-----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, A7+vF9sFil32jx4JYffbrWEHkLF5piP6hej3onav/8CZDMGlxpfmLtI1sn0dGYIC xZV3ZTNHOTB/iXuB+2STdQ== 0000930661-96-000839.txt : 19960807 0000930661-96-000839.hdr.sgml : 19960807 ACCESSION NUMBER: 0000930661-96-000839 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950131 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960725 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIAR CORP CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: 8051 IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 96598611 BUSINESS ADDRESS: STREET 1: 4265 KELLWAY CIRCLE CITY: ADDISON STATE: TX ZIP: 75244 BUSINESS PHONE: 2144078400 MAIL ADDRESS: STREET 1: 4265 KELLWAY CIRCLE CITY: ADDISON STATE: TX ZIP: 75244 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESPAC INVESTORS TRUST DATE OF NAME CHANGE: 19900605 8-K/A 1 AMENDMENT #1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 31, 1995 GREENBRIAR CORPORATION (formerly known as MEDICAL RESOURCE COMPANIES OF AMERICA) -------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA 0-8187 75-2399477 ---------------------------------- ----------- ------------------ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.)
4265 Kellway Circle, Addison, Texas 75244 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 407-8400 ---------------- Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Pro forma balance sheet for September 30, 1994 Pro forma Statement ofOperations for 1993 and the nine months ended September 30, 1994. (SEE PAGE 3) (c) Exhibits Not Applicable Medical Resource Companies of America ITEM #7 (b) - - ----------- Pro Forma Balance Sheet and Statement of Operations (Unaudited) The following pro forma Balance Sheets as of September 30, 1994 and Statement of Operations for the year Ended December 31, 1993 and the nine months ended September 30, 1994 gives effect to the disposition of The Fountainview, Rivermont at the Trails, Hermann Park Manor, Alta Vista Nursing Center and Remuda Ranch Center for Anorexia and Bulimia, Inc. These statements should be read in conjunction with the separate financial statements and notes thereto of the company. They are not necessarily indicative of the results of operations of the company as it may be in the future or as it might have been had the assets been sold prior to the periods indicated. Medical Resource Companies of America Pro Forma Consolidated Balance Sheet September 30, 1994 (Unaudited)
Less Disposed Consolidated Consolidated Businesses Pro Forma -------------------------------------------- ASSETS CURRENT ASSETS Cash $ 5,605,662 $ 10,004,084 $15,609,746 Due from affiliates 374,544 374,544 Accounts receivable, net 2,545,018 (2,347,834) 197,184 Mortgage notes receivable 539,000 539,000 Inventories 475,173 (28,855) 446,518 Accrued interest receivable 623,793 623,793 Deferred tax benefit 1,676,912 1,676,912 Other current assets 684,962 (166,106) 518,856 -------------------------------------------- Total current assets 12,525,064 7,461,489 19,986,553 OWNED PROPERTIES 5,146,091 5,146,091 INVESTMENT SECURITIES 1,678,131 1,678,131 MORTGAGE NOTES RECEIVABLE 8,454,868 (1,754,868) 6,700,000 PROPERTY, PLANT AND EQUIPMENT, AT COST Land 2,731,931 (2,631,931) 100,000 Building 21,272,460 (20,505,700) 766,760 Production and office equipment 2,015,548 (1,627,913) 387,635 Rental equipment 1,586,531 1,586,531 -------------------------------------------- 27,606,470 (24,765,544) 2,840,926 Less accumulated depreciation 3,966,010 (3,081,373) 884,637 -------------------------------------------- 23,640,450 (21,684,171) 1,956,289 OTHER ASSETS Restricted cash 548,793 (548,793) 0 Excess of cost of purchased companies over net assets acquired, net 1,522,315 1,522,315 Patents, net of accumulated amortization 610,538 610,538 Other, net 1,023,685 (256,746) 766,939 -------------------------------------------- 3,705,331 (805,539) 2,899,792 -------------------------------------------- $55,149,945 $(16,783,089) $38,366,856 ============================================
Page 4 of 9 Medical Resource Companies of America Pro Forma Consolidated Balance Sheet September 30, 1994 (Unaudited)
Less Disposed Consolidated Consolidated Businesses Pro Forma ------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIBILITIES Current maturities of long-term debt $ 533,835 $ (553,835) Accrued interest payable 191,512 (181,989) $ 9,523 Notes payable 4,342,389 (2,725,665) 1,615,724 Accounts payable-trade 1,599,960 (964,121) 635,839 Accrued expenses 1,412,929 (883,074) 529,855 Other current liabilities 583,420 531,554 1,114,974 --------------------------------------------- Total current liabilities 8,684,045 (4,777,130) 3,906,915 LONG TERM DEBT 18,923,313 (18,217,528) 705,785 NOTES PAYABLE-AFFILIATES 1,626,000 1,625,000 OTHER NON CURRENT LIABILITIES 576,586 (576,586) DEFERRED GAIN 3,142,658 3,142,658 STOCKHOLDERS' EQUITY Series A cumulative preferred stock, $.10 par value; authorized 10,000,000 shares; issued 1,085,000 shares 108,518 108,518 Series B cumulative preferred stock, $.10 par value; authorized 100,000 shares; issued 13,000 shares 1,351 1,351 Series C cumulative preferred stock, $.10 par value; authorized 20,000 shares; issued 20,000 shares 2,000 2,000 Common Stock $.01 par value; authorized 100,000,000 shares; issued 18,395,000 shares 184,171 184,171 Additional paid-in capital 36,368,576 36,365,576 Accumulated deficit (11,913,773) 6,788,155 (5,125,618) ----------------------------------------------- 24,750,843 6,788,155 31,538,998 Less stock purchase note receivable (2,552,500) (2,552,500) ------------------------------------------------ 22,198,343 6,788,155 28,986,498 ------------------------------------------------ $ 55,149,945 $(16,783,089) $38,366,856 ================================================
Page 5 of 9 Medical Resource Companies of America Pro Forma Consolidated Statement of Operations For the Year Ended December 31, 1993 (Unaudited)
Less Operations As Previously From Reported Disposed Consolidated Consolidated Assets Adjustments Pro Forma 12/31/93 12/31/93 12/31/93 12/31/93 -------------------------------------------------------- REVENUE Sales and rentals of mobility products $ 2,351,459 $ 0 $ 0 $ 2,351,459 Real estate operating revenue 4,280,397 0 0 4,280,397 Long-term care facilities Management fees 510,000 0 0 510,000 Operating revenue 9,650,147 (9,650,147) 0 0 Gains on sales of assets 2,450,473 0 0 2,450,473 Interest and dividends 1,325,812 0 0 1,325,812 Other 165,427 (25,584) 0 139,843 Intercompany 0 0 0 0 -------------------------------------------------------- 20,733,715 (9,675,731) 0 11,057,984 EXPENSES Cost of mobility products sales and rentals 1,931,631 0 0 1,931,631 Real estate operating expenses 2,407,382 0 0 2,407,382 Long-term care facilities Management expenses 207,386 0 0 207,386 Operating expenses 6,695,947 (6,624,695) 0 71,252 General and administrative 5,964,122 (2,183,078) 0 3,781,044 Interest 2,120,973 (621,388) 0 1,499,585 Other 0 0 0 0 -------------------------------------------------------- 19,327,441 (9,429,161) 0 9,898,280 Earnings before income taxes 1,406,274 (246,570) 0 1,159,704 Provision for income taxes (99,000) 0 0 (99,000) -------------------------------------------------------- Net earnings (loss) $ 1,505,274 $ (246,570) $ 0 $ 1,258,704 ========================================================
Page 6 of 9 Medical Resource Companies of America Pro Forma Consolidated Statement of Operations For the Nine Month Period Ended September 30, 1994 (Unaudited)
Less Operations As Previously From Reported Disposed Consolidated Consolidated Assets Adjustments Pro Forma 09/30/94 09/30/94 09/30/94 09/30/94 -------------------------------------------------- REVENUE Sales and rentals of mobility products $ 1,644,824 $ 0 $ 0 $1,644,824 Real estate operating revenue 1,844,192 0 0 1,844,192 Long-term care facilities Management fees 0 0 0 Operating revenue 13,820,780 (13,820,780) 0 0 Gains on sales of assets 3,749,087 0 0 3,749,087 Gain on sale of subsidiary 803,884 0 (803,884) 0 Interest and dividends 375,398 (1,610) 0 373,788 Other 10,292 (10,292) 0 0 -------------------------------------------------- 22,248,457 (13,832,682) (803,884) 7,611,891 EXPENSES Cost of mobility products sales and rentals 1,203,892 0 0 1,203,892 Real estate operating expense 1,403,481 0 0 1,403,481 Long-term care facilities Management expenses 0 0 0 0 Operating expenses 9,105,674 (9,105,674) 0 0 General and administrative 4,671,785 (2,041,576) 0 2,630,209 Interest 2,887,864 (2,128,132) 0 759,732 Other 11,016 (11,016) 0 0 -------------------------------------------------- 19,283,712 (13,286,398) 0 5,997,314 Earnings before income taxes 2,964,745 (546,284) (803,884) 1,614,577 Provision for income taxes 1,008,009 (170,965) (273,321) 563,723 -------------------------------------------------- Net earnings (loss) $ 1,956,736 $ (375,319) $(530,563) $1,050,854 ==================================================
Page 7 of 9 NOTES TO PRO FORMA BALANCE SHEET AND STATEMENT OF OPERATIONS 1 - The pro forma balance sheet has been prepared as though the dispositions occurred on September 30, 1994 and statements of operations have been prepared as if the dispositions took place as of the beginning of period presented. 2 - The gain on sale of subsidiary of $803,884 is the gain recorded on the sale of the Company's investment in Remuda Ranch Center for Anorexia and Bulimia, Inc. The pro forma statement of operations has been adjusted to eliminate this gain. 3 - Income tax expense has been adjusted to give effect to the tax effect pro forma adjustments using 34% tax rate. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to its Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. GREENBRIAR CORPORATION (formerly MEDICAL RESOURCE COMPANIES OF AMERICA) Dated: July 22, 1996 By: /s/ Gene Bertcher ------------------------------------- Name: Gene Bertcher Title: Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----