-----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, O6BKj1R1hamdRHbAPc8bxNqOmsmIsVmDe9YnaE+Gw77pwupEoKN/IKwbJFZ62A7r B0CTwl8u0rMB3FhIndcG9Q== 0001116502-02-001866.txt : 20021125 0001116502-02-001866.hdr.sgml : 20021125 20021125172113 ACCESSION NUMBER: 0001116502-02-001866 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020909 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACTIVEWORLDS COM INC CENTRAL INDEX KEY: 0001089531 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 133883101 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-15819 FILM NUMBER: 02839749 BUSINESS ADDRESS: STREET 1: 95 PARKER STREET CITY: NEWBURYPORT STATE: MA ZIP: 01950 BUSINESS PHONE: 9784990222 MAIL ADDRESS: STREET 1: 95 PARKER ST CITY: NEWBURYPORT STATE: MA ZIP: 01950 8-K/A 1 activeworlds-8ka.txt AMENDED CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): SEPTEMBER 9, 2002 ----------------- ACTIVEWORLDS CORP. ------------------ (Exact name of registrant as specified in its charter)
DELAWARE 001-15819 13-3883101 -------- --------- ---------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.)
112 BAYPOINT DRIVE, SAN RAFAEL, CA 94901 ---------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (415) 453-4868 --------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. b. Pro forma financial information c. Exhibits Exhibit No. Exhibit - ----------- ------- 2.1 Agreement and Plan of Exchange(1) (1) Contained in Form 8-k filed on July 12, 2002. SIGNATURE 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. ACTIVEWORLDS CORP. By: /s/ Sean Deson ----------------------- President Date: November 25, 2002 ACTIVEWORLDS CORP. Pro Forma Condensed Balance Sheet June 30, 2002 (Unaudited)
Pro Forma Adjustments --------------------- Activeworlds, Historical Inc. (a) Other Pro Forma ---------- ---------- ---------- ---------- Assets Current assets Cash $1,081,230 $ -- $ 867,664(b) $ 213,566 Accounts receivable, trade 3,490 3,490 -- -- Employee advance 3,421 3,421 -- -- Prepaid expenses and other 52,925 35,632 -- 17,293 Investments 65,307 65,307 -- -- ---------- ---------- ---------- ---------- Total current assets 1,206,373 107,850 867,664 230,859 ---------- ---------- ---------- ---------- Property and equipment, at cost Leasehold improvements 27,334 27,334 -- -- Equipment and fixtures 396,576 396,576 -- -- ---------- ---------- ---------- ---------- 423,910 423,910 -- -- Less: accumulated depreciation and amortization 199,746 199,746 -- -- ---------- ---------- ---------- ---------- Property and equipment, net 224,164 224,164 -- -- ---------- ---------- ---------- ---------- Total assets $1,430,537 $ 332,014 867,664 $ 230,859 ---------- ---------- ---------- ---------- Liabilities and Stockholders' Equity Current liabilities Current portion - capital lease $ -- $ -- -- $ -- Accounts payable 6,784 34 $ 6,750(c) -- Accrued liabilities 13,292 13,292 -- -- Deferred revenue 154,441 154,441 -- -- ---------- ---------- ---------- ---------- Total current liabilities 174,517 167,767 6,750 -- ---------- ---------- ---------- ---------- Total stockholders' equity 1,256,020 164,247 860,914 230,859 ---------- ---------- ---------- ---------- Total liabilities and stockholders' equity $1,430,537 $ 332,014 $ 867,664 $ 230,859 ---------- ---------- ---------- ----------
(a) To eliminate the assets and liabilities included in the balance sheet of Activeworlds Corp. (b) To reflect the purchase of 2,595,445 shares of Company stock and other related costs relating to the transaction to sell Activeworlds, Inc. (c) To reflect adjustments of acounts payable not related to the sale of Activeworlds, Inc. that would not be incurred if the subsidiary was eliminated. ACTIVEWORLDS CORP. Pro Forma Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2002 (Unaudited)
Pro Forma Adjustments --------------------- Activeworlds, Historical Inc. (a) Other Pro Forma ----------- ----------- ----------- ----------- Revenues $ 257,504 $ 257,504 $ -- $ -- ----------- ----------- ----------- ----------- Operating expenses Selling, general and administrative expenses 741,095 579,061 12,615(b) 149,419 Research and development expenses 202,947 202,947 -- -- ----------- ----------- ----------- ----------- Total operating expenses 944,042 782,008 12,615 149,419 ----------- ----------- ----------- ----------- Loss from operations (686,538) 524,504 12,615 (149,419) Interest income 12,650 -- -- 12,650 ----------- ----------- ----------- ----------- Loss before (provision for) benefit from income taxes (673,888) 524,504 12,615 (136,769) (Provision for) benefit from income taxes -- -- -- -- ----------- ----------- ----------- ----------- Net loss $ (673,888) $ 524,504 $ 12,615 $ (136,769) ----------- ----------- ----------- ----------- Average shares outstanding including common stock 8,515,235 3,195,235(c) 5,320,000 ----------- ----------- ----------- Net loss per share of common stock Basic $ (.079) $ (.026) ----------- -----------
(a) To eliminate the profit and loss of Activeworlds, Inc. for the entire period. (b) To reflect costs that would have been eliminated due to the sale of Activeworlds, Inc. (c) To reflect the purchase of Treasury stock in the sale of Activeworlds, Inc. as if the sale took place at the beginning of the period. ACTIVEWORLDS CORP. Pro Forma Condensed Consolidated Statement of Operations for the Year Ended December 31, 2001 (Unaudited)
Pro Forma Adjustments --------------------- Activeworlds, Historical Inc. (a) Other Pro Forma ----------- ----------- ----------- ----------- Revenues $ 490,503 $ 490,503 $ -- $ -- ----------- ----------- ----------- ----------- Operating expenses Selling, general and administrative expenses 2,417,893 1,930,010 233,147(b) 254,736 Research and development expenses 472,237 472,237 -- -- ----------- ----------- ----------- ----------- Total operating expenses 2,890,130 2,402,247 233,147 254,736 ----------- ----------- ----------- ----------- (Loss) from operations (2,399,627) 1,911,744 233,147 (254,736) Interest income 102,584 -- -- 102,584 ----------- ----------- ----------- ----------- Loss before income taxes (2,297,043) 1,911,744 233,147 (152,152) Income taxes -- -- -- -- ----------- ----------- ----------- ----------- Net (loss) (2,297,043) 1,911,744 233,147 (152,152) Other comprehensive income (loss) - unrealized (losses) on securities (65,470) 65,470 -- -- ----------- ----------- ----------- ----------- Comprehensive loss $(2,362,513) $ 1,977,214 $ 233,147 $ (152,152) ----------- ----------- ----------- ----------- Average shares outstanding 8,160,899 2,840,899(c) 5,320,000 ----------- ----------- ----------- Net (loss) per share of common stock Basic $ (2.90) $ (.029) ----------- -----------
(a) To eliminate the profit and loss of Activeworlds, Inc. (b) To reflect costs that would have been eliminated due to the sale of Activeworlds, Inc. (c) To reflect the purchase of Treasury stock in the sale of Activeworlds, Inc. as if the sale took place at the beginning of the period. -----END PRIVACY-ENHANCED MESSAGE-----