-----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, Ua6PH76fauNawOFkqrGzJJ/a/saxROjeqxrvtp478gz1qDL7eDW9lwJtA+WGOSXv 21dHFV5tn08pRZkldwGRvQ== 0000891618-99-001208.txt : 19990330 0000891618-99-001208.hdr.sgml : 19990330 ACCESSION NUMBER: 0000891618-99-001208 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990226 ITEM INFORMATION: FILED AS OF DATE: 19990329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERCONDUCTOR TECHNOLOGIES INC CENTRAL INDEX KEY: 0000895665 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 770153076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21074 FILM NUMBER: 99576048 BUSINESS ADDRESS: STREET 1: 460 WARD DR STREET 2: STE F CITY: SANTA BARBARA STATE: CA ZIP: 93111 BUSINESS PHONE: 8056837646 8-K 1 FORM 8-K 1 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 Date of Report (Date of earliest event reported) February 26, 1999 Superconductor Technologies Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 000-21074 77-0153076 - --------------------------------------- -------------------------------------- -------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.)
460 Ward Drive, Suite F, Santa Barbara, California 93111 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (805) 683-7646 -------------- Not applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. Other Events On February 26, 1999 the Company entered into an agreement with the holders of all of the Company's outstanding preferred stock that, among other things, provided for the exchange of all of the Company's Series A, Series A-1 and Series B Preferred Stock (the "Old Securities") for shares of Series A-2, Series A-3 and Series B-1 Preferred Stock (the "New Securities"), respectively. The New Securities differ from the Old Securities in that they are not redeemable and there are limits on conversions of the New Securities pending stockholder approval of the removal of the conversion restrictions. The Company will account for the New Securities on its balance sheet as Stockholders' Equity, whereas due to their redeemable nature the Company had accounted for the Old Securities as a separate caption titled "Redeemable Preferred Stock." The Company is providing the following pro-forma balance sheet information to demonstrate the pro-forma impact of the exchange on the Company's financial position as of December 31, 1998. The Company is also providing a statement of operations for the period ending December 31, 1998. The footnotes to the financial statements provided have been omitted and will be filed with the Company's complete financial statements as part of the Company's Annual Report on Form 10-K to be filed on or before March 31, 1999. 3 SUPERCONDUCTOR TECHNOLOGIES INC. BALANCE SHEET
DECEMBER 31, ASSETS DECEMBER 31, DECEMBER 31, PRO FORMA 1998 1997 1998 ADJUSTMENTS(1) PRO FORMA ----------------- ---------------- --------------- -------------- (UNAUDITED) Current assets: Cash and cash equivalents $ 1,438,000 $ 310,000 $ 310,000 Short-term investments 2,099,000 0 0 Accounts receivable 1,048,000 1,939,000 1,939,000 Inventory 677,000 2,719,000 2,719,000 Prepaid expenses and other current assets 146,000 173,000 173,000 ----------------- ---------------- -------------- Total current assets 5,408,000 5,141,000 5,141,000 Property and equipment, net of accumulated depreciation of $6,534,000 and $6,985,000, respectively 2,456,000 5,114,000 5,114,000 Patents and licenses, net of accumulated amortization of $1,057,000 and $1,285,000, respectively 2,152,000 2,070,000 2,070,000 Other assets, net of accumulated 71,000 184,000 184,000 ----------------- ---------------- -------------- Total assets $ 10,087,000 $ 12,509,000 $ 12,509,000 ================= ================ ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,407,000 $ 2,396,000 $ 2,396,000 Accrued compensation 437,000 583,000 583,000 Current portion of long-term debt 64,000 813,000 813,000 Total current liabilities 1,908,000 3,792,000 3,792,000 Long-term debt 13,000 932,000 932,000 ----------------- ---------------- -------------- Total liabilities 1,921,000 4,724,000 4,724,000 ----------------- ---------------- -------------- Redeemable Preferred Stock, $.001 par value, 2,000,000 shares, authorized, Series A 645,833 shares issued and outstanding, Series A-1 125,000 shares Issued and outstanding, Series B 500,000 shares issued and outstanding 0 8,982,000 (8,982,000) 0 Commitments and contingencies Stockholders' equity: Preferred Stock, $.001 par value, 2,000,000 shares authorized, Series A-2 64,584 shares issued and outstanding, Series A-3 12,500 shares issued and outstanding, Series B-1 50,000 shares issued and outstanding 8,982,000 8,982,000 Common Stock, $.001 par value, 30,000,000 shares authorized, 7,699,581 and 7,722,591 shares issued and outstanding 8,000 8,000 8,000 Capital in excess of par value 35,211,000 35,010,000 35,010,000 Deficit accumulated during development stage (27,053,000) (36,215,000) (36,215,000) ------------ ------------ -------------- Total stockholders' equity 8,166,000 (1,197,000) 7,785,000 ----------------- ---------------- -------------- Total liabilities and stockholders' equity $ 10,087,000 $ 12,509,000 $ 12,509,000 ================= ================ ==============
(1) Pro forma adjustments reflect the exchange of redeemable preferred stock assuming this transaction occurred on or prior to December 31, 1998. 4 SUPERCONDUCTOR TECHNOLOGIES INC. (A Development Stage Enterprise) STATEMENT OF OPERATIONS
DECEMBER 31, DECEMBER 31, 1997 1998 ----------- ----------- Net Revenues: Government contract revenues $ 8,104,000 $ 6,029,000 Commercial product revenues 175,000 1,954,000 Sub license royalties 38,000 0 ----------- ----------- Total net revenues 8,317,000 7,983,000 ----------- ----------- Costs and expenses: Cost of commercial revenues 0 5,873,000 Contract research and development 6,218,000 4,693,000 Other research and development 1,809,000 1,161,000 Selling, general and administrative 4,076,000 5,435,000 ----------- ----------- Total costs and expenses 12,103,000 17,162,000 ----------- ----------- Loss from operations (3,786,000) (9,179,000) Interest income 275,000 79,000 Interest expense (30,000) (62,000) Other income (expense), net 0 0 ----------- ----------- Net loss ($3,541,000) ($9,162,000) ----------- ----------- Basic and diluted loss per share ($ 0.46) ($ 1.22) ----------- ----------- Weighted average number of shares outstanding 7,701,435 7,724,829 ----------- -----------
5 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 hereunto duly authorized. SUPERCONDUCTOR TECHNOLOGIES INC. Dated: March 26, 1999 By: /s/ JAMES G. EVANS, JR. ------------------------------------- James G. Evans, Jr. Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----