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The three towns that make up the regional school district - Lancaster, Bolton and Stow - are scrambling to put warrant articles on their May 5 town meeting agendas to allow residents to vote on the 10-year bond issue needed for the project.
But before "You Sarky Plod Basher" letters fly in, let's put warrant cards on the table.
For put warrant of domestic securities or indices, the sixth digit of the warrant security code will remain "P", with the code assignments to start from 70001P.
Each Unit consists of one common share, one-half warrant and one cashless put warrant, as previously announced.
Each cashless put warrant will entitle the holder to receive a payment from IP Applications (the Company) equal to the difference between the put warrant's exercise price of $0.
6 million charge for the change in fair value of the Company's put warrant obligations.
Additionally, the company recorded a non-cash gain of $77,000 in the current year period compared to a gain of $198,000 in the prior year quarter for the fair value adjustment of the put warrant liability.
After excluding the change in the put warrant liability and other non-recurring items, the Company reported net income of $83,000, or $0.
A holder of a Put Warrant would be able to "put" (sell) one share of common stock to the Fund (along with one Put Warrant) for cash equal to the current net asset value on a quarterly basis.
All May 31, 2006 and prior financial results have been restated for the change in the accounting of the Company's put warrant liability.
3 million charge in 2005 for the valuation of the company's common stock put warrant liability (refer to Note 6 in the company's Form 10-Q for the quarterly period ended September 30, 2005).
03 Basic Weighted Average Shares Outstanding 7,903,267 7,455,038 8,024,195 7,510,096 Diluted Weighted Average Shares Outstanding 8,478,824 7,678,252 8,637,475 7,847,482 CONDENSED BALANCE SHEET December 31, December 31, 2004 2003 (Unaudited) ASSETS Current Assets $8,177,928 $6,909,456 Fixed Assets - Net 7,046,925 6,739,165 Other Assets 4,414,163 4,287,959 Total Assets $19,639,016 $17,936,580 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities $2,335,701 $2,149,930 Deferred Income Tax 1,099,000 882,000 Long-term Debt 496,444 769,525 Long-term Capital Lease 24,458 119,814 Put Warrant Obligation - 200,000 Other Liabilities 405,514 108,024 Total Liabilities $4,361,117 $4,229,293 Stockholders' Equity 15,277,899 13,707,287 Total Liabilities and Stockholders' Equity $19,639,016 $17,936,580