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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 1999
SPEEDUS.COM, INC.
(Exact name of registrant as specified in charter)
Delaware 000-27582 13-3853788
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
140 58th Street, Loft 7E 11220
Brooklyn, New York (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (718) 567-4300
Not Applicable
(Former name or former address, if changed from last report)
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Item 5. Other Events.
By letter dated February 23, 1999, SpeedUs.com, Inc. (the
"Company") was informed by The Nasdaq Stock Market ("Nasdaq") that a Nasdaq
Listing Qualification Panel (the "Panel") had determined to continue the listing
of the Company's securities on the Nasdaq National Market, subject to the
following exception.
The Company agreed to make a public filing on or before March
31, 1999 with the Securities and Exchange Commission and Nasdaq of a February
28, 1999 balance sheet evidencing a minimum amount of net tangible assets which,
in the opinion of Nasdaq, would allow the Company to maintain long-term
compliance with Nasdaq's minimum net tangible asset requirement. In addition to
the February 28, 1999 balance sheet, any additional documents filed by the
Company with Nasdaq were subject to review by the Panel. The Panel's decision
was subject to review by the Nasdaq Listing and Hearing Review Council until 45
days after the issuance of a written decision.
The February 28, 1999 balance sheet filed as an exhibit to
this Form 8-K is in compliance with Nasdaq's requirement.
Item 7. Financial Statements and Exhibits.
(a)-(b) None.
(c) Exhibits.
99.1 SpeedUs.com, Inc. Consolidated Balance Sheet at
February 28, 1999
2
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SIGNATURES
Pursuant to 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 hereunto duly authorized.
SPEEDUS.COM, INC.
By: /s/Shant S. Hovnanian
----------------------
Name: Shant S. Hovnanian
Title: Chief Executive Officer
March 31, 1999
3
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EXHIBIT INDEX
99.1 SpeedUs.com, Inc. Consolidated Balance Sheet at February 28, 1999
4
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Exhibit 99.1
SPEEDUS.COM, INC.
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Current assets:
Cash and cash equivalents $ 11,902,275
Due from affiliates 79,778
Prepaid expenses and other 61,848
Accounts receivable, net of allowance for
doubtful accounts of $1,019,933 ---
-----------
Total current assets 12,043,091
Property and equipment, net of accumulated
depreciation of $5,941,933 12,418,512
Other assets 67,915
=============
Total assets $ 24,530,328
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C>
Current liabilities:
Accounts payable $ 1,933,995
Accrued liabilities 701,457
Other current liabilities 570,615
Current portion of notes payable 168,750
-------
Total current liabilities 3,374,817
Notes payable 168,750
Total liabilities 3,543,567
Commitments and Contingencies ---
Stockholders' equity:
Common stock ($.01 par value; 40,000,000
shares authorized; 17,157,357
shares issued and outstanding) 171,574
Preferred stock ($.01 par value; 20,000,000
shares authorized):
Series A Convertible ($1,000 stated value;
10,000 shares authorized; no shares issued
and outstanding) ---
Additional paid-in-capital 58,817,727
Accumulated deficit (38,002,540)
-----------
Stockholders' equity 20,986,761
-----------
Total liabilities and stockholders' equity $ 24,530,328
===========
The accompanying note is an integral part of this consolidated balance sheet.
</TABLE>
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SPEEDUS.COM, INC.
NOTES TO CONSOLIDATED BALANCE SHEET
FEBRUARY 28, 1999
BASIS OF PRESENTATION
The accompanying unaudited consolidated balance sheet of SpeedUs.com
Inc. (the "Company") has been prepared in accordance with generally accepted
accounting principles for interim financial information. It does not include all
information and notes required by generally accepted accounting principles for
complete financial statements.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. This consolidated balance sheet should be read in conjunction with the
Company's 1998 audited consolidated financial statements and notes thereto on
Form 10-K. Results for the two months ended February 28, 1999 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1999.
