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: October 7, 1996
(Date of earliest event reported)
ECOTYRE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27240 11-3234026
(State or other (Commission (IRS Employer
jurisdiction of File Number Identification
incorporation) Number)
895 Waverly Avenue, Holtsville, New York 11742
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (516) 289-4545
_______________________________________________________________________________
(Former name of former address, if changed since last report.)
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Item 5. Other Events
On October 7, 1996, the Company received gross proceeds of $2,000,000
from the private sale of its Common Stock. 2,000,000 shares were sold at $1.00
per share to an aggregate of ten (10) foreign investors. The shares were sold in
offshore transactions made pursuant to Regulation S of the Securities Act of
1933, as amended.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99. Pro forma balance sheet of the Company as of September 30, 1996.
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SIGNATURE
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 thereunto duly authorized.
ECOTYRE TECHNOLOGIES, INC.
By: /s/ Vito F. Alongi
-------------------------------
Vito F. Alongi
President
Dated: December 10, 1996
Exhibit 99
ECOTYRE TECHNOLOGIES, INC.
CONDENSED BALANCE SHEETS
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ASSETS
Historical Proforma
As of as of
September 30, 1996 September 30, 1996
(Unaudited) Adjustment (Unaudited)
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<S> <C> <C> <C>
Current Assets:
Cash and cash equivalents $ 504,981 $ 1,559,951 $ 2,064,932
Accounts receivable, net
of allowance for doubtful
accounts of $11,000 197,799 197,799
Inventories 535,309 535,309
Prepaid expenses and other
current assets 194,718 194,718
----------- ----------- -----------
Total current assets 1,432,807 1,559,951 2,992,758
----------- ----------- -----------
Property, plant and equipment,
less accumulated depreciation 1,699,333 1,699,333
Other assets 115,325 115.325
----------- ----------- -----------
$ 3,247,465 $ 1,559,951 $ 4,807,416
=========== =========== ===========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Notes payable - bank $ 396,333 $ $ 396,333
Current maturities of long
term debt 225,000 225,000
Accounts payable and accrued
expenses 728,214 728,214
Current maturity of capitalized
leases and equipment loans 113,651 113,651
----------- ----------- -----------
Total current liabilities 1,463,198 1,463,198
Long-term debt - -
Capitalized leases and equipment
loans, less current maturities 88,591 88,591
Deferred rent credits 292,664 292,664
----------- ----------- -----------
Total liabilities 1,844,453 1,844,453
----------- ----------- -----------
Class A Redeemable Convertible
Preferred Stock, 2,000,000 shares
authorized; issued and outstanding
- 1,202,775 (redemption amount of
$1,202,775) 1,190,119 1,190,119
----------- ----------- -----------
Stockholder's Equity
Preferred Stock, $.001 par value
2,000,000 shares authorized;
none issued - - -
Common Stock, $.001 par value
20,000,000 shares authorized,
issued and outstanding -
3,115,000 and 5,115,000 3,115 2,000 5,115
Paid in capital 5,693,356 1,557,951 7,251,307
Deficit (5,483,578) (5,483,578)
----------- ----------- -----------
Total stockholders' equity 212,893 1,559,951 1,772,844
----------- ----------- -----------
$ 3,247,465 $ 1,559,951 $ 4,807,416
============ =========== ===========
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