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
April 23, 2001
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Date of Report (Date of earliest event reported)
Internet Cable Corporation
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Exact name of registrant as specified in Charter
NEVADA 000-26011 87-0540291
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(State of (Commission (IRS Employer
incorporation) File Number) ID Number)
1463 DUNWOODY DRIVE
WEST CHESTER, PENNSYLVANIA 19380
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(Address of principal executive Offices)
(610) 647-0400
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(Registrant's telephone number, including area code)
ITEM 1 - CHANGES IN CONTROL OF REGISTRANT
Not Applicable
ITEM 2 - ACQUISITIONS OR DISPOSITION OF ASSETS
Not Applicable
ITEM 3 - BANKRUPTCY OR RECEIVERSHIP
Not Applicable
ITEM 4 - CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not Applicable
ITEM 5 - OTHER EVENTS
Closure of wireless division - CAD Consultants, Inc.
Pursuant to actions as authorized by the Board of Directors on March 2nd,
2001, Internet Cable Corporation (the "Company") took steps to seek the best
solution in the sale, disposal or closure of its wireless division, CAD
Consultants, Inc. ("CAD") in Parsippany, NJ. Due to the Company's severe cash
constraints, and CAD's continuing operating losses, an extended marketing period
was not possible. The Company did enter in to negotiations with one possible
buyer but could not arrive at terms that were acceptable to both parties.
Therefore, on April 11th, 2001, the Company closed down the operations of CAD
and terminated all related employees.
These actions were taken in light of the Company's continuing inability to
raise sufficient capital to fund all of its initiatives. The closure of CAD will
allow the Company to eliminate the continuing operating losses of CAD, raise
capital from the liquidation of CAD's assets, and refocus the Company on its
core competencies in the area of broadband infrastructure engineering services
and solutions.
Status of Form 12b-25 filed March 29, 2001
To date, the Company has not been able to resolve the issues surrounding
events that caused it to file Form 12b-25, incorporated by reference herein. As
such, the Company's certifying accountants cannot issue their opinion on the
financial statements for the fiscal year ending December 31, 2000. Due to this,
and the continuing cash constraints, the Company may not be able to file its
Form 10KSB for the fiscal year ending December 31, 2000 for an extended period
of time.
Liquidity
From January 31st, 2001 to current, the Company has been unable to meet
the loan covenants as required by our line of credit agreement with a local
bank. Additionally, the Company's required borrowing base, in the form of
qualified accounts receivable, has been insufficient to support the amount
currently borrowed. As such, the bank has notified the Company of its default.
However, while retaining all of its rights and options under the loan agreement,
the bank has executed a forbearance agreement pursuant to which the bank agrees
to forbear for the time being from taking action in connection with certain
events of default that currently exist under the loan and security agreement
executed by the Company and the bank on August 15, 2000.
ITEM 6 - RESIGNATION OF REGISTRANT'S DIRECTORS
Not Applicable
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
Not Applicable
ITEM 8 - CHANGE IN FISCAL YEAR
Not Applicable
ITEM 9 - SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
Not Applicable
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.
By: /s/ William F. Walsh
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Name: William F. Walsh
Title: Chief Financial Officer
Dated: April 23, 2001