-----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, UK1+iCAZgDOPY8G4FhhEaDeT8yMKVycQ6svVz+IanRLSxBSEFrNPYe8diIqr2osJ qxXytm/7s2wlb4iLN39uyQ== 0000722839-96-000013.txt : 19961007 0000722839-96-000013.hdr.sgml : 19961007 ACCESSION NUMBER: 0000722839-96-000013 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19961004 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROACTIVE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000722839 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 232265039 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08662 FILM NUMBER: 96639221 BUSINESS ADDRESS: STREET 1: 7118 BEECH RIDGE TRAIL STREET 2: SUITE 402 CITY: TALLAHASSEE STATE: FL ZIP: 32312 BUSINESS PHONE: 9046685800 MAIL ADDRESS: STREET 1: 711 BEECH RIDGE TRAIL CITY: TALLAHASSEE STATE: FL ZIP: 32312 FORMER COMPANY: FORMER CONFORMED NAME: KEYSTONE MEDICAL CORPORATION DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEYSTONE MEDICAL CORP INC DATE OF NAME CHANGE: 19910103 10QSB/A 1 10QSB(AMENDED) FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended: December 31, 1995 Commission File Number: 1-8662 PROACTIVE TECHNOLOGIES, INC. (formerly KEYSTONE MEDICAL CORPORATION) (Exact name of registrant as specified in its charter) Delaware 23-2265039 (State of Incorporation) (I.R.S. Employer ID No.) 7118 Beech Ridge Trail, Tallahassee, Florida 32312 (Address of principal executive offices) (Zip Code) (904) 668-8500 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that registrant was to require such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No X Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes X No ____ The number of shares outstanding of registrant's common stock, par value $.04 per share, as of May 10, 1996 was 11,562,712. Transitional Small Business Disclosure Format (Check one) Yes No X PROACTIVE TECHNOLOGIES, INC. Table of Contents Page No. PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3-4 December 31, 1995 and June 30, 1995 Condensed Consolidated Statements of Income for the Three Months and Six Months Ended December 31, 1995 and 1994 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 1995 and 1994 6-7 Condensed Consolidated Statement of Changes in Stockholders' Equity December 31, 1995 and June 30, 1995 8 Notes to Condensed Consolidated Financial Statements 9-11 Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations 12-14 PART II OTHER INFORMATION Item 1.Legal Proceedings 14 Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURE 15-16 PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31 June 30 1995 1995 (Unaudited) (Audited) ASSETS: Current Assets: Cash and equivalents $71,023 $98,911 Marketable equity securities, net 284,224 559,005 Accounts receivable, net 72,514 110,081 Due from employees 3,175 4,625 Prepaid expenses 9,830 7,454 Deferred income tax asset, net 349,899 266,460 ______________ ______________ Total Current Assets 790,665 1,046,536 Property and equipment, net 236,188 426,208 Deferred income tax asset, net 280,000 280,000 Other assets, net 8,836 10,763 ______________ _______________ TOTAL ASSETS $1,315,689 $1,763,507 PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31 June 30 1995 1995 (Unaudited) (Audited) LIABILITIES AND STOCKHOLDERS' EQUITY: Current Liabilities: Notes payable $-------- $200,000 Current portion of long term debt 21,010 21,010 Current portion of obligations under capital leases 69,600 69,600 Accounts payable 51,987 219,103 Accrued expenses 104,581 117,596 Accrued salaries 13,481 179,461 Due to related parties 55,644 102,044 ______________ _______________ Total Current Liabilities 316,303 908,814 Long term debt 95,190 105,407 Obligations under capital leases 16,947 47,801 ______________ ________________ Total Liabilities 428,440 1,062,022 Stockholders Equity: Common stock 81,137 88,217 Capital in excess of par value 28,582,215 27,989,381 Accumulated deficit (27,776,103) (27,376,113) _______________ ________________ Total Stockholders' Equity 887,249 701,485 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,315,689 $ 1,763,507 See Accompanying Notes to Condensed Consolidated Financial Statements PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Six Months Ended Ended December 31, December 31, 1995 1994 1995 1994 Net Sales $325,963 $579,133 $683,399 $985,016 Cost of sales 63,850 69,296 141,359 151,803 Selling, general and administrative expenses 378,296 417,946 658,429 623,691 Income (loss) from operations (115,183) 91,891 (116,389) 209,522 Other Income (deductions) Interest expense (10,633) (6,123) (26,604) (12,421) Interest income 1,869 4,377 5,677 9,795 Loss on sale of assets - - - 75,000 Income (loss) from continuing operations before income taxes (69,724) 159,175 (408,469) 421,365 Income tax (expense) benefit (35,917) (24,459) 78,393 (53,735) Net income (loss) from continuing operations (105,641) 134,716 (330,076) 367,630 Loss from operations of discontinued Proactive Solutions, Inc. (23,401) - (69,914) - Net income (loss) (129,042) 134,716 (399,990) 367,630 Net income (loss) per share (.059) .063 (.182) .175 Weighted average number of shares outstanding 2,201,807 2,128,486 2,203,617 2,094,610 See Accompanying Notes to Condensed Consolidated Financial Statements PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (decrease) in Cash (UNAUDITED) Six months ended December 31 1995 1994 Cash Flows From Operating Activities: Net Income (Loss) $(399,990) $367,630 Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 45,000 48,481 Loss on sale of assets 964 Loss on sale of marketable equity securities 46,922 Unrealized loss (gain) on marketable equity securities 224,231 (140,433) Current expenses paid with common stock 49,750 ----- Deferred tax (benefit) expense ( 83,439) 53,735 Decrease (increase) in accounts receivable 37,567 (19,248) (Increase) decrease in prepaid expenses ( 3,631) 6,758 (Increase) decrease in other assets ( 400) 43 Decrease in accounts payable ( 41,879) (60,466) Increase (decrease) in accrued expenses 44,883 ( 59,062) Increase in accrued salaries 13,481 ------ Increase in due to related parties 95,100 ------ Net Cash provided by Operating Activities 27,595 198,402 Cash Flows from Investing Activities: Purchases of property and equipment ------ (69,050) Purchases of marketable equity securities ( 10,906) (324,410) Capitalized software expenditures ( 12,362) (502,517) Cash to discontinued operations ( 6,977) ----- Proceeds from sale of investments 14,533 44,139 Net Cash used in investing activities ( 15,712) (851,838) Cash Flows from Financing Activities: Proceeds from issuance of common stock ----- 532,000 Repayment of obligations under capital leases ( 30,854) ( 31,750) Principal payment on long-term debt ( 10,217) ----- Loan to employees 1,300 4,550 Net Cash (used in) provided by financing activities ( 39,771) 504,800 PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (decrease) in cash (UNAUDITED) (Continued) Six months ended December 31 1995 1994 Net Decrease in Cash and Cash Equivalents ( 27,888) (148,636) Cash and Cash Equivalents, Beginning of Period 98,911 611,038 Cash and Cash Equivalents, End of Period $ 71,023 $ 462,402 Supplemental Disclosure of Cash Flow Information: Cash Payments of: Interest $ 12,550 $ 12,421 Income Taxes $ ------ $ ------ Non-cash investing and financing activities: Reacquire common stock in exchange for assets and liabilities of Proactive Solutions, Inc. 279,754 ----- Cancel common stock received 15,000 ----- Issue stock in payment of debt 306,000 ----- See Accompanying Notes to Condensed Consolidated Financial Statements PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) Capital In Excess of Total Common Stock Par Accumulated Stockholders' Shares Amount Value Deficit Equity Balance June 30, 1994 2,055,288 $ 82,211 $27,317,250 ($23,511,876) $ 3,887,585 Exercise of Common Stock options 150,139 6,006 672,131 678,137 Net Loss for Year - - (3,864,237) (3,864,237) Balance June 30, 1995 2,205,427 88,217 27,989,381 (27,376,113) 701,485 Common stock issued for debt extinguishment 198,000 7,920 298,080 306,000 Reacquired and canceled stock from dissolution of Proactive Solutions, Inc. ( 375,000) (15,000) 294,754 279,754 Net Loss for the Six Months ended December 31, 1995 (399,990 ) (399,990 ) Total as of December 31,1995 2,028,427 $ 81,137 $28,582,215 ($27,776,103) $887,249 See Accompanying Notes to Condensed Consolidated Financial StatementsPROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (1)Basis of Financial Presentation The accompanying unaudited consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The accompanying consolidated financial statements and related notes should be read in conjunction with the audited financial statements of Proactive Technologies, Inc. (the "Company"), and notes thereto, as found in Form 10-KSB for the fiscal year ended June 30, 1995. A copy of such consolidated financial statements and notes thereto may be obtained by writing to the Company. The information furnished reflects, in the opinion of management, all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results of the interim periods presented. The results of operations for the interim periods are not indicative of the results to be expected for the full year. (2)Chapter 11 Bankruptcy As was reported on Form 8-K which was filed on September 13, 1995, the Company, along with two operating subsidiaries, Keystone Laboratories, Inc. ("KLI") and Proactive Solutions, Inc. ("PSI"), was voluntarily placed under the protection of the United States Bankruptcy Court for the Northern District of Oklahoma (the "Court") on September 1, 1995, under Chapter 11 of the United States Bankruptcy Code. On November 21, 1995, the Court confirmed the Equity Security Holders' Plan of Reorganization (the "Plan"), one result of which is PSI is no longer a subsidiary of the Company. The Company transferred all assets and liabilities of PSI to the former shareholders of PSI in exchange for the return of the original shares of the Company issued upon the acquisition of PSI. The Company canceled these returned shares in December of 1995. In connection with the confirmation of the Plan, the Court dissolved the order administratively consolidating the Company's Chapter 11 proceeding with the Chapter 11 proceeding of PSI. Under the Plan, primarily all the Company's creditors will be paid in full within six months of the effective date of the Plan. Some of these creditors were paid in December of 1995 with the issuance of the Company's common stock. The remaining creditors were paid in January of 1996. Under the Plan, the Company will be authorized to issue a total of sixty million (60,000,000) shares of common stock. In addition, certain classes of current stockholders of the Company will receive warrants entitling them to purchase shares of the Company's common stock at a price of $.50 per share ($2.00 per share after the reverse stock split) for a period of six months in exchange for the release of their respective shareholder claims against the Company. Finally, the Company's remaining operating subsidiary, KLI, whose separate Chapter 11 bankruptcy petition was dismissed without prejudice by the Court on September 25, 1995, continues to operate its forensic urine drug screening and confirmatory testing laboratory in Asheville, North Carolina. PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (continued) (3) Subsequent Events - Reverse Stock Split A one for four reverse stock split of the Company's common stock was approved through written consent by the holders of 51.28% of the outstanding shares of the Company and became effective January 31, 1996. This decreases the number of issued and outstanding shares of common stock by 75%, and will increase the par value of each such share from $0.01 to $0.04. All references in the accompanying consolidated financial statements to the number of common shares, par value per share and other per share information have been restated to give retroactive effect to the one for four reverse stock split for all periods presented. - Acquisitions On February 10, 1996, the Company entered into an agreement to incorporate a wholly-owned subsidiary called Decocrete Worldwide, Inc. ("Worldwide") for the purpose of purchasing the net assets of Decocrete International, Inc. ("International") for the purchase price of $72,000 plus twenty percent (20%) of the common stock of Worldwide. Subsequent to the acquisition, International is to be dissolved with its remaining assets (the purchase price paid by Worldwide) being distributed to its shareholders. The net after-tax profits of Worldwide are to be allocated as follows: sixty percent (60%) to the Company and forty percent (40%) to Worldwide's minority shareholders. Next, as reported on Form 8-K which was filed on February 22, 1996, on February 12, 1996, the Company acquired all of the issued and outstanding shares of common stock of Capital First Holdings, Inc. and its subsidiaries ("Capital") from Mark A. Conner in exchange for a total of 8,559,077 (approximately eighty percent (80%)) of the issued and outstanding shares of common stock of the Company. In connection with the acquisition of Capital which was accounted for as a purchase transaction, the number of shares of the Company's common stock issued as consideration could be increased by a maximum of 5,827,250 shares depending on the total amount of proceeds received through the exercise of warrants for the purchase of the Company's common stock discussed above. Finally in connection with this acquisition, Mr. Conner was also elected Chairman of the Board and President and Chief Executive Officer of the Company pursuant to a five year employment agreement. Capital is a real estate developer in Florida which designs and develops single-family subdivisions for residential lots and condominiums principally in the Tallahassee, Leon County and Vero Beach areas. For the twelve (12) month period ended December 31, 1995, Capital generated approximately $31,826,000 in revenues and approximately $2,589,000 in net income before tax. As of December 31, 1995, Capital owned approximately $22,972,000 in total assets. The results of the operations of Capital will be included with the results of the Company beginning February 12, 1996. The Consolidated pro forma Condensed Balance Sheet which follows assumes that the acquisition of Worldwide and Capital had occurred as of September 30, 1995. PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (continued) December 31, 1995 (Unaudited) Current Assets $21,741,515 Property and Equipment 1,257,958 Other Assets 1,338,128 ___________________ TOTAL ASSETS $24,337,601 Current Liabilities $3,765,976 Non-current liabilities 15,214,778 Stockholders' Equity 5,356,847 ___________________ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $24,337,601 The consolidated pro forma condensed income statement which follows assumes that the acquisition of Worldwide and Capital had occurred at the beginning of each period presented. The calculations include adjustments for depreciation, amortization and interest. The weighted number of shares assumes that the reverse stock split has occurred and the 8,559,077 shares have been issued to Mark A. Conner. Six Months Year Ended Ended December 31, June 30, 1995 1995 (Unaudited) (Unaudited) Revenues $ 16,984,542 $ 31,727,791 Net Income (Loss) $ 1,915,753 ($ 3,055,009) Net Income (Loss) per share $.18 ($0.29) Weighted Average Number of Shares 10,762,694 10,704,544 The pro forma statements presented above are not necessarily indicative of what actually would have occurred if the acquisitions had been in effect for the entire periods presented. In addition they are not intended to be a projection of future results. PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company had two subsidiaries for the periods included in this report; Keystone Laboratories, Inc. ("KLI") and Proactive Solutions, Inc. ("PSI"). KLI is a wholly-owned subsidiary of the Company and operates a urine drug screening laboratory in Asheville, North Carolina. Approximately 90% of the Company's drug testing customers are located in the mid-South region and many of them are in the textiles and furniture manufacturing industries. PSI, based in Tulsa, Oklahoma, is a company still in the product development stage which has yet to actually commence operations. As mentioned above, as a result of the confirmation by the Court of the Equity Holders' Plan of Reorganization on November 21, 1995, PSI is no longer a subsidiary of the Company. For the periods included in this report, PSI was developing computer software for business management and project management and the resulting losses from these endeavors were recorded as losses from discontinued operations for the three months and six months ended December 31, 1995. Results of Operations Six months and three months ended December 31, 1995 compared to six months and three months ended December 31, 1994. Operating revenues were $683,399 for the six months ended December 31, 1995 as compared to $985,016 for the same period in fiscal year 1995. Operating revenues were $ 325,963 for the three months ended December 31, 1995, as compared to $ 579,133 for the same period in fiscal year 1995. Operating revenues were generated by KLI, whose operating revenues are cyclical in nature; KLI normally experiences higher sales volumes in the first and fourth fiscal quarters. Prices for KLI's services have remained stable during the first six months of fiscal 1996 and vary on a customer basis depending upon such factors as the number of tests received to process, who does the physical collection of the specimens, and how many samples are shipped to KLI in one batch. The reduction in revenues is attributable to a reduction in the number of samples processed during the six months and the three months ended December 31, 1995. Cost of sales decreased to $141,359 for the six months ended December 31, 1995 from $151,803 for the six months ended December 31, 1994. Cost of sales decreased to $62,850 for the three months ended December 31, 1995 from $69,296 for the three months ended December 31, 1994. The decreases for the six month and three month periods are due primarily to a decreased volume of laboratory tests being performed by KLI. Selling, general and administrative expenses increased to $658,429 for the six months ended December 31, 1995 from $623,691 for the same period in fiscal 1995. This increase was due primarily to legal and accounting fees related to the bankruptcy proceeding during the first quarter of fiscal 1996 offset by a reclassification of PSI expenses to discontinued operations. Selling, general and administrative expenses decreased to $378,296 for the three months ended December 31, 1995 as compared to $417,946 for the same period in fiscal 1995. This decrease was primarily due to PSI expenses being reported as discontinued operations. Other income and deductions decreased to a loss of $292,080 for the six months ended December 31, 1995 compared to a gain of $211,843 for the six months ended December 31, 1994. This decrease was primarily attributable to the following three factors. In the six months ended December 31, 1994 $75,000 in other income was of a non-recurring nature. At December 31, 1995 the Company recorded an unrealized loss on marketable equity securities of $224,231 compared to an unrealized gain of $140,433 at December 31,1994. These unrealized gains and losses are attributable to an adjustment of the book value of the marketable equity securities to the market value for each reporting period. Also, for the six months ended December 31, 1995 the Company had a realized loss on the sale of marketable equity securities of $46,922. Other income and deductions decreased to income of $45,459 for the three months ended December 31, 1995 from income of $67,284 for the same period in fiscal 1995. The decrease was due primarily to the unrealized gain on marketable securities of $101,145 offset by a realized loss on marketable securities of $46,922 for three months ended December 31, 1995 and compared to an unrealized gain on marketable equity securities of $69,030 for the same period in fiscal 1995. Financial Condition The primary source of working capital currently available to the Company is generated from the operations of KLI. For the six months ended December 31, 1995, the Company experienced a net decrease in cash of $ 27,888 which is primarily attributable to capitalized software expenditures and purchases of marketable equity securities. Total assets decreased $447,818 from June 30, 1995 to December 31, 1995 primarily due to the following factors: a decrease of $274,781 in the value of marketable equity securities which consisted of a $224,232 reduction in market value and a $50,549 reduction due to sales of securities offset by purchases; and an increase of $83,439 in the deferred income tax asset and all the assets of PSI in the amount of $168,091 were transferred back to the original PSI shareholders. The total liabilities decreased $633,582 from June 30, 1995 to December 31, 1995. The decrease was primarily due to all of the liabilities of PSI in the amount of $447,846 being transferred back to the original PSI shareholders and $256,250 of debt being paid off by the issuance of common stock. Liquidity The Company believes that, for the foreseeable future, funds from the operations of KLI will be sufficient to support its current operations. KLI plans to continue to follow its policy of generating cash flows from its internal operations without the necessity of borrowing funds from external sources. The proceeds from the exercise of warrants issued in the bankruptcy plan should produce sufficient cash flow to pay the Company's remaining creditors under the bankruptcy plan. PSI, being a developmental company with operating expenses and no income, has been a cash drain on the Company's resources. Therefore the divestiture of PSI in November 1995, pursuant to the bankruptcy plan, should improve the PROACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES Company's cash outlook. As a result of the acquisitions of Capital and Worldwide (See Footnote 2 - Acquisitions) along with the continued operations of KLI, it is anticipated that the overall sales and net income of the Company will increase significantly in the near future. The Company intends to concentrate its future efforts on expanding the volume of business of KLI and developing the business of Capital and Worldwide. The Company is continuing to explore other possible acquisitions which will complement its existing businesses. PART II - OTHER INFORMATION ITEM 1. Legal Proceedings As was discussed above in ITEM 2 of the Notes to the financial statements, on September 1, 1995, the Company along with its two subsidiaries at the time, KLI and PSI, voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Northern District of Oklahoma. On November 21, 1995 the court confirmed the Equity Security Holders' Plan of Reorganization. The information contained in that discussion therein is incorporated herein by reference. ITEM 4. Submission of Matters to a Vote of Security Holders The bankruptcy court ordered that a summary of the Disclosure Statement and Plan of Reorganization, along with a ballot for voting be mailed to all shareholders; there were 8,221,285 shares voted to accept the Plan, and 1,080 shares voted to reject the Plan. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits: None (b) Reports on Form 8-K: The following reports on Form 8-K were prepared and filed during the quarter ended December 31, 1995: (1) November 21, 1995: The Company announced it had entered into a definitive agreement with Capital First Holdings, Inc. and that it had recently filed its preliminary application for listing on the American Stock Exchange. The Company announced that it, along with KLI and PSI, had filed a petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Oklahoma on September 1, 1995 (as previously reported on Form 8-K filed September 13, 1995), and that the Court had confirmed the Equity Security Holders' Plan of Reorganization on November 21, 1995. SIGNATURE In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PROACTIVE TECHNOLOGIES, INC. (Registrant) Date: May ____, 1996 By: /s/ Mark A. Conner Mark A. Conner, President, and Chief Executive Officer SIGNATURE In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PROACTIVE TECHNOLOGIES, INC. (Registrant) Date: May ___, 1996 By:__________________________________ Mark A. Conner, President, and Chief Executive Officer EX-27 2
5 6-MOS JUN-30-1996 DEC-31-1995 71,023 284,224 75,689 0 0 790,665 236,188 0 1,315,689 170,049 258,391 0 0 81,137 806,112 1,315,689 683,399 689,076 141,359 685,033 0 0 26,604 (408,469) (78,393) (330,076) (69,914) 0 0 (399,990) 0 0
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