-----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, K+RSq3EkI30kYkWHwjOqb7yiyQI7QFiz/+Gy3wZJw1ZodkPettEifOAh6FTdKvFJ BYwpdKCa+dfPtLAYHcEgWA== 0000891554-99-000058.txt : 19990120 0000891554-99-000058.hdr.sgml : 19990120 ACCESSION NUMBER: 0000891554-99-000058 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981130 FILED AS OF DATE: 19990119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH ATLANTIC ACQUISITION CORP CENTRAL INDEX KEY: 0001004650 STANDARD INDUSTRIAL CLASSIFICATION: MOTORCYCLES, BICYCLES & PARTS [3751] IRS NUMBER: 133853272 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-22813 FILM NUMBER: 99508122 BUSINESS ADDRESS: STREET 1: 5 E 59TH ST STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2124864444 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 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, 1998. [ ] 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, 1998. Class B, common stock, par value $.01 per share, 150,000 shares outstanding as of December 31, 1998. 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, 1998 and August 31, 1998 3 Statements of operations for the three months ended November 30, 1998 and 1997 and period from September 1, 1995 (inception) to November 30, 1998 4 Statements of stockholders' equity for the three months ended November 30, 1998 5 Statements of cash flows for the three months ended November 30, 1998 and 1997 and period from September 1, 1995 (inception) to November 30, 1998 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, 1998 1998 ---------------------------------------------------------------------------------------------------- (Unaudited) (Audited) Assets Cash $ 691 $ 1,079 Cash held in escrow 324 324 Investment in treasury securities held in escrow 8,557,526 8,408,801 Deferred merger costs 215,000 105,000 - ----------------------------------------------------------------------------------------------------- $ 8,773,541 $ 8,515,204 ===================================================================================================== Liabilities and Stockholders' Equity Liabilities: Accrued expenses $ 350,027 $ 174,496 - ----------------------------------------------------------------------------------------------------- Commitments Common stock subject to possible conversion, 160,000 shares at redemption value 1,711,570 1,681,825 - ----------------------------------------------------------------------------------------------------- Stockholders' equity: Convertible preferred stock, $.01 par value - shares authorized 1,000,000; outstanding none; subscribed 94; liquidation value - $9,400 1 1 Subscription receivable (100) (100) Class A common stock, $.01 par value - shares authorized 10,000,000; outstanding 906,000 9,060 9,060 Class B common stock, $.01 par value - shares authorized 250,000;issued and outstanding 150,000 1,500 1,500 Additional paid-in capital 6,586,948 6,586,948 Earnings (deficit) accumulated during the development stage 114,535 61,474 - ----------------------------------------------------------------------------------------------------- Total stockholders' equity 6,711,944 6,658,883 - ----------------------------------------------------------------------------------------------------- $ 8,773,541 $ 8,515,204 =====================================================================================================
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 September 1, Three months ended 1995 November 30, (inception) to ---------------------------- November 30, 1998 1997 1998 - ------------------------------------------------------------------------------------------------------------------ Interest income $ 148,750 $ 105,000 $ 560,143 General and administrative expenses and debt costs 40,944 (11,000) (244,038) Income taxes 25,000 -- 90,000 - ------------------------------------------------------------------------------------------------------------------ Net income $ 82,806 $ 94,000 $ 226,105 ================================================================================================================== Net income per common share $ .08 $ .09 ================================================================================================================== Weighted average common shares outstanding 1,056,000 1,056,000 ==================================================================================================================
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 ================================================================================
Class A Class B --------------------- ----------------------- Preferred Stock Common stock Common stock -------------------- Subscription --------------------- ----------------------- Shares Amount receivable Shares Amount Shares Amount - ------------------------------------------------------------------------------------------------------------------------------------ Balance, August 31, 1997 (Audited) 94 $1 $(9,400) 906,000 $9,060 150,000 $1,500 Subscription paid -- -- 9,300 -- -- -- -- Net income -- -- -- -- -- -- -- Accretion to redemption value of common stock -- -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Balance August 30, 1998 (Audited) 94 1 (100) 906,000 9,060 150,000 1,500 Net income -- -- -- -- -- Accretion to redemption value of common stock -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Balance, November 30, 1998 (Unaudited) 94 $1 $(100) 906,000 $9,060 150,000 $1,500 ==================================================================================================================================== Earnings (deficit) accumulated Total Additional during the stockholders' paid-in development equity capital stage (deficit) - -------------------------------------------------------------------------------------- Balance, August 31, 1997 (Audited) $6,586,948 $(70,005) $6,518,104 Subscription paid -- 9,300 Net income -- 213,304 213,304 Accretion to redemption value of common stock -- (81,825) (81,825) - --------------------------------------------------------------------------------------- Balance August 30, 1998 (Audited) 6,586,948 61,474 6,658,883 Net income 82,806 82,806 Accretion to redemption value of common stock (29,745) (29,745) - --------------------------------------------------------------------------------------- Balance, November 30, 1998 (Unaudited) $6,586,948 $114,535 $6,711,944 =======================================================================================
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 November 30, 1998 1997 1998 - ------------------------------------------------------------------------------------------------------------------------------------ Cash flows from operating activities: Net income (loss) $ 82,806 $ 94,000 $ 226,105 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 -- -- 35,000 Changes in assets and liabilities: Accrued expenses 175,531 (49,332) 111,928 Interest receivable on investments (106,725) (105,000) (230,280) - ------------------------------------------------------------------------------------------------------------------------------------ Net cash provided by (used in) operating activities 151,612 (60,332) 152,553 - ------------------------------------------------------------------------------------------------------------------------------------ Cash flows from investing activities: Purchase of treasury securities in escrow (6,520,000) -- (25,154,198) Sale of treasury securities in escrow 6,478,000 -- 16,973,375 Increase in cash held in escrow -- -- 1,352 - ------------------------------------------------------------------------------------------------------------------------------------ Net cash used in investing activities (42,000) -- (8,179,471) - ------------------------------------------------------------------------------------------------------------------------------------ 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 Merger costs -- -- (215,000) Debt (110,000) -- (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 (110,000) (90,700) 8,027,609 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in cash (388) (151,032) 691 Cash, beginning of period 1,079 400,535 -- - ------------------------------------------------------------------------------------------------------------------------------------ Cash, end of period $ 691 $ 249,503 $ 691 ==================================================================================================================================== 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, 1998. 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. On August 18, 1998, the Company, Moto Guzzi Corp., a Delaware corporation ("Guzzi Corp."), and for certain provisions, Trident Rowan Group, Inc., a Maryland corporation ("TRG"), entered into a definitive Agreement and Plan of Merger and Reorganization, as amended ("Merger Agreement"), pursuant to which Guzzi Corp. would merge with and into NAAC, with NAAC being the surviving corporation ("Merger"). TRG and its partially-owned subsidiary, O.A.M. S.p.A., together own all the outstanding common stock of Guzzi Corp. Guzzi Corp., is a leading Italian manufacturer, marketer and distributor of performance and luxury motorcycles and motorcycle parts, marketed under the "Moto Guzzi(R)" brand name. The Merger will be treated as a reverse acquisition of the Company by Guzzi Corp. In a reverse acquisition, the shareholders of NAAC will own, after the Merger, less than 50% of the post-Merger shares. The shareholders of Guzzi Corp. will receive approximately 76.4% of the post-Merger shares of the Company, excluding any shares of the Company's Class A common stock issuable upon exercise of any options or warrants, and Guzzi Corp., therefore, will be the accounting acquirer. The cost of the acquisition of the Company will be based on the fair value of the Company's assets and liabilities as of the date of the Merger (which amounts approximate book value). The Company anticipates completing the merger by February 1, 1999. The Merger is subject to shareholder approval and certain other conditions. 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 19, 1999 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-----