SEC Filing Summary: Access Integrated Technologies, Inc.
Business Context and Reporting Period
This Form 8-K was filed on November 1, 2004, reporting events occurring on October 26, 2004. The registrant is Access Integrated Technologies, Inc., a Delaware corporation. Note: The request metadata references "Cineverse Corp.", but the filing text explicitly identifies the company as Access Integrated Technologies, Inc.
Key Financial Metrics
The filing discloses a private placement transaction rather than periodic financial performance data.
- Capital Raised: $1,100,000 (gross proceeds prior to fees and expenses).
- Shares Issued: 282,776 shares of Class A Common Stock.
- Implied Price: Approximately $3.89 per share.
- Revenue/Profit/Cash Flow: The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
The primary material change is the entry into a Securities Purchase Agreement for a private placement exempt from registration requirements under the Securities Act of 1933. This represents a significant capital infusion event compared to the prior period, though specific prior period financial comparisons are not included in this document.
Guidance, Outlook, and Risks
Use of Proceeds: The Company intends to use net proceeds for capital investments, including a contemplated acquisition and related expenses, capital improvements, and general working capital.
Registration Rights: The Company entered into a Registration Rights Agreement, agreeing to file a registration statement for the resale of the investors' shares under certain circumstances.
Risks and Contingencies: The filing does not explicitly detail specific risks or contingencies beyond the standard nature of a private placement and the execution of a contemplated acquisition.
Investor Verification Checklist
- Verify the exact net proceeds after deducting placement agent fees and other transaction expenses.
- Confirm the status and terms of the "contemplated acquisition" mentioned as a use of proceeds.
- Review the Registration Rights Agreement to understand the timeline and conditions for filing the resale registration statement.
- Check subsequent filings for the closing date of the private placement and the actual issuance of shares.