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<SEC-DOCUMENT>0001021771-03-000128.txt : 20030715
<SEC-HEADER>0001021771-03-000128.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030714175335
ACCESSION NUMBER:		0001021771-03-000128
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030714
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DCAP GROUP INC/
		CENTRAL INDEX KEY:			0000033992
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				362476480
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01665
		FILM NUMBER:		03785990

	BUSINESS ADDRESS:	
		STREET 1:		90 MERRICK AVE
		STREET 2:		9TH FLOOR
		CITY:			EAST MEADOW
		STATE:			NY
		ZIP:			11554
		BUSINESS PHONE:		5167946300

	MAIL ADDRESS:	
		STREET 1:		90 MERRICK AVE 9TH FLOOR
		STREET 2:		90 MERRICK AVE 9TH FLOOR
		CITY:			EAST MEADOW
		STATE:			NY
		ZIP:			11554

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXTECH CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXECUTIVE HOUSE INC
		DATE OF NAME CHANGE:	19911119
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8.txt
<DESCRIPTION>FORM 8-K DATED JULY 14, 2003 RE: M&T CLOSING
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                          Date of Report: July 14, 2003
                        (Date of earliest event reported)


                                DCAP GROUP, INC.
                                ----------------
               (Exact name of Registrant as specified in charter)



           Delaware                     0-1665                 36-2476480
- ----------------------------    ---------------------    ----------------------
(State or other jurisdiction   (Commission File No.)     (IRS Employer
incorporation)                                           Identification Number)


                     1158 Broadway, Hewlett, New York 11557
                     --------------------------------------
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (516) 374-7600
                                                           --------------

<PAGE>




Item 5. Other Events and Required FD Disclosure.

     On July 14,  2003,  DCAP Group,  Inc.  issued a press  release  (the "Press
Release")  announcing  that it has obtained an $18,000,000  credit facility from
Manufacturers   and  Traders  Trust  Company  to  finance  its  premium  finance
operations,  together with  $3,500,000 of related  subordinated  debt. The Press
Release is attached hereto as Exhibit 99.1.

Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.

        (c)  Exhibits.

             99.1     Press Release, dated July 14, 2003




<PAGE>


                                   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.


                                              DCAP GROUP, INC.


Dated:  July 14, 2003                         By: /s/ Barry Goldstein
                                                  ------------------------------
                                                  Barry Goldstein
                                                  Chief Executive Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>release.txt
<DESCRIPTION>EX. 99.1 - PRESS RELEASE DATED JULY 14, 2003
<TEXT>
                                    [image]


FOR:                  DCAP Group, Inc. - OTC BB: DCAP.OB

CONTACT:              Barry B. Goldstein
                      (516) 374-7600



                  DCAP Group Obtains $21.5 million of Financing
                     To Fund its Premium Finance Operations
                             -----------------------


HEWLETT,  N.Y., July 14, 2003 - DCAP Group,  Inc. (OTCBB:  DCAP) today announced
that its premium finance subsidiary, Payments, Inc., has obtained an $18 million
two-year  revolving line of credit from  Manufacturers  and Traders Trust Co. to
finance its premium finance operations.  Concurrently,  DCAP Group obtained $3.5
million in funding from a private placement of subordinated debt and warrants to
support its premium finance  operations.  The private  placement lenders include
the  Sanders  Opportunity  Fund and a group of New  York  investors  led by Jack
Seibald.

"We've worked hard to grow our premium finance business for more than two years.
With this line of credit and funding, we go from being a "broker" of these loans
to that of a  principal,"  said Barry  Goldstein,  DCAP Group  Chairman and CEO.
Goldstein  continued,  "In the past we  originated  loans  through our insurance
agency affiliates and others under the name Payments, Inc., but immediately sold
them to a licensed  subsidiary of Flatiron Credit Company,  Inc. of Denver,  CO.
For this, we received from Flatiron a fee per loan. In essence, Flatiron, acting
as the  financing  source,  provided  the  incubator  and allowed us to grow our
brand.  With  Flatiron's exit from the  transaction,  the profits of the lending
business  will be  entirely  for the  benefit of  Payments  Inc.  Input 1 LLC of
Woodland Hills, CA, the third party servicer that had been employed by Flatiron,
will continue to service our loans, so the transition will be virtually seamless
to our agency clients.

"Payments,  Inc. will retain ownership of the loans, and will recognize interest
income,  late fee and loan fee revenues  over the life of each loan. As well, we
will incur typical  operating  expenses,  including those relating to servicing,
interest on our senior and subordinated  debt, bad debts and the amortization of
the credit facility costs. Rather than recognizing all of our revenue during the
month in which a new loan is booked, our income will be spread out over the life
of the loan, which is generally ten months," said Goldstein.

Goldstein  pointed out that this will cause a reduction in both revenues and net
income for the third quarter of 2003 as compared to the second  quarter.  "While
the net  income  per  loan  retained  should  substantially  exceed  the fees we
previously  received,  it will take approximately  three to four months until we
build up enough  receivables  to get us to the same monthly  revenue and income.
Assuming  that  our  current  monthly  rate of loan  originations  continues,  I
estimate  that at the close of 2003 our  balance  sheet  will  reflect  loans in
excess of $20 million," said Goldstein.

The  securities  offered to raise the $3,500,000  were not registered  under the
Securities  Act of 1933  and may not be  offered  or sold in the  United  States
absent registration or an applicable exemption from registration requirements.

About DCAP Group:

DCAP Group,  Inc.  is the  largest  chain of  independent  storefront  insurance
agencies in the  Northeast.  DCAP is focused on  building  the  business  into a
community-based,  vertically  integrated one-stop financial services center. The
Company offers several  services to its retail customers at the most competitive
rates with a complete  portfolio of insurance and related products and services,
including premium financing. DCAP currently provides car, motorcycle, homeowner,
business  and life  insurance  products  from a number  of major  carriers.  The
Company also offers tax return preparation  services.  The Company's  storefront
agencies are located  throughout the New York City metropolitan area and upstate
New  York  as  well as in New  Jersey  and  Pennsylvania.  More  information  is
available at the Company's website at www.dcapgroup.com.


Forward Looking Statements:  Statements in this press release, other than purely
historical information, including those contained in the comments above by Barry
B.  Goldstein  and  the  comments  regarding  the  Company's  future  plans  and
objectives and expected  operating  results,  and statements of the  assumptions
underlying such statements,  constitute  forward-looking  statements  within the
meaning  of  Section  21E  of  the   Securities   Exchange  Act  of  1934.   The
forward-looking  statements  contained  herein are based on certain  assumptions
that may not be correct.  They are subject to all of the risks and uncertainties
incident  to the  Company's  business  that are  described  in the  reports  and
statements  filed by the Company with the  Securities  and Exchange  Commission,
including (among others) those listed in the Company's Form 10-KSB.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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