<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): June 14, 1999
NEUROMEDICAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-26984 13-3526980
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation)
10 Mountain View Road, Suite C-100
Upper Saddle River, NJ 07458-1933
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 934-0660
<PAGE>
ITEM 5. Other Events.
- ----------------------
Neuromedical Systems, Inc. (the "Company") hereby files under Form 8-K the
Company's monthly operating report for May of 1999 as filed on June 14, 1999
with the United States Trustee's Office and the U.S. Bankruptcy Court for the
District of Delaware (the "Bankruptcy Court" and such report, the "Monthly
Report"). Attachments to the Monthly Report as filed with the Bankruptcy Court
may be obtained upon request to the Company at the address set forth on the
cover page to this Form 8-K or through the Bankruptcy Court at 824 North Market
Street, Wilmington, DE 19801.
On March 30, 1999, counsel for the Company submitted a letter to the
Securities and Exchange Commission (the "SEC") requesting that the SEC staff
confirm that it would not recommend any SEC enforcement against the Company if,
in lieu of the Company's periodic reports required under the Securities Exchange
Act of 1934, the Company filed with the SEC under Form 8-K copies of its Monthly
Reports within fifteen calendar days following the submission of such Monthly
Reports to the Bankruptcy Court.
<PAGE>
<TABLE>
<CAPTION>
Accrual Balance Sheet
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET
SECOND QUARTER
- -----------------------------------------------------------------------------------------------------------------
ASSETS MONTH MONTH MONTH
----------------------------------------------------
APRIL MAY JUNE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 CASH 5,056,355 4,913,981
- -----------------------------------------------------------------------------------------------------------------
2 ACCOUNTS RECEIVABLE, NET 259,071 259,757
- -----------------------------------------------------------------------------------------------------------------
3 INVENTORY 300,181
- -----------------------------------------------------------------------------------------------------------------
4 NOTES RECEIVABLE
- -----------------------------------------------------------------------------------------------------------------
5 PREPAID EXPENSES 215,848 837,339
- -----------------------------------------------------------------------------------------------------------------
6 OTHER (ATTACH LIST) 10,062,500
- -----------------------------------------------------------------------------------------------------------------
7 TOTAL CURRENT ASSETS 5,831,455 16,073,577 -
- -----------------------------------------------------------------------------------------------------------------
8 PROPERTY, PLANT & EQUIPMENT 19,047,177 19,047,177
- -----------------------------------------------------------------------------------------------------------------
9 LESS: ACCUMULATED DEPRECIATION/DEPLETION (15,922,774) (18,757,733)
- -----------------------------------------------------------------------------------------------------------------
10 NET PROPERTY, PLANT & EQUIPMENT 3,124,403 289,444 -
- -----------------------------------------------------------------------------------------------------------------
11 DUE FROM AFFILIATES & INSIDERS 73,948 74,156
- -----------------------------------------------------------------------------------------------------------------
12 INTANGIBLES (520,702) (520,700)
- -----------------------------------------------------------------------------------------------------------------
13 OTHER (ATTACH LIST) 53,635 53,635
- -----------------------------------------------------------------------------------------------------------------
14 TOTAL ASSETS 8,562,739 15,970,112 -
- -----------------------------------------------------------------------------------------------------------------
POST PETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------------
15 ACCOUNTS PAYABLE 41,792 39,879
- -----------------------------------------------------------------------------------------------------------------
16 TAXES PAYABLE
- -----------------------------------------------------------------------------------------------------------------
17 NOTES PAYABLE 637,542
- -----------------------------------------------------------------------------------------------------------------
18 PROFESSIONAL FEES
- -----------------------------------------------------------------------------------------------------------------
19 SECURED DEBT
- -----------------------------------------------------------------------------------------------------------------
20 DUE TO AFFILIATES & INSIDERS 8,615 9,813
- -----------------------------------------------------------------------------------------------------------------
21 OTHER (ATTACH LIST)
- -----------------------------------------------------------------------------------------------------------------
22 TOTAL POSTPETITION LIABILITIES 50,407 687,234 -
- -----------------------------------------------------------------------------------------------------------------
PREPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------------
23 SECURED DEBT 6,174,768 3,063,477
- -----------------------------------------------------------------------------------------------------------------
24 PRIORITY DEBT
- -----------------------------------------------------------------------------------------------------------------
25 UNSECURED DEBT
- -----------------------------------------------------------------------------------------------------------------
26 OTHER (ATTACH LIST) 2,980,876 2,953,157
- -----------------------------------------------------------------------------------------------------------------
27 TOTAL PREPETITION LIABILITIES 9,155,644 6,016,634 -
- -----------------------------------------------------------------------------------------------------------------
28 TOTAL LIABILITIES 9,206,051 6,703,868 -
- -----------------------------------------------------------------------------------------------------------------
EQUITY
- -----------------------------------------------------------------------------------------------------------------
29 OWNERS' PREPETITION EQUITY (86,028) (86,028)
- -----------------------------------------------------------------------------------------------------------------
30 POSTPETITION CUMULATIVE PROFIT OR (LOSS) (557,284) 9,352,272
- -----------------------------------------------------------------------------------------------------------------
31 TOTAL EQUITY (DEFICIT) (643,312) 9,266,244 -
- -----------------------------------------------------------------------------------------------------------------
32 TOTAL LIABILITIES & OWNERS' EQUITY 8,562,739 15,970,112 -
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Balance Sheet Detail
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET -DETAIL SCHEDULES
2ND QUARTER 1999
- --------------------------------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
----------------------------------------------------
APRIL MAY JUNE
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
LINE 5 PREPAIDS:
- --------------------------------------------------------------------------------------------------------------------------
A/R EXCHANGE - REVIEW STATIONS 76,876 -
- --------------------------------------------------------------------------------------------------------------------------
PREPAID EXPENSES 40,091 715,836
- --------------------------------------------------------------------------------------------------------------------------
PREPAID INSURANCE 70,269 65,666
- --------------------------------------------------------------------------------------------------------------------------
EMPLOYEE RECEIVABLES 6,152 3,628
- --------------------------------------------------------------------------------------------------------------------------
INTEREST RECEIVABLE - OTHER 17,119 38,568
- --------------------------------------------------------------------------------------------------------------------------
SECURITY DEPOSITS SHORT TERM 5,341 13,641
- --------------------------------------------------------------------------------------------------------------------------
TOTAL PREPAIDS 215,848 837,339 -
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
LINE 6 OTHER
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENTS HELD FOR SALE 10,062,500
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
LINE 11 DUE FROM AFFILIATES AND INSIDERS:
- --------------------------------------------------------------------------------------------------------------------------
ISRAEL 13,695,196 13,695,196
- --------------------------------------------------------------------------------------------------------------------------
NETHERLANDS 1,983,006 1,983,006
- --------------------------------------------------------------------------------------------------------------------------
EUROPE 4,766,149 4,766,149
- --------------------------------------------------------------------------------------------------------------------------
ACE
- --------------------------------------------------------------------------------------------------------------------------
HONGKONG
- --------------------------------------------------------------------------------------------------------------------------
AUSTRALIA
- --------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC
- --------------------------------------------------------------------------------------------------------------------------
OVERSEAS HOLDING 50,000 50,000
- --------------------------------------------------------------------------------------------------------------------------
OVERSEAS GROUP 50,000 50,000
- --------------------------------------------------------------------------------------------------------------------------
RESERVE FOR UNCOLLECTIBLE INTERCOMPANY OBLIGATIONS (20,514,353) (20,514,353)
- --------------------------------------------------------------------------------------------------------------------------
PAUL SOHMER 43,950 44,158
- --------------------------------------------------------------------------------------------------------------------------
DUE FROM AFFILIATES AND INSIDERS 73,948 74,156 -
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
LINE 13 OTHER:
- --------------------------------------------------------------------------------------------------------------------------
SECURITY DEPOSITS LONG TERM 53,635 53,635
- --------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER 53,635 53,635 -
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
LINE 26 OTHER:
- --------------------------------------------------------------------------------------------------------------------------
ACCOUNTS PAYABLE 981,061 981,061
- --------------------------------------------------------------------------------------------------------------------------
NOTE PAYABLE - BIRD FOUNDATION 120,096 120,096
- --------------------------------------------------------------------------------------------------------------------------
INTERCOMPANY A/P - HONGKONG - -
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED COMPENSATION 645,100 645,100
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED VACATION 186,519 158,800
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED ADVERTISING - -
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED AUDIT 32,960 32,960
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED CONSULTING 76,500 76,500
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED INTEREST 47,133 47,133
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED LEGAL 88,064 88,064
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED MISCELLANEOUS 101,256 101,256
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED OTHER 39,185 39,185
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED TAXES 54,737 54,737
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED RESTRUCTURING 608,265 608,265
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED PAYROLL TAXES - -
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED PENSION PLAN PAYABLE - -
- --------------------------------------------------------------------------------------------------------------------------
ACCRUED SALES TAX PAYABLE - -
- --------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER 2,980,876 2,953,157 -
- --------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
LINE 30 POSTPETITION CUMULATIVE PROFIT OR LOSS
--------------------------------------------------------------------------------------------------------------
CUMULATIVE RESULTS OF OPERATION (557,284) 8,739,772
--------------------------------------------------------------------------------------------------------------
UNREALIZED GAIN ON INVESTMENTS HELD FOR SALE 612,500
--------------------------------------------------------------------------------------------------------------
TOTAL (557,284) 9,352,272
--------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Accrual Income Stmt
ACCRUAL BASIS-3
INCOME STATEMENT
SECOND QUARTER
- ---------------------------------------------------------------------------------------------------------------
REVENUES MONTH MONTH MONTH
----------------------------------------------------
APRIL MAY
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 GROSS REVENUES 81,778 13,435,522
- ---------------------------------------------------------------------------------------------------------------
2 LESS: RETURNS & DISCOUNTS
- ---------------------------------------------------------------------------------------------------------------
3 NET REVENUE 81,778 13,435,522 -
- ---------------------------------------------------------------------------------------------------------------
COST OF GOODS SOLD
- ---------------------------------------------------------------------------------------------------------------
4 BEGINNING INVENTORY 300,181 300,181
- ---------------------------------------------------------------------------------------------------------------
5 ADD: PURCHASES
- ---------------------------------------------------------------------------------------------------------------
6 LESS: ENDING INVENTORY 300,181 -
- ---------------------------------------------------------------------------------------------------------------
7 COST OF GOODS SOLD - 300,181 -
- ---------------------------------------------------------------------------------------------------------------
8 GROSS PROFIT 81,778 13,135,341 -
- ---------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ---------------------------------------------------------------------------------------------------------------
9 OFFICER/INSIDER COMPENSATION 55,050 55,050
- ---------------------------------------------------------------------------------------------------------------
10 DIRECT LABOR/SALARIES 73,516 197,834
- ---------------------------------------------------------------------------------------------------------------
11 PAYROLL TAXES 8,267 15,524
- ---------------------------------------------------------------------------------------------------------------
12 RENT & LEASE EXPENSE 49,426 56,389
- ---------------------------------------------------------------------------------------------------------------
13 INSURANCE 80,938 58,489
- ---------------------------------------------------------------------------------------------------------------
14 DEPRECIATION/DEPLETION/AMORTIZATION 208,557 -
- ---------------------------------------------------------------------------------------------------------------
15 GENERAL & ADMINISTRATIVE 2,980 944
- ---------------------------------------------------------------------------------------------------------------
16 OTHER (ATTACH LIST) 33,297 3,196,148
- ---------------------------------------------------------------------------------------------------------------
17 TOTAL OPERATING EXPENSES 512,031 3,580,378 -
- ---------------------------------------------------------------------------------------------------------------
18 OPERATING INCOME (430,253) 9,554,963 -
- ---------------------------------------------------------------------------------------------------------------
OTHER INCOME & EXPENSES
- ---------------------------------------------------------------------------------------------------------------
19 OTHER INCOME (ATTACH LIST) 16,680 19,807
- ---------------------------------------------------------------------------------------------------------------
20 OTHER EXPENSES (ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------
21 INTEREST EXPENSE (5,087) (73,016)
- ---------------------------------------------------------------------------------------------------------------
22 OTHER (ATTACH LIST) (204,698)
- ---------------------------------------------------------------------------------------------------------------
23 NET OTHER INCOME & EXPENSES 11,593 (257,907) -
- ---------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- ---------------------------------------------------------------------------------------------------------------
24 PROFESSIONAL FESS 26,741
- ---------------------------------------------------------------------------------------------------------------
25 U.S. TRUSTEE FEES
- ---------------------------------------------------------------------------------------------------------------
26 OTHER (ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------
27 TOTAL REORGANIZATION EXPENSES 26,741 - -
- ---------------------------------------------------------------------------------------------------------------
28 INCOME TAX
- ---------------------------------------------------------------------------------------------------------------
29 NET PROFIT (LOSS) (445,401) 9,297,056 -
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Income Stmt Detail
ACCRUAL BASIS-3
INCOME STATEMENT
2ND QUARTER 1999
----------------
- -----------------------------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
---------------------------------------------------
APRIL MAY JUNE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
LINE 16 OTHER EXPENSES:
- -----------------------------------------------------------------------------------------------------------------------
LIFE AND HEALTH INSURANCE
- -----------------------------------------------------------------------------------------------------------------------
TRAVEL AND ENTERTAINMENT 4,250 22,120
- -----------------------------------------------------------------------------------------------------------------------
DUES AND SUBSCRIPTIONS
- -----------------------------------------------------------------------------------------------------------------------
RELOCATION COSTS
- -----------------------------------------------------------------------------------------------------------------------
REPAIRS AND MAINTENANCE 399
- -----------------------------------------------------------------------------------------------------------------------
FREIGHT AND DELIVERIES 2,496 1,001
- -----------------------------------------------------------------------------------------------------------------------
COMPUTER EXPENSES 820
- -----------------------------------------------------------------------------------------------------------------------
EQUIPMENT LEASING 528
- -----------------------------------------------------------------------------------------------------------------------
AUTO EXPENSES
- -----------------------------------------------------------------------------------------------------------------------
PAYROLL FEES 519 314
- -----------------------------------------------------------------------------------------------------------------------
CLINICAL TRIALS 10,481 10,481
- -----------------------------------------------------------------------------------------------------------------------
CONSULTANTS 350,000
- -----------------------------------------------------------------------------------------------------------------------
CONTRACTED SERVICES
- -----------------------------------------------------------------------------------------------------------------------
LEGAL- REFUND FROM INSURANCE CO. (36,075)
- -----------------------------------------------------------------------------------------------------------------------
SUPPLIES 926 799
- -----------------------------------------------------------------------------------------------------------------------
TELEPHONE AND COMMUNICATIONS 12,625 10,386
- -----------------------------------------------------------------------------------------------------------------------
TAXES AND FEES 1,601 817
- -----------------------------------------------------------------------------------------------------------------------
ASSET WRITE DOWN 2,834,957
- -----------------------------------------------------------------------------------------------------------------------
OTHER
- -----------------------------------------------------------------------------------------------------------------------
ROYALTIES
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER EXPENSE 33,297 3,196,148 -
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
LINE 19 OTHER INCOME:
- -----------------------------------------------------------------------------------------------------------------------
INTERCOMPANY
- -----------------------------------------------------------------------------------------------------------------------
INTEREST ON LOAN TO OFFICER
- -----------------------------------------------------------------------------------------------------------------------
INTEREST - BANKS 16,680 19,807
- -----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME 16,680 19,807 -
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
LINE 22 OTHER :
- -----------------------------------------------------------------------------------------------------------------------
PENALTY FOR EARLY EXTINGUISHMENT 204,698
- -----------------------------------------------------------------------------------------------------------------------
OF DEBT
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER - 204,698 -
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cash Summary
Debtor: Neuromedical Systems, Inc.
ACCRUAL BASIS-4
SUMMARY OF BANK ACCOUNTS:
- -----------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
---------------------------------------------------
APRIL MAY JUNE
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Checking 81,547 55,337
---------------------------------------------------------------------------------------
Money Market 682,944 4,186,399
---------------------------------------------------------------------------------------
Payroll 12,744 7,507
---------------------------------------------------------------------------------------
Morgan Stanley Dean Witter 8,531 8,561
---------------------------------------------------------------------------------------
Merrill Lynch 560 561
---------------------------------------------------------------------------------------
Certificates of Deposit * 4,267,467 653,045
---------------------------------------------------------------------------------------
Citifunds 2,562 2,571
---------------------------------------------------------------------------------------
Investment -
---------------------------------------------------------------------------------------
TOTAL 5,056,355 4,913,981 -
- -----------------------------------------------------------------------------------------------------
</TABLE>
* Restricted
<PAGE>
<TABLE>
<CAPTION>
Cash Stmt
Debtor: Neuromedical Systems, Inc.
CASH BASIS - 2
Case No.: 99-703 (PJW)
SECOND QUARTER
- ---------------------------------------------------------------------------------------------------------------
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH
---------------------------------------------------
APRIL MAY JUNE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 CASH - BEGINNING OF MONTH 5,457,479 5,056,355
- ---------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------
2 CASH SALES
- ---------------------------------------------------------------------------------------------------------------
3 ACCOUNTS RECEIVABLE COLLECTIONS 70,709 61,712
- ---------------------------------------------------------------------------------------------------------------
4 LOANS & ADVANCES
- ---------------------------------------------------------------------------------------------------------------
5 SALE OF ASSETS 4,000,000
- ---------------------------------------------------------------------------------------------------------------
6 LEASE & RENTAL INCOME
- ---------------------------------------------------------------------------------------------------------------
7 WAGES
- ---------------------------------------------------------------------------------------------------------------
8 OTHER (ATTACH LIST) 20,296 428,841
- ---------------------------------------------------------------------------------------------------------------
9 TOTAL RECEIPTS 91,005 4,490,553 -
- ---------------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------
10 NET PAYROLL 76,563 175,004
- ---------------------------------------------------------------------------------------------------------------
11 PAYROLL TAXES PAID 49,063 109,234
- ---------------------------------------------------------------------------------------------------------------
12 SALES, USE & OTHER TAXES PAID 62
- ---------------------------------------------------------------------------------------------------------------
13 INVENTORY PURCHASES
- ---------------------------------------------------------------------------------------------------------------
14 MORTGAGE PAYMENTS
- ---------------------------------------------------------------------------------------------------------------
15 OTHER SECURED NOTE PAYMENTS 182,729 3,759,911
- ---------------------------------------------------------------------------------------------------------------
16 RENTAL & LEASE PAYMENTS 53,390 100,092
- ---------------------------------------------------------------------------------------------------------------
17 UTILITIES 9,177 17,502
- ---------------------------------------------------------------------------------------------------------------
18 INSURANCE 84,841 52,248
- ---------------------------------------------------------------------------------------------------------------
19 VEHICLE EXPENSES
- ---------------------------------------------------------------------------------------------------------------
20 TRAVEL 7,676 1,697
- ---------------------------------------------------------------------------------------------------------------
21 ENTERTAINMENT
- ---------------------------------------------------------------------------------------------------------------
22 REPAIRS & MAINTENANCE 472
- ---------------------------------------------------------------------------------------------------------------
23 SUPPLIES 297
- ---------------------------------------------------------------------------------------------------------------
24 ADVERTISING 1,870
- ---------------------------------------------------------------------------------------------------------------
25 HOUSEHOLD EXPENSES
- ---------------------------------------------------------------------------------------------------------------
26 CHARITABLE CONTRIBUTIONS
- ---------------------------------------------------------------------------------------------------------------
27 GIFTS
- ---------------------------------------------------------------------------------------------------------------
28 OTHER (ATTACH LIST) 26,035 22,586
- ---------------------------------------------------------------------------------------------------------------
29 TOTAL 491,878 4,238,570 -
- ---------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- ---------------------------------------------------------------------------------------------------------------
30 PROFESSIONAL FEES 394,358
- ---------------------------------------------------------------------------------------------------------------
31 U.S. TRUSTEE FEES 250
- ---------------------------------------------------------------------------------------------------------------
32 OTHER (ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------
33 TOTAL 250 394,358 -
- ---------------------------------------------------------------------------------------------------------------
34 TOTAL DISBURSEMENTS 492,128 4,632,928 -
- ---------------------------------------------------------------------------------------------------------------
35 NET CASH FLOW (401,124) (142,375) -
- ---------------------------------------------------------------------------------------------------------------
36 CASH - END OF MONTH 5,056,355 4,913,981 -
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cash Stmt Detail
- --------------------------------------------------------------------------------------------------------------------
CASH RECEIPTS - OTHER APRIL MAY JUNE
- --------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COBRA 12,413 6,731
------------------------------------------------------------------------------------------------------
TRAVEL 20
------------------------------------------------------------------------------------------------------
INSURANCE 60 48,868
------------------------------------------------------------------------------------------------------
NET SETTLEMENT WITH TBCC 336,504
------------------------------------------------------------------------------------------------------
REFUND AMERICAN EXPRESS DUES 19
------------------------------------------------------------------------------------------------------
BANK INTEREST 7,804 36,719
------------------------------------------------------------------------------------------------------
TOTAL OTHER CASH RECEIPTS 20,296 428,841
- --------------------------------------------------------------------------------------------------------------------
CASH DISBURSEMENTS - OTHER APRIL MAY JUNE
- --------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
401 K 5,414 10,868
------------------------------------------------------------------------------------------------------
CLINICAL TRIAL 605
------------------------------------------------------------------------------------------------------
CORPORATE SERVICES 2,220 1,066
------------------------------------------------------------------------------------------------------
MISCELLANEOUS 198
------------------------------------------------------------------------------------------------------
PATENT FEE 10,097
------------------------------------------------------------------------------------------------------
PAYROLL SERVICES 614 334
------------------------------------------------------------------------------------------------------
SHIPPING 1,701 1,412
------------------------------------------------------------------------------------------------------
BANK FEE 5,187 606
------------------------------------------------------------------------------------------------------
SECURITY DEPOSIT 8,300
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
TOTAL OTHER CASH DISBURSEMENTS 26,035 22,586
- --------------------------------------------------------------------------------------------------------------------
</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 in Upper Saddle River, New Jersey on this
eighteenth day of June, 1999.
NEUROMEDICAL SYSTEMS, INC.
By: /s/ Mark L. Smith
-------------------------------------
Mark L. Smith
Vice President, Finance and
Administration and Chief Financial Officer
