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: January 31, 2000
USA SERVICE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Colorado 0-22095 84-1039267
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1750 University Drive, Suite 117
Coral Springs, Florida 33071
(Address of principal executive offices) (Zip Code)
(954) 796-8060
(Registrant's telephone number, including area code)
Not Applicable
Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Events
Subsequent to September 30, 1999 the Company sold 5,893,097 shares of its
common stock to private investors at a price of $0.34 per share. The Company
paid commissions of $197,000 in connection with the sale of these shares.
In January 2000 the Company issued 694,973 shares of its common stock to
John Calebrese, an officer, director and principal shareholder of the Company,
in settlement of $1,817,426 owed to Mr. Calebrese by the Company.
Also in January 2000 issued 316,192 shares of its common stock to other
creditors in settlement of $650,000 owed to these creditors by the Company.
The following proforma balance sheet reflects these transactions as if
they had occurred on September 30, 1999.
September 30, 1999 September 30, 1999
(as reported) Adjustments (proforma)
CURRENT ASSETS $3,387,339 $1,806,652 (1) $5,193,991
TOTAL ASSETS 4,418,248 1,806,652 (1) 6,224,900
CURRENT LIABILITIES 2,200,289 (1,500,000) (2) 700,289
TOTAL LIABILITIES 3,767,715 (2,467,426) (2) 1,300,289
STOCKHOLDERS' EQUITY 650,533 1,806,652 (1) 4,924,611
2,467,426 (2)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $4,418,248 6,224,900
1. Reflects issuance of common stock for cash, less sales commissions.
2. Reflects issuance of common stock in payment of debt.
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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.
USA SERVICE SYSTEMS, INC.
By /s/ John Calebrese
John Calebrese, Chief Executive Officer
DATE: February 4, 20000
East Coast Short 8-K 2-00
