SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission File Number: 000-26425
NextPath Technologies, Inc.
(Exact name of registrant as specified in its charter)
NEVADA 84-1402416
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
918-295-8289
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
As of August 11, 2000, there were 42,810,775 shares of our common stock
outstanding.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
To the Board of Directors and Stockholders of
NextPath Technologies, Inc.
Tulsa, OK
We have reviewed the accompanying condensed consolidated balance sheet of
NextPath Technologies, Inc. as of June 30, 2000 and the related condensed
consolidated statements of income and cash flows for the three and six month
periods then ended. These financial statements are the responsibility of the
company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
/s/ Chisholm & Associates
Chisholm & Associates
August 1, 2000
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NextPath Technologies, Inc.
Consolidated Balance Sheets
ASSETS
------
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
----------- ------------
(Unaudited)
Current Assets
<S> <C> <C>
Cash $ 182,668 $ 658,837
Accounts Receivable
(Net of Allowance of $41,480) 954,013 282,051
Inventory 520,429 138,057
Prepaid Expenses 65,901 42,674
Advances to Shareholders 31,783 6,487
Advances & Notes Receivable
(Net of Allowance of $1,485,075
and $1,235,075) 5,921,018 3,260,161
---------- ----------
Total Current Assets 7,675,812 4,388,267
---------- ----------
Property & Equipment, Net 1,328,404 535,179
---------- ----------
Other Assets
Investments 2,600,000 2,600,000
Goodwill 22,968,237 17,883,754
Deposits 9,524 4,250
---------- ----------
Total Other Assets 25,577,761 20,488,004
---------- ----------
TOTAL ASSETS $34,581,977 $25,411,450
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities
Accounts Payable $ 1,972,375 $ 384,148
Accrued Expenses 354,851 192,654
Deferred Taxes 14,882 14,882
Advances 95,878 -
Notes Payable - Related Party 7,032,179 3,455,869
---------- ----------
Total Current 9,470,165 4,047,553
---------- ----------
Stockholders' Equity
Common Stock, $.001 par value; 100,000,000 shares
authorized; 40,051,020 and 37,136,430 shares
issued and outstanding, respectively 40,051 37,136
Additional Paid-In Capital 74,134,862 58,623,056
Retained Earnings (49,063,101) (37,296,295)
---------- ----------
Total Stockholders' Equity 25,111,812 21,363,897
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $34,581,977 $25,411,450
========== ==========
</TABLE>
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NextPath Technologies,
Consolidated Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
For the For the For the For the
three months three months six months six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
Sales $ 1,506,475 $ - $ 2,438,375 $ -
Cost Of Goods Sold 832,943 - 1,722,883 -
---------- ---------- ---------- ---------
Gross Profit 673,532 - 715,492 -
---------- ---------- ---------- ---------
Operating Expenses
General & Administrative 1,065,813 152,260 4,259,758 223,203
Consulting 1,359,960 47,930 5,034,960 83,208
Sales 394,113 - 565,131 -
---------- ---------- ---------- ---------
Total Operating Expenses 2,819,886 200,190 9,859,849 306,411
---------- ---------- ---------- ---------
OTHER INCOME(EXPENSE)
Interest Expense (11,145) 60,354 (21,838) 60,354
Dividend Income 30,000 - 60,000 -
Other Income 17,780 - 24,649 -
Depreciation & Amortization (1,358,944) - (2,697,250) -
Interest Income 8,553 - 11,990 -
---------- ---------- ---------- ---------
Total Other Income
(Expense) (1,313,756) 60,354 (2,622,449) 60,354
---------- ---------- ---------- ---------
NET INCOME(LOSS) $(3,460,110) $ (260,544) $(11,766,806) $(366,765)
========== ========== =========== ========
NET INCOME(LOSS PER SHARE) $ (0.089) $ (0.023) $ (0.304) $ (0.037)
========== ========== =========== ========
WEIGHTED AVERAGE SHARES
OUTSTANDING 38,774,437 11,089,309 38,661,409 9,831,409
========== ========== =========== =========
</TABLE>
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NextPath Technologies,
Consolidated Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the six months ended
June 30
---------------------------
2000 1999
------------- -----------
Cash Flows From Operating Activities
<S> <C> <C>
Net Income(Loss) $(11,766,806) $ (366,765)
Adjustments to Reconcile Net Income (Loss) to
Net Cash Provided(Used) in Operating Actvities:
Depreciation & Amortization 2,697,250 -
Bad Debt 250,000 -
Stock Issued for Services 3,980,875 -
Change in Assets and Liabilities
(Net of Effects of Acquisition
of Essentia)
(Increase) Decrease in:
Accounts Receivable (576,297) -
(303,625) -
Inventory
Prepaid Expenses (11,709) -
Increase (Decrease) in:
Accounts Payable and Accrued Expenses 1,623,566 (37,862)
---------- --------
Net Cash Provided(Used) by
Operating Activities (4,106,746) (404,627)
---------- --------
Cash Flows from Investing Activities
Cash Paid for Notes (3,086,934) (418,952)
Purchase of Fixed Assets (602,299) (1,073)
Cash Paid for Deposits (5,274) -
Cash Paid for Investments - (72,162)
Cash Acquired in Acquisition 55,142 -
---------- --------
Net Cash Provided(Used) by Investing Activities (3,639,365) (492,187)
---------- --------
Cash Flows from Financing Activities
Proceeds from Debt Financing 3,902,515 897,719
Principal Payments on Debt Financing (608,000) -
Proceeds from Advances 95,878 -
Stock Issued for Cash 3,879,549 -
---------- --------
Net Cash Provided(Used) by Financing Activities 7,269,942 897,719
---------- --------
Increase in Cash (476,169) 905
Cash and Cash Equivalents at Beginning of Period 658,837 -
---------- --------
Cash and Cash Equivalents at End of Period $ 182,668 $ 905
========== ========
</TABLE>
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NextPath Technologies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the six months ended
June 30
------------------------
2000 1999
------------ ---------
Supplemental Disclosures of Cash Flow Information:
Cash Paid for:
<S> <C> <C>
Interest $ 674 $ 60,354
=========== =========
Income Taxes $ - $ -
=========== =========
Non Cash Financing Activities:
Common Shares Issued for Services $ 5,146,875 $ -
=========== =========
Common Shares Cancelled for Services $(1,166,000) $ -
=========== =========
</TABLE>
NextPath Technologies, Inc.
Notes to Financial Statements
June 30, 2000
Notes to Financial Statements
NextPath Technologies, Inc. (the "Company") has elected to omit substantially
all footnotes to the financial statements for the three months ended June 30,
2000, since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their Annual
Report filed on Form 10-K for the fiscal year ended December 31, 1999.
Unaudited Information
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative of
the results from operations expected for the full fiscal year.
Acquisition of Essentia Water, Inc.
On January 21, 2000, the Company acquired Essentia Water, Inc., now a Phoenix,
Arizona based bottled water marketing company. The Company issued 585,760 shares
for all the outstanding stock of Essentia. The purchase was recorded at a value
of $7,654,294. Essentia had assets of $543,974 and liabilities of $526,857 at
December 31, 1999. Goodwill of $7,676,487 was recorded in the acquisition. The
operating history of Essentia is included in the consolidated numbers of the
Company effective January 1, 2000. The acquisition was recorded using the
purchase method of a business combination.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Forward Looking Statements
This 10-Q contains forward looking statements that plan for or
anticipate the future. Forward-looking statements include statements about
future business plans and strategies and most other statements that are not
historical in nature. In this 10-Q, forward-looking statements are generally
identified by the words "anticipate," "plan," "believe," "estimate," and the
like. Because forward-looking statements involve future risks and uncertainties,
there are factors that could cause actual results to differ materially from
those expressed or implied, including, but not limited to, our ability to obtain
infusion of equity capital or financing on terms reasonably satisfactory to us,
competition, changes in consumer trends, and competitors' marketing strategies.
These forward-looking statements are based on our current expectations or those
of the preparer of the statement. Please do not place undue reliance on the
forward-looking statements. All written and oral forward-looking statements
attributable to us or persons acting on our behalf are qualified in their
entirety by those cautionary statements.
The terms "NextPath," the "Company," "we," "our" and "us" refer to
NextPath Technologies, Inc. and its subsidiaries and affiliates unless the
context suggests otherwise.
Overview
We are a development staged holding company that identifies, acquires
and manages what we believe to be state-of-the-art technology companies that
together form a community of shared resources. We are organized into four
operating groups as follows: Precision Technologies Group, Internet and
E-CommerceGroup, Environmental Technologies Group and Health Products Group.
We don't have any significant operating history other than that of our
wholly owned subsidiaries. We currently derive all of our revenue from the
operations of our wholly owned subsidiaries and from our other investments.
During 1999 and 2000, most of our efforts have been directed toward identifying
potential acquisitions and the raising of sufficient capital to finance our
operations and costs associated with the negotiation and closing of acquisition
agreements with our subsidiaries. We intend to continue to identify and pursue
acquisitions which provide attractive investment opportunities, particularly
when we can add value through our technical expertise. Our operating expenses
are comprised of our general and administrative overhead and the expenses of our
subsidiaries.
We intend to provide our subsidiaries with sufficient funds so that they
can grow their businesses nationally and internationally by effectively
developing, marketing and expanding their products, services and market base.
However, absent an infusion of equity capital or financing on terms acceptable
to us, we may not have the liquidity and capital resources necessary to operate
our business and those of our subsidiaries beyond the next six months. We are
actively engaged in negotiations with debt and equity sources and we will
continue to pursue all such options on an aggressive basis.
Second Quarter Transactions
We did not close any transactions during the second quarter of 2000,
However, as a result of our activities during the second quarter, the following
transactions closed between the end of the second quarter and the date of this
10-Q:
o On July 21, 2000, we sold the assets related to the servo controls and
opto-electronic operations of Willow Systems, Inc. to Corning
Incorporated for $15,000,000.
o On July 27, 2000, we acquired twenty percent (20%) of US Certified
Letters, LLC ("USCL"), which has licensed, on an exclusive basis,
the right to proprietary technology for transmitting any instruments
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by certified mail via the Internet or other medium (the "C-mail
Technology") within the continential United States, Alaska and Hawaii
(the "USCL Transaction").
o On July 27, 2000, our wholly owned subsidiary, Global Certified Mail,
Inc. ("GCM"), signed a License Agreement by which it licensed, on
an exclusive basis, the C-mail Technology for use outside of the
continential United States, Alaska and Hawaii in exchange for which
GCM transferred twenty percent (20%) of its stock to the Licensor (the
"GCM Transaction").
o On August 4, 2000, our wholly owned subsidiary, NextPath
Environmental Systems, Inc. ("NESI") acquired the assets of the
Industrial Division of Lewis Mechanical and Metalworks, Inc.
On May 16, 2000, we authorized and conditionally issued, but did not
deliver, 30,000,000 shares of Class A common stock to Rising Star Investments,
Inc., of which we own fifty percent, in order to show its capability to perform
in a series of investment opportunities we were exploring. The Class A common
stock was restricted as to transferability and had no voting rights. As the
investment opportunities did not materialize, the certificates have been
cancelled and the shares have been returned to our treasury.
Results of Operations
In General.
----------
Sales for the three month period ended June 30, 2000 (the "current
year second quarter") increased to $1,506,475 from no sales for the three month
period ended June 30, 1999 (the "prior year second quarter"). The increase in
sales for the current year second quarter reflects the acquisitions of
LaserWireless, Inc.("LaserWireless"), Willow Systems, Inc. ("Willow"), Sagebrush
Technology, Inc. ("Sagebrush") and Essentia Water, Inc. ("Essentia").
Cost of goods sold increased to $832,943 in the current year second
quarter from no cost of goods sold in the prior year second quarter due to the
acquisitions of LaserWireless, Willow, Sagebrush and Essentia. Gross profit
increased to $673,532 in the current year second quarter from no gross profit
during the prior year second quarter. The increase in gross profit for the
current year second quarter reflects increased sales by our subsidiaries.
Operating Expenses for the current year second quarter increased to
$2,819,886 from $200,190 in the prior year second quarter. The increase in
operating expenses was due to increased general and administrative expenses
($152.260 to $1,065,813) and increased consulting expenses ($47,930 to
$1,359,960). We expect that consulting expenses will decline significantly
during the remainder of 2000.
As a result of the factors discussed above, we incurred a net loss of
$3,460,110 during the current year second quarter ($0.089 per share) compared to
a net loss of $260,544 ($0.023 share) during the prior year second quarter.
However, the net loss of $3,460,110 during the current year second quarter
represents a substantial improvement over the net loss of $8,306,696 we incurred
during the three month period ended March 31, 2000. In addition, our total
assets as of June 30, 2000 were $34,611,977 as compared to our total assets of
$25,411,450 as of December 31, 1999, while our total liabilities increased from
$4,047,553 as of December 31, 1999 to $9,470,165 as of June 30, 2000.
Laser Wireless, Inc.
-------------------
Operational Summary - 2nd Quarter. Second Quarter sales were zero.
LaserWireless remained in an advanced R&D state during the second quarter.
LaserWireless has planned sales for its first production run of thirty (30)
units beginning in the last quarter of 2000. Higher inventory levels in the
second quarter reflect accumulation of components for beta test units.
LaserWireless' trade show expense increased 270% over the first quarter. Sales
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leads were generated and increased product awareness was achieved in the second
quarter through participation in Super Com, Acouta and Facilities Fair trade
shows. Tooling costs increased 9.5% over the first quarter costs. The new
reusable extrusion mold tooling will provide additional production capacity.
Tooling costs were expensed rather than capitalized.
Operational Summary - YTD 2000. Operational progress includes the
development of manufacturing systems, procedures and infrastructure necessary to
assemble, test and ship the laser units according to the planned sales levels.
Key progress events include tooling completion and the placing of a new
environmental testing chamber into operation. LaserWireless is structured and
prepared to meet planned sales requirements. LaserWireless plans to begin
shipments early in the last quarter of 2000.
Projections 2000 and 2001. Sales are planned to begin in the last
quarter of 2000 and total $119,000 for the year. An operation loss of $571,379
is projected for 2000. Sales for 2001 are expected to increase approximately
2000% to $2,362,410 with a net profit of approximately 10%.
Sagebrush Technology, Inc.
--------------------------
Operational Summary - 2nd Quarter. Second quarter sales of $755,772 were
up 190% from last year's second quarter sales of $385,072. The increase was a
result of improved AutoGuide sales. Gross profit for the current quarter was
57.5% compared to 25.6% for the second quarter of last year. The greatly
improved gross margin was achieved through better production management,
improved work processes, job tracking and internal controls.
Operational Summary - YTD 2000. Six month ending sales of $1,422,057
were up 166% from the corresponding period last year of $856,400. Sales in all
categories improved during the first six months of the year. AutoGuide sales
doubled, showing the greatest increase. Another major component of the overall
sales increase was a 50% improvement in engineering service contract work.
Projections 2000 and 2001. Sales projections for year 2000 have been
lowered to $3,075,000 from $4,739,450. Net income for the year has been revised
to show a planned profit of $100,000 from the previous anticipated loss of
$1,154,718. Year 2001 sales are expected to increase 31% to $4,458,750 with a
net profit of 7% or $334,406.
Willow Systems, Inc.
-------------------
Operational Summary. Second quarter sales of $155,906 were down 8% from
last year's second quarter sales of $228,454. Willow showed an operating loss of
$417,811 for the second quarter. On July 21, 2000, we closed the sale of the
majority of the assets of Willow to Corning Incorporated. The sale price was
$15,000,000. Willow's remaining operations will be merged into the operations of
Sagebrush.
Essentia Water, Inc.
-------------------
Operational Summary - 2nd Quarter. Second quarter 2000 sales of $594,000
were up 244% from last year's second quarter sales of $173,100, principally as a
result of increased private label sales. Second quarter sales of private label
products increased almost five-fold over last year's comparable quarter and
accounted for 50% of the current quarter sales. Private label sales amounted to
30% of last year's second quarter sales. Current second quarter gross sales of
our flagship Essentia brand grew 138% principally due to having nationwide
distribution of branded products in the current quarter as compared with
distribution limited to the West, Southwest, and Midwest regions during the
previous year. Current year second quarter sales for the comparable regions were
up 65% over those of the previous year. Gross profits for the current quarter,
expressed as a percentage of sales, at 29%, was two percentage points lower than
last year's second quarter as a result of higher margin brand sales diluted by
the proportionately larger increase in lower margin private label sales.
Despite a 220% increase in gross profit, the current year's second
quarter loss of $150,300 increased by over 10% over last year's loss of $136,200
for the comparable quarter due principally to a 107% increase in sales,
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marketing, research and development costs associated with expanding and
supporting nationwide distribution of products and the introduction and test
marketing of new products. Additionally, general and administrative costs
increased modestly as a result of increased staffing.
Operational Summary - YTD 2000. Sales of $860,900 for year-to-date 2000
were up 212% from last year's six-month sales of $275,700 principally as a
result of increased private label sales. Year-to-date sales of private label
products increased almost four-fold over the first six months of last year and
accounted for 47% of current year-to-date sales. Private label sales amounted to
30% of sales for the first six months of last year. Year-to-date gross sales of
Essentia's brand product grew 132%, principally due to having nationwide
distribution of branded products for the year-to-date period as compared with
distribution limited to the West, Southwest and Midwest regions during the
previous year. Year-to-date 2000 sales for the comparable regions were up 72%
over those of the previous year. Gross profits for the current six months,
expressed as a percentage of sales, at 30% was nearly two percentage points
lower than year-to-date 1999 as a result of higher margin brand sales diluted by
the proportionately larger increase in lower margin private label sales.
Despite a 197% increase in gross profit, the current year-to-date period
loss of $392,700 increased by 27% over last year's six month loss of $308,900
due principally to a 79% increase in sales, marketing, research and development
costs associated with expanding and supporting nationwide distribution of
products and the introduction and test marketing of new products. Additionally,
general and administrative costs increased 52% as a result of audit and
consulting fees and increased staffing.
Projections - 2000 and 2001. Planned increases in sales and marketing
spending will more than offset gross profit gains throughout the remainder of
2000, thus increasing quarterly losses. This trend is expected to reverse itself
during 2001.
Liquidity and Capital Resources
We believe that our existing working capital, the anticipated revenues
of our subsidiaries, and the anticipated revenues from our other investments
will be sufficient to fund our cash requirements and capital needs for the next
six months. The extent of additional financing needed will depend on the success
of our business and our ability to identify and pursue additional acquisitions
that provide attractive investment opportunities. While to the extent possible
we intend to fund future acquisitions primarily with our common stock, most
acquisitions require that a portion of the consideration be in the form of cash.
If we significantly increase the operations of our subsidiaries or our
acquisitions beyond planned levels or if our revenues are lower than
anticipated, our cash needs will be increased. In addition, our future capital
requirements will depend on a number of other factors, including the level of
our product research and development, the level of market acceptance of our
goods and services, and the feasibility and extent of international expansion.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
NextPath and its former President, James R. Ladd, are two of the named
defendants in the case of Tim McMurray vs. James R. Ladd, Robert Wehle et al.,
District Court of Dallas County, Texas (No. 00-00170) filed January 10, 2000.
The action alleges tortious interference with existing and/or potential business
relations, civil conspiracy, and negligence and also seeks injunctive relief. We
believe that this action is wholly without merit and intend to vigorously defend
it.
On January 11, 2000, NextPath Technologies, Inc. received a copy of the
SEC's December 20, 1999 Order Directing Private Investigation In the Matter of
NextPath Technologies, Inc. (the "Order"). The Order is a confidential document
directing a non-public investigation. While the Order is not available to the
public, it appears to focus on the increase in the trading price of our common
stock during the last six months of 1999. We have advised the SEC that we intend
to fully cooperate with its staff as it conducts its investigation. In the
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meantime, we intend to continue to execute our business plan and to pursue,
negotiate, and close acquisitions, joint ventures and other strategic alliances
which we believe will allow us and our subsidiaries to become significant
participants in a number of rapidly expanding technology market sectors and
which we believe will result in increases in our revenues and profitability and
the enhancement of shareholder value.
NextPath is a named defendant in the case of Blueigloo, Inc. and Smart
Mart, Inc. vs. NextPath Technologies, Inc., James Ladd et al, Case No. 99-6940-D
in the District Court, 95th Judicial District, Dallas County, Texas. The action
alleges tortious interference with business. We believe this action is wholly
without merit and we intend to vigorously defend it.
NextPath is the plaintiff in the case of NextPath Technologies, Inc. vs.
Benjamin A. Dunn, Case No. CIV-00-0905-W in the United States District Court,
Western District of Oklahoma. This action is for breach of contract.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K.
On April 3, 2000, we filed a Form 8-K which reported (i) that Gray &
Northcutt, Inc., our auditors since February 8, 2000, resigned, (ii) that James
Ladd resigned as Chairman, President and Chief Executive Officer effective March
17, 2000, (iii) that David Nuttle was elected to act as interim President and
CEO, (iv) that Dr. Charles Gourd and Messrs. Kenneth Sweet and Robert Woodward
were added to our Board of Directors, and (v) other matters.
On April 11, 2000, we filed a Form 8-K which reported that Crouch,
Bierwolf & Chisholm was engaged as our auditors
On June 26, 2000, we filed a Form 8-K/A which reported financial
information related to our merger with the Epilogue Corporation on November 12,
1999.
On June 26, 2000, we filed a Form 8-K/A which reported financial
information related to our acquisition of Willow Systems, Inc. on November 15,
1999.
On June 26, 2000, we filed a Form 8-K/A which reported financial
information related to our acquisition of Sagebrush Technology, Inc. on December
14, 1999.
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On June 26, 2000, we filed a Form 8-K/A which reported financial
information related to our acquisition of Essentia Water, Inc. on January 21,
2000.
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 thereunto duly authorized.
NEXTPATH TECHNOLOGIES, INC.
/s/ David A. Nuttle August 11, 2000
-----------------------------
David A. Nuttle
Chairman, Chief Executive Officer and President
(principal executive officer)
NEXTPATH TECHNOLOGIES, INC.
/s/ Robert Woodward August 11, 2000
-----------------------------
Robert Woodward
Chief Financial Officer
(principal financial and accounting officer)
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