SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K/A
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 12, 2000
ASTA FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-26906 22-3388607
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(Commission File Number) (IRS Employer Identification No.)
210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 201-567-5648
Not Applicable
(Former name of former address, if changed since last report)
Item 5. Other Events
On October 12, 2000, AstaFunding.com, LLC, a subsidiary of Asta
Funding, Inc., entered into an Amended and Restated Stock Purchase Agreement
with Small Business Resources, Inc., Small Business Worldwide, Inc., the
newly-formed holding company for SBR, and Hispanic Business Resources, Inc., a
subsidiary of SBR. The Amended and Restated Agreement amended and restated the
terms of the transactions under the Stock Purchase Agreement dated as of
February 14, 2000 between AstaFunding.com and SBR. Pursuant to the original
February 14th Agreement and amendments 1 through 8 to that agreement,
AstaFunding.com had advanced an aggregate of $2,100,000 of loans to SBR.
Under the Amended and Restated Agreement, AstaFunding.com canceled
$750,000 of such indebtedness and contributed this amount to the capital of SBW
and HBR in exchange for (among other thing):
o shares of SBW's common stock, representing 19.9% of SBW's outstanding
common stock giving effect to such issuance;
o a warrant to purchase up to an additional 1,698,184 shares (subject to
reduction if the loans specified below are not advanced) of SBW's
common stock, exercisable at any time until October 12, 2005 for an
exercise price of $0.01 per share; and
o 1,020,000 shares of HBR's common stock, representing 51% of HBR's
outstanding common stock giving effect to such issuance.
In addition, under the Amended and Restated Agreement, AstaFunding.com made an
additional loan to SBR in the amount of $175,000 and has agreed to extend
additional loans to SBR in the amounts of $125,000 and $100,000 in November 2000
and December 2000, respectively, provided that SBR meets certain projections.
The amounts extended to SBR have been funded by cash contributed to
AstaFunding.com by Asta from Asta's operations.
SBR is a business-to-business e-commerce company that provides a
business portal where small business owners can access content, products,
resources and advice. To date, HBR has not conducted any business, other than
corporate organizational activities.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
99.1 Amended and Restated Stock Purchase Agreement dated as of October
12, 2000 by and among Small Business Worldwide, Inc., Small
Business Resources, Inc., Hispanic Business Resources, Inc. and
AstaFunding.com, LLC
99.2 Common Stock Purchase Warrant dated October 12, 2000 issued by
Small Business Worldwide to AstaFunding.Com, LLC
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 hereunto duly authorized.
ASTA FUNDING, INC.
/s/ Mitchell Herman
Mitchell Herman
Chief Financial Officer
Dated: November 1, 2000