SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 16, 2000.
ISO BLOCK PRODUCTS USA, INC.
(now known as CRYOCON, INC.)
(Exact Name of Registrant as Specified in Its Charter)
Colorado 0-25810 84-1206503
(State or Other (Commission File Number) (I.R.S. Employee
Jurisdiction of Incorporation) Identification Number)
2250 North 1500 West, Ogden, Utah 84404
(Address of Principal Executive Offices, Including Zip Code)
(801) 395-2796
(Registrant's Telephone Number, Including Area Code)
ISO Block Products USA, Inc.
8037 S. Datura Street, Littleton, Colorado 80120
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
The undersigned registrant, ISO Block Products (USA), Inc., now known as
Cryocon, Inc. (the "Company") hereby amends its report on Form 8-K filed August
18, 2000, by filing pro forma financial information as promised in the original
filing.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Pro Forma Financial Information
The pro forma financial information required to be disclosed hereunder is set
forth beginning at page F-1
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.
ISO BLOCK PRODUCTS USA, INC.
(now known as CRYOCON, INC.)
Date: October 12, 2000 By: /s/ Robert W. Brunson
--------------------------------
Name: Robert W. Brunson
Title: President
<PAGE>
CRYOCON, INC.
(Formerly ISO BLOCK Products USA, Inc.)
(A Development Stage Company)
CONSOLIDATED PROFORMA FINANCIAL STATEMENTS
March 31, 2000
<PAGE>
<TABLE>
<CAPTION>
C O N T E N T S
<S> <C>
Consolidated Proforma Balance Sheet.............................................................................. 3
Consolidated Proforma Statement of Operations.................................................................... 5
Statement of Assumptions and Disclosures......................................................................... 6
</TABLE>
<PAGE>
CRYOCON, INC.
(Formerly ISO BLOCK Products USA, Inc.)
(A Development Stage Company)
Consolidated Proforma Balance Sheet
March 31, 2000
(Unaudited)
ASSETS
------
<TABLE>
<CAPTION>
Proforma
ISO Block Adjustments
Cryocon, Products Increase Proforma
Inc. USA, Inc. (Decrease) Consolidated
---------------- --------------- --------------- ----------------
CURRENT ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 71,771 $ 458 $ - $ 72,229
Accounts receivable 12,611 - - 12,611
Mortgage receivable - 16,200 - 16,200
Other assets 419,067 - - 419,067
---------------- --------------- --------------- ----------------
Total Current Assets 503,449 16,658 - 520,107
---------------- --------------- --------------- ----------------
FIXED ASSETS, NET 2,260,585 - - 2,260,585
---------------- --------------- --------------- ----------------
Total Assets $ 2,764,034 $ 16,658 $ - $ 2,780,692
================ =============== =============== ================
</TABLE>
See Summary of Assumptions and Disclosures.
3
<PAGE>
CRYOCON, INC.
(Formerly ISO BLOCK Products USA, Inc.)
(A Development Stage Company)
Consolidated Proforma Balance Sheet (Continued)
March 31, 2000
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------
<TABLE>
<CAPTION>
Proforma
ISO Block Adjustments
Cryocon, Products Increase Proforma
Inc. USA, Inc. (Decrease) Consolidated
---------------- --------------- --------------- ----------------
CURRENT LIABILITIES
<S> <C> <C> <C> <C>
Accounts payable $ 75,705 $ 26,304 $ - $ 102,009
Accrued expenses 80,320 - - 80,320
Notes payable - current portion 2,863,149 - - 2,863,149
---------------- --------------- --------------- ----------------
Total Current Liabilities 3,019,174 26,304 - 3,045,478
---------------- --------------- --------------- ----------------
LONG-TERM DEBT
Notes payable, related party 50,000 - - 50,000
Notes payable 187,291 - - 187,291
---------------- --------------- --------------- ----------------
Total Long-Term Debt 237,291 - - 237,291
---------------- --------------- --------------- ----------------
Total Liabilities 3,256,465 26,304 - 3,282,769
---------------- --------------- --------------- ----------------
STOCKHOLDERS' EQUITY
(DEFICIT)
Preferred stock, no par value,
10,000,000 shares authorized,
116,370 shares outstanding - 114,690 - 114,690
Common stock: 50,000,000
shares authorized of $0.0001 par
value, 12,248,933 shares
issued and outstanding 577,500 2,898,306 (3,474,581) 1,225
Additional paid-in capital - 4,225 447,714 451,939
Accumulated deficit (1,069,931) (3,026,867) 3,026,867 (1,069,931)
---------------- --------------- --------------- ----------------
Total Stockholders' Equity
(Deficit) (492,431) (9,646) - (502,077)
---------------- --------------- --------------- ----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
(DEFICIT) $ 2,764,034 $ 16,658 $ - $ 2,780,692
================ =============== =============== ================
</TABLE>
See Summary of Assumptions and Disclosures.
4
<PAGE>
CRYOCON, INC.
(Formerly ISO BLOCK Products USA, Inc.)
(A Development Stage Company)
For the Year Ended March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Proforma
ISO Block Adjustments
Cryocon, Products Increase Proforma
Inc. USA, Inc. (Decrease) Consolidated
---------------- --------------- --------------- ----------------
REVENUES
<S> <C> <C> <C> <C>
Net sales $ 22,505 $ 118,460 $ - $ 140,965
---------------- --------------- --------------- ----------------
Gross Profits 15,526 63,054 - 78,580
---------------- --------------- --------------- ----------------
EXPENSES
Depreciation and amortization 42,299 - - 42,299
General and administrative 1,017,014 7,684 - 1,024,698
---------------- --------------- --------------- ----------------
Total Expenses 1,059,313 7,684 - 1,066,997
---------------- --------------- --------------- ----------------
LOSS FROM OPERATIONS (1,043,787) 7,684 - (988,417)
GAIN ON DISPOSAL OF
SUBSIDIARIES - 86,378 - 86,378
---------------- --------------- --------------- ----------------
OTHER INCOME (EXPENSE)
Interest expense (26,144) - - (26,144)
---------------- --------------- --------------- ----------------
Total Other Income (Expense) (26,144) - - (26,144)
---------------- --------------- --------------- ----------------
NET INCOME (LOSS) $ (1,069,931) $ 141,748 $ - $ (928,183)
================ =============== =============== ================
</TABLE>
See Summary of Assumptions and Disclosures.
5
<PAGE>
CRYOCON, INC.
(Formerly ISO BLOCK Products USA, Inc.)
(A Development Stage Company)
Summary of Assumptions and Disclosures
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Business Organization
The accompanying proforma financial statements are prepared to
present the acquisition of Cryocon, Inc. (Company) by ISO Block
Products USA, Inc. to aid the user in understanding the
acquisition. The proforma balance sheet is presented as though the
acquisition took place on March 31, 2000 and the statement of
operations as though the acquisition took place March 31, 2000.
b. Summary of Proposed Merger
The Company executed an Agreement and Plan or Reogranization dated
April 25, 2000 (the "Exchange Agreement") with ISO BLOCK Products
USA, Inc., a Colorado corporation ("ISO), pursuant to which it is
anticipated that ISO will issue 44,000,000 shares to acquire all
of the Company's issued and outstanding common stock from the
existing holders, upon which the current shareholders of the
Company will own approximately 86% of ISO. Pursuant to the
Exchange Agreement, the existing board of ISO will resign at
closing and be replaced by the current directors of the Company.
The Exchange Agreement also contemplates that, following the
closing of ISO's acquisition of the Company, the common stock of
ISO will undergo a 4:1 reverse split in which each then
outstanding common share of ISO will be changed into 1/4th of a
share, and that ISO's corporate name will be changed to Cryocon,
Inc. The acquisition was accounted for as a recapitalization of
the Company because the shareholders of the Company controlled ISO
after the acquisition. There was no adjustment to the carrying
value of the assets or liabilities.
c. Proform Adjustments
The proforma financial statements have been prepared as though the
acquisition of Cryocon, Inc. by ISO BLOCK Products USA, Inc.
occurred on March 31, 2000, through an issuance of 44,000,000
shares of common stock.
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