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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Defense Systems, Common Stock | AMEX:EAG | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Delaware
|
001-33888
|
83-0357690
|
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(State or Other
Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a- 12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.01.
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Completion of Acquisition or Disposition of Assets
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Item 9.01
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Financial Statements and Exhibits.
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(b)
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Pro forma Consolidated Financial Information (Unaudited)
|
F-1
|
||
Pro forma Consolidated Balance Sheet at September 30, 2010
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F-2
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|||
Pro forma Consolidated Statement of Income for the Nine Months Ended September 30, 2010
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F-3
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Pro forma Consolidated Statement of Operations for the Year Ended December 31, 2009
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F-4
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Notes to Unaudited Consolidated Pro Forma Financial Information
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F-5
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American
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||||||||||||||||
Physical Securities
|
||||||||||||||||
American Defense
|
Group, LLC
|
|||||||||||||||
Systems, Inc.
|
Historical
|
Transaction
|
||||||||||||||
Historical
|
(a)
|
Adjustments
|
Pro forma
|
|||||||||||||
ASSETS
|
||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||
Cash
|
$ | 2,012,351 | $ | (150,797 | ) | $ | 1,000,000 | (b) | $ | 2,861,554 | ||||||
Accounts receivable, net
|
2,059,895 | (1,177,533 | ) | - | 882,362 | |||||||||||
Accounts receivable factoring
|
441,314 | - | - | 441,314 | ||||||||||||
Tax receivable
|
333,258 | - | - | 333,258 | ||||||||||||
Costs in excess of billings on uncompleted contracts, net
|
2,937,325 | (985,988 | ) | - | 1,951,337 | |||||||||||
Prepaid expenses and other current assets
|
369,354 | (10,993 | ) | - | 358,361 | |||||||||||
TOTAL CURRENT ASSETS
|
8,153,497 | (2,325,311 | ) | 1,000,000 | 6,828,186 | |||||||||||
Property and equipment, net
|
2,436,074 | (19,262 | ) | - | 2,416,812 | |||||||||||
Deferred financing costs, net
|
636,636 | - | (636,636 | ) (c) | - | |||||||||||
Notes receivable, net
|
400,000 | - | - | 400,000 | ||||||||||||
Intangible assets
|
634,450 | (634,450 | ) | - | - | |||||||||||
Goodwill
|
812,500 | - | (812,500 | ) (d) | - | |||||||||||
Deposits
|
652,137 | - | - | 652,137 | ||||||||||||
TOTAL ASSETS
|
$ | 13,725,294 | $ | (2,979,023 | ) | $ | (449,136 | ) | $ | 10,297,135 | ||||||
LIABILITIES
|
||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||
Accounts payable
|
$ | 4,834,541 | $ | (1,026,057 | ) | $ | - | $ | 3,808,484 | |||||||
Accrued expenses
|
426,292 | (94,155 | ) | - | 332,137 | |||||||||||
Warrant liability
|
9,915 | - | - | 9,915 | ||||||||||||
TOTAL CURRENT LIABILITIES
|
5,270,748 | (1,120,212 | ) | - | 4,150,536 | |||||||||||
LONG TERM LIABILITIES
|
||||||||||||||||
Mandatory redeemable Series A convertible preferred stock (cumulative), 15,000 shares authorized issued and outstanding
|
13,966,268 | - | (13,966,268 | ) (e) | - | |||||||||||
Deferred rent
|
198,243 | - | - | 198,243 | ||||||||||||
TOTAL LIABILITIES
|
19,435,259 | (1,120,212 | ) | (13,966,268 | ) | 4,348,779 | ||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||
SHAREHOLDERS' EQUITY (DEFICIENCY)
|
||||||||||||||||
Common stock
|
51,971 | - | - | 51,971 | ||||||||||||
Additional paid-in capital
|
16,088,766 | - | - | 16,088,766 | ||||||||||||
Accumulated deficit
|
(21,850,702 | ) | (1,858,811 | ) | 13,517,132 | (f) | (10,192,381 | ) | ||||||||
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)
|
(5,709,965 | ) | (1,858,811 | ) | 13,517,132 | 5,948,356 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)
|
$ | 13,725,294 | $ | (2,979,023 | ) | $ | (449,136 | ) | $ | 10,297,135 |
American
|
||||||||||||||||
Physical Securities
|
||||||||||||||||
American Defense
|
Group, LLC
|
|||||||||||||||
Systems, Inc.
|
Historical
|
Transaction
|
||||||||||||||
Historical
|
(g)
|
Adjustments
|
Pro forma
|
|||||||||||||
CONTRACT REVENUES EARNED
|
$ | 35,610,715 | $ | (7,144,299 | ) | $ | - | $ | 28,466,416 | |||||||
COST OF REVENUES EARNED (exclusive of depreciation shown separately below)
|
24,243,958 | (5,548,898 | ) | - | 18,695,060 | |||||||||||
GROSS PROFIT
|
11,366,757 | (1,595,401 | ) | - | 9,771,356 | |||||||||||
OPERATING EXPENSES
|
||||||||||||||||
General and administrative expenses
|
4,729,578 | (1,526,514 | ) | - | 3,203,064 | |||||||||||
General and administrative salaries
|
2,687,891 | - | - | 2,687,891 | ||||||||||||
Sales and marketing
|
1,565,749 | (23,246 | ) | - | 1,542,503 | |||||||||||
T2 expenses
|
629,838 | - | - | 629,838 | ||||||||||||
Research and development
|
548,464 | - | - | 548,464 | ||||||||||||
Depreciation
|
870,120 | (5,467 | ) | - | 864,653 | |||||||||||
Professional fees
|
1,369,660 | - | - | 1,369,660 | ||||||||||||
TOTAL OPERATING EXPENSES
|
12,401,300 | (1,555,227 | ) | - | 10,846,073 | |||||||||||
OPERATING LOSS
|
(1,034,543 | ) | (40,174 | ) | - | (1,074,717 | ) | |||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Unrealized loss on adjustment of fair value Series A convertible preferred stock classified as a liability
|
(923,609 | ) | - | 923,609 | (h) | - | ||||||||||
Unrealized gain on warrant liability
|
25,498 | - | - | 25,498 | ||||||||||||
Interest expense
|
(1,585,111 | ) | - | 1,577,628 | (i) | (7,483 | ) | |||||||||
Interest expense - mandatorily redeemable preferred stock dividends
|
(1,125,000 | ) | - | 1,125,000 | (j) | - | ||||||||||
Finance charge
|
(268,793 | ) | - | - | (268,793 | ) | ||||||||||
Gain on redemption of preferred stock and sale of APSG
|
- | - | 11,658,321 | (k) | 11,658,321 | |||||||||||
TOTAL OTHER INCOME (EXPENSE)
|
(3,877,015 | ) | - | 15,284,558 | 11,407,543 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(4,911,558 | ) | (40,174 | ) | 15,284,558 | 10,332,826 | ||||||||||
INCOME TAX EXPENSE
|
- | - | (1,247,000 | ) (l) | (1,247,000 | ) | ||||||||||
NET INCOME (LOSS)
|
$ | (4,911,558 | ) | $ | (40,174 | ) | $ | 14,037,558 | $ | 9,085,826 | ||||||
Weighted Average Shares Outstanding (Basic and Diluted)
|
48,033,067 | 48,033,067 | ||||||||||||||
NET INCOME (LOSS) per Share - Basic and Diluted
|
$ | (0.10 | ) | $ | 0.19 |
American
|
||||||||||||||||
Physical Securities
|
||||||||||||||||
American Defense
|
Group, LLC
|
|||||||||||||||
Systems, Inc.
|
Historical
|
Transaction
|
||||||||||||||
Historical
|
(m)
|
Adjustments
|
Pro forma
|
|||||||||||||
(Audited)
|
(Unaudited)
|
|||||||||||||||
CONTRACT REVENUES EARNED
|
$ | 45,893,979 | $ | (4,503,725 | ) | $ | - | $ | 41,390,254 | |||||||
COST OF REVENUES EARNED (exclusive of depreciation shown separately below)
|
33,929,327 | (2,170,515 | ) | - | 31,758,812 | |||||||||||
GROSS PROFIT
|
11,964,652 | (2,333,210 | ) | - | 9,631,442 | |||||||||||
OPERATING EXPENSES
|
||||||||||||||||
General and administrative expenses
|
7,519,114 | (1,608,137 | ) | - | 5,910,977 | |||||||||||
General and administrative salaries
|
4,144,666 | - | - | 4,144,666 | ||||||||||||
Sales and marketing
|
2,661,636 | (3,358 | ) | - | 2,658,278 | |||||||||||
T2 expenses
|
531,506 | - | - | 531,506 | ||||||||||||
Research and development
|
412,285 | - | - | 412,285 | ||||||||||||
Settlement of litigation
|
63,441 | - | - | 63,441 | ||||||||||||
Depreciation
|
1,085,331 | - | - | 1,085,331 | ||||||||||||
Professional fees
|
2,734,816 | - | - | 2,734,816 | ||||||||||||
TOTAL OPERATING EXPENSES
|
19,152,795 | (1,611,495 | ) | - | 17,541,300 | |||||||||||
OPERATING LOSS
|
(7,188,143 | ) | (721,715 | ) | - | (7,909,858 | ) | |||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Unrealized loss on adjustment of fair value Series A convertible preferred stock classified as a liability
|
(325,837 | ) | - | 325,837 | (n) | - | ||||||||||
Unrealized gain on warrant liability
|
35,673 | - | - | 35,673 | ||||||||||||
Loss on deemed extinguishment of debt
|
(2,613,630 | ) | - | 2,613,630 | (o) | - | ||||||||||
Other income
|
8,869 | - | - | 8,869 | ||||||||||||
Interest expense
|
(3,019,079 | ) | - | 1,970,235 | (p) | (1,048,844 | ) | |||||||||
Interest expense - mandatorily redeemable preferred stock dividends
|
(1,650,000 | ) | - | 1,650,000 | (q) | - | ||||||||||
Finance charge
|
(209,698 | ) | - | - | (209,698 | ) | ||||||||||
Gain on redemption of preferred stock and sale of APSG
|
- | - | 8,518,002 | (r) | 8,518,002 | |||||||||||
TOTAL OTHER INCOME (EXPENSE)
|
(7,773,702 | ) | - | 15,077,704 | 7,304,002 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS
|
(14,961,845 | ) | (721,715 | ) | 15,077,704 | (605,856 | ) | |||||||||
INCOME TAX EXPENSE
|
(752,971 | ) | - | (119,000 | ) (s) | (871,971 | ) | |||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(15,714,816 | ) | (721,715 | ) | 14,958,704 | (1,477,827 | ) | |||||||||
Weighted Average Shares Outstanding (Basic and Diluted)
|
43,192,175 | 43,192,175 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS per Share - Basic and Diluted
|
$ | (0.37 | ) | $ | (0.03 | ) |
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
|
2.01(a)
|
Securities Redemption Agreement, dated March 22, 2011, by and among American Defense Systems, Inc.; West Coast Opportunity Fund, LLC; and Centaur Value Fund, L.P.
|
|
2.01(b)
|
Membership Interest Option Agreement, dated March 22, 2011, by and among American Defense Systems, Inc., West Coast Opportunity Fund, LLC, and Centaur Value Fund, LP
|
Date: March 28, 2011
|
||
AMERICAN DEFENSE SYSTEMS, INC.
|
||
By:
|
/s/ Gary Sidorsky
|
|
Chief Financial Officer
|
Exhibit
Number
|
Exhibit
|
|
2.01(a)
|
Securities Redemption Agreement, dated March 22, 2011, by and among American Defense Systems, Inc.; West Coast Opportunity Fund, LLC; and Centaur Value Fund, L.P.
|
|
2.01(b)
|
Membership Interest Option Agreement, dated March 22, 2011, by and among American Defense Systems, Inc., West Coast Opportunity Fund, LLC, and Centaur Value Fund, LP
|
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