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FILED PURSUANT TO RULE 424(B)(3) AND (C)
FILE NUMBER 333-6650
PROSPECTUS SUPPLEMENT DATED NOVEMBER 21, 1997
TO
PROSPECTUS DATED SEPTEMBER 16, 1997
SPECTRUMEDIX CORPORATION
This Prospectus Supplement supplements the Prospectus dated September 16,
1997 (the "Prospectus") of SpectruMedix Corporation (the "Company") relating to
an offering (the "Offering") of 1,200,600 units (the "Units") of the Company
(including 156,000 Units exercised pursuant to the Underwriter's over-allotment
option). Such Units are described in the Prospectus. This Prospectus Supplement
should be read in conjunction with the Prospectus, and this Prospectus
Supplement is qualified by reference to the Prospectus except to the extent that
the information herein contained supersedes the information contained in the
Prospectus. Capitalized terms used in this Prospectus Summary and not otherwise
defined herein have the meanings specified in the Prospectus.
FINANCIAL INFORMATION
On November 13, 1997, SpectruMedix Corporation (the "Company") announced
its unaudited results for its second fiscal quarter ended September 30, 1997.
The announcement arises under the requirements of the Company to announce its
second quarter results under the Securities and Exchange Act of 1934, as
amended. Set forth below is certain unaudited financial information at and for
the period ended September 30, 1997, with appropriate comparative information.
Such financial information includes all adjustments which, in the opinion of
management, are necessary for a full presentation. Results for the three months
ended September 30, 1997 are not necessarily indicative of results to be
expected for the year ended March 31, 1998.
SPECTRUMEDIX CORPORATION
(FORMERLY PREMIER AMERICAN TECHNOLOGIES CORP.)
CONDENSED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
SEPTEMBER 30, MARCH 31,
1997 1997*
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(UNAUDITED)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents.................................................. $ 3,158,824 $ 352,290
Accounts receivable, net................................................... 18,148 80,953
Inventories................................................................ 203,474 109,450
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TOTAL CURRENT ASSETS..................................................... 3,380,446 542,693
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PROPERTY AND EQUIPMENT, net.................................................. 71,788 59,346
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OTHER ASSETS................................................................. 262,292 1,683,487
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TOTAL ASSETS............................................................. $ 3,714,526 $ 2,285,526
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable........................................................... $ 470,778 $ 564,445
Accrued payroll and payroll taxes.......................................... 64,121 314,720
Notes payable -- officers.................................................. -- 74,166
Notes payable -- bridge financing.......................................... -- 1,610,000
Notes payable -- others.................................................... -- 390,728
Convertible note payable................................................... 300,000 300,000
Customer deposits.......................................................... 32,944 --
Other accrued liabilities.................................................. 410,415 536,847
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TOTAL CURRENT LIABILITIES................................................ 1,278,258 3,790,906
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STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $.00115 par value, 2,000,000 shares authorized, none
issued or outstanding.................................................... -- --
Common stock, $.00115 par value, 23,000,000 shares authorized, 3,381,526
(September 30, 1997) and 2,173,100 (March 31, 1997) shares issued and
outstanding.............................................................. 3,889 2,499
Additional paid-in capital................................................. 8,276,429 3,013,053
Accumulated deficit........................................................ (5,844,050) (4,520,932)
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT)..................................... 2,436,268 (1,505,380)
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT).......................... $ 3,714,526 $ 2,285,526
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</TABLE>
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* Derived from audited financial statements.
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SPECTRUMEDIX CORPORATION
(FORMERLY PREMIER AMERICAN TECHNOLOGIES CORP.)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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<S> <C> <C> <C> <C>
REVENUES................................................. $ 123,421 $ 220,026 $ 36,337 $ 147,422
COST OF REVENUES......................................... 176,071 172,406 78,772 102,582
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GROSS (LOSS) PROFIT...................................... (52,650) 47,620 (42,435) 44,840
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EXPENSES:
Research and development costs......................... 422,756 171,359 227,517 97,855
General and administrative expenses.................... 432,989 366,499 177,173 212,053
Interest expense....................................... 129,286 106,716 60,424 79,539
Amortization of original issue discount and deferred
bridge financing costs............................... 1,280,305 93,538 -- 93,538
Less: Grant proceeds................................... (16,400) -- (16,400) --
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TOTAL EXPENSES......................................... 2,248,936 738,112 448,714 482,985
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OPERATING LOSS........................................... (2,301,586) (690,492) (491,149) (438,145)
OTHER INCOME:
Interest income........................................ 1,331 -- 1,331 --
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LOSS BEFORE EXTRAORDINARY ITEMS.......................... (2,300,255) (690,492) (489,818) (438,145)
EXTRAORDINARY ITEMS (Note 4)............................. 977,136 -- 977,136 --
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NET INCOME (LOSS)........................................ $(1,323,119) $ (690,492) $ 487,318 $ (438,145)
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING............ 2,219,067 1,696,563 2,264,533 1,696,563
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INCOME (LOSS) PER SHARE:
Loss before extraordinary items........................ $ (1.04) $ (.41) $ (.22) $ (.26)
Extraordinary items.................................... .44 -- .44 --
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NET LOSS................................................. $ (.60) $ (.41) $ . 22 $ (.26)
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