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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report: October 8, 1997
WASTE TECHNOLOGY CORP.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
2-97045 13-2842053
Commission File Number I.R.S Employer
Identification Number
5400 Rio Grande Avenue, Jacksonville, Florida 32254
(Address of Principal Executive Offices)
(904) 355 5558
(Registrant's Telephone number, including area code)
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Item 5. Other Events.
The Company has prepared the following unaudited balance sheet as of August
31, 1997 which is being submitted to the National Association of Securities
Dealers in order to establish that it is in compliance with the listing
requirements of NASDAQ.
The increase in Stockholder's Equity from the balance sheet for the period
ending July 31, 1997 is the result of net income of $245,183 for the month of
August, 1997 and the acquisition, by means of a merger with International Baler
Corporation, formerly an 85% owned subsidiary, of the shares of the minority
shareholders of International Baler Corporation through the issuance of common
stock of the Company worth $171,403.
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WASTE TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
08/31/97 10/31/96
Unaudited
ASSETS
Current Assets:
Cash and cash equivalents $ 506,506 $ 140,000
Accounts receivable, net of allowance
for doubtful accounts of $91,000 2,077,107 1,410,956
Inventories 2,950,042 3,162,208
Prepaid expense and other current assets - 43,208
Deferred income tax asset - -
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Total current assets 5,533,655 4,756,372
Property, plant and equipment at cost 3,675,283 3,633,276
Less: accumulated depreciation 1,317,691 1,104,633
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Net property, plant & equipment 2,357,592 2,528,643
Other assets:
Intangible assets, net 61,929 67,152
Other assets 15,621 18,049
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Total other assets 77,550 85,201
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TOTAL ASSETS $7,968,797 $7,370,216
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WASTE TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
08/31/97 10/31/96
Unaudited
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Revolving promissory note $ 971,652 $ 531,652
Current maturities of long-term debt 574,535 663,842
Capital Lease Obligation 15,304 14,281
Accounts payable 1,417,515 1,031,224
Accrued liabilities 530,741 498,284
Customer deposits 868,107 683,324
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Total current liabilities 4,377,854 3,422,607
Accrued legal fees - 315,696
Long-term debt 182,851 210,324
Capital Lease Obligation, less current maturities 688,547 701,568
Minority interest in equity of subsidiary 337,962 509,369
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Total liabilities 5,587,214 5,159,564
Stockholders' equity
Common stock, par value $.01
25,000,000 shares authorized;
2,982,715 shares issued 29,828 27,634
Preferred stock, par value $.0001,
10,000 shares authorized, none issued - -
Additional paid-in capital 6,235,569 6,066,356
Accumulated deficit (2,906,123) (2,588,935)
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3,359,274 3,505,055
Less: Treasury stock, 331,763 shares at cost 419,306 419,306
Less: Note receivable from shareholders 558,385 875,097
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Total stockholders' equity 2,381,583 2,210,652
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 7,968,797 $ 7,370,216
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be authorized on its behalf by the
undersigned duly authorized.
Dated: October 8, 1997
Waste Technology Corp.
By: /s/ Morton S. Robson
Morton S. Robson, Secretary
