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): October 3, 2017
Registrant’s Telephone Number, Including Area Code: (720) 437-6580
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 8.01. | Other Events |
As previously disclosed in a current report on Form 8-K filed on August 16, 2017, Aytu BioScience, Inc. (the “Company”) entered into a Securities Purchase Agreement with various investors pursuant to which the Company sold Class A and Class B equity units for gross proceeds of approximately $11.8 million. The offering closed on August 15, 2017.
Attached hereto as Exhibit 99.1 is a proforma balance sheet as of June 30, 2017 giving effect to the closing and receipt by the Company of the gross proceeds of the offering.
| Item 9.01. |
Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit No. | Description |
| 99.1 | Proforma balance sheet as of June 30, 2017. |
SIGNATURE
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.
| Date: October 3, 2017 | AYTU BIOSCIENCE, INC. | |
| By: | /s/ Gregory A. Gould | |
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Name: Gregory A. Gould
Title: Chief Financial Officer |
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Exhibit 99.1
| Aytu BioScience, Inc. | ||||||
| Proforma Balance Sheet | ||||||
| June 30, 2017 | ||||||
| Unaudited | ||||||
| 6/30/2017 | Pro Forma | Pro Forma | ||||||||||
| Consolidated | Adjustments (a) | Combined (b) | ||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 802,328 | $ | 10,637,752 | $ | 11,440,080 | ||||||
| Restricted cash | 75,214 | 75,214 | ||||||||||
| Accounts receivable, net | 528,039 | - | 528,039 | |||||||||
| Inventory, net | 1,312,221 | - | 1,312,221 | |||||||||
| Prepaid expenses and other | 310,760 | - | 310,760 | |||||||||
| Total current assets | 3,028,562 | 10,637,752 | 13,666,314 | |||||||||
| Fixed assets, net | 647,254 | - | 647,254 | |||||||||
| Developed technology, net | 1,337,333 | - | 1,337,333 | |||||||||
| Customer contracts, net | 77,667 | - | 77,667 | |||||||||
| Trade names, net | 164,037 | - | 164,037 | |||||||||
| Natesto asset | 9,231,072 | - | 9,231,072 | |||||||||
| Goodwill | 238,426 | - | 238,426 | |||||||||
| Patents, net | 271,278 | - | 271,278 | |||||||||
| Deposits | 2,888 | - | 2,888 | |||||||||
| Total long-term assets | 11,969,955 | - | 11,969,955 | |||||||||
| Total assets | $ | 14,998,517 | $ | 10,637,752 | $ | 25,636,269 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable and other | $ | 2,220,400 | $ | - | $ | 2,220,400 | ||||||
| Accrued liabilities | 782,536 | - | 782,536 | |||||||||
| Accrued compensation | 339,704 | - | 339,704 | |||||||||
| Deferred rent | 6,673 | - | 6,673 | |||||||||
| Contingent consideration | 261,155 | - | 261,155 | |||||||||
| Warrant derivative liability | - | 3,323,411 | 3,323,411 | |||||||||
| Total current liabilities | 3,610,468 | 3,323,411 | 6,933,879 | |||||||||
| Contingent consideration | 7,386,782 | - | 7,386,782 | |||||||||
| Deferred rent | 1,451 | - | 1,451 | |||||||||
| Total liabilities | 10,998,701 | 3,323,411 | 14,322,112 | |||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders' equity | ||||||||||||
| Preferred Stock, par value $.0001; 50,000,000 shares authorized; none issued | - | 1 | 1 | |||||||||
| Common Stock, par value $.0001; 100,000,000 shares authorized; shares issued | ||||||||||||
| and outstanding 824,831 in 2017 and 187,098 in 2016 | 82 | 320 | 402 | |||||||||
| Additional paid-in capital | 73,069,463 | 7,314,020 | 80,383,483 | |||||||||
| Accumulated deficit | (69,069,729 | ) | - | (69,069,729 | ) | |||||||
| Total stockholders' equity | 3,999,816 | 7,314,341 | 11,314,157 | |||||||||
| - | ||||||||||||
| Total liabilities and stockholders' equity | $ | 14,998,517 | $ | 10,637,752 | $ | 25,636,269 | ||||||
| (a) | These are the adjustments to account for the $11.8M financing transaction on 8/15/17 |
| (b) | This is the proforma Balance sheet as if the $11.8M financing had happened on 6/30/17 |