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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported) June 30, 1998
LIFEQUEST MEDICAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-20532 74-2559866
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
12961 Park Central, Suite 1300, San Antonio, Texas 78216
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (210) 495-8787
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 1. Change in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
LifeQuest Medical, Inc., a Delaware corporation (the "Company"),
issued 370,000 shares of the Company's Common Stock, at a per share price of
$3.25, with an aggregate value of $1,202,500 in exchange for approximately four
percent (4%) of the ownership interests Ana-Tech, L.L.C, pursuant to a
Subscription Agreement dated June 9, 1998.
Additionally, the Company entered into an Assignment Agreement dated
June 30, 1998 between the Company and Ana-Tech, L.L.C., pursuant to which the
Company assigned all of its rights, duties and obligations under its Osteoport
device patent license agreement. As consideration for such assignment, the
Company received $600,000 and will receive a five percent (5%) royalty on
future gross sales of the Osteoport device.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements.
Not Applicable.
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(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibit Index.
Exhibit 99.1 Unaudited Pro Forma Balance Sheet of LifeQuest
Medical, Inc. dated May 31, 1998.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Sale of Equity Securities Pursuant to Regulation S.
Not Applicable.
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 thereunto duly authorized.
LIFEQUEST MEDICAL, INC.
By: /s/ Randall K. Boatright
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Randall K. Boatright,
Executive Vice President and
Chief Financial Officer
(Principal Accounting Officer)
DATE: July 1, 1998
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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99.1 Unaudited Pro Forma Balance Sheet of LifeQuest Medical, Inc.
dated May 31, 1998.
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EXHIBIT 99.1
LIFEQUEST MEDICAL, INC.
PROFORMA BALANCE SHEET
MAY 31, 1998
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<CAPTION>
Consolidated Adjustments Total
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ASSETS
<S> <C> <C> <C>
Current Assets:
Cash and cash equivalents 832,660 600,000 1,432,660
Short-term investments 146,403 146,403
Accounts receivable (net of allowance for doubtful 2,265,170 2,265,170
accounts of $216,573)
Accounts receivable from related party 24,902 24,902
Inventories 1,738,459 1,738,459
Prepaid and other assets 163,481 163,481
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Total current assets 5,171,075 5,771,075
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Property, plant, and equipment: 1,592,992 1,592,992
Less: Accumulated depreciation (997,784) (997,784)
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Net Property and equipment 595,208 595,208
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Investments, at cost 1,000,000 1,202,500 2,202,500
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Intangible assets:
Deferred finance charges 170,222 170,222
Licensed technology rights 441,358 441,358
Goodwill, net 1,794,879 1,794,879
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Net intangible assets 2,236,237 2,236,237
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Total assets 9,172,742 1,802,500 10,975,242
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligations 5,158 5,158
Accounts payable 2,119,323 2,119,323
Accrued expenses 477,116 477,116
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Total current liabilities 2,601,597 2,601,597
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Convertible Debentures 3,000,000 3,000,000
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Minority interest 107,654 107,654
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Stockholders' equity:
Common Stock, $.001 par value; 10,000,000 shares 6,843 370 7,213
authorized; shares issued and outstanding: 7,212,742
Additional paid-in capital 21,830,465 1,202,130 23,032,595
Deferred Compensation (27,695) (27,695)
Accumulated Deficit (18,346,122) 600,000 (17,746,122)
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Total stockholders' equity 3,463,491 1,802,500 5,265,991
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Total liabilities and stockholders' equity 9,172,742 1,802,500 10,975,242
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</TABLE>
