New Jersey
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001-31990
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22-1441806
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(State or other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TEL-INSTRUMENT ELECTRONICS CORP.
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|||
Date: November 27, 2012
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By:
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/s/ Joseph P. Macaluso
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Name: Joseph P. Macaluso
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|||
Title: Principal Accounting Officer
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September 30, 2012
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March 31, 2012
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|||||||
(unaudited)
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||||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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196,270
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413,195
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|||||
Accounts receivable, net
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860,487
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1,694,636
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||||||
Unbilled government receivables
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1,762,254
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1,780,381
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||||||
Inventories, net
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6,564,837
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5,023,975
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||||||
Prepaid expenses and other
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101,514
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220,255
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||||||
Deferred debt expense
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190,030
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108,321
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||||||
Deferred income tax asset
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1,099,169
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1,288,631
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||||||
Total current assets
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10,774,561
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10,529,394
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||||||
Equipment and leasehold improvements, net
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645,553
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706,870
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||||||
Deferred debt expenses – long-term
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210,624
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264,784
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||||||
Deferred income tax asset – non-current
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1,753,977
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948,489
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||||||
Other assets
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56,872
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56,872
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||||||
Total assets
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$
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13,441,587
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$
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12,506,409
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||||
LIABILITIES & STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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||||||||
Current portion long-term debt
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1,113,356
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542,382
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||||||
Capital lease obligations
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70,401
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64,675
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||||||
Accounts payable
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3,382,728
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2,850,432
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||||||
Progress Billings
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405,551
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-
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||||||
Deferred revenues – current portion
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18,721
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34,767
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||||||
Accrued payroll, vacation pay and payroll taxes
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476,848
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440,116
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||||||
Accrued expenses
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2,437,697
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2,074,911
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||||||
Total current liabilities
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7,905,302
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6,007,283
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||||||
Subordinated notes payable-related parties, net of debt discount
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250,000
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250,000
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||||||
Capital Lease Obligations
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113,594
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149,582
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||||||
Deferred revenues
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2,662
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4,637
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||||||
Warrant Liability
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198,903
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355,290
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||||||
Long-term debt, net of debt discount
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1,369,607
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1,490,302
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||||||
Total liabilities
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9,840,068
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8,257,094
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||||||
Commitments
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||||||||
Stockholders' equity:
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||||||||
Common stock, par value $.10 per share, 2,795,549 and
2,684,215 issued and outstanding as of September 30,
2012 and March 31, 2012, respectively
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279,554
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268,421
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||||||
Additional paid-in capital
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6,361,017
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5,921,441
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||||||
Accumulated deficit
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(3,039,052
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)
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(1,940,547
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)
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||||
Total stockholders' equity
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3,601,519
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4,249,315
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||||||
Total liabilities and stockholders' equity
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$
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13,441,587
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$
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12,506,409
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Three Months Ended
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Six Months Ended
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|||||||||||||||
September 30, 2012
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September 30, 2011
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September 30, 2012
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September 30, 2011
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|||||||||||||
(Restated)
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||||||||||||||||
Net sales
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$ | 2,394,950 | $ | 3,674,354 | 3,572,238 | $ | 7,664,565 | |||||||||
Cost of sales
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1,792,527 | 2,191,127 | 2,686,121 | 4,319,707 | ||||||||||||
Gross margin
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602,423 | 1,483,227 | 886,117 | 3,344,858 | ||||||||||||
Operating expenses:
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||||||||||||||||
Selling, general and administrative
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686,346 | 667,874 | 1,340,234 | 1,466,696 | ||||||||||||
Engineering, research and development
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548,800 | 677,933 | 1,127,404 | 1,526,971 | ||||||||||||
Total operating expenses
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1,235,146 | 1,345,807 | 2,467,638 | 2,993,667 | ||||||||||||
Income (loss) from operations
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(632,723 | ) | 137,420 | (1,581,521 | ) | 351,191 | ||||||||||
Other income (expense):
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||||||||||||||||
Amortization of debt discount
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(31,009 | ) | (13,396 | ) | (44,401 | ) | (26,791 | ) | ||||||||
Amortization of debt expense
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(56,711 | ) | (27,080 | ) | (83,791 | ) | (54,160 | ) | ||||||||
Financing Costs
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(26,477 | ) | - | (26,477 | ) | - | ||||||||||
Change in fair value of common
stock warrants
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(337 | ) | 104,891 | 249,057 | (63,695 | ) | ||||||||||
Proceeds from life insurance policy
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- | - | - | 300,029 | ||||||||||||
Interest income
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13 | 101 | 13 | 194 | ||||||||||||
Interest expense
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(131,032 | ) | (96,416 | ) | (223,500 | ) | (199,110 | ) | ||||||||
Total other income (expense)
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(245,553 | ) | (31,900 | ) | (129,099 | ) | (43,533 | ) | ||||||||
Income (loss) before income taxes
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(878,276 | ) | 105,520 | (1,710,620 | ) | 307,658 | ||||||||||
Income tax expense (benefit)
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(448,571 | ) | 2,204 | (612,115 | ) | 285,137 | ||||||||||
Net income (loss)
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$ | (429,705 | ) | $ | 103,316 | $ | (1,098,505 | ) | $ | 22,521 | ||||||
Basic income (loss) per common share
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$ | (0.16 | ) | $ | 0.04 | $ | (0.41 | ) | $ | 0.01 | ||||||
Diluted income (loss) per common share
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$ | (0.16 | ) | $ | 0.04 | $ | (0.41 | ) | $ | 0.01 | ||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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2,717,585 | 2,650,063 | 2,708,335 | 2,648,608 | ||||||||||||
Diluted
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2,717,585 | 2,736,993 | 2,708,335 | 2,733,850 | ||||||||||||