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Previous: PRODUCTIVITY TECHNOLOGIES CORP /, SC 13G, 1998-02-19 |
Next: NATURAL HEALTH TRENDS CORP, DEF 14A, 1998-02-19 |
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) February 19, 1998
NATURAL HEALTH TRENDS CORP.
(Exact name of Registrant as specified in its charter)
Florida 0-25238 59-2705336
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
2001 West Sample Road, Suite 318, Pompano Beach, Florida 33064
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 969-9771
n/a
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events .
The NASDAQ Stock Market, Inc. has requested that Natural Health Trends
Corp. (the "Company") file this Current Report on Form 8-K, including unaudited
Financial Statements set forth below.
The following consolidated statement of operations for the year ended
December 31, 1997 and the consolidated balance sheet at December 31, 1997, are
derived from the unaudited Financial Statements of the Company, which have been
prepared on a basis consistent with the audited Financial Statements of the
Company and, in the opinion of management, include all adjustments, consisting
of normal recurring adjustments, necessary for a fair presentation of the
Company's financial position and results of operations. However, the Financial
Statements have not been audited by the Company's independent certified public
accountants and the Company's audited Financial Statements may contain material
differences. In addition, the Financial Statements set forth herein do not
contain notes to the Financial Statements which would appear in the Company's
audited Financial Statements.
<PAGE>
<TABLE>
NATURAL HEALTH TRENDS CORP.
CONSOLIDATED BALANCE SHEET
December 31, 1997
(UNAUDITED)
<CAPTION>
ASSETS
CURRENT ASSETS:
<S> <C>
Cash $ 124,320
Restricted cash 250,000
Accounts receivable 1,988,432
Inventories 1,049,253
Due from officers 142,442
Due from affiliate ---------
Prepaid expenses and other current assets 390,128
TOTAL CURRENT ASSETS 3,944,575
PROPERTY, PLANT AND EQUIPMENT 3,355,178
DEPOSITS AND OTHER ASSETS 6,966,397
---------
TOTAL ASSETS: $ 14,266,150
================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,033,488
Accrued expenses 1,195,224
Revolving credit line 217,422
Accrued Expenses for Discontinued Operations 338,446
Current portion of long term debt 1,737,590
Deferred revenue 1,099,790
Current portion of accrued consulting contract 246,607
Other current liabilities 257,447
TOTAL CURRENT LIABILITIES 8,126,014
LONG-TERM DEBT 2,596,923
DEBENTURES PAYABLE 183,267
ACCRUED CONSULTING CONTRACT 113,524
ACCRUED EXPENSES DISCONTINUED OPERATIONS 9,552
COMMON STOCK SUBJECT TO PUT 380,000
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value, 1,500,000 shares authorized; 2,200 shares
issued and outstanding 1,900,703
Common stock, $.001 par value; 40,000,000 shares authorized;
30,325,435 shares issued and outstanding at December 31, 1997 30,290
Additional paid-in capital 11,890,648
Retained earnings (accumulated deficit) (10,571,021)
Common stock subject to put (380,000)
Prepaid stock compensation (13,750)
TOTAL STOCKHOLDERS' EQUITY 2,856,870
$ 14,266,150
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NATURAL HEALTH TRENDS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
REVENUES $ 6,968,926
COST OF SALES 2,746,904
GROSS PROFIT 4,222,023
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 7,411,642
NON-CASH IMPUTED COMPENSATION EXPENSE 400,000
LITIGATION SETTLEMENT 118,206
OPERATING INCOME (LOSS) (3,707,826)
OTHER INCOME (EXPENSE):
Interest (net) (964,099)
Other (103,000)
Miscellaneous Revenue 21,839
----------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX (4,753,086)
PROVISION FOR INCOME TAX ---
INCOME (LOSS) FROM CONTINUED OPERATIONS (4,753,086)
DISCONTINUED OPERATIONS:
Income (Loss) From Discontinued ----
Operations (1,993,174)
(Loss) On Disposal (657,381)
------------
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (2,650,555)
NET INCOME (LOSS) $ (7,403,641)
=============
INCOME (LOSS) PER COMMON SHARE:
Continued Operations (0.27)
Discontinued Operations (0.15)
NET INCOME (LOSS) PER COMMON SHARE (0.43)
WEIGHTED AVERAGE COMMON SHARES USED 17,370,585
</TABLE>
<PAGE>
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.
Dated: February 19, 1998
NATURAL HEALTH TRENDS CORP.
(Registrant)
By: ______________________________
Neal R. Heller
President
<PAGE>
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