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Previous: CASH RESOURCE TRUST /MA/, N-30D, 1996-10-02 |
Next: WILD OATS MARKETS INC, S-1/A, 1996-10-02 |
<PAGE> 1
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) September 20, 1996
------------------
CD RADIO INC.
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware
----------------------------------------------
(State or Other Jurisdiction of Incorporation)
0-24710 52-1700207
------------------------ --------------------------------
(Commission File Number) (IRS Employer Identification No.)
Sixth Floor, 1001 22nd Street, N.W.
Washington, D.C. 20037
- --------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (202) 296-6192
--------------
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Page 1 of 7 Pages
Exhibit Index on Page 4
<PAGE> 2
ITEM 5. OTHER EVENTS
During September 1996, warrants were exercised for the purchase of
752,631 shares of the Company's common stock. In connection with these
exercises, the Company received cash in the amount of $4,353,288.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Unaudited Consolidated Financial Statements for CD Radio Inc. and
Subsidiary (A Development Stage Enterprise) including:
Unaudited Consolidated Balance Sheet as of August 31, 1996
Unaudited Consolidated Statement of Operations for the eight
months ended August 31, 1996
Notes to Unaudited Financial Statements
Page 2 of 7 Pages
<PAGE> 3
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.
CD RADIO INC.
Date October 1, 1996 By /s/ David Margolese
------------------------------------
David Margolese
Chairman of the Board and Chief
Executive Officer
Page 3 of 7 Pages
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit
Number Exhibit Page
- ------ ------- ----
<S> <C> <C>
99 Unaudited Consolidated Financial Statements for CD Radio 5
Inc. and Subsidiary (A Development Stage Enterprise)
</TABLE>
Page 4 of 7 Pages
<PAGE> 1
Exhibit Index
<TABLE>
<CAPTION>
Exhibit
Number Exhibit Page
- ------ ------- ----
<S> <C> <C>
99 Unaudited Consolidated Financial Statements for CD Radio 5
Inc. and Subsidiary (A Development Stage Enterprise)
</TABLE>
Page 4 of 7 Pages
<PAGE> 2
CD RADIO INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED BALANCE SHEET
AS OF AUGUST 31, 1996
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 1,137,390
Prepaid expenses and other 68,628
-------------
Total current assets 1,206,018
-------------
Property and equipment, at cost:
Technical equipment 254,200
Office equipment and other equipment 89,220
Demonstration equipment 38,664
-------------
382,084
Less accumulated depreciation (196,069)
-------------
186,015
Deposits 303,793
-------------
Total Assets $ 1,695,826
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 6,062
Other 22,799
-------------
Total current liabilities 28,861
Loan from officer 240,000
Deferred rent and other 65,503
-------------
Total liabilities 334,364
-------------
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000,000 shares
authorized: none issued or outstanding
Common stock, $0.001 par value: 50,000,000 shares 9,473
authorized: 9,472,760 issued and outstanding
Additional paid-in capital 18,715,706
Accumulated deficit (17,257,050)
Deferred compensation on stock options granted (106,667)
-------------
Total stockholders' equity 1,361,462
Total liabilities and stockholders' equity $ 1,695,826
=============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
Page 5 of 7 Pages
<PAGE> 3
CD RADIO INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE EIGHT MONTHS ENDED AUGUST 31, 1996
(UNAUDITED)
<TABLE>
<S> <C>
Revenue $ ---
Expenses
Legal, consulting and regulatory fees 729,528
Other general and administrative 795,864
Research and development 71,007
----------------
Total expenses 1,596,399
----------------
Other income (expense)
Interest income 57,765
Interest expense (13,151)
----------------
44,614
----------------
Net loss $ (1,551,785)
================
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements
Page 6 of 7 Pages
<PAGE> 4
CD RADIO INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE ENTERPRISE)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AUGUST 31, 1996
(UNAUDITED)
General
The accompanying financial statements do not include all of the
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles. In the
opinion of management, all adjustments (consisting only of normal, recurring
adjustments) considered necessary to fairly reflect the Company's consolidated
financial position and consolidated results of operations have been included.
Subsequent event
During September 1996, warrants were exercised for the purchase of
752,631 shares of the Company's common stock. In connection with these
exercises, the Company received cash in the amount of $4,353,288. If the
exercise had taken place at August 31, 1996, the Company's cash and cash
equivalents and total assets at that date would have been $5,490,678 and
$6,049,114, respectively.
Page 7 of 7 Pages
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