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): August 26, 1999
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.)
22 Shelter Rock Lane
Danbury, Connecticut 06810
(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 has reached a
settlement with the Internal Revenue Service (the "IRS") regarding claims by the
IRS for unpaid payroll taxes arising out of the apparent misappropriation of
funds by KPM Inc. of Brookfield, CT.
On August 24, 1999, the Company paid $100,067, including interest, to the
Internal Revenue Service in full payment of the IRS claims. In addition, the
Company agreed with the IRS to forego the use of $2,710,432 of net operating
loss carryforwards.
In October 1998, the Company announced an investigation to determine the extent
to which KPM misappropriated Company funds which KPM was required to pay to the
IRS with respect to Company employment taxes. Under the Internal Revenue Code,
the Company was liable for the payment of these unpaid taxes, as well as
interest and penalties assessed, if any. The Company had initially estimated
these unpaid taxes to be approximately $1,000,000 exclusive of interest and
penalties.
The Company has cooperated fully with the Internal Revenue Service and the
United States attorney's investigation of KPM.
At December 31, 1998, the Company had estimated that it could settle the IRS
claims for approximately $150,000 and this amount was included as part of
accrued expenses and selling, general and administrative expenses in the 1998
financial statements. The estimate exceeds the agreed to payment by $50,000. It
is expected that this excess amount will be credited to selling, general and
administrative expenses in the Company's financial statements for the third
quarter ended September 30, 1999.
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: August 26, 1999 /s/ Joseph F. Engelberger
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Joseph F. Engelberger
Chairman and Chief Executive Officer
