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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A-1
AMENDMENT NO. 1
TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 1996
OPTIMAX INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
COLORADO 0-19082 84-1059458
- ------------------- ------------------------ ------------------
(State or other (Commission file number) (Employer Identi-
incorporation fication No.)
132 Lincoln Street, Boston, Massachusetts 02111
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 695-2950
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4463 Northpark Drive, Colorado Springs, Colorado 80907
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(Former name or former address, if changed since last report)
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ITEM 7: FINANCIAL STATEMENTS AND PRO FORMA FINANCIAL INFORMATION
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(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
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(1) Filed herewith are the Report of Independent Auditors, the
Balance Sheet as of December 31, 1995, Statement of Income and Statement of
Cash Flows of Vine Street Stores, Inc. ("Vine Street") for the period from
December 27, 1995 through December 31, 1995, together with the Notes to
Financial Statements.
(2) Also filed herewith are the unaudited Statement of
Operations and Statement of Cash Flows of Vine Street for the Six Months Ended
June 30, 1996.
(b) PROFORMA COMBINED, CONDENSED FINANCIAL INFORMATION
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Filed herewith are the unaudited Pro Forma Consolidated Balance
Sheet of Optimax Industries, Inc. and Consolidated Subsidiaries at June 30,
1996 and the unaudited Pro Forma Consolidated Statement of Operations for the
Six Months Ended June 30, 1996.
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VINE STREET STORES, INC.
FINANCIAL STATEMENTS
FOR THE INITIAL PERIOD DECEMBER 27, 1995 (DATE OF FORMATION)
TO DECEMBER 31, 1995
WITH REPORT OF INDEPENDENT AUDITOR
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<TABLE>
VINE STREET STORES, INC.
TABLE OF CONTENTS
DECEMBER 31, 1995
<CAPTION>
Page
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<S> <C>
Report of Independent Auditor 5
Financial Statements:
Balance sheet 6
Statement of income 7
Statement of cash flows 8
Note to financial statements 9
/TABLE
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SALLYANN PENTA
Certified Public Accountant
132 Lincoln Street
Boston, Massachusetts 02111
(617) 350-0300
REPORT OF INDEPENDENT AUDITOR
-----------------------------
Board of Directors
Vine Street Stores, Inc.
Boston, Massachusetts
I have audited the accompanying balance sheet of Vine Street Stores, Inc. as of
December 31, 1995 and the related statements of income and cash flows for the
initial period December 27, 1995 (date of formation) to December 31, 1995.
These financial statements are the responsibility of the Company's management.
My responsibility is to express an opinion on these financial statements based
on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement presentation.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Vine Street Stores, Inc. as of
December 31, 1995 and the results of its operations and its cash flows for the
initial period then ended in conformity with generally accepted accounting
principles.
Boston, Massachusetts
September 30, 1996
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<TABLE>
VINE STREET STORES, INC.
BALANCE SHEET
DECEMBER 31, 1995
ASSETS
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<S> <C>
Common stock subscriptions receivable $ 1,000
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Total assets $ 1,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Total liabilities $ -
Stockholders' equity
Common stock, no-par value;
200,000 shares authorized, 150,000 shares
issued and outstanding 1,000
-----------
Total stockholders' equity 1,000
-----------
Total liabilities and stockholders' equity $ 1,000
=========
</TABLE>
See accompanying note and report of independent auditor.
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<TABLE>
VINE STREET STORES, INC.
STATEMENT OF INCOME
FOR THE INITIAL PERIOD DECEMBER 27, 1995 (DATE OF FORMATION)
TO DECEMBER 31, 1995
<S> <C>
Revenues $ -
Operating expenses -
-----------
Income before provision for income taxes -
Provision for income taxes -
-----------
Net income $ -
===========
</TABLE>
See accompanying note and report of independent auditor.
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<TABLE>
VINE STREET STORES, INC.
STATEMENT OF CASH FLOWS
FOR THE INITIAL PERIOD DECEMBER 27, 1995 (DATE OF FORMATION)
TO DECEMBER 31, 1995
<S> <C>
Cash flows from operating activities $ -
Cash flows from investing activities -
Cash flows from financing activities -
-----------
Net change in cash -
Cash, December 27, 1995 -
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Cash, December 31, 1995 $ -
===========
</TABLE>
See accompanying note and report of independent auditor.
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VINE STREET STORES, INC.
NOTE TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
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REPORTING ENTITY -
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Vine Street Stores, Inc. (the "Company"), a Massachusetts corporation, was
formed on December 27, 1995 for the purpose of owning and operating licensed
department concessions, offering a selection of cut flowers, plants and
foliage, within large regional and national discount retailers. Subsequent to
December 31, 1995, the Company commenced business activities by opening three
licensed department concessions under an agreement with a regional discount
retailer.
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<TABLE>
VINE STREET STORES, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(unaudited)
<S> <C>
Sales $ 102,572
Cost of sales 58,099
-----------
Gross profit 44,473
Operating expenses
Advertising 4,103
Bank charges 55
Insurance 374
Office supplies 478
Rent 17,437
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Total operating expenses 22,417
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Net income before provision
for income taxes 20,056
Provision for income taxes 5,089
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Net income $ 16,967
========
/TABLE
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<TABLE>
VINE STREET STORES, INC.
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(unaudited)
<S> <C>
Cash flows from operating activities:
Net income $ 16,967
Adjustment to reconcile net income to net cash
provided by operating activities:
(Increases) in assets ( 1,768)
Increases in liabilities 11,394
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Net cash provided by operating activities 26,593
Cash flows from investing activities:
Increase in deferred public offering (3,665)
Net cash used by investing activities (3,665)
Cash flows from financing activities: -
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Increase in cash 22,928
Cash, January 1, 1996 -
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Cash, June 30, 1996 $ 22,928
=========
</TABLE>
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<TABLE>
OPTIMAX INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEETS
<CAPTION>
At June 30, Connecticut
1996 Vine Street Property Private Pro Forma
Actual Adjustment Adjustment Offering (Total)
------------ ------------- ----------- ----------- -----------
June 30, 1996
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
Current Assets:
Cash $ 13,802 $22,928 $ (433,615) $1,356,000 $ 959,365
Accounts receivables, net of
allowance for doubtful accounts 99,296 -- -- -- 99,296
Inventory 336,407 1,241 -- -- 337,648
Note receivable 172,053 -- -- -- 172,053
Other 2,324 5,192 -- -- 7,516
----------- --------- ----------- ---------- -----------
Total Current Assets 623,882 29,361 (433,615) 1,356,250 1,575,878
Property and Equipment, net of
accumulated depreciation 391,401 -- 2,033,615 -- 2,425,016
Contract retainage, net of
allowance for doubtful accounts 17,497 -- -- -- 17,497
Goodwill, net of accumulated
amortization -- -- -- -- --
----------- --------- ----------- ---------- -----------
TOTAL ASSETS $1,032,780 29,361 1,600,000 1,356,250 4,018,391
========== ====== ========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY DEFICIT
- --------------------------------------------
Current Liabilities:
Accounts payable and accrued expenses 814,950 11,394 -- -- 826,344
Notes payable 16,034 -- -- -- 16,034
----------- --------- ----------- ---------- -----------
Total Current Liabilities 830,984 11,394 842,378
----------- --------- ----------- ---------- -----------
Notes payable, net 445,418 -- -- -- 445,418
----------- --------- ----------- ---------- -----------
TOTAL LIABILITIES 1,276,402 11,394 1,287,796
----------- --------- ----------- ---------- -----------
Commitments and contingencies -- -- -- -- --
Stockholders' Equity
Preferred shares - $001 par value,
5,000,000 shares authorized,
none issued, 1,280,000 issued
for property, pro forma -- -- 1,600,000 -- 1,600,000
Common shares - $.02 par value,
20,000,000 shares authorized,
1,703,091 shares issued and
outstanding, 4,703,091
outstanding pro forma 34,062 30,000 -- 30,000 94,062
Additional paid-in capital 7,762,004 (29,000) -- 1,326,250 9,059,254
Retained earnings/(Accumulated
deficit) (8,039,622) 16,967 -- -- (8,022,655)
----------- --------- ----------- ---------- -----------
Total Stockholders' Equity (243,688) 1,000 1,600,000 1,356,250 2,713,562
----------- --------- ----------- ---------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,032,780 $29,361 $1,600,000 $1,356,250 $4,018,391
========== ======= ========== ========== ==========
/TABLE
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<TABLE>
OPTIMAX INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(unaudited)
<CAPTION>
Optimax Vine Street Pro Forma
Industries, Inc. Stores Inc. Consolidated
---------------- ----------- ------------
<S> <C> <C> <C>
Sales $ 144,369 $ 102,572 $ 246,941
Cost of sales 106,052 58,099 164,151
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Gross profit 38,317 44,473 82,790
Operating expenses
Depreciation 34,053 - 34,053
Salaries and payroll taxes, not
included in cost of sales 133,233 - 133,233
Other operating expenses 69,511 22,417 91,928
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Total operating expense 236,797 22,417 259,214
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Net income (loss) before other
income (expense) and provision
for income taxes (198,480) 22,056 (176,424)
Other income (expense)
Interest expense ( 4,587) - (4,587)
Other income 38,632 - 38,632
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Total other income (expense) 34,045 - 34,045
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Net income (loss) before
provision for income taxes (164,435) 22,056 (142,379)
Provision for income taxes - 5,089 5,089
---------- ---------- ----------
Net income (loss) $(164,435) $ 16,967 $(147,468)
========== ======== ==========
/TABLE
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SIGNATURE
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.
OPTIMAX INDUSTRIES, INC.
Date: 10/7/96 By: /s/ David W. Dube
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David W. Dube, President
