UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): February 19, 2000
(May 2, 2000)
MEDIX RESOURCES, INC.
---------------------
(Exact name of registrant as specified in its charter)
Colorado 000-24768 84-1123311
- ----------------------- ------------ -----------
(State or other
jurisdiction of incorporation (Commission File Number) (I.R.S. Employer
or organization) Identification No.)
7100 East Belleview Avenue, Suite 301
Englewood, Colorado 80111
-------------------------
(Address of principal executive offices)
(303) 741-2045
--------------
(Registrant's telephone number, including area code)
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) The registrant is filing the required pro forma information in
connection with the disposition of its remaining staffing
businesses as described in Item 2 previously reported on Form
8-K dated February 19, 2000, on this amendment to Form 8-K.
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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.
MEDIX RESOURCES, INC.
Date: May 2, 2000 By:/s/Patricia A. Minicucci
------------------------
Patricia A. MInicucci
Executive Vice President
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MEDIX RESOURCES, INC.
UNAUDITED PRO FORMA STATEMENT OF
OPERATIONS AND UNAUDITED PRO FORMA
BALANCE SHEET
The following unaudited pro forma statement of operations for the year ended
December 31, 1999 and the unaudited pro forma balance sheet as of December 31,
1999, give effect to the sale of the remaining staffing businesses of Medix
Resources, Inc to Medical Staffing Network, Inc.. The unaudited pro forma
statement of operations has been prepared as if the proposed transaction
occurred on January 1, 1999. The unaudited pro forma balance sheet has been
prepared as if the proposed transaction occurred December 31, 1999. These pro
forma statements are not necessarily indicative of the results of operations or
the financial position as they may be in the future or as they might have been
had the transactions become effective on the above mentioned dates.
The unaudited pro forma statement of operations for the year ended December 31,
1999 includes the results of operations of Medix Resources, Inc., excluding its
discontinued staffing business segment.
The unaudited pro forma statement of operations and the unaudited pro forma
balance sheet should be read in conjunction with the historical financial
statements and notes thereto of Medix Resources, Inc.
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MEDIX RESOURCES, INC.
Notes to Unaudited Pro Forma Combined Financial Statements
The following notes and adjustments are related to the staffing business
disposition be Medix Resources, Inc.
1. To record the sale of the staffing business segment of Medix Resources,
Inc. (Medix), in connection with the sale to Medical Staffing Network,
Inc. (MSN) on February 19, 2000. Medix received $500,000 in cash and a
$500,000 subordinated promissory note providing interest at Prime plus 1%.
The note matures May 19, 2001.
The following gain was reported by Medix in connection with the sale:
(Unaudited)
Sales price $1,000,000
Accounts receivable collection costs (100,000)
--------
900,000
Assets acquired by MSN
Property and equipment (91,000)
Deposits (15,000)
Liabilities assumed by MSN
Accounts payable 3,000
Accrued liabilities 19,000
--------
Net gain on disposal $816,000
========
2. To record collection costs on the Companies remaining staffing
receivables, which will be collected by MSN and remitted to Medix. Medix
will be required to pay 10% of the collected balance of its staffing
receivables, which are estimated to be $100,000.
3. To eliminate the results of the discontinued staffing business segment.
4. To record interest income at 9.5% on the subordinated note receivable
from MSN.
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<TABLE>
<CAPTION>
MEDIX RESOURCES, INC.
Unaudited Pro Forma Balance Sheet
As of December 31, 1999
Medix Debit Credit Totals
----- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Assets
Cash $1,230,000 $500,000 (1) $ - $1,730,000
Prepaid expenses and 233,000 - (15,000) (1) 218,000
other
Accounts receivable, net 943,000 - (100,000) (2) 843,000
------- -------- -------- --------
Total current assets 2,406,000 500,000 (115,000) 2,791,000
--------- -------- -------- ---------
Property and equipment, 206,000 (91,000) (1) 115,000
net
Note receivable 500,000 (1) - 500,000
Intangible assets 2,017,000 - - 2,017,000
--------- -------- ------- ---------
Total assets $4,629,000 $1,000,000 $(206,000) $5,423,000
========== ========== ========= ==========
Liabilities and
Shareholders' Equity
Current portion of $84,000 $ - $ - $ 84,000
long-term debt
Line of credit 484,000 - - 484,000
Accounts payable 260,000 3,000 (1) - (1) 257,000
Accrued expenses 523,000 19,000 (1) - (1) 504,000
Accrued payroll taxes,
interest and 502,000 - - 502,000
------- -------- ------- --------
penalties
Total current 1,853,000 22,000 - 1,831,000
--------- -------- ------- ---------
liabilities
Long-term debt 400,000 - - 400,000
------- -------- ------- --------
Shareholders' equity
Common stock 27,000 - - 27,000
Preferred stock 3,000 - - 3,000
Additional 20,329,000 - - 20,329,000
paid-in-capital
Dividends payable in 25,000 - - 25,000
common stock
Accumulated deficit (18,008,000) - (816,000) (1) (17,192,000)
---------- -------- ------- ----------
Total shareholders'
equity 2,376,000 - (816,000) 3,192,000
--------- -------- -------- ---------
Total liabilities
and equity $4,629,000 $ 22,000 $(816,000) $5,423,000
========== ======== ========= ==========
</TABLE>
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<TABLE>
<CAPTION>
MEDIX RESOURCES, INC.
Unaudited Pro Forma Statement of Operations
For the Year Ended December 31, 1999
Pro Forma Adjustments
----------------------
Medix Debit Credit Totals
----- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Revenues $10,836,000 $10,812,000 (3) $ $ 24,000
Direct costs of services 8,474,000 - (8,472,000) (3) 2,000
--------- ---------- --------- --------
Gross Margin 2,362,000 10,812,000 8,472,000 22,000
--------- ---------- --------- --------
Operating expenses
Selling, general and 6,566,000 (2,193,000) (3) 4,373,000
administration --------- ---------- ---------
Total operating expenses 6,566,000 (2,193,000) 4,373,000
--------- ---------- ---------
Loss from operations (4,204,000) 10,812,000 6,279,000 (4,351,000)
---------- ---------- --------- ---------
Gain on disposal of
staffing business
segment - (816,000) (1) 816,000
Interest income - (47,500) (4) 47,500
Interest expense (643,000) (446,000) (3) (197,000)
---------- ---------- -------- --------
Net loss $(4,847,000) $10,812,000 $5,017,000 $(3,684,500)
=========== ========== ========= =========
Basic earnings per share $ (.30) $ (.25)
=========== ===========
Weighted average pro
forma shares
outstanding - basic 23,384,737 23,384,737
=========== ===========
Diluted loss per share $ (.30) $ (.25)
=========== ============
Weighted average pro
forma shares
outstanding - diluted 23,384,737 23,384,737
=========== ===========
</TABLE>
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