U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the period ended October 31, 1997
------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [No Fee Required]
For the transition period from to
--------------
Commission File number 0-21019
-------
INNOVATIVE MEDICAL SERVICES
---------------------------
(Name of small business issuer in its charter)
California 33-0530289
- ------------------------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1725 Gillespie Way, El Cajon, California 92020
----------------------------------------------
(Address of principal executive offices)
619 596 8600
------------
Issuer's telephone number
Check whether the issuer (1) filed all reports 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
------ ------
State the number of shares outstanding of each of the issuer's classes
of common equity as of the latest practicable date 3,532,851 as of October
31, 1997.
<PAGE>
INNOVATIVE MEDICAL SERVICES
STATEMENTS OF INCOME (Unaudited)
- -----------------------------------------------------------------------------
FOR THE THREE MONTHS ENDED
OCTOBER 31, 1997
1997 1996
--------------------------
Net sales $ 435,259 $ 219,668
Cost of sales 248,418 160,766
---------- ----------
Gross profit 186,841 58,902
---------- ----------
Selling expenses 152,463 33,297
General and Administrative expenses 389,199 159,248
Research and development 53,265 -
---------- ----------
Total operating costs 594,927 192,545
---------- ----------
Operating income (loss) (408,086) (133,643)
---------- ----------
Other income and (expense):
Interest income - 44,769
Dividend income 21,709 -
---------- ----------
Total other income (expense) 21,709 44,769
---------- ----------
Income (loss) before income taxes (386,377) (88,874)
Federal and state income taxes 200 200
---------- ----------
Net income (loss) $ (386,577) $ (89,074)
========== ==========
Net (loss) per common share $ (0.07) $ (0.03)
========== ==========
STATEMENTS OF ACCUMULATED DEFICIT
- -----------------------------------------------------------------------------
(unaudited)
Three Months
Ended Year Ended
October 31, July 31,
1997 1997
------------------------
Balance, beginning of period $(2,198,588) $ (791,274)
Net income (loss) (386,577) (1,407,314)
---------- ----------
Balance, end of period $(2,585,165) $(2,198,588)
========== ==========
<PAGE>
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INNOVATIVE MEDICAL SERVICES
(Registrant)
By: /s/ MICHAEL L. KRALL
--------------------------------
Michael L. Krall, President/CEO
By: /s/ GARY BROWNELL
--------------------------------
Gary Brownell,
Chief Financial Officer
