SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 29549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report January 22, 1996
DOCUCON, INCORPORATED
(Exact name of registrant as specified in charter)
DELAWARE 1-10185 74-2418590
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
7461 CALLAGHAN RD., SAN ANTONIO, TEXAS 78230
(Address of principal executive offices) (Zip Code)
(210) 525-9221
(Registrant's telephone number, including area code)
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ITEM 5
The Company announced that it was granted an exception to the NASDAQ bid
price requirement on January 17, 1996. NASDAQ indicated that the Company may
achieve compliance with NASDAQ listing requirements if the bid price of its
common stock remains at or above $1 for ten consecutive trading days or when it
presents NASDAQ with financial statements evidencing the Company's compliance
with the alternative capital and surplus requirement of $2,000,000.
Fourth quarter earnings (unaudited) of $283,000 and equity contributions of
$32,000 from the Employee Stock Purchase Plan resulted in a capital and surplus
balance in excess of $2,000,000. An unaudited balance sheet reflecting those
results is filed as an exhibit to this Form 8-K. That balance sheet indicates
that the NASDAQ minimum standards have been achieved by the Company. As of the
date of this filing, the Company is requesting that NASDAQ accept the Company's
compliance with the listing requirements. Until that time, the Company's
securities will be traded under the symbol DOCUC.
ITEM 7
The unaudited balance sheet as of December 31, 1995 is filed herewith as
Exhibit 1.
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EXHIBIT INDEX
Exhibit No Description
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1 -- Unaudited balance sheet as of December 31, 1995
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned thereunto duly authorized.
Docucon, Incorporated
(Registrant)
Date: January 23, 1996 By EDWARD P. GISTARO
Edward P. Gistaro
Chief Executive Officer
EXHIBIT 1
DOCUCON, INC.
BALANCE SHEET
DECEMBER 31, 1995
(PRELIMINARY AND UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments ......................... $ 76,971
Accounts receivable -- trade, net of allowance for
doubtful accounts of $7,683
U.S. Government ........................................... 594,090
Commercial ................................................ 1,278,796
Unbilled revenues ........................................... 579,821
Other receivables ........................................... 1,648
Prepaid expenses ............................................ 118,423
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Total current assets .................................... 2,649,749
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PROPERTY AND EQUIPMENT ........................................ 6,564,717
Less - Accumulated depreciation ............................. 4,182,671
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Net property and equipment .............................. 2,382,046
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SOFTWARE DEVELOPMENT COSTS, net ............................... 335,091
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GOODWILL, net ................................................. 338,824
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Total assets ............................................ $ 5,705,710
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable ............................................ $ 660,610
Accrued liabilities ......................................... 775,122
Line of credit .............................................. 400,000
Note payable ................................................ 1,500,000
Current maturities of capital lease obligations ............. 3,107
Deferred revenues ........................................... 339,558
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Total current liabilities ............................... 3,678,397
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value, 10,000,000 shares
authorized -- Series A, 60 authorized, 21 shares
outstanding as of December 31, 1995 ........................ 21
Common stock, $.01 par value, 25,000,000 shares
authorized -- 11,771,228 shares issued and
outstanding as of December 31, 1995 ........................ 117,712
Additional paid-in capital .................................. 9,506,563
Accumulated deficit ......................................... (7,596,983)
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Total stockholders' equity .............................. 2,027,313
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Total liabilities and stockholders' equity .............. $ 5,705,710
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