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<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File No. 000-27836
ORTHODONTIX, INC.
-----------------
(Exact name of small business issuer as specified in its charter)
FLORIDA 65-0643773
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
600 Brickell Avenue, Suite 300 M
Miami, Florida 33131
----------------------------------------
(Address of principal executive offices)
(305) 373-1002
--------------
(Issuer's Telephone Number)
2222 Ponce de Leon Blvd., 3rd Floor
Coral Gables, Florida 33134
----------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
On August 13, 1999, the number of shares of Common Stock of the issuer
outstanding was 5,059,025.
Traditional Small Business Disclosure Format (check one) Yes [X] No [ ]
Documents Incorporated By Reference None
<PAGE> 2
SIGNATURES
In accordance with 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.
ORTHODONTIX, INC.
(Registrant)
Date: August 17, 1999 By: /s/ F.W. MORT GUILFORD
---------------------------------------
F.W. Mort Guilford
President (Principal Executive Officer)
Date: August 17, 1999 By: /s/ EDWARD STRONGIN
---------------------------------------
Edward Strongin
Acting Chief Financial Officer
(Principal Financial and Accounting
Officer)
7
<PAGE> 3
ORTHODONTIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------- -----------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Management service fee revenue $ 1,181,799 $ 2,318,637 $ 3,344,527 $ 2,318,637
----------- ----------- ----------- -----------
Direct practice expenses:
Salaries and benefits 418,086 840,802 1,218,012 840,802
Orthodontic supplies 146,561 324,750 421,381 326,059
Rent 189,026 232,004 471,624 232,004
Depreciation and amortization 18,409 56,833 69,649 56,833
Other 142,950 353,390 396,260 355,945
----------- ----------- ----------- -----------
Total direct practice expenses 915,032 1,807,779 2,576,926 1,811,643
General and administrative 436,781 534,449 1,000,964 717,225
Provision for losses on advances to Founding
Practices (Note 5) 230,000 -- 270,000 --
Asset impairment charge (Note 5) -- -- 285,000 --
Gain on the sale of certain assets of Founding
Practices (Note 5) (358,839) -- (358,839) --
Depreciation and amortization 8,929 495 17,988 684
----------- ----------- ----------- -----------
Total expenses 1,231,903 2,342,723 3,792,039 2,529,552
----------- ----------- ----------- -----------
Net operating loss (50,104) (24,086) (447,512) (210,915)
----------- ----------- ----------- -----------
Other income (expense):
Interest income 13,013 14,434 38,835 14,448
Interest expense (476) (36,188) (949) (45,559)
----------- ----------- ----------- -----------
Total other income (expense) 12,537 (21,754) 37,886 (31,111)
----------- ----------- ----------- -----------
Net loss $ (37,567) $ (45,840) $ (409,626) $ (242,026)
=========== =========== =========== ===========
Loss per common and common
equivalent share:
Basic ($ 0.01) ($ 0.01) ($ 0.07) ($ 0.07)
=========== =========== =========== ===========
Diluted ($ 0.01) ($ 0.01) ($ 0.07) ($ 0.07)
=========== =========== =========== ===========
Weighted average number of common and
common equivalent shares outstanding -
basic and diluted 5,533,207 5,153,983 5,706,501 3,237,638
=========== =========== =========== ===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
FINANCIAL STATEMENTS.
F-3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS OF
ORTHODONTIX, INC. FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 989,082
<SECURITIES> 0
<RECEIVABLES> 784,442
<ALLOWANCES> (117,000)
<INVENTORY> 0
<CURRENT-ASSETS> 2,411,351
<PP&E> 493,433
<DEPRECIATION> (140,499)
<TOTAL-ASSETS> 3,387,321
<CURRENT-LIABILITIES> 682,080
<BONDS> 0
0
0
<COMMON> 513
<OTHER-SE> 2,663,895
<TOTAL-LIABILITY-AND-EQUITY> 3,387,321
<SALES> 3,344,527
<TOTAL-REVENUES> 3,344,527
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,792,039
<LOSS-PROVISION> (447,512)
<INTEREST-EXPENSE> (949)
<INCOME-PRETAX> (409,626)
<INCOME-TAX> 0
<INCOME-CONTINUING> (409,626)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (409,626)
<EPS-BASIC> (.07)
<EPS-DILUTED> (.07)
</TABLE>
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