Attached files
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EXCEL - IDEA: XBRL DOCUMENT - First Physicians Capital Group, Inc. | Financial_Report.xls |
EX-32.1 - EX-32.1 - First Physicians Capital Group, Inc. | d681214dex321.htm |
EX-31.1 - EX-31.1 - First Physicians Capital Group, Inc. | d681214dex311.htm |
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark | One) |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2012
OR
¨ | 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: 000-30326
FIRST PHYSICIANS CAPITAL GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE | 77-0557617 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
433 North Camden Drive #810 | ||
Beverly Hills, California | 90210 | |
(Address of principal executive offices) | (Zip Code) |
(310) 860-2501
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
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
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). ¨ Yes x No
Number of shares of common stock outstanding as of March 28, 2014 |
23,909,507 |
Table of Contents
EXPLANATORY NOTE
The last periodic report of First Physicians Capital Group, Inc. (the Registrant) filed with the Securities and Exchange Commission was the Form 10-Q for the Fiscal Quarter Ended December 31, 2010, filed February 22, 2011. In order to become current with all required quarterly and annual reports under the Section 13(a) of the Securities Exchange Act of 1934, the Registrant is filing this Form 10-Q for the Fiscal Quarter Ended December 31, 2012 concurrently with Form 10-Qs for the Fiscal Quarters Ended March 31, 2011, June 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012, March 31, 2013, June 30, 2013 and December 31, 2013, and Form 10-Ks for the Fiscal Years Ended September 30, 2011, September 30, 2012 and September 30, 2013.
Table of Contents
1
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share data)
December 31, | September 30, | |||||||
2012 | 2012 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 872 | $ | 1,389 | ||||
Accounts receivable, net of allowance for uncollectible accounts |
11,132 | 9,604 | ||||||
Prepaid expenses |
121 | 51 | ||||||
Other current assets |
13 | 7 | ||||||
Assets of discontinued operations |
| 8 | ||||||
|
|
|
|
|||||
Total current assets |
12,138 | 11,059 | ||||||
Property and equipment, net |
8 | 11 | ||||||
Notes receivable |
22,343 | 22,343 | ||||||
Other assets |
264 | 268 | ||||||
|
|
|
|
|||||
Total assets |
$ | 34,753 | $ | 33,681 | ||||
|
|
|
|
|||||
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS DEFICIT |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 845 | $ | 884 | ||||
Accrued expenses |
2,854 | 2,176 | ||||||
Income taxes payable |
212 | 212 | ||||||
Current maturities of long term debt |
385 | 5,041 | ||||||
Liabilities of discontinued operations |
557 | 572 | ||||||
|
|
|
|
|||||
Total current liabilities |
4,853 | 8,885 | ||||||
Long term debt, net of current portion |
10,732 | 6,161 | ||||||
Deferred gain |
15,648 | 15,698 | ||||||
|
|
|
|
|||||
Total liabilities |
31,233 | 30,744 | ||||||
Commitments and contingencies |
||||||||
Non-redeemable preferred stock: |
||||||||
Preferred stock Series 1-A ($0.01 par value, 2,802,000 shares authorized; 67,600 shares issued and outstanding as of December 31, 2012 and September 30, 2012) |
166 | 166 | ||||||
Preferred stock Series 2-A ($0.01 par value, 1,672,328 shares authorized; 3,900 shares issued and outstanding as of December 31, 2012 and September 30, 2012) |
25 | 25 | ||||||
|
|
|
|
|||||
Total non-redeemable preferred stock |
191 | 191 | ||||||
Redeemable preferred stock: |
||||||||
Preferred stock Series 5-A ($0.01 par value, 5,000,000 shares authorized; 9,000 shares issued and outstanding as of December 31, 2012 and September 30, 2012) |
7,832 | 7,832 | ||||||
Preferred stock Series 6-A ($0.01 par value, 5,000 shares authorized; 4,875 shares issued and outstanding as of December 31, 2012 and September 30, 2012) |
4,381 | 4,381 | ||||||
|
|
|
|
|||||
Total redeemable preferred stock |
12,213 | 12,213 | ||||||
Stockholders deficit: |
||||||||
Common stock ($0.01 par value, 100,000,000 shares authorized; 15,049,507 shares issued and outstanding as of December 31, 2012 and September 30, 2012) |
153 | 153 | ||||||
Additional paid-in-capital |
81,194 | 81,004 | ||||||
Accumulated deficit |
(90,127 | ) | (90,520 | ) | ||||
Treasury stock, at cost (149,744 shares as of December 31, 2012 and September 30, 2012) |
(104 | ) | (104 | ) | ||||
|
|
|
|
|||||
Total stockholders deficit |
(8,884 | ) | (9,467 | ) | ||||
|
|
|
|
|||||
Total liabilities, preferred stock and stockholders deficit |
$ | 34,753 | $ | 33,681 | ||||
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share data)
(Unaudited)
Three months ended | ||||||||
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Net revenue from services |
$ | 3,577 | $ | 3,978 | ||||
Costs and expenses: |
||||||||
Selling, general and administrative expenses |
2,936 | 2,447 | ||||||
Depreciation and amortization |
3 | 5 | ||||||
|
|
|
|
|||||
Total costs and expenses |
2,939 | 2,452 | ||||||
|
|
|
|
|||||
Operating income |
638 | 1,526 | ||||||
Other income (expense): |
||||||||
Interest expense |
(295 | ) | (198 | ) | ||||
Gain on retirement of note payable |
| 1,447 | ||||||
|
|
|
|
|||||
Total other income (expense) |
(295 | ) | 1,249 | |||||
|
|
|
|
|||||
Net income from continuing operations before taxation |
$ | 343 | $ | 2,775 | ||||
|
|
|
|
|||||
Net income from discontinued operations, net of income taxes (including net gain from disposal of assets of $50 and $50, respectively. See Note 2. Discontinued Operations) |
50 | 54 | ||||||
|
|
|
|
|||||
Net income |
$ | 393 | $ | 2,829 | ||||
|
|
|
|
|||||
Basic earnings per share of common stock: |
||||||||
Continuing operations |
$ | 0.02 | $ | 0.18 | ||||
Discontinued operations |
0.01 | 0.01 | ||||||
|
|
|
|
|||||
Total basic earnings per share of common stock |
$ | 0.03 | $ | 0.19 | ||||
|
|
|
|
|||||
Diluted earnings per share of common stock: |
||||||||
Continuing operations |
$ | 0.01 | $ | 0.04 | ||||
Discontinued operations |
0.00 | 0.01 | ||||||
|
|
|
|
|||||
Total diluted earnings per share of common stock |
$ | 0.01 | $ | 0.05 | ||||
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three months ended | ||||||||
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 393 | $ | 2,829 | ||||
Net income from discontinued operations |
50 | 54 | ||||||
|
|
|
|
|||||
Net income from continuing operations |
343 | 2,775 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Gain on retirement of note payable |
| (1,447 | ) | |||||
Depreciation and amortization |
3 | 5 | ||||||
Amortization of stock-based compensation |
190 | 201 | ||||||
Bad debt provision |
1,822 | 1,221 | ||||||
Changes in working capital components: |
||||||||
Accounts receivable |
(3,350 | ) | (3,568 | ) | ||||
Prepaid expenses |
(70 | ) | (147 | ) | ||||
Other assets |
(2 | ) | 39 | |||||
Accounts payable |
(39 | ) | 77 | |||||
Accrued expenses |
678 | (55 | ) | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(425 | ) | (899 | ) | ||||
Net cash provided by (used in) discontinued operations operating activities |
(7 | ) | 5 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(432 | ) | (894 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from long term debt |
| 460 | ||||||
Payments on long term debt |
(85 | ) | (73 | ) | ||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
(85 | ) | 387 | |||||
|
|
|
|
|||||
Net decrease in cash and cash equivalents |
(517 | ) | (507 | ) | ||||
Cash and cash equivalents at beginning of period |
1,389 | 1,001 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | 872 | $ | 494 | ||||
|
|
|
|
|||||
Supplemental cash flow information: |
||||||||
Cash paid for interest |
$ | 143 | $ | 167 | ||||
Cash paid for taxes |
| | ||||||
Non-cash transactions: |
||||||||
Note receivable given as consideration for payment of note payable |
$ | | $ | 2,150 | ||||
Notes payable extinguished through assignment of notes receivable |
$ | | $ | 1,500 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. | Summary of Significant Accounting Policies |
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of First Physicians Capital Group, Inc., f/k/a Tri-Isthmus Group, Inc., a Delaware corporation (the Company, we, us, or our, depending on the context), as of December 31, 2012 and September 30, 2012 and for the three month periods ended December 31, 2012 and December 31, 2011, have been prepared on substantially the same basis as our annual consolidated financial statements and should be read in conjunction with our Annual Report on Form 10-K (the Form 10-K), filed with the United States Securities and Exchange Commission (the SEC) on April 4, 2014, and any amendments thereto, for the Fiscal Year Ended September 30, 2012 (the Fiscal Year Ended September 30, 2012). In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to present fairly the financial information included herein.
The consolidated financial statements include our accounts and the accounts of our subsidiaries. All significant inter-company balances and transactions have been eliminated.
The results as of September 30, 2012 have been derived from our audited consolidated financial statements for the fiscal year ended as of such date.
The unaudited consolidated results for interim periods are not necessarily indicative of expected results for the full fiscal year.
Future Funding
We had an accumulated deficit of approximately $90.1 million as of December 31, 2012. This deficit has been funded primarily through preferred stock and common stock, promissory notes and cash generated from operations.
At December 31, 2012, we had current liabilities of $4.9 million and current assets of $12.1 million.
Critical Accounting Policies
For critical accounting policies affecting us, see Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the Fiscal Year Ended September 30, 2012. Critical accounting policies affecting us have not changed materially since September 30, 2012.
Fair Value of Financial Instruments
Carrying amounts of certain of our financial instruments, including accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Carrying value of notes receivable and long-term debt approximate fair values as they bear market rates of interest. None of our financial instruments are held for trading purposes.
Revenue Recognition
The Company has contracted billing rates for its management services which it bills as gross revenue as services are delivered. Gross billed revenues are then reduced by the Companys estimate of allowances based on expected collections, which includes the provision for doubtful accounts, to arrive at net revenues. Net revenues may not represent amounts ultimately collected. The Company adjusts current period revenue for differences in estimated revenue recorded in prior periods and actual cash collections.
The following table shows gross revenues and allowances for the three months ended December 31, 2012 and 2011 (in thousands):
5
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Three months ended | ||||||||
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Revenue from services |
$ | 5,399 | $ | 5,199 | ||||
Allowances |
(1,822 | ) | (1,221 | ) | ||||
|
|
|
|
|||||
Net revenue |
$ | 3,577 | $ | 3,978 | ||||
|
|
|
|
|||||
Allowances percentage |
34 | % | 23 | % | ||||
|
|
|
|
The Company computes its estimate of by taking into account collections received for the services performed and also estimating amounts collectible for the services performed within the last twelve months.
2. | Discontinued Operations |
As of December 31, 2012 and 2011, the operating assets of RHA Tishomingo, RHA Anadarko, RHA Stroud, SPMC, Del Mar, Point Loma, and SPA, have been recorded as assets held for sale and the liabilities as liabilities of operations held for sale. We have reclassified the results of operations of RHA Tishomingo, RHA Anadarko, RHA Stroud, SPMC, Del Mar, Point Loma, and SPA for all periods presented, to discontinued operations.
The results of discontinued operations for the three months ended December 31, 2012 and 2011 are as follows (in thousands):
Three months ended | ||||||||
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Net revenue from services |
$ | | $ | 5 | ||||
Costs and expenses: |
||||||||
Selling, general and administrative expenses |
| 1 | ||||||
|
|
|
|
|||||
Total costs and expenses |
| 1 | ||||||
Net income before income taxes |
| 4 | ||||||
Taxation |
| | ||||||
|
|
|
|
|||||
Total income from discontinued operations |
$ | | $ | 4 | ||||
|
|
|
|
6
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
3. | Net Income Per Share |
Three months ended | ||||||||
(in thousands) | ||||||||
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Numerator for basic and diluted earnings per share: |
||||||||
Net earnings attributable to continuing operations |
$ | 343 | $ | 2,775 | ||||
Net earnings attributable to discontinued operations |
50 | 54 | ||||||
Denominator for basic earnings per share weighted average shares |
15,049,507 | 15,049,507 | ||||||
Numerator for diluted earnings per share: |
||||||||
Net income attributable to continuing operations |
377 | 2,828 | ||||||
Net income attributable to discontinued operations |
50 | 54 | ||||||
Denominator for diluted earnings per share weighted average shares |
61,644,872 | 62,844,872 | ||||||
Basic earnings per share of common stock: |
||||||||
Continuing operations |
$ | 0.02 | $ | 0.18 | ||||
Discontinued operations |
0.01 | 0.01 | ||||||
|
|
|
|
|||||
Total basic earnings per share of common stock |
$ | 0.03 | $ | 0.19 | ||||
|
|
|
|
|||||
Diluted earnings per share of common stock: |
||||||||
Continuing operations |
$ | 0.01 | $ | 0.04 | ||||
Discontinued operations |
0.00 | 0.01 | ||||||
|
|
|
|
|||||
Total basic earnings per share of common stock |
$ | 0.01 | $ | 0.05 | ||||
|
|
|
|
For the three month periods ended December 31, 2012 and 2011, the Company had stock options outstanding to purchase 6,760,000 and 7,260,000 common shares respectively and warrants outstanding to purchase 796,250 and 4,637,913 common shares respectively, had strike prices above market value and so are considered out-of-the-money. As a result, they were excluded from the computation of diluted net income per share.
For the three month period ended December 31, 2012, the following potential common shares outstanding are included in the computation of diluted net income per share: 67,600 Series 1-A Convertible Preferred Stock convertible into 33,493 common shares, 3,900 Series 2-A Convertible Preferred Stock convertible into 1,872 common shares, 9,000 Series 5-A Convertible Preferred Stock convertible into 28,800,000 common shares, 4,875 Series 6-A Convertible Preferred Stock convertible into 15,600,000 common shares, and $1,350,000 of 2009 Bridge Financing convertible into 2,160,000 common shares.
For the three months ended December 31, 2012 and 2011, interest expense of $34,000 and $53,000, respectively, related to the convertible debt was added back to net income attributable to continuing operations for the computation of diluted net income per share.
4. | Accounts Receivable |
Accounts receivable consisted of the following (in thousands):
December 31, | September 30, | |||||||
2012 | 2012 | |||||||
Gross accounts receivable |
$ | 22,258 | $ | 18,908 | ||||
Reserves for bad debt |
(11,126 | ) | (9,304 | ) | ||||
|
|
|
|
|||||
Accounts receivable, net |
$ | 11,132 | $ | 9,604 | ||||
|
|
|
|
7
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
5. | Long-term Debt |
Long-term debt consists of the following (in thousands):
December 31, 2012 | September 30, 2012 | |||||||
Note payable secured by real estate, $27,513 payable monthly, including interest based on Wall Street Journal prime plus 2% adjusted quarterly, floor of 7%, rate is currently 7%, matures November 2028 |
$ | 3,141 | $ | 3,170 | ||||
Note payable secured by real estate, $34,144 payable monthly, including interest based on Wall Street Journal prime plus 2% adjusted quarterly, floor of 7%, rate is currently 7%, matures November 2028 |
2,957 | 2,995 | ||||||
Bridge notes payable, 10% interest, matures on or before June 2014 |
4,663 | 4,663 | ||||||
Note payable, 9% interest per annum and matures in February 2016 |
256 | 274 | ||||||
Note payable, 10% interest per annum and matures in September 2014 |
100 | 100 | ||||||
|
|
|
|
|||||
Total |
11,117 | 11,202 | ||||||
|
|
|
|
|||||
Less current maturities of long term debt |
(385 | ) | (5,041 | ) | ||||
|
|
|
|
|||||
Total long term debt |
$ | 10,732 | $ | 6,161 | ||||
|
|
|
|
The following chart shows scheduled principal payments due as of December 31, 2012 on long-term debt for the next five years and thereafter (in thousands):
December 31, |
Payments | |||
2013 |
$ | 385 | ||
2014 |
5,179 | |||
2015 |
449 | |||
2016 |
429 | |||
2017 |
426 | |||
Thereafter |
4,249 | |||
|
|
|||
Total |
$ | 11,117 | ||
|
|
6. | Warrants |
The following warrants were outstanding and exercisable as of the following as of December 31, 2012:
Remaining | Exercise | |||||||||||
Description |
Life | Price | Warrants | |||||||||
September 30, 2008 Preferred Stock Series 5-A warrants issued to placement agent |
3 months | $ | 0.50 | 436,250 | ||||||||
June 8, 2009 Preferred Stock Series 6-A warrants issued to investor |
15 months | 0.50 | 210,000 | |||||||||
June 10, 2009 warrants issued to Medical Advisory Board |
15 months | 0.63 | 150,000 | |||||||||
|
|
|||||||||||
796,250 | ||||||||||||
|
|
A summary of our stock warrant activity and related information at December 31, 2012 and September 30, 2012 is as follows:
8
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Number of Shares of Common Stock |
Weighted-Average Exercise Price Per Share |
|||||||||||||||
Three months | Fiscal year | Three months | Fiscal year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
December 31, | September 30, | December 31, | September 30, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Warrants outstanding at beginning of the period |
796,250 | 4,731,513 | $ | 0.52 | $ | 0.58 | ||||||||||
Issued |
| | | | ||||||||||||
Exercised |
| | | | ||||||||||||
Cancelled or expired |
| (3,935,263 | ) | | $ | 0.60 | ||||||||||
|
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|
|
|
|
|
|
|||||||||
Warrants outstanding at end of the period |
796,250 | 796,250 | $ | 0.52 | $ | 0.52 | ||||||||||
|
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|
|
|
|
|
|
7. | Stock Options |
A summary of our stock option activity and related information at December 31, 2012 and September 30, 2012 is as follows:
Weighted-Average | ||||||||||||||||
Number of Options | Exercise Price Per Share | |||||||||||||||
Three months ended | Fiscal year ended | Three months ended | Fiscal year ended | |||||||||||||
December 31, | September 30, | December 31, | September 30, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Options outstanding at beginning of the period |
6,760,000 | 7,260,000 | $ | 0.61 | $ | 0.61 | ||||||||||
Granted |
||||||||||||||||
at above fair market value |
| | | | ||||||||||||
at fair market value |
| | | | ||||||||||||
at below fair market value |
| | | | ||||||||||||
Exercised |
| | | | ||||||||||||
Cancelled |
| | | | ||||||||||||
Forfeited |
| (500,000 | ) | | 0.61 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Options outstanding at end of the period |
6,760,000 | 6,760,000 | $ | 0.61 | $ | 0.61 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Options vested/exercisable at end of the period |
5,450,000 | 5,450,000 | $ | 0.61 | $ | 0.61 | ||||||||||
|
|
|
|
|
|
|
|
The following stock options were outstanding and exercisable as of the following as of December 31, 2012:
Weighted-average | ||||||||||||
Weighted-average | remaining | |||||||||||
Exercise price |
Number of options | exercise price | contractual life | |||||||||
$0.40 |
360,000 | $ | 0.40 | 1.00 | ||||||||
$0.63 |
6,400,000 | $ | 0.63 | 2.53 |
8. | Subsequent Events |
2013 Bridge Financing
Beginning in November 2013, we entered into a staggered bridge financing transaction (the 2013 Bridge Financing) whereby we entered into four (4) promissory notes, with interest of 10% per annum, in the aggregate principal amount of $650,000 (the 2013 Bridge Notes), with 4 investors, each note maturing June 30, 2014. The 2013 Bridge Loans funded as follows; $450,000 and $200,000 in November 2013 and January 2014, respectively. Three of the investors, SMP Investments I, LLC (SMP), Anthony J. Ciabottoni, and William Houlihan each hold a 10% or greater voting interest and are considered related parties. The fourth investor, Blue Ridge Investments, LLC is wholly owned by Richardson Sells, a member of the Board, and is therefore also considered a related party. The four lenders contributed $300,000, $125,000, $125,000, and $100,000, respectively.
9
Table of Contents
FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Bridge Note Extensions
In January 2014, each 2011 Bridge Lender agreed to extend the maturity date(s) of their respective Notes with the same terms and conditions contained in the originally executed Notes and related extensions until June 2014. Also in January 2014, each 2009 Bridge Lender agreed to extend the maturity date(s) of their respective Notes with the same terms and conditions contained in the originally executed Notes and related extensions until June of 2014. Three of the Bridge Lenders, SMP, Anthony Ciabattoni, and William A. Houlihan each hold a 10% or greater voting interest and are considered related parties to this transaction.
In addition, as part of the 2009 Bridge Notes extensions, in January 2014 the Company issued penny warrants to SMP for the purchase of up to 8,500,000 shares of Common Stock at an initial exercise price of $0.01 per share and exercisable for a period of five years from the date of issuance. SMP was one of the original 2009 Bridge Financing lenders. SMP holds a 10% or greater voting interest and is considered a related party. In March 2014, SMP exercised its warrant to purchase 8,500,000 shares of common stock for an aggregate purchase price of $85,000. The $85,000 proceeds were received by the company in Fiscal Year 2013, and were recorded as a liability until such time as the Company was able to accept the warrants.
Bridge Notes Payments
The 2011 Bridge Notes were paid in full, less accumulated interest, in the second and third quarters of the Fiscal Year Ended September 31, 2013, in installments of $420,000 and $1,614,000, respectively. The 2012 Bridge Notes were paid in full, less accumulated interest, in the second and third quarters of the Fiscal Year Ended September 31, 2013, in installments of $225,000 and $1,054,000, respectively. Of the total repayments, $759,000, $380,000 and $420,000 went to SMP, Anthony J. Ciabattoni, and William Houlihan, respectively, each of whom hold a 10% or greater voting interest and are considered related parties to this transaction.
Series 5-A and 6-A Convertible Preferred Stock Waiver
In February 2014, a majority of the Series 5-A Convertible Preferred Stock and Series 6-A Convertible Preferred Stock holders consented to waive their rights to demand registration. As a result of the majority consent, demand registration rights for all of the stockholders of the two classes of stock were waived.
Warrant Exercise
In March 2014, we accepted two warrant exercises in the amount of 150,000 and 210,000 shares of Common Stock, at an exercise price of $0.625 and $0.50 per share respectively, for an aggregate purchase price of $198,000 from two investors. The $198,000 proceeds had been received by the company in Fiscal Year 2011, and were recorded as a liability until such time as the Company was able to accept the warrants.
Warrant Issuance
The 2011 Bridge Financing had attached warrants to purchase an aggregate of 2,278,079 shares of our Common Stock with an exercise price of $0.3125, maturing five years from date of issuance. These warrants were issued January 1, 2014. Three of the 2011 Bridge Lenders, SMP, Anthony J. Ciabattoni, and William A. Houlihan, each hold a 10% or greater voting interest and are considered related parties to this transaction and received in aggregate 1,746,080 of the warrants.
The 2012 Bridge Financing had attached warrants to purchase an aggregate of 4,092,800 shares of our Common Stock with an exercise price of $0.3125, maturing five years from date of issuance. These warrants were issued January 1, 2014. The 2012 Bridge Lenders, SMP, Anthony J. Ciabattoni, and William A. Houlihan each hold a 10% or greater voting interest and are considered related parties to this transaction.
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FIRST PHYSICIANS CAPITAL GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Series 7-A Convertible Preferred Stock
On December 5, 2013, the Company filed a Certificate of Designation of Rights and Preferences of Series 7-A Convertible Preferred Stock authorizing the issuance of up to 7,000 Series 7-A Convertible Preferred Stock (see Exhibit 3.18). As part of the consideration for entering into the 2011 Bridge Financing, all of the 2011 Bridge Lenders were granted the option to convert their current holdings if any, of Series 5-A Preferred Convertible Stock, 6-A Preferred Convertible Stock and Common Stock (collectively the Exchanged Securities), into Series 7-A Convertible Preferred Stock. Upon election to convert, each lender would receive the number of Series 7-A Convertible Preferred Stock equal to the initial consideration paid for their Exchanged Securities divided by $1,000. In connection with the conversion, each 2011 Bridge Lender shall receive warrants to purchase a number of shares of Common Stock of the Company in an amount equal to 1,120 multiplied by the aggregate number of shares of Series 7-A Preferred issued. Such issued warrants shall have an exercise price of $0.3125, and shall expire five years from date of issuance. The Company has received notification from all the 2011 Bridge Lenders of their intent to convert, as appropriate, their holdings of Exchanged Securities to Series 7-A Convertible Preferred Stock, which will result in the issuance of an aggregate of 5,998 Series 7-A Preferred Stock and warrants to purchase 6,717,760 shares of Common Stock. Three of the 2011 Bridge Lenders, SMP, Anthony J. Ciabattoni, and William A. Houlihan, each hold a 10% or greater voting interest and will be considered related parties to this transaction.
Litigation
In June 2011, the Company vacated office space in Oklahoma City, Oklahoma prior to the expiration of the lease, at which time the landlord proceeded with litigation to collect outstanding lease payments. In December 2013, both parties entered into a settlement agreement under which the Company agreed to make a one-time payment of $65,000 in full satisfaction of all amounts due under the lease terms.
Change in Management
Effective November 18, 2013, David Hirschhorn resigned (i) as Chief Executive Officer, Chairman of the Board of Directors (the Board) and as a member of the Board of First Physicians Capital Group, Inc., a Delaware corporation (the Registrant), and (ii) from any and all other positions and in all other capacities in which he served as an officer or director of the Registrant or any of the Registrants subsidiaries. Mr. Hirschhorn had no disagreements with the Registrant on any matter related to the Registrants operations, policies or practices.
On November 21, 2013, the Board appointed Sean J. Kirrane to the position of Chief Executive Officer and Chief Financial Officer of the Registrant to serve until his successor is duly appointed and qualified or until his earlier resignation or removal. Mr. Kirrane has no family relationship with any officer or director of the Registrant or any of its subsidiaries.
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Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q (this Form 10-Q).
FORWARD LOOKING STATEMENTS
The discussion in this Form 10-Q contains forward-looking statements that may be subject to protection under the Private Securities Litigation Reform Act of 1995 and such statements should not be unduly relied upon. Forward-looking statements can be identified by the use of words such as may, will, could, should, anticipates, believes, estimates, expects, intends, plans and variations thereof or of similar expressions. All forward-looking statements included in this Form 10-Q are based on information available to us on the date hereof. We assume no obligation to update any such forward-looking statements. Our actual results in future periods could differ materially from those indicated in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to:
| our ability to obtain ongoing financing, manage our cash resources, control expenses and continue as a going concern; |
| impact of our indebtedness on our ability to invest in the ongoing needs and growth of our business; |
| significant past operating losses, potential future losses and limited ongoing revenue; |
| changes in government regulation, particularly healthcare laws; |
| possession of significant voting control over us by the holders of our Series 5-A Preferred Stock and Series 6-A Convertible Preferred Stock; |
| increased competition in the industry, geography and the segments in which we compete; |
| our ability to attract and retain employees and key members of management; |
| changes in economic and industry conditions; |
| reliance on third parties to provide services critical to our operations; |
| potential dilution of existing stockholders if we raise capital by issuing additional capital stock; |
| availability of appropriate prospective acquisitions or investment opportunities; |
| significant costs and obligations as a result of being a public company; |
| continued positive relationships with our customers; |
| deterioration in the collectability of our accounts; |
| major man-made or natural disasters; |
| compliance with applicable laws and regulations and cost of potential legal actions such as litigation or investigations; |
| inadequacy of our insurance coverage and fluctuating insurance requirements and costs; |
| impact of a potential requirement to record asset impairment charges in the future; |
| failure of our information technology system or the breach of our network security; |
| impact on our disclosure of use the scaled disclosure option available to smaller reporting companies; and |
| volatility in the price of our common stock. |
OVERVIEW
References to we, us, our, Tri-Isthmus Group, FPCG or the Company refer to First Physicians Capital Group, Inc. and its subsidiaries. We maintain our executive offices at 433 North Camden Drive, #810, Beverly Hills, California 90210. Our telephone number is +1 (310) 860-2501.
We invest in and provide financial and managerial services to healthcare facilities in non-urban markets. We promote quality medical care by offering improved access and breadth of services. We unlock the value of our investments by developing strong, long-term and mutually-beneficial relationships with our physicians and the communities they serve.
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Information in this Form 10-Q is current as of March 28, 2014 unless otherwise specified.
STRATEGY
During the Fiscal Year Ended September 30, 2010, we shifted our strategy away from majority ownership in healthcare delivery companies to a focus on the provision of management, financial, and ancillary healthcare and IT services to the rural and community hospital market. We expect to maintain and/or acquire minority ownership in selected healthcare delivery companies that complement our management services and financing activities. We may also invest in, acquire or partner with other companies that provide similar services in our markets.
In pursuit of this reorganization, we undertook an initiative to divest ourselves of underperforming facilities and reduce or outsource administrative functions to better align cost structures and business volume. As a result of the initiative, during the Fiscal Year Ended September 30, 2011, we successfully divested ourselves of our majority owned hospitals, and obtained contracts to provide the healthcare management services to several hospital clients.
We currently have 4 operating subsidiaries which are First Physicians Business Solutions, LLC First Physicians Resources, LLC, First Physicians Services, LLC and First Physicians Realty Group. First Physicians Business Solutions, LLC provides an array of management services to include hospital operations management, revenue cycle management, IT, finance and human resources. First Physicians Services provides ancillary service oversight and management solutions for lab, pharmacy, and emergency departments in rural hospital settings. First Physicians Resources, LLC provides medical and back office staffing solutions to our hospital clientele. First Physicians Realty Group is our real estate subsidiary that owns healthcare related properties and leases them to clients. We currently have contracts to provide financial and back office services to two hospital clients.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
REVENUE
Net revenue from services was $3.6 million for the three month period ended December 31, 2012, compared to $4.0 million for the three month period ended December 31, 2011, representing a decrease of $0.4 million, or 10.0%, primarily driven by revenues earned based on percentages of cash collections received from our hospital management agreement entered into in 2011.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by $0.5 million, to $2.9 million in the three month period ended December 31, 2012 from $2.4 million in the three month period ended December 31, 2011, representing a 20.8% increase resulting primarily from additional operating costs incurred related to the hospital management and staff leasing agreements entered into in 2011. Amortization of stock-based compensation is included in selling, general and administrative expenses.
PROVISION FOR DOUBTFUL ACCOUNTS
Provision for doubtful accounts increased to $1.8 million in the three month period ended December 31, 2012 from $1.2 million in the three month period ended December 31, 2011, representing an increase of $0.6 million. The increase is primarily the result of managements review of current outstanding invoices and their collectability as of December 31, 2012.
OTHER INCOME
In the three month period ended December 31, 2011 we realized a net gain of $1.4 million on the retirement of a note payable.
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INTEREST EXPENSE
Interest expense increased $97,000 to $295,000 for the three month period ended December 31, 2012, compared to $198,000 for the three month period ended December 31, 2011. The $97,000 increase resulted from the increase in higher interest rate bridge financing outstanding as of December 31, 2012 as compared to December 31, 2011.
MATERIAL CHANGES IN FINANCIAL CONDITION AT DECEMBER 31, 2012, COMPARED TO SEPTEMBER 30, 2012:
CASH AND CASH EQUIVALENTS
Our cash and cash equivalents totaled $0.9 million as of December 31, 2012, compared to $1.4 million at September 30, 2012, a decrease of $0.5 million. This represents a decrease of 35.7%, which was primarily the result of net cash used in operating activities of $0.4 million and payments on long term debt of $0.1 million.
ACCOUNTS RECEIVABLE
As of December 31, 2012, accounts receivables, net of allowances for uncollectible accounts totaled $11.1 million, an increase of $1.5 million from $9.6 million at September 30, 2012. This 15.6% increase was primarily due to the continued slow pay of receivables.
LONG-TERM DEBT
Long-term debt decreased $0.1 million to $11.1 million at December 31, 2012 from $11.2 million at September 30, 2012. This 0.9% decrease reflects cash payments on long term debt of $0.1 million.
LIQUIDITY AND CAPITAL RESOURCES
We have funded operations primarily through cash flows from operations and short term bridge financing. We estimate that based on current plans and assumptions, that our available cash and cash flows from operations will be sufficient to satisfy our cash requirements under our present operating expectations, without further financing, for the next 12 months.
As of December 31, 2013 we had working capital of $7.3 million compared with working capital of $2.2 million at September 30, 2012. The working capital increase was primarily the result of a $1.5 million increase in trade accounts receivable and a $4.7 million reduction in current maturities of long-term debt, offset by a $0.7 million increase in accrued expenses.
As of December 31, 2012, we had a stockholders deficit of $8.9 million, as compared to a stockholders deficit of $9.5 million as of September 30, 2012. The decrease in stockholders deficit arose primarily from net income for the quarter.
During the three month period ended December 31, 2012 there was $0.4 million cash used in operating activities, which was primarily the result of an increase in trade accounts receivable, compared to $0.9 million cash used in operating activities for the three month period ended December 31, 2011, which was primarily due to the gain recognized on retirement of note payable.
Cash used in financing activities totaled $85,000 in the three month period ended December 31, 2012, which was the result of cash payments on long term debt. Cash provided by financing activities of $387,000 in the three month period ended December 31, 2011 was the result of proceeds from bridge notes of $460,000, offset by payments on long term debt of $73,000.
Prior to the current fiscal year, we sustained operating losses since our inception and have an accumulated deficit of approximately $90.1 million as of December 31, 2012 compared to an accumulated deficit of $90.5 million as of September 30, 2012. The decrease in accumulated deficit in the current period was the result of net income of $0.4 million. The deficit has been funded primarily through preferred stock and common stock, promissory notes and cash generated from operations.
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Beginning in November 2013, we entered into a staggered bridge financing transaction (the 2013 Bridge Financing) whereby we entered into four promissory notes, with interest of 10% per annum, in the aggregate principal amount of $650,000 (the 2013 Bridge Notes), with four investors, each note maturing June 30, 2014. The 2013 Bridge Loans funded as follows; $450,000 and $200,000 in November 2013 and January 2014, respectively. All of the 2013 Bridge Financing was considered a related party transaction.
In January 2014, the Company issued penny warrants to SMP Investments I, LLC for the purchase of up to 8,500,000 shares of Common Stock at an initial exercise price of $0.01 per share and exercisable for a period of five years from the date of issuance. In March 2014, SMP exercised its warrant to purchase 8,500,000 shares of common stock for an aggregate purchase price of $85,000. The $85,000 proceeds had been received by the company in December 2012, and were recorded as a liability until such time as the Company was able to accept the warrants.
In March 2014, we accepted two warrant exercises in the amount of 150,000 and 210,000 shares of Common Stock, at an exercise price of $0.625 and $0.50 per share respectively, for an aggregate purchase price of $198,000 from two investors. The $198,000 proceeds had been received by the company in Fiscal Year 2011, and were recorded as a liability until such time as the Company was able to accept the warrants.
We are not aware of any trends, demands, events or uncertainties that will result in a material change in our liquidity or capital resources, nor do we expect any changes in the cost of our capital resources or the mix and relative cost of our capital resources.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
Item 4. CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures: As of the end of the period covered by this report an evaluation was carried out by our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our controls and procedures contained evidence of a material weakness as of the end of the fiscal quarter ended December 31, 2012.
(b) Changes in Internal Control Over Financial Reporting: There were no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2012 that had a material effect on our internal control over financial reporting.
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OTHER INFORMATION
None.
Because we are a Smaller Reporting Company, we are not required to disclose the information required by this item.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
Item 3. DEFAULTS UPON SENIOR SECURITIES
None.
Item 4. MINE SAFETY DISCLOSURES
None.
None.
See Exhibit index following the Signatures page.
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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.
Date: April 4, 2014 | First Physicians Capital Group, Inc. (Registrant) | |||
By: | /s/ Sean Kirrane | |||
Sean Kirrane | ||||
Chief Executive Officer, Chief Financial Officer and authorized signatory. (Principal Executive Officer and Principal Accounting Officer) |
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Exhibit No. | Description | |
2.1* | Membership Interest Purchase Agreement (filed as Exhibit 2.1 to the Form 8-K, as filed with the SEC on November 5, 2007) | |
3.1* | Certificate of Incorporation (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on November 14, 2000) | |
3.2* | Amended and Restated Bylaws dated October 25, 2002 (filed as Exhibit 3.2 to the Form 8-K, as filed with the SEC on October 28, 2002) | |
3.3* | Certificate of Designation of Rights and Preferences of Series 2-A Convertible Preferred Stock filed November 8, 2000 (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on November 14, 2000) | |
3.4* | Certificate of Merger filed November 8, 2000, merging Vsource, Inc. (a Nevada corporation) with and into the Vsource, Inc. (a Delaware corporation) (filed as Exhibit 4.2 to the Form 8-K, as filed with the SEC on November 14, 2000) | |
3.5* | Agreement and Plan of Merger dated as of December 14, 2000, among the Registrant, OTT Acquisition Corp., Online Transaction Technologies, Inc. and its Shareholders (filed as Exhibit 10.11 to the Form 10-Q, as filed with the SEC on December 15, 2000) | |
3.6* | Certificate of Designation of Rights and Preferences of Series 3-A Convertible Preferred Stock filed June 20, 2001 (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on July 2, 2001) | |
3.7* | Amendment to Certificate of Incorporation, dated January 16, 2002 (filed as Exhibit 3.3 to the Form 8-K, as filed with the SEC on January 23, 2002) | |
3.8* | Certificate of Designation of Rights and Preferences of Series 4-A Convertible Preferred Stock (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on October 28, 2002) | |
3.9* | Amendment to Certificate of Incorporation, dated November 20, 2002 (filed as Exhibit 3.1 to the Form 10-Q for the period ended October 31, 2002, as filed with the SEC on December 5, 2002) | |
3.10* | Certificate of Designation of Rights and Preferences of Series 5-A Convertible Preferred Stock (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on July 21, 2005) | |
3.11* | Amendment to Certificate of Incorporation, dated December 16, 2005 (filed as Exhibit 3.5 to the Form 10-Q for the period ended October 31, 2005, as filed with the SEC on December 20, 2005) | |
3.12* | Certificate of Amendment to the Certificate of Designation of Rights and Preferences Series 5-A Convertible Preferred Stock filed January 10, 2008 (filed as Exhibit B to the Form of Series 5-A Preferred Stock and Warrant Purchase Agreement, filed as Exhibit 10.52 herein) | |
3.13* | Certificate of Designation of Rights and Preferences of Series 6-A Convertible Preferred Stock filed April 2, 2008 (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on April 3, 2008) |
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Exhibit No. | Description | |
3.14* | Certificate of Amendment to the Certificate of Designation of Rights and Preferences of Series 5-A Convertible Preferred Stock filed May 15, 2008 (filed as Exhibit 4.2 to the Form 10-Q, as filed with the SEC on May 20, 2008) | |
3.15* | Certificate of Amendment to the Certificate of Designation of Rights and Preferences of Series 6-A Convertible Preferred Stock filed May 15, 2008 (filed as Exhibit B to the Form of Series 6-A Preferred Stock and Warrant Purchase Agreement, filed as Exhibit 10.54 herein) | |
3.16* | Amendment to Certificate of Incorporation, dated September 29, 2009 (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on October 1, 2009) | |
3.17* | Certificate of Decrease of Shares Designated as Series 7-A Convertible Preferred Stock, dated and filed January 22, 2010 (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on January 28, 2010) | |
3.18* | Certificate of Designation of Rights and Preferences of Series 7-A Convertible Preferred Stock (filed as Exhibit 3.1 to the Form 8-K, as filed with the SEC on December 12, 2013) | |
4.1* | Certificate of Decrease of Shares Designated as Series 1-A Convertible Preferred Stock (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on July 13, 2005) | |
4.2* | Certificate of Decrease of Shares Designated as Series 2-A Convertible Preferred Stock (filed as Exhibit 4.2 to the Form 8-K, as filed with the SEC on July 13, 2005) | |
4.3* | Certificate of Decrease of Shares Designated as Series 3-A Convertible Preferred Stock (filed as Exhibit 4.3 to the Form 8-K, as filed with the SEC on July 13, 2005) | |
4.4* | Certificate of Decrease of Shares Designated as Series 4-A Convertible Preferred Stock (filed as Exhibit 4.4 to the Form 8-K, as filed with the SEC on July 13, 2005) | |
4.5* | Series 5-A Preferred Stock and Warrant Purchase Agreement, dated as of July 7, 2005, by and among Vsource, Inc. and the investors listed therein (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on July 21, 2005) | |
4.6* | Form of Warrant (filed as Exhibit 4.2 to Form 8-K, filed with the SEC on July 21, 2005) | |
4.7* | Form of Warrant (filed as Exhibit 4.2 to Form 8-K, filed with the SEC on August 23, 2005) | |
4.8* | Series 5-A Preferred Stock and Warrant Purchase Agreement, dated as of September, 18, 2006, by and among First Physicians Capital Group, Inc. and certain Series 5-A Preferred Stock Investors (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on September 22, 2006) | |
4.9* | Form of Warrant (filed as Exhibit 4.2 to Form 8-K, filed with the SEC on September 22, 2006) | |
4.10* | Amended and Restated Articles of Organization of Rural Hospital Acquisition LLC (filed as Exhibit 4.1 to the Form 8-K, as filed with the SEC on November 5, 2007) | |
4.11* | Amended and Restated Operating Agreement Rural Hospital Acquisition LLC (filed as Exhibit 4.2 to the Form 8-K, as filed with the SEC on November 5, 2007) |
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Exhibit No. | Description | |
4.12* | Form of Extension of Warrant, dated July 18, 2007 (filed as Exhibit 4.1 to Form 8-K as filed with the SEC on December 18, 2008) | |
14.1* | Corporate Code of Business Conduct and Ethics for Directors, Executive Officers, and Employees, dated effective as of April 22, 2008 (filed as Exhibit 14.1 to the Form 10-K, as filed with the SEC on January 13, 2009) | |
31.1 | Certification Pursuant to Rule 13a-14(d) promulgated under the Securities Exchange Act of 1934 | |
32.1 | Certification Pursuant to 18 U.S.C. 1350 |
101.INS | ** | XBRL Instance Document | ||
101.SCH | ** | XBRL Taxonomy Extension Schema | ||
101.CAL | ** | XBRL Taxonomy Extension Calculation Linkbase | ||
101.DEF | ** | XBRL Taxonomy Extension Definition Linkbase | ||
101.LAB | ** | XBRL Taxonomy Extension Label Linkbase | ||
101.PRE | ** | XBRL Taxonomy Extension Presentation Linkbase |
* | Previously filed with the SEC as indicated, and hereby incorporated herein by reference. |
** | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
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