-----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, K8XF4lKaoFy2pRa1WPFGtj6CM1TLDPTVvthpNeYl5FnbQK/XwFiMz9x75ZTPznT1 vaDpfCZdz9h2LDJkqWpG9Q== 0000894738-99-000005.txt : 19990421 0000894738-99-000005.hdr.sgml : 19990421 ACCESSION NUMBER: 0000894738-99-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990420 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNET COMMERCE CORP CENTRAL INDEX KEY: 0000894738 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 133645702 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24996 FILM NUMBER: 99597439 BUSINESS ADDRESS: STREET 1: 805 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122717640 MAIL ADDRESS: STREET 1: 805 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: INFOSAFE SYSTEMS INC DATE OF NAME CHANGE: 19940914 8-K 1 REG D - ITEMS 5,7 ================================================================= SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 April 20, 1999 ------------------------------------------------ Date of Report (Date of earliest event reported) Internet Commerce Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 000-24996 13-3645702 - ----------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File No.) Identification Incorporation No.) 805 Third Avenue, New York, NY 10022 - ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) 212-271-7640 -------------------------------------------------- Registrant's telephone number, including area code ------------------------------------------------------------ Former name or former address, if changed since last report) ================================================================= Item 5. Other Events This report is filed pursuant to a request by The Nasdaq- Amex Market Group, Inc. for the Registrant to demonstrate that it currently meets the net capital requirement of the Nasdaq SmallCap Market. Included as Exhibit 99.1 hereto is an unaudited pro forma balance sheet as at March 7, 1999, showing the effect of the Registrant's recent private bridge financing, bridge note exchange offer and private placement of preferred stock. The information presented on the attached pro forma balance sheet has not been audited by independent accountants, but includes all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation thereof. The balance sheet at February 28, 1999 is unaudited and but does not include all the footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the audited financial statements and footnotes thereto included in the Form 10-KSB for the Company's fiscal year ended July 31, 1998 and Form 10-QSB for the Company's quarter ended January 31, 1999. Item 7. Financial Statements and Exhibits. Exhibits - -------- 99.1 Unaudited Condensed Pro Forma Balance Sheet as of March 7, 1999. 99.2 Press Release issued April 20, 1999 by the Registrant. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. INTERNET COMMERCE CORPORATION By: -------------------------------- Richard Berman, President and Chief Executive Officer Dated: April 20, 1999 EXHIBIT INDEX Exhibit Page No. Description No. - ------- ------------------------------------------ ----- 99.1 Unaudited Condensed Pro Forma Balance Sheet as of March 7, 1999. 99.2 Press Release issued April 20, 1999 by the Registrant. EX-99.1 2 PRO FORMA BALANCE SHEET INTERNET COMMERCE CORPORATION (a development stage company) Condensed Balance Sheets Pro forma Actual Forecast February 28, March 7, 1999 1999 (Unaudited) (Unaudited) -------------- -------------- ASSETS Current assets: Cash and cash equivalents $ 683,919 $ 6,040,781 Accounts receivable 10,948 11,359 Prepaid expenses and other assets 109,739 91,305 -------------- -------------- Total current assets 804,606 6,143,445 Fixed Assets 432,639 429,085 Software development costs 713,920 713,904 Other Assets 2,700 2,700 Goodwill, net 405,053 402,102 -------------- -------------- $ 2,358,918 $ 7,691,237 -------------- -------------- -------------- -------------- LIABILITIES Current liabilities: Accounts payable $ 17,112 $ 18,969 Bridge notes, net of debt discount 1,165,398 28,280 Notes payable - - Capital lease obligation 93,165 93,460 Accrued expenses 366,532 367,549 -------------- -------------- Total current liabilities 1,642,207 508,257 -------------- -------------- Capital lease obligation -less current portion 140,658 138,741 -------------- -------------- Total liabilities 1,782,865 646,998 -------------- -------------- -------------- -------------- Redeemable Common Stock 5,729 5,729 STOCKHOLDERS' EQUITY Preferred stock 2 2 Common Stock Class A - par value $.01 per share, 40,000,000 shares authorized, one vote per share; 947,951 shares issued and outstanding at July 31, 1998 and 1,282,386 shares issued and outstanding at October 31, 1998 13,038 30,228 Class B - par value $.01 per share, 2,000,000 shares authorized, six votes per share; 194,397 shares issued and outstanding 1,944 1,944 Additional paid-in capital 17,766,573 24,987,587 Notes receivable - - (Deficit) accumulated during development stage (17,211,233) (17,981,251) -------------- -------------- Total stockholders' equity 570,324 7,038,510 -------------- -------------- Total liabilities and stockholders' equity $ 2,358,918 $ 7,691,237 -------------- -------------- -------------- -------------- Total assets 7,691,237 Less : Goodwill, net (402,102) Less total liabilities (646,998) -------------- Net tangible asset balance 6,642,136 EX-99.2 3 PRESS RELEASE DATED APRIL 20, 1999 PRESS RELEASE FOR: ICC KCSA CONTACTS: Leslie A. Schupak Joseph Mansi T 212.896.1207 T 212.896.1205 F 212.697.0910 F 212.697.0910 E lschupak@kcsa.com E jmansi@kcsa.com ICC Announces Completion of Reg-D Financing April 20, 1999 New York, NY - Internet Commerce Corporation (ICC), [NASDAQ SmallCap Market: ICCAC], a development stage company, today announced that it has completed a Reg-D Financing for $6.0 million. ICC's previously announced private offering of $2,595,000 bridge units will convert as a part of the Reg-D financing. Shares of the Reg-D Series A Convertible Redeemable Preferred Stock are convertible at the option of its holder, at any time after issuance, into shares of Class A common stock at the initial conversion rate defined as number of shares of Class A Common Stock equal to $1,000 divided by the lower of (a) $5.00 (b) 75% of the average market price of the Common for the period of 10 days immediately prior to the conversion date. No less than 25 shares may be converted at any one time unless the holder then holds less than 25 shares and converts all at the same time. There exists a conversion price ceiling of $5.00 per share and a conversion price floor of $3.00 per share. Richard Berman, ICC's Chairman and Chief Executive Officer, stated, "This financing provides ICC with the resources to aggressively market its Internet-based business-to-business electronic commerce service, CommerceSense(tm), to the explosive global EC marketplace. The CommerceSense system capitalizes on the Internet's speed and cost-effectiveness to offer our customers an entirely secure, browser-based solution for both electronic commerce and traditional electronic data interchange (EDI)." Internet Commerce Corporation develops and markets Internet-based products and services to facilitate secure Electronic Commerce (EC) transactions for commercial and governmental markets. ICC's expertise in business-to-business commerce and electronic data interchange (EDI), provides easy-to-use, sophisticated solutions for companies of all sizes for the transmission, encryption, reporting and archiving of all electronic data. ICC CONTACT: Victor Bjorge - 212.271.7640 -----END PRIVACY-ENHANCED MESSAGE-----