8-K/A: Current report filing
Published on August 12, 2005
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: May 27, 2005 (Date of earliest event reported) NOVELOS THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 333-119366 04-3321804 (State or other jurisdiction (Commission IRS Employer of incorporation) File No.) Identification No.) One Gateway Center, Suite 504 Newton, MA 02458 (Address of Principal Executive Offices) (617) 244-1616 (Registrant's telephone number including area code) (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Novelos Therapeutics, Inc. (the "Company") hereby amends the Current Report on Form 8-K filed by the Company on June 2, 2005 to include financial statements of the Company for its fiscal period ended March 31, 2005. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of business acquired. Set forth below are the unaudited financial statements of the Company for its fiscal period ended March 31, 2005. <TABLE> NOVELOS THERAPEUTICS, INC. BALANCE SHEETS MARCH 31, DECEMBER 31, 2005 2004 ASSETS (unaudited) (audited) ------------------- ------------------ CURRENT ASSETS: Cash and equivalents $ 83,970 $ 10,356 Accounts receivable 12,584 12,584 Prepaid expenses and other current assets 17,798 79,631 ------------------- ------------------ Total current assets 114,352 102,571 PROPERTY AND EQUIPMENT, NET -- -- DEPOSITS 6,000 6,000 ------------------- ------------------ TOTAL ASSETS $ 120,352 $ 108,571 =================== ================== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 2,020,300 $ 2,026,171 Accrued interest 456,769 397,612 Notes payable to stockholders 2,417,931 2,017,931 Current portion of long-term debt 1,069 1,840 ------------------- ------------------ Total current liabilities 4,896,069 4,443,554 DEPOSIT ON CONVERTIBLE PREFERRED STOCK, SERIES B 1,142 1,142 DEFERRED REVENUE 12,584 12,584 DEFERRED RENT 550 250 ------------------- ------------------ Total liabilities 4,910,345 4,457,530 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT): Preferred stock, no par value; 7,000 shares authorized, no shares issued and outstanding -- -- Common stock, $.00001 par value; 42,000,000 shares authorized at March 31, 2005 and December 31, 2004; 14,926,126 and 4,426,126 shares issued and outstanding at March 31, 2005 and December 31, 2004, respectively 149 44 Additional paid-in capital 7,967,716 7,998,110 Accumulated deficit (12,755,902) (12,345,157) Treasury stock (195,672 shares), at cost (1,956) (1,956) ------------------- ------------------ Total stockholders' equity (deficit) (4,789,993) (4,348,959) ------------------- ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 120,352 $ 108,571 =================== ================== </TABLE> 2 <TABLE> NOVELOS THERAPEUTICS, INC. STATEMENTS OF OPERATIONS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2005 AND MARCH 31, 2004 Three Months Ended March 31, ------------------------------- 2005 2004 ------------- ---------------- COSTS AND EXPENSES: Research and development $ 157,590 $ 111,776 General and administrative 195,515 109,651 ------------- ---------------- Total costs and expenses 353,105 221,427 ------------- ---------------- OTHER INCOME (EXPENSE): Interest income 176 91 Interest expense (59,316) (49,640) Miscellaneous 1,500 (1,081) ------------- ---------------- Total other expense (57,640) (50,630) ------------- ---------------- NET LOSS (410,745) (272,057) ACCRETION ON CONVERTIBLE PREFERRED STOCK, SERIES A -- (69,541) ACCRETION ON CONVERTIBLE PREFERRED STOCK, SERIES B -- (67,267) ------------- ---------------- NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (410,745) $ (408,865) ============= ================ BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER COMMON SHARE $ (0.03) $ (0.78) ============= ================ SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER COMMON SHARE 12,592,793 521,237 ============= ================ </TABLE> 3 <TABLE> NOVELOS THERAPEUTICS, INC. STATEMENTS OF CASH FLOWS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2005 AND MARCH 31, 2004 THREE MONTHS ENDED MARCH 31, ----------------------------------- 2005 2004 -------------- ------------------ (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (410,745) $ (272,057) Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization -- 870 Stock-based compensation 1,509 1,967 Loss on cancellation of escrow agreement -- 1,957 Increase (decrease) in: Accounts receivable -- (13,054) Prepaid expenses and other current assets 61,833 (6,375) Accounts payable and accrued expenses (5,871) 54,754 Accrued interest 59,157 49,485 Deferred revenue -- 13,054 Deferred rent 300 -- -------------- ------------------ Cash used in operating activities (293,817) (169,399) CASH FLOWS FROM FINANCING ACTIVITIES: Costs from issuance of common stock (31,798) -- Payments of long-term debt (771) (672) Proceeds from issuance of promissory notes 400,000 -- -------------- ------------------ Cash provided by (used in) financing activities 367,431 (672) -------------- ------------------ INCREASE (DECREASE) IN CASH AND EQUIVALENTS 73,614 (170,071) CASH AND EQUIVALENTS, BEGINNING OF YEAR 10,356 183,365 -------------- ------------------ CASH AND EQUIVALENTS, END OF PERIOD $ 83,970 $ 13,294 ============== ================== </TABLE> 4 <TABLE> NOVELOS THERAPEUTICS, INC. STATEMENTS OF CASH FLOWS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2005 AND MARCH 31, 2004 THREE MONTHS ENDED MARCH 31, ------------------------------- 2005 2004 ----------------- ------------ (unaudited) SUPPLEMENTAL DISCLOSURES OF CASH FLOW Cash paid during the period for: Interest $ -- $ -- ================= ============= SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES Common stock issued for services $ 105 $ -- ================= ============= </TABLE> 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 by the undersigned hereunto duly authorized. Dated: August 12, 2005 NOVELOS THERAPEUTICS, INC. By: /s/ HARRY S. PALMIN -------------------------------- Its: Chief Executive Officer 5