MIKROS SYSTEMS CORPORATION
3490 U.S. Route #1, Bldg. #5
Princeton, NJ 08540
(609) 987-1513
June 26, 1996
SECURITIES AND EXCHANGE COMMISSION
450 5th Street, NW
Judiciary Plaza
Washington, DC 20549
RE: MIKROS SYSTEMS CORPORATION/2nd Quarter 10Q-A
Dear Sirs:
Pursuant to the Securities Exchange Act of 1934, as amended, Mikros Systems
Corporation, a Delaware corporation (the "Corporation"), hereby encloses
herewith amended pages for form 10Q filed on August 12, 1996 for the quarter
ending June 30, 1996.
This filing is being effected by direct transmission to the Securities and
Exchange Commission's (the "Commission") EDGAR System.
If you have any questions or comments concerning this filing, kindly contact
the undersigned.
Very truly yours,
/s/ Joseph R. Benek
- --------------------
Joseph R. Benek
Vice President Finance & Treasurer
Enc.
<PAGE>
MIKROS SYSTEMS CORPORATION
BALANCE SHEETS
(UNAUDITED)
LIABILITIES AND JUNE 30, DECEMBER 31,
SHAREHOLDERS' EQUITY (DEFICIENCY) 1996 1995
- ------------------------------------------ ----------- ------------
CURRENT LIABILITIES
Accounts Payable $ 269,006 $ 268,933
Notes Payable
Bank 133,271 134,271
Related Parties and Others 678,667 30,000
Obligations under Capital Leases 23,717 6,403
Accrued Payroll and Payroll Taxes 35,556 14,308
Accrued Interest 2,883 11,442
Accrued Vacations 49,219 49,188
Accrued Expenses 262,882 89,982
------------ ------------
TOTAL CURRENT LIABILITIES 1,455,201 604,527
------------ ------------
NOTES PAYABLE
Bank 14,667 18,542
Related Parties and Others 304,333 312,500
OBLIGATIONS UNDER CAPITAL LEASES-NONCURRENT 7,120 11,827
------------ ------------
TOTAL LIABILITIES 1,781,321 947,396
------------ ------------
COMMITMENTS AND CONTINGENCIES
MANDATORILY REDEEMABLE SERIES C PREFERRED STOCK
par value $.01 per share, authorized 150,000
shares, issued and outstanding 5,000 shares
in 1996 and 1995 80,450 80,450
------------ ------------
SHAREHOLDERS' EQUITY (DEFICIENCY)
Common Stock, par value $.01 per share,
authorized 25,000,000 shares, issued and
outstanding 7,894,608 shares in 1996 and
7,352,108 in 1995 78,946 73,521
Preferred Stock, convertible,
par value $.01 per share, authorized 2,000,000
shares, issued and outstanding 1,005,000 shares
in 1996 and 1995 10,050 10,050
Preferred Stock, Series B convertible,
par value $.01 per share, authorized 1,200,000
shares, issued and outstanding 1,131,663 shares
in 1996 and 1995 11,316 11,316
Preferred Stock, Series D,
par value $.01 per share 690,000 shares authorized,
issued and outstanding in 1996 and 1995 6,900 6,900
Capital in excess of par 9,248,589 9,248,364
Accumulated deficit (10,521,016) (9,831,002)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY) (1,165,215) (480,851)
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $696,556 $546,995
============ ============
See Notes to Financial Statements
<PAGE>
[DESCRIPTION] ART. 5 FDS FOR 2ND QUARTER 10-Q
[ARTICLE] 5
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[CASH] 48,072
[SECURITIES] 0
[RECEIVABLES] 244,293
[ALLOWANCES] 0
[INVENTORY] 75,979
[CURRENT-ASSETS] 396,104
[PP&E] 687,127
[DEPRECIATION] (496,093)
[TOTAL-ASSETS] 696,556
[CURRENT-LIABILITIES] 1,455,201
[BONDS] 0
[PREFERRED-MANDATORY] 80,450
[PREFERRED] 28,266
[COMMON] 78,946
[OTHER-SE] (1,272,427)
[TOTAL-LIABILITY-AND-EQUITY] 696,556
[SALES] 570,604
[TOTAL-REVENUES] 570,604
[CGS] 815,550
[TOTAL-COSTS] 815,550
[OTHER-EXPENSES] 397,796
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 47,272
[INCOME-PRETAX] (690,014)
[INCOME-TAX] 0
[INCOME-CONTINUING] (690,014)
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (690,014)
[EPS-PRIMARY] (.09)
[EPS-DILUTED] (.09)
</TABLE>
