-----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, DzzEfmnKfCdKmaKHi7eix/7r8nyrYk0AQLk8CKSi5sHYcsixy5/1Bks/EjH9hjAg UhpUiMhQ/j7YHIGEEEdjJA== 0000849145-96-000014.txt : 19960624 0000849145-96-000014.hdr.sgml : 19960624 ACCESSION NUMBER: 0000849145-96-000014 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19960621 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDCROSS INC CENTRAL INDEX KEY: 0000849145 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 592291344 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-17973 FILM NUMBER: 96584211 BUSINESS ADDRESS: STREET 1: 3227 BENNET ST N CITY: ST PETERSBURG STATE: FL ZIP: 33713 BUSINESS PHONE: 8135211793 MAIL ADDRESS: STREET 1: 3227 BENNET STREET NORTH CITY: ST PETERSBURG STATE: FL ZIP: 33713 10QSB/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB/A#1 (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, 1995 OR [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17973 MEDCROSS, INC. (Exact name of small business issuer as specified in its charter) FLORIDA 59-2291344 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3227 Bennet Street North, St. Petersburg, Florida 33713 (Address of principal executive offices) (813) 521-1793 (Issuer's telephone number) Check whether the issuer (1) 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 issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. Class Outstanding at April 30, 1995 Common Stock, par value $0.007 1,749,163 Traditional Small Business Disclosure Format (Check One): Yes No X 1 PART I - FINANCIAL INFORMATION Item 1 - Financial Statements MEDCROSS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (unaudited)
Assets March 31 1995 ----------- Current assets Cash and cash equivalents $ 320,051 Accounts receivable less allowance of $852,347 925,804 Inventory 839,907 Prepaid expenses 105,024 --------- Total current assets 2,190,786 --------- Property and equipment 3,393,896 Less accumulated depreciation 1,491,504 --------- Net property and equipment 1,902,392 --------- Investment in unconsolidated subsidiary 7,500 Intangible assets, net of amortization of $182,030 612,380 Other assets 73,692 --------- Total assets $ 4,786,750 ========= Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued expenses $ 517,283 Advance deposits received 153,541 Reserve for warranty liability 137,267 Note payable - related party 218,000 Note payable - other 450,000 Current portion of long-term debt 303,505 Current obligations under capital lease 252,473 --------- Total current liabilities 2,032,069 --------- Long-term debt 600,380 Obligations under capital leases 89,723 Minority interest equity in consolidated subsidiaries 412,296 Commitments and contingencies - Stockholders' equity Preferred stock 2,075,000 Common stock 12,244 Other stockholders' equity ( 434,962) --------- Total stockholders' equity 1,652,282 --------- Total liabilities and stockholders' equity $ 4,786,750 =========
The accompanying notes are an integral part of these consolidated financial statements. 2
MEDCROSS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31 ------------------------------------ 1995 1994 ------------ ----------- Net operating revenue $ 1,117,493 $ 932,370 --------- --------- Cost of goods sold - equipment sales and service 185,157 - Salaries and benefits 328,931 293,003 Repairs and maintenance 76,946 80,037 Provision for doubtful accounts 327,588 36,090 Depreciation and amortization 117,952 120,677 Other operating expenses 316,788 326,778 --------- --------- Operating profit (loss) ( 235,869) 75,785 Interest expense ( 39,128) ( 42,454) Other income 3,816 8,407 Equity in net income of unconsolidated subsidiary - 5,359 --------- --------- Income (loss) before minority interest in net income (loss) of consolidated subsidiaries and income tax provision ( 271,181) 47,097 --------- --------- Minority interest in net income (loss) of consolidated subsidiaries 12,779 23,154 --------- --------- Income (loss) before income tax provision ( 283,960) 23,943 Income tax provision - 2,487 --------- --------- Net income (loss) $( 283,960) $ 21,456 ========= ========= Loss per common and equivalent share after preferred dividends $( .18) $ - ========= ========= Weighted average common and equivalent shares outstanding 1,749,163 1,520,313 ========= =========
The accompanying notes are an integral part of these consolidated financial statements. 3
MEDCROSS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31 ---------------------------------- 1995 1994 ------------ ------------ Cash provided by operating activities $ 50,068 $ 64,359 --------- --------- Cash flows from investing activities Purchase of property and equipment ( 15,000) ( 6,633) Investment in unconsolidated subsidiary - ( 3,750) --------- --------- Net cash used by investing activities ( 15,000) ( 10,383) --------- --------- Cash flows from financing activities Proceeds of note payable - related party 218,000 - Proceeds (reduction) of note payable - other ( 101,000) 218,000 Reductions of long-term debt ( 97,286) ( 97,286) Reduction of capital lease obligations ( 59,400) ( 53,932) Minority interest contributions - 260,417 Minority interest distributions ( 36,500) ( 9,625) --------- --------- Net cash provided (used) by financing activities ( 76,186) 317,574 --------- --------- Effect of foreign currency translation on cash flows 12 ( 87,522) --------- --------- Increase (decrease) in cash and cash equivalents ( 41,106) 284,028 Cash and cash equivalents at beginning of period 361,157 1,176,757 --------- --------- Cash and cash equivalents at end of period $ 320,051 $ 1,460,785 ========= ========= Supplemental cash flow information In February 1995 a holder of Class B Preferred Stock converted 9,350 shares into 227,714 shares of Common Stock.
The accompanying notes are an integral part of these consolidated financial statements. 4 MEDCROSS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Financial Statements In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three-month periods ended March 31, 1995 and March 31, 1994, (b) the financial position at March 31, 1995, and (c) cash flows for the three- month periods ended March 31, 1995 and March 31, 1994, have been made. The unaudited consolidated financial statements and notes are presented as permitted by Form 10-QSB. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The accompanying consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes of the Company for the fiscal year ended December 31, 1994. The results of operations for the three-month period ended March 31, 1995 are not necessarily indicative of those to be expected for the entire year. Note 2 -Earnings Per Common Share Earnings per common share are based upon the weighted average number of common shares outstanding and the dilutive effect of common stock equivalents consisting of stock options and convertible preferred stock. Fully diluted earnings per share are not presented because it approximates earnings per common share. Note 3 - Geographic Segment Information The Company's operations consist of providing diagnostic and clinical outpatient health care services domestically and the sale and service of used medical equipment in the People's Republic of China (PRC). The corporate office provides management and operational services for domestic outpatient health care services. The eliminations represent charges for these services to entities included in the consolidation. Financial information for the different geographic segments is as follows:
Three Months Ended Corporate/ March 31, 1995 Domestic China Management Eliminations Consolidated - ---------------------------- ------------ ------------ ------------ ------------ ------------ Revenue $ 696,818 $ 337,889 $ 133,412 $( 50,626) $ 1,117,493 ========= ========= ========= ========= ========= Operating Profit $ 146,185 $( 210,987) $( 120,441) $( 50,626) $( 235,869) ========= ========= ========= ========= ========= Identifiable Assets $ 3,500,413 $ 1,031,660 $ 288,414 $( 33,737) $ 4,786,750 ========= ========= ========= ========= ========= Three Months Ended Corporate/ March 31, 1994 Domestic China Management Eliminations Consolidated - ---------------------------- ------------ ------------ ------------ ------------ ------------ Revenue $ 782,561 $ - $ 178,382 $( 28,573) $ 932,370 ========= ========= ========= ========= ========= Operating Profit $ 263,364 $( 41,530) $( 117,476) $( 28,573) $ 75,785 ========= ========= ========= ========= ========= Identifiable Assets $ 3,993,181 $ 597,864 $ 1,357,051 $( 16,960) $ 5,931,136 ========= ========= ========= ========= ========= 5 PART II - OTHER INFORMATION Item 6(a) - Exhibits 11 Statement regarding computation of earnings per common share. PAGE 10. Item 6(b) - Reports on Form 8-K None. 8 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 thereunder duly authorized. MEDCROSS, INC. (Registrant) Date: June 20, 1996 By: /s/ HENRY TOH Henry Toh President/CEO/Acting CFO
EX-11 2
EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE For the Period Ended March 31 ---------------------------- 1995 1994 ------------ ------------ Earnings per common and common equivalent share Net loss available to common and equivalent shares $( 314,923) $( 3,759) ========= ========= Weighted average common shares outstanding 1,632,776 1,503,305 Adjustments Assumed conversion of Class B Variable Rate Cumulative Convertible Preferred Stock 116,387 17,008 --------- --------- Total common and equivalent shares 1,749,163 1.520,313 ========= ========= Loss per common and equivalent share after preferred dividends $( .18) $ - ========= ========= Fully diluted earnings per common and common equivalent share Net loss available to common and equivalent shares $( 314,923) $( 3,759) ========= ========= Weighted average common shares outstanding 1,632,776 1,503,305 Adjustments Assumed conversion of Class B Variable Rate Cumulative Convertible Preferred Stock 116,387 17,008 --------- --------- Total common and equivalent shares 1,749,163 1.520,313 ========= ========= Loss per common and equivalent share after preferred dividends $( .18) $ - ========= =========
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5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MEDCROSS, INC AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 3-MOS DEC-31-1995 MAR-31-1995 320051 0 1778151 852347 839907 2190786 3393896 1491504 4786750 2032069 690103 12244 0 2075000 (434962) 4786750 337889 1117493 185157 185157 840617 327588 39128 (271181) 0 (283960) 0 0 0 (283960) (.18) (.18)
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