UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITES EXCHANGE
ACT OF 1934
For the quarterly period ended April 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 0-28571
--------------------
ADVANCED MEDICAL TECHNOLOGIES INC.
--------------------------------------------------
(Exact name of registrant as specified in charter)
Nevada 98-0206212
-------------------------------------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 200 - 5925 Airport Road
Toronto, Ontario, Canada L4V 1W1
------------------------------------ ---------------
(Address of principal executive offices) (Zip Code)
905-405-6280
--------------------------------------------------
Registrant's telephone number, including area code
---------------------------------------------------------------------
(Former name, address, and fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) 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 (or for such shorter period that the
registrant was required to file such reports), Yes [X] No [ ] and ( ) has been
subject to filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date.
Class Outstanding as of April 30, 2000
----------------------------------- --------------------------------
Common Stock, $0.001 per share 14,197,300
<PAGE>
INDEX
Page
PART 1. Number
------
ITEM 1. Financial Statements (unaudited)........................... 3
Balance Sheet.............................................. 4
April 30, 2000 and January 31, 2000
Statement of Operations
For the three months ended April 30, 2000 and 1999........ 5
and the period February 3, 1999 to April 30, 2000
Statement of Cash Flows
For the three months ended April 30, 2000 and 1999........ 6
and the period February 3, 1999 to April 30, 2000
Notes to the Financial Statements.......................... 7
ITEM 2. Management Discussion and Analysis......................... 9
PART 11 Other information.......................................... 10
Signatures................................................. 10
2
<PAGE>
PART 1 - FINANCIAL INFORMATION
--------------------------------------------------------------------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
The accompanying balance sheet of Advanced Medical Technologies, Inc.
(development stage company) at April 30, 2000 and the statement of operations
for the three months ended April 30, 2000 and 1999 and the period February 3,
1999 (date of inception) to April 30 ,2000, the statement of cash flows for the
three month ended April 30, 2000 and 1999, and the period from February 3, 1999
to April 30, 2000, have been prepared by the Company's management and they do
not include all information and notes to the financial statements necessary for
a complete presentation of the financial position, results of operations, and
cash flows in conformity with generally accepted accounting principles. In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature.
Operating results for the quarter ended April 30, 2000, are not necessarily
indicative of the results that can be expected for the year ending January 31,
2001.
3
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(Development Stage Company)
BALANCE SHEETS
April 30, 2000 and January 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
APR 30, Jan. 31
2000 2000
---- ----
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ -- $ 661
-------- --------
Total Current Assets $ -- $ 661
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - related parties $ 10,305 $ 1,000
Accounts payable 3,305 4,401
-------- --------
Total Current Liabilities 13,610 5,401
-------- --------
STOCKHOLDERS' EQUITY
Common stock
200,000,000 shares authorized, at $0.001 par
value, 14,197,300 shares issued and outstanding 14,197 14,197
Capital in excess of par value 29,488 29,488
Deficit accumulated during the development stage (57,295) (48,425)
-------- --------
Total Stockholders' Equity (13,610) (4,740)
-------- --------
$ -- $ 661
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(Development Stage Company)
STATEMENT OF OPERATIONS
For the three months ended April 30, 2000 and 1999 and for Period
February 3, 1999 to April 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS FEB. 3, 1999
APR. 30, APR. 30 TO APR. 30,
1999 2000 2000
---- ---- ----
<S> <C> <C> <C>
REVENUES $ -- $ -- $ --
---------- ----------- --------
EXPENSES 8,870 15,381 57,295
---------- ----------- --------
NET LOSS $ (8,870) $ (15,381) $(57,295)
========== =========== ========
NET LOSS PER COMMON SHARE
Basic $ -- $ --
=========== ===========
AVERAGE OUTSTANDING SHARES
Basic 14,197,300 13,721,085
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the three months ended April 30, 2000 and 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS
APRIL 30, APRIL 30, FEBRUARY 3, 1999 TO
1999 1999 APR. 30, 2000
---- ---- -------------
<S> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss $ (8,870) $ (15,381) $ (57,295)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Change in accounts payable 5,374 -- 10,775
Capital contribution - expenses -- -- 10,800
------- -------- --------
Net Decreases in Cash From Operations (3,496) (15,381) (35,720)
------- -------- --------
CASH FLOWS FROM INVESTING
ACTIVITIES:
-- -- --
------- -------- --------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from loans - related parties 2,835 -- 2,835
Proceeds from issuance of common stock -- 32,885 32,885
------- -------- --------
Net Increase(Decrease) in Cash (661) 17,504 --
Cash at Beginning of Period 661 -- --
------- -------- --------
CASH AT END OF PERIOD $ -- $ 17,504 $ --
======= ======== ========
SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES:
Capital contributions - expenses $ 10,800
---------
</TABLE>
The accompanying notes are an integral part of these unaudited financial
statements.
6
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
February 3, 1999 with authorized common stock of 200,000,000 shares at
$0.001 par value.
The Company was organized for the purpose of establishing a multimedia
internet based communications network between the healthcare industry
manufacturers and the key case managers in the medical field to
advertise and promote the manufacturers' products.
The Company is in the development stage.
Since its inception the Company has completed Regulation D offerings of
14,197,300 shares of its capital stock for cash.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
The Company recognizes income and expenses based on the accrual method
of accounting.
Dividend Policy
The Company has not yet adopted a policy regarding payment of
dividends.
Income Taxes
On April 30, 2000 the Company had a net operating loss carry forward of
$57,295. The tax benefit from the loss carry forward has been fully
offset by a valuation reserve because the use of the future tax benefit
is doubtful since the Company is in the development stage and has not
started operations. The net operating loss will expire in 2022.
Earnings (Loss) per Share
Earnings (Loss) per share amounts are computed based on the weighted
average number of shares actually outstanding.
Comprehensive Income
The Company adopted Statement of Financial Accounting Standards No.
130. The adoption of this standard had no impact on the total
stockholder's equity.
7
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Recent Accounting Pronouncements
The Company does not expect that the adoption of other recent
accounting pronouncements will have a material impact on its financial
statements.
Financial Instruments
The carrying amounts of financial instruments, including cash and
accounts payable, are considered by management to be their estimated
fair values.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of the
assets and liabilities, the disclosure of contingent assets and
liabilities, and the reported revenues and expenses. Actual results
could vary from the estimates that were assumed in preparing these
financial statements.
3. RELATED PARTY TRANSACTIONS
Related parties acquired 42% of the common stock issued.
4. GOING CONCERN
Management is planning to establish a multimedia internet based
communications network for the medical field. To be successful in this
effort the Company will need additional working capital.
Continuation of the Company as a going concern is dependent upon
obtaining additional working capital and the management of the Company
has developed a strategy, which it believes will accomplish this
objective through additional equity funding, and long term financing,
which will enable the Company to operate for the coming year.
There can be no assurance that management will be successful in this
effort.
8
<PAGE>
--------------------------------------------------------------------------------
ITEM 2. PLAN OF OPERATIONS
--------------------------------------------------------------------------------
The Company was organized for the purpose of establishing a multimedia internet
based communications network between the healthcare industry manufacturers and
the key case managers in the medical field to advertise and promote the
manufacturers products through a business to business e-commerce catalogue
portal to 1200 Managed Care Companies and Health Maintenance Organizations who
insure 140 million members.
Results of Operations
The Company has not started operations during this reporting period.
Liquidity and Capital Resources
The Company will need additional working capital to finance its planned activity
PART 2
--------------------------------------------------------------------------------
ITEM 5. OTHER INFORMATION
--------------------------------------------------------------------------------
Effective March 24, 2000 the Company changed its officers and directors as
follows:
Resigning officers and directors
David Luciuk President
Philip Yee Secretary/Treasurer
Newly appointed officers and directors
Irving Abrams LLB President
Mr. Abrams graduated from Osgoode Hall Law School at York University in Toronto,
Canada, and has experience in medical-legal malpractice risk management. He is
the founder of Texas Health Facilities Inc., an extended-care regional health
facility, and Interactive Satellite Networks Ltd, a company commissioned to
conduct research and development of a proposed Pan-European continuing medical
education/news television network. His work experience combines medical law
expertise with skill in film and television financing, productions, distribution
and exhibition work with a medical bias.
Michael Fisher Secretary/Treasurer
Mr. Fisher is a former Medical Editor and Columnist with the Calgary Sun
newspaper in Alberta, Canada. He has operated two consulting businesses,
including Verbmedia that is geared towards
9
<PAGE>
Internet opportunities within the medical and health care fields and online
business strategies. He is currently the VP for Exxecom.
Mindy Owen RN CRRN CCM Director
Ms Owen R.N. CRRN CCM has been working as a health care profession for 25 years,
specializing in disease state management and case management services. She is
the former President of the Case Management Society of America and Commissioner
of the Certification of Case Managers. She continues to be a Board Member of the
Illinois Case Management Network and was Charter President of the Association of
Rehabilitation Nurses. Her work history covers coporate and consulting
experience and she has held a variety of positions in the case management and
care management fields. She is presently working for Coordinated Care Solutions
as Director of Complex Care Management.
--------------------------------------------------------------------------------
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.
ADVANCED MEDICAL TECHNOLOGIES INC.
(Registrant)
Dated June 30, 2000 By //s// "Irving Abrams"
-------------------------------------- -------------------------------
Irving Abrams, President
10
