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U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 10-QSB/A
(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, 1999
[ ] 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 0-12914
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WASTEMASTERS, INC.
(Exact name of small business issuer as specified in its charter)
Maryland (State or other jurisdiction of incorporation or organization) |
52-1507818 (IRS Employer Identification No.) |
205 S. Bickford Avenue, Oklahoma City, OK 73036
(Address of Principal Executive Offices)
(405) 262-0800
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 No X
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 153,329,250 shares of its Common Stock, $.01 par value, as of October 10, 1999.
WasteMasters, Inc. and Subsidiaries
FORM 10-QSB REPORT INDEX
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Page No. |
PART I. FINANCIAL INFORMATION |
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N/A |
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PART II. OTHER INFORMATION |
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N/A |
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Item 1. Legal Proceedings |
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N/A |
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Item 2. Changes in Securities |
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N/A |
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Item 3. Defaults on Senior Securities |
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N/A |
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Item 4. Submission of Matters to a Vote of Security Holders |
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N/A |
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Item 5. Other Information |
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3 |
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Item 6. Exhibits and Reports on Form 8-K |
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3 |
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Signatures |
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4 |
PART II. OTHER INFORMATION.
Item 5. Other Information.
At board meetings in June 1999 and August 1999, the Company approved a stock warrant plan for its directors, officers, and certain key employees and consultants. The stock warrant plan was adopted in order to reward such persons for continuing to perform services for the Company and its subsidiaries during its financial difficulties and to provide an incentive for such persons to continue performing services for the Company and its subsidiaries. Under the stock warrant plan, the Company agreed to issue warrants to eleven persons to purchase a total of 48.5 million shares of common stock of the Company. Of the 48.5 million warrants in the stock warrant plan, 24.5 million warrants have an exercise price of $0.10 per share, 12 million warrants have an exercise price of $0.50 per share, and the remaining 12 million warrants have an exercise price of $1.00 per share. All of the warrants are exercisable at any time for a period of five years from the date of issuance. All shares of common stock issued upon exercise of the warrants will be restricted stock. Two directors (A. Leon Blaser and Douglas Holsted) and an independent consultant each received warrants to purchase a total of 12 million shares under the stock warrant plan. In each case, such persons received warrants to purchase 4 million shares of common stock at $0.10 per share, 4 million shares of common stock at $0.50 per share, and 4 million shares of common stock at $1.00 per share. The minimum exercise price for the warrants is significantly greater than both the recent bid price and the net book value for the Company's common stock.
Item 6. Exhibits and Reports on Form 8-K.
Exhibit No. |
Description |
4.1 |
Form of Warrant Agreement |
(b) Reports on Form 8-K. During the quarter ended June 30, 1999, the Company filed two reports on Form 8-K:
On May 20, 1999, the Company filed a Form 8-K, in which the Company reported in Item 2 that it had completed the sale of five subsidiaries and a landfill to Global Eco-Logical Services, Inc., in Item 3 of the bankruptcy filings of two subsidiaries, Sales Equipment Co., Inc. and American Recycling & Management, Inc., in Item 6 of the resignation of Michael J. Smith as a director and officer and the appointment of two new directors, and included in Item 7 the Closing Agreement between the Company and Global Eco-Logical Services, Inc.
On June 11, 1999, the Company filed a Form 8-K, in which the Company reported in Item 3 of certain developments in the bankruptcy proceedings of Sales Equipment Co., Inc., in Item 5 of the appointment of Douglas Holsted as president and Dennis O'Neill as acting Chief Financial Officer and the change in the location of the Company's corporate headquarters.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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WASTEMASTERS, INC. |
Date: November 8, 1999 |
/s/ Douglas Holsted |
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By: Douglas Holsted, President and Chief Financial Officer |
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