SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to section 13 or 15 (d) of the Securities Exchange Act
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December 31, 1999
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Date of Report
(Date of Earliest Event Reported)
AMERICOM USA, INC.
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(Exact Name as Specified in its Charter)
Delaware 0-023769 52-2068322
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1303 Grand Avenue
Arroyo Grande, California, CA 93420
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(Address of principal executive offices)
805/542-6700
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Registrant's telephone number
<PAGE>2
ITEM 7. Financial Statements and Exhibits
EXHIBITS
1) Merger and Recapitalization Agreement and Plan of Reorganization with
digiCities, Incorporated dated September 27, 1999.*
2) Proforma, condensed, consolidated financial statements for AmeriComUSA,
Inc. and digiCities, Inc. as of June 30, 1999 (unaudited). **
3) Audited financial statements of digiCities, Inc. for fiscal year ended June
30, 1999. **
4) Proforma, condensed, consolidated financial statements for AmeriCom USA,
Inc. and digiCities, Inc. as of December 31, 1999 (unaudited). ***
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* Previously filed with Form 8-K dated September 27, 1999.
** Previously filed with Form 8-K/A dated September 27, 1999.
*** Filed with this amendment.
<PAGE>3
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.
AMERICOM USA, INC.
By: /s/ TOM HOPFENSPERGER
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Tom Hopfensperger
President
Dated: February 25, 2000
<PAGE>4
AmeriComUSA, Inc. and Subsidiaries
Pro Forma
Condensed Consolidated Balance Sheets
<TABLE>
<S> <C> <C>
Pro Forma
December 31 June 30
ASSETS 1999 1999
----------------- ------------
Current Assets:
Cash $ 88,913 $ 5,497
Accounts Receivable 1,684,399 87,749
Other Current Assets 990,138 10,338
----------------- ------------
Total Current Assets 2,763,450 103,584
Property and Equipment, Net 713,730 537,223
Other Assets
Goodwill and Other Intangibles, Net 10,099,445 3,817,752
----------------- ------------
$ 13,576,625 $ 4,458,559
================= ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Short Term Debt $ 287,000 $ 1,124,096
Accounts Payable 1,268,476 1,522,420
Accrued Liabilities 1,722,811 233,620
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Total Current Liabilities 3,278,287 2,880,136
Long-Term Debt 1,903,580 200,000
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Total Liabilities 5,181,867 3,080,136
Stockholders' Equity (Deficit):
Preferred stock, $.0001 par value; Authorized 10,000,000 shares
no shares issued or outstanding
Common stock, $.0001 par value; 100,000,000 shares authorized 4,047 3,457
40,047,014 and 34,569,254 shares issued and outstanding at
December 31, 1999 and June 30, 1999, respectively
Additional Paid-In Capital 22,394,181 10,950,015
Accumulated Deficit (14,003,470) (9,575,049)
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Total Stockholders' Equity (Deficit) 8,394,758 1,378,423
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$ 13,576,625 $ 4,458,559
================= ============
</TABLE>
<PAGE>5
AmeriComUSA, Inc. and Subsidiaries
Pro Forma
Condensed Consolidated Statement of Operations
<TABLE>
<S> <C> <C> <C> <C>
Three Months Ended Six Months Ended
December 31 December 31 December 31 December 31
1999 1998 1999 1998
------------------ ----------------- ------------------ -----------------
Revenues: $ 817,300 $ 2,309,775
------------------ ----------------- ------------------ -----------------
Total Revenues 817,300 2,309,775
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Costs and Expenses:
Cost of sales 171,752 828 474,115 828
Selling, general and administrative 2,246,319 445,807 4,733,952 623,011
Amortization of Goodwill/other intangibles 685,088 2,715 1,365,361 3,197
------------------ ----------------- ------------------ ------------------
Operating Loss (2,285,859) (449,350) (4,263,653) (627,036)
Interest Expense (31,782) (2,958) (54,271) (9,689)
Loss before Income Taxes (2,317,641) (452,308) (4,317,924) (636,725)
------------------ ----------------- ------------------ ------------------
Net Loss $ (2,317,641) $ (452,308) $ (4,317,924) $ (636,725)
================== ================= ================== ==================
Net loss per share--basic and diluted (0.06) N/A (0.11) N/A
================== ================= ================== ==================
Shares used in per share computations--
basic and diluted 39,893,800 39,768,800
================== ================= ================== ==================
</TABLE>
<PAGE>6
AMERICOM USA, INC. AND SUBSIDIARIES
NOTES TO CONDENSED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
(1) The pro forma adjustments to the consolidated balance sheet give effect
to the merger as if it occurred on December 31, 1999. The purchase
price has been computed using a $2.00 per share fair market value of
the 3,500,014 AmeriCom USA, Inc. common stock shares to be issued to
the digiCities, Inc. stockholders. The $2.00 value is based upon recent
issuances of AmeriCom USA, Inc. common stock for cash pursuant to
private placements.
The purchase price differential which was set at 6/30/99 is computed as
follows:
Purchase price $ 7,000,028
digiCities, Inc. stockholders' deficiency 238,019
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Purchase price differential $ 7,238,047
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Since the merger has not yet closed, the Company has allocated the
purchase price based on the assumption that the historical costs of the
recorded assets and liabilities to be acquired approximate the fair
market value of those assets and liabilities at the merger date.
Accordingly, the purchase price differential of $7,238,047 has been
allocated on a preliminary basis to goodwill pending the development of
additional fair market value data of the acquiree's customer base
intangible asset. The goodwill will be amortized over a period of five
years using the straight-line method.
(2) Amortization of acquired goodwill is based on the assumption that the
acquisition occurred on October 30, 1998, the inception date of
digiCities, Inc.
The pro forma effect of amortization of acquired goodwill over the next
five years is as follows:
2000 $ 1,447,609
2001 1,447,609
2002 1,447,609
2003 1,447,609
2004 485,382
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$ 6,272,974
