UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(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, 1999
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 000-14242
CELSION CORPORATION
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(Exact name of registrant as specified in its charter)
Maryland 52-1256615
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State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
10220-I Old Columbia Road
Columbia, Maryland 21046-1705
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 290-5390
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Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: Common Stock, par
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value $.01 per share
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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
As of March 31, 1999, the Registrant had outstanding 45,850,136 shares
of Common Stock, $.01 par value.
CELSION CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended March 31
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1999 1998
Cash flows from operating activities:
Net (loss) income $(1,160,894) $(1,914,181)
Noncash items included in net (loss) income:
Depreciation and amortization 14,246 9,947
Net changes in:
Accounts receivable (150) (27,241)
Inventories -- (58,268)
Prepaid expenses 57,931 (210)
Other current assets -- (18,449)
Accounts payable-trade (337,704) 209,420
Accrued interest payable - related parties 233 (143,205)
Accrued interest payable - other (108,074) 36,639
Accrued compensation 137,731 28,501
Accrued professional fees -- (63,204)
Other accrued liabilities and deferred revenue 9,665 5,033
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Net cash (used) provided by operating activities (1,387,016) (1,935,218)
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Cash flows from investing activities:
Purchase of property and equipment -- 26,394
Investment in patents -- (10,000)
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Net cash provided (used) by investing activities -- 16,394
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Cash flows from financing activities:
Payment on notes payable (net) (154,041) (89,522)
Payment on capital leases (net) (542) --
Proceeds of stock issuances 1,678,768 1,853,876
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Net cash provided by financing activities 1,524,185 1,764,354
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Net increase (decrease) in cash 137,169 (154,470)
Cash at beginning of period 54,920 267,352
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Cash at end of the period 192,089 $ 112,882
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See accompanying notes.
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 thereunto duly authorized.
DATE: June 12, 1999
CELSION CORPORATION
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(Registrant)
By:/s/ Spencer J. Volk
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Spencer J. Volk
President and Chief Executive Officer
By:/s/ John Mon
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John Mon
Treasurer and Chief Accounting Officer