FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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ý QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE |
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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 15(d) OF THE |
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For the transition period from to |
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Commission file number 1010397 |
PHYSIOMETRIX, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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77-0248588 |
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(State or other jurisdiction of |
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(IRS Employer identification |
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Five Billerica Park, N. Billerica, MA |
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01862-1256 |
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(Address of principal executive offices) |
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(Zip code) |
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(978) 670-2422 |
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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.
ITEM 1 - Yes ý No o
ITEM 2 - Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No ý
Indicate 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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Class |
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Outstanding at October 31, 2003 |
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Common Stock, $.001 par value |
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8,422,994 |
PHYSIOMETRIX, INC.
TABLE OF CONTENTS
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PART I |
FINANCIAL INFORMATION |
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Item 1 |
Unaudited Condensed Financial Statements |
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Unaudited Condensed Balance Sheets as of December 31, 2002 and September 30, 2003 |
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Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2002 and 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED BALANCE SHEETS
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December 31 |
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September 30 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
2,690,042 |
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$ |
634,655 |
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Short-term investments |
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1,243,875 |
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— |
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Accounts receivable, net |
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61,206 |
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141,943 |
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Inventories |
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1,331,435 |
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1,029,639 |
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Prepaid expenses |
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114,002 |
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153,213 |
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Total current assets |
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5,440,560 |
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1,959,450 |
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Property, plant and equipment |
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1,326,979 |
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1,335,626 |
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Less allowances for depreciation |
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(959,528 |
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(1,134,200 |
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367,451 |
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201,426 |
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Total assets |
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$ |
5,808,011 |
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$ |
2,160,876 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
58,332 |
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$ |
86,982 |
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Accrued expenses |
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401,394 |
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273,355 |
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Total current liabilities |
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459,726 |
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360,337 |
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Stockholders’ equity |
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Preferred stock: $.001 par value;
10,000,000 shares authorized; |
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— |
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— |
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Common stock: $.001 par value; 50,000,000
shares authorized; |
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8,423 |
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8,423 |
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Additional paid-in capital |
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56,945,035 |
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57,008,409 |
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Deferred compensation |
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(4,469 |
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(5,078 |
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Accumulated other comprehensive income |
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2,360 |
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— |
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Accumulated deficit |
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(51,603,064 |
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(55,211,215 |
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Total stockholders’ equity |
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5,348,285 |
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1,800,539 |
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Total liabilities and stockholders’ equity |
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$ |
5,808,011 |
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$ |
2,160,876 |
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See accompanying notes
3
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
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Three
Months Ended |
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Nine
Months Ended |
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2002 |
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2003 |
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2002 |
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2003 |
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Revenues |
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$ |
94,023 |
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$ |
609,095 |
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$ |
277,623 |
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$ |
1,048,363 |
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Costs and expenses: |
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Cost of products sold |
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244,530 |
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657,332 |
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782,010 |
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1,328,578 |
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Research and development |
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419,073 |
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391,822 |
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1,921,288 |
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1,189,246 |
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Selling, general and administrative |
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681,633 |
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685,731 |
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2,264,514 |
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2,156,304 |
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1,345,236 |
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1,734,885 |
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4,967,812 |
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4,674,128 |
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Operating loss |
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(1,251,213 |
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(1,125,790 |
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(4,690,189 |
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(3,625,765 |
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Interest income |
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24,973 |
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1,537 |
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101,030 |
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17,614 |
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Net loss |
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$ |
(1,226,240 |
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(1,124,253 |
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(4,589,159 |
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(3,608,151 |
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Basic and diluted net loss per common share |
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$ |
(0.15 |
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$ |
(0.13 |
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(0.54 |
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$ |
(0.43 |
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