-----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, K8EAcn7Qpxkh7x9rF88rQI9tvGiLbuia+AXYHQD+Jt/9qzdyGdkA8Htnod2A+UPS TPmS3Ggn/PN5535ZO8pyQw== 0000892569-96-000243.txt : 19960318 0000892569-96-000243.hdr.sgml : 19960318 ACCESSION NUMBER: 0000892569-96-000243 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950531 FILED AS OF DATE: 19960315 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: 96535096 BUSINESS ADDRESS: STREET 1: 350 W BAY ST STREET 2: STE 280 CITY: COSTA MESA STATE: CA ZIP: 92627 BUSINESS PHONE: 7142222273 MAIL ADDRESS: STREET 1: 4350 VON KARMAN AVENUE STREET 2: SUITE 280 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 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 FORM 11-K FOR FISCAL YEAR ENDED MAY 31, 1995 1 CONFORMED 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, 1995 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) 350 West Bay Street Costa Mesa, California 92627 ------------------------------------- (Address of principal executive office) 1 2 COMPREHENSIVE CARE CORPORATION INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES MAY 31, 1995 AND MAY 31, 1994 ================================================================================
PAGE ---- Report of Independent Certified Public Accountants ........................ 3 - 4 Statement of Net Assets Available for Benefits May 31, 1995 and 1994 ................................................. 5 Statements of Changes in Net Assets Available for Benefits Years Ended May 31, 1995,1994 and 1993................................. 6 Notes to Financial Statements ............................................. 7 - 29 Supplemental Schedules Item 27(a) - Schedule of Assets Held for Investment Purposes .......... 31 Item 27(d) - Schedule of Reportable Transactions ...................... 32
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. 2 3 [LESLEY, THOMAS, SCHWARTZ AND POSTMAN, INC. LETTERHEAD] REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS January 11, 1996 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, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years ended May 31, 1995, 1994 and 1993. 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 estimated 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 respect, the net assets available for benefits as of May 31, 1995 and 1994, and the changes in net assets available for benefits for the years ended May 31, 1995, 1994 and 1993 in conformity with generally accepted accounting principles. 3 4 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. /s/ Lesley, Thomas Schwarz & Postman, Inc. A Professional Accountancy Corporation Newport Beach, California 4 5 COMPREHENSIVE CARE CORPORATION 401(k) PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MAY 31, --------------------------- 1995 1994 ---------- ---------- ASSETS Investments, at fair value (Notes 1 and 3) Cash and cash equivalents $ 244,724 $ 299,374 Collective investment trusts -- 724,256 Guaranteed income contract 1,132,100 1,109,184 Common stock, Comprehensive Care Corporation 9,182 13,393 Participants' loans 43,103 113,923 ---------- ---------- 1,429,109 2,260,130 ---------- ---------- Receivables Receivable from sale of investments 748,130 -- Participants' contributions 14,655 52,638 Employer contributions 13,068 5,079 Accrued interest 7,690 7,555 ---------- ---------- 783,543 65,272 ---------- ---------- Cash 2,700 -- ---------- ---------- Total assets 2,215,352 2,325,402 ---------- ---------- LIABILITIES Accounts payable 6,462 6,767 ---------- ---------- Total liabilities 6,462 6,767 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $2,208,890 $2,318,635 ========== ==========
See the accompanying notes to these financial statements 5 6 COMPREHENSIVE CARE CORPORATION 401(k) PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED MAY 31, ------------------------------------------------- 1995 1994 1993 ----------- ----------- ----------- ADDITIONS Investment income (Notes 1 and 3) Net appreciation in fair value of investments $ 130,720 $ 28,813 $ 77,198 Interest and dividends 104,134 129,041 140,572 ----------- ----------- ----------- 234,854 157,854 217,770 ----------- ----------- ----------- Contributions Participants 263,783 310,670 580,863 Employer 29,247 12,798 -- ----------- ----------- ----------- 293,030 323,468 580,863 ----------- ----------- ----------- Total additions 527,884 481,322 798,633 ----------- ----------- ----------- DEDUCTIONS Benefits paid 618,146 854,646 819,523 Insurance premiums 1,967 6,077 9,582 Administrative expenses 17,516 18,712 29,930 ----------- ----------- ----------- Total deductions 637,629 879,435 859,035 ----------- ----------- ----------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (109,745) (398,113) (60,402) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 2,318,635 2,716,748 2,777,150 ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 2,208,890 $ 2,318,635 $ 2,716,748 =========== =========== ===========
See the accompanying notes to these financial statements 6 7 COMPREHENSIVE CARE CORPORATION 401(k) PLAN NOTES TO FINANCIAL STATEMENTS MAY 31, 1995 AND 1994 NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES The following description of the Comprehensive Care Corporation 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL - Effective August 1, 1986, Comprehensive Care Corporation (the "Company") established 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. ACCOUNTING ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases to net assets during the reporting period. Actual results could differ from those estimates. INVESTMENT VALUATION - The investments are recorded at quoted market prices except for the guaranteed income contract and participant loans. The guaranteed income contract is valued by The Hartford Life Insurance Company. The guaranteed income contract is valued at cost plus any accrued interest. The collective investment trusts are based on the quoted market values of the underlying investments. The participant loans are valued at the outstanding principal balance which the Plan administrator (the Company) has estimated approximates fair value. 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. 7 8 NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 matching 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. 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 years ended May 31, 1995 and 1994, the Company made discretionary contributions of $29,247 and $12,798, respectively. The Company did not make any discretionary contributions during the year ended May 31, 1993. 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 accounts is determined in accordance with the following table: 8 9 NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 accounts 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. 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. 9 10 NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 total and permanent disability and who elects immediate distribution of his or her benefits. If the value of the vested portion of participant's account at the time of termination of 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, 1995, 1994 and 1993, amounts to be paid to participants who have withdrawn from the Plan amounted to approximately $106,000, $25,000 and $54,000, 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. 10 11 NOTE 1 - DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NON-DISTRIBUTED TESTING FOR EMPLOYEE AND EMPLOYER CONTRIBUTIONS - The Plan, as required by the IRC, performs annual tests between highly compensated participants versus non- highly compensated participants to insure that highly compensated participants are not disproportionately favored under the Plan. If the Plan fails the tests, it must refund some of the excess deferral contributions. Excess deferral contributions, which are refunded within two and one-half (2 -1/2) months of the Plan year end, are accrued as a liability to the Plan. Excess deferral contributions which are not refunded within two and one-half (2-1/2) months of the Plan year end are recorded as a distribution in the Plan year which the refund is paid. At May 31, 1995 the Plan did not accrue a liability for the refund of excess deferral contributions, all of which were refunded later than two and one-half (2 -1/2) months following the Plan year end. The total liability for refunds of excess contributions at May 31, 1995 was $1,498. 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. 11 12 NOTE 3 - 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 31,1995 and 1994 consisted of the following:
DESCRIPTION 1995 1994 - ----------- ---------- ---------- Investments at fair value as determined by quoted market price: Cash and cash equivalents Boatmen's Employee Benefit Short-Term Fund $ 244,724 $ 299,374 Common stock Comprehensive Care Corporation 9,182 13,393 Investments at fair value as determined by a bank and insurance company: Collective investment trusts Boatmen's Trust Co. Equity Index Fund I -- 617,587 Other -- 106,669 Guaranteed income contract Hartford Guaranteed Income Fund 1,132,100 1,109,184 Investments at estimated fair value: Participant loans 43,103 113,923 ---------- ---------- $1,429,109 $2,260,130 ========== ==========
During 1995, 1994 and 1993, the Plan's investments (including investments bought, sold and held during the respective periods) appreciated in value by $130,720, $28,813 and $77,198, respectively, as follows:
YEAR ENDED MAY 31, ------------------------------------------ 1995 1994 1993 --------- --------- --------- Investments Collective investment trusts $ 127,874 $ 27,689 $ 102,265 Guaranteed income contact -- -- -- Common stock, Comprehensive Care Corporation 2,846 1,124 (25,067) --------- --------- --------- Net appreciation $ 130,720 $ 28,813 $ 77,198 ========= ========= =========
12 13 NOTE 3 - INVESTMENTS (CONTINUED) As discussed in Note 1, participants are allowed to invest in various investment fund. 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, --------------------- 1995 1994 ------- ------- ASSETS Investments, at fair value Cash and cash equivalents $ 228 $ -- Collective investment trusts -- -- Guaranteed income contract -- -- Common stock, Comprehensive Care Corporation 9,182 13,393 Participants' loans -- -- ------- ------- 9,410 13,393 ------- ------- Receivables Participants' contributions -- -- Employer contributions -- -- Accrued interest -- -- Interfund transfers -- 1,164 ------- ------- -- 1,164 ------- ------- Cash 2,700 -- ------- ------- Total assets 12,110 14,557 ------- ------- LIABILITIES Accounts payable 32 475 Interfund transfers payable -- -- ------- ------- Total liabilities 32 475 ------- ------- NET ASSETS AVAILABLE FOR BENEFITS $12,078 $14,082 ======= =======
13 14 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS GUARANTEED INCOME FUND
MAY 31, --------------------------- 1995 1994 ---------- ---------- ASSETS Investments, at fair value Cash and cash equivalents $ -- $ 2,828 Collective investment trusts -- -- Guaranteed income contract 1,132,100 1,109,184 Common stock, Comprehensive Care Corporation -- -- Participants' loans -- -- ---------- ---------- 1,132,100 1,112,012 ---------- ---------- Receivables Participants' contributions 6,765 19,623 Employer contributions 6,243 2,220 Accrued interest 6,407 6,532 Interfund transfers -- 3,435 ---------- ---------- 19,415 31,810 ---------- ---------- Total assets 1,151,515 1,143,822 ---------- ---------- LIABILITIES Accounts payable 3,218 2,457 Interfund transfers payable -- -- ---------- ---------- Total liabilities 3,218 2,457 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $1,148,297 $1,141,365 ========== ==========
14 15 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS EQUITY INDEX FUND
MAY 31, ----------------------- 1995 1994 -------- -------- ASSETS Investments, at fair value Cash and cash equivalents $ -- $ 42,093 Collective investment trusts -- 617,587 Guaranteed income contract -- -- Common stock, Comprehensive Care Corporation -- -- Participants' loans -- -- -------- -------- -- 659,680 -------- -------- Receivables Cash receivable from sale of investments 663,048 -- Participants' contributions 4,763 19,223 Employer contributions 3,878 1,674 Accrued interest -- 148 Interfund transfers -- 802 -------- -------- 671,689 21,847 -------- -------- Total assets 671,689 681,527 -------- -------- LIABILITIES Accounts payable 2,348 1,952 Interfund transfers payable -- -- -------- -------- Total liabilities 2,348 1,952 -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $669,341 $679,575 ======== ========
15 16 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS MONEY MARKET FUND
MAY 31, ----------------------- 1995 1994 -------- -------- ASSETS Investments, at fair value Cash and cash equivalents $153,996 $137,348 Collective investment trusts -- -- Guaranteed income contract -- -- Common stock, Comprehensive Care Corporation -- -- Participants' loans -- -- -------- -------- 153,996 137,348 -------- -------- Receivables Participants' contributions 1,958 7,395 Employer contributions 1,977 744 Accrued interest 803 477 Interfund transfers -- 1,478 -------- -------- 4,738 10,094 -------- -------- Total assets 158,734 147,442 -------- -------- LIABILITIES Accounts payable 504 358 Interfund transfers payable -- -- -------- -------- Total liabilities 504 358 -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $158,230 $147,084 ======== ========
16 17 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS INTERMEDIATE BOND FUND
MAY 31, ----------------------- 1995 1994 -------- -------- ASSETS Investments, at fair value Cash and cash equivalents $ -- $ 7,746 Collective investment trusts -- 106,669 Guaranteed income contract -- -- Common stock, Comprehensive Care Corporation -- -- Participants' loans -- -- -------- -------- -- 114,415 -------- -------- Receivables Cash receivable from sale of investments 85,083 -- Participants' contributions 1,168 5,546 Employer contributions 970 441 Accrued interest -- 19 Interfund transfers -- 97 -------- -------- 87,221 6,103 -------- -------- Total assets 87,221 120,518 -------- -------- LIABILITIES Accounts payable 360 392 Interfund transfers payable -- -- -------- -------- Total liabilities 360 392 -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $ 86,861 $120,126 ======== ========
17 18 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS PARTICIPANT LOAN FUND
MAY 31, ---------------------- 1995 1994 --------- --------- ASSETS Investments, at fair value Cash and cash equivalents $ --- $ 321 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participants' loans 43,103 113,923 -------- -------- 43,103 114,244 -------- -------- Receivables Participants' contributions --- --- Employer contributions --- --- Accrued interest --- --- Interfund transfers --- --- -------- -------- --- --- -------- -------- Total assets 43,103 114,244 -------- -------- LIABILITIES Accounts payable --- --- Interfund transfers payable --- 6,035 -------- -------- Total liabilities --- 6,035 -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $ 43,103 $108,209 ======== ========
18 19 NOTE 3- INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS INSURANCE AND TRANSFER FUND
MAY 31, --------------- 1995 1994 ------ ------ ASSETS Investments, at fair value Cash and cash equivalents $--- $ 938 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participants' loans --- --- ---- ------ --- 938 ---- ------ Receivables Participants' contributions --- 851 Employer contributions --- --- Accrued interest --- 3 Interfund transfers --- --- ---- ------ --- 854 ---- ------ Total assets --- 1,792 ---- ------ LIABILITIES Accounts payable --- 851 Interfund transfers payable --- 941 ---- ------ Total liabilities --- 1,792 ---- ------ NET ASSETS AVAILABLE FOR BENEFITS $--- $ --- ==== ======
19 20 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DEFERRED CONTRIBUTION FUND
MAY 31, ------------------- 1995 1994 -------- -------- ASSETS Investments, at fair value Cash and cash equivalents $90,500 $108,100 Collective investment trusts --- --- Guaranteed income contract --- --- Common stock, Comprehensive Care Corporation --- --- Participants' loans --- --- ------- -------- 90,500 108,100 ------- -------- Receivables Participants' contributions --- --- Employer contributions --- --- Accrued interest 476 376 Interfund transfers --- --- ------- -------- 476 376 ------- -------- Total assets 90,976 108,476 ------- -------- LIABILITIES Accounts payable --- 282 Interfund transfers payable --- --- -------- -------- Total liabilities --- 282 -------- -------- NET ASSETS AVAILABLE FOR BENEFITS $ 90,976 $108,194 ======== ========
20 21 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS COMPCARE STOCK FUND
YEARS ENDED MAY 31, ------------------------------- 1995 1994 1993 -------- --------- --------- ADDITIONS Investment income Net appreciation (depreciation) in fair value of investments $ 2,846 $ 1,124 $(25,067) Interest and dividends --- 30 2 ------- -------- -------- 2,846 1,154 (25,065) ------- -------- -------- Contributions Participants --- --- --- Employer --- --- --- ------- -------- -------- --- --- --- ------- -------- -------- Total additions 2,846 1,154 (25,065) ------- -------- -------- DEDUCTIONS Benefits paid 3,534 24,162 17,513 Insurance premiums --- --- --- Administrative expenses 78 99 713 Interfund transfers 1,238 (13,496) 416 ------- -------- -------- Total deductions 4,850 10,765 18,642 ------- -------- -------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (2,004) (9,611) (43,707) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 14,082 23,693 67,400 ------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $12,078 $ 14,082 $ 23,693 ======= ======== ========
21 22 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS GUARANTEED INCOME FUND
YEARS ENDED MAY 31, -------------------------------------- 1995 1994 1993 ---------- ---------- ---------- ADDITIONS Investment income Net appreciation (depreciation) in fair value of investments $ --- $ --- $ --- Interest and dividends 85,801 107,744 111,588 ---------- ---------- ---------- 85,801 107,744 111,588 ---------- ---------- ---------- Contributions Participants 111,314 117,069 214,854 Employer 13,200 5,620 --- ---------- ---------- ---------- 124,514 122,689 214,854 ---------- ---------- ---------- Total additions 210,315 230,433 326,442 ---------- ---------- ---------- DEDUCTIONS Benefits paid 250,218 462,269 436,617 Insurance premiums --- --- --- Administrative expenses 7,833 8,306 14,448 Interfund transfers (54,669) (41,074) 2,266 ---------- ---------- ---------- Total deductions 203,382 429,501 453,331 ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 6,933 (199,068) (126,889) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 1,141,365 1,340,433 1,467,322 ---------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $1,148,298 $1,141,365 $1,340,433 ========== ========== ==========
22 23 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS EQUITY INDEX FUND
YEARS ENDED MAY 31, -------------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation in fair value of investments $120,110 $ 26,287 $ 91,668 Interest and dividends --- 369 1,175 -------- -------- -------- 120,110 26,656 92,843 -------- -------- -------- Contributions Participants 91,462 108,941 159,582 Employer 9,483 4,287 --- -------- -------- -------- 100,945 113,228 159,582 -------- -------- -------- Total additions 221,055 139,884 252,425 -------- -------- -------- DEDUCTIONS Benefits paid 207,332 148,607 189,907 Insurance premiums --- --- --- Administrative expenses 6,528 5,958 8,366 Interfund transfers 17,428 1,426 (31,094) -------- -------- -------- Total deductions 231,288 155,991 167,179 -------- -------- -------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (10,233) (16,107) 85,246 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 679,575 695,682 610,436 -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $669,342 $679,575 $695,682 ======== ======== ========
23 24 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS MONEY MARKET FUND
YEARS ENDED MAY 31, -------------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation (depreciation) in fair value of investments $ --- $ --- $ --- Interest and dividends 8,154 7,101 10,468 -------- -------- -------- 8,154 7,101 10,468 -------- -------- -------- Contributions Participants 36,049 42,151 151,275 Employer 4,153 1,798 --- -------- -------- -------- 40,202 43,949 151,275 -------- -------- -------- Total additions 48,356 51,050 161,743 -------- -------- -------- DEDUCTIONS Benefits paid 40,424 122,119 113,151 Insurance premiums --- --- --- Administrative expenses 1,296 1,486 4,725 Interfund transfers (4,507) 12,920 65,895 -------- -------- -------- Total deductions 37,213 136,525 183,771 -------- -------- -------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS 11,143 (85,475) (22,028) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 147,084 232,559 254,587 -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $158,227 $147,084 $232,559 ======== ======== ========
24 25 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS INTERMEDIATE BOND FUND
YEARS ENDED MAY 31, -------------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation in fair value of investments $ 7,764 $ 1,402 $ 10,597 Interest and dividends --- 303 473 -------- -------- -------- 7,764 1,705 11,070 -------- -------- -------- Contributions Participants 22,990 36,235 45,499 Employer 2,411 1,093 --- -------- -------- -------- 25,401 37,328 45,499 -------- -------- -------- Total additions 33,165 39,033 56,569 -------- -------- -------- DEDUCTIONS Benefits paid 43,189 67,405 39,754 Insurance premiums --- --- --- Administrative expenses 1,265 1,371 1,678 Interfund transfers 21,975 (8,336) (14,587) -------- -------- -------- Total deductions 66,429 60,440 26,845 -------- -------- -------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (33,264) (21,407) 29,724 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 120,126 141,533 111,809 -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 86,862 $120,126 $141,533 ======== ======== ========
25 26 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS PARTICIPANT LOAN FUND
YEARS ENDED MAY 31, ------------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation (depreciation) in fair value of investments $ --- $ --- $ --- Interest and dividends 4,967 8,049 11,743 -------- -------- -------- 4,967 8,049 11,743 -------- -------- -------- Contributions Participants --- --- --- Employer --- --- --- -------- -------- -------- --- --- --- -------- -------- -------- Total additions 4,967 8,049 11,743 -------- -------- -------- DEDUCTIONS Benefits paid 73,449 29,902 22,581 Insurance premiums --- --- --- Administrative expenses --- 492 --- Interfund transfers (3,376) 32,991 (38,006) -------- -------- -------- Total deductions 70,073 63,385 (15,425) -------- -------- -------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (65,106) (55,336) 27,168 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 108,209 163,545 136,377 -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 43,103 $108,209 $163,545 ======== ======== ========
26 27 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS INSURANCE AND TRANSFER FUND
YEARS ENDED MAY 31, ---------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation (depreciation) in $ --- $ --- $ --- fair value of investments Interest and dividends --- 978 43 ----- ----- ----- --- 978 43 ----- ----- ----- Contributions Participants 1,967 6,274 9,653 Employer --- --- --- ----- ----- ----- 1,967 6,274 9,653 ----- ----- ----- Total additions 1,967 7,252 9,696 ----- ----- ----- DEDUCTIONS Benefits paid --- 182 --- Insurance premiums 1,967 6,077 9,582 Administrative expenses --- 4 --- Interfund transfers --- 989 114 ----- ----- ----- Total deductions 1,967 7,252 9,696 ----- ----- ----- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS --- --- --- NET ASSETS AVAILABLE FOR BENEFITS, beginning of year --- --- --- ----- ----- ----- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ --- $ --- $ --- ===== ===== =====
27 28 NOTE 3 - INVESTMENTS (CONTINUED) STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS DEFERRED CONTRIBUTION FUND
YEARS ENDED MAY 31, -------------------------------- 1995 1994 1993 -------- -------- -------- ADDITIONS Investment income Net appreciation (depreciation) in $ --- $ --- $ --- fair value of investments Interest and dividends 5,131 4,467 5,080 -------- -------- -------- 5,131 4,467 5,080 -------- -------- -------- Contributions Participants --- --- --- Employer --- --- --- -------- -------- -------- --- --- --- -------- -------- -------- Total additions 5,131 4,467 5,080 -------- -------- -------- DEDUCTIONS Benefits paid --- --- --- Insurance premiums --- --- --- Administrative expenses 516 996 --- Interfund transfers 21,832 14,580 14,996 -------- -------- -------- Total deductions 22,348 15,576 14,996 -------- -------- -------- NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS (17,217) (11,109) (9,916) NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 108,194 119,303 129,219 -------- -------- -------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 90,977 $108,194 $119,303 ======== ======== ========
28 29 NOTE 4 - STOCK SPLIT In October 1994, the Company made a one for ten reverse stock split on the Company's issued and outstanding stock. 29 30 SUPPLEMENTAL SCHEDULES 30 31 COMPREHENSIVE CARE CORPORATION 401(k) PLAN SUPPLEMENTAL SCHEDULE MAY 31, 1995 PLAN #001 FEIN #: 95-2594724 ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(c)DESCRIPTION OF INVESTMENT INCLUDING (a) (b)IDENTITY OF ISSUE BORROWER, MATURITY DATE, RATE OF INTEREST, (e)CURRENT LESSOR OR SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE (d)COST VALUE ------- --------------------------- ------------------------------------- ---------- ---------- Comprehensive Care Corporation Common Stock, 23,788 Shares $ 84,726 $ 9,182 Boatmen's Employee Benefit Money Market, 4.3% $ 244,724 $ 244,724 Short Term Fund Hartford Life Insurance Company Guaranteed Investment Contract, Various $1,132,100 $1,132,100 Rates Participant Loans Participant Loans, 7.75% - 8.75% $ 43,103 $ 43,103
See Independent Auditor's Report and the accompanying notes to the financial statements 31 32 COMPREHENSIVE CARE CORPORATION 401(k) PLAN SUPPLEMENTAL SCHEDULE MAY 31, 1995 PLAN #001 FEIN #: 95-2594724 ITEM 27(d) - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
h)Current Value of Asset on a)Identity of Party c)Purchase d)Selling e)Lease f)Expense g)Cost of Transaction i)NetGain Involved b)Description Of Asset Price Price Rental Incurred Asset Date or (Loss) - -------------------- ----------------------- ---------- --------- ------- --------- --------- ----------- --------- Boatmen's Bank, Money Market, 4.3%, 211 $533,091 $ --- $--- $--- $533,091 $533,091 $ --- Boatmen's Employee Purchases Benefit Short-Term Fund Boatmen's Bank, Money Market, 4.3%, 162 $ --- $570,146 $--- $--- $570,146 $570,146 $ --- Boatmen's Employee Sales Benefit Short-Term Fund Boatmen's Trust Co., Common Trust, 20 $ 26,468 $ --- $--- $--- $ 26,468 $ 26,468 $ --- Collective Employee Purchases Benefit Trust Fund J Boatmen's Trust Co., Common Trust, 20 Sales $ --- $140,796 $--- $--- $133,137 $140,796 $ 7,659 Collective Employee Benefit Trust Fund J Boatmen's Trust Co., Common Trust, 20 $105,190 $ --- $--- $--- $105,190 $105,190 $ --- Collective Employee Purchases Benefit Trust Fund I Boatmen's Trust Co., Common Trust, 15 Sales $ --- $842,497 $--- $--- $722,777 $842,497 $119,720 Collective Employee Benefit Trust Fund I
See Independent Auditor's Report and the accompanying notes to the financial statements 32 33 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: March 13, 1996 33 -----END PRIVACY-ENHANCED MESSAGE-----