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 June 30, 2004 |
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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: 0-21134 |
Paligent Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-2893483 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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10 East 53rd Street, New York, New York |
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10022 |
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(Address of principal executive offices) |
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(zip code) |
(212) 755-5461
(Registrant’s telephone number, including area code)
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
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 as of August 6, 2004 |
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Common Stock, $0.01 par value |
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32,490,948 |
PALIGENT INC.
INDEX
2
PALIGENT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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June 30, 2004 |
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December 31, 2003 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
34,582 |
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$ |
41,321 |
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Current portion of subtenant receivable |
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75,000 |
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100,000 |
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Property held for sale |
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— |
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10,000 |
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Prepaid expenses and other current assets |
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30,463 |
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— |
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Total current assets |
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140,045 |
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151,321 |
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Property and equipment, net |
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1,877 |
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2,813 |
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Subtenant receivable |
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— |
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25,000 |
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Security deposits |
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— |
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9,543 |
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Total assets |
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$ |
141,922 |
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$ |
188,677 |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
110,383 |
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$ |
132,935 |
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Accrued professional services |
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16,100 |
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34,100 |
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Accrued rent |
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63,415 |
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— |
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Due to related party |
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395,328 |
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111,189 |
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Capital lease obligation |
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— |
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10,000 |
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Total current liabilities |
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585,226 |
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288,224 |
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Deferred rent |
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— |
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22,262 |
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Stockholders’ deficit: |
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Common stock, $.01 par value; 75,000,000 shares authorized; 32,490,948 shares issued and outstanding at June 30, 2004 and December 31, 2003 |
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324,910 |
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324,910 |
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Additional paid-in capital |
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154,634,974 |
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154,634,974 |
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Accumulated deficit |
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(155,403,188 |
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(155,081,693 |
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Total stockholders’ deficit |
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(443,304 |
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(121,809 |
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Total liabilities and stockholders’ deficit |
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$ |
141,922 |
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$ |
188,677 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
3
PALIGENT INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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Three months ended June 30, |
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Six months ended June 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Interest income |
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$ |
1,125 |
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$ |
412 |
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$ |
2,250 |
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$ |
525 |
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Costs and expenses: |
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General and administrative |
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62,055 |
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155,639 |
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323,745 |
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326,352 |
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Loss from operations |
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(60,930 |
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(155,227 |
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(321,495 |
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(325,827 |
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Other income |
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— |
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500,000 |
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— |
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500,000 |
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Net (loss) income |
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$ |
(60,930 |
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$ |
344,773 |
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$ |
(321,495 |
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$ |
174,173 |
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Basic and diluted net (loss) income per common share |
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$ |
(0.00 |
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$ |
0.01 |
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$ |
(0.01 |
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$ |
0.01 |
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Weighted average number of common shares outstanding |
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Basic and diluted |
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32,490,948 |
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32,490,948 |
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