UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
1-12830
SEC FILE
NUMBER
09066L-10-5 CUSIP NUMBER
(Check
One) [x] Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ]Form N-SAR
[ ]
Form N-CSR
For
Period Ended: December 31, 2002
[
]
Transition Report on Form 10-K
[
]
Transition Report on Form 20-F
[
]
Transition Report on Form 11-K
[
]
Transition Report on Form 10-Q
[
]
Transition Report on Form N-SAR
[
]
Transition Report on Form N-CSR
For
the
Transition Period Ended:
Nothing
in this form shall be construed to imply that the Commission has verified
any
information contained therein.
If
the
notification relates to a portion of the filing checked above, identify the
Item(s) to which the notification relates
PART
IBREGISTRANT
INFORMATION
BioTime,
Inc.
Full
name
of Registrant
Address
of Principal Executive Offices
6121
Hollis Street
(Street
and Number)
Emeryville,
California 94608
(City,
State, and Zip Code)
PART
II-RULES 12b-25(b) AND (c)
If
the
subject report could not be filed without unreasonable effort or expense
and the
registrant seeks relief pursuant to Rule 12b-25(b), the following should
be
completed. (Check box if appropriate [x])
(a) The
reasons described in Part III of this form could not be eliminated without
unreasonable effort or expense.
(b) The
subject report on Form 10-KSB, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR,
or portion thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date, or the subject quarterly report or transition
report on Form 10-Q or distribution report on Form10-D, or portion thereof,
will
be filed on or before the fifth calendar day following the prescribed due
date;
and
(c) The
accountant’s statement or other exhibit required by Rule 12b-25(c) has been
attached.
PART
IIIBNARRATIVE
BioTime
could not file its Annual Report on Form 10-KSB for the year ended December
31,
2006 within the prescribed period because additional information is required
by
its independent accountants to complete their audit procedures pertaining
to
BioTime’s financial statements for that fiscal year.
During
February 2007, BioTime, Inc. changed independent accountants, dismissing
BDO
Seidman, LLP ("BDO") and engaging Rothstein, Kass & Company, P.C.
(“Rothstein Kass"). As a result, this is the first audit conducted by Rothstein
Kass, who had to become familiar with BioTime's business and accounting records,
had to analyze accounting issues as they pertain to BioTime's business and
operations, and had to review financial statements, accounting information,
contracts and other documentation of BioTime's operations for prior periods,
all
for the first time, in order to plan and conduct its audit, conduct the reviews
required by their audit procedures, and issue a report on BioTime's financial
statements. Because this was the first audit by Rothstein Kass it was necessary
for their review and verification to be more extensive for this accounting
period than might have been the case had they conducted audits for prior
periods
and reviewed the pertinent accounting data and documentation at that time.
As a
result it was necessary for BioTime to assemble and provide Rothstein Kass
with
extensive documentation.
BioTime
expects that its independent accountants will be able to complete their audit,
and that BioTime will be able to file its Form 10-KSB, by the fifteenth calendar
day following the prescribed due date.
PART
IVBOTHER
INFORMATION
| |
(1)
|
Name
and telephone number of person to contact in regard to this notification:
|
Steven
A. Seinberg, Chief Financial Officer
(Name)
(510)
350-2940
(Area
Code) (Telephone
Number)
(2)
Have all
other periodic reports required under Section 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940
during
the
preceding 12 months or for such shorter period that the registrant was required
to file such report(s) been filed? If answer is no, identify reports(s) [x]
Yes
[ ] No
(3) Is
it
anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof? [ ] Yes
[x]
No
BioTime,
Inc. has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
BIOTIME,
INC.
|
| |
|
| |
|
|
Date: April
2, 2007
|
By:
/s/
Steven A. Seinberg
|
| |
Chief
Financial Officer
|
| |
|
|
Certified
|
|
Rothstein,
Kass & Company, P.C.
|
|
Beverly
Hills
|
|
Public
|
|
4
Becker Farm
Road
|
|
Dallas
|
|
Accountants
|
|
Roseland,
NJ
07068
|
|
Denver
|
| |
|
tel
973.994.6666
|
|
Grand
Cayman
|
| |
|
fax
973.994.0337
|
|
New
York
|
| |
|
www.rkco.com
|
|
Roseland
|
| |
|
|
|
San
Francisco
|
| |
|
|
|
Walnut
Creek
|
Rothstein
Kass
March
30,
2007
Securities
and Exchange Commission
100
F
Street NE.
Washington,
D.C. 20549
This
letter is written in response to the requirement of Rule 12b-25(c) under
the
Securities Exchange Act of 1934 and in satisfaction of item (c) of Part II
of
Form 12b-25.
We
are
the independent auditors of BioTime, Inc. (the “Registrant”). The Registrant has
stated in Part III of its filing on Form 12b-25 that it is unable to timely
file, without unreasonable effort or expense, its Annual Report on Form 10-KSB
for the year ended December 31, 2006 because our Firm has not yet completed
our
audit of the financial statements of the Registrant for the year ended December
31, 2006 and is therefore unable to furnish the required opinion on such
financial statements.
We
hereby
advise you that we have read the statements made by the Registrant in Part
III
of its filing on Form 12b-25 and agree with the statements made therein.
We were
first engaged as the Registrant’s auditors on February 15, 2007. We are unable
to complete our audit of the Registrant’s financial statements and furnish the
required opinion for a timely filing because additional time is required
by us
to complete our audit procedures and, as a result, have not yet had sufficient
time to complete the auditing procedures that we consider necessary in the
circumstances.
Very
truly yours,
/s/
Rothstein, Kass & Company, P.C.
Rothstein,
Kass & Company, P.C.