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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-QSB
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the transition period from            to
 Commission File Number 1-9043
 B.H.I.T. INC.
  Delaware
    
    36-3361229(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)6950 South Edgerton Road, Brecksville, Ohio
    
    44141(Address of principal executive offices)
    
    (Zip Code)(440) 838-4700Registrants telephone number, including area code
 þ o
 14,988,051
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B.H.I.T. INC.
 
  PAGEPART I FINANCIAL INFORMATIONITEM 1. Financial StatementsBalance Sheets as of June 30, 2005 (unaudited)
and December 31, 2004
    
    
    3Statements of Operations for the
three months ended June 30, 2005 and 2004 (unaudited)
    
    
    4Statements of Operations for the
six months ended June 30, 2005 and 2004 (unaudited)
    
    
    5Statement of Stockholders Equity for the
six months ended June 30, 2005 (unaudited)
    
    
    6Statements of Cash Flows for the
six months ended June 30, 2005 and 2004 (unaudited)
    
    
    7Notes to Financial Statements (unaudited)
    
    
    8ITEM 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    9-10ITEM 3. Controls and Procedures
    
    
    10PART II OTHER INFORMATIONITEM 1. Legal Proceedings
    
    
    11ITEM 6. Exhibits and Reports on Form 8-K
    
    
    11SIGNATURES
    
    
    12EX-31.1 302 CEO CertificationEX-31.2 302 CFO CertificationEX-32 906 CEO and CFO Certification
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B.H.I.T. INC.
 
 Part I  FINANCIAL INFORMATION
 
 Balance Sheets
 June 30, 2005
    
    December 31, 2004(Unaudited)ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    1,495,756
    
    
    $
    1,536,596Interest receivable on cash and cash equivalents
    
    
    3,869
    
    
    
    3,168Prepaid insurance and miscellaneous expenses
    
    
    1,667
    
    
    
    5,082Total Current Assets
    
    $
    1,501,292
    
    
    $
    1,544,846LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESAccounts payable and other accrued expenses
    
    $
    31,826
    
    
    $
    33,162STOCKHOLDERS EQUITYShares of Common Stock, $0.01 par value,
20,000,000 shares authorized, 15,020,808 shares
issued at June 30, 2005
and December 31, 2004
    
    
    88,060,847
    
    
    
    88,060,847Accumulated deficit
    
    
    (86,583,192
    )
    
    
    (86,540,974
    )Treasury stock, at cost, for 32,757 shares
of Common Stock
    
    
    (8,189
    )
    
    
    (8,189
    )Total Stockholders Equity
    
    
    1,469,466
    
    
    
    1,511,684Total Liabilities and Stockholders Equity
    
    $
    1,501,292
    
    
    $
    1,544,846
 See accompanying notes to the Financial Statements.
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B.H.I.T. INC.
 
 Statements of Operations
For the Three Months Ended June 30, 2005 and 2004
 2005
    
    2004REVENUEInterest earned on cash and cash equivalents
    
    $
    11,289
    
    
    $
    4,437EXPENSESGeneral and administrative
    
    
    29,273
    
    
    
    27,172NET LOSS
    
    ($
    17,984
    )
    
    ($
    22,735
    )Basic and diluted net loss per share of Common
Stock (based on weighted average number of
shares outstanding of 14,988,051 in 2005 and 2004)
    
    ($
    0.001
    )
    
    ($
    0.002
    )
 See accompanying notes to the Financial Statements.
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B.H.I.T. INC.
 
 Statements of Operations
For the Six Months Ended June 30, 2005 and 2004
 2005
    
    2004REVENUEInterest earned on cash and cash equivalents
    
    $
    20,625
    
    
    $
    8,886EXPENSESGeneral and administrative
    
    
    62,843
    
    
    
    57,265NET LOSS
    
    ($
    42,218
    )
    
    ($
    48,379
    )Basic and diluted net loss per share of Common
Stock (based on weighted average number of
shares outstanding of 14,988,051 in 2005 and 2004)
    
    ($
    0.003
    )
    
    ($
    0.003
    )
 See accompanying notes to the Financial Statements.
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B.H.I.T. INC.
 
 Statement of Stockholders Equity
For the Six Months Ended June 30, 2005
 Common StockShares
    
    
    
    
    
    Accumulated
    
    Treasury StockIssued
    
    Amount
    
    Deficit
    
    Shares
    
    Amount
    
    TotalStockholders equity
December 31, 2004
    
    
    15,020,808
    
    
    $
    88,060,847
    
    
    ($
    86,540,974
    )
    
    
    32,757
    
    
    ($
    8,189
    )
    
    $
    1,511,684Net loss for the six months ended
June 30, 2005
    
    
    
    
    
    
    
    
    
    
    (42,218
    )
    
    
    
    
    
    
    
    
    
    
    (42,218
    )Stockholders equity (unaudited)
June 30, 2005
    
    
    15,020,808
    
    
    $
    88,060,847
    
    
    ($
    86,583,192
    )
    
    
    32,757
    
    
    ($
    8,189
    )
    
    $
    1,469,466
 See accompanying notes to the Financial Statements.
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B.H.I.T. INC.
 
 Statements of Cash Flows
For the Six Months Ended June 30, 2005 and 2004
 2005
    
    2004Operating Activities:Net Loss
    
    ($
    42,218
    )
    
    ($
    48,379
    )Adjustments to reconcile net loss to net cash
used in operating activities:Changes in assets and liabilities:Interest receivable on cash and cash equivalents
    
    
    (701
    )
    
    
    129Prepaid insurance and miscellaneous expenses
    
    
    3,415
    
    
    
    14,250Accounts payable and accrued expenses
    
    
    (1,336
    )
    
    
    (5,622
    )Net cash used in operating activities
    
    
    (40,840
    )
    
    
    (39,622
    )Cash and cash equivalents at beginning of period
    
    
    1,536,596
    
    
    
    1,612,724Cash and cash equivalents at end of period
    
    $
    1,495,756
    
    
    $
    1,573,102
 See accompanying notes to the Financial Statements.
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B.H.I.T. INC.
 
 NOTES
TO FINANCIAL STATEMENTS
(Unaudited)
 BASIS OF PRESENTATION
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B.H.I.T. INC.
 
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS
AND RESULTS OF OPERATIONS
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B.H.I.T. INC
          
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B.H.I.T. INC.
 
  
   
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SIGNATURES
   By:
    
    /s/ John V. Curci
    
    
    
    Date: August 10, 2005John V. Curci Vice-President, Treasurer & Chief Financial OfficerPrincipal Accounting Officer
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