SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 5, 1998
CAPFILM, INC.
(Exact name of Registrant as specified in charter)
Delaware 0-15478 22-2617619
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
Greylock Street, Lee, Massachusetts 01238
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 542-7880
________________________________________________________________________________
(Former Address) (Zip Code)
<PAGE>
Item 5. Other Events
Capfilm, Inc. (the "Registrant" or the "Company") announced that it had
ceased all operations as of December 31, 1997. As of December 31, 1997 the
Registrant owed its parent, Electronic Concepts, Inc. ("ECI") approximately
$2,592,000. The Registrant satisfied all outstanding obligations to its
employees including regular payroll and vacation benefits as of December 31,
1997. The Registrant also deposited all related payroll taxes. Trade payables to
non-affiliated entities as of December 31, 1997 were approximately $376,200.
Subsequently, approximately $27,600 have been satisfied. $339,600. remains
payable to Bayer A.G. in monthly installments of $30,872. and the remaining
$9,000. will be paid in the near future.
The Registrant expects that ongoing expenses in the form of utilities,
insurance, real estate taxes and building surveillance will be approximately
$5,000 to $7,000 per month and will be funded by ECI. Annexed to this Current
Report as an Exhibit is a Unaudited Balance Sheet as of December 31, 1997.
The Registrant will attempt to find a buyer for its plant located in Lee,
Massachusetts. However, the Registrant has not received any offers for such
facility and does not believe that a buyer for the facility will be located in
the near future.
Item 7. Financial Statements and Exhibits
(c) Included as Exhibit 1 hereto is an Unaudited Balance Sheet of the
Registrant as of December 31, 1997.
2
<PAGE>
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.
CAPFILM, INC.
(Registrant)
By: /s/ Suellen Anton
-----------------------------
Suellen Anton, Secretary
Dated: February 9, 1998
CAPFILM, INC.
UNAUDITED BALANCE SHEET
DECEMBER 31, 1997
************************************ ASSETS ************************************
Current Assets
CASH
Cash-Lee National, Pay/Acc 2,427.54
Cash-Summit Bank, Gen/Acc 6,697.68
Cash-Petty Cash 400.00 9,525.22
-------------
ACCOUNTS RECEIVABLE-NET
INVENTORY
CONSIGNED INVENTORY
LOANS AND EXCHANGES
PREPAID EXPENSES
Prepaid-Interest, Lab Equip. 803.04
Prepaid-Insurance, Auto 558.13
Prepaid-Insurance, Boiler 562.74
Prepaid-Insurance, Package 1,786.87
Prepaid-Insurance, W/Comp. 28,514.00 32,224.78
------------- -------------
41,750.00
Total Current Assets
Property, Plant & Equip.
PROPERTY, PLANT & EQUIPMENT
Assets-Plant 1,462,960.15 1,462,960.15
-------------
ACCUMULATED DEPRECIATION
Accum Deprec-Plant (567,741.87) (567,741.87)
------------- -------------
Total Property, Plant & Equip. 895,218.28
Other Assets
OTHER ASSETS
Security Deposits 10,117.98 10,117.98
------------- -------------
Total Other Assets 10,117.98
-------------
TOTAL ASSETS .................................................. 947,086.26
=============
<PAGE>
************************** LIABILITIES & FUND BALANCE **************************
Current Liabilities
INSTALLMENT-SUMMIT BANK
INSTALLMENT-CHRYSLER CREDIT
INSTALLMENT-G.M.A.C.
INSTALLMENT-PERKIN ELMER
Installment-Perkin Elmer 6,741.48 6,741.48
-------------
INSTALLMENT-BAYER, A.G.
ACCOUNTS PAYABLE
Payable-Trade 355,352.45
Payable-ECI, Material 278,596.87
Payable-Computer 20,824.73
Payable-ECI Bayer Agreement 30,874.33 685,646.38
-------------
NOTES PAYABLE
Notes-Debentures 25,000.00 25,000.00
-------------
ACCRUED PAYROLL AND TAXES
Accrued-FICA 20.00
Accrued-Federal WT 11.00
Accrued-Mass. WT 7.73
Accrued-FUI 1,274.05 1,312.78
-------------
ACCRUED INTEREST
Accrued Interest-Debentures 34,666.86 34,666.86
-------------
OTHER ACCRUED LIABILITIES
Accrued-Other Expenses 20,000.00
Accrued-Workers Comp. 34,068.00 54,086.00
------------- -------------
Total Current Liabilities 807,435.50
Long Term Liabilities
NOTES & INSTALLMENTS PAYABLE
Note Payable-E.C.I. 80,000.72
Note Payable-Shareholder 40,000.00
Note Payable-Debenture 15,000.00
Note Payable-Perkin Elmer 2,858.96 137,859.68
------------- -------------
Total Long Term Liabilities 137,859.68
-------------
TOTAL LIABILITIES 945,295.18
<PAGE>
************************** LIABILITIES & FUND BALANCE **************************
Shareholders' Equity
COMMON STOCK
Common Stock 23,223.40 23,223.40
-------------
PAID-IN CAPITAL
Paid-in Capital 6,406,204.42 6,406,204.42
-------------
DEFICIT IN RETAINED EARNINGS
Retained Earnings (7,567,862.21) (7,567,862.21)
-------------
* Current Year Revenue 1,140,225.47
-------------
Total Shareholders' Equity 1,791.08
-------------
TOTAL LIABILITES AND FUND BALANCE ............................. 947,086.26
=============
