SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
May 17, 2005
STORAGE COMPUTER CORPORATION
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(Exact Name of Registrant as specified in its charter)
DELAWARE 1-13616 02-045093
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
11 Riverside Street, Nashua, NH 03062-1373
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(Address of Principal Executive Offices) (Zip Code)
(603) 880-3005
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Registrant's telephone number, including area code:
Not Applicable
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(Registrant's Name or Former Address, if Change Since Last Report)
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Section 2 Financial Information
Item 2.02. Results of Operations and Financial Condition.
On March 31, 2005 the Company issued a press release announcing that it
was postponing reporting its audited financial results and delayinag
filing its Form 10K for the quarter and year ended December 31, 2004.
The delay resulted from the Company's inability to secure new financing
and the resulting lack of financial resources to complete the 2004
audit.
On May 16, 2005 the Company issued a press release announcing that it is
postponing reporting its financial results and delayed filing its Form
10Q for the quarter ended March 31, 2005 because of the same lack of
financing discussed above
The Company previously received a "going concern opinion" from its
auditors due to recurring losses and negative cash flows from
operations which raises substantial doubt about the Company's ability
to continue as a going concern.
The Company is currently continuing to pursue new financing sources.
However, there can be no assurance that the Company will be able to
obtain new financing and, if new financing is obtained it could result
in significant dilution to existing shareholders. As previously
reported, if the Company is not successful in obtaining new financing
its ability to continue as an independent company is in serious doubt.
For the reasons described above the Company is unable to determine at this
time a date certain by which it expects to file its Form 10Q and Form
10K and report financial results for the quarter ended March 31,2005
and for the year ended December 31, 2004.
Exhibit
Number Description
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99.1 Press Release dated May 16, 2005 titled " Storage Computer Postpones
Reporting of Financial Results and Filing of Form 10Q for the
Quarter Ended May 31, 2005."
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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.
Date: May 17, 2005, STORAGE COMPUTER CORPORATION
By: /s/ Michael J. O'Donnell
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Name: Michael J. O'Donnell
Title: Chief Financial Officer