-----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, M9Jc4H71Muq962g8B7KlPBDUu3cbnurFugJrQMhoL6c6SpeZfe0Bb7teTl+SZ3v9 jBH1Is0vnB001F6VC1yRGg== 0001016843-98-000582.txt : 19981102 0001016843-98-000582.hdr.sgml : 19981102 ACCESSION NUMBER: 0001016843-98-000582 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981030 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUMED SURGICAL INC CENTRAL INDEX KEY: 0000921878 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HEALTH SERVICES [8000] IRS NUMBER: 341755390 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-24362 FILM NUMBER: 98733767 BUSINESS ADDRESS: STREET 1: 6505 ROCKSIDE RD STREET 2: STE 425 CITY: INDEPENDENCE STATE: OH ZIP: 44131 BUSINESS PHONE: 2165736522 MAIL ADDRESS: STREET 1: 6505 ROCKSIDE RD STREET 2: STE 425 CITY: INDEPENDENCE STATE: OH ZIP: 44131 10QSB 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 ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 0-24362 NUMED SURGICAL, INC. -------------------------------------------------- (Exact name of small business issuer in its charter) STATE OF NEVADA 34-1755390 - ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7270 SAWGRASS POINT DRIVE, PINELLAS PARK, FL 33782 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (813) 524-3227 Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Name of each exchange on which registered) None Not applicable Securities registered pursuant to Section 12(g) of the Act: COMMON STOCK, PAR VALUE $.001 PER SHARE --------------------------------------- (Title of Class) INDICATE BY CHECK MARK 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 [ ] THE NUMBER OF SHARES OUTSTANDING OF THE ISSUER'S COMMON STOCK AT $.001 PAR VALUE AS OF OCTOBER 20, 1998, WAS 8,775,685. FORM 10-QSB 1 NUMED SURGICAL, INC. STATEMENTS OF NET DEFICIENCY IN LIQUIDATION SEPTEMBER 30, MARCH 31, 1998 1998 ------------- --------- (UNAUDITED) (AUDITED) ASSETS Current assets: Cash $ 4,714 8,254 Accounts receivable 13,270 13,270 Allowable for bad debts (13,270) (13,270) -------- -------- Total assets $ 4,714 8,254 ======== ======== LIABILITIES AND NET DEFICIENCY Current liabilities: Accounts payable 875 3,875 Accrued expenses 16,437 16,437 -------- -------- Total current liabilities 17,312 20,312 -------- -------- Net deficiency in liquidation, attributable to 8,775,685 shares $(12,598) (12,058) ======== ========
NUMED SURGICAL, INC. STATEMENT OF CHANGES IN NET DEFICIENCY IN LIQUIDATION (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 1998 1997 ------------ -------- Increase in net liabilities in liquidation: Sales $ -- -- Bad debt recovery -- 3,101 Decreases in net liabilities in liquidation: Professional fees 500 500 Office expense 40 176 ----------- ----------- Increase (decrease) in net liabilities in liquidation (540) 2,425 Beginning net liabilities in liquidation (12,058) (32,137) ----------- ----------- Ending net liabilities in liquidation $ (12,598) (29,712) =========== =========== Gain (loss) per share: Gain (loss) attributable to common stockholders$ (540) 2,425 =========== =========== Net gain (loss) per common share (basic and diluted) $ -- -- =========== =========== Weighted average common stock outstanding (basic and diluted) 8,775,685 8,775,685 =========== ===========
NUMED SURGICAL, INC. STATEMENT OF CHANGES IN NET DEFICIENCY IN LIQUIDATION (UNAUDITED) SIX MONTHS ENDED SEPTEMBER 30, 1998 1997 ---------- -------- Increase in net liabilities in liquidation: Sales $ -- 3,918 Bad debt recovery -- 3,101 Decreases in net liabilities in liquidation: Cost of goods sold -- 8,109 Professional fees 3,875 12,000 Occupancy -- 6,432 Office expense 60 176 Other -- 5,716 ----------- ----------- Decrease in net liabilities in liquidation (3,935) (25,414) Beginning net assets in liquidation (8,663) (4,298) ----------- ----------- Ending net liabilities in liquidation $ (12,598) (29,712) =========== =========== Loss per share: Loss attributable to common stockholders $ (3,935) (25,414) =========== =========== Net loss per common share (basic and diluted) $ -- -- =========== =========== Weighted average common stock outstanding (basic and diluted) 8,775,685 8,775,685 =========== =========== NUMED SURGICAL, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE A - BASIS OF PRESENTATION GENERAL: The accompanying interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of the Company's management necessary to present fairly the financial position as of September 30, 1998. The results for the three months ended September 30, 1998 are not necessarily indicative of results to be expected for the full year. References should be made to the Company's Form 10-KSB for the year ended March 31, 1998, for additional disclosure. ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION: The following is an analysis of the operations of NuMed Surgical for the three months ended September 30, 1998 and 1997 and should be read in conjunction with the Company's financial statements that appear elsewhere in this report. RESULTS OF OPERATIONS: The Company ceased operations on April 1, 1997 and liquidated the "patient positioning" assets. The Company ceased operations due to continued losses caused by increased competition and the loss of exclusivity of patient positioning products. Also, the Company was never able to find an acceptable industry partner to enter into a joint venture on the Liftmate Product which was acquired in 1995. The Company did not have adequate internal resources to pursue the "Liftmate" market on its own. The "patient positioning" product line was where most of the sales of the Company were coming from since the inception of the Company. The Company had no sales activity for the three months ended September 30, 1998. This decrease is due to the fact that the Company ceased operations. FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES: The Company's cash and cash equivalents at September 30, 1998 and March 31, 1998 were $4,714 and $8,274, respectively. The change is minimal due to the Company's liquidation. PART II: OTHER INFORMATION ITEMS 1 - 5: Not Applicable ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits: 27 Financial Data Schedule (for SEC use only) b. Reports on Form 8-K: None 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. Date: October 20, 1998 ------------------------------------------ JUGAL K. TANEJA CEO, Chief Accounting Officer and Director EX-27 2
5 YEAR SEP-30-1998 APR-01-1998 SEP-30-1998 4,714 0 13,270 (13,270) 0 0 0 0 875 16,437 0 0 0 0 17,312 0 0 0 0 0 540 0 0 (540) 0 (540) 0 0 0 (540) 0 0
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