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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 31, 1995
GREENBRIAR CORPORATION (formerly known as
MEDICAL RESOURCE COMPANIES OF AMERICA)
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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<CAPTION>
<S> <C> <C>
NEVADA 0-8187 75-2399477
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
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4265 Kellway Circle, Addison, Texas 75244
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 407-8400
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Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Pro forma balance sheet for September 30, 1994
Pro forma Statement ofOperations for 1993 and
the nine months ended September 30, 1994.
(SEE PAGE 3)
(c) Exhibits
Not Applicable
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Medical Resource Companies of America
ITEM #7 (b)
- - -----------
Pro Forma Balance Sheet and Statement of Operations
(Unaudited)
The following pro forma Balance Sheets as of September 30, 1994 and
Statement of Operations for the year Ended December 31, 1993 and the nine months
ended September 30, 1994 gives effect to the disposition of The Fountainview,
Rivermont at the Trails, Hermann Park Manor, Alta Vista Nursing Center and
Remuda Ranch Center for Anorexia and Bulimia, Inc. These statements should be
read in conjunction with the separate financial statements and notes thereto of
the company. They are not necessarily indicative of the results of operations of
the company as it may be in the future or as it might have been had the assets
been sold prior to the periods indicated.
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Medical Resource Companies of America
Pro Forma Consolidated Balance Sheet
September 30, 1994
(Unaudited)
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<CAPTION>
Less
Disposed Consolidated
Consolidated Businesses Pro Forma
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<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 5,605,662 $ 10,004,084 $15,609,746
Due from affiliates 374,544 374,544
Accounts receivable, net 2,545,018 (2,347,834) 197,184
Mortgage notes receivable 539,000 539,000
Inventories 475,173 (28,855) 446,518
Accrued interest receivable 623,793 623,793
Deferred tax benefit 1,676,912 1,676,912
Other current assets 684,962 (166,106) 518,856
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Total current assets 12,525,064 7,461,489 19,986,553
OWNED PROPERTIES 5,146,091 5,146,091
INVESTMENT SECURITIES 1,678,131 1,678,131
MORTGAGE NOTES RECEIVABLE 8,454,868 (1,754,868) 6,700,000
PROPERTY, PLANT AND EQUIPMENT, AT COST
Land 2,731,931 (2,631,931) 100,000
Building 21,272,460 (20,505,700) 766,760
Production and office equipment 2,015,548 (1,627,913) 387,635
Rental equipment 1,586,531 1,586,531
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27,606,470 (24,765,544) 2,840,926
Less accumulated depreciation 3,966,010 (3,081,373) 884,637
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23,640,450 (21,684,171) 1,956,289
OTHER ASSETS
Restricted cash 548,793 (548,793) 0
Excess of cost of purchased companies
over net assets acquired, net 1,522,315 1,522,315
Patents, net of accumulated amortization 610,538 610,538
Other, net 1,023,685 (256,746) 766,939
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3,705,331 (805,539) 2,899,792
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$55,149,945 $(16,783,089) $38,366,856
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Page 4 of 9
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Medical Resource Companies of America
Pro Forma Consolidated Balance Sheet
September 30, 1994
(Unaudited)
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<CAPTION> Less
Disposed Consolidated
Consolidated Businesses Pro Forma
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LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C> <C>
CURRENT LIBILITIES
Current maturities of long-term debt $ 533,835 $ (553,835)
Accrued interest payable 191,512 (181,989) $ 9,523
Notes payable 4,342,389 (2,725,665) 1,615,724
Accounts payable-trade 1,599,960 (964,121) 635,839
Accrued expenses 1,412,929 (883,074) 529,855
Other current liabilities 583,420 531,554 1,114,974
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Total current liabilities 8,684,045 (4,777,130) 3,906,915
LONG TERM DEBT 18,923,313 (18,217,528) 705,785
NOTES PAYABLE-AFFILIATES 1,626,000 1,625,000
OTHER NON CURRENT LIABILITIES 576,586 (576,586)
DEFERRED GAIN 3,142,658 3,142,658
STOCKHOLDERS' EQUITY
Series A cumulative preferred stock, $.10
par value; authorized 10,000,000 shares;
issued 1,085,000 shares 108,518 108,518
Series B cumulative preferred stock, $.10
par value; authorized 100,000 shares;
issued 13,000 shares 1,351 1,351
Series C cumulative preferred stock, $.10
par value; authorized 20,000 shares;
issued 20,000 shares 2,000 2,000
Common Stock $.01 par value; authorized
100,000,000 shares; issued 18,395,000 shares 184,171 184,171
Additional paid-in capital 36,368,576 36,365,576
Accumulated deficit (11,913,773) 6,788,155 (5,125,618)
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24,750,843 6,788,155 31,538,998
Less stock purchase note receivable (2,552,500) (2,552,500)
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22,198,343 6,788,155 28,986,498
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$ 55,149,945 $(16,783,089) $38,366,856
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Page 5 of 9
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Medical Resource Companies of America
Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 1993
(Unaudited)
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<CAPTION>
Less
Operations
As Previously From
Reported Disposed Consolidated
Consolidated Assets Adjustments Pro Forma
12/31/93 12/31/93 12/31/93 12/31/93
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<S> <C> <C> <C> <C>
REVENUE
Sales and rentals of mobility products $ 2,351,459 $ 0 $ 0 $ 2,351,459
Real estate operating revenue 4,280,397 0 0 4,280,397
Long-term care facilities
Management fees 510,000 0 0 510,000
Operating revenue 9,650,147 (9,650,147) 0 0
Gains on sales of assets 2,450,473 0 0 2,450,473
Interest and dividends 1,325,812 0 0 1,325,812
Other 165,427 (25,584) 0 139,843
Intercompany 0 0 0 0
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20,733,715 (9,675,731) 0 11,057,984
EXPENSES
Cost of mobility products sales and rentals 1,931,631 0 0 1,931,631
Real estate operating expenses 2,407,382 0 0 2,407,382
Long-term care facilities
Management expenses 207,386 0 0 207,386
Operating expenses 6,695,947 (6,624,695) 0 71,252
General and administrative 5,964,122 (2,183,078) 0 3,781,044
Interest 2,120,973 (621,388) 0 1,499,585
Other 0 0 0 0
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19,327,441 (9,429,161) 0 9,898,280
Earnings before income taxes 1,406,274 (246,570) 0 1,159,704
Provision for income taxes (99,000) 0 0 (99,000)
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Net earnings (loss) $ 1,505,274 $ (246,570) $ 0 $ 1,258,704
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Page 6 of 9
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Medical Resource Companies of America
Pro Forma Consolidated Statement of Operations
For the Nine Month Period Ended September 30, 1994
(Unaudited)
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<CAPTION>
Less
Operations
As Previously From
Reported Disposed Consolidated
Consolidated Assets Adjustments Pro Forma
09/30/94 09/30/94 09/30/94 09/30/94
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<S> <C> <C> <C> <C>
REVENUE
Sales and rentals of
mobility products $ 1,644,824 $ 0 $ 0 $1,644,824
Real estate operating revenue 1,844,192 0 0 1,844,192
Long-term care facilities
Management fees 0 0 0
Operating revenue 13,820,780 (13,820,780) 0 0
Gains on sales of assets 3,749,087 0 0 3,749,087
Gain on sale of subsidiary 803,884 0 (803,884) 0
Interest and dividends 375,398 (1,610) 0 373,788
Other 10,292 (10,292) 0 0
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22,248,457 (13,832,682) (803,884) 7,611,891
EXPENSES
Cost of mobility products
sales and rentals 1,203,892 0 0 1,203,892
Real estate operating expense 1,403,481 0 0 1,403,481
Long-term care facilities
Management expenses 0 0 0 0
Operating expenses 9,105,674 (9,105,674) 0 0
General and administrative 4,671,785 (2,041,576) 0 2,630,209
Interest 2,887,864 (2,128,132) 0 759,732
Other 11,016 (11,016) 0 0
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19,283,712 (13,286,398) 0 5,997,314
Earnings before income taxes 2,964,745 (546,284) (803,884) 1,614,577
Provision for income taxes 1,008,009 (170,965) (273,321) 563,723
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Net earnings (loss) $ 1,956,736 $ (375,319) $(530,563) $1,050,854
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NOTES TO PRO FORMA BALANCE SHEET AND STATEMENT OF OPERATIONS
1 - The pro forma balance sheet has been prepared as though the
dispositions occurred on September 30, 1994 and statements of
operations have been prepared as if the dispositions took place as of
the beginning of period presented.
2 - The gain on sale of subsidiary of $803,884 is the gain recorded on the
sale of the Company's investment in Remuda Ranch Center for Anorexia
and Bulimia, Inc. The pro forma statement of operations has been
adjusted to eliminate this gain.
3 - Income tax expense has been adjusted to give effect to the tax effect
pro forma adjustments using 34% tax rate.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment No. 1 to its Current Report on
Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
GREENBRIAR CORPORATION
(formerly MEDICAL RESOURCE COMPANIES
OF AMERICA)
Dated: July 22, 1996 By: /s/ Gene Bertcher
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Name: Gene Bertcher
Title: Executive Vice President and
Chief Financial Officer