-----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, WOmaLalhLEsQsj+SpuXHENtsZ/dx6LB6WlZ7/Jbj0eSMLrTuELMj8okaHuzrWZ2+ ZaAqAtWV28GES2d0Pjcc7Q== /in/edgar/work/20000914/0000930661-00-002334/0000930661-00-002334.txt : 20000922 0000930661-00-002334.hdr.sgml : 20000922 ACCESSION NUMBER: 0000930661-00-002334 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 20000914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLYPHASE CORP CENTRAL INDEX KEY: 0000748212 STANDARD INDUSTRIAL CLASSIFICATION: [5082 ] IRS NUMBER: 232708876 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-09083 FILM NUMBER: 722810 BUSINESS ADDRESS: STREET 1: 4800 BROADWAY SUITE A CITY: ADDISON STATE: TX ZIP: 75001 BUSINESS PHONE: 9723860101 MAIL ADDRESS: STREET 1: 4800 BROADWAY SUITE A CITY: ADDISON STATE: TX ZIP: 75001 FORMER COMPANY: FORMER CONFORMED NAME: KAPPA NETWORKS INC DATE OF NAME CHANGE: 19910721 10-K/A 1 0001.txt AMENDMENT #1 TO FORM 10-K ================================================================================ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number: 1-9083 POLYPHASE CORPORATION (Exact name of registrant as specified in its charter) Nevada 23-2708876 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4800 Broadway, Suite A Addison, Texas 75001 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (972) 386-0101 Securities Registered Pursuant to Section 12(b) of the Act: Name of each exchange on Title of each class which registered ------------------- ------------------------------ Common Stock, $.01 par value per share American Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ---- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] The aggregate market value of voting stock held by non-affiliates of the registrant, based on the closing price of such stock on December 3, 1999, was approximately $6.7 million. For purposes of this computation, all executive officers, directors and 10% beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed an admission that such executive officers, directors and 10% beneficial owners are affiliates. As of December 3, 1999, the registrant had issued and outstanding 17,812,464 shares of common stock, $.01 par value. ================================================================================ POLYPHASE CORPORATION AND SUBSIDIARIES SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT Summary Balance Sheets
September 30, ---------------------------------------- 1999 1998 ----------------- ----------------- Cash $ 51,471 $ 5,874 Receivable from sale of subsidiary 780,000 - Prepaid expenses and other 9,000 20,000 ----------------- ----------------- Total current assets 840,471 25,874 Property and equipment 50,191 48,902 Less-Accumulated depreciation (44,981) (36,981) ----------------- ----------------- 5,210 11,921 Non current receivables: Related parties, net of allowance for doubtful accounts of $164,563 and $164,563 - 9,000 Deferred federal income taxes 572,280 767,789 Income tax receivable 5,959,121 5,202,507 Investment in discontinued operations - 2,962,508 Other assets (primarily investments in subsidiaries) 17,474,634 16,396,582 ----------------- ----------------- Total assets $ 24,851,716 $ 25,376,181 ================= ================= Accounts payable $ 140,359 $ 139,948 Accrued expenses 981,840 793,013 Deferred income taxes 364,669 335,117 Current maturities of long-term debt - 1,200,000 ----------------- ----------------- Total current liabilities 1,486,868 2,468,078 Note payable and accrued interest, related party 17,914,842 16,307,405 ----------------- ----------------- Total liabilities 19,401,710 18,775,483 ----------------- ----------------- Stockholders' equity: Preferred stock 564 1,150 Common stock 178,125 150,800 Additional paid in capital 28,159,887 28,623,811 Accumulated deficit (22,888,570) (21,199,744) Note receivable - (975,319) ----------------- ----------------- Total stockholders' equity 5,450,006 6,600,698 ----------------- ----------------- $ 24,851,716 $ 25,376,181 ================= =================
See note to condensed financial information of registrant. F-44 POLYPHASE CORPORATION AND SUBSIDIARIES SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT Summary Statements of Income
For the Years Ended September 30, ----------------------------------------- 1999 1998 ----------------- ------------------ Net revenues $ - $ - Cost of sales - - ----------------- ------------------ Gross Profit - - Selling general and administrative expenses 380,798 1,420,191 ----------------- ------------------ Operating income (loss) (380,798) (1,420,191) Other income (expense) Gain on disposition of subsidiary - 987,857 Recoveries on related party receivable 656,250 - Interest expense (2,776,376) (2,886,448) ----------------- ------------------ Total other expense (2,120,126) (1,898,591) ----------------- ------------------ Loss before income taxes, equity in net income of subsidiaries and discontinued operations (2,500,924) (3,318,782) Income taxes (benefit) (941,008) (1,034,177) ----------------- ------------------ Loss before equity in net income of subsidiaries and discontinued operations (1,559,916) (2,284,605) Equity in net income of subsidiaries 1,144,797 1,945,759 ----------------- ------------------ Loss before discontinued operations (415,119) (338,846) Discontinued operations (1,182,508) 9,955 ----------------- ------------------ Net loss (1,597,627) (328,891) Dividends on preferred stock 91,199 154,250 ----------------- ------------------ Net loss attributable to common shareholders $(1,688,826) $ (483,141) ================= ==================
See note to condensed financial information of registrant. F-45 POLYPHASE CORPORATION AND SUBSIDIARIES SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT Summary Statements of Cash Flows
For the Years Ended September 30, ---------------------------------------- 1999 1998 ----------------- ----------------- Cash flow provided by (used in) operating activities: Net loss $(1,597,627) $ (328,891) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,009,919 370,896 Equity in income of subsidiaries (1,144,797) (1,945,745) Provision for doubtful accounts - 164,563 Gain on sale of assets - (987,857) Deferred income tax 225,061 2,707 Recoveries on related party receivable (656,250) - Loss (income) from discontinued operations 1,182,508 (9,955) Increase (decrease) in, net of effects of acquisitions: Receivables from sale of subsidiary (780,000) - Prepaid expenses and other (735,813) 352,106 Accounts payable and other 411 (355,032) Accrued expenses and other 456,974 (243,404) ----------------- ----------------- Net cash used in operating activities (2,039,614) (2,980,612) ----------------- ----------------- Cash flows provided by (used in) investing activities: Notes receivable from related parties 9,000 8,963 Proceeds from sale of subsidiary 1,780,000 - Capital expenditures (1,289) (5,870) ----------------- ----------------- Net cash provided by investing activities 1,787,711 3,093 ----------------- ----------------- Cash flows provided by (used in) financing activities: Net borrowings on notes payables 1,607,437 2,308,489 Advances from (payments to) subsidiary (47,174) 5,300,000 Payments on long term borrowings (1,200,000) (4,300,000) Payment of deferred financing costs - (163,787) Exercise of common stock options and warrants 28,436 2,100 Dividends on preferred stock (91,199) (154,250) Common stock issuance costs - (17,500) ----------------- ----------------- Net cash provided by financing activities $ 297,500 $ 2,975,052 ----------------- -----------------
See note to condensed financial information of registrant. F-46 POLYPHASE CORPORATION AND SUBSIDIARIES SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT Summary Statements of Cash Flows Net increase (decrease) in cash $45,597 $(2,467) Cash - beginning of year 5,874 8,341 ----------------- ----------------- Cash - end of year $51,471 $ 5,874 ================= =================
Note A - Basis of Presentation In the parent company only financial statements, the Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The Company's share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company's consolidated financial statements. See note to condensed financial information of registrant. F-47 SIGNATURES In accordance with Section 13 or 15(d) of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. POLYPHASE CORPORATION By: /s/ James Rudis September 13, 2000 --------------- James Rudis Chairman, President and Chief Executive Officer By: /s/ William E. Shatley September 13, 2000 ----------------------- William E. Shatley Senior Vice President, and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----