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Previous: RAVEN MOON INTERNATIONAL INC, 10QSB, EX-27, 2000-11-03 |
Next: HYPERTENSION DIAGNOSTICS INC /MN, 8-K, 2000-11-03 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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
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, 2000
No exhibits included.
1
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
December 31, September 30,
1999 2000
Current Assets
<S> <C> <C>
Cash and Cash Equivalents 267,820 868,757
Interest Receivable 9,597 10,499
Marketable Securities 1,657,600 749,210
Total Current Assets 1,935,017 1,628,466
Other Assets - Patents 637,260 697,650
Note Receivable - non current 134,093 276,887
Deposits 234,066 296,896
TOTAL ASSETS $ 2,943,486 $ 2,899,899
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 (148,655) (185,356)
Accumulated other comprehensive income 6,507 2,671
TOTAL STOCKHOLDERS' EQUITY 2,943,486 2,899,899
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 2,943,486 $ 2,899,899
</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
2000 1999 2000 1999 September 30, 2000
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 24,143 21,732 8,562 16,451 101,697
Research and Development 13,047 204,513 4,971 28,282 246,617
TOTAL OPERATING EXPENSES (37,190) 226,245 (13,533) 44,733 348,314
Net Operating Income (37,190) (226,245) (13,533) (44,733) (348,314)
OTHER INCOME (LOSS)
Interest Income 8,309 20,456 1,984 7,860 38,395
Interest Expense (887) (4,772) (17) (9) (7,961)
Marketable Securities Gains (Losses) (6,933) 19,693 (53,983) 830
132,552
Total Other Income 489 35,377 (52,016) 8,681 162,986
NET (LOSS) $ (36,701) (190,868) (65,549) (36,052) (185,328)
NET (LOSS) PER SHARE $ (Nil) $ (.03) $ (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
2000 1999 2000 1999 September 30, 2000
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net (Loss) $ (36,701) $ (190,868) $ (65,549) $ (36,052) $ (185,328)
Increase - Interest Receivable (902) (3,302) (1,984) (6,184) (10,499)
Increase in other comprehensive
Income (Loss) (3,836) 888 (476) 2,671
Net cash flows from operating
activities (41,439) (193,282) (68,009) (42,236) (193,156)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used for Patent Acquisition (60,390) (637,260) (697,650)
Increase in Marketable Securities 908,390 (19,693) 955,440 (830) (749,210)
Increase in Note Receivable (142,794) (136,943) (59,470) (1,677) (276,887)
642,376 (156,636) 895,970 (2,507) (2,020,643)
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of Common Stock 3,082,556
Net Cash flows from financing
activities 3,082,556
NET INCREASE (DECREASE) IN CASH 600,937 (349,918) 827,961 (44,743) 868,757
CASH BALANCE AT BEGINNING
OF PERIOD 267,820 860,288 40,796 555,113
CASH BALANCE AT END OF
PERIOD $ 868,757 $ 510,370 $ 868,757 $ 510,370 $ 868,757
Supplemental Cash Flow Information
Cash Paid for
Interest 887 4,772 17 9 7,961
Cash used for deposits (62,830) (296,896)
</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, 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 September 30, 2000, the results of operations for the three and nine months
ended September 30, 2000 and 1999, and the cash flows for the three and nine
months ended September 30, 2000 and 1999.
Reference is made to the Company's Form 10-KSB. The results of
operations for the three and nine months ended September 30, 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 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:
Pierre Chamay
President and Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
6
<PAGE>
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