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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 June 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.)
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 June 30, 2000
No exhibits included.
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<PAGE>
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
December 31, June 30,
1999 2000
Current Assets
<S> <C> <C>
Cash 267,820 40,796
Interest Receivable 9,597 8,515
Marketable Securities 1,657,600 1,704,650
Total Current Assets 1,935,017 1,753,961
Other Assets - Patent 637,260 697,650
Note Receivable - non-current 134,093 217,417
Deposits 234,006 296,896
TOTAL ASSETS $ 2,943,436 $ 2,965,924
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; 7,527,588 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) (119,807)
Accumulated other comprehensive income 6,507 3,147
TOTAL STOCKHOLDERS' EQUITY 2,943,436 2,965,924
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 2,943,436 $ 2,965,924
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE SIX MONTHS FOR THE THREE FROM
ENDED MONTHS ENDED March 24, 1998
June 30, June 30, TO
2000 1999 2000 1999 June 30, 2000
<S> <C> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 15,581 5,279 11,849 1,994 93,135
Research and Development 8,076 176,231 7,036 -- 241,646
TOTAL OPERATING EXPENSES 23,657 181,510 18,885 1,994 334,781
Net Operating Income (Loss) (23,657) (181,510) (18,885) (1,994) (334,781)
Other Income (Loss)
Interest Income 6,325 12,595 4,649 6,871 36,411
Interest Expense (870) (4,763) (643) (180) (7,944)
Marketable Securities Gain (Loss) 47,050 18,863 25,780 (10,670) 186,535
Total Other Income (Loss) 52,505 26,695 29,786 17,361 215,002
NET INCOME (LOSS) $ 28,848 (154,815) 10,901 15,366 $ (119,779)
NET INCOME (LOSS) PER SHARE $ Nil $ (.02) $ 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.
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<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
CUMULATIVE
FOR THE SIX MONTHS FOR THE THREE FROM
ENDED MONTHS ENDED March 24, 1998
June 30, June 30, TO
2000 1999 2000 1999 June 30, 2000
CASH FLOWS FROM OPERATING
ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net Income (Loss) $ 28,848 $ (154,815) $ 10,901 $ 15,365 $ (119,779)
Increase - Interest Receivable 1,082 2,882 (1,984) -- (8,515)
Increase in Other Comprehensive (3,360) 888 (513) -- 3,147
Net cash flows from operating
activities 26,570 (151,045) 8,404 15,365 (125,147)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used for patent acquisition (60,390) (697,650)
Increase in Marketable Securities (47,050) (18,863) (25,780) (10,670) (1,704,650)
Cash used for deposits (62,830) (296,896)
Increase in Note Receivable (83,324) (135,266) (58,700) (135,266) (217,417)
Net Cash used in Investing Activities (235,594) (154,129) (84,480) (145,936) (2,916,613)
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 (227,024) (305,175) (76,076) (130,571) 40,796
CASH BALANCE AT BEGINNING
OF PERIOD 267,820 860,288 116,872 685,684
CASH BALANCE AT END OF
PERIOD $ 40,796 $ 555,113 $ 40,796 $ 555,113 $ 40,796
Cash Paid for Interest 870 4,763 643 180 7,944
</TABLE>
See accompanying Notes to Financial Statements.
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<PAGE>
MEDITECNIC, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
June 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 June 30, 2000, the results of operations for the three and six
months ended June 30, 2000 and 1999, and the cash flows for the three and six
months ended June 30, 2000 and 1999.
The results of operations for the three and six months ended June 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's research and development activities contrast in the
quarter and six months ended June 30, 2000. The Company loaned an additional
$58,700 to Meditecnic SA in the quarter.
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
Einn Robert-Tissot,
Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
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