SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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): April 7, 1997 Golden Pharmaceuticals, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Colorado 0-9065 84-0645174 ---------------------------- ----------- ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 710 Fourteenth Street Golden, Colorado 80401 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (303) 279-9375 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Pro Forma Financial Information a. Unaudited Pro Forma Condensed Balance Sheet as of February 28, 1997 b. Unaudited Pro forma Condensed Statement of Operations for the six months ended February 28, 1997 c. Unaudited Pro Forma Condensed Statement of Operations for the year ended August 31, 1996 (c) Exhibits 10 Asset Purchase Agreement dated April 7 , 1997 by and between Golden Pharmaceuticals, Inc. and Syncor Pharma- ceuticals, Inc.* 20 Press Release dated April 11, 1997* - -------------- *previously filed GOLDEN PHARMACEUTICALS, INC. INTRODUCTION TO PRO FORMA FINANCIAL INFORMATION The following pro forma condensed balance sheet as of February 28, 1997, reflects the sale of the radiopharmaceutical assets of Golden Pharmaceuticals, Inc., accounted for as sale of assets. The following pro forma condensed statement of operations are presented to reflect the sale of the radiopharmaceutical assets of Golden Pharmaceuticals, Inc., accounted for as sale of assets. Assumptions underlying the pro forma adjustments are described in the accompanying notes which should be read in conjunction with the statements. The pro forma statements do not purport to be indicative of the future results of operations which may result from the sale of the assets. GOLDEN PHARMACEUTICALS, INC. CONSOLIDATED PROFORMA STATEMENT OF OPERATIONS Historical Proforma For Six Months Ended Pro Forma For Year Ended February 28, 1997 Adjustments February 28, 1997 --------------------- --------------------------- -------------------- Revenues: Net Sales .................................. $ 7,658,722 1,924,772 $ 5,733,950 Cost of sales .............................. 5,111,893 939,430 4,172,463 ----------- ----------- Gross Margin ............................ 2,546,829 1,561,487 Percentage of Sales .................... 33.25% 27.23% Selling, General and Administration ........ 2,561,906 610,805 1,951,101 ----------- ----------- Operating Income ........................ (15,077) (389,614) Percentage of Sales .................... -0.20% -6.79% Other Income/(Expense) Interest ................................... (552,290) 450,676 (a) (101,614) Other Income ............................... 276,421 4,267 272,154 Subsidiary Income(Loss) .................... (37,079) (37,079) Gain (loss) Sale of Assets ................. 2,363 2,363 ----------- ----------- Total Other Income/(Expense) ............ (310,585) 135,824 Net Income From Continuing Operations ... (325,662) (253,790) Discontinued Operations Loss from operations of Radiopharmaceuticals Division............. 0 71,872 (71,872) Gain on Sale of Division ................... 0 5,456,376 (b) 5,456,376 ----------- ----------- Total Discontinued Operations Income/(Loss) 0 5,384,504 Net Income Before Tax Expense ........... (325,662) 5,130,714 Income Tax Expense/(Benefit) ................. 800 800 ----------- ----------- Net Income Before Minority Interest ..... (326,462) 5,129,914 Minority Interest ............................ (67,139) (67,139) ----------- Net Income .................................. ($ 393,601) $ 5,062,775 =========== =========== Percentage of Sales ......................... -5.14% 88.29% <FN> (a) Interest expense is reduced as a result of the pay off of the loans with moneys received from the sale of the assets. (b) Sale of radiopharmaceutical assets: Cash 6,550,000 Note Receivable 150,000 ---------- Selling Price 6,700,000 Book Value of Assets Sold 344,339 Inventory Given 135,817 Prepaid Expenses Given 14,679 Costs Associated with Sale of the Assets 3,888 Interest Expense 1,045,558 Less: Accrued Interest (300,657) ========== $5,456,376 ========== </FN> GOLDEN PHARMACEUTICALS, INC. CONSOLIDATED PROFORMA STATEMENT OF OPERATIONS Historical Proforma For Year Ended Pro Forma For Year Ended August 31, 1996 Adjustments August 31, 1996 ---------------- -------------------------------- ---------------- Revenues: Net Sales ...................................... $ 10,156,647 3,887,340 $ 6,269,307 Cost of sales .................................. 6,538,660 1,894,986 4,643,674 ------------ ------------ Gross Margin ................................ 3,617,987 1,625,633 Percentage of Sales ........................ 35.62% 25.93% Selling, General and Administration ............ 3,671,613 1,503,410 2,168,203 ------------ ------------ Operating Income ............................ (53,626) (542,570) Percentage of Sales ........................ -0.53% -8.65% Other Income/(Expense) Interest ....................................... (807,198) 675,443 (a) (131,755) Other Income ................................... 68,180 12,080 56,100 Subsidiary Income(Loss) ........................ (66,776) (66,776) Gain (loss) Sale of Assets ..................... (3,217) 1,698 (1,519) ------------ ------------ Total Other Income/(Expense) ................ (809,011) (143,950) Net Income From Continuing Operations ....... (862,637) (686,520) Discontinued Operations Loss from operations of Radiopharmaceuticals Division.................................... 0 176,117 (176,117) Gain on Sale of Division ....................... 0 5,648,286 (b) 5,648,286 ------------ ------------ Total Discontinued Operations Income/(Loss) .. 0 5,472,169 Net Income Before Tax Expense ............... (862,637) 4,785,649 Income Tax Expense/(Benefit) ..................... 0 0 ------------ ------------ Net Income Before Minority Interest ......... (862,637) 4,785,649 Minority Interest ................................ 70,705 70,705 ------------ Net Income ...................................... ($ 791,932) $ 4,856,354 ============ ============ Percentage of Sales ............................. -7.80% 77.46% <FN> (a) Interest expense is reduced as a result of the pay off of the loans with moneys received from the sale of the assets. (b) Sale of radiopharmaceutical assets: Cash 6,550,000 Note Receivable 150,000 ---------- Selling Price 6,700,000 Book Value of Assets Sold 397,478 Inventory Given 135,817 Prepaid Expenses Given 18,679 Costs Associated with Sale of the Assets 3,888 Interest Expense 640,000 Less: Accrued Interest (144,148) =========== $5,648,286 =========== </FN> GOLDEN PHARMACEUTICALS, INC. CONSOLIDATED PROFORMA BALANCE SHEET (Unaudited) Historical Proforma February 28, February 28, 1997 Proforma Adjustments 1997 -------------- ----------- ------------ -------------- Assets Current Assets: Cash and Cash Equivalents ........... $ 30,625 6,550,000 6,550,000 $ 30,625 Accounts Receivable, Net of Allowance For Doubtful Accounts of $55,029 . 3,002,589 3,002,589 Inventory ........................... 1,614,985 135,817 1,479,168 Deferred Taxes ...................... 380,000 380,000 Note Receivable ..................... 362,663 150,000 512,663 Prepaid Expenses .................... 269,694 14,679 255,015 ------------ ------------ ------------ ------------ Total Current Assets ................ 7,376,569 6,700,000 6,700,496 5,660,060 ------------ ------------ ------------ ------------ Property, Plant and Equipment Land ................................ 148,000 74,000 74,000 Computers ........................... 193,930 34,378 159,552 Plant Licensing ..................... 75,462 75,462 Construction in Progress ............ 90,177 90,177 Machinery and Equipment ............. 2,611,059 795,827 1,815,232 Office Furniture and Equipment ...... 508,989 6,494 502,495 Vehicles ............................ 20,396 20,396 Building ............................ 1,070,768 607,480 463,288 ------------ ------------ ------------ ------------ 4,718,781 0 1,518,179 3,200,602 Less: Accumulated Depreciation and Amortization ................ (2,015,892) 1,173,840 (842,052) ------------ ------------ ------------ ------------ Total PP&E .......................... 2,702,889 1,173,840 0 2,358,550 ------------ ------------ ------------ ------------ Goodwill - net of amortization ...... 3,879,481 3,879,481 Deferred Taxes - Long Term .......... 220,000 220,000 Non-Compete Agreement ............... 378,338 378,338 Intangibles, net of amortization .... 36,835 36,835 ------------ ------------ Total Assets ........................ $ 15,869,135 $ 7,873,840 $ 6,700,496 $ 12,533,264 ============ ============ ============ ============ GOLDEN PHARMACEUTICALS, INC. CONSOLIDATED PROFORMA BALANCE SHEET (Unaudited) Consolidated February 28, Pro Forma February 28, 1997 Adjustments 1997 --------------- ---------------------------- ------------ Liabilities and Stockholders' Equity Current Portion of Lease Payable ..................... $ 95,246 $ 95,246 Note Payable - Related Party ......................... 75,000 75,000 Current Portion of Long Term Debt .................... 727,412 580,000 147,412 Credit Line .......................................... 1,760,757 1,458,894 301,863 Accounts Payable ..................................... 1,752,651 1,752,651 Accrued Expenses: Interest .......................................... 341,737 300,657 41,080 Other ............................................. 162,750 162,750 ------------ ------------ ------------ ------------ Total Current Liabilities ............................ 6,756,566 2,339,551 0 2,576,002 ------------ ------------ ------------ ------------ Long Term Obligations, less current maturities ............. 3,548,842 3,461,660 87,182 Capitalized Lease Obligations, less current maturities ..... 584,178 584,178 Excess Loss on Investment in Subsidiary .................... 5,855 5,855 Minority Interest .......................................... 919,511 919,511 Stockholders' Equity Common Stock - No Par Value: 200,000,000 shares authorized and 122,813,347 Outstanding at April 30, 1996 ........................... 23,927,384 23,927,384 Paid in Capital ............................................ 0 0 Treasury Stock ............................................. (94,132) (94,132) Preferred Stock - No Par Value; 10,000,000 Shares Authorized 15%/30% Convertible 29,656 Shares Issued and Outstanding April 30, 1996 .............................. 292,558 292,558 Accumulated Deficit ........................................ (21,221,650) 1,049,446 6,505,822 (15,765,274) ------------ ------------ ------------ ------------ Total Stockholders' Equity (Deficiency) .............. 5,000,694 1,049,446 6,505,822 8,360,536 ------------ ------------ ------------ ------------ Total Liabilities & Stockholders' Equity ............. $ 15,869,135 $ 6,850,657 $ 6,505,822 $ 12,533,264 ============ ============ ============ ============ 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. GOLDEN PHARMACEUTICALS, INC. Date: April 23, 1997 By: /s/ Glen H. Weaver --------------------------------------- Glen H. Weaver, Chief Financial Officer