-----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, RsG6jFwGy2YsZ9nd7O/sdUJdObiyG6hhvv3m7eaI+r22t24K/Text4kKCn5AcJCP lfXATXZbhyYemzNve9wIeQ== 0000890566-99-000813.txt : 19990628 0000890566-99-000813.hdr.sgml : 19990628 ACCESSION NUMBER: 0000890566-99-000813 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990616 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL SCIENCE SYSTEMS INC CENTRAL INDEX KEY: 0001037649 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 943123681 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23413 FILM NUMBER: 99652240 BUSINESS ADDRESS: STREET 1: 100 NE LOOP 410 STREET 2: STE 820 CITY: SAN ANTONIO STATE: TX ZIP: 78216-4749 BUSINESS PHONE: 2103496400 MAIL ADDRESS: STREET 1: 100 NE LOOP 410 STREET 2: STE 820 CITY: SAN ANTONIO STATE: TX ZIP: 78216 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Filed Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) JUNE 16, 1999 MEDICAL SCIENCE SYSTEMS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) TEXAS - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 0-23413 94-3123681 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) 100 N.E. LOOP 410, SUITE 820, SAN ANTONIO, TEXAS 78216 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (210) 349-6400 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) NOT APPLICABLE - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. OTHER EVENTS. On June 16, 1999, the Company completed a private placement (the "Private Placement") whereby the Company sold 2,000,000 shares of Series A Preferred Stock, no par value ("Series A Preferred"), at a per share purchase price of $2.50. In connection with the Private Placement, the Company issued an additional 200,000 shares of Series A Preferred as the placement agent's fee. Each share of Series A Preferred will automatically convert into five (5) shares of common stock, no par value ("Common Stock"), upon shareholder ratification of the issuance of the Series A Preferred issued pursuant to the Private Placement, which ratification is required to comply with certain NASDAQ requirements. If the Company does not issue any shares of Common Stock between June 25, 1999 and the date the shareholders ratify the issuance of the Series A Preferred issued pursuant to the Private Placement, the Common Stock issued upon conversion of the Series A Preferred will equal 66.4% of the outstanding shares of Common Stock of the Company. If such shareholder approval is not received by December 12, 1999, the number of shares of Common Stock into which each share of Series A Preferred Stock will be convertible will increase by 0.075 shares every 90 days following such date. The Series A Preferred will not bear dividends unless it does not automatically convert into Common Stock by December 12, 1999, after which the Series A Preferred will bear dividends at 15% per annum on a cumulative basis. Exhibit 99.1 hereto is the Company's pro forma balance sheet which reflects the results of the Private Placement. Item 7. FINANCIAL STATEMENTS AND EXHIBITS. EXHIBIT NUMBER DESCRIPTION -------------- ----------- Exhibit 99.1 The Company's Pro Forma Balance Sheet as of May 31, 1999 -1- 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 hereunto duly authorized. MEDICAL SCIENCE SYSTEMS, INC. By /s/ U. SPENCER ALLEN U. Spencer Allen, Chief Financial Officer and Treasurer DATE: June 25, 1999 -2- EX-99.1 2 EXHIBIT 99.1 MEDICAL SCIENCE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET
UNAUDITED UNAUDITED UNAUDITED UNAUDITED PROFORMA PROFORMA DECEMBER 31, 1998 MARCH 31, 1999 MAY 31, 1999 ADJUSTMENTS MAY 31, 1999 ----------------- -------------- ------------ ------------ ------------ ASSETS CURRENT ASSETS Cash and cash equivalents ..................... $ 2,432,271 $ 1,183,787 $ 590,080 4,903,000 (1) $ 5,493,080 Accounts receivable, net of allowance for doubtful accounts ....................... 125,086 113,785 109,184 109,184 Prepaid expenses .............................. 127,426 145,286 182,375 182,375 ----------------- -------------- ------------ ------------ Total current assets ........................ 2,684,783 1,442,858 881,639 5,784,639 FURNITURE AND EQUIPMENT, NET .................... 458,107 412,695 380,217 380,217 OTHER ASSETS .................................... 530,000 530,000 530,000 530,000 ----------------- -------------- ------------ ------------ TOTAL ASSETS ................................ $ 3,672,890 $ 2,385,553 $ 1,791,856 $ 6,694,856 ================= ============== ============ ============ LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Accounts payable .............................. $ 278,773 $ 232,567 $ 363,492 $ 363,492 Accrued expenses .............................. 433,859 450,550 435,132 88,000 (1) 523,132 Notes payable ................................. 47,813 26,111 19,729 19,729 Deferred income ............................... 275,321 274,439 274,646 274,646 Current portion of long-term debt ............. 81,432 81,432 81,432 81,432 Current portion of capitalized lease obligations ................................. 104,837 102,379 102,379 102,379 ----------------- -------------- ------------ ------------ Total current liabilities ................... 1,222,035 1,167,478 1,276,810 1,364,810 LONG-TERM DEBT, LESS CURRENT PORTION ............ 447,856 427,498 413,926 413,926 CAPITALIZED LEASE OBLIGATIONS, LESS CURRENT PORTION .......................... 156,651 138,891 121,003 121,003 ----------------- -------------- ------------ ------------ Total liabilities ........................... 1,826,542 1,733,867 1,811,739 1,899,739 SHAREHOLDERS' EQUITY Preferred stock, no par value ................. -- -- -- -- (1) -- 5,000,000 shares authorized 2,200,000 issued and outstanding Common stock, no par value .................... 16,719,933 16,730,396 16,730,396 4,815,000 (1) 21,545,396 10,000,000 shares authorized 5,548,470 shares issued and outstanding Accumulated deficit ........................... (14,873,585) (16,078,710) (16,750,279) (16,750,279) ----------------- -------------- ------------ ------------ Total shareholders' equity .................. 1,846,348 651,686 (19,883) 4,795,117 ----------------- -------------- ------------ ------------ Total liabilities and shareholders' equity $ 3,672,890 $ 2,385,553 $ 1,791,856 $ 6,694,856 ================= ============== ============ ============
Notes to Proforma Adjustments (1) Recognizes issuance of $5 million of preferred stock with a beneficial conversion feature netted by offering costs -----END PRIVACY-ENHANCED MESSAGE-----