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Previous: HARVARD FINANCIAL SERVICES CORP, 10-Q, 1998-08-19 |
Next: TELIDENT INC /MN/, SC 13G, 1998-08-19 |
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: August 19, 1998
Telident, Inc.
(Exact name of registrant as specified in its charter)
MINNESOTA 0-20887 41-1533060
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
Ten Second Street N.E., Suite 212
Minneapolis, MN 55413
(Address of principal executive offices)
(612) 623-0911
(Registrant's telephone number, including area code)
<PAGE>
TELIDENT, INC.
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
JULY 31 JUNE 30
1998 1998
---- ----
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 306,564 $ 258,875
Trade accounts receivable, net of allowance for doubtful
accounts of $30,000 on both dates 493,586 508,956
Inventories 269,845 285,708
Other 79,329 76,088
------------ ------------
Total current assets 1,149,324 1,129,627
FURNITURE AND OFFICE EQUIPMENT, less accumulated
depreciation of $298,955 and $291,955, respectively 204,054 209,435
INTANGIBLE ASSETS, less accumulated amortization of
$166,986 and $159,386, respectively 286,572 289,672
OTHER ASSETS 80,305 83,055
------------ ------------
$ 1,720,255 $ 1,711,789
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Note payable $ 194,646 $ 95,271
Trade accounts payable 111,717 168,069
Accrued expenses 104,330 118,123
Deferred revenue 19,952 21,053
Current portion of long-term debt 52,977 101,519
------------ ------------
Total current liabilities 483,622 504,035
LONG-TERM DEBT, less current portion 26,195 31,825
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $.08 par value, 2,500,000
shares authorized
Series I, Class A, cumulative dividend at an
annual rate of the prime rate plus 1%,
convertible into common stock at the rate
of one common share for each preferred share,
37,500 shares outstanding at both dates 3,000 3,000
Common stock, $.08 par value, 10,000,000
shares authorized, 2,787,297 and 2,786,657
shares outstanding, respectively 222,984 222,933
Additional paid-in capital 14,614,046 14,612,497
Accumulated deficit (13,629,592) (13,662,501)
------------ ------------
Total shareholders' equity 1,210,448 1,175,929
------------ ------------
$ 1,720,255 $ 1,711,789
============ ============
</TABLE>
<PAGE>
TELIDENT, INC.
INCOME STATEMENT
(UNAUDITED)
MONTH ENDED
JULY 1998
---------
NET SALES $ 246,177
COST OF SALES 67,508
-----------
Gross profit 178,669
OPERATING EXPENSES:
Sales and marketing 48,671
Research and development 34,847
General and administrative 59,648
-----------
Total operating expenses 143,166
-----------
Operating Income 35,503
INTEREST INCOME 1,261
INTEREST EXPENSE (3,845)
-----------
NET INCOME 32,919
DEEMED PREFERRED STOCK DIVIDENDS, INCLUDING $4,750 OF (4,750)
CUMULATIVE DIVIDENDS -----------
NET INCOME APPLICABLE TO COMMON STOCK $ 28,169
===========
$ .01
===========
NET INCOME PER COMMON SHARE - BASIC AND DILUTED
WEIGHTED AVERAGE COMMON SHARES ASSUMED
OUTSTANDING:
BASIC 2,787,375
===========
DILUTED 2,829,677
===========
Note:
In August 1998, the Company received $1 million upon the issuance of 400,000
shares of Series III Convertible Preferred Stock to Family Financial Strategies,
Inc. and Special Situations LLP. Assuming the transaction had taken place as of
July 31, 1998, total shareholders' equity would have been $2,177,248.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
TELIDENT, INC.
August 20, 1998 By /s/ W. Edward McConaghay
----------------------------------
W. Edward McConaghay, President
and Chief Executive Officer
TELIDENT, INC.
August 20, 1998 By /s/ Carolyn L. Wright
----------------------------------
Carolyn L. Wright
Controller and Treasurer
TELIDENT, INC.
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