-----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, UP8Kyo6tImBQk1Q9Hqa54XkYSREFyrEsr+1tELb2DYHw4VD81Oqx+ruZMnN1XOPi 8szLVVT83Q7vGybdpYkJ3w== 0000950170-96-000828.txt : 19960921 0000950170-96-000828.hdr.sgml : 19960921 ACCESSION NUMBER: 0000950170-96-000828 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960919 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: 96632236 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 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE OF 1934 For the quarterly period ended March 31, 1996 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 1710 ADAMS STREET, CEDAR FALLS, IOWA 50613 (Former Name and Address) 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 31,1996, there were 11,662,733 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 For the nine months ending March 31, 1996, the Company had gross revenues of approximately $460,000 and a gross profit on sales of approximately $100,000. However, the Company's operating expenses totaled approximately $1,025,000 which left the Company with an operating loss of approximately $925,000. During this quarter, the Company raised equity capital in the approximate amount of $1,200,000. The Company has also entered into an agreement to purchase the assets of Steridyne Corporation, a Florida corporation. That transaction is expected to close in August 1996. The Company is continuing in its 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. 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 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: September 17, 1996 Medical Technology & Innovations, Inc. (A Development Stage Company) Consolidated Balance Sheets March 31, 1996 and June 30, 1995 Unaudited March 31, June 30, Assets 1996 1995 ------ -------- -------- CURRENT ASSETS: Cash $38,410 65,833 Accounts Receivable 233,454 116,029 Inventory 145,416 99,374 Prepaid Expenses 246,975 8,035 -------- -------- Total Current Assets 664,255 289,271 FIXED ASSETS: Property & Equipment 476,993 205,896 Less: Accumulated Depreciation (125,277) (81,125) -------- -------- Fixed Assets, net 351,716 124,771 OTHER ASSETS: Intangible and Other Assets 4,450 4,961 -------- -------- Other Assets, net 4,450 4,961 TOTAL ASSETS $1,020,421 $ 419,003 ========== ========== Liabilities and Stockholder's Equity ------------------------------------ CURRENT LIABILITIES Accounts Payable $225,792 186,876 Accrued Liabilities 188,508 145,806 Current Maturities of Long-term Debt 240,000 300,000 Total Current Liabilities 654,300 632,682 Long-term Debt 1,399,652 1,076,644 -------- --------- TOTAL LIABILITIES 2,053,952 1,709,326 STOCKHOLDER'S EQUITY Common Stock, no par value, authorized 200,000,000 shares, issued and outstanding 11,378,874 and 11,662,733 , respectively 2,572,723 1,391,407 Preferred Stock, $1,000 par value, authorized 1,000,000 shares, 12% noncumulative, issued and outstanding 100 shares 100,000 100,000 (Deficit) accumulated during the development stage (3,706,254) (2,781,730) ---------- -- -------- Total Stockholder's Equity (1,033,531) (1,290,323) TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,020,421 $ 419,003 ========== ========== Medical Technology & Innovations, Inc. (A Development Stage Company) Consolidated Statements of Shareholder's Equity
Common Preferred Shares Shares Total Issued and Issued and Common Preferred Accumulated Shareholder's Outstanding Outstanding Stock Stock Deficit Equity ----------- ----------- ------ --------- ----------- -------------- BALANCE AT JUNE 30, 1995 11,662,733 100 1,391,407 100,000 (2,781,730) (1,290,323) Issuance of common stock 890,000 1,216,979 1,216,979 Stock options exercised 142,891 214,337 214,337 Acquisition of treasury stock (1,316,750) (250,000) (250,000) Net loss (924,524) (924,524) ----------- ----------- -------- ------- ---------- --------- BALANCE AT MARCH 31, 1996 11,378,874 100 2,572,723 100,000 (3,706,254) (1,033,531)
Medical Technology & Innovations, Inc. (A Development Stage Company) Consolidated Income Statement For the Nine Months Ended March 31, 1996 and Twelve Months Ended June 30, 1995 Unaudited March 31, June 30, 1996 1995 ---- ---- Revenues $461,651 $865,136 Cost of Goods Sold 361,113 575,177 -------- -------- Gross Profit 100,538 289,959 Operating Expenses: Advertising 151,536 67,263 Wages 328,625 281,839 Leases 38,130 31,921 Royalties 35,473 61,384 Interest 87,270 63,544 General and Administrative 384,028 477,087 -------- -------- Total Operating Expenses 1,025,062 983,038 Net Loss ($924,524) ($693,079) ========= ========= Medical Technology Inc. (A Development Stage Company) Consolidated Statements of Cash Flows For the Nine Months Ended March 31, 1996 and Twelve Months Ended June 30, 1995 Unaudited March 31, June 30, 1996 1995 ---- ---- CASH FLOWS FROM (USED BY) OPERATING ACTIVITIES: Net Loss (924,524) (693,079) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 44,663 66,422 Increase in Accounts Receivable (117,425) (89,451) (Increase) Decrease in Inventory (46,042) 18,553 Increase in Prepaid Expenses (238,940) (8,035) Increase in Accounts Payable 38,916 14,823 Increase in Accrued Liabilities 42,702 51,909 -------- ------- Net cash used in operating activities (276,126) (638,858) CASH FLOWS FROM (USED BY) INVESTING ACTIVITIES: Purchases of fixed assets (271,097) (25,074) Increase in Intangible Asset (1,503) -------- ------ Net cash used in investing activities (271,097) (26,577) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of stock 1,216,979 365,001 Proceeds from exercise of stock options 214,337 Acquisition of treasury stock (250,000) Proceeds from issuance of notes payable 298,500 350,000 Principal payments on notes payable (35,492) (11,643) -------- ------ Net cash from financing activities 1,444,324 703,358 Net increase in cash (27,423) 37,923 Cash at beginning of year 65,833 27,910 Cash at end of period 38,410 65,833 EX-27 2
5 9-mos JUN-30-1996 JUL-01-1995 MAR-31-1996 38,410 0 233,454 0 145,416 664,255 476,993 (125,277) 1,020,421 654,300 0 0 100,000 2,572,723 3,706,291 1,020,421 461,651 461,651 361,113 1,025,062 0 0 0 (924,524) 0 0 0 0 0 (924,524) .084 0
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