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================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) April 21, 2000
AgriBioTech, Inc.
(Exact name of issuer as specified in its charter)
Nevada 0-19352 85-0325742
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
120 Corporate Park Drive, Henderson, Nevada (89014)
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702)566-2440
================================================================================
<PAGE>
Item 5. Other Events
On March 29, 2000, the Registrant , AgriBioTech, Inc., filed its Monthly
Operating Report for the period ended February 29, 2000 with the U.S.
Bankruptcy Court for the Southern District of Nevada. A copy of the Monthly
Operating Report is being filed as an exhibit hereto. The original February
Monthly Operating Report and Exhibits A through C can be seen at the
website of the Nevada Bankruptcy Court at www.nvb.uscourts.gov under case
number 00-10533lbr in document number 809 using the RACER case search
system.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 - Monthly Operating Report of AgriBioTech, Inc. for the period
ended February 29, 2000, as filed with the U.S. Bankruptcy Court
for the Southern District of Nevada.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereto duly authorized.
Date: April 21, 2000
AGRIBIOTECH, INC.
By: /s/ William A. Brandt, Jr.
----------------
William A. Brandt, Jr.
Responsible Natural Person
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: AgriBioTech, Inc Case No. 00-10533lbr
CHAPTER 11
MONTHLY OPERATING REPORT
(AgriBioTech, Inc., DIP)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED: Feb-00 PETITION DATE: 01/25/00
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here the Office
of the U.S. Trustee or the Court has approved the Cash Basis of
Accounting for the Debtor).
Dollars reported in $1
<TABLE>
<CAPTION>
2. Asset and Liability Structure End of Current Month End of Prior Month As of Petition Filing
-------------------- ------------------ ---------------------
<S> <C> <C> <C>
a. Current Assets $129,872,028 $0
b. Total Assets $226,100,704 $0 $351,270,826
c. Current Liabilities $6,041,573 $0
d. Total Liabilities $166,122,516 $0 $165,101,527
3. Statement of Cash Receipts & Disbursements for Month Current Month Prior Month Cumulative
(Case to Date)
a. Total Receipts $15,185,475 $0 $15,185,475
b. Total Disbursements $13,880,489 $0 $13,880,489
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $1,304,986 $0 $1,304,986
d. Cash Balance Beginning of Month $130,077 $0 $130,077
e. Cash Balance End of Month (c + d) $1,435,063 $0 $1,435,063
Current Month Prior Month Cumulative
(Case to Date)
4. Profit/(Loss) from the Statement of Operations ($2,482,028) $0 ($2,482,028)
5. Account Receivables (Pre and Post Petition) $42,350,216 $0
6. Post-Petition Liabilities $6,132,201 $0
7. Past Due Post-Petition Account Payables (over 30 days) $0 $0
</TABLE>
<TABLE>
<CAPTION>
At the end of this reporting month: Yes No
--- --
<S> <C> <C>
8. Have any payments been made on pre-petition debt, other than payments in X (See Exhibit A-C)
the normal course to secured creditors or lessors? (if yes, attach listing
including date of payment, amount of payment and name of payee)
9. Have any payments been made to professionals? (if yes, attach listing X
including date of payment, amount of payment and name of payee)
10. If the answer is yes to 8 or 9, were all such payments approved by the X
court?
11. Have any payments been made to officers, insiders, shareholders, relatives? X (Will be filed with March 2000 FS)
(if yes, attach listing including date of payment, amount and reason for
payment, and name of payee)
12. Is the estate insured for replacement cost of assets and for general X
liability?
13. Are a plan and disclosure statement on file? X
14. Was there any post-petition borrowing during this reporting period? X
15. Check if paid: Post-petition taxes X ; U.S. Trustee Quarterly fees ;Check
if filing is current for: Post-petition tax reporting and tax returns: Y .
(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees
are not paid current or if post-petition tax reporting and tax return
filings are not current.)
</TABLE>
I declare under penalty of perjury I have reviewed the above summary and
attached financial statements, and after making reasonable inquiry believe these
documents are correct.
Date: March 29, 2000
Bradley Sharp, DSI for William A. Brandt Jr., Responsible Person
<PAGE>
STATEMENT OF OPERATIONS
(AgriBioTech, Inc., DIP)
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Current Month
Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
------ -------- -------- -------------- --------
<C> <C> <C> <S> <C> <C>
Revenues:
$21,026,497 $0 $21,026,497 1 Gross Sales $21,026,497 $20,000,000
$217,989 $0 ($217,989) 2 less: Sales Returns & Allowances $217,989 $1,000,000
$20,808,508 $0 $20,808,508 3 Net Sales $20,808,508 $19,000,000
$15,740,047 $0 ($15,740,047) 4 less: Cost of Goods Sold (Schedule B) $15,740,047 $14,630,000
$5,068,461 $0 $5,068,461 5 Gross Profit $5,068,461 $4,370,000
$0 $0 6 Interest $0 $0
$42,425 $0 $42,425 7 Other Income: $42,425 $50,000
$0 $0 8 $0 $0
$0 $0 9 $0 $0
$5,110,886 $0 $5,110,886 10 Total Revenues $5,110,886 $4,420,000
Expenses:
$2,264,521 $0 ($2,264,521) 11 Salaries and wages $2,264,521 $2,150,000
$379,370 $0 ($379,370) 12 Fringes $379,370 $365,500
$315 $0 ($315) 13 Employee relation $315 $500
$59,568 $0 ($59,568) 14 Advertising and promotion $59,568 $55,000
$383,956 $0 ($383,956) Rent/Lease: $383,956 $390,000
15 Real and Personal Property
$195,523 $0 ($195,523) 16 Fees/Write-offs $195,523 $185,000
$94,778 $0 ($94,778) 17 Computer expense $94,778 $95,000
$465,113 $0 ($465,113) 18 Depreciation $465,113 $465,000
$60,272 $0 ($60,272) 19 Regulatory $60,272 $60,000
$90,535 $0 ($90,535) 20 Insurance $90,535 $90,000
$173,166 $0 ($173,166) 21 Outside services/Professional $173,166 $175,000
$24,867 $0 ($24,867) 22 Repairs and maintenance $24,867 $25,000
$93,568 $0 ($93,568) 23 Supplies $93,568 $75,000
$230,916 $0 ($230,916) 24 Postage and Freight $230,916 $500,000
$46,157 $0 ($46,157) 25 Seed Testing $46,157 $45,000
$27,977 $0 ($27,977) 26 Travel $27,977 $20,000
$68,096 $0 ($68,096) 27 Utilities $68,096 $65,000
$735,544 $0 ($735,544) 28 Amortization $735,544 $735,000
$0 $0 29 Other/Contingency $0 $0
$798,672 $0 ($798,672) 30 Interest expense $798,672 $685,000
$0 31 $0 $0
$0 32 $0 $0
$0 33 $0 $0
$0 34 $0 $0
$6,192,914 $0 ($6,192,914) 35 Total Expenses $6,192,914 $6,181,000
($1,082,028) $0 ($1,082,028) 36 Subtotal ($1,082,028) ($1,761,000)
($1,400,000)* $0 $1,400,000 37 Reorganization Items: ($1,400,000)* ($1,400,000)
Professional Fees
$0 38 Provisions for Rejected Executory Contracts $0 $0
$0 39 Interest Earned on Accumulated Cash from $0 $0
Resulting Chp 11 Case $0 $0
$0 40 Gain or (Loss) from Sale of Equipment $0 $0
$0 41 U.S. Trustee Quarterly Fees $0 $0
$0 42 $0 $0
($1,400,000) $0 ($1,400,000) 43 Total Reorganization Items ($1,400,000) ($1,400,000)
($2,482,028) $0 ($2,482,028) 44 Net Profit (Loss) Before Federal & State Taxes ($2,482,028) ($3,161,000)
$0 45 Federal & State Income Taxes $0
($2,482,028) $0 ($2,482,028) 46 Net Profit (Loss) ($2,482,028) ($3,161,000)
=========== == =========== =========== ===========
Attach an Explanation of Variance to Statement of Operations (For variances
greater than +/- 10% only):
* Estimate for accrued but unpaid professional fees through February 29, 2000.
</TABLE>
<PAGE>
BALANCE SHEET
(AgriBioTech, Inc,. (DIP), Case # 00-10533lbr)
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Assets
From Schedules Market Value
-------------- ------------
<S> <C> <C>
Current Assets
1 Cash and cash equivalents - unrestricted $175,273
2 Cash and cash equivalents - restricted $1,259,790
3 Trade accounts receivable (net) A $42,350,216
4 Inventory B $82,733,506
5 Prepaid expenses $1,636,067
6 Professional retainers
7 Other: Other receivables, $649,490
8 Intercompany, net $1,067,686
9 Total Current Assets $129,872,028
Property and Equipment (Net Book Value) Market not available
10 Real property C $33,544,636
11 Machinery and equipment D $9,463,750
12 Furniture and fixtures D $0
13 Office equipment D $12,457,533
14 Leasehold improvements D $153,641
15 Vehicles D $1,018,263
16 Other: D
17 D
18 D
19 D
20 D
21 Total Property and Equipment $56,637,823
Other Assets
22 Loans to shareholders $0
23 Loans to affiliates $0
24 Goodwill, net of amoritzation $109,710,741 Unknown
25 Intangible assets, net of amoritzation $17,058,957 Unknown
26 Deferred income tax assets $1,560,522
27 Other assets + Investment in unconsolidated subsidiaries $38,030,331
28 Total Other Assets $39,590,853
29 Total Assets $226,100,704
============
NOTE:
Indicate the method used to estimate the market value of
assets (e.g., appraisals; familiarity with comparable market
prices, etc.) and the date the value was determined.
Liabilities and Equity
(AgriBioTech, Inc., (DIP), Case # 00-10533lbr)
Liabilities From Schedules
Post-Petition
Current Liabilities
30 Salaries and wages $375,978
31 Payroll taxes (Combined into salaries and wages)
32 Real and personal property taxes $49,382
33 Income taxes
34 Sales taxes $691
35 Notes payable (short term)
36 Accounts payable (trade) A $3,654,544
37 Accrued medical insurance-Blue Cross $239,673
38 Personal property lease arrearage
39 Accrued professional fees $1,400,000
40 Current portion of long-term post-petition debt (due within 12 months)
41 Accrued other $154,305
42 Accrued royalties $167,000
43
44 Total Current Liabilities $6,041,573
45 Long-Term Post-Petition Debt, Net of Current Portion $90,628
46 Total Post-Petition Liabilities $6,132,201
Pre-Petition Liabilities (allowed amount)
47 Secured claims F $76,078,850
48 Priority unsecured claims F $0
49 General unsecured claims F $83,911,465
50 Total Pre-Petition Liabilities $159,990,315
51 Total Liabilities $166,122,516
Equity (Deficit)
52 Retained Earnings/(Deficit) at time of filing ($92,794,518)
53 Capital Stock $51,055
54 Additional paid-in capital $279,833,463
55 Cumulative profit/(loss) since filing of case ($2,482,028)
56 Post-petition contributions/(distributions) or (draws) $0
57
58 Market value adjustment ($124,629,784)
59 Total Equity (Deficit) $59,978,188
60 Total Liabilities and Equity (Deficit) $226,100,704
============
</TABLE>
<PAGE>
SCHEDULES TO THE BALANCE SHEET
(AgriBioTech, Inc., DIP)
Schedule A
<TABLE>
<CAPTION>
Accounts Receivable and (Net) Payable
Receivables and Payables Agings Accounts Receivable Accounts Payable Past Due
[Pre and Post Petition] [Post Petition] Post Petition Debt
----------------------- --------------- ------------------
<S> <C> <C> <C>
0 -30 Days $31,804,113 $3,654,544
31-60 Days $5,523,451 $0
61-90 Days $2,694,219 $0 $0
91+ Days $12,031,331 $0
Total accounts receivable/payable $52,053,114 $3,654,544
==========
Allowance for doubtful accounts $9,702,898
Accounts receivable (net) $42,350,216
===========
</TABLE>
Schedule B
Inventory/Cost of Goods Sold
<TABLE>
<CAPTION>
Types and Amount of Inventory(ies) Cost of Goods Sold
- ---------------------------------- ------------------
<S> <C> <C> <C>
Inventory(ies) Inventory Beginning of Month $90,095,838
Balance at
End of Month
Add -
Retail/Restaurants - Net purchase $8,377,715
Product for resale Direct labor
Manufacturing overhead
Distribution - Freight in
Products for resale $82,733,506 Other:
Note: Net purchase includes cost of seed,
Manufacturer - pallets, shrink and freight in. Only total available
Raw Materials
Work-in-progress Less -
Finished goods Inventory End of Month $82,733,506
Shrinkage
Other - Explain Personal Use
Cost of Goods Sold $15,740,047
===========
TOTAL $82,733,506
===========
</TABLE>
<TABLE>
Method of Inventory Control Inventory Valuation Methods
<S> <C>
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory used.
Yes x No
How often do you take a complete physical inventory? Valuation methods -
FIFO cost
Weekly LIFO cost
Monthly Lower of cost or market
Quarterly Retail method
Semi-annually x Other x
Annually Explain
Date of last physical inventory was 11/30/99 0:00
Average actual cost
Date of next physical inventory is 6/30/00 0:00
</TABLE>
<PAGE>
Schedule C
Real Property
<TABLE>
<CAPTION>
Description Cost Net Book Value *
---- ----------------
<S> <C> <C>
Detail available upon request. $33,544,636
Total $0 $33,544,636
== ===========
Schedule D
Other Depreciable Assets
Description Cost Net Book Value *
- ----------- ---- ----------------
Machinery & Equipment -
Detail available upon request. $9,463,750
Total $0 $9,463,750
== ==========
Furniture & Fixtures -
(combined with office equipment)
Total $0 $0
== ==
Office Equipment - $12,457,533
Detail available upon request.
(includes $2,920,144 of assets in CIP
not yet allocated to specific bucket but
majority is related to computer system
Total $0 $12,457,533
== ===========
Leasehold Improvements -
Detail available upon request. $153,641
Total $0 $153,641
== ========
Vehicles -
Detail available upon request. $1,018,263
Total $0 $1,018,263
== ==========
* Market value is not available at the current time.
</TABLE>
<PAGE>
Schedule E
Aging of Post-Petition Taxes
(As of End of the Current Reporting Period)
<TABLE>
<CAPTION>
Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ Days Total
--------- ---------- ---------- -------- -----
<S> <C> <C> <C> <C> <C>
Federal
Income Tax Withholding * $0 $0
FICA - Employee $0
FICA - Employer $0
Unemployment (FUTA) $0
Income $0
Other (Attach List) $0
Total Federal Taxes $0 $0 $0 $0 $0
State and Local
Income Tax Withholding $0
Unemployment (UT) $0
Disability Insurance (DI) $0
Empl. Training Tax (ETT) $0
Sales $691 $691
Excise $0
Real & Personal property (combined) $49,382 $49,382
Personal property $0
Income $0
Other (Attach List) $0
Total State & Local Taxes $50,073 $0 $0 $0 $50,073
Total Taxes $50,073 $0 $0 $0 $50,073
======= == == == =======
* Combined with salaries and wages
</TABLE>
Schedule F
Pre-Petition Liabilities *
<TABLE>
<CAPTION>
List Total Claims For Each Classification - Claimed Allowed
- ------------------------------------------- Amount Amount (b)
------ ----------
<S> <C> <C>
Secured claims (a) $76,078,850 NA
Priority claims other than taxes NA NA
Priority tax claims NA NA
General unsecured claims $83,911,465 NA
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or litigation. As
an example, you are a defendant in a lawsuit alleging damage of $10,000,000
and a proof of claim is filed in that amount. You believe that you can
settle the case for a claim of $3,000,000. For Schedule F reporting
purposes you should list $10,000,000 as the Claimed Amount and $3,000,000
as the Allowed Amount.
* Detailed schedules are in process for specific liability amounts.
Schedule G
Rental Income Information
Not applicable to General Business Cases
<PAGE>
Schedule H
Recapitulation of Funds Held at End of Month
<TABLE>
<CAPTION>
Account 1 Account 2 Account 3 Account 4
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Bank Bank of America Bank of America Bank of America Bank of America
Account Type Unrestricted Unrestricted Unrestricted Unrestricted
Account No. 86660110 851001305 1581319654 990124612
Account Purpose Lock-box collections Collections Depository Depository
Balance, End of Month $ 150,861 $289 $24,123 $0
Account 5 Account 6 Account 7 Account 8
--------- --------- --------- ---------
Bank Bank of America Bank of America Bank of America Bank of America
Account Type Restricted Restricted Restricted Restricted
Account No. 1581419644 210238390 1581219645 1581919378
Account Purpose Disbursement Pre-petition payroll Post-petition payroll Healthcare
Balance, End of Month $405,485 $98,304 $30,001 $25,000
Account 9 Account 10 Account 11 Account 12
--------- ---------- ---------- ----------
Bank Bank of America Bank of America
Account Type Restricted Restricted
Account No. 1581019764 1581119797
Account Purpose Tax Professional services
Balance, End of Month $1,000 $700,000 $0 $0
Total Funds on Hand for all Accounts $1,435,063
Attach copies of the month end bank statement(s), reconciliation(s), and the
check register(s) to the Monthly Operating Report.
See Exhibit D for additional support on all cash accounts.
</TABLE>
<PAGE>
Statement of Cash Receipts and Disbursements
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Actual Cumulative
Current Month (Case to Date)
------------- --------------
<S> <C> <C>
Cash Receipts
1 Rent/Leases Collected $0 $0
2 Cash Received from Sales $8,534,628 $8,534,628
3 Interest Received $0
4 Borrowings $4,400,000 $4,400,000
5 Funds from Shareholders, Partners, or Other Insiders $0
6 Capital Contributions $0
7 Receipt of cash from subsidiaries (net of amounts disbursed): $0
8 Las Vegas Fertilizer $1,211,586 $1,211,586
9 Garden West Distributors $664,838 $664,838
10 George Hill of Kentucky $374,423 $374,423
11 $0
12 Total Cash Receipts $15,185,475 $15,185,475
Cash Disbursements
13 Cost of goods sold $689,010 $689,010
14 Salaries & Wages (includes all payroll related taxes) $3,545,663 $3,545,663
15 Fees/Write-offs $4,209 $4,209
16 Computer $1,751 $1,751
17 Regulatory $8,302 $8,302
18 Insurance $1,809 $1,809
19 Outside services $2,042 $2,042
20 Rentals $16,485 $16,485
21 Repairs and maintenance $6,816 $6,816
22 Supplies $0 $0
23 Postage and freight $148,365 $148,365
24 Seed testing $28,336 $28,336
25 Travel $122,573 $122,573
26 Utilities $9,556 $9,556
27 Other $350,555 $350,555
28 Repayment on borrowings $8,945,017 $8,945,017
29 $0 $0
30 $0 $0
31
32
33
34
35
36
37
38
39
40
38 Total Cash Disbursements: $13,880,489 $13,880,489
39 Net Increase (Decrease) in Cash $1,304,986 $1,304,986
40 Cash Balance, Beginning of Period $130,077 $130,077
41 Cash Balance, End of Period $1,435,063 $1,435,063
========== ==========
</TABLE>
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