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Previous: VIKING BROADCASTING CORP /NY, 10-Q, EX-27, 2000-10-10 |
Next: VIKING BROADCASTING CORP /NY, 10-Q, EX-27, 2000-10-10 |
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 quarterly period ended September 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 for the transition period from
__________________ to __________________
Commission File Number 0-23957
CIK 0001058549
MEDITECNIC, INC.
(Exact Name of Registrant as specified in its Charter)
Delaware 87-0430532
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
24351 Pasto Road, Suite B, Dana Point, California 92629
(Address of Principal Executive Offices) (Zip Code)
(949) 489-2400
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) 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 (of for such shorter period that the
Registrant was required to file such reports) and (ii) has been subject to such
filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.
Common Stock, $.001 par value 7,527,545
Title of Class Number of Shares outstanding
at September 30 ,1999
No exhibits included.
1
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
December 31, September 30,
1998 1999
Current Assets
<S> <C> <C>
Cash and Cash Equivalents 860,288 510,370
Interest Receivable 3,056 6,358
Marketable Securities 1,585,467 1,605,160
Total Current Assets 2,448,811 2,121,888
Other Assets - Patents 637,260 637,260
Note Receivable - non current 136,943
TOTAL ASSETS $ 3,086,071 $ 2,896,091
LIABILITIES AND STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
authorized; 1,000 shares of Series A Preferred
Stock issued and outstanding 1 1
Common Stock, $.001 par value; 20,000,000 shares
authorized; 7,527,485 shares issued
and outstanding 7,528 7,528
Additional paid-in Capital 3,075,055 3,075,055
Accumulated deficit during the development stage (7,623) (198,491)
Accumulated other comprehensive income 11,110 11,998
TOTAL STOCKHOLDERS' EQUITY 3,086,071 2,896,091
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 3,086,071 $ 2,896,091
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE NINE MONTHS FOR THE THREE FROM
ENDED MONTHS ENDED March 24, 1998
September 30, September 30, TO
1999 1998 1999 1998 September 30, 1999
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 21,732 25,502 16,451 15,477 70,868
Research and Development 204,513 20,752 28,282 18,530 231,575
TOTAL OPERATING EXPENSES 226,245 46,254 44,733 34,007 302,443
Net Operating Income (226,245) (44,733) (34,007) (302,443)
OTHER INCOME (LOSS)
Interest Income 20,456 7,860 23,511
Interest Expense (4,772) (1,832) (9) (1,638) (6,604)
Marketable Securities Gains (Losses) 19,693 830 87,045
Total Other Income 35,377 (1,832) 8,681 (1,638) 103,952
NET (LOSS) $ (190,868) (48,086) (36,052) (32,369) (198,491)
NET (LOSS) PER SHARE $ (.03) $ (Nil) $ (Nil) $ (Nil)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 7,527,485 7,527,485 7,527,485 7,527,485
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE NINE MONTHS FOR THE THREE FROM
ENDED MONTHS ENDED March 24, 1998
September 30, September 30, TO
1999 1998 1999 1998 September 30, 1999
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net (Loss) $ (190,868) $ (48,086) $ (36,052) $ (32,369) $ (198,491)
Increase - Interest Receivable (3,302) (6,184) (6,358)
Increase in other comprehensive
Income (Loss) 888 12,689 12,689 11,998
Initial Deficit 28
Increase (decrease) in accounts
payable - patent (587,047)
Net cash flows from operating
activities (193,282) (35,397) (42,236) (606,727) (192,823)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used for Patent Acquisition (637,260) (637,260)
Increase in Marketable Securities (19,693) (830) (1,605,160)
Increase in Note Receivable (136,943) (1,677) (136,943)
(156,636) (637,260) (2,507) (2,379,363)
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of Common Stock 3,082,556 2,980,821 3,082,556
Net Cash flows from financing
activities 3,082,556 2,980,821 3,082,556
NET INCREASE (DECREASE) IN CASH (349,918) 2,409,899 (44,743) 2,374,094 510,370
CASH BALANCE AT BEGINNING
OF PERIOD 860,288 555,113 35,805
CASH BALANCE AT END OF
PERIOD $ 510,370 $ 2,409,899 $ 510,370 $ 2,409,899 $ 510,370
Supplemental Cash Flow Information
Cash Paid for
Interest 4,772 1,832 9 1,638 6,604
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 1998
1. Comments
The accompanying financial statements are unaudited, but in the opinion
of the management of the Company, contain all adjustments, consisting of only
normal recurring accruals, necessary to present fairly the financial position
at December 31, 1998, the results of operations for the three and nine months
ended September 30, 1998 and 1997, and the cash flows for the three and nine
months ended September 30, 1998 and 1997.
Reference is made to the Company's Form 10-SB. The results of
operations for the three and nine months ended September 30, 1998 are not
necessarily indicative of the results of operations to be expected for the
full fiscal year ending December 31, 1999.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL
CONDITION
The Company has limited working capital and no activities.
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS - None
Item 2. CHANGES IN SECURITIES - None
Item 3. DEFAULTS UPON SENIOR SECURITIES - None
Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None
Item 5. OTHER INFORMATION - None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits--None
Reports on Form 8-K--None.
5
<PAGE>
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 thereunto duly authorized.
MEDITECNIC, INC.
Date: October 2, 2000 By: /s Finn Robert-Tissot
Finn Robert-Tissot
Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
6
<PAGE>
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