UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [X]
Form 10-Q and Form 10-QSB
[ ] Form N-SAR
For Period Ended: March 31, 2003
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: _______________________
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify
the items(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Calypte Biomedical Corporation
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Full Name of Registrant:
__________________________
Former Name if Applicable
1265 Harbor Bay Parkway
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Address of Principal Executive Office (Street and Number)
Alameda, CA 94502
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City, State and Zip Code
PART II - RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be filed on or
before the fifteenth calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Calypte Biomedical Corporation (the "Registrant") is still awaiting
documentation in order to properly prepare a complete and accurate Form 10-Q.
The Registrant has been unable to receive this data in a timely manner without
unreasonable effort and expense. For the foregoing reasons, the Registrant
requires additional time in order to prepare and file its quarterly report on
Form 10-Q for the quarter ended March 31, 2003. The Registrant anticipates that
it will have all necessary information required to complete and file its Form
10-Q within five (5) calendar days of the date hereof.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Joseph A. Baratta 212 750-9700
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof? [
X ]Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
Revenues for the first quarter of 2003 totaled $784,000, compared with
$1,159,000 for the comparable period in 2002. The net loss attributable to
common stockholders for the first quarter of 2003 was $6,374,000, or $0.04 per
common share, compared with a net loss attributable to common stockholders of
$678,000, or $0.02 per common share, for the three months ended March 31, 2002.
The net loss for the first quarter of 2003 included $3,587,000 in non-cash
charges that were related to the grants of common stock and options and warrants
as compensation for services and non-cash interest expense related primarily to
the accounting for Registrant's convertible debt financing instruments. During
the quarter ended March 31, 2002, non-cash charges and credits were a net credit
of $1,292,000, related primarily to the gain on settlement of debt.
The change in revenue from the quarter ended March 31, 2002 as compared to the
quarter ended March 31, 2003 can be attributed in part to the announcement made
by the Registrant last fiscal year of its intention to wind down its operations.
In anticipation of the wind down last year, many of the Registrant's customers
in turn increased their order rates as a contingency in the event of a cessation
of Registrant's operations and non-availability of Registrant's products. The
Company subsequently restarted its operations and the Registrant's post-restart
revenue for quarter ended March 31, 2003 did not reflect the
uncharacteristically higher order rate reflected in the March 31, 2002 revenues.
CALYPTE BIOMEDICAL CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 15, 2003
By: /s/ Richard D. Brounstein
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Richard D. Brounstein, Executive Vice
President and Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).