|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: ADVANCED FINANCIAL INC, DEF 14A, 1996-07-30 |
Next: INFORMATION MANAGEMENT TECHNOLOGIES CORP, DEFS14A, 1996-07-30 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K/A
AMENDMENT NO. 2 TO FORM 8-K AMENDMENT NO. 1 (DATED MAY 15, 1996) AND FORM 8-K
(DATED MARCH 5, 1996)
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 1996
INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION
(Exact name of Company specified in its charter)
DELAWARE 0-16753 58-1722085
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization)
130 CEDAR STREET, FOURTH FLOOR, NEW YORK, NEW YORK 10006
(Address of principal executive offices) (Zip Code)
(212) 306-6100
(Company's telephone number, including area code)
FILED WITH THE COMMISSION JULY 25, 1996
<PAGE>
ITEM 5. OTHER EVENTS
The Registrant ("Company") supplements its 8-K Filings of May 15, 1996, and
March 5, 1996, with respect to the convertible debenture issued to Infinity
Investors Ltd. ("Infinity"). From May 8, 1996 up until and including July 25,
1996, Infinity notified the Company of its election to convert an aggregate of
$2,100,000 of the outstanding convertible debentures issued to Infinity into an
aggregate of 1,833,643 shares of Class A Common Stock pursuant to Regulation S
of the Securities Act of 1933. The Company incorporates by reference the
information contained in the prior 8K filings referred to herein.
The effect of the conversion of the convertible debentures increases the
Company's equity to $1,491,690. Annexed hereto, marked Exhibit A, is a Balance
Sheet giving pro forma effect to March 31, 1996.
The increase in the Company's equity enables the Company to be in
compliance with the capital requirements of NASDAQ.
EXHIBITS
A) Balance Sheet giving pro forma effect of Convertible Debenture conversion.
- 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.
Dated: New York, New York
July 25, 1996
INFORMATION MANAGEMENT TECHNOLOGIES
CORPORATION
(IMTECH)
-----------------------------------
(REGISTRANT)
/S/ [caad 214]JOSEPH A. GITTO, JR.
-----------------------------------
[caad 214]JOSEPH A. GITTO, JR.
PRESIDENT AND CHIEF FINANCIAL OFFICER
- 3 -
<PAGE>
MAR 96 EXHIBIT A
INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION
BALANCE SHEET
<TABLE>
<CAPTION>
31-Mar-96 31-Mar-96
AS REPORTED PRO-FORMA PRO-FORMA
----------- --------- ---------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
CASH &M CASH EQUIVALENTS 2,011,560 2,011,560
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE 1,406,731 1,406,731
INVENTORY 303,133 303,133
PREPAID EXPENSES AND OTHER 972,214 972,214
----------- ---------- -----------
TOTAL CURRENT ASSETS 4,693,638 0 4,693,638
PROPERTY AND EQUIPMENT-AT COST
PRODUCTION EQUIPMENT 5,102,268 5,102,268
SOFTWARE 295,128 295,128
FURNITURE AND FIXTURES 399,899 399,899
LEASEHOLD IMPROVEMENTS 461,089 461,089
COMPUTER EQUIPMENT 1,101,323 1,101,323
TOTAL PRODUCTION EQUIPMENT 7,359,707 0 7,359,707
LESS: ACCUMULATED DEPRECIATION 5,013,249 0 5,013,249
----------- ---------- -----------
PRODUCTION & EQUIPMENT, NET 2,345,458 0 2,345,458
OTHER ASSETS
DEPOSITS AND OTHER ASSETS 347,636 347,636
INVESTMENT IN SUBSIDIARY 379,057 379,057
TOTAL OTHER ASSETS 726,693 0 726,693
----------- ---------- -----------
TOTAL ASSETS 7,766,789 0 7,766,789
----------- ---------- -----------
----------- ---------- -----------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
BANK CREDIT FACILITY 640,056 640,056
CURRENT DEBT 431,975 431,975
CURRENT MATURATES OF LONG TERM DEBT 497,328 497,328
CURRENT MATURATES OF LONG TERM CAPITAL 333,728 333,728
ACCOUNTS PAYABLE 1,455,015 1,455,015
ACCRUED SALARIES 156,007 156,007
DEFERRED REVENUE 129,090 129,090
OTHER ACCRUED LIABILITIES 1,457,798 1,457,798
TOTAL CURRENT LIABILITIES 5,100,997 0 5,100,997
LONG-TERM DEBT, LESS CURRENT MATURES 2,793,329 A/B (2,350,000) 443,329
ACCRUED RENT 368,494 368,494
CAPITAL LEASE OBLIGATIONS, LESS CURRENT 362,279 362,279
----------- ---------- -----------
TOTAL LONG TERM LIABILITIES 3,524,102 (2,350,000) 1,174,102
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
PREFERRED STOCK 2,026,580 B 250,000 2,278,580
CLASS A COMMON STOCK 141,403 A 73,346 214,749
ADDITIONAL PAID IN CAPITAL 28,658,530 A 2,026,654 30,885,184
ACCUMULATED DEFICIT (31,684,823) (31,684,823)
TOTAL STOCKHOLDERS' EQUITY (868,310) 2,350,000 1,491,690
----------- ---------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 7,766,789 0 7,766,789
----------- ---------- -----------
----------- ---------- -----------
</TABLE>
A - TO RECORD CONVERSION $2,100,000 CONVERTIBLE DEBENTURES ISSUED TO INFINITY
INVESTORS
B - RECORD THE CONVERSION OF AN ADDITIONAL $250,000 IN 12% SUBORDINATED
CONVERTIBLE DEBENTURES INTO SHARES OF THE COMPANIES 12% PREFERRED STOCK.
|
|