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: April 29, 1997
(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 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) and (b) Financial Statements and Pro Forma Financial Information:
Pro forma Balance Sheet of EcoTyre Technologies, Inc. as of
March 31, 1997.
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
<PAGE>
EcoTyre Technologies, Inc.
Pro Forma Balance Sheet
March 31, 1997
(Unaudited)
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<CAPTION>
Actual Adjustments(1) Pro Forma
------ --------------- ---------
<S> <C> <C> <C>
ASSETS
Current:
Cash and cash equivalents $125,205 $125,205
Accounts receivable, less
allowance for possible
losses of $17,000 and $11,000 928,538 928,538
Inventories 450,142 450,142
Other current assets 384,909 $675,000 1,059,909
--------- -------- ----------
1,888,794 675,000 2,563,794
Property and equipment, less
accumulated depreciation 2,290,454 2,290,454
Customer List 125,000 125,000
Other assets 617,363 617,363
---------- -------- ----------
$4,921,611 $675,000 $5,596,611
========== ======== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY (CAPITAL DEFICIT)
Current:
Accounts payable and accrued
expenses 1,156,495 (120,278) 1,036,217
Current maturities of long-term debt 115,000 115,000
Due to Butler 50,000 50,000
Current maturities of equipment loan 232,502 232,502
Current maturities of capitalized
leases 7,841 7,841
---------- -------- ----------
Total current liabilities $1,561,838 (120,278) $1,441,560
Long-term debt 767,498 767,498
Loan, less current maturities 150,000 150,000
Capitalized leases, less current
maturities 15,813 15,813
Deferred rent credits 313,169 313,169
---------- -------- ----------
Total liabilities $2,808,318 (120,278) $2,688,040
Class A Redeemable Convertible
Preferred Stock 2,000,000 shares
authorized; issued and outstanding
- 1,202,775 (redemption amount of
1,202,775) 1,191,590 (1,191,590) --
Stockholders' equity:
Preferred stock, $.001 par value,
2,000,000 shares authorized;
none issued 0 1,323,053 1,323,053
Serial B, Preferred Stock, $.001 par
value, 2,000,000 shares authorized,
none issued 0 675,000 675,000
Common Stock, $.001 par value,
20,000,000 shares authorized;
issued and outstanding -
6,357,000 and 3,115,000 6,357 6,357
Paid-in capital 7,848,458 7,848,458
Deficit (6,933,112) (11,185) (6,944,297)
---------- --------- ----------
Total stockholders' equity 921,703 1,986,868 2,908,571
---------- --------- ----------
$4,921,611 $675,000 $5,596,611
========== ========= ==========
- ------
<FN>
(1) Adjusted to give effect to (i) conversion of redeemable convertible
preferred stock into convertible preferred stock including conversion of
$120,278 of accrued dividends and (ii) receipt of 300,000 shares of publicly
traded stock in exchange for 675,000 shares of convertible Series B preferred
stock.
</FN>
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