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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB/A
 (Amendment No. 1)
  þ
    
    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 2007
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act
 Commission file number: 1-9043
 B.H.I.T. Inc.
 (Exact name of small business issuer as specified in its charter)
 Delaware
    
    36-3361229(State of incorporation)
    
    (I.R.S. Employer Identification No.)
 7005 Stadium Drive, Suite 100, Brecksville, Ohio 44141
 
  212-895-3526
 
  þ o
 o þ
 24,988,051 shares of common stock, $0.01 par value per share, as of
August 13, 2007.
 o þ




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EXPLANATION OF AMENDMENT
   2




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TABLE OF CONTENTS
 Item 13. Exhibits
    
    
    4Signatures
    
    
    5
 3




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Item 13. Exhibits.
 31
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive and Financial Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002*32
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002*
 
 *
    
    Filed with this amendment no. 1 to quarterly report 4




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Signatures
  B.H.I.T. Inc.Date: August 27, 2007
    /s/ Paul S. DennisBy Paul S. Dennis, Chief Financial Officer 5




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B.H.I.T. Inc.
 Balance Sheets
As of June 30, 2007 and December 31, 2006
 June 30, 2007
    
    
    December 31, 2006(Unaudited)ASSETSCurrent AssetsCash and cash equivalents
    
    $
    2,396,409
    
    
    $
    1,420,313Interest receivable on cash and cash equivalents
    
    
    1,196
    
    
    
    5,640Prepaid insurance
    
    
    5,121
    
    
    
    14,026Total Current Assets
    
    $
    2,402,726
    
    
    $
    1,439,979LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable and other accrued expenses
    
    $
    31,610
    
    
    $
    47,646Stockholders EquityShares of Common Stock, $0.01 par value,
75,000,000 shares authorized and 25,020,808 shares issued at June 30, 2007
and 20,000,000 authorized and 15,020,808 issued at December 31, 2006
    
    
    89,240,847
    
    
    
    88,060,847Accumulated deficit
    
    
    (86,861,542
    )
    
    
    (86,660,325
    )Treasury stock, at cost, for 32,757 shares of Common Stock
    
    
    (8,189
    )
    
    
    (8,189
    )Total Stockholders Equity
    
    
    2,371,116
    
    
    
    1,392,333Total Liabilities and Stockholders Equity
    
    $
    2,402,726
    
    
    $
    1,439,979
 See accompanying notes to the Financial Statements.
 F-1




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B.H.I.T. Inc.
 Statements of Operations
For the Three and Six Months Ended June 30, 2007 and 2006
 Three Months
    
    
    Six Months2007
    
    
    2006
    
    
    2007
    
    
    2006RevenueInterest earned on cash and cash equivalents
    
    $
    16,837
    
    
    $
    17,919
    
    
    $
    30,648
    
    
    $
    34,515ExpensesGeneral and Administrative
    
    
    33,037
    
    
    
    30,414
    
    
    
    51,865
    
    
    
    63,220Stock based compensation
    
    
    
    
    
    
    
    
    
    
    180,000
    
    
    
    Total Expenses
    
    
    33,037
    
    
    
    30,414
    
    
    
    231,865
    
    
    
    63,220Net Loss
    
    $
    (16,200
    )
    
    $
    (12,495
    )
    
    $
    (201,217
    )
    
    $
    (28,705
    )Weighted average number of shares outstanding
    
    
    17,515,524
    
    
    
    14,988,051
    
    
    
    16,258,769
    
    
    
    14,988,051Basic and diluted net loss per share of Common Stock
    
    $
    (0.001
    )
    
    $
    (0.001
    )
    
    $
    (0.012
    )
    
    $
    (0.002
    )
 See accompanying notes to the Financial Statements.
 F-2




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B.H.I.T. Inc.
 Statements of Cash Flows
For the Six Months Ended June 30, 2007 and 2006
 2007
    
    
    2006Operating ActivitiesNet Loss
    
    $
    (201,217
    )
    
    $
    (28,705
    )Adjustments to reconcile net loss to net cash used in operating activities:Stock based compensation
    
    
    180,000
    
    
    
    Changes in assets and liabilities:Interest receivable on cash and cash equivalents
    
    
    4,444
    
    
    
    (1,131
    )Prepaid insurance and miscellaneous expenses
    
    
    8,905
    
    
    
    Accounts payable and accrued expenses
    
    
    (16,036
    )
    
    
    673Net cash used in operations
    
    
    (23,904
    )
    
    
    (29,163
    )Financing ActivitiesProceeds from sale of common stock
    
    
    1,000,000
    
    
    
    Net cash from financing
    
    
    1,000,000
    
    
    
    Net increase (decrease) in cash
    
    $
    976,096
    
    
    $
    (29,163
    )Cash and cash equivalents at beginning of period
    
    $
    1,420,313
    
    
    $
    1,466,353Cash and cash equivalents at end of period
    
    $
    2,396,409
    
    
    $
    1,437,190
 See accompanying notes to the Financial Statements.
 F-3




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B.H.I.T. Inc.
Notes to Financial Statements
 Basis of Presentation
      Stock Offering
  Stock Based Compensation
    F-4




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Discount interest rate
    
    
    4.5
    %Expected life (years)
    
    
    3Expected volatility
    
    
    81.07
    %Dividend yield
    
    
    0
  Adoption of New Accounting Standard
  F-5