U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB/A-1
This amendment revises the entries for "Deferred Loan Costs" under the
caption "Other Assets" of the Balance Sheet.
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended February 28, 1998 Commission File Number1-13776
GreenMan Technologies, Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 71-0724248
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
7 Kimball Lane, Building A, Lynnfield, MA
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (781) 224-2411
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the issuer (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___
Number of shares outstanding as of March 23, 1998
Common Stock, $.01 par value, 3,045,258 shares
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GreenMan Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheet
May 31, February 28,
1997 1998
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ASSETS
Current assets:
Cash and cash equivalents $ 104,193 $ 365,736
Accounts receivable, trade, less allowance for doubtful accounts of $23,772 and
$72,004 as of May 31, 1997 and February 28, 1998 550,644 973,561
Inventory 553,688 407,017
Other current assets 204,155 918,008
------------ ------------
Total current assets 1,412,680 2,664,322
Property,plant and equipment, at cost (Note 5): ------------ ------------
Land 223,785 857,482
Buildings 91,400 2,482,571
Machinery and equipment 3,545,573 7,275,051
Furniture and fixtures 89,792 81,262
Motor vehicles 64,822 1,734,377
Leasehold improvements 975,116 52,626
------------ ------------
5,809,488 12,483,369
Less accumulated depreciation and amortization (888,445) (712,838)
------------ ------------
4,921,043 11,770,531
Other assets: ------------ ------------
Equipment deposits (Note 6) 862,711 2,711
Acquisition deposit (Note 4) 650,000 --
Deferred financing costs (Notes 7 and 9) 1,198,899 775,975
Deferred loan costs (Note 8) -- 313,055
Goodwill, net 415,398 475,513
Non-competition agreement, net 155,557 68,056
Licensing fee 91,667 84,170
Investment in joint venture (Note 6) -- 400,000
Other 77,575 136,586
------------ ------------
3,451,807 2,256,066
------------ ------------
$ 9,785,530 $ 16,690,919
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Convertible note payable,related party (Note 9) $ 1,200,000 $ --
Notes payable, related parties 58,829 38,516
Notes payable, bank, current portion 37,910 69,361
Notes payable, current portion (Note 8) -- 731,576
Line of credit (Note 8) -- 204,678
Accounts payable 815,631 1,035,663
Accrued expenses, other 1,270,682 1,913,314
Obligations under capital leases, current (Notes 4, 5 and 10) 1,045,726 1,981,593
------------ ------------
Total current liabilities 4,428,778 5,974,701
Convertible notes payable (Note 7) 2,200,000 1,922,966
Convertible notes payable, related parties, non-current portion (Note 9) 640,000 1,026,000
Notes payable, related parties, non-current portion 24,371 --
Notes payable, bank, non-current portion 474,678 417,627
Notes payable, non-current portion (Note 8) -- 2,782,246
Obligations under capital leases (Notes 4,5 and 10) 894,238 2,901,999
------------ ------------
Total liabilities 8,662,065 15,025,539
Stockholders' equity (Note 7): ------------ ------------
Preferred stock, $1.00 par value, 1,000,000 shares authorized, no shares issued
and outstanding -- --
Common stock, $.01 par value, 20,000,000 shares authorized; 1,374,659 and
2,783,272 shares issued and outstanding at May 31, 1997 and February 28, 1998 13,747 27,833
Additional paid-in capital 11,814,651 16,867,612
Accumulated deficit (10,704,933) (15,230,065)
------------ ------------
Total stockholders' equity 1,123,465 1,665,380
------------ ------------
$ 9,785,530 $ 16,690,919
============ ============
See accompanying notes to unaudited condensed consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934 , the
Registrant certifies that it has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
By: GreenMan Technologies, Inc.
/s/ Robert H. Davis
Robert H. Davis
Chief Executive Officer
Signature Title(s) Date
--------- -------- ----
/s/ Robert H. Davis Chief Executive Officer April 30, 1998
Robert H. Davis (Principal Executive Officer)
/s/ Charles E. Coppa Acting Chief Financial Officer April 30, 1998
Charles E. Coppa Assistant Secretary (Principal
Financial Officer and Principal
Accounting Officer)