U.S. 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): January 8, 2002
INTERCALLNET, INC.
(Exact name of small business issuer as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation or organization)
0-30745 88-0426807
(Commission File Number) (I.R.S. Employer Identification No.)
6340 NW 5TH WAY, FORT LAUDERDALE, FLORIDA 33309
(Address of principal executive offices) (Zip code)
(954) 315 - 3100
(Issuer's telephone number)
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(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. OTHER EVENTS
As previously described in the Registrant's Form 10-QSB for the quarterly period
ended September 30, 2001 which was filed with the SEC on November 19, 2001, one
of the campaigns under Master Services Agreement A had experienced a backlog in
fulfilling the orders of wireless phones and services sold by the Registrant.
Such backlog is a direct result of the increase in the demand for wireless
phones sold as a result of the terrorist attacks on the United States of America
on September 11, 2001. This backlog may result in the ultimate buyer of the
wireless phones and services canceling the order, and thereby reducing the
Registrant's fees, which are performance based. As a result of these fulfillment
issues being experienced by the Registrant's client, the Registrant had
recorded, at September 30, 2001, an allowance for doubtful accounts against the
receivable due from its client because of the potential uncollectibility.
On January 8, 2002, the Registrant was notified by the client under Master
Services Agreement A that the campaign for selling wireless phones and services
was terminated by the wireless carrier and all payments due to the Registrant
under the campaign will be held for a period of 181 days.
As a result of the campaign termination and payment hold period, the potential
uncollectibility of the receivable under this campaign has increased from the
previous estimate as reported in the September 2001 Form 10-QSB. The Registrant
is currently analyzing the potential uncollectibility of this receivable and
plans to record an additional allowance for doubtful accounts for the quarterly
period ended December 31, 2001 which will be reflected and disclosed in the
Registrant's Form 10-QSB for the quarterly period ended December 31, 2001.
The Registrant is presently considering its legal options with counsel
concerning this matter.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant has duly
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Intercallnet, Inc.
(Registrant)
Date: January 17, 2002 By: /s/ Scott R. Gershon
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SCOTT R. GERSHON
Chief Executive Officer
Date: January 17, 2002 By: /s/ Stephanie L. Brady
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STEPHANIE L. BRADY
Chief Financial Officer
(Principal Financial and
Accounting Officer)