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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
AMENDMENT NO. 1 TO
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): September 27, 1999
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ON2.COM INC.
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(Exact name of registrant as specified in its charter)
COLORADO 000-23171 8412 80679
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
375 GREENWICH STREET, 4TH FLOOR
NEW YORK, NY 10013
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 941-2400
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(Former Name or Former Address, if Changed Since Last Report)
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CURRENT REPORT ON FORM 8-K
ON2.COM INC.
September 27, 1999
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
(a) Historical Financial Statements.................... n/a
(b) Pro Forma Financial Information.................... pp. 3-5
THE PRO FORMA FINANCIAL INFORMATION INCLUDED HEREIN RELATES TO THE
ACQUISITION OF THE ASSETS OF METAVISUAL CREATIONS LIMITED, AS PREVIOUSLY
DISCLOSED ON FORM 8-K AND FILED WITH THE SECURITIES & EXCHANGE COMMISSION
ON OCTOBER 12, 1999.
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On2.com Inc.
Pro Forma Conformed Statement of Operations
Twelve Months Ended December 31, 1998 (2)
<TABLE>
<CAPTION>
On2.com Inc. On2.com Inc.
Historical Adjustments Note Pro Forma
<S> <C> <C> <C> <C>
Revenue $ 903,999 $ 903,999
------------- -------------
Operating expenses
Research and development 1,303,467 1,303,467
Sales and marketing 1,080,305 1,080,305
General and administrative 2,037,484 627,322 (1) 2,664,806
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Total operating expenses 4,421,256 5,048,578
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Loss from operations (3,517,257) (4,144,579)
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Other income (expense)
Interest expense (450) (450)
Interest income and other 62,181 62,181
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62,731 62,731
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Loss before provision for income taxes (3,455,526) (4,082,848)
Provision for income taxes 50,697 50,697
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Net loss $ (3,506,223) $ (4,133,545)
============= =============
Loss per share - basic and diluted $ (.23) $ (.27)
Proforma weighted average shares
outstanding 15,300,547 15,469,991
</TABLE>
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On2.com Inc.
Pro Forma Statement of Operations
Nine Months Ended September 30, 1999
<TABLE>
<CAPTION>
On2.com Inc. On2.com Inc.
Historical Adjustments Note Pro Forma
<S> <C> <C> <C> <C>
Revenue $ 23,543 $ 23,543
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Operating expenses
Research and development 1,876,900 1,876,900
Sales and marketing 1,058,521 1,058,521
General and administrative 2,139,073 470,491 (1) 2,609,564
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Total operating expenses 5,074,494 5,544,985
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Loss from operations (5,050,951) (5,521,442)
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Other income (expense)
Interest expense (754) (754)
Interest income and other 165,060 165,060
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164,306 164,306
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Loss before provision for income taxes (4,886,645) (5,357,136)
Provision for income taxes 2,119 2,119
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Net loss $ (4,888,764) $ (5,359,255)
============= =============
Loss per share - basic and diluted $ (.27) $ (.29)
Pro forma weighted average shares
outstanding 18,345,478 18,512,439
</TABLE>
Notes to Pro Forma Financial Statements
(1) Represents the periodic amortization charge related to the intangible
asset (technology) acquired from MetaVisual Creations Limited on
September 27, 1999. The charge was calculated based on the following - a)
an acquired intangible value of $2,509,287; b) an amortization period of
four years; c) application of the straight-line method and d) as if the
acquisition occurred on January 1 of each respective period. See the
notes to the interim financial statements included in the Company's Form
10-QSB for the nine months ended
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September 30, 1999 for information regarding the determination of the
intangible asset value and the amortization period.
(2) The un-adjusted, historical pro forma financial information for the
twelve months ended December 31, 1998 reflects the conformed results of
operations for that period. On June 15, 1999 the Company merged with The
Duck Corporation in a transaction accounted for as a reverse merger. The
Duck Corporation historically reported on a fiscal year ended September
30. As a result of the merger, Duck adopted the Company's December 31st
year end. A transition report on Form 10-KSB was filed on September 28,
1999, for the three month transition period ended December 31, 1998. See
also - the notes to the interim financial statements included in the
Company's Form 10-QSB for the nine months ended September 30, 1999.
3) No pro forma balance sheet has been presented. The historical balance
sheet at September 30, 1999, included in the Company's Form 10-QSB for
the nine months then ended, reflects the assets acquired.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf
by the undersigned thereunto duly authorized.
ON2.COM INC.
Dated: December 10, 1999 By: /s/ Barry M. Shereck
---------------------------------
Barry M. Shereck
Chief Financial Officer
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