FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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, 2004 |
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OR |
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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 1010397 |
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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 April 30, 2004 |
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Common Stock, $.001 par value |
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13,654,266 |
PHYSIOMETRIX, INC.
TABLE OF CONTENTS
2
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED BALANCE SHEETS
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December 31 |
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March 31 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
4,099,155 |
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$ |
1,693,332 |
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Short-term investments |
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3,526,894 |
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4,191,861 |
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Accounts receivable, net |
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304,392 |
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89,898 |
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Inventories |
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560,294 |
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576,871 |
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Prepaid expenses |
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101,798 |
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65,991 |
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Total current assets |
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8,592,533 |
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6,617,953 |
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Property, plant and equipment |
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1,360,960 |
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1,372,861 |
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Less allowances for depreciation |
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(1,181,292 |
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(1,219,968 |
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179,668 |
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152,893 |
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Total assets |
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$ |
8,772,201 |
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$ |
6,770,846 |
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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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$ |
147,762 |
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$ |
76,004 |
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Accrued expenses |
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823,519 |
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407,257 |
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Warrant derivative contract |
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11,342,730 |
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— |
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Total current liabilities |
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12,314,011 |
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483,261 |
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Stockholders’ equity (deficit) |
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Preferred stock: $.001 par value; 10,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock: $.001 par value; 50,000,000 shares authorized; 13,380,481 shares in 2003 and 13,625,878 shares in 2004 issued and outstanding |
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13,380 |
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13,626 |
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Additional paid-in capital |
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56,098,127 |
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68,403,226 |
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Unrealized gain on available-for-sale securities |
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— |
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4,049 |
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Accumulated deficit |
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(59,653,317 |
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(62,133,316 |
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Total stockholders’ equity (deficit) |
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(3,541,810 |
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6,287,585 |
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Total liabilities and stockholders’ equity (deficit) |
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$ |
8,772,201 |
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$ |
6,770,846 |
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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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2003 |
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2004 |
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Revenues |
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$ |
238,744 |
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$ |
197,194 |
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Costs and expenses: |
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Cost of products sold |
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340,116 |
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330,126 |
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Research and development |
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370,809 |
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381,819 |
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Selling, general and administrative |
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727,531 |
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938,211 |
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1,438,456 |
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1,650,156 |
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Operating loss |
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(1,199,712 |
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(1,452,962 |
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Other income (expense): |
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Change in fair value of warrant derivative |
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— |
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(1,046,080 |
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Interest income |
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10,243 |
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19,043 |
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Net loss |
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$ |
(1,189,469 |
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(2,479,999 |
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Basic and diluted net loss per common share |
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$ |
(0.14 |
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(0.19 |
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Shares used in computing basic and diluted net loss per common share |
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8,422,994 |
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13,400,415 |
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See accompanying notes.
4
PHYSIOMETRIX, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
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Three
Months Ended |
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2003 |
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2004 |
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Operating activities: |
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Net loss |
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$ |
(1,189,469 |
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(2,479,999 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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60,504 |
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38,676 |
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Change in fair value of warrant derivative |
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1,046,080 |
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Stock-based compensation in connection with issuance of stock options to consultants |
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4,549 |
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— |
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Changes in operating assets and liabilities: |
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