UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 6, 2003
COMPUTER MOTION, INC.
| Delaware | 000-22755 | 77-0458805 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) | ||
| 130-B Cremona Drive, Goleta, California | 93117 | |||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (805) 685-3729
| Item 5. Other Events | ||||||||
| Item 7. Financial Statements, Pro Forma Financial Information and Exhibits | ||||||||
| COMPUTER MOTION, INC. PROFORMA CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| SIGNATURES | ||||||||
Item 5. Other Events
The Nasdaq National Market (“Nasdaq”) has requested that Computer Motion, Inc. (the “Company”) file this current report on Form 8-K to set forth the Company’s pro forma consolidated condensed balance sheet information as of November 30, 2002, to demonstrate the Company’s compliance with Nasdaq’s minimum stockholders’ equity requirement contained in Nasdaq Marketplace Rule 4450(a)(3).
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro Forma Financial Information
| Computer Motion, Inc. pro forma consolidated condensed balance sheet information as of November 30, 2002 is set forth in this Current Report on Form 8-K. |
COMPUTER MOTION, INC.
PROFORMA CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands, except par value)
| Proforma adjustments based upon shareholders' approval | |||||||||||||||||
| of Series C Preferred Stock which was received on | |||||||||||||||||
| January 27, 2003 and Robert W Duggan's investment therein | |||||||||||||||||
| Nov. 30, 2002 | |||||||||||||||||
| (unaudited) | Jan. 27, 2003 | Feb. 28, 2003 (1) | Proforma | ||||||||||||||
| ASSETS | |||||||||||||||||
Current assets: |
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Cash and cash equivalents |
$ | 4,745 | $ | 1,000 | $ | 5,745 | |||||||||||
Restricted cash |
173 | 173 | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts
and returns of $443 |
2,545 | 2,545 | |||||||||||||||
Inventories |
8,368 | 8,368 | |||||||||||||||
Other current assets |
1,058 | 1,058 | |||||||||||||||
Total current assets |
16,889 | — | 1,000 | 17,889 | |||||||||||||
Property and equipment, net |
3,723 | — | — | 3,723 | |||||||||||||
Other assets |
56 | 56 | |||||||||||||||
Total assets |
$ | 20,668 | $ | — | $ | 1,000 | $ | 21,668 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Note payable to shareholder |
$ | 1,000 | $ | (1,000 | ) | $ | — | ||||||||||
Accounts payable |
3,130 | 3,130 | |||||||||||||||
Accrued expenses |
4,608 | 4,608 | |||||||||||||||
Deferred revenue |
2,276 | 2,276 | |||||||||||||||
Total current liabilities |
11,014 | (1,000 | ) | — | 10,014 | ||||||||||||
Deferred revenue |
1,237 | 1,237 | |||||||||||||||
Other liabilities |
18 | 18 | |||||||||||||||
Total liabilities |
12,269 | (1,000 | ) | — | 11,269 | ||||||||||||
Shareholders’ equity: |
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Mandatorily redeemable Series C convertible preferred stock, $.001
par value, authorized 10,714 shares, outstanding at 11/30/02 7,370 shares |
$ | 10,413 | $ | 1,000 | $ | 1,000 | $ | 12,413 | |||||||||
Common stock, $.001 par value, authorized - 50,000 shares;
|
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Outstanding - 17,727 |
18 | 18 | |||||||||||||||
Additional paid-in capital |
112,232 | 112,232 | |||||||||||||||
Deferred compensation |
(287 | ) | (287 | ) | |||||||||||||
Accumulated deficit |
(113,959 | ) | (113,959 | ) | |||||||||||||
Other comprehensive loss |
(18 | ) | (18 | ) | |||||||||||||
Total shareholders’ equity |
8,399 | 1,000 | 1,000 | 10,399 | |||||||||||||
Total liabilities & shareholders’ equity |
$ | 20,668 | $ | — | $ | 1,000 | $ | 21,668 | |||||||||
| (1) | Mr. Robert W. Duggan (or his affiliates or designees) will be making the additional one million investment in February 2003 |
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.
| COMPUTER MOTION, INC | ||
| February 6, 2003 | /s/ Robert W. Duggan | |
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| Robert W. Duggan | ||
| Chairman and Chief Executive Officer |