-----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, SxNcepkh7Zsr2GQ4wIcfXcJ9rgfIqw5o2A76CehAA70GB6rLfD+is4OEa06BKG0Y HG0YZmywy0p898pWgcd55g== 0000950130-99-006785.txt : 19991201 0000950130-99-006785.hdr.sgml : 19991201 ACCESSION NUMBER: 0000950130-99-006785 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991115 ITEM INFORMATION: FILED AS OF DATE: 19991130 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: 99766338 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): November 15, 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 October of 1999 as filed on November 15, 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. 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 30th day of November, 1999. NEUROMEDICAL SYSTEMS, INC. By: /s/ Thomas McFarland --------------------------------- Thomas McFarland Acting Chief Financial Officer ACCRUAL BASIS-2 COMPARATIVE BALANCE SHEET FOURTH QUARTER
ASSETS MONTH MONTH MONTH ---------------------------------------------------- OCTOBER NOVEMBER DECEMBER ---------------------------------------------------- CASH 3,487,904 ACCOUNTS RECEIVABLE, NET 87,397 INVENTORY NOTES RECEIVABLE 191,852 PREPAID EXPENSES OTHER (ATTACH LIST) 5,513,200 TOTAL CURRENT ASSETS 9,280,353 - - PROPERTY, PLANT & EQUIPMENT 18,855,977 LESS: ACCUMULATED DEPRECIATION/DEPLETION (18,757,733) NET PROPERTY, PLANT & EQUIPMENT 98,244 - - DUE FROM AFFILIATES & INSIDERS 45,186 INTANGIBLES (270,700) OTHER (ATTACH LIST) 53,635 TOTAL ASSETS 9,206,718 - - - ----------------------------------------------------------------------------------------------------------------- POST PETITION LIABILITIES - ----------------------------------------------------------------------------------------------------------------- ACCOUNTS PAYABLE 10,557 TAXES PAYABLE NOTES PAYABLE PROFESSIONAL FEES SECURED DEBT DUE TO AFFILIATES & INSIDERS OTHER (ATTACH LIST) TOTAL POSTPETITION LIABILITIES 10,557 - - - ----------------------------------------------------------------------------------------------------------------- PREPETITION LIABILITIES - ----------------------------------------------------------------------------------------------------------------- SECURED DEBT 2,866,239 PRIORITY DEBT UNSECURED DEBT OTHER (ATTACH LIST) 2,811,707 TOTAL PREPETITION LIABILITIES 5,677,946 - - TOTAL LIABILITIES 5,688,503 - - - ----------------------------------------------------------------------------------------------------------------- EQUITY - ----------------------------------------------------------------------------------------------------------------- OWNERS' PREPETITION EQUITY (86,028) POSTPETITION CUMULATIVE PROFIT OR (LOSS) 3,604,243 - - TOTAL EQUITY (DEFICIT) 3,518,215 - - TOTAL LIABILITIES & OWNERS' EQUITY 9,206,718 - -
ACCRUAL BASIS-2 COMPARATIVE BALANCE SHEET -DETAIL SCHEDULES 4TH QUARTER 1999
MONTH MONTH MONTH --------------------------------------------------- OCTOBER NOVEMBER DECEMBER --------------------------------------------------- PREPAIDS: A/R EXCHANGE - REVIEW STATIONS PREPAID EXPENSES 118,094 PREPAID INSURANCE 39,781 EMPLOYEE RECEIVABLES 3,628 INTEREST RECEIVABLE - OTHER SECURITY DEPOSITS SHORT TERM 30,349 --------------------------------------------------- TOTAL PREPAIDS 191,852 - - --------------------------------------------------- OTHER INVESTMENTS HELD FOR SALE 5,513,200 DUE FROM AFFILIATES AND INSIDERS: ISRAEL 11,934,767 NETHERLANDS EUROPE ACE HONGKONG AUSTRALIA ASIA PACIFIC OVERSEAS HOLDING 50,000 OVERSEAS GROUP 50,000 RESERVE FOR UNCOLLECTIBLE INTERCOMPANY OBLIGATIONS (12,034,767) PAUL SOHMER 45,186 --------------------------------------------------- DUE FROM AFFILIATES AND INSIDERS 45,186 - - --------------------------------------------------- OTHER: SECURITY DEPOSITS LONG TERM 53,635 --------------------------------------------------- TOTAL OTHER 53,635 - - --------------------------------------------------- OTHER: ACCOUNTS PAYABLE 913,809 NOTE PAYABLE - BIRD FOUNDATION 120,096 INTERCOMPANY A/P - HONGKONG ACCRUED COMPENSATION 645,100 ACCRUED VACATION 84,602 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 2,811,707 - - --------------------------------------------------- POSTPETITION CUMULATIVE PROFIT OR LOSS CUMULATIVE RESULTS OF OPERATION 7,541,043 UNREALIZED GAIN (LOSS) ON INVESTMENTS HELD FOR SALE (3,936,800) --------------------------------------------------- TOTAL 3,604,243 - - ---------------------------------------------------
ACCRUAL BASIS-3 INCOME STATEMENT FOURTH QUARTER
REVENUES MONTH MONTH MONTH -------------------------------------------------------------- OCTOBER NOVEMBER DECEMBER -------------------------------------------------------------- GROSS REVENUES 8,904 LESS: RETURNS & DISCOUNTS -------------------------------------------------------------- NET REVENUE 8,904 - - - ---------------------------------------------------------------------------------------------------------------- COST OF GOODS SOLD - ---------------------------------------------------------------------------------------------------------------- BEGINNING INVENTORY - ADD: PURCHASES LESS: ENDING INVENTORY - - COST OF GOODS SOLD - - - -------------------------------------------------------------- GROSS PROFIT 8,904 - - - ---------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES - ---------------------------------------------------------------------------------------------------------------- OFFICER/INSIDER COMPENSATION DIRECT LABOR/SALARIES 50,312 PAYROLL TAXES 2,480 RENT & LEASE EXPENSE 9,383 INSURANCE 11,311 DEPRECIATION/DEPLETION/AMORTIZATION GENERAL & ADMINISTRATIVE 1,494 OTHER (ATTACH LIST) 12,853 TOTAL OPERATING EXPENSES 87,833 - - -------------------------------------------------------------- OPERATING INCOME (78,929) - - - ---------------------------------------------------------------------------------------------------------------- OTHER INCOME & EXPENSES - ---------------------------------------------------------------------------------------------------------------- OTHER INCOME (ATTACH LIST) 9,712 OTHER EXPENSES (ATTACH LIST) INTEREST EXPENSE OTHER (ATTACH LIST) -------------------------------------------------------------- NET OTHER INCOME & EXPENSES 9,712 - - - ---------------------------------------------------------------------------------------------------------------- REORGANIZATION EXPENSES - ---------------------------------------------------------------------------------------------------------------- PROFESSIONAL FESS 11,127 U.S. TRUSTEE FEES 5,000 OTHER (ATTACH LIST) TOTAL REORGANIZATION EXPENSES 16,127 - - INCOME TAX -------------------------------------------------------------- NET PROFIT (LOSS) (85,344) - -
ACCRUAL BASIS-3 INCOME STATEMENT 4TH QUARTER 1999
MONTH MONTH MONTH ----------------------------------------------------- OCTOBER NOVEMBER DECEMBER ----------------------------------------------------- OTHER EXPENSES: LIFE AND HEALTH INSURANCE TRAVEL AND ENTERTAINMENT 108 DUES AND SUBSCRIPTIONS RELOCATION COSTS REPAIRS AND MAINTENANCE FREIGHT AND DELIVERIES 1,711 COMPUTER EXPENSES 75 EQUIPMENT LEASING 2,954 AUTO EXPENSES PAYROLL FEES 309 CLINICAL TRIALS CONSULTANTS 2,112 CONTRACTED SERVICES 1,445 LEGAL- REFUND FROM INSURANCE CO. SUPPLIES AND MOVING 1,634 TELEPHONE AND COMMUNICATIONS 2,505 TAXES AND FEES ASSET WRITE DOWN OTHER LEGAL ROYALTIES ----------------------------------------------------- TOTAL OTHER EXPENSE 12,853 - - ----------------------------------------------------- OTHER INCOME: SALE OF EQUIPMENT MANAGEMENT FEES-AUSTRALIA INTERCOMPANY SETTLEMENT INTEREST 9,712 ----------------------------------------------------- TOTAL OTHER INCOME 9,712 - - ----------------------------------------------------- OTHER : PENALTY FOR EARLY EXTINGUISHMENT OF DEBT ----------------------------------------------------- TOTAL OTHER - - - -----------------------------------------------------
Debtor: Neuromedical Systems, Inc. ACCRUAL BASIS-4 SUMMARY OF BANK ACCOUNTS:
MONTH MONTH MONTH ----------------------------------------------------- OCTOBER NOVEMBER DECEMBER ----------------------------------------------------- Checking 644,870 Money Market 2,822,328 Payroll 8,825 Morgan Stanley Dean Witter 8,632 Merrill Lynch 561 Certificates of Deposit 61 Citifunds 2,627 Investment - ------------------------------------------------------ TOTAL 3,487,904 - - ------------------------------------------------------
Debtor: Neuromedical Systems, Inc. CASH BASIS - 2 Case No.: 99-703 (PJW) FOURTH QUARTER
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH --------------------------------------------------- OCTOBER NOVEMBER DECEMBER --------------------------------------------------- CASH - BEGINNING OF MONTH 3,499,457 - --------------------------------------------------------------------------------------------------------------- RECEIPTS - --------------------------------------------------------------------------------------------------------------- CASH SALES ACCOUNTS RECEIVABLE COLLECTIONS 30,620 LOANS & ADVANCES SALE OF ASSETS 49,250 LEASE & RENTAL INCOME WAGES OTHER (ATTACH LIST) 9,504 --------------------------------------------------- TOTAL RECEIPTS 89,374 - - - --------------------------------------------------------------------------------------------------------------- DISBURSEMENTS - --------------------------------------------------------------------------------------------------------------- NET PAYROLL 54,492 PAYROLL TAXES PAID 20,251 SALES, USE & OTHER TAXES PAID INVENTORY PURCHASES MORTGAGE PAYMENTS OTHER SECURED NOTE PAYMENTS RENTAL & LEASE PAYMENTS 1,191 UTILITIES 5,420 INSURANCE 191 VEHICLE EXPENSES TRAVEL ENTERTAINMENT REPAIRS & MAINTENANCE SUPPLIES 1,126 ADVERTISING HOUSEHOLD EXPENSES CHARITABLE CONTRIBUTIONS GIFTS OTHER (ATTACH LIST) 3,212 --------------------------------------------------- TOTAL 85,884 - - - --------------------------------------------------------------------------------------------------------------- REORGANIZATION EXPENSES - --------------------------------------------------------------------------------------------------------------- PROFESSIONAL FEES 10,043 U.S. TRUSTEE FEES 5,000 OTHER (ATTACH LIST) TOTAL 15,043 - - TOTAL DISBURSEMENTS 100,927 - - NET CASH FLOW (11,553) - - --------------------------------------------------- CASH - END OF MONTH 3,487,904 - -
CASH RECEIPTS - OTHER OCTOBER NOVEMBER DECEMBER ------------------------------------------------- RETURN OF LOC FUNDS FROM LANDLORD COBRA MANAGEMENT FEES INSURANCE NET SETTLEMENT WITH INTERCOMPANY REFUND POSTAGE BANK INTEREST 9,504 MISCELLANEOUS REFUNDS TAX REFUND ------------------------------------------------ TOTAL OTHER CASH RECEIPTS 9,504 - - ------------------------------------------------
CASH DISBURSEMENTS - OTHER OCTOBER NOVEMBER DECEMBER ------------------------------------------------- 401 K CLINICAL TRIAL CORPORATE SERVICES 1,494 CONTRACTED SERVICES 1,105 COMPUTER 75 PAYROLL SERVICES 219 SHIPPING 234 FEES 85 SETTLEMENT SALE FILING FEES/LEGAL ------------------------------------------------ TOTAL OTHER CASH DISBURSEMENTS 3,212 - - ------------------------------------------------
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