SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 1, 1999
InteliData Technologies Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware 000-21685 54-1820617
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
11600 Sunrise Valley Drive
Suite 100
Reston, Virginia 20191
(Address of principal executive offices)
(703) 259-3000
(Registrant's telephone number, including area code)
InteliData Technologies Corporation, a Delaware corporation, is filing
this Amendment to its Form 8-K dated November 1, 1999 in order to provide
supplemental information with respect to changes in certain balance sheet items
between June 30, 1999 and September 30, 1999, solely at the request of the
Nasdaq Listing Qualifications Panel.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) Exhibits
The following exhibits are filed herewith in accordance with
the provisions of Item 601 of Regulation S-K.
Exhibit No. Description of Exhibit
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99.1 Amendment to unaudited consolidated balance sheet as of
September 30, 1999.
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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.
InteliData Technologies Corporation
(Registrant)
By: /s/ Alfred S. Dominick, Jr.
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Alfred S. Dominick, Jr.
President and Chief Executive Officer
Date: November 4, 1999
InteliData Technologies Corporation
Major Balance Sheet Changes - 6/30/99 to 9/30/99
11/4/99
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As of Major Adjustments Footnote As of
6/30/99 or Changes During 9/30/99
Period
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<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 7,066 $ 5,670 <F1> $ 10,399
Short-term investments
Accounts receivable, net of allowances 1,489 1,733 <F2> 3,222
Inventories
Net current assets of discontinued operations
Prepaid expenses and other current assets 48 5
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Total current assets 8,603 13,626
NONCURRENT ASSETS
Property and equipment, net 194 214
Noncurrent assets of discontinued operations
Other assets 175 175
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TOTAL ASSETS $ 8,972 $ 14,015
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 1,794 1,626
Accrued liabilities 805 1,503
Deferred revenues 1,585 1,836
Net liabilities of discontinued operations 3,484 (1,634) <F3> 1,850
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Total current liabilities 7,668 6,815
NONCURRENT LIABILITIES
Deferred revenues
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Total liabilities 7,668 6,815
STOCKHOLDERS' EQUITY
Preferred stock -
Common stock 34 34
Additional paid-in capital 249,703 7,977 <F4> 257,350
Treasury stock, at cost (2,064) (2,064)
Deferred compensation (217) (217)
Other equity
Accumulated deficit (246,151) (1,752) <F5> (247,903)
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Total stockholders' equity 1,304 7,200
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,972 $ 14,015
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<FN>
InteliData Technologies Corporation
Footnotes to Major Balance Sheet Changes from 6/30/99 - 9/30/99
11/4/99
<F1> On July 22, 1999, the company received net cash proceeds of $5,670,000 from
the issuance of preferred convertible stock. (See accompanying journal entry for
more detail). This amount was offset by the normal use of cash during the
quarter.
<F2> During the third quarter, the company's accounts receivable balance
increased primarily due to billings made to new bank customers signed during the
quarter. New customers that were billed during the quarter included First
Hawaiian, National City, and Old Kent.
<F3> During the third quarter, the company had income of $315,000 related to its
discontinued telecommunications business that was related to specific events
that occurred during the third quarter. Included in the income were cash
receipts on receivables that had been previously written off and savings in
expense assumptions based on other settlements. The balance of the reduction of
the liability was the expected cash outlays in the operation of the discontinued
businesses.
<F4> During the third quarter, we issued preferred stock, as above, and common
stock was issued upon the exercise of stock options.
<F5> A charge was taken against retained earnings to reflect the amortization of
the in-the-money conversion feature related to the $6,000,000 convertible
preferred stock issued on July 22, 1999. The Net Loss for the quarter was
178,000. There were also charges taken during the quarter to reflect dividends
payable on the convertible preferred investment.
</FN>
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InteliData Technologies Corporation
Journal Entries Related to the Preferred Convertible Investment
6/30/99 - 9/30/99
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Date Debit Credit Code Explanation
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<S> <C> <C> <C> <C>
7/22/99 5,670,000.00 Cash Net Cash from $6mm Preferred
Convertible Investment
7/22/99 (369,881.66) Paid in Capital (Warrants) Paid in Capital Related to Warrants
Issued for Preferred Stock
(Black-Scholes valuation)
7/22/99 (1,388,824.50) Paid in Capital (Beneficial) Paid in Capital related to the Beneficial
Conversion feature of the
Convertible Preferred (intrinsic value)
7/22/99 (3,911,293.24) Paid in Capital (Preferred) Paid in Capital related to the Preferred
Convertible investment
7/22/99 (0.60) Preferred Stock Par Value of 600 preferred shares authorized
8/31/99 953,843.00 Retained Earnings Amortization of discount resulting from
allocation of proceeds of Convertible Preferred
8/31/99 (953,843.00) Paid in Capital (Preferred) to beneficial conversion feature and warrants
9/30/99 536,101.00 Retained Earnings Amortization of discount resulting from
allocation of proceeds of Convertible Preferred
9/30/99 (536,101.00) Paid in Capital (Preferred) to beneficial conversion feature and warrants
NOTE: The earliest conversion date of all
portions of the convertible preferred will have
been reached by December 1999, so amortization
of the entire discount ($598,762 in Q4) will occur
by that time. The APIC (preferred) will then
equal $5,999,999.40.
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