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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 6, 1996
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Date of Report (Date of earliest event reported)
IMRE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-12943 22-2389839
- ------------------------- --------------------------- ------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
401 Queen Anne Avenue North
Seattle, WA 98109
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(Address of principal executive offices)
(206) 298-9400
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(Registrant's telephone number, including area code)
Total number of pages:
Index to Exhibits at Page:
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ITEM 5. OTHER EVENTS
In January 1996, the Registrant sold 8,540,702 shares of Common Stock for $1.50
per share in a private placement. The sales occurred pursuant to a series of
closings occurring on January 21, 1996, January 22, 1996 and January 26, 1996.
The net proceeds to the Company were approximately $12,000,000. As a result of
the private placement, $1,500,000 of outstanding Senior Convertible Debentures
of the Registrant were automatically converted to 1,000,000 shares of the
Registrant's Common Stock.
On February 20, 1996, the Registrant filed with the Securities and Exchange
Commission a registration statement of Form S-3 under the Securities Act of
1933, as amended, for resale of the above-referenced shares.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
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99.1. Proforma Balance Sheet as of December 31, 1995
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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.
IMRE CORPORATION
Dated: March 6, 1996 By: /s/ ALEX P. DE SOTO
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Alex P. de Soto
Chief Financial Officer, Vice
President and Secretary
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INDEX TO EXHIBITS
PAGE NO.
99.1 Proforma Balance Sheet as of December 31, 1995
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IMRE CORPORATION
PRO FORMA BALANCE SHEET
DECEMBER 31, 1995
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<TABLE>
<CAPTION>
ASSETS (AUDITED) 1995 ADJUSTMENTS 1995 PRO FORMA
- ------ ---------------- ------------- ----------------
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 1,009,878 $ 12,103,080 (1) $ 13,112,958
Accounts receivable:
Trade 23,850 23,850
Other 533,989 533,989
Inventories 1,148,506 1,148,506
Prepaid expenses 143,755 143,755
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Total current assets 2,859,978 14,963,058
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Property and equipment, net 1,425,020 1,425,020
Convertible debenture issuance costs, net 278,711 (140,000)(2) 138,711
------------ ------------ ------------
Total assets $ 4,563,709 $ 11,963,080 $ 16,526,789
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------------ ------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
- ----------------------------------------------
Current liabilities:
Accounts payable $ 892,501 $ 892,501
Accrued compensation 456,939 456,939
Accrued liabilities 672,488 $ 90,000 (3) 762,488
Senior convertible debentures 1,500,000 (1,500,000)(4)
Current portion of notes payable 26,821 26,821
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Total current liabilities 3,548,749 (1,410,000) 2,138,749
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Convertible debentures 1,345,000 1,345,000
Notes payable, net of current portion 25,972 25,972
Accrued compensation 168,750 168,750
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5,088,471 3,678,471
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Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $.02 par value; authorized
35,000,000 shares; issued and outstanding,
18,693,595 shares at December 31, 1995 373,872 191,214 (5) 565,086
Additional paid-in capital 43,143,000 13,181,866 (6) 56,324,866
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43,516,872 13,373,080 56,889,952
Accumulated deficit (44,041,634) (44,041,634)
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(524,762) 13,373,080 12,848,318
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Total liabilities and stockholders'
equity (deficit) $ 4,563,709 $ 11,963,080 $ 16,526,789
------------ ------------ ------------
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</TABLE>
(1) Represents 8,540,702 shares of Common Stock sold in January 1996 at $1.50
per share less $707,973 of placement agent fees.
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(2) Represents placement agent fees and costs associated with issuing
$1,500,000 principal of Senior Convertible Debentures as of December 31,
1995 which were charged to Additional Paid-in Capital upon the conversion
of the Debentures on January 22, 1996 into 1,000,000 shares of Common
Stock.
(3) Represents estimated legal and accounting fees and other costs of $120,000
associated with the January 1996 private placement of 8,540,702 shares of
Common Stock at $1.50 per share, less $30,000 of December 1995 Senior
Convertible Debenture private placement fees paid in 20,000 shares of
Common Stock at $1.50 per share in January 1996.
(4) Represents the conversion of $1,500,000 principal of Senior Convertible
Debentures on January 22, 1996 into 1,000,000 shares of Common Stock.
(5) Represents the par value ($0.02) for the issuance of 9,560,702 shares of
Common Stock in January 1996.
(6) Represents the net increase in Additional Paid-in Capital of the issuance
of 9,560,702 shares of Common Stock at $1.50 per share less their par value
and offering costs.
