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) August 19, 1998
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HEALTHRITE, INC.
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(Exact name of small business issue in its charter)
Delaware 0-23016 13-3714405
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(State of Incorporation) Commission (I.R.S. Employer I.D.)
File Number
11445 Cronhill Drive, Owings Mills, MD 21117
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(Address of principal executive offices & zip code)
(410) 581-8042
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Registrant's telephone number, include area code
N/A
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Former Name or Former address if changed since last report
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5. Other Events.
As a result of the previously announced Private Placement Offering which closed
on July 24, 1998, the Balance Sheet of the Registrant has significantly changed
and is attached as part of Item 7.
7. Financial Statements and Exhibits
HealthRite, Inc.
Condensed Consolidated Balance Sheet
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<CAPTION>
July 31, 1998 December 31, 1997
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(Unaudited)
<S> <C> <C>
ASSETS
Current Assets
Cash $ 1,351,000 $ 255,000
Accounts receivable net of allowance 1,732,000 1,112,000
Merchandise inventory 2,395,000 2,397,000
Prepaid expenses and other assets 525,000 266,000
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Total Current Assets 6,003,000 4,030,000
Property, plant and equipment - net 2,956,000 2,674,000
Other assets 209,000 240,000
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TOTAL ASSETS 9,168,000 6,944,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current maturities of long-term obligations 630,000 333,000
Accounts payable and accrued expenses 2,758,000 1,623,000
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Total Current Liabilities 3,388,000 1,956,000
Long-term obligations and capital leases 2,620,000 2,198,000
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Total Liabilities 6,008,000 4,154,000
Commitments and Contingencies
Redeemable convertible 8% preferred stock;
par value $.001; 2,000,000 authorized;
432,500 issued and outstanding 763,000 774,000
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Stockholders' Equity
Common stock: par value $.001 per share
authorized 4,438,151 issued at June 30, 1998
and 4,400,198 issued at December 31, 1997 5,000 4,000
Additional paid-in capital 8,176,000 7,141,000
Accumulated deficit (5,784,000) (5,129,000)
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Total Equity 2,397,000 2,016,000
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 9,168,000 $ 6,944,000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Regristrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 19, 1998 /s/ Bradley T. MacDonald
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Bradley T. MacDonald
Chairman & CEO
