UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark one)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2002
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 0-24248
AMERICAN TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
| 87-03261799 |
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(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Empl. Ident. No.) |
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13114 Evening Creek Drive South, San Diego, California |
| 92128 |
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(Address of principal executive offices) |
| (Zip Code) |
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| (858) 679-2114 | ||
(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 x NO o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $0.00001 par value |
| 14,345,226 |
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(Class) |
| (Outstanding at August 2, 2002) |
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This Amendment No. 1 is being filed by the undersigned registrant to amend its Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 filed with the Securities and Exchange Commission on August 14, 2002, to correct a typographical error in the dates shown in the column headings on the Balance Sheets page in Part I- Financial Information of such Report. The headings are hereby amended to read June 30, 2002, and September 30, 2001.
American Technology Corporation
BALANCE SHEETS
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| June 30, |
| September 30, |
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| (unaudited) |
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ASSETS |
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Current Assets: |
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| Cash |
| $ | 1,359,272 |
| $ | 1,354,072 |
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| Trade accounts receivable, less allowance of $20,191 for doubtful accounts for each period |
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| 133,538 |
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| 117,584 |
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| Inventories [note 5] |
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| 201,604 |
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| 197,013 |
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| Prepaid expenses and other |
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| 28,260 |
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| 67,160 |
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Total current assets |
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| 1,722,674 |
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| 1,735,829 |
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Equipment, net |
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| 361,771 |
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| 516,208 |
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Patents, net of accumulated amortization of $123,170 and $74,584 |
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| 952,020 |
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| 848,783 |
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Purchased technology, net of accumulated amortization of of $841,657 and $526,036 [note 6] |
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| 420,843 |
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| 736,464 |
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Total assets |
| $ | 3,457,308 |
| $ | 3,837,284 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Accounts payable |
| $ | 488,350 |
| $ | 321,775 |
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Accrued liabilities and other: |
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| Payroll and related |
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| 142,336 |
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| 159,311 |
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| Deferred revenue |
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| 367,492 |
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| 248,611 |
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| Interest |
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| 180,058 |
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| — |
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| Other |
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| 28,011 |
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| 114,092 |
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12% Convertible Promissory Note, net of $810,000 and $800,000 for for debt discount [note 7] |
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| 1,215,000 |
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| — |
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Total current liabilities |
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| 2,421,247 |
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| 843,789 |
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Commitments and contingencies [notes 6 and 8] |
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Stockholders' equity [note 8]: |
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Preferred stock, $0.00001 par value; 5,000,000 shares authorized Series B Preferred stock 250,000 shares designated: 0 and 168,860 issued and outstanding, respectively. |
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| — |
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| 2 |
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Series C Preferred stock 300,000 shares designated: 10,000 issued and outstanding each period. Liquidation preference of $227,484 and $218,510, respectively |
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| — |
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| — |
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Series D Preferred stock 250,000 shares designated: 235,400 and 0 issued and outstanding, respectively. Liquidation preference of $2,376,442 and $0, respectively. |
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| 2 |
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| — |
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Common stock, $0.00001 par value; 20,000,000 shares authorized 14,295,226 and 13,704,139 shares issued and outstanding |
|
| 143 |
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| 137 |
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Additional paid-in capital |
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| 26,792,520 |
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| 22,913,268 |
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Accumulated deficit |
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| (25,756,604 | ) |
| (19,919,912 | ) | |
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Total stockholders' equity |
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| 1,036,061 |
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| 2,993,495 |
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Total liabilities and stockholders' equity |
| $ | 3,457,308 |
| $ | 3,837,284 |
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See accompanying notes to the interim financial statements.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| AMERICAN TECHNOLOGY CORPORATION | |||
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Date: August 21, 2002 |
| By: | /s/ RENEE´ WARDEN | ||
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| Renee¢ Warden, Chief Accounting | ||
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| Officer, Treasurer and Corporate Secretary | ||
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| (Principal Financial and Accounting Officer and duly authorized to sign on behalf of the Registrant) |
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