as of November 12, 2003 was 27,049,744
DYNABAZAAR, INC.
FORM 10-Q
For the Quarter Ended September 30, 2003
INDEX
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Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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DYNABAZAAR is a sevice mark of Dynabazaar, Inc. The names of other companies and products mentioned in this Report may be the trademarks of their respective owners.
2
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
DYNABAZAAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
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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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$ |
41,507 |
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$ |
32,743 |
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Marketable securities |
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— |
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6,991 |
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Restricted cash |
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1,380 |
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548 |
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Accounts receivable, net of allowance for doubtful accounts of $162 and $267 at September 30, 2003 and December 31, 2002, respectively |
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676 |
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1,328 |
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Prepaid expenses |
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1,042 |
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610 |
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Other current assets |
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507 |
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534 |
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Total current assets |
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45,112 |
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42,754 |
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Long-term marketable securities |
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5,000 |
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15,000 |
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Long-term prepaid expenses |
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1,667 |
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35 |
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Other long-term assets |
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2,000 |
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— |
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Property and equipment, net |
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477 |
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1,478 |
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Total assets |
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$ |
54,256 |
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$ |
59,267 |
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Liabilities, Preferred Stock and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
121 |
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$ |
133 |
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Accrued expenses |
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1,105 |
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1,489 |
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Deferred revenue |
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4 |
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520 |
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Other current liabilities |
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2,000 |
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— |
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Current portion of accrual for unutilized office space |
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1,040 |
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1,040 |
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Total current liabilities |
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4,270 |
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3,182 |
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Long-term portion of accrual for unutilized office space |
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293 |
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1,040 |
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Other long-term liabilities |
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43 |
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169 |
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Total liabilities |
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4,606 |
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4,391 |
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Preferred stock |
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— |
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1,967 |
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Stockholders’ equity: |
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Common stock |
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30 |
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30 |
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Additional paid-in capital |
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186,823 |
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188,747 |
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Treasury stock |
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(3,039 |
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(3,795 |
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Deferred compensation and equity-related charges |
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— |
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(159 |
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Accumulated other comprehensive income, net |
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97 |
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12 |
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Accumulated deficit |
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(134,261 |
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(131,926 |
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Total stockholders’ equity |
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49,650 |
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52,909 |
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Total liabilities, preferred stock and stockholders’ equity |
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$ |
54,256 |
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$ |
59,267 |
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See accompanying notes to condensed consolidated financial statements.
3
DYNABAZAAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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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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$ |
2,321 |
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$ |
1,434 |
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$ |
5,195 |
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$ |
4,091 |
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Operating expenses: |
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Cost of revenue (exclusive of $2 and $11 in 2003 and $60 and $105 in 2002, for the three- and nine-month periods, respectively, reported below as equity-related charges) |
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379 |
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808 |
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1,704 |
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2,850 |
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Sales and marketing (exclusive of $1 and $41 in 2003 and $892 and $9,456 in 2002, for the three- and nine-month periods, respectively, reported below as equity-related charges) |
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462 |
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488 |
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