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| Log on America, Inc. |
| 3 Regency Plaza, Providence, RI 02903 * (401) 459-6298 |
| Business Description | The company is a Northeast regional competitive local exchange carrier and Information/Internet Service Provider positioning itself to provide a full range of Internet, voice, data and cable programming solutions to commercial clients. |
| Offering Information Company has | |||
| Trading As | LOAX (AMEX) | Industry | Internet (SIC 7375) |
| Type of Stock Offered | Common Shares | Filing Date | 01/08/1998 |
| Domestic Shares Offered | 2,200,000 | Offer Date | 04/21/1999 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 2,200,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.825 |
| Gross Proceeds | $22,000,000 | Selling | $0.420 |
| Expenses | - - | Reallowance | $0.070 |
| Post-IPO Shares | 6,810,716 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Dirks & Company, Inc. | Lead Manager | (212) 832-6700 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 09/30/1997 | 09/30/1998 | |||
| Revenues | - | - | - | 0.187 | 0.352 | 0.217 | 0.551 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | -0.163 | -0.280 | -0.168 | -0.178 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | - | 88.300 | 154.01 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.16 | -0.16 | -0.15 | ||||
| Cash Flow - Inv. | -0.01 | -0.01 | -0.03 | ||||
| Cash Flow - Fin. | 0.17 | 0.17 | 0.24 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 0.60 | Current Assets | 0.16 | Current Ratio | 0.37 |
| Total Liab. | 0.45 | Current Liab. | 0.44 | Debt Ratio | 75.54% |
| Total Equity | 0.15 | Working Cap. | -0.28 | Debt to Equity Ratio | 3.09 |
| Cash | 0.07 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to finance network expansion and equipment upgrades, strategic acquisitions, marketing and sales activity and working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Silverman, Collura & Chernis |
| Bank's Law Firm | Orrick, Herrington & Sutcliffe |
| Registrar/Transfer Agent | Continental Stock Transfer & Trust Co |
| Auditor | Tauber & Balser, PC |
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| Additional Underwriter Compensation |
| Warrant to purchase 200,000 shares/units at $20.00 per share/unit. |