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Previous: INTERLINE RESOURCES CORP, 10KSB, 1999-03-31 |
Next: INTERNET COMMUNICATIONS CORP, 10-K, 1999-03-31 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 31, 1999
(Date of earliest event reported)
INTERNET COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 0-19578 84-1095516
(State of incorporation) (Commission file number) (IRS Employer
Identification
No.)
7100 E. Belleview Ave., Suite 201, Englewood, CO 80202
(Address of principal executive offices) (Zip Code)
(303) 770-7600
(Registrant's telephone number)
Not Applicable
(Former name and address)
Item 5. Other Events
The Registrant is filing the following unaudited balance sheet as of February
28, 1999 at the request of The Nasdaq Stock Market:
<PAGE>
INTERNET COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (In Thousands, Except Share and Per Share Amounts)
February 28, 1999 and December 31, 1998
<TABLE>
<CAPTION>
February 28, December 31,
Assets 1999 1998
- ------
(unaudited)(a)
--------------- --------------
<S> <C> <C>
Current assets:
Cash and restricted cash $ 40 664
Trade receivables, net of allowance for doubtful accounts and
sales returns of $479 and $472 at February 28, 1999 and
December 31, 1998, respectively 5,820 5,637
Subscription receivable from a related party -- 2,500
Inventory 3,344 3,296
Prepaid expenses and other 420 350
Costs and estimated earnings in excess of billings 757 772
------------- ---------
Total current assets 10,381 13,219
Equipment, net 1,371 1,458
Goodwill, net 826 838
Spares inventory 240 252
Net assets of discontinued operations 454 460
Other assets, net 531 540
------------- -----------
Total assets $ 13,803 16,767
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable 69 1,569
Notes payable to a related party -- 1,300
Accounts payable 3,133 2,933
Accrued expenses 1,057 808
Billings in excess of costs and estimated earnings 836 1,239
Unearned income and deposits 920 834
------------ ---------
Total current liabilities 6,015 8,683
----------- --------
Notes payable 3,577 3,585
Deferred revenue 170 184
----------- --------
Total liabilities 9,762 12,452
Stockholders' equity:
Preferred stock, 100,000,000 shares authorized
Series A Convertible Preferred Stock,
issued and outstanding 50,000 shares,
stated value of $100.00 5,000 5,000
Common stock, no par value, 20,000,000 shares authorized,
5,617,637 shares issued and outstanding 14,826 14,826
Stockholders' notes (22) (22)
Accumulated deficit (15,763) (15,489)
---------- --------
Total stockholders' equity 4,041 4,315
----------- ---------
Total liabilities and stockholders' equity $ 13,803 16,767
======== ========
</TABLE>
- --------------------------------------------------------------------------------
(a) The unaudited February 28, 1999 balance sheet has been prepared by Internet
Communications Corporation, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission and includes all
adjustments which are, in the opinion of management, necessary for a fair
presentation. Information and footnote disclosures normally included in the
financial statements prepared in accordance with generally accepted
accounting principles have been omitted. It is suggested that this balance
sheet be read in conjunction with the financial statements and the notes
thereto which are included in the Company's Form 10-K for the fiscal year
ended December 31, 1998. The financial data for the interim period may not
necessarily be indicative of results to be expected for the year.
<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.
Date: March 31, 1999 INTERNET COMMUNICATIONS CORPORATION
By: /s/ T. Timothy Kershisnik
T. Timothy Kershisnik
Vice President,
CFO, Treasurer
and Corporate Secretary
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