Bob,
Here it is... any comments??? (I hope it's readable, because I'm now
in an internet cafe and have no editor installed here).
regards
Marcus
Form 8-K/A for JAVA CENTRALE INC /CA/ filed on Apr 16 1997
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): December
31, 1996
JAVA CENTRALE, INC.
-------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS
CHARTER)
California 34-0-23936
68-0268780
---------------------------------------------------------------------
-----------
(STATE OF OTHER JURISDICTION (COMMISSION (IRS
EMPLOYER
OF INCORPORATION) FILE NUMBER)
IDENTIFICATION NO.)
1610 Arden Way, Suite 145, Sacramento, California 95815
---------------------------------------------------------------------
-----------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP
CODE)
Registrant's telephone number, including area code: (916) 568-2310
--------------
---------------------------------------------------------------------
-----------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST
REPORT.)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 13, 1996 Java Centrale, Inc. ("the Company") sold all
operating
locations of their Oh La La Division to Good Food Fast Companies
("GFF")
pursuant to the terms of an asset purchase agreement dated November
22, 1996
between the Company, and GFF. The assets sold consisted of 11 Oh La
La cafes
and carts located in San Francisco, Ca., the leases with respect to
each
location, related equipment and improvements for each location,
inventory,
accounts receivable and deposits associated with these locations.
The locations
will continue operating under the name of Oh La La.
The consideration paid by GFF for the purchase of Oh La La
consisted of
233,333 (or $700,000) preferred shares of GFF, $1,250,000 in cash,
$750,000 in a
convertible note receivable and the assumption of $48,341 in
liabilities. The
preferred shares of GFF were issued with certain conversion rights
into common
shares of GFF, covenants, an 8% cumulative dividend and other
restrictions. The
convertible note has terms and conditions of 9% interest paid monthly
with the
principal due in three years and certain conversion rights into
common shares of
GFF.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND
EXHIBITS
(a) Pro Forma Financial Information F-1 to F-5
(b) Exhibits
2.3 Asset Purchase Agreement, dated November 22,
1996,
between Java Centrale, Inc. and Good Food
Fast
Companies
F-1
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 thereunto duly authorized.
JAVA CENTRALE, INC.
------------------------
(Registrant)
Date: February , 1997
--------------------
By: /s/ Steven J. Orlando
---------------------------
Steven J. Orlando
Vice President and Chief
Financial
Officer (Principal Financial
and
Accounting Officer)
F-1
Pro Forma Unaudited Condensed Combined
Financial Statements of the Company
The following pro forma condensed combined balance sheet as of
September 30,
1996, reflects the disposition of the assets of the Oh La La!
division.
The following pro forma condensed combined statement of operations
are presented
to reflect the disposition of the assets of the Oh La La! division
accounted for
as sale of assets.
Assumptions underlying the pro forma adjustments are described in the
accompanying notes which should be read in conjunction with the
statements. The
pro forma statements do not purport to be indicative of future
results of
operations which may result from the disposition of the Oh La La!
division.
F-1
PRO FORMA UNAUDITED CONDENSED COMBINED
BALANCE SHEET
September 30, 1996
ASSETS
Java Centrale, Inc. Oh La La
Division Pro Forma
and Subsidiary
(unaudited)
(unaudited) Adjustments Combined
-------------------
----------------- -----------------------------------
Current Assets:
Cash and cash equivalents $ 1,497,920 $ -
$ 1,250,000 (c) $ 2,747,920
Accounts receivable, net 590,630 (46,022)
- 544,608
Inventories 381,905 (50,355)
- 331,550
Notes receivable 898,732 -
- 898,732
Prepaid expenses & other 993,299 (31,244)
- 962,055
------------- --------------
------------ -------------
Total current assets 4,362,486 (127,621)
1,250,000 5,484,865
------------- --------------
------------ -------------
Notes receivable 887,687 -
750,000 (c) 1,637,687
Property and equipment, net 4,725,341 (1,111,436)
- 361,905
Goodwill and other assets 6,206,246 (1,157,846)
700,000 (c) 5,748,400
------------- --------------
------------ -------------
$ 16,181,760 $ (2,396,903)
$ 2,700,000 $ 16,484,857
------------- --------------
------------ -------------
------------- --------------
------------ -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 1,880,293 $ -
$ - $ 1,880,293
Accrued liabilities 778,454 -
116,000 (c) 894,454
Short term debt 761,253 -
- 761,253
Current maturities, leases & debt 1,178,250 -
- 1,178,250
------------- --------------
------------ -------------
Total current liabilities 4,598,250 -
116,000 4,714,250
------------- --------------
------------ -------------
Deferred revenues 833,500 -
- 833,500
Capital leases & long-term debt 477,114 (48,342)
- 428,772
Convertible debt 1,749,546 -
- 1,749,546
Other liabilities 129,740 -
- 129,740
Stockholders' Equity
Common stock 18,017,091 -
- 18,017,091
Net assets sold - (2,348,561)
2,348,561 -
Accumulated deficit (9,623,481) -
235,439 (b)(c) (9,388,042)
------------- --------------
------------ -------------
8,393,610 (2,348,561)
2,584,000 8,629,049
------------- --------------
------------ -------------
$ 16,181,760 $ (2,396,903)
$ 2,700,000 $ 16,484,857
------------- --------------
------------ -------------
------------- --------------
------------ -------------
F-2
PRO FORMA UNAUDITED CONDENSED COMBINED
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
JAVA CENTRALE, OH LA LA
PRO FORMA
INC. DIVISION
AND SUBSIDIARY
(unaudited)
(unaudited) ADJUSTMENTS COMBINED
-------------------
----------------- -------------- --------------
Revenue $ 8,481,313 $
(1,962,521) $ - $ 6,518,792
-------------
-------------- ------------ -------------
Operating costs
Cost of goods sold 2,844,714
(628,860) - 2,215,854
Labor 2,744,596
(684,443) - 2,060,153
Direct and occupancy 1,564,288
(394,809) - 1,169,479
Depreciation 320,925
(81,000) - 239,925
-------------
-------------- ------------ -------------
Total cost of company sales 7,474,523
(1,789,112) - 5,685,411
-------------
-------------- ------------ -------------
General and administrative
expenses 2,112,360
(98,857) - 2,013,503
Depreciation and amortization 318,930
(30,000) - 288,930
Loss associated with cafe closures 128,580
- - 128,580
-------------
-------------- ------------ -------------
Operating income (loss) (1,553,080)
(44,552) - (1,597,632)
-------------
-------------- ------------ -------------
Other income (expense):
Interest income (expense), net (130,649)
- 61,750 (a) (68,899)
Other income, net 172,478
- - 172,478
-------------
-------------- ------------ -------------
Net income (loss) $ (1,511,251) $
(44,552) 61,750 (1,494,053)
-------------
-------------- ------------ -------------
-------------
-------------- ------------ -------------
NET LOSS PER WEIGHTED AVERAGE
EQUIVALENT COMMON SHARE
OUTSTANDING $ (0.15)
$ (0.15)
-------------
-------------
-------------
-------------
EQUIVALENT COMMON SHARES
OUTSTANDING 9,985,470
9,985,470
-------------
-------------
F-3
PRO FORMA CONDENSED COMBINED
STATEMENT OF OPERATIONS
FOR THE FISCAL YEAR ENDED MARCH 31, 1996
JAVA CENTRALE, OH LA LA
PRO FORMA
INC. DIVISION
AND SUBSIDIARY
(unaudited) ADJUSTMENTS COMBINED
---------------
-------------- ------------- -------------
Revenue $ 9,554,800 $
(3,523,522) $ - $ 6,031,278
---------------
-------------- ------------- -------------
Operating costs
Cost of goods sold 3,857,735
(1,046,707) - 2,811,028
Labor 2,714,067
(1,094,725) - 1,619,342
Direct and occupancy 1,742,044
(823,238) - 918,806
Depreciation 227,631
(127,500) - 100,131
---------------
-------------- ------------- -------------
Total cost of company sales 8,541,477
(3,092,170) - 5,449,307
---------------
-------------- ------------- -------------
General and administrative
expenses 4,261,049
(270,373) - 3,990,676
Depreciation and amortization 380,159
(60,000) - 320,159
Loss associated with cafe closures 410,200
- - 410,200
---------------
-------------- ------------- -------------
Operating income (loss) (4,038,085)
(100,979) - (4,139,064)
---------------
-------------- ------------- -------------
Other income (expense):
Interest income (expense), net (18,989)
- 123,500 (a) 104,511
Other income, net 90,648
- - 90,648
---------------
-------------- ------------- -------------
Net income (loss) $ (3,966,426) $
(100,979) $ 123,500 $ (3,943,905)
---------------
-------------- ------------- -------------
---------------
-------------- ------------- -------------
NET LOSS PER WEIGHTED AVERAGE
EQUIVALENT COMMON SHARE
OUTSTANDING $ (0.61)
$ (0.60)
---------------
-------------
---------------
-------------
EQUIVALENT COMMON SHARES
OUTSTANDING 6,526,377
6,526,377
---------------
-------------
F-4
NOTES TO THE PRO FORMA CONDENSED COMBINED
STATEMENTS OF EARNINGS OF THE COMPANY
a) Interest increase relating to the Note receivable at a rate of 9%
and the
dividends from the Preferred Stock at a rate of 8%.
b) No tax provision resulting from the sale of assets.
c) Sale of assets adjusted:
Cash received $
1,250,000
Promissory note received
750,000
Preferred shares received
700,000
Liabilities assumed by buyer
48,342
--------------
Total selling price
2,748,342
Book value of assets disposed
(2,396,903)
Cost associated with disposal of assets
(116,000)
--------------
Gain on sale $
235,439
--------------
--------------
F-4 |
