<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): November 15, 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
portions of the Company's monthly operating report for October of 1999 as filed
on November 15, 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.
<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
30th day of November, 1999.
NEUROMEDICAL SYSTEMS, INC.
By: /s/ Thomas McFarland
---------------------------------
Thomas McFarland
Acting Chief Financial Officer
<PAGE>
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET
FOURTH QUARTER
<TABLE>
<CAPTION>
ASSETS MONTH MONTH MONTH
----------------------------------------------------
OCTOBER NOVEMBER DECEMBER
----------------------------------------------------
<S> <C> <C> <C>
CASH 3,487,904
ACCOUNTS RECEIVABLE, NET 87,397
INVENTORY
NOTES RECEIVABLE 191,852
PREPAID EXPENSES
OTHER (ATTACH LIST) 5,513,200
TOTAL CURRENT ASSETS 9,280,353 - -
PROPERTY, PLANT & EQUIPMENT 18,855,977
LESS: ACCUMULATED DEPRECIATION/DEPLETION (18,757,733)
NET PROPERTY, PLANT & EQUIPMENT 98,244 - -
DUE FROM AFFILIATES & INSIDERS 45,186
INTANGIBLES (270,700)
OTHER (ATTACH LIST) 53,635
TOTAL ASSETS 9,206,718 - -
- -----------------------------------------------------------------------------------------------------------------
POST PETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------------
ACCOUNTS PAYABLE 10,557
TAXES PAYABLE
NOTES PAYABLE
PROFESSIONAL FEES
SECURED DEBT
DUE TO AFFILIATES & INSIDERS
OTHER (ATTACH LIST)
TOTAL POSTPETITION LIABILITIES 10,557 - -
- -----------------------------------------------------------------------------------------------------------------
PREPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------------
SECURED DEBT 2,866,239
PRIORITY DEBT
UNSECURED DEBT
OTHER (ATTACH LIST) 2,811,707
TOTAL PREPETITION LIABILITIES 5,677,946 - -
TOTAL LIABILITIES 5,688,503 - -
- -----------------------------------------------------------------------------------------------------------------
EQUITY
- -----------------------------------------------------------------------------------------------------------------
OWNERS' PREPETITION EQUITY (86,028)
POSTPETITION CUMULATIVE PROFIT OR (LOSS) 3,604,243 - -
TOTAL EQUITY (DEFICIT) 3,518,215 - -
TOTAL LIABILITIES & OWNERS' EQUITY 9,206,718 - -
</TABLE>
<PAGE>
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET -DETAIL SCHEDULES
4TH QUARTER 1999
<TABLE>
<CAPTION>
MONTH MONTH MONTH
---------------------------------------------------
OCTOBER NOVEMBER DECEMBER
---------------------------------------------------
<S> <C> <C> <C>
PREPAIDS:
A/R EXCHANGE - REVIEW STATIONS
PREPAID EXPENSES 118,094
PREPAID INSURANCE 39,781
EMPLOYEE RECEIVABLES 3,628
INTEREST RECEIVABLE - OTHER
SECURITY DEPOSITS SHORT TERM 30,349
---------------------------------------------------
TOTAL PREPAIDS 191,852 - -
---------------------------------------------------
OTHER
INVESTMENTS HELD FOR SALE 5,513,200
DUE FROM AFFILIATES AND INSIDERS:
ISRAEL 11,934,767
NETHERLANDS
EUROPE
ACE
HONGKONG
AUSTRALIA
ASIA PACIFIC
OVERSEAS HOLDING 50,000
OVERSEAS GROUP 50,000
RESERVE FOR UNCOLLECTIBLE INTERCOMPANY OBLIGATIONS (12,034,767)
PAUL SOHMER 45,186
---------------------------------------------------
DUE FROM AFFILIATES AND INSIDERS 45,186 - -
---------------------------------------------------
OTHER:
SECURITY DEPOSITS LONG TERM 53,635
---------------------------------------------------
TOTAL OTHER 53,635 - -
---------------------------------------------------
OTHER:
ACCOUNTS PAYABLE 913,809
NOTE PAYABLE - BIRD FOUNDATION 120,096
INTERCOMPANY A/P - HONGKONG
ACCRUED COMPENSATION 645,100
ACCRUED VACATION 84,602
ACCRUED ADVERTISING
ACCRUED AUDIT 32,960
ACCRUED CONSULTING 76,500
ACCRUED INTEREST 47,133
ACCRUED LEGAL 88,064
ACCRUED MISCELLANEOUS 101,256
ACCRUED OTHER 39,185
ACCRUED TAXES 54,737
ACCRUED RESTRUCTURING 608,265
ACCRUED PAYROLL TAXES
ACCRUED PENSION PLAN PAYABLE
ACCRUED SALES TAX PAYABLE -
---------------------------------------------------
TOTAL OTHER 2,811,707 - -
---------------------------------------------------
POSTPETITION CUMULATIVE PROFIT OR LOSS
CUMULATIVE RESULTS OF OPERATION 7,541,043
UNREALIZED GAIN (LOSS) ON INVESTMENTS HELD FOR SALE (3,936,800)
---------------------------------------------------
TOTAL 3,604,243 - -
---------------------------------------------------
</TABLE>
<PAGE>
ACCRUAL BASIS-3
INCOME STATEMENT
FOURTH QUARTER
<TABLE>
<CAPTION>
REVENUES MONTH MONTH MONTH
--------------------------------------------------------------
OCTOBER NOVEMBER DECEMBER
<S> <C> <C> <C>
--------------------------------------------------------------
GROSS REVENUES 8,904
LESS: RETURNS & DISCOUNTS
--------------------------------------------------------------
NET REVENUE 8,904 - -
- ----------------------------------------------------------------------------------------------------------------
COST OF GOODS SOLD
- ----------------------------------------------------------------------------------------------------------------
BEGINNING INVENTORY -
ADD: PURCHASES
LESS: ENDING INVENTORY - -
COST OF GOODS SOLD - - -
--------------------------------------------------------------
GROSS PROFIT 8,904 - -
- ----------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ----------------------------------------------------------------------------------------------------------------
OFFICER/INSIDER COMPENSATION
DIRECT LABOR/SALARIES 50,312
PAYROLL TAXES 2,480
RENT & LEASE EXPENSE 9,383
INSURANCE 11,311
DEPRECIATION/DEPLETION/AMORTIZATION
GENERAL & ADMINISTRATIVE 1,494
OTHER (ATTACH LIST) 12,853
TOTAL OPERATING EXPENSES 87,833 - -
--------------------------------------------------------------
OPERATING INCOME (78,929) - -
- ----------------------------------------------------------------------------------------------------------------
OTHER INCOME & EXPENSES
- ----------------------------------------------------------------------------------------------------------------
OTHER INCOME (ATTACH LIST) 9,712
OTHER EXPENSES (ATTACH LIST)
INTEREST EXPENSE
OTHER (ATTACH LIST)
--------------------------------------------------------------
NET OTHER INCOME & EXPENSES 9,712 - -
- ----------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- ----------------------------------------------------------------------------------------------------------------
PROFESSIONAL FESS 11,127
U.S. TRUSTEE FEES 5,000
OTHER (ATTACH LIST)
TOTAL REORGANIZATION EXPENSES 16,127 - -
INCOME TAX
--------------------------------------------------------------
NET PROFIT (LOSS) (85,344) - -
</TABLE>
<PAGE>
ACCRUAL BASIS-3
INCOME STATEMENT
4TH QUARTER 1999
<TABLE>
<CAPTION>
MONTH MONTH MONTH
-----------------------------------------------------
OCTOBER NOVEMBER DECEMBER
-----------------------------------------------------
<S> <C> <C> <C>
OTHER EXPENSES:
LIFE AND HEALTH INSURANCE
TRAVEL AND ENTERTAINMENT 108
DUES AND SUBSCRIPTIONS
RELOCATION COSTS
REPAIRS AND MAINTENANCE
FREIGHT AND DELIVERIES 1,711
COMPUTER EXPENSES 75
EQUIPMENT LEASING 2,954
AUTO EXPENSES
PAYROLL FEES 309
CLINICAL TRIALS
CONSULTANTS 2,112
CONTRACTED SERVICES 1,445
LEGAL- REFUND FROM INSURANCE CO.
SUPPLIES AND MOVING 1,634
TELEPHONE AND COMMUNICATIONS 2,505
TAXES AND FEES
ASSET WRITE DOWN
OTHER LEGAL
ROYALTIES
-----------------------------------------------------
TOTAL OTHER EXPENSE 12,853 - -
-----------------------------------------------------
OTHER INCOME:
SALE OF EQUIPMENT
MANAGEMENT FEES-AUSTRALIA
INTERCOMPANY SETTLEMENT
INTEREST 9,712
-----------------------------------------------------
TOTAL OTHER INCOME 9,712 - -
-----------------------------------------------------
OTHER :
PENALTY FOR EARLY EXTINGUISHMENT
OF DEBT
-----------------------------------------------------
TOTAL OTHER - - -
-----------------------------------------------------
</TABLE>
<PAGE>
Debtor: Neuromedical Systems, Inc.
ACCRUAL BASIS-4
SUMMARY OF BANK ACCOUNTS:
<TABLE>
<CAPTION>
MONTH MONTH MONTH
-----------------------------------------------------
OCTOBER NOVEMBER DECEMBER
-----------------------------------------------------
<S> <C> <C> <C>
Checking 644,870
Money Market 2,822,328
Payroll 8,825
Morgan Stanley Dean Witter 8,632
Merrill Lynch 561
Certificates of Deposit 61
Citifunds 2,627
Investment -
------------------------------------------------------
TOTAL 3,487,904 - -
------------------------------------------------------
</TABLE>
<PAGE>
Debtor: Neuromedical Systems, Inc.
CASH BASIS - 2
Case No.: 99-703 (PJW)
FOURTH QUARTER
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH
---------------------------------------------------
OCTOBER NOVEMBER DECEMBER
<S> <C> <C> <C>
---------------------------------------------------
CASH - BEGINNING OF MONTH 3,499,457
- ---------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------
CASH SALES
ACCOUNTS RECEIVABLE COLLECTIONS 30,620
LOANS & ADVANCES
SALE OF ASSETS 49,250
LEASE & RENTAL INCOME
WAGES
OTHER (ATTACH LIST) 9,504
---------------------------------------------------
TOTAL RECEIPTS 89,374 - -
- ---------------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------
NET PAYROLL 54,492
PAYROLL TAXES PAID 20,251
SALES, USE & OTHER TAXES PAID
INVENTORY PURCHASES
MORTGAGE PAYMENTS
OTHER SECURED NOTE PAYMENTS
RENTAL & LEASE PAYMENTS 1,191
UTILITIES 5,420
INSURANCE 191
VEHICLE EXPENSES
TRAVEL
ENTERTAINMENT
REPAIRS & MAINTENANCE
SUPPLIES 1,126
ADVERTISING
HOUSEHOLD EXPENSES
CHARITABLE CONTRIBUTIONS
GIFTS
OTHER (ATTACH LIST) 3,212
---------------------------------------------------
TOTAL 85,884 - -
- ---------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- ---------------------------------------------------------------------------------------------------------------
PROFESSIONAL FEES 10,043
U.S. TRUSTEE FEES 5,000
OTHER (ATTACH LIST)
TOTAL 15,043 - -
TOTAL DISBURSEMENTS 100,927 - -
NET CASH FLOW (11,553) - -
---------------------------------------------------
CASH - END OF MONTH 3,487,904 - -
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CASH RECEIPTS - OTHER OCTOBER NOVEMBER DECEMBER
-------------------------------------------------
<S> <C> <C> <C>
RETURN OF LOC FUNDS FROM LANDLORD
COBRA
MANAGEMENT FEES
INSURANCE
NET SETTLEMENT WITH INTERCOMPANY
REFUND POSTAGE
BANK INTEREST 9,504
MISCELLANEOUS REFUNDS
TAX REFUND
------------------------------------------------
TOTAL OTHER CASH RECEIPTS 9,504 - -
------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CASH DISBURSEMENTS - OTHER OCTOBER NOVEMBER DECEMBER
-------------------------------------------------
<S> <C> <C> <C>
401 K
CLINICAL TRIAL
CORPORATE SERVICES 1,494
CONTRACTED SERVICES 1,105
COMPUTER 75
PAYROLL SERVICES 219
SHIPPING 234
FEES 85
SETTLEMENT SALE
FILING FEES/LEGAL
------------------------------------------------
TOTAL OTHER CASH DISBURSEMENTS 3,212 - -
------------------------------------------------
</TABLE>
