-----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, JdrRtUXa4NEo82Fzv9Y20+3cqyt+3uBb3ZrqLjCr4N2BV7nh3zBwX6vOU62NUye6 tMCiwTBgMWJvPXrtHTv3Jg== 0000912057-96-004179.txt : 19960311 0000912057-96-004179.hdr.sgml : 19960311 ACCESSION NUMBER: 0000912057-96-004179 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960306 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960308 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMRE CORP CENTRAL INDEX KEY: 0000716054 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 222389839 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12943 FILM NUMBER: 96532593 BUSINESS ADDRESS: STREET 1: 401 QUEEN ANNE AVE N CITY: SEATTLE STATE: WA ZIP: 98109 BUSINESS PHONE: 2062989400 MAIL ADDRESS: STREET 1: 401 QUEEN ANNE AVE NORTH CITY: SEATTLE STATE: WA ZIP: 98109 8-K 1 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 6, 1996 ---------------------------------------------- Date of Report (Date of earliest event reported) IMRE CORPORATION --------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-12943 22-2389839 - ------------------------- --------------------------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 401 Queen Anne Avenue North Seattle, WA 98109 ------------------------------------------ (Address of principal executive offices) (206) 298-9400 -------------------------------------------- (Registrant's telephone number, including area code) Total number of pages: Index to Exhibits at Page: ITEM 5. OTHER EVENTS In January 1996, the Registrant sold 8,540,702 shares of Common Stock for $1.50 per share in a private placement. The sales occurred pursuant to a series of closings occurring on January 21, 1996, January 22, 1996 and January 26, 1996. The net proceeds to the Company were approximately $12,000,000. As a result of the private placement, $1,500,000 of outstanding Senior Convertible Debentures of the Registrant were automatically converted to 1,000,000 shares of the Registrant's Common Stock. On February 20, 1996, the Registrant filed with the Securities and Exchange Commission a registration statement of Form S-3 under the Securities Act of 1933, as amended, for resale of the above-referenced shares. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. -------- 99.1. Proforma Balance Sheet as of December 31, 1995 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. IMRE CORPORATION Dated: March 6, 1996 By: /s/ ALEX P. DE SOTO ------------------------ Alex P. de Soto Chief Financial Officer, Vice President and Secretary INDEX TO EXHIBITS PAGE NO. 99.1 Proforma Balance Sheet as of December 31, 1995 EX-99 2 FINANCIALS IMRE CORPORATION PRO FORMA BALANCE SHEET DECEMBER 31, 1995 -----------------------------------
ASSETS (AUDITED) 1995 ADJUSTMENTS 1995 PRO FORMA - ------ ---------------- ------------- ---------------- Current assets: Cash and cash equivalents $ 1,009,878 $ 12,103,080 (1) $ 13,112,958 Accounts receivable: Trade 23,850 23,850 Other 533,989 533,989 Inventories 1,148,506 1,148,506 Prepaid expenses 143,755 143,755 ------------ ------------ Total current assets 2,859,978 14,963,058 ------------ ------------ Property and equipment, net 1,425,020 1,425,020 Convertible debenture issuance costs, net 278,711 (140,000)(2) 138,711 ------------ ------------ ------------ Total assets $ 4,563,709 $ 11,963,080 $ 16,526,789 ------------ ------------ ------------ ------------ ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) - ---------------------------------------------- Current liabilities: Accounts payable $ 892,501 $ 892,501 Accrued compensation 456,939 456,939 Accrued liabilities 672,488 $ 90,000 (3) 762,488 Senior convertible debentures 1,500,000 (1,500,000)(4) Current portion of notes payable 26,821 26,821 ------------ ------------ ------------ Total current liabilities 3,548,749 (1,410,000) 2,138,749 ------------ ------------ ------------ ------------ ------------ ------------ Convertible debentures 1,345,000 1,345,000 Notes payable, net of current portion 25,972 25,972 Accrued compensation 168,750 168,750 ------------ ------------ 5,088,471 3,678,471 ------------ ------------ Commitments and contingencies Stockholders' equity (deficit): Common stock, $.02 par value; authorized 35,000,000 shares; issued and outstanding, 18,693,595 shares at December 31, 1995 373,872 191,214 (5) 565,086 Additional paid-in capital 43,143,000 13,181,866 (6) 56,324,866 ------------ ------------ ------------ 43,516,872 13,373,080 56,889,952 Accumulated deficit (44,041,634) (44,041,634) ------------ ------------ ------------ (524,762) 13,373,080 12,848,318 ------------ ------------ ------------ Total liabilities and stockholders' equity (deficit) $ 4,563,709 $ 11,963,080 $ 16,526,789 ------------ ------------ ------------ ------------ ------------ ------------
(1) Represents 8,540,702 shares of Common Stock sold in January 1996 at $1.50 per share less $707,973 of placement agent fees. (2) Represents placement agent fees and costs associated with issuing $1,500,000 principal of Senior Convertible Debentures as of December 31, 1995 which were charged to Additional Paid-in Capital upon the conversion of the Debentures on January 22, 1996 into 1,000,000 shares of Common Stock. (3) Represents estimated legal and accounting fees and other costs of $120,000 associated with the January 1996 private placement of 8,540,702 shares of Common Stock at $1.50 per share, less $30,000 of December 1995 Senior Convertible Debenture private placement fees paid in 20,000 shares of Common Stock at $1.50 per share in January 1996. (4) Represents the conversion of $1,500,000 principal of Senior Convertible Debentures on January 22, 1996 into 1,000,000 shares of Common Stock. (5) Represents the par value ($0.02) for the issuance of 9,560,702 shares of Common Stock in January 1996. (6) Represents the net increase in Additional Paid-in Capital of the issuance of 9,560,702 shares of Common Stock at $1.50 per share less their par value and offering costs. -----END PRIVACY-ENHANCED MESSAGE-----