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U.S. SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
( X ) Amended Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarter period of December 31, 1996.
( ) Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from to .
Commission File Number 0-9185
MEDCO HEALTH CORPORATION
(Formerly Williston Oil Corporation)
Nevada 22-1934084
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
532 Sylvan Avenue
Englewood Cliffs, New Jersey 07632
(address of Principal Executive Offices) (Zip Code)
(201)541-8444
(Registrant's telephone number, including area code)
Securities registered under Section 12(b) of the Exchange Act:
None
Securities registered under Section 12(g) of the Exchange Act:
Class A Common Stock, $.001 Par Value
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months
(or for such shorter period that registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past
ninety (90) days. YES ( X )( ).
Applicable Only to Corporate Issuers
State the number of shares outstanding of each of the issuer's classes of
common equity:
36,695,543 Shares of Class A Common Stock, $.001 par value
1,250,000 Shares of Class B Common Stock, $.001 par value
Transitional Small Business Disclosure Format
YES ( X ) NO ( X )
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Item 1. Financial Statements
The financial statements of the company, required to be included in this
report pursuant to Item 310(a) of Regulation S-13, are set forth below:
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Medco Health Corporation (formerly Medco, Inc.)
(A Development Stage Company)
Statements of Operations
<TABLE>
<CAPTION>
Cumulative
Three months Six months Period from
ended ended July 1, 1994
December 31, December 31, (Date of
----------------------------- -------------------------- Inception) to
1995 1996 1995 1996 December 31, 1996
------------- ------------ ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Revenues $ -- $ -- $ -- $ -- $ 83,069
Cost of sales 179 -- -- -- 16,939
------- ------- ------- ------- --------
Gross profit (179) -- -- -- 66,130
------- ------- ------- ------- --------
General and administrative expenses:
Payroll -- officers -- -- -- 32,390 39,890
Payroll -- other -- -- -- 8,000 23,689
Taxes and licenses 146 1,564 246 4,082 6,382
Management fees -- 2,850 -- 3,915 9,840
Commission expense 6,737 -- 13,871 200 8,600
Travel -- -- -- 450 7,324
Miscellaneous -- 354 750 1,995 2,745
Bad debt -- -- -- -- 60,746
Insurance -- 5,389 605 8,169 13,457
Supplies -- 200 230 2,470 2,470
Advertising 370 -- 396 -- 1,844
Truck and auto expenses 124 124 360 870 4,372
Rent 1,500 8,750 3,000 11,000 22,075
Telephone 340 528 1,579 606 7,419
Utilities 225 300 414 434 2,559
Repairs and maintenance -- -- 138 35 987
Office expense 98 25 497 219 1,887
Seminars 68 -- 68 -- 648
Professional fees -- -- 1,000 4,045 11,718
Depreciation and amortization 2,627 2,650 5,254 5,300 19,134
------- ------- ------- ------- --------
12,235 22,734 28,408 84,180 247,786
------- ------- ------- ------- --------
</TABLE>
See Notes to Financial Statements
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Medco Health Corporation (formerly Medco, Inc.)
(A Development Stage Company)
Statements of Operations
<TABLE>
<S> <C> <C> <C> <C> <C>
Operating loss (12,414) (22,734) (26,510) (84,180) (181,656)
Gain (loss) on equipment -- -- -- 59,800 26,172
--------- ---------- ---------- --------- ----------
Loss before provision for income taxes (12,414) (22,734) (26,510) (24,380) (155,484)
Provision for income taxes -- -- -- -- 827
--------- ---------- ---------- --------- ----------
Net loss $(12,414) $(22,734) $(26,510) $(24,380) $(156,311)
========= ========= ========= ========= ==========
Net loss per common share $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= ==========
</TABLE>
See Notes to Financial Statements
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Item 2. Management's Discussion and Analysis of
Financial Condition and Result of Operations
The following is management's discussion and analysis of significant
factors which have affected the Registrant's financial position and operations
during the fiscal quarter that ended December 31, 1996.
Liquidity and Capital Resources
The activities of the registrant since its reorganization on January
16, 1996 have been financed by various loans.
The company currently owns three vehicles, a Land Cruiser, a BMW, and a
Dodge Colt. The company will also own the laboratory, including all of its
furnishings, once it is complete.
The company currently had a negative net worth. There is no assurance
that the company will, in fact, be able to raise adequate funding and actually
expand its operations as contemplated, or even to bring its present operations
to a profitable level.
Results of Operations
The company's revenues from its date of inception until December 31,
1996 is $83,069.00. However, the company had no revenue for the three months
that ended December 31, 1996.
The management of the company has continued to devote the company's
resources to the completion of the clinical laboratory in Engelwood Cliffs, New
Jersey.
Item 6. Exhibits and Reports on Form S-K
(a) Exhibits filed herewith:
None
(b) Current reports on Form 10KSB; dated April 17, 1997, filed with the
Securities and Exchange Commission.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
MEDCO HEALTH CORPORATION
By: /s/ FAHIM SAHRAIE
----------------------------
FAHIM SAHRAIE
President/Director
By: /s/ HASHEM SAHRAIE
---------------------------
HASHEM SAHRAIE
Secretary/Director
