-----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, AHSEEblDHxseqqDfJH50v/BBeq4Wjhjf9k+3sU/9b2ErsYT4Ycm2IdStMVq3vTl7 ieeJnXLuI06Fvo2MH+akZQ== 0001077357-99-000044.txt : 19990519 0001077357-99-000044.hdr.sgml : 19990519 ACCESSION NUMBER: 0001077357-99-000044 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990518 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: 652954561 STATE OF INCORPORATION: FL FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-01950 FILM NUMBER: 99629842 BUSINESS ADDRESS: STREET 1: 3125 NOLT RD CITY: LANCASTER STATE: PA ZIP: 17631 BUSINESS PHONE: 7178926770 MAIL ADDRESS: STREET 1: 3125 NOLT RD CITY: LANCASTER STATE: PA ZIP: 17601 10QSB 1 QUARTERLY REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-QSB (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 For the transition period from_______________ to___________________ Commission File Number: 33-27610-A MEDICAL TECHNOLOGY & INNOVATIONS, INC. (Exact name of small business issuer as specified in its charter) Florida 65-2954561 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 615 Centerville Road, Lancaster, PA 17601 (Address of principal executive offices) (Zip Code) (717) 892-6770 (Issuer's telephone number, including area code) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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, 1999 27,410,010 shares of Common Stock, no par value, of the registrant were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant's annual report filed with the Securities and Exchange Commission on Form 10-KSB, filed November 6, 1998. MEDICAL TECHNOLOGY & INNOVATIONS, INC, TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets March 31, 1999 and June 30, 1998 F-4 Condensed Consolidated Income Statements For the Three and Nine Months ended March 31, 1999 and 1998 (Unaudited) F-5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) F-6 Condensed Consolidated Statements of Cash Flows For the Nine Months ended March 31, 1999 and 1998 (Unaudited) F-7 Notes to Condensed Consolidated Financial Statements F-8 Item 2. Management's Discussion and Analysis or Plan of Operation 9 Item 4. Submission of Matters to a Vote of Security Holders 11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 14 PART I Item 1. Financial information Medical Technology & Innovations, Inc. Condensed Consolidated Balance Sheets March 31, 1999 and June 30, 1998 Assets
March 31, 1999 June 30, (Unaudited) 1998 ----------- ---- Current Assets Cash and cash equivalents $27,741 $38,247 Accounts Receivable, less allowances of $36,367, respectively 437,671 287,114 Inventory 576,842 393,148 Prepaid Expenses 71,970 30,740 ----------- --------- Total Current Assets 1,114,224 749,249 --------- -------- Fixed Assets Land 182,000 382,000 Equipment, less accumulated depreciation of $455,599 and $364,567, respectively 688,204 829,537 ----------- ---------- Fixed Assets, net 870,204 1,211,537 Other Assets Intangible and Other Assets 2,177,748 2,345,530 ---------- ---------- Total Assets $4,162,176 $4,306,316 ========== ===========
Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $512,782 $505,824 Accrued Liabilities 540,956 370,558 Current Maturities of Long-Term Debt 1,174,683 1,035,872 --------- ----------- Total Current Liabilities 2,228,421 1,912,254 Long-Term Debt, Net of Current Maturities 493,281 1,117,545 ----------- ---------- Total Liabilities 2,721,702 3,029,799 --------- ---------- Stockholders' Equity Common Stock, no par value, authorized 700,000,000 shares, outstanding 27,410,010 and 26,385,279 shares, respectively 10,091,183 9,632,183 Series A Convertible Preferred Stock, $100 par value, authorized 70,000 shares, outstanding nil - 0 - - 0 - Series B Convertible Preferred Stock, $100 par value, authorized 1000 shares, 267 outstanding 1,602,000 1,602,000 Preferred Stock, authorized 100,000,000 shares $1,000 par value, 12%, noncumulative, Outstanding 22.5 shares 22,500 22,500 Treasury Stock, at cost (309,742) (309,742) Accumulated Deficit (9,965,467) (9,670,424) ---------- ---------- Total Stockholders' Equity 1,440,474 1,276,517 --------- --------- Total Liabilities and Stockholders' Equity $4,162,176 $4,306,316 =========== ==========
The accompanying notes are an integral part of the condensed financial statements. F-4 Medical Technology & Innovations, Inc. Condensed Consolidated Income Statements For the Three Months and Nine Months Ended March 31, 1999 and 1998 (Unaudited)
Three Months Ended Nine Months Ended March 31, March 31, 1999 1998 1999 1998 ---- ---- ---- ---- Revenues $1,090,965 $1,315,277 $4,263,047 $3,725,277 Cost of Goods Sold 691,750 756,704 2,401,530 2,406,877 ---------- ---------- ---------- ----------- Gross Profit 399,215 558,573 1,861,517 1,318,400 ---------- ---------- ---------- ----------- Operating Expenses Advertising 4,900 30,652 21,063 101,398 Selling, General, and Administrative 721,783 678,592 2,001,107 1,932,462 ---------- ---------- ---------- ----------- Total Operating Expenses 726,683 709,244 2,022,170 2,033,860 ---------- ---------- ---------- ----------- Income (Loss) from Operations (327,468) (150,671) (160,653) (715,460) Interest expense, net 48,083 51,356 134,390 176,672 ---------- ---------- ---------- ----------- Net (Loss) from Operations ($375,551) ($202,027) ($295,043) ($892,132) ========== ========== ========== =========== Add: Gain on Restructuring of Series A Preferred Stock - 0 - - 0 - - 0 - 948,163 ---------- ---------- ---------- ----------- Net Income (Loss) Attributable to Common Stock ($375,551) ($202,027) ($295,043) $56,031 ========== ========== ========== =========== Net Operating (Loss) per common share(basic and diluted)(*) ($.015) ($.011) ($.014) ($.047) ========== ========== ========== =========== Net(Loss) per common share after Gain on Restructuring of Series A Preferred Stock(*) ($.015) ($.011) ($.014) ($.001) ========== ========== ========== =========== Weighted Average Outstanding Shares 27,016,345 20,499,802 27,016,345 20,499,802 ========== ========== ========== ===========
(*) Calculated including Series B Preferred Stock accretion of $32,040 for the three month periods ended March 31, 1999, and 1998; and $96,120 and $64,080 for the nine month periods ended March 31, 1999 and 1998, respectively. The accompanying notes are an integral part of the condensed financial statements. F-5 Medical Technology & Innovations, Inc. Consolidated Statements of Stockholders' Equity (Unaudited) For the Years Ended
Series A Series B Convertible Convertible Total Common Common Preferred Preferred Preferred Treasury Accumulated Stockholders Shares Stock Stock Stock Stock Stock Deficit Equity ------ ----- ----- ----- ----- ------- ------ ------------ Balance at June 30, 1996 12,147,299 $4,147,140 $56,000 ($250,000)($4,675,501) ($722,361) Sale of 70,000 Series A Convertible Preferred Stock, Net of issuance costs $6,220,700 6,220,700 Conversions of Preferred Stock Into Common Stock 3,697,576 1,846,390 (1,812,890) (33,500) Exercise of Stock Options 194,737 292,105 292,105 Issuance of Common Stock 532,898 270,250 270,250 Stock Issued for Services 215,000 199,375 199,375 Purchase of Treasury Shares (56,781) (59,742) (59,742) Net Loss (3,507,559) (3,507,559) ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Balance at June 30, 1997 16,730,729 $6,755,260 $4,407,810 $22,500 ($309,742)($8,183,060) $2,692,768 ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Net Loss (1,487,364) (1,487,364) Issuance of Common Stock 144,509 25,000 25,000 Stock Issued for Services 1,156,864 296,113 296,113 Conversion of Series A Preferred Stock into common stock 7,853,177 1,531,647 (1,531,647) Conversion of subscribed Series A 500,000 76,000 (76,000) Preferred Stock into common stock Gain on Restructuring of Series A Preferred Stock 948,163 (1,198,163) (250,000) Issuance of Series B Preferred In exchange for Series A Preferred (1,602,000) 1,602,000 ---------- ---------- ---------- ---------- ---------- --------- ---------- ---------- Balance at June 30, 1998 26,385,279 $9,632,183 -0- $1,602,000 $22,500 ($309,742)($9,670,424) $1,276,516 ---------- ---------- ------------ ---------- ---------- --------- ----------- ---------- Net Income(Loss) ($295,043) (295,043) Stock Issued for Services 299,731 82,250 82,250 Conversion of Subordinated Notes into common stock 725,000 376,750 376,750 ---------- ---------- ------------ ---------- ---------- --------- ----------- ---------- Balance at March 31,1999 27,410,010 $10,091,183 -0- $1,602,000 $22,500 ($309,742)($9,965,467) $1,440,474 ========== =========== ============ ========== ========= ======== ========== ==========
The accompanying notes are an integral part of the financial statements. F-6 Medical Technology & Innovations, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended March 31, 1999 and 1998
Nine Months Ended March 31, 1999 1998 ---- ---- Cash flows from operating activities: Net Loss ($295,043) ($892,132) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and Amortization 249,115 266,911 (Increase) in Accounts Receivable (150,557) (188,863) (Increase) Decrease in Inventory (183,694) 216,330 (Increase) Decrease in Prepaid Expenses (41,230) 3,487 Increase in Accounts Payable 6,958 98,500 Increase in Accrued Liabilities 170,398 88,355 Stock issued for services 82,250 197,584 ---------- -------- Net cash (used) in operating activities (161,803) (209,828) Cash flows from investing activities: Sale of Headquarters Land and Building 260,000 -0- Purchase of Fixed Assets - 0 - (4,590) ---------- ------- Net cash from (used) investing activities 260,000 (4,590) Cash flows from financing activities: Costs incurred for restructuring of Series A Preferred Stock, net - 0 - (320,000) Proceeds from issuance of stock, net 50,000 Proceeds from issuance of notes payable 125.297 806,729 Repayment of notes payable, net (234,000) (192,927) --------- --------- Net cash from (used in) financing activities (108,703) 343,802 Net increase (decrease) in cash and cash equivalents (10,506) 129,384 Cash and cash equivalents at beginning of period 38,247 58,090 --------- ---------- Cash and cash equivalents at end of period $27,741 $187,474 ========= ========
The accompanying notes are an integral part of the condensed financial statements. F-7 Medical Technology & Innovations, Inc. Notes to Condensed Consolidated Financial Statements 1. CONDENSED FINANCIAL STATEMENTS. The unaudited condensed consolidated financial information contained in this report reflects all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of management, for a fair presentation of results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's June 30, 1998 Annual Report on Form 10-KSB. The results of operations for periods ended March 31 are not necessarily indicative of operations for the full year. 2. STOCK OPTION PLANS. In October of 1995 officers of the Company were granted options to acquire up to 2.0 million shares of common stock at an exercise price of $1.50 per share. The options are exercisable ratably over a three year period commencing with the quarter ending June 30, 1996. In April of 1996 the Company's shareholders approved the 1996 Stock Option Plan, which allows the board of directors to grant up to 3.0 million options. During fiscal 1998 and fiscal 1999, 500,000 and 120,000 options respectively, have been granted. In September of 1997 and February of 1998, the Board of Directors reduced the exercise price on all options granted to Company Executives to $.25. The following is a summary of stock option transactions: Outstanding, July 1, 1998 3,239,936 Options granted 120,000 Options exercised 0 Options cancelled (689,936) Outstanding, March 31, 1999 2,670,000 Exercisable, end of period 2,196,667 3. PREFERRED STOCK. The Company has three classes of preferred stock. The $1,000 par value convertible preferred stock is convertible into 14,985 shares of the Company's common stock The Series A convertible preferred stock was convertible into approximately 30 million shares of the Company's common stock as of September 30, 1997. The Series A preferred stock conversion rate was the lower of the approximate market rate or $2.72. During September of 1997, the Company renegotiated terms with the Series A Preferred Shareholders and as a result, all Series A Preferred Shares were exchanged for a combination of cash, common stock, a new Series B Preferred stock and an amended warrant certificate with an exercise price of $1.00 per share in cash. Series A Preferred shareholders owning 217 outstanding shares elected to receive $3,800 in cash in exchange for their Series A Preferred shares with a face value of $10,000. Series A Preferred shareholders owing 267 outstanding shares agreed to exchange their Series A Preferred shares for a new Series B Preferred share with a $100 par value, a face value of $6000 with accretion at 8% from October 1, 1997 plus 10,000 shares of the Company's common stock. The new Series B Preferred stock is convertible into common stock beginning October 1, 1998 at a fixed conversion price of $1.00 per share. Conversion is limited to 10% per month of the shares held until February 28, 1999 and 20% per month thereafter. The conversion feature doubles provided the Company's common stock closing bid price for ten consecutive days is greater than $2.00 per share. The Company has the option of redeeming the Series B Preferred shares at any time in cash, at 110% of the original face value of the Series B Preferred shares including accretion, or in the Company's common stock valued at the average closing bid price for the 30 days prior to the redemption at 120% of the original face value of the Series B Preferred shares including accretion. The Company is required to redeem the Series B Preferred stock on September 30, 2000. The common stock issued to Series B Preferred shareholders is subject to the following lockup schedule: Maximum Date Tradeable December 1, 1997 250 shares January 1, 1998 750 shares February 1, 1998 1,500 shares April 1, 1998 2,500 shares July 1, 1998 5,500 shares October 1, 1998 10,000 shares As a result of the restructuring of the Series A Preferred Stock, the common stock holders have received a gain of approximately $948,000. 4. WARRANTS. The Company has issued warrants to purchase 3.6 million shares of common stock as of March 31, 1999. The warrants relate to grants made in connection with an equity issuance and various services rendered. The warrants can be exercised at prices ranging from $1.00 to $2.72 per share. 2.5 million warrants expire in July 2001. Pursuant to terms renegotiated in September of 1997 between the Company and holders of Series A Preferred Shares issued in July of 1996, the exercise price of approximately 1.8 million warrants was reduced from $2.72 to $1.00. Item 2. Management's Discussion and Analysis or Plan of Operation This analysis should be read in conjunction with the condensed consolidated financial statements, the notes thereto, and the financial statements and notes thereto included in the Company's June 30, 1998 Annual Report on Form 10-KSB. All nonhistorical information contained in this Form 10-QSB is a forward-looking statement. The forward looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward looking statements. Factors that might cause such differences include, but are not limited to the following, a slower acceptance of the MTI PhotoscreenerTM in the marketplace, increased foreign competition putting pricing pressures on Steridyne products, changes in economic trends and other unforeseen situations or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Results of Operations Comparison of Nine Month Periods Ended March 31, 1999 and 1998 Revenues for the first nine months of fiscal 1999 increased by $537,770 from $3,725,277 in fiscal 1998 to $4,263,047 in fiscal 1999 or a 14% increase. This increase results because of increased demand for the MTI PhotoScreener(TM) from retail optical chains and service clubs. Gross profit of $1,861,517 for the first nine months of fiscal 1999 increased by 41% versus the comparable period in fiscal 1998 mostly due to sales increases and mix as overall margins are comparable between the two periods. MTI products generally have higher profit margins than Steridyne products. Operating expenses for the first nine months of fiscal 1999 were $2,022,170 versus $2,033,860 in the comparable period in fiscal 1998. This nominal reduction would have increased if certain redundancy costs would not have occurred. The loss from operations for the first three quarters ended March 31, 1999 was $160,653 compared to $715,460. This dramatic improvement results from continued increases in sales of the MTI PhotoScreener(TM) to retail optical chains in the US and international markets primarily during the first two quarters of fiscal 1999. Interest expense decreased 24% compared to the prior fiscal year primarily as a result of the sale of the headquarters building and subsequent mortgage payoff and a conversion of $376,750 of convertible notes into common stock in July of 1998. Management expects a lower net loss for the fourth fiscal quarter of 1999 because of increased sales, continued cost controls, and the elimination of certain redundancy costs. Liquidity and Capital Resources At March 31, 1999 the Company had cash of $27,741 and working capital of ($1,114,197) as compared to $38,247 and ($1,163,005) at June 30, 1998. Included in current maturities of long term debt at March 31, 1999 and June 30, 1998 is approximately $800,000 of secured notes incurred to fund the Series A restructuring which are repayable or convertible into Company Common Stock at the end of March, 1999. The Company is currently in discussion with these note holders to review possible alternatives to refinance this borrowing. In September of 1997 the Company reached an agreement with the holders of the Series A Preferred shares issued in July of 1996 to amend certain terms and conditions of the issue subject to the Company completing the required financing. All Series A Preferred shareholders were given the choice of electing ("Option 1") a cash payment of $3,800 per share or ("Option 2") 10,000 shares of the Company's common stock and a new Series B Preferred share with a $6,000 face in exchange for 1 share of the original Series A Preferred. All Series A Preferred shareholders will also have the exercise price reduced on all warrants applicable to tendered Series A Preferred Shares from $2.72 to $1.00. The new Series B Preferred Stock is convertible into common stock of the Company from October 1, 1998 at a fixed price of $1.00. Conversion is limited to 10% of the holding for the first four months following October 1, 1998 then it is increased to 20% per month thereafter. The Series B Preferred stock can be redeemed by the Company at any time in cash at 110% of the face value or in common stock at 120% of the face value, with mandatory redemption required by September 30, 2000. Over 60% of the parties who purchased the Series A Preferred shares and converted them into shares of the Company's common stock agreed to a lock-up which limited sales to 8% of the amount purchased per month with no limit on salability after October 1, 1998. Common stock issued to Series A Preferred Stockholders electing Option 2 was subject to a lock-up which ended on October 1, 1998. In connection with securing financing for Option 1 of the Series A Preferred restructuring, the Company raised an additional $719,000 for general working capital purposes. The Company recruited new senior management who instituted significant reductions in employees, inventory management programs and cutbacks in operating expenses in all parts of the business. Management also broadened its sales and marketing emphasis to target large retailers and national public service organizations rather than individual healthcare professionals. Management believes these actions will improve operating performance and cash flow in the near term. In August of 1998, the Company received its largest order ever to deliver approximately 700 PhotoScreeners during fiscal 1999. As of March 31, 1999 all of the MTI PhotoScreeners ordered were billed. The order which approximates $1.5 million placed certain restrictions on the Company from selling the PhotoScreener in certain markets which have now been waived. In connection with this order and provided the customer spends several millions of dollars in national advertising mentioning the PhotoScreener, the Company has provided the customer with warrants to purchase 1.2 million shares of the Company's stock at an exercise price of $0.88 per share. Due to a delay in the national rollout and marketing campaign by the customer, the warrant package is under discussion with the customer. The Chief Executive Officer and a former director personally signed a guarantee with a local bank to provide a $250,000 line of credit to the Company which was originally scheduled to terminate in January of 1999 but has been extended. For the past several years the Company has financed its operations primarily through private sales of securities and revenues from the sale of its products. Since June of 1993 the Company has received net proceeds of approximately $10.0 million from the private sale of securities and debt. The Company may raise additional capital through private and/or public sales of securities in the future. Year 2000 Compliance The Company is aware of the issues associated with the programming code in existing computer systems as the millennium (Year 2000) approaches. All software used for the Company systems is supplied by software vendors or outside service providers. The Company has confirmed with such providers that its present software is Year 2000 compliant. Item 4. Submission of Matters to a Vote of Security Holders At the Company's 1999 annual meeting of stockholders held on April 12, 1999, Jeremy P. Feakins was elected a director of the Company for a three year term by a vote of 24,049,210 in favor, 4,860 votes against and 256,968 abstain votes and Dennis A. Surovcik was elected as a director of the Company for a three year term by a vote of 24,053,760 in favor, 310 votes against and 256,968 abstain votes. Further, Simon Lever & Company was ratified as the Company's independent certified public accountant for the 1999 fiscal year by a vote of 24,232,907 in favor, 1950 votes against and 76,181 abstain votes. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 3.1 Amendment to the Articles of Incorporation for SouthStar Productions, Inc., which changed its name to Medical Technology & Innovations, Inc. Incorporated by reference to the Company's Current Report on Form 8-K for an event on September 21, 1995] 3.2 Restated Articles of Incorporation for Medical Technology & Innovations, Inc.[Incorporated by reference to Exhibit 3.3 to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996] 3.3 By-laws [Incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-18 (File No. 33-27610-A), filed March 17, 1989] 10.1 Share Exchange Plan between SouthStar Productions, Inc. and Medical Technology, Inc. [Incorporated by reference to the Company's Current Report on Form 8-K for an event on August 21, 1995] 10.2 Asset purchase agreement for the purchase and sale of certain assets of Steridyne Corporation [Incorporated by reference to the Company's Current Report on Form 8-K for an event on July 31, 1996] 10.3 Medical Technology & Innovations, Inc. 1996 Stock Option Plan. [Incorporated by reference to Exhibit 10.3 to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996] 10.4 SouthStar Productions, Inc. Stock Purchase Plan 1995a (Financial Public Relations Consulting Agreement) [Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed August 23, 1995] 10.5 Medical Technology & Innovations, Inc. 1996b Stock Purchase Plan (Consulting Agreement) [Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed April 22, 1996] 10.6 Form of Employment Agreement, Covenant not to Compete, and Stock Option Agreement between the Company and key employees. [Incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996] 10.7 Purchase Agreement dated January 31, 1996 between the Company and Glenn and Ruth Schultz. [Incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996] 16.1 Letter on change in certifying accountant [Incorporated by reference to the Company's Current Report on Form 8-K for an event on April 26, 1996] 21.0 Subsidiaries of the Company. Medical Technology, Inc., an Iowa corporation Steridyne Corporation, a Florida corporation 27.1 Financial Data Schedules [annexed hereto] (b) Reports on Form 8-K. No reports on Form 8-K were filed during the quarterly period covered by this report. 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. AND BY: /s/ DENNIS A. SUROVCIK BY: /s/ JEREMY P. FEAKINS Dennis A. Surovcik, Senior Vice President Jeremy P. Feakins Chief Financial Officer Chief Executive Officer Date: May 15, 1999. EX-27 2 FDS --
5 0000847464 MEDICAL TECHNOLOGY & INNOVATIONS, INC. 1 U.S. Currency 9-Mos Jun-30-1998 Jan-1-1999 Mar-31-1999 1 27,741 0 474,038 36,367 576,842 1,114,224 1,325,803 455,599 4,162,176 2,228,421 0 0 1,624,500 10,091,183 (309,742) 4,162,776 4,263,047 4,263,047 2,401,530 2,401,530 2,022,170 0 134,390 (295,043) 0 (295,043) 0 0 0 (295,043) (.014) (.014)
-----END PRIVACY-ENHANCED MESSAGE-----