8-K/A 1 bico8kamend2proformas.htm BICO 8-K AMENDMENT 2 PRO FORMAS 6-2-05 BICO 8-K Amendment 2 Pro Formas 6-2-05

 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A
AMENDMENT TO CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2004

BICO, INC.
(Exact name of Registrant as specified in its charter)


0-10822
(Commission File No.)

Pennsylvania
25-1229323
------------------------------
-----------------
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
   
One Wakonda
  
Dove Canyon, California
92679
--------------------------------------
--------
(Address of principal executive offices)
(Zip Code)

(949) 509-9858
--------------------------------------------------
Registrant's telephone number, including area code

Check the appropriate box below of the Form 8-K/A filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 9.01 Financial Statements and Exhibits.

The Company's Form 8-K filed on November 12, 2004 reported the merger of cXc Services and BICO, Inc. That Form 8-K is hereby amended to include the following pro forma financial statements.

BICO, Inc.

INTRODUCTION TO THE UNAUDITED PRO FORMA
CONDENSED FINANCIAL STATEMENTS


 
The following unaudited pro forma condensed financial statements give effect to the merger of cXc Services, Inc (CXC) into BICO, Inc (BICO) pursuant to the Joint Plan of Reorganization executed by BICO and confirmed by the United States Bankruptcy Court of the Western District of Pennsylvania. The pro forma statements have been prepared utilizing the historical financial statements of BICO and CXC. The pro forma condensed financial information is based on the estimates and assumptions set forth in the notes to the pro forma financial information.

The unaudited pro forma information is provided only for comparative purposes and does not purport to be indicative of the results of operations that actually would have been obtained if the purchase had been consummated on the date indicated or the results of operations that may be obtained in the future.

The unaudited pro forma condensed balance sheet assumes that the transaction had occurred on November 4, 2004. The transaction was accounted for under the purchase method of accounting. Under the purchase accounting method, assets acquired and liabilities assumed are recorded at their estimated fair value at the date of the purchase.

The unaudited pro forma condensed statements of operations represent the historical results of operations of the Company for the year ended December 31, 2003 and the nine month period ended September 30, 2004, adjusted to reflect the transactions as if they had occurred at the beginning of the period.




BICO, INC
PRO FORMA CONDENSED BALANCE SHEET
November 4, 2004
           
     
PRO FORMA
ADJUSTMENTS
PRO FORMA
COMBINED
 
BICO, INC
CXC, INC
           
ASSETS
          
           
CURRENT ASSETS
          
CASH
   $                  298,150
  $                            -
    
  $                            298,150
           
OTHER ASSETS
          
EXCLUSIVITY LICENSE
  
100,000
   
100,000
           
TOTAL ASSETS
  $                   298,150
  $                  100,000
   
  $                            398,150
           
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
          
           
CURRENT LIABILITIES
          
ACCOUNTS PAYABLE
  $                             -
  $                  158,645
   
  $                            158,645
LIABILITIES SUBJECT
          
TO COMPROMISE
7,166,974
     
7,166,974
           
TOTAL LIABILITIES
  $               7,166,974 
  $                  158,645
   
  $                         7,325,619
           
STOCKHOLDERS' EQUITY(DEFICIT)
          
COMMON STOCK
738,750,778
100,000
(100,000)
     [1]
738,750,778
PREFERRED STOCK
    
12,547
     [1]
12,547
ADDITIONAL PAID IN CAPITAL
(468,788,830)
  
87,453
     [1]
(468,701,377)
ACCUMULATED DEFICIT
(276,830,772)
(158,645)
    
(276,989,417)
           
TOTAL STOCKHOLDERS'
          
EQUITY (DEFICIT)
  $             (6,868,824)
  $                  (58,645)
    
  $                       (6,927,469)
           
TOTAL LIABILITIES AND
          
STOCKHOLDERS'
         
EQUITY (DEFICIT)
  $                   298,150
  $                  100,000
   
  $                            398,150


See notes to Unaudited Pro Forma Condensed Financial Statements.



BICO, INC
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2004
 
 BICO, INC
 CXC, INC
PRO FORMA
ADJUSTMENTS
PRO FORMA
COMBINED
 
           
REVENUES
          
NET SALES
  $                                   7,500
 
  $                                (7,500)
[2]
  $                                             -
           
GENERAL AND
          
ADMINISTRATIVE EXPENSES
178,592
487,991
413,417
[2]
1,080,000
           
LOSS FROM OPERATIONS
(171,092)
(487,991)
(420,917)
[2]
(1,080,000)
           
OTHER (INCOME)EXPENSE
          
FORGIVENESS OF DEBT
(928,188)
  
928,188
[2]
0
GAIN ON SALE OF SUBSIDIARY
(264,773)
  
264,773
[2]
0
INTEREST INCOME
  
(226)
226
[2]
0
           
NET INCOME (LOSS)
  $                            1,021,869
  $                            (487,765)
  $                         (1,614,104)
  
  $                             (1,080,000)
           
           
INCOME (LOSS) PER SHARE
  $                                     0.00
      
  $                                      (0.00)
           
WEIGHTED AVERAGE COMMON SHARES USED
          
IN COMPUTING PER
          
SHARE AMOUNTS
7,357,012,122
     
7,357,012,122



See notes to Unaudited Pro Forma Condensed Financial Statements.



BICO, INC
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
 
BICO, INC
CXC, INC
PRO FORMA
ADJUSTMENTS
PRO FORMA
COMBINED
 
           
REVENUES
          
NET SALES
  $                               625,231
                                              0
  $                            (625,231)
[2]
  $                                             0
           
COST OF PRODUCTS SOLD
                                   258,319
                                              0
                                (258,319)
[2]
                                                 0
GENERAL AND
          
ADMINISTRATIVE EXPENSES
750,524
0
689,476
[2]
1,440,000
           
LOSS FROM OPERATIONS
(383,612)
0
(1,056,388)
[2]
(1,440,000)
           
OTHER (INCOME)EXPENSE
          
FORGIVENESS OF DEBT
(1,292,335)
                                              0
1,292,335
[2]
0
GAIN ON SALE OF SUBSIDIARY
(1,061,254)
                                              0
1,061,254
[2]
0
INTEREST EXPENSE
                                     42,694
0
(42,694)
[2]
0
           
NET INCOME (LOSS)
  $                            1,927,283
  $                                          0
  $                         (3,367,283)
  
 $                              (1,440,000)
           
           
INCOME (LOSS) PER SHARE
  $                                     0.00
      
  $                                      (0.00)
           
WEIGHTED AVERAGE COMMON SHARES USED
          
IN COMPUTING PER
          
SHARE AMOUNTS
7,357,012,122
     
7,357,012,122


See notes to Unaudited Pro Forma Condensed Financial Statements.





BICO, Inc.

NOTES TO PRO FORMA
CONDENSED FINANCIAL STATEMENTS


The following pro forma adjustments reflect the BICO, Inc purchase of the stock of cXc Services, Inc. and reflects estimated fair value adjustments:

1.  
Reflects the exchange of 100% of the common stock of CXC for 125,470,031 shares of convertible preferred stock of BICO.

The following pro forma adjustments are incorporated in the pro forma condensed statements of operations and are expected to have a continuing impact on the Company:

2.  
Reflects the elimination of all prior BICO and CXC operations. By the end of the reorganization BICO had no employees, no operations, and no assets, all of its prior businesses were gone, as were the subsidiaries through which its operations had been conducted. The reorganized Company estimates ongoing monthly expenses of $120,000 to support base-level operations.

(c) Exhibits.

None
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.

 
BICO, INC.
 
(Registrant)
   
Date: June 2, 2005
By: /s/ Richard M. Greenwood
 
-------------------------------
 
Richard M. Greenwood
 
Chief Executive Officer
 
and President