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Previous: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MULTISTATE SER 6T, 497, 1996-07-01 |
Next: STELAX INDUSTRIES LTD, 8-K, 1996-07-01 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
EXCHANGE ACT OF 1934
JUNE 27, 1996
(Date of Report)
BIOSAFE INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
NEVADA 95-4203626
(State or Other Jurisdiction of (I.R.S Employer
Incorporation or Organization) Identification No.)
0-25998
(Commission File Number)
10 FAWCETT STREET, CAMBRIDGE, MASSACHUSETTS 02138
(Address of principal executive offices, including zip code)
(617) 497-4500
(Registrant's telephone number, including area code)
This document contains a total of 6 pages.
<PAGE> 2
Item 5. Other Events.
------------
On June 27, 1996 BioSafe International, Inc. announced the completion of a
private placement offering at approximately $2 per share, which raised gross
proceeds of approximately $6.4 million.
The attached pro-forma consolidated balance sheet as of May 31, 1996 and
pro-forma statement of operations for the period ending May 31, 1996 gives
effect to the offering as if it was completed on May 31, 1996.
The Company believes that this information is relevant to update the Company's
current financial condition and is deemed to be of importance to security
holders.
Item 7. Financial Statements and Exhibits
---------------------------------
Financial Statements
The May 31, 1996 pro-forma financial statements of BioSafe
International are included on pages 3 to 6.
1
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BIOSAFE INTERNATIONAL, INC.
Date: June 27, 1996 By: /s/ Robert Rivkin
-----------------
Vice President, Chief Financial Officer
and Secretary
2
<PAGE> 4
BIOSAFE INTERNATIONAL, INC.
PRO-FORMA BALANCE SHEET AND
STATEMENT OF OPERATIONS
(UNAUDITED)
3
<PAGE> 5
BIOSAFE INTERNATIONAL, INC.
<TABLE>
PRO-FORMA CONSOLIDATED BALANCE SHEET
MAY 31, 1996
<CAPTION>
ASSETS 5/31/96
------ Consolidated -- pro-forma entries -- Pro-forma
-------------- ---------
(Unaudited)
<S> <C> <C> <C> <C>
Current Assets:
Cash $ 588,085 a) $5,820,000 $ 6,408,085
Accounts and notes receivable, net 1,221,372 1,221,372
Prepaid expenses and other current assets 235,109 235,109
------------ ---------- ---------- ------------
Total current assets 2,044,566 5,820,000 7,864,566
Property held for re-sale 452,500 452,500
Restricted cash 187,500 187,500
Due from former employees 497,193 497,193
Investment in affiliate 23,919 23,919
Property, plant and equipment (net) 14,400,597 14,400,597
Prepaid consulting 556,250 556,250
Deferred financing 1,128,589 1,128,589
Other assets - security deposits 111,422 111,422
------------ ---------- ---------- ------------
Total assets $ 19,402,537 $5,820,000 $ 25,222,537
============ ========== ========== ============
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
---------------------------------------------
Current liabilities
Current portion of long term debt and notes payable $ 1,530,870 $ 1,530,870
Accounts payable 1,574,053 1,574,053
Accrued expenses 1,333,283 1,333,283
Restructuring and discontinued operations 794,128 794,128
Income and franchise taxes payable 25,000 25,000
------------ ---------- ---------- ------------
Total current liabilities 5,257,334 5,257,334
Deferred income taxes -- --
Long term debt and notes payable 12,000,950 12,000,950
Landfill closure costs 1,500,000 1,500,000
------------ ---------- ---------- ------------
Total liabilities 18,758,284 18,758,284
------------ ---------- ---------- ------------
Minority interest 1,040,895 1,040,895
------------ ---------- ---------- ------------
Stockholders' equity (deficit):
Common stock, $.001 par value. Authorized
100,000,000 shares; 11,759,254 shares issued
and outstanding as at May 31, 1996 11,759 a) $ 3,300 15,059
(15,059,254 shares pro-forma)
Additional paid-in capital 12,716,057 a) 5,816,700 18,532,757
Deficit accumulated during development stage (13,124,458) (13,124,458)
------------ ---------- ---------- ------------
Total stockholders equity (396,642) 5,820,000 5,423,358
------------ ---------- ---------- ------------
Total liabilities and stockholders equity $ 19,402,537 $5,820,000 $ 25,222,537
============ ========== ========== ============
</TABLE>
4
<PAGE> 6
\
BIOSAFE INTERNATIONAL, INC.
<TABLE>
PRO-FORMA CONSOLIDATED STATEMENT OF INCOME
MAY 31, 1996
<CAPTION>
5/31/96 Proforma
Consolidated -- proforma entries -- Statement
-------------- ---------
<S> <C> <C>
Revenues $ 640,894 $ 640,894
Cost of landfill
operations:
Operating expenses 315,486 315,486
Depreciation 74,498 74,498
----------- -----------
Total costs of landfill operations 389,984 389,984
----------- -----------
Gross Profit 250,910 250,910
Selling, General and Administrative expenses 1,423,166 1,423,166
Amortization of prepaid consulting fees 278,125 278,125
Restructuring 250,000 250,000
----------- -----------
Net Income (loss) from operations (1,700,381) (1,700,381)
----------- -----------
Other income (expenses):
Interest income 78,890 78,890
Interest expense & financing costs (471,001) (471,001)
Other income and losses 14,710 14,710
Equity in loss of affiliate (30,000) (30,000)
----------- -----------
Total other income (expenses) (407,401) (407,401)
----------- -----------
Income (loss) before income taxes, minority
interest and discontinued operations (2,107,782) (2,107,782)
Federal and state income taxes 30,125 30,125
----------- -----------
Net income (loss) before minority interest
and discontinued operations (2,137,907) (2,137,907)
Minority Interest 3,216 3,216
----------- -----------
Income (loss) from continuing operations (2,134,690) (2,134,690)
Discontinued Operations Loss (1,662,453) (1,662,453)
----------- -----------
Net Income (loss) $(3,797,143) $(3,797,143)
=========== ===========
</TABLE>
5
<PAGE> 7
BIOSAFE INTERNATIONAL, INC.
<TABLE>
PRO-FORMA ADJUSTMENTS
MARCH 31, 1996
<CAPTION>
DR. CR.
PRO-FORMA ENTRY a)
- ------------------
<S> <C> <C>
CASH $5,820,000
COMMON STOCK $ 3,300
APIC $5,816,700
(TO RECORD THE RAISING OF GROSS PROCEEDS OF $6,411,000
NET OF APPROXIMATELY 9% OFFERING EXPENSES)
</TABLE>
6
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