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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 14, 1998
HELPMATE ROBOTICS INC.
(Exact name of registrant as specified in its charter)
CONNECTICUT 1-14160 06-1110906
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or organization) Identification No.)
SHELTER ROCK LANE
DANBURY, CONNECTICUT 06801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 798-8988
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Item 5. Other Events
HelpMate Robotics, Inc. (the "Company") announced today that it is conducting an
investigation to determine the extent to which it has been defrauded by its
former payroll company. The payroll company, KPM, Inc., of Brookfield,
Connecticut, did business under the names Payroll Express and Compusystems.
Based upon the Company's preliminary investigation, the Company believes that
KPM misappropriated Company funds which KPM was required to pay to the Internal
Revenue Service with respect to Company employment taxes. As part of its
investigation, the Company has discovered that copies of the tax returns
provided by KPM to the Company differ materially from the actual returns which
KPM filed on the Company's behalf with the IRS. KPM was engaged as the
Company's payroll service from the late 1980's until August 1998. KPM filed for
bankruptcy in July 1998.
The Company understands from published reports that KPM may have similarly
misappropriated funds from a number of other KPM customers and that IRS Criminal
Investigation Division and the office of the United States Attorney are
currently investigating KPM.
Under the Internal Revenue Code, the Company may be liable for the payment of
the these unpaid taxes as well as interest and penalties. The Company has not
yet determined the full extent of this tax liability.
The Company believes that this tax liability may have a material and adverse
affect on the Company's business, its financial condition and on the results of
its operations. The Company is currently considering what steps to take to deal
with this extraordinary situation, including, among other things: (a) filing a
claim in the KPM bankruptcy proceeding, (b) filing a claim under Company
insurance policies, (c) entering into discussions with the Internal Revenue
Service regarding a compromise of the Company's liability for these employment
taxes; and (d) using its available cash and future revenues to liquidate its tax
liability.
The Company is continuing to investigate this matter and expects to cooperate
fully with the ongoing IRS and United States Attorney investigations of KPM.
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 , thereunto duly authorized.
HelpMate Robotics Inc.
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(Registrant)
Date: October 14, 1998 /s/ Joseph F. Engelberger
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Joseph F. Engelberger
Chairman and Chief Executive Officer
