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Amendment No. 1
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
On June 9, 2004, Net 1 U.E.P.S Technologies, Inc., a Florida Corporation ("Net 1" or "the Company"), filed a Current Report on Form 8-K with the Securities and Exchange Commission, including the Company's press release in which it announced the completion on June 7, 2004 of the acquisition of Net 1 Applied Technology Holdings Limited ("Aplitec").
On July 16, 2004 Net 1 filed a Current Report on Form 8-K announcing that, subsequent to completion of the aforementioned acquisition, 99.2% of Aplitec shareholders had elected the reinvestment option as of June 28, 2004. As a result, Aplitec is deemed to be the accounting acquirer of Net 1 and the transaction will be accounted for as a reverse acquisition.
This Amendment No. 1 ("Amendment") on Form 8-K/A amends the Current Report on Form 8-K of the Company filed on July 16, 2004. In that report, the Company indicated that it would file the information required under Item 7 of Form 8-K as soon as practicable, and in any event within the required time limits. The Company is filing the Amendment to provide Aplitec historical financial statements and pro forma financial information, and hereby amends Item 7, in it is entirety, as set forth below.
a) Financial statements of business acquired,
The following financial statements of Aplitec are filed with this report as Exhibit 99.1:
1) Report of independent auditors to the shareholders of Aplitec.
2) Audited consolidated financial statements of Aplitec, which comprise
balance sheets for the two years ended June 30, 2003 and the related statements of operations, statements of stockholders' equity and cash flow statements for the three years ended June 30, 2003.
3) Unaudited interim financial information of Aplitec for the nine month period ended
March 31, 2004.
2
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99.2 Unaudited pro forma consolidated financial information.
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(Registrant)
Serge Belamant, Chief Executive Officer
NET 1 U.E.P.S. TECHNOLOGIES INC.
FORM 8-K/A REPORT
INDEX TO EXHIBITS
Exhibit
No.
Description
99.1
Financial statements and related notes of Aplitec, together with the
report of Fisher Hoffman PKF, for the years ended June 2003, 2002 and 2001 and unaudited financial statements and related notes of Aplitec for the nine months ended March 31, 2004
99.2
Unaudited Pro Forma Consolidated Financial Statements
5
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Chartered Accountants (SA)
Registered Accountants and Auditors
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CONSOLIDATED BALANCE SHEETS
2003: $6,797 ;2002: $4,093)
Issued and outstanding shares: 236,977,187
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CONSOLIDATED STATEMENTS OF OPERATIONS
AND MINORITY INTEREST
OPERATIONS BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE
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STATEMENTS OF STOCKHOLDER EQUITY
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CONSOLIDATED STATEMENTS OF CASH FLOW
Cash received from customers
Capital expenditures
Proceeds from issue of share capital
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
exercise
exercise
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
ACTIVITIES
income to net cash provided by
operating activities:
amortizations
income
property, plant and
equipment
related to options
liabilities:
accounts receivable
accounts payable
taxes payable
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
from the beginning of the year instead of acquisition date
and US GAAP
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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CONSOLIDATED BALANCE SHEET
(net of allowances of - 2004: $8,568)
accumulated depreciation of $19,659
Issued and outstanding shares: 236,977,187
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CONSOLIDATED STATEMENTS OF OPEATIONS
AND MINORITY INTEREST
OPERATIONS BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE
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CONSOLIDATED STATEMENTS OF CASH FLOW
Cash received from customers
Capital expenditures
Share issue expenses
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
ACTIVITIES
cash provided by operating activities:
plant and equipment
to options
payable
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results041.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results042.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
from the beginning of the year instead of acquisition date
US GAAP
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results043.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results044.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results045.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
![background image](https://capedge.com/proxy/8-KA/0001205613-04-000133/results047.gif)
Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
exercise
exercise
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Notes to the Financial Statements
(All amounts stated in thousands of United States Dollars, unless otherwise stated)
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combined
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combined
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$0.001 par value
Preferred Stock,
$0.001 par value
shares, $0.001
par value
Capital
translation reserve
Equity
equity and liabilities
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marketing rights
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