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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB/A
(Mark One)
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly period ended September 30, 1997
or
[ ] Transition Report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File number 000-21907
Racom Systems, Inc.
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(Exact name of small business issuer as specified in it charter)
Delaware 84-1182875
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
6080 Greenwood Village, CO
Greenwood Village, CO 80111
(Address of principal executive offices)
(303) 771-2077
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 No X
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There are 13,192,532 shares of the registrant's common stock, $.01 par
value outstanding as of September 30, 1997.
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RACOM SYSTEMS, INC.
FORM 10-QSB/A
INDEX
Part II Other Information and Signatures
Item 2. Changes in Securities and Use of Proceeds
On March 12, 1997, the Company completed its Initial Public Offering ("IPO").
Gross proceeds from the IPO were $7,125,000. Net proceeds from the IPO were
$5,942,568. Of the total offering expenses, $855,000 was paid directly to
Spencer Edwards, Inc., the Underwriter, for expenses and commissions.
The Company used the proceeds from the IPO to repay outstanding debt and
accrued interest of $2,126,103 ($999,410 to Intag International Limited, and
$96,865 to Ramtron International Corporation); to repay outstanding accounts
payable of $545,098 to related parties ($483,345 to Ramtron International
Corporation) primarily for materials purchases; and to purchase and install
machinery and equipment of $45,756. A reasonable estimate for the Company's
use of proceeds related to sales and marketing activities is $537,141; for
research and development activities is $573,527; and for working capital is
$1,076,672. The balance of the proceeds of $1,038,271 is held as a temporary
investment.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized in Greenwood Village, Colorado on February 25, 1998.
Racom Systems, Inc.
/s/ Lillian V. Burkey
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Lillian V. Burkey
Controller
/s/ Richard L. Horton
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Richard L. Horton
President and Chief Executive Officer
February 25, 1998
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