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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): March 23, 1998
SOLOPOINT, INC.
(Exact Name of Registrant as Specified in Charter)
California 0-21037 77-0337580
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
130-B Knowles Drive
Los Gatos, CA 95032
(Address of principal executive offices, including zip code)
(408) 364-8850
(Registrant's telephone number, including area code)
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INTRODUCTORY NOTE
On January 14, 1998, SoloPoint, Inc. (the "Company") completed a public
offering of 4,800,000 of its Common Stock (the "Public Offering") which
resulted in net proceeds to the Company of approximately $3,520,000. The
attached condensed balance sheet at January 31, 1998 reflects the issuance of
the Common Stock in the Public Offering and the receipt by the Company of the
net proceeds therefrom.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
The following unaudited pro forma financial statements are provided for
informational purposes only. The pro forma financial statements are based on the
historical financial statements and the notes thereto of Registrant. These pro
forma financial statements should be read in conjunction with the historical
consolidated financial statements and the related notes thereto of Registrant:
SOLOPOINT, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEET
(PROFORMA-UNAUDITED)
JANUARY
1998
Current assets:
Cash $ 3,553,302
Accounts receivable, net 163,692
Inventories 431,260
Other current assets 36,928
Total current assets 4,185,182
Furniture and equipment, at cost:
Computers and software 275,150
Furniture and fixtures 203,609
Accumulated depreciation and amortization (320,032)
158,727
Other non-current assets 37,997
Total assets $ 4,381,906
Current liabilities:
Accounts payable $ 271,679
Accrued compensation 37,773
Other accrued liabilities 20,985
Notes payable, current portion 36,156
Total current liabilities 366,593
Notes payable, non-current portion 96,776
Shareholders' equity:
Common stock 16,208,381
Deficit accumulated during the development stage (12,204,343)
Notes receivable from shareholders (85,500)
Total shareholders' equity 3,918,537
Total liabilities and shareholders' equity $ 4,381,906
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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.
SOLOPOINT, INC.
Dated: March 23, 1998 By: /s/ Arthur G. Chang
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Arthur G. Chang
