-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MbxvStKnGKOB0ExVL2FjWSVAMJYWHGD6JLrRqb1RnCxM5RJVlFDe+Ne0ywpYdMbf HNTUFxgmvX7xwaBJiqj9/Q== 0000891554-98-000067.txt : 19980115 0000891554-98-000067.hdr.sgml : 19980115 ACCESSION NUMBER: 0000891554-98-000067 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971130 FILED AS OF DATE: 19980114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH ATLANTIC ACQUISITION CORP CENTRAL INDEX KEY: 0001004650 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 133853272 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-22813 FILM NUMBER: 98506966 BUSINESS ADDRESS: STREET 1: 5 E 59TH ST STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2125934747 MAIL ADDRESS: STREET 1: 375 PARK AVE STREET 2: STE 1606 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: ORION ACQUISITION CORP I DATE OF NAME CHANGE: 19951221 10QSB 1 QUARTERLY REPORT -- 11/30/97 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 1997. [ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission file number 000-22813 North Atlantic Acquisition Corp. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 13-3853272 (I.R.S. Employer Identification No.) 5 East 59th Street, 3rd. Floor, New York, New York 10022 (Address of principal executive offices - Zip code) Registrant's telephone number, including area code: (212) 486-4444 ________________________________________________________________________________ Former name, former address and former fiscal year, if changes since last report. Indicate by checkmark 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 [ ] APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by checkmark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class A, common stock, par value $.01 per share, 906,000 shares outstanding as of December 31, 1997. Class B, common stock, par value $.01 per share, 150,000 shares outstanding as of December 31, 1997. North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Index ================================================================================ Part I - Financial Information Item 1. Financial Statements: Balance sheets as of November 30, 1997 and August 31, 1997 3 Statements of operations for the three months ended November 30, 1997 and 1996 and period from September 1, 1995 (inception) to November 30, 1997 4 Statements of stockholders' equity for the three months ended November 30, 1997 5 Statements of cash flows for the three months ended November 30, 1997 and 1996 and period from September 1, 1995 (inception) to November 30, 1997 6 Notes to financial statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II - Other Information Item 1. Legal Proceedings 9 Item 2. Changes in Securities 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Submission of Matters to a Vote of Security Holders 9 Item 5. Other Information 9 Item 6. Exhibits and Reports on Form 8-K 9 Signatures 10 2 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Part 1. Financial Information Item 1. Financial Statements Balance Sheets ================================================================================
November 30, August 31, 1997 1997 - ------------------------------------------------------------------------------------------------------------------------------------ (Unaudited) (Audited) Assets Cash $ 249,503 $ 400,535 Cash held in escrow 1,676 1,676 Investment in treasury securities held in escrow 8,103,324 7,998,324 - ------------------------------------------------------------------------------------------------------------------------------------ $8,354,503 $8,400,535 ==================================================================================================================================== Liabilities and Stockholders' Equity Liabilities: Accrued expenses $ 133,099 $ 182,431 Notes payable -- 100,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 133,099 282,431 - ------------------------------------------------------------------------------------------------------------------------------------ Commitments Common stock subject to possible conversion, 160,000 shares at redemption value 1,600,000 1,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ Stockholders' equity: Convertible preferred stock, $.01 par value - shares authorized 1,000,000; 93 1 outstanding none; subscribed 94; liquidation value - $9,400 Subscription receivable (100) (9,400) Class A common stock, $.01 par value - shares authorized 10,000,000; outstanding 9,060 9,060 906,000 Class B common stock, $.01 par value - shares authorized 250,000; issued and 1,500 1,500 outstanding 150,000 Additional paid-in capital 6,586,856 6,586,948 Earnings (deficit) accumulated during the development stage 23,995 (70,005) - ------------------------------------------------------------------------------------------------------------------------------------ Total stockholders' equity 6,621,404 6,518,104 - ------------------------------------------------------------------------------------------------------------------------------------ $8,354,503 $8,400,535 ====================================================================================================================================
See accompanying notes to financial statements. 3 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Item 1. Financial Statements Statements of Operations (Unaudited) ================================================================================
Period from Three months ended November 30, September 1, 1995 ---------------------------------------------- (inception) to 1997 1996 November 30, 1997 - ------------------------------------------------------------------------------------------------------------------------------------ Interest income $ 105,000 $ -- $105,000 General and administrative expenses and debt costs (11,000) (2,431) (81,005) - ------------------------------------------------------------------------------------------------------------------------------------ Net income (loss) $ 94,000 $ (2,431) $ 23,995 ==================================================================================================================================== Net income (loss) per common share $ .09 $ (.02) ==================================================================================================================================== Weighted average common shares outstanding 1,056,000 106,000 ====================================================================================================================================
See accompanying notes to financial statements. 4 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Item 1. Financial Statements Statements of Stockholders' Equity ================================================================================
Earnings Class A Class B (deficit) ----------------- ---------------- accumulated Preferred stock Common stock Common stock Additional during the Total --------------- Subscription ----------------- ---------------- paid-in development stockholders' Shares Amount receivable Shares Amount Shares Amount capital stage equity - ------------------------------------------------------------------------------------------------------------------------------------ Balance, August 31, 1996 94 1 $(9,400) 106,000 $1,060 -- $ -- $ 61,939 $(31,085) $ 22,515 Net loss -- -- -- -- -- -- -- -- (38,920) (38,920) Sale of common stock, net -- -- -- 800,000 8,000 150,000 1,500 8,125,009 -- 8,134,509 Reclassification to redeemable common stock -- -- -- -- -- -- -- (1,600,000) -- (1,600,000) - ------------------------------------------------------------------------------------------------------------------------------------ Balance, August 31, 1997 (Audited) 94 1 (9,400) 906,000 9,060 150,000 1,500 6,586,948 (70,005) 6,518,104 Subscription paid -- 92 9,300 -- -- -- -- (92) -- 9,300 Net income -- -- -- -- -- -- -- -- 94,000 94,000 ==================================================================================================================================== Balance, November 30, 94 $93 $ (100) 906,000 $9,060 150,000 $1,500 $6,586,856 $ 23,995 $6,621,404 1997 (Unaudited) ====================================================================================================================================
See accompanying notes to financial statements. 5 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Item 1. Financial Statements Statements of Cash Flows (Unaudited) ================================================================================
Period from Three months ended November 30, September 1, 1995 --------------------------------- (inception) to 1997 1996 November 30, 1997 - --------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities: Net income (loss) $ 94,000 $ (2,431) $ 23,995 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of deferred debt costs -- -- 9,800 Amortization of discount on notes payable -- 2,431 35,000 Changes in assets and liabilities: Accrued expenses (49,332) -- (105,000) Interest receivable on investments (105,000) -- 43,099 - --------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities (60,332) -- 6,894 - --------------------------------------------------------------------------------------------------------------------- Cash flows from investing activities: Purchase of treasury securities in escrow -- -- (7,998,324) Increase in cash held in escrow -- -- (1,676) - --------------------------------------------------------------------------------------------------------------------- Net cash used in investing activities -- -- (8,000,000) - --------------------------------------------------------------------------------------------------------------------- Cash flows from financing activities: Proceeds from sale of common stock, net -- -- 8,188,109 Subscription paid 9,300 -- 9,300 Deferred costs: Registration -- -- 90,000 Debt -- -- (9,800) Repayment of notes payable (100,000) -- (100,000) Proceeds from issuance of notes payable -- -- 65,000 - --------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (90,700) -- 8,242,609 - --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash (151,032) -- 249,503 Cash, beginning of period 400,535 25,734 -- - --------------------------------------------------------------------------------------------------------------------- Cash, end of period $249,503 $ 25,734 $ 249,503 ===================================================================================================================== Supplemental disclosures for cash flow information: Cash paid for: Interest $ -- $ -- $ -- Taxes -- -- -- - --------------------------------------------------------------------------------------------------------------------
In fiscal 1996, the Company received a note for subscribed preferred stock amounting to $9,400, which is a noncash financing activity. In fiscal 1996, the Company has recorded a $90,000 liability relating to a license agreement, which is a noncash financing activity. ================================================================================ See accompanying notes to financial statements. 6 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Item 1. Financial Statements Notes to Financial Statements ================================================================================ 1. Basis of Presentation The financial statements are presented in accordance with the requirements of Form 10-Q and Regulation 210 of S-X and consequently do not include all of the disclosures normally made in an annual Form 10-K filing. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and footnotes therein included within the Company's Annual Report on Form 10-K for the year ended August 31, 1997. The financial information has been prepared in accordance with the Company's customary accounting practices and has not been audited. In the opinion of management, the information presents all adjustments necessary for a fair statement of interim results. All such adjustments are of a normal and recurring nature. The foregoing interim results are not necessarily indicative of the results of operations to be expected for a full year. 2. Investments The Company has invested the majority of the proceeds from the initial public offering in United States Treasury Bills. These treasury bills, which were purchased at a discount, are presented at their accreted cost, which approximates its market value. 7 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ================================================================================ North Atlantic Acquisition Corp. (the "Company") is a "blank check" or "blind pool" company which was formed on August 9, 1995 to serve as a vehicle to effect a merger, exchange of capital stock, asset acquisition or other business combination (a "Business Combination") with an operating business (a "Target Business"). The business objective of the Company is to effect a Business Combination with a Target Business which the Company believes has significant growth potential. To date, the Company has not effected a Business Combination. On August 27, 1997 (the "Closing Date"), the Company sold 800,000 units ("Units") in the Offering and 150,000 shares of Class B exchangeable common stock. Each Unit consists of one share of the Company's Class A common stock and one Class A redeemable common stock purchase warrant ("Class A Warrant"). Each Class A Warrant entitles the holder to purchase from the Company one share of common stock at an exercise price of $9.00; each Class B stock entitles the holder to receive two Units in exchange 90 days after the date of a Business Combination. On the Closing Date, the Registrant received net proceeds of approximately $8,100,000 (the "Net Proceeds"), after giving effect to the payment of all underwriting discounts, the underwriters' nonaccountable expense allowance and offering expenses. Pursuant to the terms of the Offering, approximately $8 million of the Net Proceeds, representing an amount equal to the gross proceeds from the sale of the Units, was placed in escrow with the Chase Manhattan Bank, N.A., subject to release in accordance with the terms of the Offering. These Net Proceeds have been invested in United States Treasury Bills and a Treasury Note. 8 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Part II - Other Information ================================================================================ Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K None 9 North Atlantic Acquisition Corp. (formerly Orion Acquisition Corp. I) (a corporation in the development stage) Part II - Other Information ================================================================================ SIGNATURES 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. Date: January 14, 1998 North Atlantic Acquisition Corp. ------------------------------------- (Registrant) By: /s/ David J. Mitchell --------------------------------- David J. Mitchell Chairman of the Board and Chief Executive Officer 10 -----END PRIVACY-ENHANCED MESSAGE-----