-----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, VRWgG2cP2uXgScMeFSMzpCZQuDrGCZTHqtgd/BNE7gxKulyr3esdu90BW66hH29m tqqtDsdqlJ90nciIBXutSQ== 0000950130-99-005016.txt : 19990826 0000950130-99-005016.hdr.sgml : 19990826 ACCESSION NUMBER: 0000950130-99-005016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990813 ITEM INFORMATION: FILED AS OF DATE: 19990825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUROMEDICAL SYSTEMS INC CENTRAL INDEX KEY: 0000866933 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 133526980 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-26984 FILM NUMBER: 99699369 BUSINESS ADDRESS: STREET 1: 10 MOUNTAIN VIEW ROAD STREET 2: SUITE C-100 CITY: UPPER SADDLE RIVER STATE: NJ ZIP: 07458-1933 BUSINESS PHONE: 2019340660 MAIL ADDRESS: STREET 1: 10 MOUNTAIN VIEW ROAD STREET 2: SUITE C-100 CITY: UPPER SADDLE RIVER STATE: NJ ZIP: 07458-1933 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Act of 1934 Date of Report (Date of earliest event reported): August 13, 1999 NEUROMEDICAL SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 0-26984 13-3526980 (State or other (Commission File No.) (I.R.S. Employer jurisdiction Identification No.) of incorporation) 10 Mountain View Road, Suite C-100 Upper Saddle River, NJ 07458-1933 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (201) 934-0660 ITEM 5. Other Events. - ---------------------- Neuromedical Systems, Inc. (the "Company") hereby files under Form 8-K portions of the Company's monthly operating report for July of 1999 as filed on August 13, 1999 with the United States Trustee's Office and the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court" and such report, the "Monthly Report"). Attachments to the Monthly Report as filed with the Bankruptcy Court may be obtained upon request to the Company at the address set forth on the cover page to this Form 8-K or through the Bankruptcy Court at 824 North Market Street, Wilmington, DE 19801. On March 30, 1999, counsel for the Company, submitted a letter to the Securities and Exchange Commission (the "SEC") requesting that the SEC staff confirm that it would not recommend any SEC enforcement against the Company if, in lieu of the Company's periodic reports required under the Securities Exchange Act of 1934, the Company filed with the SEC under Form 8-K copies of its Monthly Reports within fifteen calendar days following the submission of such Monthly Reports to the Bankruptcy Court. Acc Balance Sheet ACCRUAL BASIS-2 COMPARATIVE BALANCE SHEET THIRD QUARTER
- ------------------------------------------------------------------------------------------------------------------------ ASSETS MONTH MONTH MONTH --------------------------------------------------------- JULY AUGUST SEPTEMBER - ------------------------------------------------------------------------------------------------------------------------ 1 CASH 3,607,473 2 ACCOUNTS RECEIVABLE, NET 185,049 3 INVENTORY 4 NOTES RECEIVABLE 5 PREPAID EXPENSES 714,316 - - 6 OTHER (ATTACH LIST) 7,000,000 - - 7 TOTAL CURRENT ASSETS 11,506,838 - - 8 PROPERTY, PLANT & EQUIPMENT 19,047,177 9 LESS: ACCUMULATED DEPRECIATION/DEPLETION (18,757,733) 10 NET PROPERTY, PLANT & EQUIPMENT 289,444 11 DUE FROM AFFILIATES & INSIDERS 74,566 - - 12 INTANGIBLES (270,700) 13 OTHER (ATTACH LIST) 53,635 - - 14 TOTAL ASSETS 11,653,783 - - POST PETITION LIABILITIES 15 ACCOUNTS PAYABLE 57,764 16 TAXES PAYABLE 17 NOTES PAYABLE 18 PROFESSIONAL FEES 415,852 19 SECURED DEBT 20 DUE TO AFFILIATES & INSIDERS 11,104 21 OTHER (ATTACH LIST) 22 TOTAL POSTPETITION LIABILITIES 484,720 - - PREPETITION LIABILITIES 23 SECURED DEBT 2,926,239 24 PRIORITY DEBT 25 UNSECURED DEBT 26 OTHER (ATTACH LIST) 2,866,301 - - 27 TOTAL PREPETITION LIABILITIES 5,792,540 - - 28 TOTAL LIABILITIES 6,277,260 - - EQUITY 29 OWNERS' PREPETITION EQUITY (86,028) 30 POSTPETITION CUMULATIVE PROFIT OR (LOSS) 5,462,551 - - 31 TOTAL EQUITY (DEFICIT) 5,376,523 - - 32 TOTAL LIABILITIES & OWNERS' EQUITY 11,653,783 - -
Page 1 Balance Sheet Dtl ACCRUAL BASIS-2 COMPARATIVE BALANCE SHEET -DETAIL SCHEDULES 3RD QUARTER 1999
- ----------------------------------------------------------------------------------------------------------------------------- MONTH MONTH MONTH ---------------------------------------------------- JULY AUGUST SEPTEMBER - ----------------------------------------------------------------------------------------------------------------------------- LINE 5 PREPAIDS: A/R EXCHANGE - REVIEW STATIONS PREPAID EXPENSES 637,542 PREPAID INSURANCE 56,460 EMPLOYEE RECEIVABLES 3,906 INTEREST RECEIVABLE - OTHER SECURITY DEPOSITS SHORT TERM 16,408 TOTAL PREPAIDS 714,316 - - LINE 6 OTHER INVESTMENTS HELD FOR SALE 7,000,000 LINE 11 DUE FROM AFFILIATES AND INSIDERS: ISRAEL 13,695,196 NETHERLANDS 1,983,006 EUROPE 4,766,149 ACE HONGKONG AUSTRALIA ASIA PACIFIC OVERSEAS HOLDING 50,000 OVERSEAS GROUP 50,000 RESERVE FOR UNCOLLECTIBLE INTERCOMPANY OBLIGATIONS (20,514,353) PAUL SOHMER 44,568 DUE FROM AFFILIATES AND INSIDERS 74,566 - - LINE 13 OTHER: SECURITY DEPOSITS LONG TERM 53,635 TOTAL OTHER 53,635 - - LINE 26 OTHER: ACCOUNTS PAYABLE 923,082 NOTE PAYABLE - BIRD FOUNDATION 120,096 INTERCOMPANY A/P - HONGKONG ACCRUED COMPENSATION 645,100 ACCRUED VACATION 129,923 ACCRUED ADVERTISING ACCRUED AUDIT 32,960 ACCRUED CONSULTING 76,500 ACCRUED INTEREST 47,133 ACCRUED LEGAL 88,064 ACCRUED MISCELLANEOUS 101,256 ACCRUED OTHER 39,185 ACCRUED TAXES 54,737 ACCRUED RESTRUCTURING 608,265 ACCRUED PAYROLL TAXES ACCRUED PENSION PLAN PAYABLE ACCRUED SALES TAX PAYABLE - - - TOTAL OTHER 2,866,301 - - LINE 30 POSTPETITION CUMULATIVE PROFIT OR LOSS CUMULATIVE RESULTS OF OPERATION 7,912,551 UNREALIZED GAIN (LOSS) ON INVESTMENTS HELD FOR SALE (2,450,000) TOTAL 5,462,551 - -
Page 1 Acc Income Stmt ACCRUAL BASIS-3 INCOME STATEMENT THIRD QUARTER
- --------------------------------------------------------------------------------------------------------------- REVENUES MONTH MONTH MONTH ---------------------------------------------------- JULY AUGUST SEPTEMBER - --------------------------------------------------------------------------------------------------------------- 1 GROSS REVENUES 46,640 2 LESS: RETURNS & DISCOUNTS 3 NET REVENUE 46,640 - - COST OF GOODS SOLD 4 BEGINNING INVENTORY - 5 ADD: PURCHASES 6 LESS: ENDING INVENTORY - - 7 COST OF GOODS SOLD - - - 8 GROSS PROFIT 46,640 - - OPERATING EXPENSES 9 OFFICER/INSIDER COMPENSATION 131,482 10 DIRECT LABOR/SALARIES 36,901 11 PAYROLL TAXES 5,018 12 RENT & LEASE EXPENSE 15,933 13 INSURANCE 36,013 14 DEPRECIATION/DEPLETION/AMORTIZATION 15 GENERAL & ADMINISTRATIVE 1,000 16 OTHER (ATTACH LIST) 25,945 17 TOTAL OPERATING EXPENSES 252,292 - - 18 OPERATING INCOME (205,652) - - OTHER INCOME & EXPENSES 19 OTHER INCOME (ATTACH LIST) 12,220 - - 20 OTHER EXPENSES (ATTACH LIST) 21 INTEREST EXPENSE (42,468) 22 OTHER (ATTACH LIST) 23 NET OTHER INCOME & EXPENSES (30,248) - - REORGANIZATION EXPENSES 24 PROFESSIONAL FESS 415,852 25 U.S. TRUSTEE FEES 26 OTHER (ATTACH LIST) 27 TOTAL REORGANIZATION EXPENSES 415,852 - - 28 INCOME TAX 29 NET PROFIT (LOSS) (651,752) - -
Page 1 Income Stmt Dtl ACCRUAL BASIS-3 INCOME STATEMENT 3RD QUARTER 1999
- ----------------------------------------------------------------------------------------------------------------------- MONTH MONTH MONTH --------------------------------------------------- JULY AUGUST SEPTEMBER - ----------------------------------------------------------------------------------------------------------------------- LINE 16 OTHER EXPENSES: LIFE AND HEALTH INSURANCE TRAVEL AND ENTERTAINMENT 3,373 DUES AND SUBSCRIPTIONS RELOCATION COSTS REPAIRS AND MAINTENANCE FREIGHT AND DELIVERIES 2,168 COMPUTER EXPENSES 670 EQUIPMENT LEASING 2,187 AUTO EXPENSES PAYROLL FEES 5,292 CLINICAL TRIALS CONSULTANTS CONTRACTED SERVICES 875 LEGAL- REFUND FROM INSURANCE CO. SUPPLIES 1,476 TELEPHONE AND COMMUNICATIONS 10,515 TAXES AND FEES (611) ASSET WRITE DOWN OTHER LEGAL ROYALTIES TOTAL OTHER EXPENSE 25,945 - - LINE 19 OTHER INCOME: INTERCOMPANY INTEREST ON LOAN TO OFFICER INTEREST - BANKS 12,220 TOTAL OTHER INCOME 12,220 - - LINE 22 OTHER : PENALTY FOR EARLY EXTINGUISHMENT OF DEBT TOTAL OTHER - - -
Page 1 Cash Summary Debtor: Neuromedical Systems, Inc. ACCRUAL BASIS-4
SUMMARY OF BANK ACCOUNTS: - --------------------------------------------------------------------------------------------------- MONTH MONTH MONTH ----------------------------------------------- JULY AUGUST SEPTEMBER ------------------------------------------------------------------------------------- Checking 96,979 Money Market 3,481,839 Payroll 16,913 Morgan Stanley Dean Witter 8,527 Merrill Lynch 561 Certificates of Deposit 61 Citifunds 2,593 Investment - TOTAL 3,607,473 - - - ---------------------------------------------------------------------------------------------------
Page 1 Cash Stmt Detail Debtor: Neuromedical Systems, Inc. CASH BASIS - 2 Case No.: 99-703 (PJW) THIRD QUARTER
_____________________________________________________________________________________________________________ CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH ----------------------------------------------- JULY AUGUST SEPTEMBER - ------------------------------------------------------------------------------------------------------------- 1 CASH - BEGINNING OF MONTH 4,046,151 RECEIPTS 2 CASH SALES 3 ACCOUNTS RECEIVABLE COLLECTIONS 97,451 4 LOANS & ADVANCES 5 SALE OF ASSETS 6 LEASE & RENTAL INCOME 7 WAGES 8 OTHER (ATTACH LIST) 109,598 - - 9 TOTAL RECEIPTS 207,049 - - DISBURSEMENTS 10 NET PAYROLL 67,522 11 PAYROLL TAXES PAID 125,154 12 SALES, USE & OTHER TAXES PAID 13 INVENTORY PURCHASES 14 MORTGAGE PAYMENTS 15 OTHER SECURED NOTE PAYMENTS 35,522 16 RENTAL & LEASE PAYMENTS 402 17 UTILITIES 24,213 18 INSURANCE 74,720 19 VEHICLE EXPENSES 20 TRAVEL 3,000 21 ENTERTAINMENT 22 REPAIRS & MAINTENANCE 23 SUPPLIES 24 ADVERTISING 25 HOUSEHOLD EXPENSES 26 CHARITABLE CONTRIBUTIONS 27 GIFTS 28 OTHER (ATTACH LIST) 307,415 29 TOTAL 637,947 - - REORGANIZATION EXPENSES 30 PROFESSIONAL FEES 2,779 31 U.S. TRUSTEE FEES 5,000 32 OTHER (ATTACH LIST) 33 TOTAL 7,779 - - 34 TOTAL DISBURSEMENTS 645,727 - - 35 NET CASH FLOW (438,678) - - 36 CASH - END OF MONTH 3,607,473 - -
Page 1 Cash Stmt Detail _____________________________________________________________________________________________________________________ CASH RECEIPTS - OTHER JULY AUGUST SEPTEMBER - --------------------------------------------------------------------------------------------------------------------- COBRA 15,413 TRAVEL INSURANCE 5,400 NET SETTLEMENT WITH TBCC REFUND POSTAGE 138 BANK INTEREST 87,758 TAX REFUND 889 TOTAL OTHER CASH RECEIPTS 109,598 - - CASH DISBURSEMENTS - OTHER JULY AUGUST SEPTEMBER 401 K CLINICAL TRIAL 49,209 CORPORATE SERVICES 1,000 MISCELLANEOUS OFFICE 2,925 PAYROLL SERVICES 332 SHIPPING 1,450 BANK FEE 2,500 SETTLEMENT SALE 250,000 FILING FEES/LEGAL TOTAL OTHER CASH DISBURSEMENTS 307,415 - -
Page 1 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 in Upper Saddle River, New Jersey on this 25th day of August, 1999. NEUROMEDICAL SYSTEMS, INC. By: /s/ Paul R. Sohmer, M.D. ----------------------------- Paul R. Sohmer, M.D. President -----END PRIVACY-ENHANCED MESSAGE-----