|
|
|
|
|
|
|
|
|
|
Previous: VIKING BROADCASTING CORP /NY, 10KSB, 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 March 31, 2000
[ ] 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
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.)
14 Quai du Seujet, Geneva, Switzerland CH-1201
(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 7,527,485
Title of Class Number of Shares outstanding
at March 31, 2000
No exhibits included.
1
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1999 2000
CURRENT ASSETS
<S> <C> <C>
Cash $ 267,820 $ 116,872
Interest Receivable 9,597 6,531
Marketable Securities 1,657,600 1,678,870
Total Current Assets 1,935,017 1,802,273
Other Assets
Patent 637,260 697,650
Deposits 234,066 296,896
Note Receivable - Non-current 134,093 158,717
TOTAL ASSETS $ 2,940,436 $ 2,955,536
LIABILITIES AND STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
authorized; 1,000 shares 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 (148,655) (130,708)
Accumulated Other Comprehensive Income 6,507 3,660
TOTAL STOCKHOLDERS' EQUITY 2,940,436 2,955,536
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 2,940,436 $ 2,955,536
</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 THREE FROM
MONTHS ENDED March 24, 1998
March 31, TO
2000 1999 March 31, 2000
<S> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 3,732 11,478 81,286
Research and Development 1,040 168,037 234,610
TOTAL OPERATING EXPENSES 4,772 179,516 315,896
NET OPERATING INCOME (4,772) (179,516) (315,896)
OTHER INCOME (LOSS)
Interest Income 1,676 5,725 31,762
Interest Expense (227) (4,583) (7,301)
Gain in Marketable Securities 21,270 8,193 160,755
22,719 9,335 185,216
NET INCOME (LOSS) 17,947 $ (170,181) $ (130,708)
NET INCOME (LOSS) PER SHARE $ .00 $ (.02)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 7,527,485 7,527,485
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE THREE FROM
MONTHS ENDED March 24, 1998
March 31, TO
2000 1999 March 31, 2000
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C>
Net Income (Loss) $ 17,947 $ (170,181) $ (130,660)
Increase in Interest Receivable 3,066 2,882 (6,531)
Increase in Other Comprehensive Income (2,847) 888 3,660
Net cash flows from operating
activities 18,166 (166,411) (133,531)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used For Deposit (62,830) (296,896)
Increase in Note Receivable (24,624) (158,717)
Cash Used For Patent Acquisition (60,390) (697,650)
Increase In Marketable Securities (21,270) (8,193) (1,678,870)
Net Cash flows from investing activities (169,114) (8,193) (2,832,133)
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of Common Stock 3,082,556
Net Cash flows from financing
activities 10,622 3,082,556
NET INCREASE (DECREASE) IN CASH (150,948) (174,604) 116,872
CASH BALANCE AT BEGINNING
OF PERIOD 267,820 860,288 --
CASH BALANCE AT END OF
PERIOD $ 116,872 $ 685,684 $ 116,872
Cash paid for Interest 227 4,583 7,301
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 2000
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
March 31, 2000, the results of operations for the three months ended March 31,
2000 and 1999, and the cash flows for the three months ended March 31,
2000 and 1999.
Reference is made to the Company's Form 10-KSB for the year ended
December 31, 1999. The results of operations for the three months ended March
31, 2000 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2000.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The Company's research and development efforts continued in the first
quarter of 2000. Additional patents were purchased from Meditecnic SA an
unaffiliated party, who performs research and development for the Company for
consideration of $60,390, an additional loan was made to Meditecnic SA of
$24,624, and a further CHF 100,000 ($62,830) was paid on deposit for the
purchase of Meditecnic SA. The Company realized a gain due to the increase in
market value of publicly traded securities it owns.
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 Rbbert-Tissot
Finn Robert-Tissot,
Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
6
<PAGE>
|
|