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): June 30, 1998
GREENMAN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13776 71-0724248
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
7 Kimball Lane
Building A
Lynnfield, Massachusetts 01940
(Address of principal executive offices, including zip code)
(781) 224-2411
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Continued Listing on Nasdaq
By letter dated June 8, 1998, The Nadsaq Stock Market, Inc. ("Nasdaq")
advised GreenMan Technologies, Inc. (the "Company") that it would continue the
Company's listing on The Nasdaq SmallCap Market because it appeared that the
Company had regained compliance with the independent directors, audit committee
and bid price requirements set forth in the NASD Marketplace Rules. In addition,
Nasdaq advised the Company that the Company's continued listing on The Nasdaq
SmallCap Market would be subject to the Company's filing on or before June 30,
1998, a pro forma balance sheet as of April 30, 1998 showing that the Company
had a minimum of $3,500,000 in net tangible assets. In accordance with the
foregoing request, the Company is submitting herewith the Company's Unaudited
April 30, 1998 Balance Sheet that includes pro forma adjustments for significant
events and transactions that have occurred since that date.
Dismissal of Legal Proceeding
In October 1994, the Company was sued in Louisiana State Court by a
former consultant seeking monetary damages relating to the alleged nonpayment of
consulting fees and royalties for the Company's alleged use of the plaintiff's
proprietary technology. On June 19, 1998, the Louisiana State Court ruled in
favor of the Company and dismissed all of the plaintiff's claims.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired
None
(b) Pro Forma Financial Information
GreenMan Technologies, Inc. Pro Forma Condensed Consolidated
Balance Sheet- April 30, 1998 (unaudited).................... F-1
The Unaudited Pro Forma Condensed Consolidated Balance Sheet as of
April 30, 1998 gives effect to the issuance of 201,193 shares of Common Stock in
connection with partial conversions of the Company's 8% Convertible Debentures
due December 2000 in May and June 1998 and the issuance of 75,000 shares of
Common Stock for cash in May 1998 as if these transactions had occurred on April
30, 1998.
The Unaudited Pro Forma Condensed Consolidated Balance Sheet does not
purport to represent the Company's actual financial position on April 30, 1998
nor does it project the Company's financial position for any future date or
period. The Unaudited Pro Forma Condensed Consolidated Balance Sheet should be
read in conjunction with the financial statements and notes thereto included in
the Company's Annual Report on Form 10-KSB/A-1 for the year ended May 31, 1997
and the financial statements and notes thereto included in the Company's
Quarterly Report on Form 10-QSB for the period ended February 28, 1998.
(c) Exhibits.
None
-2-
<PAGE>
<TABLE>
<CAPTION>
GreenMan Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheet
April 30, Proforma Proforma
1998 Adjustments Balance
---- ----------- -------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ...................................................... $ 337,002 $ 170,700 $ 507,702
Accounts receivable,net......................................................... 1,418,271 1,418,271
Inventory, net.................................................................. 354,414 354,414
Other current assets ........................................................... 1,046,062 1,046,062
----------- -----------
Total current assets...................................................... 3,155,749 170,700 3,326,449
----------- -----------
Property and equipment,net........................................................ 11,803,808 11,803,808
----------- -----------
Other assets:
Equipment deposits ............................................................ 2,711 2,711
Deferred financing costs ....................................................... 509,380 509,380
Deferred loan costs ........................................................... 295,164 295,164
Goodwill, net .................................................................. 465,539 465,539
Non-competition agreement, net ................................................. 48,611 48,611
Licensing fee .................................................................. 82,504 82,504
Investment in joint venture .................................................... 400,000 400,000
Other .......................................................................... 270,895 270,895
----------- -----------
2,074,804 2,074,804
----------- -----------
$17,034,361 $ 170,700 $17,205,061
=========== ========= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, related parties ................................................. $ 29,125 $ 29,125
Notes payable, bank, current portion ........................................... 1,212,023 1,212,023
Accounts payable ............................................................... 1,147,187 1,147,187
Accrued expenses, other ........................................................ 1,487,789 (12,496) 1,475,293
Obligations under capital leases, current ...................................... 1,833,278 1,833,278
----------- -----------
Total current liabilities ................................................ 5,709,402 (12,496) 5,696,906
Convertible notes payable ........................................................
Convertible notes payable, related parties, non-current portion .................. 1,405,000 (312,622) 1,092,378
Notes payable, bank, non-current portion ......................................... 3,081,406 3,081,406
Obligations under capital leases ................................................. 2,928,667 2,928,667
----------- -----------
Total liabilities ........................................................ 13,124,474 (325,118) 12,799,357
Stockholders' equity:
Common stock, $.01 par value, 20,000,000 shares authorized; 5,764,600
issued and outstanding, at April 30, 1998 and 6,040,793 shares issued
and
outstanding, proforma..................................................... 57,646 2,762 60,408
Additional paid-in capital ....................................................... 19,895,232 493,056 20,388,288
Accumulated deficit .............................................................. (16,042,992) -- (16,042,992)
----------- --------- -----------
Total stockholders' equity ............................................... 3,909,886 495,818 4,405,704
----------- --------- -----------
$17,034,362 $ 170,700 $17,205,061
=========== ========= ===========
</TABLE>
F-1
<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.
GREENMAN TECHNOLOGIES, INC.
(Registrant)
By: /s/ Charles E. Coppa
Charles E. Coppa
Chief Financial Officer
Date: June 30, 1998
-3-
