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================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
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FORM 10-QSB/A
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AMENDMENT TO APPLICATION OR REPORT
Filed pursuant to Section 12, 13, or 15(d) of the
Securities Exchange Act of 1934
AUGMENT SYSTEMS, INC.
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(Name of Issuer in its Charter)
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AMENDMENT NO. 1
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THE UNDERSIGNED REGISTRANT HEREBY AMENDS THE FOLLOWING ITEMS, EXHIBITS OR OTHER
PORTIONS OF ITS QUARTERLY REPORT FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30,
1998, ON FORM 10-QSB AS SET FORTH IN THE PAGES ATTACHED HERETO:
Page
----
ITEM 1. Balance Sheets as of December 31, 1997 and September 30, 1998 3
ITEM 1. Statements of Cash Flow for the nine months ended September 30,
1998 and 1997 5
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<PAGE>
AUGMENT SYSTEMS, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
------------- ------------
1998 1997
---- ----
(unaudited)
ASSETS
Current Assets:
<S> <C> <C>
Cash $ 906,197 $ 47,224
Accounts receivable, net 285,750 224,969
Inventories 594,542 1,162,920
Prepaid expenses 159,820 115,100
------------ ------------
Total current assets 1,946,309 1,550,213
Property and equipment, net 252,837 409,848
Other assets 297,495 278,745
------------ ------------
Total assets $ 2,496,641 $ 2,238,806
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable $ 365,996 $ 1,371,632
Accrued expenses 125,780 611,633
Notes payable 1,500,000 717,569
Bridge financing -- 474,074
Current portion of capital lease obligations 42,549 46,177
------------ ------------
Total current liabilities 2,034,325 3,221,085
Convertible promissory notes 20,743 41,495
Capital lease obligations, less current portion 81,951 81,951
------------ ------------
Total liabilities 2,137,019 3,344,531
============ ============
Stockholders' Equity (Deficit):
Common stock, $.01 par value; 30,000,000
shares authorized; 11,898,952 and 4,713,319
shares issued and outstanding at September 30, 1998,
and December 31, 1997, respectively 118,990 47,133
Additional paid-in capital 21,487,524 15,286,410
Accumulated deficit (21,246,892) (16,439,268)
------------ ------------
Total stockholders' equity (deficit) 359,622 (1,105,752)
Total Liabilities and Stockholders' Equity $ 2,496,641 $ 2,238,806
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE>
AUGMENT SYSTEMS, INC.
STATEMENTS OF CASH FLOW
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1998 1997
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Cash flows from operating activities:
<S> <C> <C>
Net loss $(4,819,284) $(5,640,109)
Adjustments to reconcile net loss to net cash
used in operating activities:
Loss on disposal of fixed assets 8,850
Depreciation and amortization 197,221 128,854
(Increase) decrease in operating assets and liabilities:
Accounts receivable (60,781) (1,164,870)
Inventory 568,378 (508,653)
Capitalized Software -- (265,000)
Other assets (63,470) (124,330)
Accounts payable (1,288,485) 936,946
Accrued expenses (221,528) (36,942)
----------- -----------
Net cash used in operating activities (5,687,949) (6,665,254)
Cash flows from investing activities:
Purchase of property and equipment (40,211) (149,650)
----------- -----------
Net cash used for investing activities (40,211) (149,650)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of common stock 6,057,886 8,985,240
Proceeds from issuance of short-term promissory notes -- 3,125,000
Proceeds from bridge financing 1,500,000 --
Repayment of bridge financing (200,000) --
Repayment of short-term advance -- (575,000)
Payments on capital lease obligations -- (14,042)
Payments on short-term promissory notes (750,000) (3,826,248)
Payment on long-term convertible promissory notes (20,753) (20,753)
Deferred financing costs -- (1,092,431)
Net cash provided by financing activities $ 6,587,133 $ 6,581,766
----------- -----------
Net increase (decrease) in cash 858,973 (233,138)
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Cash at beginning of period 47,224 452,753
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Cash at end of period 906,197 219,615
----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-5-
<PAGE>
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.
AUGMENT SYSTEMS, INC.
Date: December 01, 1998 By: /s/Laurence Liebson
-------------------
Laurence Liebson
President & Chief Executive Officer
(Principal Executive Officer)
Date: December 01, 1998 By: /s/Duane A. Mayo
----------------
Duane A. Mayo
Chief Financial Officer, Treasurer
and Secretary
(Principal Financial & Accounting Officer)
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