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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Mark One)
X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
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Act of 1934. For the quarterly period ended June 30, 1997.
Transition report pursuant to Section 13 or 15(d) of the Securities
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Exchange Act of 1934. For the transition period from_____ to_____.
Commission File Number: 0-19749
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CHEMTRAK INCORPORATED
Delaware 77-0295388
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(State or other jurisdiction of (I.R.S Employer Identification No.)
incorporation or organization)
929 E. Arques Avenue, Sunnyvale C.A. 94086
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(Address of principal executive offices)
Registrant's telephone number, including area code: (408) 773-8156
Securities registered pursuant to Section 12(g) of the Act:
Common Stock $.001 par value
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(Title of Class)
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 _____
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Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class: Common Stock $.001 par value Outstanding at August 7, 1997: 12,994,006
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EXPLANATORY NOTE
This Form 10-Q/A is being filed solely for the purpose of amending the revenue
recognition policy in Note 2 to the Quarterly Report on Form 10-Q for the
quarterly period ending June 30, 1997.
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CHEMTRAK INCORPORATED
INDEX
PART I FINANCIAL INFORMATION PAGE
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NO.
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Item 1 Financial Statements
Notes to Condensed Financial Statements 3
SIGNATURES 4
2
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CHEMTRAX INCORPORATED
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 1997
(unaudited)
Note 2. Revenue Recognition
Product revenues are generally recognized at the time of shipment to
customers or distributors. Initial license revenues are recorded when earned,
which is upon signing of the license agreement, confirmation of collectibility
and when no future obligations remain. The Company recognizes license
termination and conversion fees when earned, which is upon signing of the
license agreement, confirmation of collectibility and when no future obligations
remain. These fees are recognized as operating income to offset the operating
expenses that have been recorded prior to termination or conversion of the
contract. These operating expenses were incurred by the Company to build and
supply the expected product pipeline as part of the original license agreement.
The Company recognized license termination and conversion fees of $3,500,000 in
1995. The Company recognized a $333,000 initial license fee in its entirety as
revenue in the three months ended March 31, 1997. The fee was non-refundable in
any manner and the Company had no further obligations under the contract
relating to the non-refundable fee.
3
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CHEMTRAK INCORPORATED
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Date: April 3, 1998 CHEMTRAK INCORPORATED
/s/ Donald V. Fluken
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Donald V. Fluken
Chief Financial Officer
(Principal Financial and Accounting Officer)
4
