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 July 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 0-28571
--------------------------------------
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 July 31, 2000
----------------------------------- -------------------------------
Common Stock, $0.001 per share 14,197,300
<PAGE>
ANDERSEN ANDERSEN & STRONG, L.C. 941 East 3300 South, Suite202
-------------------------------- Salt Lake City, Utah 84106
Certified Public Accountants and Business Consultants
Telephone 801-486-0096
Fax 801-486-0098
REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
Advanced Medical Technologies Inc.
We have reviewed the condensed balance sheet of Advanced Medical Technologies
Inc. (development stage company) as of July 31, 2000 and January 31, 2000 and
the related condensed statements of operations and the condensed statement of
cash flows for the three and six months ended July 31, 2000 and 1999 and the
period February 3, 1999 (date of inception) to July 31, 2000. These financial
statements are the responsibility of the company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with generally accepted accounting principles.
/s/ "Andersen Andersen and Strong"
Salt Lake City, Utah
September 15, 2000
<PAGE>
INDEX
<TABLE>
<CAPTION>
Page
PART 1. Number
------
<S> <C>
ITEM 1. Financial Statements (unaudited)......................................... 3
Balance Sheet............................................................ 4
July 31, 2000 and January 31, 2000
Statement of Operations
For the three months ended July 31, 2000 and
1999, the six months ended July 31, 2000 and
1999 and the period February 3, 1999 to July 31, 2000 .............. 5
Statement of Cash Flows
For the six months ended July 31, 2000 and 1999........................ 6
and the period February 3, 1999 to July 31, 2000
Notes to the Financial Statements......................................... 7
ITEM 2. Management Discussion and Analysis........................................ 9
PART 11 Other information........................................................
Signatures............................................................... 10
</TABLE>
<PAGE>
PART 1 - FINANCIAL INFORMATION
--------------------------------------------------------------------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
The accompanying balance sheet of Advanced Medical Technologies, Inc.
(development stage company) at July 31, 2000 and January 31, 2000 and the
statement of operations for the three months ended July 31, 2000 and 1999, the
six months ended July 31, 2000 and 1999 and the period February 3, 1999 (date of
inception) to July 31 ,2000, the statement of cash flows for the six month ended
July 31, 2000 and 1999, and the period from February 3, 1999 to July 31, 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 July 31, 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
July 31, 2000 and January 31, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
JULY 31, Jan. 31
2000 2000
---- ----
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 1,143 $ 661
--------- -------
Total Current Assets $ 1,143 $ 661
========= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - related parties $ 19,422 $ 1,000
Accounts payable 12,146 4,401
------- ------
Total Current Liabilities 31,568 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 (74,110) (48,425)
-------- ---------
Total Stockholders' Equity (Deficiency) (30,425) (4,740)
-------- -------
$ 1,143 $ 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 July 31, 2000 and 1999, for the six months ended
July 31, 2000 and 1999 and for the period
February 3, 1999 to July 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
THREE MONTHS SIX MONTHS FEB. 3, 1999
JULY 31 JULY 31 JULY 31 JULY 31, TO JULY 31
2000 1999 2000 1999 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
REVENUES $ -- $ -- $ -- $ -- $ --
---------- --------- -------- --------- --------
EXPENSES 16,814 10,075 25,685 15,730 74,110
---------- --------- -------- --------- --------
NET LOSS $ (16,814) $ (10,075) $ (25,685) $ (15,730) $ (74,110)
========== ========= ======== ======== ========
NET LOSS PER COMMON SHARE
Basic $ -- $ -- $ -- $ --
---------- --------- -------- --------
AVERAGE OUTSTANDING SHARES
Basic 14,197,300 14,197,300 14,197,300
========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
For the six months ended
July 31, 2000 and 1999 and for the period
from February 3, 1999 (Date of Inception) to July 31, 2000
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>
FOR THE SIX FOR THE SIX FROM INCEPTION
MONTHS ENDED MONTHS ENDED TO
JULY 31, 2000 JULY 31, 1999 JULY 31, 2000
------------- ------------- -------------
<S> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net loss $ (25,685) $ (15,730) $ (74,110)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Increase in accounts payable 7,745 (2,505) 12,146
Capital contribution - expenses -- 2,700 10,800
-------- --------- -------
Net Cash (Deficiency) from Operations (17,940) (15,535) (51,164)
-------- -------- -------
CASH FLOWS FROM INVESTING
ACTIVITIES: -- -- --
-------- -------- -------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from loans - related parties 18,422 -- 19,422
Proceeds from issuance of common
Stock -- 23,459 32,885
-------- -------- -------
Net Increase in Cash 482 7,924 1,143
Cash at Beginning of Period 661 -- --
-------- -------- -------
CASH AT END OF PERIOD $ 1,143 $ 7,624 $ 1,143
======== ======== =======
</TABLE>
The accompanying notes are an integral part of these unaudited financial
statements.
6
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
July 31, 2000
(Unaudited - Prepared by Management)
1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on
February 3, 1999 with the 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 July 31, 2000 the Company had a net operating loss carry forward of
$74,110. 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.
7
<PAGE>
ADVANCED MEDICAL TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
July 31, 2000
(Unaudited - Prepared by Management)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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.
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 43% of the common stock issued.
5. 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's management is in the process of reviewing the various options it
has available to develop the Company. To date there has not been a great deal of
interest in the Company's project and no customers have indicated a desire to
use the facilities of the Company's web sit on the Internet. Therefore,
management is considering other avenues whereby it could develop a revenue flow
to meet its monthly expenses.
Liquidity and Capital Resources
The Company will need additional working capital to finance its activities. The
additional working capital may be obtained through additional equity funding and
long term financing or maybe by way of loans or advances from its directors and
officers.
Results of Operations
The Company has had no operations during this reporting period.
9
<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.
ADVANCED MEDICAL TECHNOLOGIES INC.
(Registrant)
September 15, 2000 /s/ "Michael G. Fisher"
----------------------------------
Michael G. Fisher
Director
10
