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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 of 1934
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Date of Report (Date of earliest event reported) June 7, 1996
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VIRAGEN, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-10252 59-2101668
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
2343 West 76th Street, Hialeah, Florida 33016
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (305) 557-6000
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma Financial Information
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Item 7(b)
VIRAGEN, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET
MARCH 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ACTUAL ADJUSTMENTS PRO FORMA
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<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents......................................... $ 5,443,356 $14,597,922(a) $20,041,278
Accounts and notes receivable, less allowance of $11,668
at March 31, 1996................................................ 36,582 36,582
Prepaid expenses.................................................. 57,709 57,709
Other current assets.............................................. 8,014 8,014
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TOTAL CURRENT ASSETS........................................... 5,545,661 14,597,922 20,143,583
PROPERTY, PLANT AND EQUIPMENT
Land, building and improvements................................... 1,193,875 1,193,875
Equipment and furniture........................................... 1,586,728 1,586,728
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2,780,603 2,780,603
Less accumulated depreciation..................................... (1,660,910) (1,660,910)
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1,119,693 1,119,693
DEPOSITS AND OTHER ASSETS........................................... 13,858 13,858
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$ 6,679,212 $14,597,922 $21,277,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable.................................................. $ 54,916 $ $ 54,916
Accrued expenses and other liabilities............................ 315,148 315,148
Current portion of Long Term debt................................. 707,915 707,915
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TOTAL CURRENT LIABILITIES...................................... 1,077,979 1,077,979
ROYALTIES PAYABLE................................................... 107,866 107,866
LONG-TERM DEBT, less current portion................................ 110,034 110,034
OTHER LONG-TERM DEBT, less current portion.......................... 10,173 10,173
MINORITY INTEREST................................................... 1,534,653 1,534,653
STOCKHOLDERS' EQUITY
Convertible 10% Series A cumulative preferred stock, $1.00 par
value. Authorized 375,000 shares; issued and outstanding
3,450 shares. Liquidation preference value: $10 per share,
aggregating $34,500.............................................. 3,450 3,450
Convertible 5% Series B cumulative preferred stock, $1.00 par
value. Authorized 15,000 shares; issued and outstanding
15,000 shares.................................................... 15,000(b) 15,000
Common Stock, $.01 par value. Authorized 50,000,000 shares;
issued and outstanding 36,947,182 at March 31, 1996.............. 369,472 369,472
Capital in excess of par value.................................... 23,972,901 14,071,000(c) 38,043,901
Deficit........................................................... (20,201,116) 511,922(d) (19,689,194)
Foreign currency translation adjustment........................... (16,200) (16,200)
Notes due from officers........................................... (290,000) (290,000)
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TOTAL STOCKHOLDERS' EQUITY..................................... 3,838,507 14,597,922 18,436,429
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$ 6,679,212 $14,597,922 $21,277,134
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</TABLE>
(a) $15 million (cash proceeds) less $914,000 (issuance costs) plus interest
earned.
(b) 15,000 shares at $1 par value.
(c) $15 million less $15,000 (par value) and $914,000 (issuance costs).
(d) Interest earned on $14 million (see (e) below).
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VIRAGEN, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED MARCH 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ACTUAL ADJUSTMENTS PRO FORMA
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<S> <C> <C> <C>
INCOME
Revenues................................................. $ 229,967 $ $ 229,967
Interest and other income................................ 74,918 511,922 (e) 586,840
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304,885 511,922 816,807
COSTS AND EXPENSES
Cost of goods sold....................................... 178,369 178,369
Depreciation and amortization............................ 150,127 150,127
Research and development costs........................... 858,503 858,503
Selling general and administrative expenses.............. 1,959,873 1,959,873
Directors and officers options granted................... 183,144 183,144
Interest expense......................................... 71,811 71,811
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3,401,827 3,401,827
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Loss before minority interest.............................. (3,096,942) 511,922 (2,585,020)
Minority interest in loss of consolidated subsidiaries..... (6,427) (6,427)
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NET LOSS................................................... (3,090,515) 511,922 (2,578,593)
Deduct required dividends on convertible Preferred Stock... 2,588 562,500 565,088
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LOSS ATTRIBUTABLE TO COMMON STOCK.......................... $(3,093,103) $(50,578) $(3,143,681)
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LOSS PER COMMON SHARE, after deduction for required
dividends on convertible preferred stock.................. $ (0.09) $ $ (0.09)
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Weighted average shares outstanding........................ 35,813,679 35,813,679
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</TABLE>
(e) Estimated interest earned on $14 million over 9 months
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this Report on Form 8-K/A to be signed on its
behalf by the undersigned hereunto duly authorized.
Viragen, Inc.
By: /s/ Dennis W. Healey
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Dennis W. Healey
Executive Vice President
Chief Financial Officer
DATED: July 11, 1996
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