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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB/A
(Amendment No. 1)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 0-20701
COMPOSITECH LTD.
(Exact Name of Registrant as specified in its charter)
Delaware 11-2710467
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
120 Ricefield Lane, Hauppauge, New York 11788
(Address of principal executive offices)
Registrant's telephone number, including area code: (516) 436-5200
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 requirement for the past 90 days. Yes |X| No ___
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of May 12, 1997:
Common Stock $.01 par value 6,138,939
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Class Number of shares
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COMPOSITECH LTD.
List of Item Amended
Part I - Financial Information Page
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Item 1. Financial Statements
Statements of Cash Flows (unaudited) for the
three-month periods ended March 31, 1997 and 1996............ 2
TEXT OF AMENDMENT
The above listed Statements of Cash Flows (the "Statements") is hereby amended
by deleting the Statements in the Company's 10-QSB for the period ending March
31, 1997 (the "Original Filing") in their entirety and replacing it with the
Statements attached hereto and filed herewith.
The purpose of this amendment is to amend the Original Filing to correct one
item in the Statements, a clerical error which appeared on the line entitled
"Increase in cash and cash equivalents" under the 1997 column. The amount listed
in the Statements in the Original Filing of $2,261,289 was incorrect and should
have been listed as $614,782. All other amounts reported on the Statements in
the Original Filing are unchanged by this amendment.
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COMPOSITECH LTD.
STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
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1997 1996
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<S> <C> <C>
Cash Flows from Operating Activities
Net (loss) ($1,072,394) ($1,136,683)
Adjustments to reconcile net (loss) to net cash and
cash equivalents used in operating activities:
Depreciation and amortization, including capital leases 62,565 63,921
Write off and amortization of debt financing costs 75,974
Changes in operating assets and liabilities:
Inventories (49,418) (16,698)
Accounts receivable - trade 41,815 22,849
Prepaid expenses and other (2,468) (2,404)
Other assets (633) 2,087
Accounts payable (125,800) 165,906
Deferred salaries 36,997
Accrued interest 37,516 137,402
Other accrued liabilities (21,813) (67,163)
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Net cash and cash equivalents used in operating activities (1,130,630) (717,812)
Cash Flows from Investing Activities
Purchase of property and equipment - net (726,800) (82,133)
Advance payments on construction-in-progress 87,512
Short term investments - maturities 2,384,700
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Net cash and cash equivalents (used in) provided by investing activities 1,745,412 (82,133)
Cash Flows from Financing Activities
Net proceeds from issuance of common stock 408,152
Net proceeds from notes payable 149,067
Payment received on notes receivable 750,000
Payment of notes payable (20,000)
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Net cash and cash equivalents provided by financing activities 1,287,219
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Increase in cash and cash equivalents 614,782 487,274
Cash and cash equivalents at beginning of period 673,084 925,848
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Cash and cash equivalents at end of period $ 1,287,866 $ 1,413,122
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Supplemental disclosures of cash flow information
Noncash financing activities:
Capital lease obligations for property and equipment acquisitions $ 91,336
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Cash paid for:
Interest $ 4,201 $ 4,318
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</TABLE>
See accompanying notes.
2
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Signature
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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 thereunto duly authorized.
COMPOSITECH LTD.
Dated: June 24, 1997 /s/ Samuel S. Gross
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Executive Vice President and Treasurer
(Principal Accounting Officer and officer
duly authorized to sign this report on behalf
of the registrant)
