Form 10-K
Amendment No. 1
Annual Report Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
For the fiscal year ended June 30, 1997
Commission file number 0-9347
ALANCO ENVIRONMENTAL RESOURCES CORPORATION
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(Exact name of registrant as specified in its charter)
Arizona 86-0220694
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
15900 North 78th Street, Suite 101, Scottsdale, AZ 85260
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number: (602) 607 1010
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, NO PAR VALUE
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(Title of Class)
Indicate by check mark whether the registrant (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
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Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendments to this Form 10-K. [ X ]
State the aggregate market value of the voting stock held by non-
affiliates of the registrant: $21,418,343 as of September 19, 1997
Indicate the number of shares outstanding of each of the issuer's classes
of common stock: 35,346,527 as of September 19, 1997.
Documents incorporated by reference: None<PAGE>
1<PAGE>
The undersigned Registrant hereby amends the Annual Report on Form 10-K
for the fiscal year ended June 30, 1997 as set forth below.
1. Page 26 of Item 11. - Executive Compensation of the Form 10-K for
the year ended June 30, 1997 is amended and restated as follows.<PAGE>
Option Grants Subsequent to Fiscal Year End
Number of
Securities
Underlying
Options Date of Date Expiration Option
Name Granted Grant Exercisable Date Price
- --------------- ----------- -------- ------------ ----------- ------
Wang Yee Lin 40,000 7/16/97 7/16/97 7/16/2002 .875
Edward Maley 40,000 7/16/97 7/16/97 7/16/2002 .875
Charles Miller 40,000 7/16/97 7/16/97 7/16/2002 .875
Charles Miller 40,000 8/27/97 9/01/98 8/27/2002 .672
Dennis Schlegel 50,000 8/27/97 9/01/97 8/27/2002 .672
Dennis Schlegel 70,000 8/27/97 9/01/98 8/27/2002 .672
Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End
Option/Values
The following table sets forth the number and value of the unexercised
options held by each of the Named Executive Officers at June 30, 1997. None of
the Named Executive Officers who hold unexercised options exercised options in
the fiscal year ended June 30, 1997.
Value of
Number of Unexercised
Unexercised In-the-Money
Options at Options at
Shares Acquired Value FY-End (#) FY-End ($)
Name On Exercise (#) Realized ($) Exercisable Exercisable
- ------------------ --------------- ------------ ----------- ------------
Dennis Schlegel 0 0 100,000 0
Norman Meyer 0 0 50,000 (1) 0
John Haggar 0 0 50,000 0
Cynthia Castellano 0 0 7,500 0
(1) Option expired subsequent to year end
Employment Agreements and Executive Compensation
Dennis Schlegel, Chief Executive Officer, has a two year employment
agreement with the Company whereby he receives during the first year, $6,250
per month in regular compensation and options to purchase 50,000 shares of the
Company stock at $0.672 per share, and during the second year, a minimum of
$10,000 per month in regular compensation and options to purchase 70,000 shares
of the Company stock at $0.672 per share. Mr. Schlegel's employment agreement
with the Company expires August 31, 1999.
Mr. Maley, the Company's President and Chief Operating Officer, is
currently serving with no employment contract at a rate of $8,000 per month in
regular compensation and has options to purchase 40,000 shares of the Company
stock at $0.875 per share.
Mr. Haggar, the Company's Chief Financial Officer and Vice President,
receives $8,000 per month in regular compensation under the terms of an
employment agreement valid through April 24, 1998.
26<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Alanco Environmental
Resources Corporation
/s/ John E. Haggar
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John E. Haggar,
Chief Financial Officer<PAGE>
