SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): February 3, 1997
Commission file number 010690
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Science Dynamics Corporation
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(Exact name of small business issuer as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
22-2011859
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(IRS Employer Identification No.)
1919 Springdale Road, Cherry Hill, New Jersey 08003
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(Address of Principal Executive Offices)
( 609 ) 424-0068
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(Registrant's telephone number)
N.A.
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
In furtherance of the Company's ongoing reporting requirements to NASDAQ it
is submitting the unaudited Balance Sheet as of December 31, l996 which is
set forth as Exhibit I to this Form 8-K/A. Such unaudited Balance Sheet shows
that the Company exceeds the NASDAQ requirements for the capital and
surplus.
The Public Float as of December 31, 1996 was 8,063,328 shares. The closing
bid price as reported on NASDAQ as of February 5, 1997 was 1 3/32.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit I - Unaudited Balance Sheet as of December 31, 1996
SCIENCE DYNAMICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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AS OF DECEMBER 31, 1996 AND 1995
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ASSETS
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DECEMBER 31, DECEMBER 31,
1996 1995
Unaudited Audited
Current assets:
Cash and cash equivalents $ 29,295 $ 22,626
Short term investments 801,044 -
Accounts receivable - trade 87,726 683,642
Accounts receivable - other 200,000 -
Inventories 581,277 1,226,596
Other current assets 42,824 186,816
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Total current assets 1,742,166 2,119,680
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Property and equipment, net 211,835 243,038
Software development costs, net of
accumulated amortization of $566,827
in 1996 and $395,371 in 1995 347,489 518,945
Deferred income taxes 308,000 308,000
Intangible Assets 1,500,000 -
Other assets 42,241 39,056
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Total assets $ 4,151,732 $ 3,228,719
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
Notes payable - bank $ - $ 280,000
Accounts payable 421,647 742,581
Other payables and accrued expenses,
principally payroll related 165,017 198,282
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Total current liabilities 586,664 1,220,863
Long term debt:
Long term debt payable 500,000 -
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Total liabilities 1,086,664 1,220,863
Shareholders' equity -
Common stock - .01 par value,
25,000,000 shares authorized,
11,062,528 and 8,048,778 issued,
10,936,728 and 7,922,978 outstanding
in 1996 and 1995 respectively 110,625 80,488
Common Stock Subscribed - .01 par value 9,930 -
Additional paid-in capital 9,615,194 6,955,899
Retained earnings (deficit) (6,272,849) (4,630,698)
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3,462,900 2,405,689
Common stock held in treasury,
at cost (397,833) (397,833)
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Total shareholders' equity 3,065,067 2,007,856
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Total liabilities and shareholders'
equity $ 4,151,732 $ 3,228,719
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SCIENCE DYNAMICS CORPORATION
/s/ Alan C. Bashforth
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By: Alan C. Bashforth, President
Dated: February 06, 1997