SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT NO. 1
[X] Annual Report Under Section 13 or 15(d) of the Securities Exchange Act of
1934
For the Fiscal Year Ended June 30, 1995
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 0-17190
WASATCH EDUCATION SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
UTAH 87-0458433
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5250 South 300 West, Suite 101
Salt Lake City, Utah 84107
(Address of principal executive offices and zip code)
(801) 261-1001
(Registrant's telephone number, including area code)
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 requirements for the past 90 days.
X yes no
Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-KSB is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.
X
Based on the average of the bid and asked quotations as of September 30, 1995
the aggregate market value of the voting stock held by non-affiliates of the
Registrant was $446,154. (For this calculation "affiliate" is defined as an
officer, director or over 5 percent shareholder.) The number of shares
outstanding of the Registrant's common stock, no par value, was 3,569,229 as
of September 30, 1993.
DOCUMENTS INCORPORATED BY REFERENCE: None
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<TABLE>
<CAPTION>
Wasatch Education Systems Corporation
Statements of Operations
Fiscal year Fiscal year
ended June 30, ended June 30,
1995 1994
<S> <C> <C>
Revenue:
Courseware license rights $ 4,167,357 $ 3,316,095
Services and other 1,307,824 2,618,997
---------- ----------
5,475,181 5,935,092
Cost of revenue:
Courseware license rights 970,986 3,670,111
Services and other 822,202 2,214,154
---------- ----------
1,793,188 5,884,265
---------- ----------
Gross margin 3,681,993 50,827
---------- ----------
Operating expenses:
General and administrative 1,425,985 1,652,185
Sales and marketing 989,442 1,371,874
Research and development 309,358 227,266
---------- ----------
2,724,785 3,251,325
---------- ----------
Income (loss) from operations 957,208 (3,200,498)
Interest expense, net of interest
income 755,761 744,988
---------- ----------
Income (loss) before income taxes
and extraordinary items 201,447 (3,945,486)
Income tax benefit (provision) (4,029) 189,176
---------- ----------
Income (loss) before extraordinary
items 197,418 (3,756,310)
Extraordinary items, forgiveness of
accrued interest and forgiveness of
debt, net of income tax (provision)
benefit of ($20,163) and $189,176,
respectively 1,021,238 400,182
---------- ----------
Net income (loss) 1,218,656 (3,356,128)
Unpaid and undeclared preferred
stock dividends 34,182 56,684
---------- ----------
Net income (loss) attributable to
common stockholders $ 1,184,474 $(3,412,812)
========== ==========
Primary income (loss) per common share:
Income (loss) before extraordinary
items $ .03 $ (2.00)
Extraordinary items .16 .21
---------- ----------
Net income (loss) $ .19 $ (1.79)
========== ==========
Fully dilutive income (loss) per
common share:
Income (loss) before extraordinary
items $ .04 $ (2.00)
Extraordinary items .08 .21
---------- ----------
Net income (loss) $ .12 $ (1.79)
========== ==========
Weighted average common and common
equivalent shares outstanding
Primary 6,347,012 1,902,563
Fully dilutive 12,299,683 1,902,563
========== ==========
The accompanying notes are an integral part of these statements.
</TABLE>
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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 thereunto duly authorized.
WASATCH EDUCATION SYSTEMS CORPORATION
/s/Ralph J. Brown November 13, 1995
Ralph J. Brown, Date
Chief Financial Officer
