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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) APRIL 13, 1998
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DIASYS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-24974 06-1339248
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(State or Other Jurisdiction (Commission (IRS EIN)
of Incorporation) File Number)
49 LEAVENWORTH STREET, WATERBURY CT 06702
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 755-5083
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NONE
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(Former Name Or Former Address, If Changed Since Last Report)
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<PAGE>
ITEM 5. OTHER EVENTS.
On February 11, 1998 the Company reported that its common stock and common stock
purchase warrants would continue to be listed on the Nasdaq SmallCap Market via
a temporary exception from the net tangible asset requirement. The Company said
that it was granted a temporary exception from the net tangible asset standard
based upon the Company's plan to resume compliance in the near future.
On April 13, 1998, the Company reported that it received and hereby reports
proceeds of $2,337,165 from the exercise of 519,340 of its publicly traded
common stock purchase warrants.
Attached hereto at Exhibits 99.1 and 99.2, respectively, are a pro forma balance
sheet and statement of operations as of February 28, 1998 showing, among other
things, compliance with Nasdaq's net tangible asset requirement of $3,000,000.
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.
DiaSys Corporation
By /s/ TODD M. DEMATTEO
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Todd M. DeMsatteo
President, Chief Executive
Officer and Director
Date: April 13, 1998
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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99.1 Registrant's Pro Forma Balance Sheet for
the Period Ended February 28, 1998
99.2 Registrant's Pro Forma Operating Statement
for the Period Ended February 28, 1998
DIASYS CORPORATION
(A DEVELOPMENT STAGE CORPORATION)
PRO FORMA
AS OF
02/28/98
(UNAUDITED)
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ASSETS
Current Assets
Cash and equivalents ..................................... $2,454,081 (1)
Accounts Receivable, less allowance for doubtful
accounts of $19,000 .................................... 155,730
Inventories .............................................. 509,135
Prepaid expenses and other assets ........................ 19,353
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Total Current Assets ............................... 3,138,299
Equipment, Furniture and Fixtures less accumulated
depreciation............................................ 87,830
Patent, less accumulated amortization..................... 65,432
Deferred Offering Costs................................... 43,654
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TOTAL ASSETS........................................ 3,335,215
LIABILITIES AND STOCKHOLDER EQUITY
Current Liabilities
Accounts Payable ........................................ 140,796
Accrued Expenses......................................... 1,362
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Total Current Liabilities.......................... 142,158
Stockholder's Equity
Common Stock $.001 par value:
Authorized 10,000,000, issued 2,933,620 at 02/28/98 ... 2,934 (1)
Additional Paid in Capital............................... 8,462,444 (1)
Deficit Accumulated during the developmental stage....... (5,272,321)
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Total Stockholder's Equity......................... 3,193,057
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY........... 3,335,215
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(1) Includes proceeds of $2,337,165 from the exercise of 519,370 publicly
traded common stock purchase warrants.
DIASYS CORPORATION
(A DEVELOPMENT STAGE CORPORATION)
STATEMENT OF OPERATIONS
PRO FORMA
02/28/98
(UNAUDITED)
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Sales of workstations and related supplies ................ 39,356
Cost of goods sold ........................................ 9,839
Gross Profit .............................................. 29,517
% of Gross Profit ......................................... 75.00%
OPERATING EXPENSES
Selling ................................................... 107,910
General & Administrative .................................. 48,330
Investment Banking advisory services ...................... 0
Research & Development .................................... 3,302
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159,542
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Income/(Loss) from operations ............................. (130,025)
Interest Income ........................................... 3,989
Net Income/(Loss) ......................................... (126,036)
