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United States
Securities and Exchange Commission
Washington DC 20549
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Form 10-QSB/A
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Quarterly Report under Section 13 of the Securities Exchange Act of 1934
For the Quarterly Period Ended Commission File No. 0-27282
September 30, 1996
Atlantic Pharmaceuticals, Inc.
142 Cypress Point Road
Half Moon Bay, California 94019
Telephone (415)726-1327
Incorporated in Delaware IRS ID # 36-3898269
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 last 90 days:
Yes [x] No [ ]
Transitional Small Business Disclosure Format Yes [ ] No [x]
2,913,720 shares of common stock, $.001 par value, were outstanding on
September 30, 1996
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Assets September 30, 1996 December 31, 1995
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(unaudited)
Current assets:
Cash and cash equivalents $ 3,245,129 5,044,632
Prepaid expenses 32,500 48,000
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Total current assets 3,277,629 5,092,632
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Furniture and equipment, net of accumulated depreciation
of $61,973 and $26,728 at September 30,1996 and December 31,
1995, respectively 87,196 55,791
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$ 3,364,825 5,148,423
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Liabilities and Stockholders' Equity
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Current liabilities:
Accrued expenses $ 290,292 800,383
Accrued interest -- 115,011
Demand notes payable -- 125,000
Note payable -- 75,000
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Total current liabilities 290,292 1,115,394
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Stockholders' equity
Preferred stock, $.001 par value. Authorized 50,000,000 shares;
none issued and outstanding -- --
Common stock $.001 par value. Authorized 80,000,000 shares;
2,913,720 and 2,663,720 shares issued and outstanding
at September 30, 1996 and December 31, 1995, respectively 2,914 2,664
Common stock subscribed. 182 shares
at September 30,1996 and December 31,1995 -- --
Additional paid -in capital 10,634,938 9,043,875
Deficit accumulated during development stage (7,452,377) (4,880,968)
Deferred compensation (110,400) (132,000)
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3,075,075 4,033,571
Less common stock subscriptions receivable (218) (218)
Less treasury stock, at cost (324) (324)
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Total stockholders' equity 3,074,533 4,033,029
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$ 3,364,825 5,148,423
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See accompanying notes to consolidated financial statements.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf.
Atlantic Pharmaceuticals, Inc.
November 18, 1996
Jon D. Lindjord
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Jon D. Lindjord
Chief Executive Officer and President
Shimshon Mizrachi
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Shimshon Mizrachi
Controller
Principal Accounting and Financial Officer
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