SUBSEQUENT EVENT. After an adjustment to the Exercise Rate under this Section, any subsequent event requiring an adjustment under this Section shall cause an adjustment to the Exercise Rate as so adjusted.
SUBSEQUENT EVENT. On April 8, 2002, we were sold to El Paso Energy Partners as part of a larger transaction with other assets sold from El Paso Field Services. Excluded from this transaction was approximately $15 million of communications assets that are reflected in property, plant, and equipment on our balance sheet. The total consideration for all assets sold to El Paso Energy Partners was approximately $735 million, subject to adjustments for actual working capital acquired. REPORT OF INDEPENDENT ACCOUNTANTS To the Owners of EPGT Texas Pipeline, L.P., El Paso Gas Storage Company and El Paso Hub Services Company: In our opinion, the accompanying combined balance sheet and the related combined statements of income, owners' equity and cash flows present fairly, in all material respects, the financial position of EPGT Texas Pipeline, L.P., El Paso Gas Storage Company and El Paso Hub Services Company (collectively, the "Companies") at December 31, 2000, and the results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Companies' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 4 to the combined financial statements, the Companies have significant transactions and relationships with affiliated entities. Because of these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. Furthermore, as discussed in Note 2, the combined financial statements include various cost allocations and management estimates based on assumptions that management believes are reasonable under the circumstances. However, these allocations an...
SUBSEQUENT EVENT. If Licensor shall assign its Interest (as defined in the Operating Agreement) to Herald or its permitted successor or assignee pursuant to Section 1(a) of the Indemnity Agreement of even date herewith between Licensor and Herald, Licensor shall simultaneously assign all its right, title and interest in and to the Names and Other Rights to Herald or its permitted successor or assignee.
SUBSEQUENT EVENT. ETT in a prudent and business-like manner will immediately begin a search both to provide new borrowings to replace First Valley Bank as soon as possible and new equity capital to continue the planned growth program. Prior to the search, a forecast and a budget must be prepared to support this effort.
SUBSEQUENT EVENT. In connection with entering into the $16.0 million promissory in May 2001 (Note 1), the Company granted the lender a warrant to purchase 426,667 shares of the Company's Class A common stock at an exercise price of $4.00 per share. The warrant expires in May 2006. During the term of the promissory note, assuming certain prepayment milestones are not met, the lender will receive warrants to purchase up to an additional 426,667 shares of the Company's Class A common stock at an exercise price equal to 110% of the then current market price. If the Company prepays the note prior to six months following its issuance, up to $1.6 million of the principal amount is convertible, at the lender's option, into the Company's Class A common stock at a conversion price of $4.00 per share. Schedule II Odentics, Inc. Valuation and Qualifying Accounts Balance at Charged to Charged Balance at Beginning Costs and to Deductions End of Description of Period Expenses Accounts Describe Period ----------- ---------- ---------- -------- ---------- ---------- Year ended March 31, 1999: Deducted from asset accounts: Allowance for doubtful accounts.............. $ 432,000 $ 332,000 $125,000 $ (50,000) $ 839,000 Reserve for inventory obsolescence.......... 2,881,000 1,590,000 0 (1,300,000) 3,171,000 Year ended March 31, 2000 Deducted from asset accounts: Allowance for doubtful accounts............... $ 839,000 $1,293,000 $ 0 $ (64,000) $2,068,000 Reserve for inventory obsolescence.......... 3,171,000 1,438,000 0 (1,123,000) 3,486,000 Year ended March 31, 2001 Deducted from asset accounts: Allowance for doubtful accounts............... $2.068,000 $ 78,000 $ 0 $ (502,000) $1,644,000 Reserve for inventory obsolescence.......... 3,486,000 4,925,000 0 (4,443,000) 3,968,000 EXHIBIT 10.10 TBCC Amendment to Loan Documents Borrowers: Odetics, Inc., a Delaware corporation Odetics ITS, Inc., a California corporation Gyyr Incorporated, a California corporation Mariner Networks, Inc., a Delaware corporation Xxxxx, Mohaddes Associates, Inc., a California corporation Address: 0000 X. Xxxxxxxxxx Xxxxxxx, Xxxxxxxxxx 00000 Date: May 29, 2001 THIS AMENDMENT TO LOAN DOCUMENTS is entered into between TRANSAMERICA BUSINESS CREDIT CORPORATION, a Delaware corporation, ("TBCC") having its principal office at 0000 Xxxx Xxxxxxx Xxxx, Suite 600, Rosemont, Illinois 60018 and having an office at 00000 Xxxxxxx Xxxx., Xxxxx 0000, Xxxxxxx Xxxx, California 91403, and the borrowers named above (jointly and severally, th...
SUBSEQUENT EVENT. On December 8, 2005, the Company authorized a forward stock split, and increased the number of issued and outstanding shares on a five-for-one (5:1) basis. All share amounts have been retroactively adjusted for all period's presented. SCHEDULE C to that Share Purchase Agreement among Sass Xxxxxx, The Xxxxxx Family Trust, Xxxxxx Xxxx, Xxxx Xxxxx, The Xxxx Xxxxxx Family Trust, Eastern Liquidity Partners Ltd., FC Financial Services Inc., ICP Solar Technologies Inc., Taras Chebountchak, Xxxx Xxxxxxx, and 1260491 Alberta Inc. dated for reference as of the 28th day of September, 2006 FC UNAUDITED FINANCIAL STATEMENTS FC FINANCIAL SERVICES, INC. (A Development Stage Company) CONTENTS FINANCIAL STATEMENTS Balance Sheets F-1 Statements of Operations F-2 Statements of Cash Flows F-3 Statements of Stockholders’ Equity F-4 F-i FC FINANCIAL SERVICES, INC. (A Development Stage Company) FINANCIAL STATEMENTS For the Six Months Ended May 31, 2006 and for the Period from November 19, 2003 (Date of Inception) to May 31, 2006 (unaudited) (Expressed in US dollars) F-ii FC FINANCIAL SERVICES, INC. (A Development Stage Company) BALANCE SHEETS (Expressed in US dollars) (unaudited) May 31, November 30, 2006 2005 $ $ ASSETS Current Assets Cash 1,024,961 49,963 Prepaid expenses 10,000 – Loan receivable (Note 3) 1,004,110 – Total Current Assets 2,039,071 49,963 Property and Equipment (Note 4) 5,428 6,241 TOTAL ASSETS 2,044,499 56,204 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities Accounts payable 848 – Accrued liabilities 3,250 8,805 Total Current Liabilities 4,098 8,805 TOTAL LIABILITIES 4,098 8,805 STOCKHOLDERS' EQUITY Common stock 100,000,000 shares authorized, $0.00001 par value, 32,722,750 shares issued and outstanding (Note 6) 327 307 Additional paid-in capital (Note 6) 2,114,158 114,198 Donated capital (Notes 5(b) and (c)) 41,400 27,600 Deficit accumulated during the development stage (115,484 ) (94,706 ) Total Stockholders' Equity 2,040,401 47,399 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 2,044,499 56,204 (The Accompanying Notes are an Integral Part of These Financial Statements) FC FINANCIAL SERVICES, INC. (A Development Stage Company) STATEMENTS OF OPERATIONS (Expressed in US dollars) (unaudited) Accumulated from November 19, Three months Three months Six months Six months 2003(Date of ended ended ended ended Inception) to May 31, May 31, May 31, May 31, May 31, 2006 2006 2005 2006 2005 $ $ $ $ $ REVENUE Interest income 4,124 4,112 8 4,116 8 EXPENSES ...
SUBSEQUENT EVENT. The establishment of CRRC Financial Leasing Company through the contribution of capital by the Company, CRRC Group, China Energy Reserve and Tianjin Trust is subject to approval from CBRC. Therefore, completion of the Transaction is subject to uncertainties. In addition, since CBRC will review the qualifications of the parties after the formal submission of the relevant materials, the parties to the Transaction (other than the Company and CRRC Group) and their respective shareholding may change. In order to proceed with the establishment of the CRRC Financial Leasing Company, the president of the Company is authorised by the Board to change the parties to the Transaction (other than the Company and CRRC Group) and their respective shareholding in accordance with the requirements of the relevant PRC regulatory authority. The Company will publish further announcements in relation to the establishment of the CRRC Financial Leasing Company in due course in accordance with the applicable regulatory requirements.
SUBSEQUENT EVENT. On August 16, 1995, Johnxxxx xxxntly announced with Jupiter an agreement and plan of merger under which the public shareholders of Jupiter would receive $32.875 per share in cash from Johnxxxx. Xhe per share cash price is subject to adjustment based upon the market value of certain securities held by Jupiter on a date close to the date the merger proxy statement is mailed to Jupiter shareholders. If this adjustment had been made as of the close of business on August 15, 1995, the amount to be paid by Johnxxxx would have been $31.593 per share or approximately $37,500,000. The merger is subject to approval by Jupiter's shareholders and is expected to close in December 1995. FINANCIAL STATEMENT SCHEDULES JOHNXXXX XXXUSTRIES, INC. (PARENT COMPANY) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS JUNE 30, 1995 AND 1994 ASSETS 1995 1994 CURRENT ASSETS: Cash and cash equivalents $ 2,979,000 $ 3,681,000 Prepaid expenses and other 469,000 522,000 Deferred income taxes 788,000 ------------ ------------- Total current assets 4,236,000 4,203,000 INVESTMENT IN WHOLLY OWNED CONSOLIDATED SUBSIDIARIES - At equity 95,705,000 92,116,000 INVESTMENTS IN MAJORITY OWNED SUBSIDIARY AND IN UNCONSOLIDATED AFFILIATES - At equity 29,067,000 21,036,000 PROPERTY, PLANT, AND EQUIPMENT - Net 2,739,000 2,331,000 INTANGIBLE ASSET - PENSION 2,675,000 2,874,000 OTHER ASSETS 1,721,000 7,127,000 LONG-TERM DEFERRED INCOME TAXES 4,859,000 5,933,000 ------------ ------------- $141,002,000 $ 135,620,000 ============ ============= LIABILITIES AND STOCKHOLDERS' EQUITY 1995 1994 CURRENT LIABILITIES: Short-term borrowings $ 6,800,000 $ 2,500,000 Current maturities of long-term debt 87,000 5,087,000 Accounts payable 856,000 280,000 Accrued expenses 3,012,000 2,037,000 Income taxes payable 656,000 Deferred income taxes 1,731,000 Intercompany payables 7,541,000 11,030,000 ------------ ------------- Total current liabilities 18,296,000 23,321,000 LONG-TERM DEBT 46,130,000 36,216,000 ------------ ------------- OTHER LIABILITIES 13,149,000 16,275,000 ------------ ------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, par value $.10 per share; authorized, 20,000,000 shares; issued 12,426,891 and 12,411,891 1,243,000 1,241,000 Additional paid-in capital 17,258,000 17,107,000 Retained earnings 54,808,000 51,065,000 ------------ ------------- Total 73,309,000 69,413,000 Less treasury stock: 1,861,912 and 1,682,112 shares at (8,108,000) (6,407,000) cost Less mi...
SUBSEQUENT EVENT. On February 3, 2016, the Partnership announced that MPC has offered to contribute its inland marine business in exchange for securities. The transaction closed on March 31, 2016.
SUBSEQUENT EVENT. On January 16, 2002, the Company acquired SpatialMetrix Corporation ("SMX") in exchange for 500,000 shares of FARO common stock and the satisfaction by the Company of certain obligations of SMX. In connection therewith, the Company issued an additional 350,000 shares of FARO common stock and paid $2.0 million in cash to fully satisfy SMX's obligations to its two lenders. The Company also assumed and/or satisfied other obligations of SMX. The transaction will be recorded utilizing the purchase method of accounting in accordance with SFAS No. 142, "Goodwill and Other Intangible Assets." SMX Corp. is a leading manufacturer and supplier of laser trackers and targets, metrology software, and contract inspection services. In April 2001, the Company provided $1.5 million in financing to SMX by entering into a Participation Agreement with SMX's bank pursuant to which the Company funded and simultaneously acquired a $1.5 million interest in SMX's then outstanding $3.8 million bank line of credit. In October 2001, the Company and SMX entered into an additional agreement pursuant to which the Company would provide to SMX up to an additional $1.5 million in financing. The Company and SMX's bank amended the Participation Agreement so that such additional financing to SMX also would be made through participation in SMX's bank line of credit. Consequently, SMX's bank line of credit could increase to a maximum of $5.3 million, of which FARO would own up to $3.0 million. Prior to closing, the Company had provided $2.9 million of aggregate financing to SMX pursuant to the Participation Agreement.
