-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, hsi3wDWM+Y6WZ2N+sBYyS2I0d4/0unAM4mI8Z9oIjdAOnMblHng+MDjD+Csa8X+m HZj6QkPuIQr3AoLBGNRumQ== 0000022872-94-000022.txt : 19941201 0000022872-94-000022.hdr.sgml : 19941201 ACCESSION NUMBER: 0000022872-94-000022 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940531 FILED AS OF DATE: 19941130 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPREHENSIVE CARE CORP CENTRAL INDEX KEY: 0000022872 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060] IRS NUMBER: 952594724 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09927 FILM NUMBER: 94562639 BUSINESS ADDRESS: STREET 1: 16305 SWINGLEY RIDGE DR CITY: CHESTERFIELD STATE: MO ZIP: 63017 BUSINESS PHONE: 3145371288 MAIL ADDRESS: STREET 1: 16305 SWINGLEY RIDGE DRIVE CITY: CHESTERFIELD STATE: MO ZIP: 63017 FORMER COMPANY: FORMER CONFORMED NAME: NEURO PSYCHIATRIC & HEALTH SERVICES DATE OF NAME CHANGE: 19730501 FORMER COMPANY: FORMER CONFORMED NAME: JADE OIL CO DATE OF NAME CHANGE: 19700402 FORMER COMPANY: FORMER CONFORMED NAME: NEURO PSYCHIATRIC & HEALTH SERVICES INC DATE OF NAME CHANGE: 19700402 11-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 11-K Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [ X ] Annual Report pursuant to Section 15(d) of the Securities Act of 1934 (Fee Required) For the fiscal year ended May 31, 1994 OR [ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required) For transition period from _______________ to _______________ Commission File Number 0-5751 COMPREHENSIVE CARE CORPORATION 401(k) PLAN ______________________________ (Full title of the Plan) COMPREHENSIVE CARE CORPORATION ______________________________ (Name of issuer of the securities held pursuant to the Plan) 16305 Swingley Ridge Drive Suite 100 Chesterfield, Missouri 63017 ______________________________ (Address of principal executive office) COMPREHENSIVE CARE CORPORATION INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES MAY 31, 1994 AND MAY 31, 1993 PAGE Report of Independent Certified Public Accountants 3 Statement of Net Assets Available for Benefits May 31, 1994 and 1993 4 Statements of Changes in Net Assets Available for Benefits Years Ended May 31, 1994, 1993 and 1992 5 Notes to Financial Statements 6-27 Supplemental Schedules Item 27a - Schedule of Assets Held for Investment Purposes 29 Item 27d - Schedule of Reportable Transactions 30 Other schedules are omitted because they are not applicable or are not a required disclosure under the Employee Retirement Income Security Act of 1974 and regulations issued by the Department of Labor. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS November 9, 1994 To the Plan Administrator of the Comprehensive Care Corporation 401(k) Plan We have audited the accompanying statements of net assets available for benefits of the Comprehensive Care Corporation 401(k) Plan as of May 31, 1994 and 1993, and the related statements of changes in net assets available for benefits for the years ended May 31, 1994, 1993 and 1992. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits as of May 31, 1994 and 1993, and the changes in net assets available for benefits for the years ended May 31, 1994, 1993 and 1992 in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. COMPREHENSIVE CARE CORPORATION 401(k) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
Year Ended May 31, -------------------- 1994 1993 ---- ---- ASSETS Investments, at fair value (Notes 1 and 4) Cash and cash equivalents $ 299,374 $ 425,042 Collective investment trusts 724,256 803,471 Guaranteed income contract 1,109,184 1,279,369 Common stock, Comprehensive Care Corporation 13,393 23,521 Participants' loans 113,923 162,962 ------------- -------------- 2,260,130 2,694,365 ------------- -------------- Receivables Participants' contributions 52,638 25,500 Employer contributions 5,079 --- Accrued interest 7,555 10,547 -------------- -------------- 65,272 36,047 ------------- -------------- Total assets 2,325,402 2,730,412 ------------- -------------- LIABILITIES Accounts payable 6,767 13,664 ------------- -------------- Total liabilities 6,767 13,664 ------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $ 2,318,635 $ 2,716,748 ============= ==============
See accompanying notes to these financial statements. COMPREHENSIVE CARE CORPORATION 401(k) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended May 31, ----------------------------------------------- 1994 1993 1992 -------------- -------------- -------------- ADDITIONS Investment income (Notes 1 and 4) Net appreciation (depreciation) in fair value of investments $ 28,813 $ 77,198 $ (67,910) Interest and dividends 129,041 140,572 201,043 -------------- ------------- -------------- 157,854 217,770 133,133 -------------- ------------- -------------- Contributions Participants 310,670 580,863 704,767 Employer 12,798 --- --- -------------- ------------- -------------- 323,468 580,863 704,767 -------------- ------------- -------------- Total additions 481,322 798,633 837,900 -------------- ------------- -------------- DEDUCTIONS Benefits paid 854,646 819,523 1,447,503 Insurance premiums 6,077 9,582 36,855 Administrative expenses 18,712 29,930 44,193 Rollover of Plan assets to RehabCare Corp. 401(k) Plan (Note 3) --- --- 977,593 -------------- ------------- -------------- Total deductions 879,435 859,035 2,506,144 -------------- ------------- -------------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (398,113) (60,402) (1,668,244) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 2,716,748 2,777,150 4,445,394 -------------- ------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 2,318,635 $ 2,716,748 $2,777,150 ============== ============= ==============
See accompanying notes to these financial statements. COMPREHENSIVE CARE CORPORATION 401(k) PLAN NOTES TO FINANCIAL STATEMENTS MAY 31, 1994 AND 1993 NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES The Plan - Effective August 1, 1986, Comprehensive Care Corporation (the ``Company'') established the Comprehensive Care Corporation Employee Savings Plan (the ``Plan'') which is a defined contribution plan for the benefit of its eligible employees. On May 31, 1987, a rollover of the assets from the Comprehensive Care Corporation Stock Bonus Plan was made into the Plan. Investment Valuation - Quoted market prices are used to value investments. Any net unrealized appreciation or depreciation for the period is reflected in the statement of changes in net assets available for benefits. Dividend and Interest Income - Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned on the accrual basis. Eligibility - Employees who have attained age 21 are eligible to participate in the Plan on the first day of the month coinciding with or next following the completion of six consecutive months of employment, commencing on the date the employee commences service. Employees who are covered under a collective bargaining agreement are ineligible to participate unless the agreement specifically provides for coverage under the Plan. In addition, those employees who are designated as on-call employees, employees covered by another qualified retirement plan, non-resident aliens who receive no compensation in the U.S., per diem employees and temporary employees who are designated as on- call employees, are ineligible to participate. No employee will be eligible to commence participation in the Plan so long as his or her participation in the Plan or an offer of participation would violate applicable federal or state securities laws. Participant Accounts - The following separate accounts are maintained for each participant: 1. The ``Employee Match Account'' is for Company contributions. 2. The ``Employee 401(k) Account'' is for employee compensation deferral contributions. 3. The ``Rollover Account'' is for amounts received from other qualified retirement plans. 4. The ``Stock Bonus Account'' is for employee deferral contributions transferred to the Plan from the predecessor Plan. 5. The ``Employer Stock Bonus Account'' is for Company contributions transferred to the Plan from the predecessor Plan. NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Contributions - Each participant may contribute from two percent (2%) to fifteen percent (15%) of his or her compensation to the Plan. The Company may make a discretionary contribution to the Plan for all employees on the basis of his or her compensation. During the year ended May 31, 1994, the Company made a discretionary contribution of approximately $13,000. The Company did not make any discretionary contributions during the years ended May 31, 1993 and 1992. Contributions cannot exceed limits as prescribed by Federal income tax law. Vesting - Each participant is one hundred percent (100%) vested in his or her contributions. The non-forfeitable percentage of each participant's Company contribution account is determined in accordance with the following table: Number of Vested Years of Service Percentage Less than one year 0% One to two years 50% Two or more years 100% In addition, a participant becomes one hundred percent (100%) vested in his or her Company contribution account upon attainment of normal retirement date (age 65) while employed by the Company, or termination from employment due to total and permanent disability. Investment of Funds - A participant may choose among the following investment funds in which his or her respective Employee 401(k) Account, and Rollover Account are to be invested in whole number multiples of ten percent (10%), except that only amounts allocated to his or her Employee 401(k) Account may be invested in the Insurance Fund, subject to the limitations described in the Plan: 1. The ``CompCare Stock Fund'' invests entirely in Comprehensive Care Corporation common stock. 2. The ``Guaranteed Income Fund'' invests in assets with a fixed rate of return. 3. The ``Equity Index Fund'' invests in a registered collective investment trust which concentrates in diversified corporate equity investments. 4. The ``Money Market Fund'' invests in a registered collective investment trust which concentrates in diversified money market accounts. 5. The ``Intermediate Bond Fund'' invests in a registered collective investment trust which concentrates in diversified debt instruments. 6. The ``Insurance and Transfer Fund'' invests in individual insurance policies. NOTE 1 - THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 7. The ``Participant Loan Fund'' represents the unpaid principal of participant loans issued against the participant's vested interest in the Plan. 8. The ``Deferred Contribution Fund'' represents unallocated assets which were funded by the Company and are restricted for future Company contributions. Distribution of Plan Benefits - Each participant may elect to have his or her benefits distributed as follows: 1. A lump sum in cash or in kind, or 2. Monthly installments over a period of time not to exceed the lesser of (A) ten years, or (B) the life expectancy of the participant or the combined life expectancy of the participant and his or her designated beneficiary. The installment payment option is, however, not available for a participant who terminates employment before attaining age 65 or by reason of a total and permanent disability and who elects immediate distribution of his or her benefits. If the value of the vested portion of a participant's account at the time of termination or employment with the Company is equal to or less than $3,500, the participant will receive an immediate lump sum payment. All such distributions will be paid in cash except that any participant who has at least one hundred (100) shares of CompCare stock allocated to his or her accounts, may elect to receive that portion of his or her accounts invested in the CompCare Stock Fund in shares of CompCare stock rather than in cash. Fractional shares will always be distributed in cash. The Plan records benefit expenses when paid. At May 31, 1994, 1993 and 1992, amounts to be paid to participants who have withdrawn from the Plan amounted to approximately $25,000, $54,000 and $148,000, respectively. Participant Forfeitures - All amounts representing forfeitures are used to reduce the amount of Company contributions declared for that Plan year. If amounts forfeited exceed required Company contributions for the applicable period, then such amounts shall be used to offset administrative expenses of the Plan. Plan Fees and Commissions - The Plan pays a substantial portion of the administrative expenses related to the operation of the Plan. Plan Termination - Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of termination, all amounts credited to a participant's deferral account will be fully vested. NOTE 2 - TAX STATUS On May 24, 1988, the Internal Revenue Service issued a determination letter with respect to the Plan as adopted August 1, 1986. The Plan has, however, been amended substantially since the issuance of the letter. An application for determination regarding the qualified status of the amended Plan was submitted to the Internal Revenue Service on September 15, 1989. On April 10, 1990, the Internal Revenue Service issued a favorable determination letter regarding the qualified status of the Plan as amended. The amended Plan is qualified, therefore the participants in the Plan are not subject to federal or state income taxes on their contributions or the Company's contributions, or on the income or realized gains from sales of securities received by the trustee and credited to their accounts until they receive a distribution from the Plan. NOTE 3 - PARTIAL ROLLOVER OF PLAN ASSETS Effective June 1, 1991, RehabCare Corporation, a wholly- owned subsidiary of the Company, adopted the RehabCare Corporation 401(k) Plan for its eligible employees. The RehabCare Corporation's employee's portion of assets in the Comprehensive Care Corporation 401(k) Plan were rolled into the RehabCare Corporation 401(k) Plan. NOTE 4 - INVESTMENTS The Plan's investments are held by a bank-administered trust fund, except for the guaranteed income contract which is on deposit with an insurance company. The following tables present the fair values of investments. Investments that represent five percent (5%) or more of the Plan's net assets are separately identified. Fair value of investments at May 31, 1994 and 1993 consisted of the following:
Number Number Description of Shares 1994 of Shares 1993 - ------------- -------- ---------- ---------- ---------- Investments at fair value as determined by quoted market price: Cash and Cash Equivalents Boatmen's Employee Benefit Short Term Fund --- $ 299,374 --- $425,042 Collective Investment Trusts Boatmen's Trust Co. Equity Index Fund I 60,001 617,587 8,143 687,297 Other 3,867 106,669 4,271 116,174 Guaranteed Income Contract Hartford Guaranteed Income Fund --- 1,109,184 --- 1,279,369 Common Stock Comprehensive Care Corporation 23,788 13,393 34,187 23,521 Participant loans --- 113,923 --- 162,962 $2,260,130 $2,694,365 ========== ==========
During 1994, 1993 and 1992, the Plan's investments (including investments bought, sold and held during the respective periods) appreciated (depreciated) in value by $28,813, $77,198 and ($67,910), respectively, as follows: Year Ended May 31, ------------------------------------------------------- 1994 1993 1992 ------------- -------------- -------------- Investments at fair value as determined by quoted market price Cash and Cash Equivalents $ --- $ --- $ --- Collective Investment Trusts 27,689 102,265 122,459 Guaranteed Income Contact --- --- --- Common Stock, Comprehensive Care Corporation 1,124 (25,067) (190,369) Participant loans --- --- --- ------------- ------------ -------------- Net appreciation (depreciation) $28,813 $77,198 $ (67,910) ============= ============ ==============
NOTE 4 - INVESTMENTS (CONTINUED) The following statements present the net assets available and changes in net assets available by participant directed funds.
Statement of Net Assets Available for Benefits CompCare Stock Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ --- $ --- Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation 13,393 23,521 Participant loans --- --- ------ ------ 13,393 23,521 ------ ------ Receivables Participants' contributions --- --- Employer contributions --- --- Accrued interest --- --- Interfund transfers 1,164 536 ------ ------- 1,164 536 ------ ------- Total assets 14,557 24,057 ------ ------- LIABILITIES Accounts payable 475 364 Interfund transfers payable --- --- ------ ------- Total liabilities 475 364 ------ ------- NET ASSETS AVAILABLE FOR BENEFITS $ 14,082 $ 23,693 ====== ======
NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Guaranteed Income Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 2,828 $ 1 Collective investment trusts --- --- Guaranteed income contract 1,109,184 1,279,369 Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- --------- --------- 1,112,012 1,279,370 --------- --------- Receivables Participants' contributions 19,623 9,946 Employer contributions 2,220 --- Accrued interest 6,532 8,796 Interfund transfers 3,435 48,889 --------- --------- 31,810 67,631 --------- --------- Total assets 1,143,822 1,347,001 --------- --------- LIABILITIES Accounts payable 2,457 6,568 Interfund transfers payable --- --- --------- --------- Total liabilities 2,457 6,568 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $ 1,141,365 $ 1,340,433 ========= ==========
See accompanying notes to financial statements. NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Equity Index Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 42,093 $ --- Collective investment trusts 617,587 27,520 Guaranteed income contract --- 687,297 Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- --------- --------- 659,680 714,817 --------- --------- Receivables Participants' contributions 19,223 8,844 Employer contributions 1,674 --- Accrued interest 148 159 Interfund transfers 802 --- --------- --------- 21,847 9,003 --------- --------- Total assets 681,527 723,820 --------- --------- LIABILITIES Accounts payable 1,952 3,926 Interfund transfers payable --- 24,212 --------- --------- Total liabilities 1,952 28,138 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $ 679,575 $ 695,682 ========= =========
NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Money Market Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 137,348 $ 247,485 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- --------- --------- 137,348 247,485 Receivables Participants' contributions 7,395 2,903 Employer contributions 744 --- Accrued interest 477 1,068 Interfund transfers 1,478 --- --------- --------- 10,094 3,971 --------- --------- Total assets 147,442 251,456 --------- --------- LIABILITIES Accounts payable 358 2,047 Interfund transfers payable --- 16,850 --------- --------- Total liabilities 358 18,897 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $ 147,084 $ 232,559 ========= =========
NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Intermediate Bond Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 7,746 $ 22,241 Collective investment trusts 106,669 116,174 Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- ------- ------- 114,415 138,415 Receivables Participants' contributions 5,546 3,807 Employer contributions 441 --- Accrued interest 19 70 Interfund transfers 97 --- ------- ------- 6,103 3,877 Total assets 120,518 142,292 LIABILITIES Accounts payable 392 759 Interfund transfers payable --- --- Total liabilities 392 759 NET ASSETS AVAILABLE FOR BENEFITS $120,126 $141,533 ======= ======= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Participant Loan Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $321 $512 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participant loans 113,923 162,962 ------- ------- 114,244 163,474 ------- ------- Receivables Participants' contributions --- --- Employer contributions --- --- Accrued interest --- 71 Interfund transfers --- --- ------- ------- --- 71 ------- ------- Total assets 114,244 163,545 ------- ------- LIABILITIES Accounts payable --- --- Interfund transfers payable 6,035 --- ------- ------- Total liabilities 6,035 --- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS $108,209 $163,545 ======= ======= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Insurance and Transfer Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 938 $ --- Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- ------- ------- 938 --- ------- ------- Receivables Participants' contributions 851 --- Employer contributions --- --- Accrued interest 3 4 Interfund transfers --- --- ------- ------- 854 4 ------- ------- Total assets 1,792 4 ------- ------- LIABILITIES Accounts payable 851 --- Interfund transfers payable 941 4 ------- ------- Total liabilities 1,792 4 ------- ------- NET ASSETS AVAILABLE FOR BENEFITS $ --- $ --- ======= ======= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Net Assets Available for Benefits Deferred Contribution Fund May 31, -------------------------- 1994 1993 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ 108,100 $ 127,283 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participant loans --- --- -------- -------- 108,100 127,283 -------- -------- Receivables Participants' contributions --- --- Employer contributions --- --- Accrued interest 376 379 Interfund transfers --- --- -------- --------- 376 379 -------- --------- Total assets 108,476 127,662 -------- --------- LIABILITIES Accounts payable 282 --- Interfund transfers payable --- 8,359 -------- --------- Total liabilities 282 8,359 -------- --------- NET ASSETS AVAILABLE FOR BENEFITS $ 108,194 $ 119,303 ======== ========= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits CompCare Stock Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation (depreciation) in fair value of investments $ 1,124 $ (25,067) $ (190,369) Interest and dividends 30 2 2,359 1,154 (25,065) (188,010) Contributions Participants --- --- --- Employer --- --- --- -------- ------- ------- --- --- --- -------- ------- ------- Total additions 1,154 (25,065) (188,010) -------- ------- ------- DEDUCTIONS Benefits paid 24,162 17,513 203,779 Insurance premiums --- --- (4) Administrative expenses 99 713 2,233 Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- 59,624 Interfund transfers (13,496) 416 (279,075) -------- ------- ------- Total deductions 10,765 18,642 (13,443) -------- ------- ------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (9,611) (43,707) (174,567) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 23,693 67,400 241,967 -------- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 14,082 $ 23,693 $ 67,400 ======= ======= ======= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Guaranteed Income Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ --- $ --- $ --- Interest and dividends 107,744 111,588 162,491 -------- -------- --------- 107,744 111,588 162,491 -------- -------- --------- Contributions Participants 117,069 214,854 347,639 Employer 5,620 --- --- -------- -------- --------- 122,689 214,854 347,639 -------- -------- --------- Total additions 230,433 326,442 510,130 -------- -------- --------- DEDUCTIONS Benefits paid 462,269 436,617 744,416 Insurance premiums --- --- --- Administrative expenses 8,306 14,448 21,072 Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- 625,020 Interfund transfers (41,074) 2,266 643,254 -------- -------- --------- Total deductions 429,501 453,331 2,033,762 -------- -------- --------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (199,068) (126,889) (1,523,632) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 1,340,433 1,467,322 2,990,954 --------- --------- --------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 1,141,365 $ 1,340,433 $ 1,467,322 ========= ========= ========== /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Equity Index Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ 26,287 $ 91,668 $ 120,103 Interest and dividends 369 1,175 7,733 -------- -------- -------- 26,656 92,843 127,836 -------- -------- --------- Contributions Participants 108,941 159,582 179,934 Employer 4,287 --- --- -------- -------- --------- 113,228 159,582 179,934 -------- -------- --------- Total additions 139,884 252,425 307,770 DEDUCTIONS Benefits paid 148,607 189,907 315,608 Insurance premiums --- --- --- Administrative expenses 5,958 8,366 11,814 Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- 272,230 Interfund transfers 1,426 (31,094) 286,944 --------- --------- --------- Total deductions 155,991 167,179 886,596 --------- --------- --------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (16,107) 85,246 (578,826) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 695,682 610,436 1,189,262 --------- --------- --------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 679,575 $ 695,682 $ 610,436 ======== ======== ========= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Money Market Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ --- $ --- $ --- Interest and dividends 7,101 10,468 10,232 --------- -------- ------- 7,101 10,468 10,232 --------- -------- ------- Contributions Participants 42,151 151,275 102,165 Employer 1,798 --- --- -------- -------- -------- 43,949 151,275 102,165 -------- -------- -------- Total additions 51,050 161,743 112,397 -------- -------- -------- DEDUCTIONS Benefits paid 122,119 113,151 77,366 Insurance premiums --- --- --- Administrative expenses 1,486 4,725 6,627 Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- --- Interfund transfers 12,920 65,895 (226,183) -------- -------- --------- Total deductions 136,525 183,771 (142,190) -------- -------- --------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (85,475) (22,028) 254,587 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 232,559 254,587 --- -------- -------- --------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 147,084 $ 232,559 $ 254,587 ======== ======== ========= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Intermediate Bond Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ 1,402 $ 10,597 $ 2,356 Interest and dividends 303 473 3,019 ------ -------- ------- 1,705 11,070 5,375 ------ -------- ------- Contributions Participants 36,235 45,499 60,023 Employer 1,093 --- --- ------- -------- ------- 37,328 45,499 60,023 ------- -------- ------- Total additions 39,033 56,569 65,398 ------- -------- ------- DEDUCTIONS Benefits paid 67,405 39,754 39,855 Insurance premiums --- --- --- Administrative expenses 1,371 1,678 2,447 Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- --- Interfund transfers (8,336) (14,587) (88,713) ------- ------- ------- Total deductions 60,440 26,845 (46,411) ------- ------- ------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (21,407) 29,724 111,809 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 141,533 111,809 --- ------- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $120,126 $141,533 $111,809 ======= ======= =======
NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Participant Loan Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ --- $ --- $ --- Interest and dividends 8,049 11,743 8,894 ------- ------- ------- 8,049 11,743 8,894 ------- ------- ------- Contributions Participants --- --- --- Employer --- --- --- ------- ------- ------- --- --- --- ------- ------- ------- Total additions 8,049 11,743 8,894 ------- ------- ------- DEDUCTIONS Benefits paid 29,902 22,581 66,479 Insurance premiums --- --- --- Administrative expenses 492 --- --- Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- 20,719 Interfund transfers 32,991 (38,006) (214,681) ------- ------- ------- Total deductions 63,385 (15,425) (127,483) ------- ------- ------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (55,336) 27,168 136,377 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 163,545 136,377 --- ------- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $108,209 $163,545 $136,377 ======= ======= ======= /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Insurance and Transfer Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ --- $ --- $ --- Interest and dividends 978 43 31 ------- ------- ------- 978 43 31 ------- ------- ------- Contributions Participants 6,274 9,653 15,006 Employer --- --- --- ------- ------- ------- 6,274 9,653 15,006 ------- ------- ------- Total additions 7,252 9,696 15,037 ------- ------- ------- DEDUCTIONS Benefits paid 182 --- --- Insurance premiums 6,077 9,582 36,859 Administrative expenses 4 --- --- Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- --- Interfund transfers 989 114 1,389 ------- ------- ------- Total deductions 7,252 (9,696) 38,248 ------- ------- ------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS --- --- (23,211) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year --- --- 23,211 ------- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ --- $ --- $ --- ======== ======== ======== /TABLE NOTE 4 - INVESTMENTS (CONTINUED)
Statement of Changes in Net Assets Available for Benefits Deferred Contribution Fund Years Ended May 31, ------------------------------------------ 1994 1993 1992 --------- --------- --------- ADDITIONS Investment income Net appreciation in fair value of investments $ --- $ --- $ --- Interest and dividends 4,467 5,080 6,284 ---------- ---------- ---------- 4,467 5,080 6,284 ---------- ---------- ---------- Contributions Participants --- --- --- Employer --- --- --- ---------- ---------- ---------- --- --- --- ---------- ---------- ---------- Total additions 4,467 5,080 6,284 ---------- ---------- ---------- DEDUCTIONS Benefits paid --- --- --- Insurance premiums --- --- --- Administrative expenses 996 --- --- Rollover of Plan assets to RehabCare Corp. 401(k) Plan --- --- --- Interfund transfers 14,580 14,996 (122,935) ---------- ---------- ---------- Total deductions 15,576 14,996 (122,935) ---------- ---------- ---------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (11,109) (9,916) (129,219) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 119,303 129,219 --- ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 108,194 $ 119,303 $ 129,219 ========= ======== ========= /TABLE NOTE 5 - SUBSEQUENT EVENT In October 1994, the Company made a one for ten reverse stock split on the Company's issued and outstanding stock. COMPREHENSIVE CARE CORPORATION 401(k) PLAN SUPPLEMENTAL SCHEDULE MAY 31, 1994 PLAN #001 FEIN #: 95-2594724 ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (c) Description of Investment (b) Identity of Issue Including Maturity Date, Borrower, Lessor Rate of Interest, Collateral, (e)Current (a) or Similar Party Par or Maturity Value (d) Cost Value - -------- ------------------------------ --------------------------- -------- ----------- Comprehensive Care Corporation Common Stock, 23,788 Shares $ 142,796 $ 13,393 Boatmen's Employee Benefit Short-Term Fund Money Market, 4.3% $ 299,374 $ 299,374 Hartford Life Insurance Co. Guaranteed Investment Contract, Various Rates $1,109,184 $1,109,184 Boatmen's Trust Company Common Trust, Collective Employee Benefit Trust Fund I, 60,001 Shares $ 520,867 $ 617,587 Boatmen's Trust Company Common Trust, Collective Employee Benefit Trust Fund J, 3,867 Shares $ 104,867 $ 106,669 Participant Loans Participant Loans, Various Rates $ 113,923 $ 113,923 /TABLE COMPREHENSIVE CARE CORPORATION 401(k) PLAN SUPPLEMENTAL SCHEDULE MAY 31, 1994 PLAN #001 FEIN #: 95-2594724 ITEM 27(d) - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
h)Current Value Value of Asset on a)Identity of b)Description c)Purchase d)Selling e)Lease f)Expense g)Cost of Transaction i)Net Gain Party Involved Of Asset Price Price Rental Incurred Asset Date or(Loss) - ------------------ ------------- ---------- --------- ------- --------- --------- ----------- ---------- Boatmen's Bank, Boatmen's Employee Money Market Benefit Short-Term 4.3%, 262 Fund Purchases $1,357,319 $ --- $ --- $ --- $1,357,319 $1,357,319 $ --- Boatmen's Bank, Boatmen's Employee Money Market Benefit Short-Term 4.3%, Fund 201 Sales $ --- $1,507,904 $ --- $ --- $1,507,904 $1,507,904 $ --- Boatmen's Trust Co. Collective Employee Common Trust, Benefit Trust 7 Purchases Fund J $ 146,473 $ --- $ --- $ --- $ 146,473 $ 146,473 $ --- Boatmen's Trust Co., Collective Employee Common Trust, Benefit Trust 6 Sales Fund J $ --- $ 157,381 $ --- $ --- $ 154,867 $ 157,381 $ 2,514 Boatmen's Trust Co., Collective Employee Common Trust, Benefit Trust 5 Purchases Fund I $ 94,208 $ --- $ --- $ --- $ 94,208 $ 94,028 $ --- Boatmen's Trust Co., Collective Employee Common Trust, Benefit Trust 11 Sales Fund I $ --- $ 190,206 $ --- $ --- $ 186,363 $ 190,206 $ 3,843 /TABLE SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee which administers the Plan has duly caused this annual report to be signed by the undersigned, thereunto duly authorized. COMPREHENSIVE CARE CORPORATION 401(k) PLAN By: /s/ Kerri Ruppert ------------------------- Kerri Ruppert Committee Member Dated: November 21, 1994 -----END PRIVACY-ENHANCED MESSAGE-----