UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-K/A
Amendment No. 1
_________________________
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the fiscal year ended October 31, 2010
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OR
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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: 000-28761
CARDIOGENICS
HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of
incorporation or organization)
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88-0380546
(I.R.S. Employer
Identification Number)
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6295
Northam Drive, Unit 8, Mississauga, Ontario L4V 1W8
(Address of principal executive offices) (Zip code)
(905)
673-8501
(Registrant’s telephone number, including area code)
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—$0.00001 par value
Series 2 Class B Common
Stock—$0.00001 par value
Series 3 Class B Common Stock—$0.00001 par value
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Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
£
No
S
Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
£
No
S
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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
S
No
£
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Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes
£
No
£
.
Indicate by check mark if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of
registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.
S
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, non-accelerated filer or a small. See definition of “large accelerated
filer, accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer
£
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Accelerated
filer
£
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Non-accelerated
filer
£
(Do not check if smaller reporting company)
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Smaller
reporting company
S
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Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act). Yes
£
No
S
.
The aggregate market value of the registrant’s
voting and non-voting common stock held by non-affiliates on January 10, 2010 (based on the closing stock price on the OTC Bulletin
Board) on such date was approximately $33,418,717.
As of January 10, 2010 the Registrant had the
following number of shares of its capital stock outstanding: 29,320,647 shares of Common Stock, 1 share of Series 1 Preferred Voting
Stock, par value $0.0001, representing 14 exchangeable shares of the Registrant’s subsidiary, CardioGenics ExchangeCo Inc.,
which are exchangeable into 24,388,908 shares of the Registrant’s Common Stock, 380,931 shares of Series 2 Class B Common
Stock and 21,500 shares of Series 3 Class B Common Stock.
EXPLANATORY NOTE
We are filing this Amendment No. 1 to
Annual Report on Form 10-K (this “
Amendment
”) to amend our Annual Report on Form 10-K for the fiscal year ended
October 31, 2010, as filed with the Securities and Exchange Commission (the “
SEC
”) on January 31,
2011 (the “
10-K
”). The purpose of this Amendment is to add and/or modify certain language in (a) the
“Liquidity
and Capital Resources”
section of ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION and (b) the
“Evaluation
of Disclosure Controls and Procedures”
section of ITEM 9A CONTROLS AND PROCEDURES, each of which is restated below in
its entirety reflecting such changes. In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended,
amended certifications by our principal executive officer and principal financial officer for the 10-K are filed as exhibits to
this Amendment.
No changes have been made in this Amendment
to modify or update the other disclosures presented in the 10-K. This Amendment does not reflect events occurring after the filing
of the original 10-K or modify or update those disclosures that may be affected by subsequent events. This Amendment should be
read in conjunction with the 10-K and our other filings with the SEC.
Table of Contents
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Page
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Part II
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ITEM 7
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MANAGEMENT DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Liquidity and Capital Resources
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4
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ITEM 9A
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CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
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4
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Part IV
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ITEM 15
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EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
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__
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Exhibits
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Signatures
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5
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Part II
ITEM 7.
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MANAGEMENT DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
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Liquidity and Capital Resources
For the year ended October 31, 2010 the Company
incurred a net loss of approximately $2,038,000 (2009-$28,900,000) and a cash flow deficiency from operating activities of approximately
$2,163,000 (2009-$735,000). The Company has not yet established an ongoing source of revenues sufficient to cover our operating
costs and allow us to continue as a going concern. The Company has funded its activities to date almost exclusively
from debt and equity financings. These matters raise substantial doubt about the Company’s ability to continue
as a going concern and our independent auditors included an explanatory paragraph to emphasize such doubt in their report on the
audit of our financial statements.
The Company will continue to require substantial
funds to continue research and development, including preclinical studies and clinical trials of our products, and to commence
sales and marketing efforts. The Company’s plans include financing activities such as private placements of its
common stock and issuances of convertible debt instruments. The Company is also actively pursuing industry collaboration
activities including product licensing and specific project financing.
The Company believes that it will be successful
in obtaining the necessary financing to fund its operations, meet revenue projections and manage costs; however, there are no assurances
that such additional funding will be achieved and that the Company will succeed in its future operations. Our current annual cash
requirement is approximately $1,500,000. The cash balance at October 31, 2010 was $1,844,752, meaning that we had sufficient cash
reserves to cover the next year's operations.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and
Procedures
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) of the Exchange
Act. Our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the
framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, management concluded that our internal control over financial reporting was not effective as of October
31, 2010.
Part IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
Exhibits
The following Exhibits are filed as part of this Annual Report
on Form 10-K/A.
Exhibit No.
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Description
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23.1
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Consent of J.H. Cohn LLP (Amendment No. 1 to 10-K)
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23.2
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Consent of BDO Canada LLP (Amendment No. 1 to 10-K)
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31.1(a)
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Section 302 Certification of Chief Executive Officer (Amendment No. 1 to 10-K)
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31.1(b)
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Section 302 Certification of Chief Executive Officer (Amended)
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31.2(a)
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Section 302 Certification of Chief Financial Officer (Amendment No. 1 to 10-K)
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31.2(b)
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Section 302 Certification of Chief Financial Officer (Amended)
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32.1
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Section 906 Certification of Chief Executive Officer and Chief Financial Officer (Amendment No. 1 to 10-K)
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
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CARDIOGENICS HOLDINGS INC.
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By:
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/s/ Yahia Gawad
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Yahia Gawad
Chief Executive Officer
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Dated:
January 27, 2012
Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
date indicated.
Signature
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Title
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Date
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/s/
Yahia Gawad
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Chief Executive Officer
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January 27, 2012
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Yahia Gawad
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/s/
James Essex
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Chief Financial Officer
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January 27, 2012
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James Essex
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