SEC Filing - Protalix BioTherapeutics

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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB/A

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended June 30, 1999

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the transition period from _____ to _____

                          Commission File No. 000-27836

                                ORTHODONTIX, INC.
                                -----------------
        (Exact name of small business issuer as specified in its charter)

                   FLORIDA                                      65-0643773
       (State or other jurisdiction of                         (IRS Employer
        incorporation or organization)                       Identification No.)

                        600 Brickell Avenue, Suite 300 M
                              Miami, Florida 33131
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (305) 373-1002
                                 --------------
                           (Issuer's Telephone Number)

                       2222 Ponce de Leon Blvd., 3rd Floor
                           Coral Gables, Florida 33134
                    ----------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]

         On August 13, 1999, the number of shares of Common Stock of the issuer
outstanding was 5,059,025.

         Traditional Small Business Disclosure Format (check one) Yes [X] No [ ]
         Documents Incorporated By Reference    None


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                                   SIGNATURES

         In accordance with 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.

                                      ORTHODONTIX, INC.
                                      (Registrant)



Date: August 17, 1999                 By: /s/ F.W. MORT GUILFORD
                                         ---------------------------------------
                                         F.W. Mort Guilford
                                         President (Principal Executive Officer)

Date: August 17, 1999                 By: /s/ EDWARD STRONGIN
                                         ---------------------------------------
                                         Edward Strongin
                                         Acting Chief Financial Officer
                                         (Principal Financial and Accounting
                                         Officer)


























                                        7





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ORTHODONTIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)





                                                               THREE MONTHS ENDED                   SIX MONTHS ENDED
                                                                     JUNE 30,                           JUNE 30,
                                                           -----------------------------       -----------------------------
                                                              1999              1998              1999              1998
                                                           -----------       -----------       -----------       -----------
                                                                                                     
Management service fee revenue                             $ 1,181,799       $ 2,318,637       $ 3,344,527       $ 2,318,637
                                                           -----------       -----------       -----------       -----------

Direct practice expenses:
  Salaries and benefits                                        418,086           840,802         1,218,012           840,802
  Orthodontic supplies                                         146,561           324,750           421,381           326,059
  Rent                                                         189,026           232,004           471,624           232,004
  Depreciation and amortization                                 18,409            56,833            69,649            56,833
  Other                                                        142,950           353,390           396,260           355,945
                                                           -----------       -----------       -----------       -----------

    Total direct practice expenses                             915,032         1,807,779         2,576,926         1,811,643

General and administrative                                     436,781           534,449         1,000,964           717,225
Provision for losses on advances to Founding
  Practices (Note 5)                                           230,000                --           270,000                --
Asset impairment charge (Note 5)                                    --                --           285,000                --
Gain on the sale of certain assets of Founding
  Practices (Note 5)                                          (358,839)               --          (358,839)               --
Depreciation and amortization                                    8,929               495            17,988               684
                                                           -----------       -----------       -----------       -----------

    Total expenses                                           1,231,903         2,342,723         3,792,039         2,529,552
                                                           -----------       -----------       -----------       -----------

    Net operating loss                                         (50,104)          (24,086)         (447,512)         (210,915)
                                                           -----------       -----------       -----------       -----------

Other income (expense):
  Interest income                                               13,013            14,434            38,835            14,448
  Interest expense                                                (476)          (36,188)             (949)          (45,559)
                                                           -----------       -----------       -----------       -----------

    Total other income (expense)                                12,537           (21,754)           37,886           (31,111)
                                                           -----------       -----------       -----------       -----------
Net loss                                                   $   (37,567)      $   (45,840)      $  (409,626)      $  (242,026)
                                                           ===========       ===========       ===========       ===========

Loss per common and common
  equivalent share:

  Basic                                                    ($     0.01)      ($     0.01)      ($     0.07)      ($     0.07)
                                                           ===========       ===========       ===========       ===========
  Diluted                                                  ($     0.01)      ($     0.01)      ($     0.07)      ($     0.07)
                                                           ===========       ===========       ===========       ===========

Weighted average number of common and
  common equivalent shares outstanding -
  basic and diluted                                          5,533,207         5,153,983         5,706,501         3,237,638
                                                           ===========       ===========       ===========       ===========




       THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
                             FINANCIAL STATEMENTS.


                                      F-3

  

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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS OF
ORTHODONTIX, INC. FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.


                             
                   6-MOS
                          DEC-31-1999
                             JAN-01-1999
                               JUN-30-1999
                                         989,082
                                         0
                                  784,442
                                  (117,000)
                                          0
                             2,411,351
                                         493,433
                                (140,499)
                               3,387,321
                          682,080
                                              0
                                0
                                          0
                                           513
                                   2,663,895
                 3,387,321
                                      3,344,527
                             3,344,527
                                                0
                                        0
                             3,792,039
                              (447,512)
                                (949)
                               (409,626)
                                         0
                           (409,626)
                                       0
                                      0
                                            0
                                  (409,626)
                                       (.07)
                                     (.07)