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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported):
JUNE 13, 1996
MVSI, INC.
(Exact name of registrant as specified in charter)
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<S> <C> <C>
DELAWARE 0-26614 54-1707718
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification
No.)
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<S> <C>
8133 LEESBURG PIKE, SUITE 750 VIENNA, VIRGINIA 22182
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code:
(703) 356-5353
Former name or former address, if changed since last report:
N/A
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MVSI, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 1. Changes in Control of Registrant.
None.
Item 2. Acquisition or Disposition of Assets.
None.
Item 3. Bankruptcy or Receivership.
None.
Item 4. Changes in Registrant's Certifying Accountant.
None.
Item 5. Other Events.
None.
Item 6. Resignation of Registrant's Directors.
None.
Item 7. Financial Statements, PRO FORMA Financial Information and Exhibits.
On June 13, 1996, the Registrant offered and sold a total of 150,000
shares of its restricted common stock to two accredited and
nonaffiliated persons in a private placement transaction for
aggregate consideration of $600,000, or $4.00 per share. The shares
of restricted common stock include certain piggyback registration
rights. As a result of the transaction, the Registrant has a total of
10,390,000 shares of common stock issued and outstanding. The purpose
of the offer and sale of the securities was to enhance the
Registrant's balance sheet to enable its securities to qualify for
quotation on the Nasdaq National Market System. The Registrant can
make no assurances that its securities will be accepted for quotation
on the Nasdaq National Market System. SEE Pro Forma Consolidated
Balance Sheet, dated March 31, 1996, attached hereto and made a part
hereof.
Item 8. Change in Fiscal Year.
None.
2
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SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MVSI, Inc.
By: Edward Ratkovich______________________
Edward Ratkovich
Chairman of the Board and
Chief Executive Officer
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MVSI, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET
MARCH 31, 1996
(UNAUDITED)
ASSETS
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HISTORICAL PRO FORMA (1) AS ADJUSTED
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<S> <C> <C> <C>
CURRENT ASSETS
Cash.............................................................. $ 512,905 $ 600,000 $ 1,112,905
Cash equivalents.................................................. 7,525,219 -- 7,525,219
Accounts receivable, net of allowance for doubtful accounts....... 2,369,327 -- 2,369,327
Inventory......................................................... 2,029,433 -- 2,029,433
Tax credits and income tax receivable............................. 260,031 -- 260,031
Prepaid expenses.................................................. 118,822 -- 118,822
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Total current assets............................................ 12,815,737 600,000 13,415,737
PROPERTY AND EQUIPMENT, NET......................................... 188,815 -- 188,815
CAPITALIZED SOFTWARE................................................ 784,481 -- 784,481
GOODWILL............................................................ 435,500 -- 435,500
OTHER ASSETS........................................................ 92,821 -- 92,821
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Total assets.................................................... $ 14,317,354 $ 600,000 $ 14,917,354
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Line of credit.................................................... $ 459,559 $ -- $ 459,559
Current portion of long-term debt................................. 13,585 -- 13,585
Shareholder loans................................................. 424,556 -- 424,556
Advance deposits.................................................. 115,000 -- 115,000
Accounts payable and accrued liabilities.......................... 1,441,626 -- 1,441,626
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Total liabilities............................................... 2,454,326 -- 2,454,326
STOCKHOLDERS' EQUITY
Common stock, 50,000,000 shares authorized, $.01 par value........ 102,400 1,500 103,900
Stock subscription receivable..................................... (150,000) -- (150,000)
Additional paid in capital........................................ 17,586,816 598,500 18,185,316
Accumulated deficit............................................... (5,686,216) -- (5,686,216)
Unrealized loss on investments available for sale................. (30,178) -- (30,178)
Cumulative translation adjustment................................. 40,206 -- 40,206
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Total stockholders' equity...................................... 11,863,028 600,000 12,463,028
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Total liabilities and stockholders' equity...................... $ 14,317,354 $ 600,000 $ 14,917,354
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(1) Reflects receipt of $600,000 in connection with the offer and sale of
150,000 shares of restricted common stock to two accredited and
nonaffiliated persons in a private placement transaction in June 1996.
