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Previous: CAFETERIA OPERATORS LP, POS AM, 1998-03-26 |
Next: MULTIPLE ZONES INTERNATIONAL INC, DEF 14A, 1998-03-26 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-KSB
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: March 25, 1998
All American Food Group, Inc.
Exact name of registrant as specified in its charter
New Jersey 22-3259558
State of other jurisdiction of I.R.S. Employer
incorporation or organization ID No.
104 New Era Drive, South Plainfield, New Jersey 07080
(Address of principal executive offices)
Registrant's telephone number, including area code: (908) 757-3022
<PAGE>
Item 5. OTHER EVENTS
On February 24, 1998 the holder of $1,120,000 6% Convertible Debentures
of the Registrant converted $500,000 principal amount of such Debentures into
5,000 shares of Class F Convertible Preferred Stock of the Registrant and
converted $300,000 principal amount of such Debentures into 220,690 shares of
the Registrant's Common Stock (after giving effect to the Registrant's
subsequent 10-for-1 reverse stock split). Consequently, the Registrant reduced
the principal amount of the outstanding 6% Convertible Debentures by $800,000 to
$320,000.
Item 7. FINANCIAL STATEMENTS, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma Financial Information
o Proforma Balance Sheet at January 31, 1998.
ALL AMERICAN FOOD GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED PRO FORMA BALANCE SHEET
<TABLE>
<CAPTION>
(Unaudited) Pro Forma
January 31, Balance Sheet
------------ Pro Forma -------------
1998 Adjustments 1/31/98
------------ ------------ -------------
<S> <C> <C> <C>
ASSETS
Current Assets:
Cash $ 73,801 $ 73,801
Accounts receivable, net of allowances for possible losses of $12,000
361,509 361,509
Notes receivable, current portion 13,505 13,505
Notes receivable - officer 127,000 127,000
Inventories 128,561 128,561
Prepaid expenses 849,966 849,966
------------ ------------ ------------
Total Current Assets 1,554,342 1,554,342
============
Property, Plant and Equipment, at cost less accumulated depreciation
and amortization of $389,313 2,062,612 2,062,612
Intangible Assets, net of accumulated amortization of $611,186 1,471,476 1,471,476
Security Deposits 90,028 90,028
Notes receivable - long-term 58,965 58,965
------------ ------------ ------------
Total Assets $ 5,237,423 $ 5,237,423
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Notes payable $ 78,726 $ 78,726
Accounts payable and accrued expenses 1,737,656 1,737,656
Capitalized lease obligations - current maturities 54,422 54,422
Loans from stockholders - current maturities 5,850 5,850
Current maturities of long-term debt 179,042 179,042
Deferred franchising revenue, current portion 32,105 32,105
------------ ------------ ------------
Total Current Liabilities 2,087,801 2,087,801
Capitalized Lease Obligations 62,586 62,586
Loans from stockholders 352 352
Convertible debentures 1,120,000 800,000 320,000
Long-term debt 171,090 171,090
Deferred franchising revenue 26,290 26,290
------------ ------------ ------------
Total Liabilities 3,468,119 800,000 2,668,119
------------ ------------ ------------
Commitments and contingencies
Redeemable preferred stock, Series B, 60,000 shares issued and outstanding
Redemption value of $300,000 at January 31, 1998 274,181 274,181
------------ ------------ ------------
Stockholders' Equity (Deficit):
Non-redeemable convertible preferred stock, no par value, Series A,
190,000 shares authorized, 10,000 shares issued and outstanding,
Series B, 180,000 shares authorized 60,000 shares issued and
outstanding, Series C, 1,600,000 shares authorized,
832,934 issued and outstanding, Series D, 300 shares authorized, 200 and
0 shares issued and outstanding, respectively, Series E, 272 shares
authorized, 272 and 0 shares issued and outstanding, Series F,
0 + 5000 shares authorized and 5000 shares issued 791,322 500,000 1,291,322
and outstanding, respectively. Common stock, no par value, 20,000,000
shares authorized, 5,999,397 and 9,070,091 shares issued and
outstanding respectively
12,011,924 300,000 12,311,924
Accumulated deficit (11,308,123) (11,308,123)
------------ ------------ ------------
1,495,123 800,000 2,295,123
------------ ------------ ------------
Total Liabilities and Stockholders' Equity (Deficit) $ 5,237,423 5,237,423
============ ============ ============
</TABLE>
ALL AMERICAN FOOD GROUP, INC.
By: /s/ Andrew Thorburn
Andrew Thorburn
Chairman and Chief Executive Officer
Dated: March 25, 1998
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