<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------
AMENDMENT NO. 1
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) January 24, 1997
----------------
Dawcin International Corp.
--------------------------
(Exact Name of Registrant as Specified in Charter)
New York 0-18270 11-2857523
- -------- ------- ----------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
100 Garden City Plaza, Garden City, New York 11530
- -------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (516) 739-8800
Command Credit Corporation
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Change Since Last report)
<PAGE>
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) Pro forma financial information:
Attached hereto are Pro-forma Financial Statements of the
Registrant at June 30, 1996, after the sale of Berwyn Holdings, Inc.
(c) Exhibits.
Index of Exhibits:
(27) Financial Data Schedule.
<PAGE>
ITEM 7: Financial Statements
PROFORMA
DAWCIN INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ASSETS
<TABLE>
<CAPTION>
DAWCIN BERWYN PROFORMA
June 30 June 30 June 30
1996 1996 1996
---------- ---------- ----------
<S> <C> <C> <C>
Current Assets:
Cash and Cash Equivalents $45,295 $2,132 $43,163
Accounts Receivable, net 248,465 106,990 141,475
Note Receivable 3,074,369 -0- 3,074,369
Prepaid Expenses 9,913 9,913 -0-
Interest Receivable 600,000 -0- 600,000
---------- ---------- ----------
Total Current Assets 3,978,042 119,035 3,859,007
---------- ---------- ----------
Fixed Assets:
Equipment 729,117 123,608 605,509
Furniture & Fixtures 166,400 22,088 144,312
Leasehold Improvements 225,003 6,765 218,238
---------- ---------- ----------
1,120,520 152,461 968,059
Less: Accumulated Depreciation
and Amortization 743,723 68,272 675,451
---------- ---------- ----------
Total Net Fixed Assets 376,797 84,189 292,608
---------- ---------- ----------
Other Assets:
Marketable Equity Securities 14,500 -0- 14,500
Organization Expenses 677 677 -0-
Computer Software 119,992 119,992 -0-
Goodwill 75,967 -0- 75,967
Security Deposits 38,701 3,425 35,276
---------- ---------- ----------
Total Other Assets 249,837 124,094 125,743
---------- ---------- ----------
Total Assets $4,604,676 $327,318 $4,277,358
========== ========== ==========
</TABLE>
<PAGE>
PROFORMA
DAWCIN INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
LIABILITIES & SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
DAWCIN BERWYN PROFORMA
June 30 June 30 June 30
1996 1996 1996
------------ ------------ ------------
<S> <C> <C> <C>
Current Liabilities:
Accounts Payable & Accrued Expenses $784,517 $214,747 $569,770
Leases Payable 20,141 20,141 -0-
Payroll Taxes Payable 239,462 118,498 120,964
Notes Payable 203,065 203,065 -0-
Salaries Payable 158,944 8,775 150,169
Loans Payable 484,622 -0- 484,622
------------ ------------ ------------
Total Current Liabilities 1,890,751 565,226 1,325,525
------------ ------------ ------------
Long Term Liabilities:
Leases Payable 31,868 17,767 14,101
Notes Payable 911,259 589,369 321,890
------------ ------------ ------------
Total Long Term Liabilities 943,127 607,136 335,991
------------ ------------ ------------
Total Liabilities 2,833,878 1,172,362 1,661,516
------------ ------------ ------------
Shareholders' Equity:
Common Stock - Authorized 150 Mill. Shares,
$.0001 Par Value, 25,406,312 Issued and
24,384,899 Outstanding at 6/96 2,540 -0- 2,540
Paid-In-Capital in Excess of Par Value 43,929,791 (136,585) 44,066,376
Paid-In-Capital from Treasury Stock 946,434 -0- 946,434
Paid-In-Capital from Warrants Exercised 902,389 -0- 902,389
Translation Adjustment 5,528 -0- 5,528
Retained (Deficit) (42,986,337) (708,459) (42,277,878)
------------ ------------ ------------
Total Shareholders' Equity 2,800,345 (845,044) 3,645,389
Less: Treasury Shares at Cost (1,029,547) -0- (1,029,547)
------------ ------------ ------------
Net Shareholders' Equity 1,770,798 (845,044) 2,615,842
------------ ------------ ------------
Total Liabilities and Shareholders' Equity $4,604,676 $327,318 $4,277,358
============ ============ ============
</TABLE>
<PAGE>
PROFORMA
DAWCIN INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
DAWCIN BERWYN PROFORMA
JUNE 30 JUNE 30 JUNE 30
1996 1996 1996
------------ ---------- ------------
<S> <C> <C> <C>
Revenues:
- ---------
Operating Revenue $821,073 $635,370 $185,703
Interest Income 604,360 -0- 604,360
------------ ---------- ------------
Total Revenue $1,425,433 $635,370 $790,063
------------ ---------- ------------
Operating Expenses:
- -------------------
Selling and Administrative Expenses 3,752,641 1,114,020 2,638,621
Cost of Shares for Services Rendered 12,089,321 -0- 12,089,321
Loss on Investment 1,910,304 -0- 1,910,304
Bad Debt Expense 792,713 -0- 792,713
Taxes 192,521 54,609 137,912
------------ ---------- ------------
Total Operating Expenses $18,737,500 $1,168,629 17,568,871
------------ ---------- ------------
Net (Loss) from Operations (17,312,067) (533,259) (16,778,808)
------------ ---------- ------------
Non-Operating & Non-Recurring:
- ------------------------------
Gain (Loss) on Sale of Marketable Equity Securities (43,355) -0- (43,355)
Gain (Loss) on Sale of Asset 589,369 -0- 589,369
------------ ---------- ------------
Net (Loss) ($16,766,053) ($533,259) (16,232,794)
============ ========== ============
Net (Loss) per Outstanding
Common Share ($2.12) -0- ($2.06)
============ ========== ============
</TABLE>
<PAGE>
PROFORMA
DAWCIN INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
<TABLE>
<CAPTION>
DAWCIN BERWYN PROFORMA
JUNE 30 JUNE 30 JUNE 30
1996 1996 1996
------------ ------------ ------------
<S> <C> <C> <C>
Cash Flow from Operations:
- --------------------------
Net (Loss) ($16,766,053) ($533,258) ($16,232,795)
Adjustments to Reconcile Net Loss
to Net Cash Provided by Operations
Depreciation & Amortization (219,063) 21,922 (240,985)
(Gain)/Loss on Sale of Marketable Equity Securities 43,355 -0- 43,355
Foreign Currency Translation Adjustment (14,032) -0- (14,032)
(Increase) Decrease in:
Notes Receivable (2,714,369) -0- (2,714,369)
Prepaid Expenses 9,395 (98) 9,493
Interest Receivable (479,100) -0- (479,100)
Accounts Receivable 36,649 (87,213) 123,862
Organization Expenses 29,848 325 29,523
Security Deposits (4,460) 540 (5,000)
Computer Software (72,580) (72,580)
Increase (Decrease) in:
Accounts Payable (544,902) 24,489 (569,391)
Leases Payable (54,863) (15,456) (39,407)
Taxes Payable (253,598) 69,889 (323,487)
Notes Payable 443,250 194,574 248,676
Salaries Payable 76,027 -0- 76,027
Loans Payable 312,996 398,669 (85,673)
------------ ------------ ------------
Net Cash Used (Provided) by Operations (20,171,500) 1,803 (20,173,303)
------------ ------------ ------------
Cash Flow from Financing Activities:
- ------------------------------------
Proceeds from Issuance of Common Stock 17,386,941 -0- 17,386,941
Purchase of Treasury Stock (409,847) -0- (409,847)
------------ ------------ ------------
Net Cash Flow from Financing Activities 16,977,094 -0- 16,977,094
------------ ------------ ------------
Cash Flow from Investing Activities:
- ------------------------------------
Capital Expenditures Paid in Cash 216,445 (10,581) 227,026
Bank/Data Center Acquisition 260,993 -0- 260,993
Goodwill 2,323,881 -0- 2,323,881
Proceeds from Sale of Marketable Equity Securities 224,784 -0- 224,784
Purchase of Marketable Equity Securities (14,500) -0- (14,500)
------------ ------------ ------------
Net Cash (Used) by Investing Activities 3,011,603 (10,581) 3,022,184
------------ ------------ ------------
Net Increase in Cash and Cash Equivalents (182,803) (8,778) (174,025)
Cash and Cash Equivalents Beginning of Period 228,098 10,910 217,188
------------ ------------ ------------
Cash and Cash Equivalents End of Period $45,295 $2,132 $43,163
============ ============ ============
</TABLE>
<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.
Dawcin International Corp.
Date: April 3, 1997 By: /s/ William G. Lucas
-----------------------
William G. Lucas
Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<CASH> 43,163
<SECURITIES> 0
<RECEIVABLES> 3,815,844
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,859,007
<PP&E> 968,059
<DEPRECIATION> 675,451
<TOTAL-ASSETS> 4,277,358
<CURRENT-LIABILITIES> 1,325,525
<BONDS> 0
0
0
<COMMON> 2,540
<OTHER-SE> 2,613,302
<TOTAL-LIABILITY-AND-EQUITY> 4,277,358
<SALES> 0
<TOTAL-REVENUES> 790,063
<CGS> 0
<TOTAL-COSTS> 2,638,621
<OTHER-EXPENSES> 14,930,250
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (16,778,808)
<DISCONTINUED> 0
<EXTRAORDINARY> 546,014
<CHANGES> 0
<NET-INCOME> (16,232,794)
<EPS-PRIMARY> (2.06)
<EPS-DILUTED> (2.06)
</TABLE>
