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 (Date of earliest event reported): May 16, 2014
Medytox Solutions, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
| 000-54346 | 54-2156042 |
| (Commission File Number) | (I.R.S. Employer Identification No.) |
| 400 S. Australian Avenue, Suite 800, West Palm Beach, Florida | 33401 |
| (Address of Principal Executive Offices) | (Zip Code) |
| (561) 855-1626 |
| (Registrant’s Telephone Number, Including Area Code) |
| (Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Events
Item 8.01. Other Events
On May 16, 2014, the Registrant issued the press release attached hereto as Exhibit 99.1, regarding its results for the three months ended March 31, 2014.
Item 9.01. Exhibits.
| Exhibit
No. |
Item |
| 99.1 | Press Release dated May 16, 2014 |
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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 16, 2014 | MEDYTOX SOLUTIONS, INC. |
| /s/ William G. Forhan | |
| William G. Forhan, | |
| CEO and Chairman | |
| (principal executive officer) |
| 3 |
Exhibit 99.1
Medytox Solutions, Inc. Announces Results for the Three Months Ended
March 31, 2014
Medytox Solutions, Inc. (OTCQB: MMMS) (May 16, 2014) announced today its financial results for the three-month period ended March 31, 2014. For the three months ended March 31, 2014, the Company reported revenues of approximately $21.1 million, which represents an increase of 162% over the same period of the prior year. For the three months ended March 31, 2014, the Company reported income from operations of approximately $6.9 million, compared to income from operations of approximately $1.3 million for the same period in the prior year.
“Our results for the three months ended March 31, 2014 continue to highlight the benefits of the Medytox model," stated William Forhan, the Company’s Chief Executive Officer. "We would like to thank our customers and our employees, who are the reasons for our success."
The Company is a holding company that owns and operates businesses in the medical services sector. Our principal line of business is clinical laboratory blood and urine testing services, with a particular emphasis in the provision of urine drug toxicology and comprehensive pain medication monitoring programs to physicians, clinics and rehabilitation facilities in the United States.
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MEDYTOX SOLUTIONS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
| For the Three Months Ended March 31, | ||||||||
| 2014 | 2013 | |||||||
| Revenues | $ | 21,062,572 | $ | 8,023,759 | ||||
| Total operating expenses | 14,198,494 | 6,766,303 | ||||||
| Income from operations | 6,864,078 | 1,257,456 | ||||||
| Total other income (expense) | 37,555 | (210,143 | ) | |||||
| Income before income taxes | 6,901,633 | 1,047,313 | ||||||
| Provision for income taxes | 2,598,100 | 394,100 | ||||||
| Net income attributable to Medytox Solutions | 4,303,533 | 653,213 | ||||||
| Preferred stock dividends | 913,563 | 238,741 | ||||||
| Net income attributable to Medytox Solutions commons shareholders | $ | 3,389,970 | $ | 414,472 | ||||
| Net income per common share - Basic and diluted | $ | 0.11 | $ | 0.01 | ||||
| Weighted average number of common shares outstanding during the period – Basic | 30,043,053 | 29,563,504 | ||||||
| Diluted | 30,337,497 | 29,966,737 | ||||||
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“Forward-looking” Statements
This press release may contain “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995, as amended. Any such statements are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and they involve a number of risks and uncertainties that could cause actual results to differ materially from those that may be anticipated by or from the forward-looking statements. Important factors that could cause such a difference are set forth in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, the ability to consummate acquisitions and the ability to integrate such acquisitions.
| Contact: | Sebastien Sainsbury ssainsbury@medytoxsolutionsinc.com |
| 400 South Australian Avenue, 8th Floor | |
| West Palm Beach, Florida 33401 |
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