SEC Info - American Rare Earths & Materials, Corp. - ‘PRRN14A’ on 11/18/96 re: American Rare Earths & Materials, Corp.

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American Rare Earths & Materials, Corp. – ‘PRRN14A’ on 11/18/96 re: American Rare Earths & Materials, Corp.

As of: Monday, 11/18/96 · Accession #: 1005444-96-100 · File #: 0-15260

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/18/96  American Rare Earths & Mate… Corp PRRN14A                1:10K  American Rare Earths & Mate… Corp Mountain Fi… Printing/FA

Revised Preliminary Non-Management Proxy Solicitation Material — Contested Solicitation or Other Situation — Schedule 14A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: PRRN14A     Revised Pages for Pre 14A for Biorelease Corp.         3     22K 

PRRN14A 1st Page of 3 TOC ↑Top Previous Next ↓Bottom Just 1st
 
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                                 BIORELEASE CORP                                                                            
                        (A DEVELOPMENT STAGE ENTERPIRSE)                                                                    
                             PROFORMA BALANCE SHEET                                                                         
                               SEPTEMBER 30, 1996                                                                           
                                 (Unaudited)                              Elimination  Proforma     Proforma        Proforma
        ASSETS                                   BCORP     BTI     TPI    Adjustments  Adjustments  A/E #           Results 
                                                                                                                            
Cash .........................................     156        0    23589          0                                  23745  
Cash - held as collateral ....................       0        0        0                                                 0  
Investments in government securities .........       0        0        0                                                 0  
Investments in government backed securities ..       0        0        0                                                 0  
Accounts receivable, trade ...................       0      192        0                   (192)    5                    0  
Accounts receivable-affiliate ................ 3668534        0     5000   (3673534)                1,2                  0  
Inventories ..................................       0    27679        0                 (27679)    5                    0  
Deferred income taxes ........................       0        0        0          0                                      0  
Other receivables ............................    1015        0        0          0                                   1015  
Prepaid expenses and other current assets ....    2311        0        0          0                                   2311  
                                               -------  -------  -------    -------     -------                    -------  
     Total current assets .................... 3672016    27871    28589   (3673534)     (27871)                     27071  
Equipment and leasehold improvements, net ....   27044        0        0                                             27044  
Investments, net .............................    4582        0        0                  (4582)    8                    0  
Investments in subsidiaries ..................       0                      3668534    (3668534)    1,6                  0  
Notes receivable - long term..................       0        0        0                                                 0  
Intangible assets, net .......................       0    36110        0                 (36110)    5                    0  
Deverred income taxes - long term.............       0        0        0          0                                      0  
Other noncurrent assets ......................     398      300        0          0        (300)    5                  398  
Deferred underwriting fees for future offering       0        0    12500                                             12500  
Deferred legal fees for future acquisition ...   14811        0        0                                             14811  
                                               -------  -------  -------    -------     -------                    -------  
     Total assets ............................ 3718851    64281    41089      (5000)   (3737397)                     81824  
                                               =======  =======  =======    =======     =======                    =======  
        LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                
Accounts payable .............................   28993    65453     3215          0      (65453)    5                32208  
Accounts payable - affiliate .................    5000  3668534        0      (5000)   (3668534)    2,4                  0  
Accrued expenses .............................   70779    25841      375          0      (25841)    5                71155  
Notes payable - stockholders .................       0    58100    80000                 (58100)    5                80000  
Income taxes payable .........................       0     1549        0                  (1549)    5                    0  
Deferred income taxes ........................       0        0        0          0                                      0  
Other current liabilities ....................    1748     4000        0                  (4000)    5                 1748  
                                               -------  -------  -------    -------     -------                    -------  
     Total current liabilities ...............  106520  3823477    83590      (5000)   (3823477)                    185110  
Notes payable - stockholders .................  102689    14955        0                 (25476)    5               102689  
Deferred income tax...........................       0    16000        0          0           0                          0  
                                               -------  -------  -------    -------     -------                    -------  
     Total liabilities .......................  209209  3848952    83590      (5000)   (3848952)                    267799  
                                               -------  -------  -------    -------     -------                    -------  
Stockholders' equity:                                                                                                       

Common stock..................................   99217     5047        1         (1)     (34835)    2,5,7,8,9        69428  
Additional paid-in capital.................... 6989159  2129673        0          1    (2099885)    2,3,4,5,7,8,9  7018948  
Development stage accumulated deficit.........(3524234)(5919391)  (42501)               2246275     5,6,8         (7239851) 
Stock subscriptions receivable................  (50000)       0       (1)                                           (50001) 
                                               -------  -------  -------    -------     -------                    -------  
                                               3514142 (3784671)  (42501)         0      111555                    (201475) 
Less:   Treasury stock........................   (4500)       0        0                                             (4500) 
                                               -------  -------  -------    -------     -------                    -------  
Total stockholders' equity.................... 3509642 (3784671)  (42501)         0      111555                    (205975) 
                                               -------  -------  -------    -------     -------                    -------  
Total liabilities and stockholders' equity.... 3718851    64281    41089      (5000)   (3737397)                     81824  
                                               =======  =======  =======    =======     =======                    =======  

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PRRN14A 2nd Page of 3 TOC 1st Previous Next ↓Bottom Just 2nd
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                                 BIORELEASE CORP                                                             
                        (A DEVELOPMENT STAGE ENTERPRISE)                                                     
                 PROFORMA CONSOLIDATING STATEMENT OF OPERATIONS                                              
                 For the Three Months Ended September 30, 1996                                               
                                   (Unaudited)                                                               

                                                  3 MONTHS SEPT 1996      Elimination  Proforma      Proforma
                                                 BCORP     BTI     TPI    Adjustments  Adjustments   Results 
                                                                                                             

Revenues .....................................       0    12691        0                               12691 

Cost of Goods Sold ...........................       0        0        0                                   0 
                                               -------  -------  -------    -------     -------      ------- 
Gross Profit                                         0    12691        0          0           0        12691 

Operating expenses:                                                                                          
   Cell culture operations....................       0        0        0                                   0 
   Research and development...................       0        0        0                                   0 
   Purchased technology.......................       0        0        0                                   0 
   General and administrative ................  (34405)   (9912)  (42501)                             (86818)
   Other......................................                                                             0 
                                               -------  -------  -------    -------     -------      ------- 
Loss from operations .........................  (34405)    2779   (42501)         0           0       (74127)

Other income (costs) :                                                                                       
   Interest, net .............................       0     (981)       0                                (981)
   Accelerated lease cost.....................       0        0        0                                   0 
   Litigation costs...........................       0        0        0                                   0 
   Gain (Loss) on sale of assets..............       0        0        0                                   0 
   Offering costs.............................       0        0        0                                   0 
   Option compensation........................       0        0        0                                   0 
   Other income (settlements).................       0        0        0                                   0 
   Other non operating costs..................       0        0        0                                   0 
   Loss on disposition of invest-                                                                            
     ment in subsidiaries ....................       0        0        0               (3671958)    (3671958)
   Realized loss for decline in                                                                              
   value of investment........................       0        0        0                                   0 
                                               -------  -------  -------    -------     -------      ------- 
Loss before provision for (benefit)                                                                          
   from) income taxes and                                                                                    
   cumulative effect of change                                                                               
   in accounting principle....................  (34405)    1798   (42501)         0    (3671958)    (3758776)
(Provision) Credit for income                                                                                
   taxes......................................       0        0        0                                   0 
                                               -------  -------  -------    -------     -------      ------- 
Loss before cumulative effect of                                                                             
   change in accounting principle.............  (34405)    1798   (42501)         0    (3671958)    (3758776)
Comulative effect of change in                                                                               
   accounting principle.......................       0        0        0                                   0 
                                               -------  -------  -------    -------     -------      ------- 
NET LOSS .....................................  (34405)    1798   (42501)         0    (3671958)    (3758776)
                                               =======  =======  =======    =======     =======      ======= 
Weighted average shares ......................                                                       5117915 
Loss per share ...............................                                                      (0.73215)

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PRRN14A Last Page of 3 TOC 1st Previous Next ↓Bottom Just 3rd
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                                 BIORELEASE CORP                                
             CONSOLIDATED ELIMINATION AND PROFORMA ADJUSTING ENTRIES            
                               SEPTEMBER 30, 1996                               
ELIMINATION ENTRIES                                                             
                                                                                
 1      ELIMINATE INTERCOMPANY RECEIVABLE/ PAYABLE IN CONSOLIDATION             

        ACCOUNTS PAYABLE- AFFILIATE - BCORP                  5000               
                ACCOUNTS RECEIVABLE - AFFILIATE - TPI                  5000     

 2      ELIMINATE INVESTMENT IN SUBSIDIARIES                                    

        COMMON STOCK - TPI                                      1               
                APIC - BCORP                                              1     
                                                          -------   -------     
                                                             5001      5001     
                                                          =======   =======     
PROFORMA ADJUSTMENTS                                                            

 3      TO RECLASSIFY BTI'S LIABILITY TO BCORP AS ADDITIONAL PAID IN CAPITAL    

        ACCOUNTS PAYABLE- AFFILIATE - BTI                 3668534               
                ADDITIONAL PAID IN CAPITAL - BTI                    3668534     

 4     TO RECLASSIFY  BCORP'S RECEIVABLE FROM BTI TO INVESTMENTS IN SUBSIDIARIES

        INVESTMENT IN SUBSIDIARIES - CORP                 3668534               
                ACCOUNTS RECEIVABLE - AFFILIATE - B CORP            3668534     

5       SPIN OUT BTI FROM CONSOLIDATED PROFORMA RESULTS                         

        ACCOUNTS PAYABLE- BTI                               65453               
        ACCRUED EXPENSES - BTI                              25841               
        NOTES PAYABLE STOCKHOLDERS -BTI                     58100               
        INCOME TAXES PAYABLE - BTI                           1549               
        OTHER CURRENT LIABILITIES - BTI                      4000               
        NOTES PAYABLE - STOCKHOLDERS - BTI                  25475               
        COMMON STOCK - BTI                                   5047               
        ADDITIONAL PAID IN CAPITAL - BTI                  5798207               
        DEVELOPMENT STAGE ACCUMULATED DEFICIT -BTI                  5919391     
                ACCOUNTS RECEIVABLE - BTI                               192     
                INVENTORIES - BTI                                     27679     
                INTANGIBLE ASSETS - BTI                               36110     
                OTHER NONCURRENT ASSETS - BTI                           300     

 6      TO WRITE-OFF BCORP'S  RECEIVABLE IN SUBSIDIARY BTI                      

        LOSS ON DISPOSITION OF INVESTMENT IN                                    
        SUBSIDIARY - BCORP                                3668534               
                INVESTMENTS IN SUBSIDIARIES - B CORP                3668534     

 7      PROFORMA ISSUANCE OF 1,650,000 BCORP STOCK TO SHAREHOLDERS OF TPI       
        (BASED ON TPI RECEIVING 4 SHARES OF BIO FOR EACH SHARE OF TPI)          
         (750BTI + 750 NEW BTI =1500sh x 2750 x4)                               
        ADDITIONAL PAID IN CAPITAL - BCORP                 165000               
                COMMON STOCK - BCORP                                 165000     

 8      WRITE OFF BCORP'S INVESTMENT IN BTI                                     

        LOSS ON DISPOSITION OF INVESTMENT IN                                    
        SUBSIDIARY -BCORP                                    4582               
                INVESTMENTS, NET - BCORP                                4582    

 9      REFLECT THE REVERSE SPLIT OF BCORP STOCK ON A ONE FOR  FOUR BASIS       

        COMMON STOCK - BCORP                               194788               
                ADDITIONAL PAID IN CAPITAL - BCORP                    194788    
                   ISSUED BCORP SHARES           99217                          
                   LESS TREASURY STOCK           (4500)                         
                   BCORP SHARES ISSUED TO BTI   165000                          
                                                ------                          
                TOTAL PROFORMA SHARES           259717                          
                SPLIT TO EQUAL                   64929                          
                                                ------                          
                ADJUST                          194788                          
                                                ======   --------   --------    
                                                         10016576   10016576    
                                                         ========   ========    

-18-

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘PRRN14A’ Filing	Date	First	Last	Other Filings

Filed on:	11/18/96			PRE 14A
	9/30/96	1	3	10QSB, PRE 14A
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Filing Submission 0001005444-96-000100 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

American Rare Earths & Materials, Corp. – ‘PRRN14A’ on 11/18/96 re: American Rare Earths & Materials, Corp.

As of: Monday, 11/18/96 · Accession #: 1005444-96-100 · File #: 0-15260

Revised Preliminary Non-Management Proxy Solicitation Material — Contested Solicitation or Other Situation — Schedule 14AFiling Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Revised Preliminary Non-Management Proxy Solicitation Material — Contested Solicitation or Other Situation — Schedule 14A
Filing Table of Contents