-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PqGi+92Rcy7HfC0hbOyZE2u7LevqkS0cFgGSYVta8+FJ7y7f6MqvDuHp1xEHL1k+ 8SjP2NB+Z5C0uliPfsmsTw== 0000950170-96-000438.txt : 19960709 0000950170-96-000438.hdr.sgml : 19960709 ACCESSION NUMBER: 0000950170-96-000438 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960708 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL TECHNOLOGY & INNOVATIONS INC /FL/ CENTRAL INDEX KEY: 0000847464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 650278549 STATE OF INCORPORATION: FL FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-01950 FILM NUMBER: 96591827 BUSINESS ADDRESS: STREET 1: 3125 NOLT RD CITY: LANCASTER STATE: PA ZIP: 17601 BUSINESS PHONE: 7178926770 MAIL ADDRESS: STREET 1: 3125 NOLT ROAD CITY: LANCASTER STATE: PA ZIP: 17601 10QSB/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB/A [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE OF 1934 For the quarterly period ended December 31, 1995 or [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 33-27610-A MEDICAL TECHNOLOGY AND INNOVATIONS, INC. (Exact name of registrant as specified in this charter) FLORIDA 65-0278549 (State or other jurisdiction (IRS Employer of incorporation) Identification No.) 3125 NOLT ROAD, LANCASTER, PA 17601 (Address of principal executive offices) Registrant's telephone number, including area code (717)892-6770 Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No_____ As of March 1, 1996, there were 11,378,874 shares of the Issuer's Common Stock, $.001 par value, outstanding. PART I FINANCIAL INFORMATION Item 1. Financial Statements. See attached financial statements of the Issuer. Item 2. Management's Discussion and Analysis or Plan of Operation. GENERAL In August 1995, the Company acquired Medical Technology , Inc., an Iowa corporation, in what is generally known as a reverse merger. Thereafter, the Company changed its name to Medical Technology and Innovations, Inc. All operations and revenues are generated through the operation of the subsidiary. After the merger, the Company raised approximately $1,000,000 in a private offering pursuant to Rule 504 of Regulation D as promulgated under the Securities Act of 1993. At the present time, the Company is contemplating an offering pursuant to Rule 505 and if that offering is successful, the capital raised from the offering will go mainly to satisfy many of the Company's prior debts which arose in the State of Iowa. There is no assurance that the Company will be successful in raising this additional capital. For the six months ending December 31, 1995, the Company had gross revenues of approximately $270,000 and a gross profit on sales of approximately $103,000. However, the Company's operating expenses totaled approximately $500,000 which left the Company with an operating loss of approximately $390,000. With the new infusion of capital, the Company has been able to relocate to Lancaster, Pennsylvania and it is in the process of increasing its marketing staff. In the next 12 months, the Company plans on expanding its marketing efforts with the goal to increase the sales and awareness of its product, the MT Photoscreener. With increased sales, the Company anticipates that it will be able to increase its revenues and thus either lower its operating loss or eliminate the loss. There is no guaranty, however, that the Company will be successful in this plan or that it will be able to eliminate its losses. The Company believes that with its capital and revenues, it has sufficient funds to operate during the next year. DEFAULTS OF CERTAIN LOANS. The Company is currently in default in the payment of both principal and interest in several of its governmental and quasi-governmental loans which it received fro various entities in the State of Iowa. These loans include $70,000 due the Iowa Department of Economic Development, $400,0000 due the Iowa Seed Capital Corporation, $70,000 due the National Bank of Waterloo, $65,000 due the city of Cedar Falls, Iowa, $65,000 due Blackhawk County, Iowa. And $5,000 due the Waterloo Industrial Development Association. Management has had discussions will all of these creditors and believes that it has reached a settlement with all of them. In order to complete the settlements, it will be necessary for the Company to complete its contemplated Rule 505 offering. If, however, the Company is unable to raise these funds or additional capital from other sources, these defaults will have a material adverse effect on the operations of the Company. Item 6. Exhibits. (a) 3. Issuer's Articles of Incorporation and By-Laws are incorporated herein by reference to Form S-18 Registration Statement under the Securities Act of 1933 filed with the Commission on the 17th day of March, 1989, file number 33-27610-A 21. Subsidiaries of Issuer: Medical Technology, Inc., an Iowa corporation (b) Reports of Form 8-k. 1. 8-K dated August 21, 1995* 2. 8-K dated October 17, 1995.* *Previously filed. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MEDICAL TECHNOLOGY AND INNOVATIONS, INC. By: JEREMEY FEAKINS ------------------------------ Jeremy Feakins, President Dated: July 3, 1996 Medical Technology & Innovations, Inc. (A Development Stage Company) Consolidated Balance Sheet December 31, 1995 Unaudited Assets Current Assets: Cash $462,439 Accounts Receivable 83,989 Inventory 75,017 Prepaid Expenses 170,831 ------- Total Current Assets 792,276 Fixed Assets: Property & Equipment 203,689 Less: Accumulated Depreciation (110,338) ------- Fixed Assets, net 93,351 Other Assets: Intangible and Other Assets 752,041 ------- Other Assets, net 752,041 Total Assets $1,637,668 ========== Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $225,261 Accrued Liabilities 231,868 Current Maturities of Long-term Debt 170,000 ------- Total Current Liabilities 627,129 Long-term Debt 1,197,860 --------- Total Liabilities 1,824,989 Stockholder's Equity Common Stock 3,210,639 Preferred Stock 100,000 (Deficit) accumulated during the development stage (3,497,960) --------- Total Stockholder's Equity (187,321) Total Liabilities and Stockholder's Equity $1,637,668 ========== Medical Technology & Innovations, Inc. (A Development Stage Company) Consolidated Income Statement For the Period Ended December 31, 1995 Unaudited Revenues $270,863 Cost of Goods Sold 278,520 ------- Gross Profit (7,657) Operating Expenses: Advertising 62,379 Wages 110,352 Leases 20,059 Royalties 20,720 Interest 55,903 Depreciation 11,694 General and Administrative 305,433 ------- Total Operating Expenses 586,540 Net Loss ($594,197) ======== EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS JUN-30-1996 JUL-01-1995 DEC-31-1995 462,439 0 83,989 0 75,017 792,276 703,689 (110,338) 1,637,668 627,129 0 0 100,000 3,210,639 (3,497,960) (187,321) 270,863 270,863 278,570 586,540 0 0 0 (594,197) 0 (594,197) 0 0 0 (594,197) (.046) 0
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