FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE PERIOD ENDED JANUARY 25, 1997
OR
[ ] 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: 0-14922
ABC DISPENSING TECHNOLOGIES, INC.
(Name changed from American Business Computers Corporation)
(Exact name of registrant as specified in its charter)
Florida 59-2001203
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
451 Kennedy Road Akron, Ohio 44305
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 733-2841
Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act:
Common Stock, Par Value $.01
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(Title of class)
Indicate by check mark whether the registrant (1) has 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: [ X ] Yes [ ] No
The number of shares outstanding of each of the registrant's classes of
common stock as of the latest practicable date is:
Common Stock outstanding at February 19, 1997 was 17,109,160.
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PART I ABC DISPENSING TECHNOLOGIES, INC.
ITEM I CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
January 25, 1997 January 27, 1996
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<S> <C> <C>
Cash flows from operating activities:
Net loss ($1,650,000) ($ 919,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 124,000 73,000
Changes in operating assets and liabilities:
Inventories 648,000 (107,000)
Receivables 437,000 2,000
Patents pending and deferred charges 22,000 (55,000)
Deferred income (29,000) 0
Accrued liabilities (289,000) (1,278,000)
Accounts payable (475,000) (57,000)
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Total adjustments 438,000 (1,422,000)
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Net cash used in operating activities (1,212,000) (2,341,000)
Cash flows from investing activities:
Additions to property, plant and equipment 2,000 (65,000)
Additions to selling rights 0 (175,000)
Additions to patents (4,000) 1,000
Additions to capitalized R & D labor (340,000) 0
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Net cash used in investing activities (342,000) (239,000)
Cash flows from financing activities:
Proceeds from issuance of preferred stock 2,836,000 0
Proceeds from severance settlement 89,000 0
Proceeds (costs) of private placements 68,000 593,000
Proceeds from collection of stockholders receivable 5,000 8,000
Proceeds from issuance of notes payable 0 1,007,000
Stock contribution to class action settlement fund 0 467,000
Proceeds from stock issued for exercise of warrants 0 428,000
Proceeds from stock issued for exercise of stock options 0 72,000
Repayment of line of credit (292,000) 0
Repayment of notes payable and loan costs (600,000) (654,000)
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Net cash provided by financing activities 2,106,000 1,921,000
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Net increase (decrease) in cash and cash equivalents 552,000 (659,000)
Cash and cash equivalents at beginning of year 488,000 1,309,000
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Cash and cash equivalents at end of period $ 1,040,000 $ 650,000
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</TABLE>
See accompanying notes.
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<PAGE>
SIGNATURE
Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
ABC Dispensing Technologies, Inc.
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(Registrant)
Date: March 14, 1997 /s/ Charles M. Stimac, Jr.
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Charles M. Stimac, Jr.
President/CEO
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