1 Securities and Exchange Commission Washington, DC 20549 FORM 10-Q/A (Mark One) [x] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 1996 ------------- or [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to -------------- ------------ Commission file number 0-27456 ------- EQUIMED, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 25-1668112 - ---------------------------------------- ------------------- (State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.) 3754 LaVista Rd. Tucker, Georgia 30084-5637 - ---------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) (404) 320-6211 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practical date. Common Stock, $.0001 par value per share, 28,589,717 shares outstanding as of August 15, 1996. 2 PART II - OTHER INFORMATION Item 1: Legal Proceedings Oncology Services, Inc. ("OSI"), an entity which, between 1986 and 1989, developed and managed eight of the Company's current radiation oncology centers, is a party to litigation brought in September 1989 in the Court of Common Pleas of Allegheny County, Pennsylvania, by Union National Bank (the "Bank") against OSI and the former holders of the minority interests (the "Minority Holders") in the non-professional component of these eight radiation oncology centers (the "Centers"). This litigation is based upon alleged defaults on three lines of credit totaling approximately $8,000,000. The Company is not a party to this litigation. The Bank alleged that OSI and the Minority Holders are jointly and severally liable under the lines of credit. On March 27, 1996, a jury verdict was returned finding that, with respect to a $1,000,000 line of credit, OSI was neither jointly nor severally liable. With respect to a $5,000,000 line of credit, the jury determined that OSI was jointly and severally liable with an entity controlled by the Minority Holders. No judgment has been entered on either finding pending the resolution of certain issues and no such judgment is expected until the end of 1996. In addition, on June 26, 1996, a forebearance agreement was entered into by and among the successor to the Bank and one of the Minority Holders and its shareholders providing that the Bank would forebear from executing against the assets of OSI in consideration of the agreement of one of the Minority Holders and its shareholders to pay directly to the Bank any proceeds of the Delaware appraisal action involving the Company, OSI and the Minority Holders, to the extent of the lines of credit. Based upon this forebearance agreement, on July 5, 1996, the court entered an order staying all of the parties from further execution. Because the Company is not a party to this litigation, it does not believe that any judgment may be directly entered against the individual radiation oncology centers, or their successor entities. 1 3 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 thereunto duly authorized. EQUIMED, INC. ------------------------------------- (Registrant) /s/ Larry W. Pearson ------------------------------------- Larry W. Pearson President and Chief Executive Officer September 24, 1996 /s/ William E. Pritts II ------------------------------------- William E. Pritts II Chief Financial Officer