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 April 2, 1998
COMMISSION FILE NO. 0-24812
BRASSIE GOLF CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 56-1781650
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(State or other jurisdiction (I.R.S. Employer Identification No.)
incorporation or organization)
One Tampa City Center, Suite 200, Tampa, FL 33602
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(Address of principal executive offices)
(813) 222-0611
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(Registrant's telephone number, including area code)
Check whether the registrant: (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes |X| No |_|
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BRASSIE GOLF CORPORATION
FORM 8 - K
TABLE OF CONTENTS
Item 1. Changes in Control of Registrant - None
Item 2. Acquisition or Disposition of Assets - None
Item 3. Bankruptcy or Receivership - None
Item 4. Changes in Registrant's Certifying Accountant - None
Item 5. Other Events.....................................................Page 3
Item 6. Resignations of Registrant's Directors - None
Item 7. Financial Statements and Exhibits................................Page 3
Signatures................................................................Page 7
Page 2 of 7
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ITEM 5. Other Events
The purpose of this current report on Form 8-K/A is to file the unaudited
pro forma combined condensed financial statements and related notes thereto,
which are in connection with the sale of the Company's leasehold interest in the
golf course assets at The Gauntlet at Curtis Park ("Curtis Park") for $5,400,000
of which approximately $4,800,000 was used to reduce the Company's debt.
Item 7. Financial Statements and Exhibits
Financial Statements
BRASSIE GOLF CORPORATION
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Unaudited)
The following unaudited pro forma condensed consolidated balance sheet is
presented as if Curtis Park was sold on March 31, 1998 and should be read in
conjunction with the pro forma condensed consolidated statements of operations
by the Company for the three months ended March 31, 1998.The pro forma condensed
consolidated balance sheet is unaudited and is not necessarily indicative of the
actual financial position of the Company had the transaction actually occurred
on March 31, 1998 nor does it represent the future financial condition of the
Company.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Brassie Golf Brassie Golf
Combined Combined
Historical (a) Curtis Park (b) Pro Forma
------------------ -------------------- --------------
Current assets:
Cash (deficit) $ (148,362) $ 263,434 $ 115,072
Cash restricted 126,012 (126,012)
Accounts and notes receivable 429,577 (63) 429,514
Accounts receivable from related
parties 25,358 25,358
Inventories and other current assets 892,494 (170,494) 722,000
------------------ -------------------- --------------
Total current assets 1,325,079 (33,135) 1,291,944
Property and equipment, net 7,169,858 (4,416,950) 2,752,908
Goodwill, net 325,729 325,729
Intangible assets, net 651,627 (177,590) 474,037
------------------ -------------------- --------------
Total assets $ 9,472,293 $ (4,627,675) $ 4,844,618
================== ==================== ==============
</TABLE>
Page 3 of 7
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BRASSIE GOLF CORPORATION
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Brassie Golf Brassie Golf
Combined Combined
Historical (a) Curtis Park(b) Pro Forma
-------------------- ------------------ -----------------
Liabilities And Shareholders Equity:
Accounts payable and accrued
expenses $ 1,160,892 $ (323,556) $ 837,336
Accrued interest payable 76,818 (61,025) 15,793
Income tax payable 181,793 181,793
Mortgages and notes payable 5,878,668 (4,766,894) 1,111,774
Accrued discount on convertible
debentures 51,489 51,489
Shareholders' Equity:
Preferred Stock 283 283
Common Stock 48,344 48,344
Additional paid-in capital 33,421,991 33,421,991
Accumulated deficit (31,028,264) 523,800 (30,504,464)
Less cost of Convertible
Preferred Stock held in
Treasury, 281,250 shares (210,937) (210,937)
Foreign currency translation
adjustment (108,784) (108,784)
------------------- ------------------ -----------------
Total shareholders' equity 2,122,633 523,800 2,646,433
------------------- ------------------ -----------------
Total liabilities and shareholders' $9,472,293 $(4,627,675) $ 4,844,618
equity =================== ================== =================
</TABLE>
Notes to the unaudited pro forma condensed consolidated balance sheet:
(a) Represents the Company's historical balance sheet contained in the
Company's Quarterly Report on Form 10-QSB for the quarter ended March
31, 1998.
(b) Represents the historical balance sheet of Curtis Park as of March 31,
1998, as adjusted for the Company's gain on the sale of assets.
Page 4 of 7
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BRASSIE GOLF CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Unaudited)
The following unaudited pro forma condensed consolidated statement of
operations is presented as if Curtis Park was sold as of January 1, 1998
and should be read in conjunction with the pro forma condensed consolidated
balance sheet of the Company. The pro forma condensed consolidated
statement of operations is unaudited and is not necessarily indicative of
the actual operations of the Company had the transaction actually occurred
on January 1, 1998, nor does it purport to represent the future operating
results of the Company.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Brassie Golf Brassie Golf
Combined Sale of Pro Forma Combined
Historical(a) Curtis Park (b) Adjustments (c) Pro Forma
------------------ ----------------- ----------------- ---------------
Operating Revenues $ 137,468 $ (130,530) $ - $ 6,938
Operating Expenses (1,359,857) 247,018 (1,112,839)
Depreciation & Amortization (85,322) 72,421 (12,901)
------------------ ----------------- ----------------- ---------------
Operating Loss (1,307,711) 188,909 (1,118,802)
Interest Expense (206,131) 73,542 (132,589)
Other Income (Expense) (338,146) - 523,800 185,654
------------------ ----------------- ----------------- ---------------
Net Loss Before Extraordinary Items $ (1,851,988) $ 262,451 $ 523,800 $ (1,065,737)
================== ================= ================= ===============
Net Loss Per Share Before
Extraordinary Item $ (.04) $ (.02)
=================== ===============
Weighted Average Shares Outstanding 46,756,200 46,756,200
=================== ===============
</TABLE>
Notes to the Unaudited pro forma condensed consolidated statement of operations
(a) Represents the Company's historical statement of operations contained in
its quarterly report on form 10-QSB for the Three months ended March 31,
1998.
(b) Reflects the historical statement of operations of Curtis Park for the
three months ended March 31, 1998.
(c) Reflects the Company's gain on the sale of Curtis Park.
Page 5 of 7
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BRASSIE GOLF CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
The following unaudited pro forma condensed consolidated
statement of operations is presented as if Curtis Park was sold as
of January 1, 1997 and should be read in conjunction with the pro
forma condensed consolidated balance sheet of the Company. The
pro forma condensed consolidated statement of operations is
unaudited and is not necessarily indicative of the actual
operations of the Company had the transaction occurred on January
1, 1997, nor does it purport to represent the future operations
of the Company.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Brassie Golf Brassie Golf
Combined Sale of Pro Forma Combined
Historical(a) Curtis Park(b) Adjustments(c) Pro Forma
------------------ ------------------- ------------ ----------------
Operating Revenues $ 4,093,599 $ (1,566,144) $ - $ 2,527,455
Operating Expenses (5,788,985) 1,071,830 (4,717,155)
Depreciation & Amortization (871,222) 463,305 (407,917)
------------------ ------------------- ------------ ----------------
Operating Loss (2,566,608) (31,009) (2,597,617)
Interest Expense (683,755) 282,674 (401,081)
Loss on sale of subsidiaries (1,826,164) - (1,826,164)
Other Income (Expense) (910,507) - 523,800 (386,707)
----------------- ----------------- ------------ ----------------
Net Loss Before Extraordinary Item $ (5,987,034) $ 251,665 $ 523,800 $ (5,211,569)
================= ================= ============ ================
Net Loss Per Share Before
Extraordinary Item $ (.22) $ (.18)
================= ================
Weighted Average Shares Outstanding 29,724,100 29,724,100
================= ================
</TABLE>
Notes to the unaudited pro forma condensed consolidated statement of operations.
(a) Represents the Company's historical statement of operations contained in
its Annual Report on From 10-KSB for the year ended December 31, 1997.
(b) Reflects the historical statement of operations of Curtis Park for the year
ended December 31, 1997.
(c) Reflects the Company's gain on the sale of Curtis Park.
Page 6 of 7
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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 herein duly authorized.
BRASSIE GOLF CORPORATION
By: /s/ Clifford F. Bagnall
-------------------------
Clifford F. Bagnall
Chief Financial Officer
Date: May 26, 1998
Page 7 of 7
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