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UNITED STATESUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended: November 30, 1998
OR
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission file number: 0-11868
CARDIODYNAMICS INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C>
California 95-3533362
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
6175 Nancy Ridge Drive, Suite 300, San Diego, California 92121
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (619) 535-0202
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value
(Title of Class)
Indicate by check mark whether the registrant (1) 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
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-B is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]
The issuer's revenues for the year ending November 30, 1998, were $2,098,696.
The aggregate market value of the Common Stock held by nonaffiliates of the
registrant at February 20, 1999, was approximately $ 21,855,716 based on the
closing price for the Common Stock in the Nasdaq SmallCap Market. At February
20, 1999, 32,741,126 shares of registrant's Common Stock were outstanding.
Transitional Small Business Disclosure Format (check one): Yes No X
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EXPLANATORY NOTE
The purpose of this Amendment Number 1 is to amend and restate the Registrant's
Balance Sheet included in its Annual Report on Form 10-KSB for the fiscal year
ended November 30, 1998 in order to correct a typographical error reflected on
the Balance Sheet.
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CARDIODYNAMICS INTERNATIONAL CORPORATION
Balance Sheets
November 30, 1998 and 1997
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<CAPTION>
Assets (notes 4, 5, and 6)
1998 1997
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<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,633,086 $ 2,655,349
Accounts receivable, net of allowance for doubtful accounts
and returns of $32,728 in 1998 and $161,824 in 1997 (note 9) 632,190 51,568
Inventory, net (notes 2 and 9 ) 995,364 906,111
Other current assets 81,229 137,735
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Total current assets
4,341,869 3,750,763
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Property and equipment, net (note 3) 266,917 244,654
Deposits 40,099 27,788
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Total assets $ 4,648,885 $ 4,023,205
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 577,836 $ 295,524
Accrued expenses 89,663 25,287
Accrued salaries, wages and benefits 276,179 83,632
Current maturities of long-term debt (note 5) 37,816 11,300
Note payable to bank (note 4) 2,000,000 --
Provision for inventory returns (note 9) 23,040 614,860
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Total current liabilities 3,004,534 1,030,603
Note payable related parties (notes 4 and 5) 1,000,000 --
Long-term debt, less current maturities (note 5) 112,215 26,523
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Total liabilities 4,116,749 1,057,126
Convertible Preferred stock, no par value; 18,000,000 shares
authorized; issued and outstanding 2,240 Series A shares at
November 30, 1998 and no shares authorized or outstanding at
November 30, 1997 (Note 7) 2,152,294 --
Shareholders' equity: (notes 5, 6, 7 and 8)
Common stock, no par value; 50,000,000 shares authorized; issued
and outstanding 32,676,029 shares at November 30, 1998 and
32,085,743 shares at November 30, 1997 15,598,274 14,826,762
Accumulated deficit (17,218,432) (11,860,683)
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Total shareholders' equity (deficit) (1,620,158) 2,966,079
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Commitments and contingencies (notes 9 and 11)
Total liabilities and shareholders' equity $ 4,648,885 $ 4,023,205
============ ============
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See accompanying notes to financial statements.
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SIGNATURES
In accordance with the requirements of Section 13 or 15(d) of the Exchange Act,
the Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: February 28, 1999 CARDIODYNAMICS INTERNATIONAL CORPORATION
By: /s/ Michael K. Perry
--------------------
Michael K. Perry
Director and Chief Executive Officer
In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
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<CAPTION>
Signature Title Date
- ------------------------------- ------------------------------ -------------
<S> <C> <C>
/s/ Michael K. Perry Director and Chief February 28, 1999
- ------------------------------- Executive Officer
Michael K. Perry
/s/ Stephen P. Loomis Vice President, Finance, February 28, 1999
- ------------------------------- Chief Financial Officer and
Stephen P. Loomis Corporate Secretary (Principal
Accounting Officer)
/s/ Stephenson M. Dechant Director February 28, 1999
- -------------------------------
Stephenson M. Dechant
/s/ Nicholas V. Diaco, M.D. Director February 28, 1999
- -------------------------------
Nicholas V. Diaco, M.D.
/s/ Louis P. Ferrero Director February 28, 1999
- -------------------------------
Louis P. Ferrero
/s/ Richard E. Otto Director February 28, 1999
- -------------------------------
Richard E. Otto
/s/ Cam L. Garner Director February 28, 1999
- -------------------------------
Cam L. Garner
/s/ James C. Gilstrap Director February 28, 1999
- -------------------------------
James C. Gilstrap
/s/ Richard O. Martin, Ph.D. Director February 28, 1999
- -------------------------------
Richard O. Martin, Ph.D.
/s/ Michael D. Padilla Director February 28, 1999
- -------------------------------
Michael D. Padilla
/s/ Allen E. Paulson Director February 28, 1999
- -------------------------------
Allen E. Paulson
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