-----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, MGaY0odeIq/OQeOrKjiroaFWCyEn28JHKyRfOeKdcclrourT0hvgxqJ3pFRhKbmV yBWmo+QTfQEzYj52blJ5Ow== 0000950112-96-003322.txt : 19961001 0000950112-96-003322.hdr.sgml : 19961001 ACCESSION NUMBER: 0000950112-96-003322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960916 ITEM INFORMATION: Other events FILED AS OF DATE: 19960917 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORMATION MANAGEMENT TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000824578 STANDARD INDUSTRIAL CLASSIFICATION: 8744 IRS NUMBER: 581722085 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16753 FILM NUMBER: 96631378 BUSINESS ADDRESS: STREET 1: 130 CEDAR ST 4TH FLR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 2123066100 MAIL ADDRESS: STREET 1: 130 CEDAR STREET CITY: NEW YORK STATE: NY ZIP: 10006 8-K 1 INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 16, 1996 INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION (Exact name of Company specified in its charter) DELAWARE 0-16753 58-17220 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation or Identification No.) organization) 130 CEDAR STREET, FOURTH FLOOR, NEW YORK, NEW YORK 10006 (Address of principal executive offices) (Zip Code) (212) 306-6100 (Company's telephone number, including area code) Item 5 - Other Events The Registrant ("the Company") on September 16, 1996 completed the sale of 600,000 shares of restricted INSCI (NASDAQ: INSCI) Class A Common Stock in a transaction with non related entities. The Company received net proceeds of $1,800,000 from the transaction and increased its capital and surplus by $1,600,000 to approximately $3,100,000. The transaction further enabled the Company to continue its NASDAQ qualification listing in accordance with the NASDAQ capital and surplus rules. The Company paid a commission of $198,000 to J. Michael Reisert, Inc. related to the transaction. EXHIBITS 1) Pro-forma balance sheet giving effect to above referenced transaction. 2) Copy of form of subscription agreement. 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. Dated: New York, New York September 16, 1996 INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION (IMTECH) ======================================== (Registrant) /S/ JOSEPH GITTO ---------------------------------------- JOSEPH GITTO, President and Chief Financial Officer A B C D E F 1 INFORMATION MANAGEMENT TECHNOLOGIES 2 CORPORATION PRO-FORMA BALANCE SHEET 3 30-JUN-96 31-JUL-96 31-JUL-96 4 AS REPORTED AS REPORTED PRO-FORMA PRO-FORMA 5 ASSETS ------ 6 CURRENT ASSETS --------------- 7 8 CASH & CASH EQUIVALENTS 0 0 A 1,800,000 1,800,000 9 ACCOUNTS RECEIVABLES, NET OF ALLOWANCE 1,554,660 1,441,783 1,441,783 10 INVENTORY 448,056 435,127 435,127 11 PREPAID EXPENSE AND OTHER 834,919 718,596 718,596 12 TOTAL CURRENT ASSETS 2,837,635 2,595,506 1,800,000 4,395,506 13 PROPERTY AND EQUIPMENT-AT COST 14 ------------------------------ 15 PRODUCTION EQUIPMENT 5,389,034 5,389,034 5,389,034 16 SOFTWARE 298,153 298,153 298,153 17 FURNITURE AND FIXTURES 399,899 399,899 399,899 18 LEASEHOLD IMPROVEMENTS 483,356 488,555 488,555 19 COMPUTER EQUIPMENT 1,114,080 1,116,526 1,116,526 20 TOTAL PRODUCTION EQUIPMENT 7,684,522 7,692,167 0 7,692,167 21 LESS: ACCUMULATED DEPRECIATION 5,116,890 5,149,801 0 5,149,801 22 PRODUCTION & EQUIPMENT, NET 2,567,632 2,542,366 0 2,452,366 23 24 OTHER ASSETS 25 ------------ 26 DEPOSITS AND OTHER ASSETS 474,638 459,576 459,576 27 INVESTMENT IN SUBSIDIARY 353,557 353,557 A (148,692) 204,865 28 TOTAL OTHER ASSETS 828,195 813,133 (148,692) 664,441 29 TOTAL ASSETS 6,233,462 5,951,006 1,651,308 7,602,313 30 31 LIABILITIES AND STOCKHOLDERS' EQUITY 30-JUN-96 31-JUL-96 31-JUL-96 ------------------------------------ 32 CURRENT LIABILITIES AS REPORTED AS REPORTED PRO-FORMA PRO-FORMA 33 34 BANK OVERDRAFT 195,035 60,322 60,322 35 CURRENT MATURITIES OF LONG TERM DEBT 240,545 167,659 167,659 36 CURRENT MATURITIES OF LONG TERM CAPITAL 289,652 262,262 262,262 37 ACCOUNTS PAYABLE 1,179,303 1,489,223 1,489,223 38 ACCRUED SALARIES 63,225 114,298 114,298 39 UNEARNED REVENUE 128,430 154,113 154,113 40 OTHER ACCRUED LIABILITIES 779,863 410,397 410,397 41 TOTAL CURRENT LIABILITIES 2,876,053 2,658,274 2,658,274 42 43 LONG-TERM DEBT, LESS CURRENT MATURITIES 1,639,379 814,229 814,229 44 ACCRUED RENT 398,494 398,494 398,494 45 CAPITAL LEASE OBLIGATIONS, LESS CURRENT 590,507 590,507 590,507 46 TOTAL LONG TERM LIABILITIES 2,628,380 1,803,230 1,803,230 47 48 COMMITMENTS AND CONTINGENCIES 49 50 STOCKHOLDERS' EQUITY ------------------- 51 52 PREFERRED STOCK 2,295,330 2,295,330 2,295,330 53 CLASS A COMMON STOCK 192,796 225,134 0 225,134 54 ADDITIONAL PAID IN CAPITAL 29,880,392 30,673,388 0 30,673,388 55 ACCUMULATED DEFICIT (31,609,489) (31,704,351) A 1,651,308 (30,053,043) 56 TOTAL STOCKHOLDERS' EQUITY 759,029 1,489,501 1,651,308 3,140,809 57 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 6,263,462 5,951,005 1,651,308 7,602,313 58 (0) 0 (0) 59 A- TO RECORD SALE OF 600,000 SHARES OF INSCI STOCK @ $3.00 PER SHARE 60 GAIN CALCULATED AS DIFFERENCE OF SELL PRICE OF $3.00 PER SHARE AND CARRING VALUE OF $.25 PER SHARE
INFORMATION MANAGEMENT TECHNOLOGIES CORP. 130 Cedar Street - Fourth Floor New York, New York 10006 September 12, 1996 J. Michael Reisert, Inc. 2455 East Sunrise Boulevard Suite 700 Fort Lauderdale, FL 33304 Gentlemen: This shall serve to confirm our agreement whereby we have engaged you to place privately with Accredited Investors 600,000 shares of common stock, $.01 par value (the "Shares") of INSCI Corp. ("INSCI") which we currently own on the following terms and conditions: (1) You will place all, but not less than all, of the Shares at a sale price of $3.33 per share; (2) Upon closing, which will be at Spitzer & Feldman P.C., 405 Park Avenue, New York, New York, and which shall take place no later than September 16, 1996, we will pay you a commission of $198,000 (approximately 10% of the proceeds) thereby netting us $3 per share; (3) We will, at the closing, enter into a registration rights agreement with INSCI for the benefit of the purchasers of the Shares; (4) We will deliver at the closing the original stock certificate(s) representing the Shares, together with a sufficient number of stock powers, executed in blank, with signatures medallion guaranteed, to transfer the Shares to the purchasers; (5) We will take such steps as are necessary after the closing to insure that original certificates of INSCI are issued as soon as possible after the closing to the purchasers. INFORMATION MANAGEMENT TECHNOLOGIES CORP. By:_______________________ Name: Title: Agreed to: J. MICHAEL REISERT, INC. By:________________________ Name: Irving H. Bowen, Title:Managing Director -----END PRIVACY-ENHANCED MESSAGE-----