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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
April 28, 1999
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Date of Report (Date of earliest event reported)
Internet Commerce Corporation
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(Exact name of registrant as specified in its charter)
Delaware 000-24996 13-3645702
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification
Incorporation No.)
805 Third Avenue, New York, NY 10022
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(Address of principal executive offices) (Zip Code)
212-271-7640
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Registrant's telephone number, including area code
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Former name or former address, if changed since last report)
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Item 5. Other Events
This report is filed pursuant to a request by The Nasdaq-
Amex Market Group, Inc. for the Registrant to demonstrate that it
currently meets the net capital requirement of the Nasdaq
SmallCap Market. Included as Exhibit 99.1 hereto is an unaudited
actual balance sheet as at March 31, 1999 and an unaudited pro
forma balance sheet as at March 31, 1999, showing the effect
of the Registrant's recent private bridge financing, bridge note
exchange offer and private placement of preferred stock. The
information presented on the attached balance sheets has
not been audited by independent accountants, but includes all
adjustments (consisting of normal recurring accruals) which are,
in the opinion of management, necessary for a fair presentation
thereof. The balance sheet at March 31, 1999 is unaudited and
but does not include all the footnotes required by generally accepted
accounting principles for complete financial statements. For
further information, refer to the audited financial statements
and footnotes thereto included in the Form 10-KSB for the
Company's fiscal year ended July 31, 1998 and Form 10-QSB for the
Company's quarter ended January 31, 1999.
Item 7. Financial Statements and Exhibits.
Exhibits
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99.1 Unaudited Balance Sheet and Pro Forma Balance Sheet
as of March 31, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this Report
to be signed on its behalf by the undersigned thereunto duly
authorized.
INTERNET COMMERCE CORPORATION
By:
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Richard Berman, President and
Chief Executive Officer
Dated: April 27, 1999
EXHIBIT INDEX
Exhibit Page
No. Description No.
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99.1 Unaudited Balance Sheet and Pro Forma Balance
Sheet as of March 31, 1999.
INTERNET COMMERCE CORPORATION
(a development stage company)
Balance Sheets
Pro forma
Actual Forecast
March 31, March 31,
1999 1999
(Unaudited) (Unaudited)
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ASSETS
Current assets:
Cash and cash equivalents $ 492,880 $ 5,892,880
Accounts receivable 12,768 12,768
Prepaid expenses and other assets 28,102 28,102
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Total current assets 533,750 5,933,750
Fixed Assets 416,902 416,902
Software development costs 713,851 713,851
Other Assets 2,700 2,700
Goodwill, net 391,986 391,986
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$ 2,059,189 $ 7,459,189
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LIABILITIES
Current liabilities:
Accounts payable $ 25,336 $ 25,336
Bridge notes, net of debt discount 1,603,732 -
Capital lease obligation 94,472 94,472
Accrued expenses 371,034 371,034
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Total current liabilities 2,094,574 490,842
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Capital lease obligation
-less current portion 132,168 132,168
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Total liabilities 2,226,742 623,010
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Redeemable Common Stock 5,729 5,729
STOCKHOLDERS' EQUITY
Preferred stock - par value $.01 per
share, 5,000,000 shares authorized.
Series A - 0 shares issued and
outstanding at March 31, 1999
Actual and 8,595 shares issued and
outstanding at March 31, 1999
Pro forma. 0 86
Series S - 175 shares issued and
outstanding. 2 2
Common Stock
Class A - par value $.01 per share,
40,000,000 shares authorized, one
vote per share; 1,313,437 shares
issued and outstanding. 13,038 13,038
Class B - par value $.01 per share,
2,000,000 shares authorized, six
votes per share; 184,954 shares
issued and outstanding. 1,944 1,944
Additional paid-in capital 17,775,904 24,779,550
(Deficit) accumulated during
development stage (17,964,170) (17,964,170)
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Total stockholders' equity (173,282) 6,830,450
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Total liabilities and
stockholders' equity $ 2,059,189 $ 7,459,189
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Total assets 7,459,189
Less : Goodwill, net (391,986)
Less total liabilities (623,010)
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Net tangible asset balance 6,444,193
