UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
(Mark one) |
||
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the quarterly period ended: June 30, 2004 |
||
|
|
|
|
|
OR |
||
|
|
|
|
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-13093
HYPERFEED TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
36-3131704 |
|
(State or Other Jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
300 S. Wacker Drive, Suite 300, Chicago, Illinois |
|
60606 |
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
|
|
|
|
|
Registrant’s telephone number, including area code: (312) 913-2800 |
||
Indicate by check mark whether the registrant (1) has filed all reports 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 Act) Yes o No ý
The number of shares of common stock outstanding as of August 4, 2004 was 3,061,733 shares.
HYPERFEED TECHNOLOGIES, INC.
INDEX
2
ITEM 1. Financial Statements
HYPERFEED TECHNOLOGIES, INC. AND SUBSIDIARY
Consolidated Balance Sheets (Unaudited)
June 30, 2004 and December 31, 2003
|
|
|
June 30, |
|
December 31, |
|
||
|
Assets |
|
|
|
|
|
||
|
Current Assets |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
363,029 |
|
$ |
4,668,038 |
|
|
Accounts receivable, less allowance for doubtful accounts of: 2004: $9,996; 2003: $0 |
|
1,818,681 |
|
797,048 |
|
||
|
Notes receivable, less allowance for doubtful accounts of: 2004: $50,000; 2003: $50,000 |
|
129,630 |
|
150,465 |
|
||
|
Prepaid expenses and other current assets |
|
290,066 |
|
173,816 |
|
||
|
Assets related to discontinued operations |
|
462,217 |
|
811,878 |
|
||
|
Total Current Assets |
|
3,063,623 |
|
6,601,245 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment |
|
|
|
|
|
||
|
Computer equipment |
|
1,539,092 |
|
2,343,853 |
|
||
|
Communication equipment |
|
1,031,370 |
|
1,296,550 |
|
||
|
Furniture and fixtures |
|
107,429 |
|
82,839 |
|
||
|
Leasehold improvements |
|
531,809 |
|
531,809 |
|
||
|
|
|
3,209,700 |
|
4,255,051 |
|
||
|
Less: Accumulated depreciation and amortization |
|
(2,190,615 |
) |
(3,019,964 |
) |
||
|
|
|
1,019,085 |
|
1,235,087 |
|
||
|
Intangible assets, net of accumulated
amortization of: |
|
80,000 |
|
110,000 |
|
||
|
Software development costs, net of
accumulated amortization of: |
|
1,750,047 |
|
1,732,721 |
|
||
|
Deposits and other assets |
|
35,205 |
|
35,205 |
|
||
|
Total Assets |
|
$ |
5,947,960 |
|
$ |
9,714,258 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
|
Current Liabilities |
|
|
|
|
|
||
|
Notes payable |
|
$ |
200,000 |
|
$ |
— |
|
|
Accounts payable |
|
794,924 |
|
605,644 |
|
||
|
Accrued expenses |
|
572,715 |
|
587,193 |
|
||
|
Accrued compensation |
|
107,424 |
|
73,157 |
|
||
|
Income taxes payable |
|
40,000 |
|
40,000 |
|
||
|
Unearned revenue |
|
903,710 |
|
15,000 |
|
||
|
Liabilities related to discontinued operations |
|
1,212,424 |
|
2,419,879 |
|
||
|
Total Current Liabilities |
|
3,831,197 |
|
3,740,873 |
|
||
|
|
|
|
|
|
|
||
|
Accrued expenses, less current portion |
|
295,609 |
|
292,676 |
|
||
|
Total Noncurrent Liabilities |
|
295,609 |
|
292,676 |
|
||
|
Total Liabilities |
|
4,126,806 |
|
4,033,549 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ Equity |
|
|
|
|
|
||
|
Preferred stock, $.001 par value; authorized 5,000,000 shares; none issued and outstanding |
|
— |
|
— |
|
||
|
Common stock, $.001 par value; authorized 50,000,000 shares; issued and outstanding 3,061,733 shares at June 30, 2004 and 3,051,989 shares at December 31, 2003 |
|
3,062 |
|
3,052 |
|
||
|
Additional paid-in capital |
|
46,105,117 |
|
46,070,113 |
|
||
|
Accumulated deficit |
|
(44,287,025 |
) |
(40,392,456 |
) |
||
|
Total Stockholders’ Equity |
|
1,821,154 |
|
5,680,709 |
|
||
|
Total Liabilities and Stockholders’ Equity |
|
$ |
5,947,960 |
|
$ |
9,714,258 |
|
See Notes to Unaudited Interim Consolidated Financial Statements.
3
HYPERFEED TECHNOLOGIES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (Unaudited)
|
|
|
For The Three Months |
|
For The Six Months |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
Revenue |
|
|
|
|
|
|
|||||||