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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A (No. 1)
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
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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 0-21168
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CHROMATICS COLOR SCIENCES INTERNATIONAL, INC
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(Exact Name of Registrant as Specified in Its Charter)
NEW YORK 13-3253392
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
5 East 80th Street, New York, New York 10021
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(Address of principal executive offices)
(212) 717-6544
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(Registrant's Telephone Number, Including Area Code)
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(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)
Indicate by check 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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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by
court. Yes No N/A
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date: 14,820,604.
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PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
The line item "WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND EQUIVALENTS
OUTSTANDING" for the three months ended March 31, 1998 should be "14,273,467",
as reflected below.
CHROMATICS COLOR SCIENCES INTERNATIONAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
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1998 1997
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<S> <C> <C>
Revenues:
Lease, license and service contracts $ -- $ 1,500
Interest income 120,900 56,900
Other -- 300
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120,900 58,700
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COSTS AND EXPENSES:
Food and Drug Administration ("FDA") regulatory
Expenses 521,200 344,200
Patent application costs 124,300 123,100
Research and development costs 253,300 55,100
General and administrative:
Compensation - officers and employees 204,100 192,800
Consultants (including $136,490 in compensation costs
relating to options granted to consultants) 200,500 45,500
Legal fees 108,200 53,000
Accounting fees 25,300 13,600
Rent and storage 48,500 52,900
Insurance 50,100 52,500
Travel and entertainment 32,000 4,000
Repairs and maintenance 20,700 28,500
Depreciation and amortization 25,900 25,200
Payroll taxes 20,500 31,200
Stock administrative fees 32,900 9,100
Employee benefit plan 93,200 --
Promotional expenses 65,100 10,500
Other 65,900 60,900
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1,891,700 1,102,100
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NET LOSS $ (1,770,800) $ (1,043,400)
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WEIGHTED AVERAGE NUMBER OF 14,273,467 10,880,936
COMMON SHARES AND EQUIVALENTS OUTSTANDING ============ ============
BASIC AND DILUTED LOSS PER SHARE $ (0.12) $ (0.10)
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</TABLE>
See accompanying notes to consolidated financial statements.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CHROMATICS COLOR SCIENCES INTERNATIONAL, INC.
Date: May 18, 1998
/s/ Darby S. Macfarlane
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Darby S. Macfarlane
Chief Executive Officer
/s/ Leslie Foglesong
Date: May 18, 1998 ----------------------------------------
Leslie Foglesong
Treasurer and Chief Financial
and Principal Accounting Officer
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