-----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, NoShaW7GWHdh9VPq81KfDLWoJxmtBbHRD7SsrIsrQTwzwOJfiYnN7WoSk+tdA+S+ nV200hE0i/5mP735piUslA== 0000894738-99-000006.txt : 19990429 0000894738-99-000006.hdr.sgml : 19990429 ACCESSION NUMBER: 0000894738-99-000006 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990428 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990428 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/A SEC ACT: SEC FILE NUMBER: 000-24996 FILM NUMBER: 99603288 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/A 1 REG D - ITEMS 5, 7 ================================================================= 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 April 28, 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 actual balance sheet as at March 31, 1999 and an unaudited pro forma balance sheet as at March 31, 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 balance sheets 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 March 31, 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 Balance Sheet and Pro Forma Balance Sheet as of March 31, 1999. 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 27, 1999 EXHIBIT INDEX Exhibit Page No. Description No. - ------- ------------------------------------------ ----- 99.1 Unaudited Balance Sheet and Pro Forma Balance Sheet as of March 31, 1999. EX-99.1 2 PRO FORMA BALANCE SHEET INTERNET COMMERCE CORPORATION (a development stage company) Balance Sheets Pro forma Actual Forecast March 31, March 31, 1999 1999 (Unaudited) (Unaudited) -------------- -------------- ASSETS Current assets: Cash and cash equivalents $ 492,880 $ 5,892,880 Accounts receivable 12,768 12,768 Prepaid expenses and other assets 28,102 28,102 -------------- -------------- Total current assets 533,750 5,933,750 Fixed Assets 416,902 416,902 Software development costs 713,851 713,851 Other Assets 2,700 2,700 Goodwill, net 391,986 391,986 -------------- -------------- $ 2,059,189 $ 7,459,189 -------------- -------------- -------------- -------------- LIABILITIES Current liabilities: Accounts payable $ 25,336 $ 25,336 Bridge notes, net of debt discount 1,603,732 - Capital lease obligation 94,472 94,472 Accrued expenses 371,034 371,034 -------------- -------------- Total current liabilities 2,094,574 490,842 -------------- -------------- Capital lease obligation -less current portion 132,168 132,168 -------------- -------------- Total liabilities 2,226,742 623,010 -------------- -------------- -------------- -------------- Redeemable Common Stock 5,729 5,729 STOCKHOLDERS' EQUITY Preferred stock - par value $.01 per share, 5,000,000 shares authorized. Series A - 0 shares issued and outstanding at March 31, 1999 Actual and 8,595 shares issued and outstanding at March 31, 1999 Pro forma. 0 86 Series S - 175 shares issued and outstanding. 2 2 Common Stock Class A - par value $.01 per share, 40,000,000 shares authorized, one vote per share; 1,313,437 shares issued and outstanding. 13,038 13,038 Class B - par value $.01 per share, 2,000,000 shares authorized, six votes per share; 184,954 shares issued and outstanding. 1,944 1,944 Additional paid-in capital 17,775,904 24,779,550 (Deficit) accumulated during development stage (17,964,170) (17,964,170) -------------- -------------- Total stockholders' equity (173,282) 6,830,450 -------------- -------------- Total liabilities and stockholders' equity $ 2,059,189 $ 7,459,189 -------------- -------------- -------------- -------------- Total assets 7,459,189 Less : Goodwill, net (391,986) Less total liabilities (623,010) -------------- Net tangible asset balance 6,444,193 -----END PRIVACY-ENHANCED MESSAGE-----