U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB/A
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1999 Commission File Number 1-13776
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GreenMan Technologies, Inc.
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(Exact name of small business issuer as specified in its charter)
Delaware 71-0724248
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(State or other jurisdiction of incorporation I.R.S. Employer
or organization) Identification No.)
7 Kimball Lane, Building A, Lynnfield, MA 01940
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (781) 224-2411
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(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 August 27, 1999
Common Stock, $.01 par value, 11,745,970 shares
<PAGE>
GreenMan Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flow
<TABLE>
<CAPTION>
Six Months Ended
February 28, March 31,
1998 1999
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Cash flows from operating activities:
<S> <C> <C>
Net loss ............................................. $(3,425,391) $(2,441,505)
Adjustments to reconcile net loss to net cash (used)
for operating activities:
Amortization of deferred financing costs ............. 794,354 306,304
Depreciation and amortization ........................ 669,264 923,836
Common stock issued for accrued interest ............. 214,615 --
Loss on disposal of discontinued operations .......... 1,100,000 920,000
Decrease (increase) in assets:
Accounts receivable ................................ 834,606 (560,879)
Inventory .......................................... 242,931 87,211
Insurance claim receivable ......................... -- 370,284
Other current assets ............................... (200,197) (80,648)
Deferred offering costs ............................ (208,000) --
Deferred loan costs ................................ (50,000) --
(Decrease) increase in liabilities:
Accounts payable ................................... (479,769) 59,126
Accrued expenses ................................... 346,796 484,088
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Net cash (used) for operating activities ........ (160,791) 67,817
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Cash flows from investing activities:
Purchase of property and equipment ................... (984,680) (972,203)
Refund on equipment .................................. 13,000 --
Cash acquired on purchase of Cryopolymers Inc. ....... 117,064 --
(Increase) in other assets ........................... (57,651) (55,525)
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Net cash (used for) investing activities .......... (912,267) (1,027,728)
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Cash flows from financing activities:
Net advances under line of credit .................... 204,678 519,584
Repayment of notes payable ........................... (4,715,912) (492,016)
Proceeds from notes payable .......................... 5,043,380 642,839
Repayment of notes payable related parties ........... (27,255) (4,956)
Principal payments on obligations under capital leases (2,715) (9,123)
Net proceeds on the sale of common stock ............. 225,000 500,000
Repurchase of common stock ........................... -- (2,000)
Net proceeds on exercise of common stock warrants .... (123,750) --
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Net cash provided by financing activities ........... 603,426 1,154,328
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Net (decrease) increase in cash ......................... (469,632) 194,417
Cash and cash equivalents at beginning of period ........ 835,367 161,215
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Cash and cash equivalents at end of period .............. $ 365,735 $ 355,632
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Supplemental cash flow information:
Machinery and equipment acquired under capital leases . $ 3,055,791 $ --
Common stock issued upon conversion of notes payable
and accrued interest .................................. 2,355,791 912,666
Interest paid ......................................... 323,708 266,235
</TABLE>
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See accompanying notes to unaudited condensed consolidated financial statements.
<PAGE>
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
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Robert H. Davis
Chief Executive Officer
Signature Title(s) Date
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/s/ Robert H. Davis Chief Executive Officer, President August 27, 1999
- ------------------- and Director
Robert H. Davis
/s/ Charles E. Coppa Acting Chief Financial Officer, Treasurer August 27, 1999
- -------------------- and Secretary
Charles E. Coppa
