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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
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: 0-11586
INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
(Exact name of small business issuer as specified in its charter)
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Pennsylvania 23-0350710
(State or other jurisdiction of (IRS Employer Identification incorporation
or organization) No.)
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810 Lombard Street
Philadelphia, Pennsylvania 19147
(Address of principal executive offices) (Zip Code)
(215) 923-6850
(Issuer's telephone number including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of
1934 during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
State the number of shares outstanding of each of the issuers shares of common
stock, as of the latest practicable date:
as of September 30th 1999, there were outstanding 12,760,140 shares of the
Issuer's Common Stock, $.005 par value.
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
INDEX
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Page Number
PART I FINANCIAL INFORMATION
Item 1.Consolidated Financial Statements
Consolidated Balance Sheets:
March 31, 1999 and December 31, 1998 3
Consolidated Statements of Loss:
Three Months Ended March 31, 1999 and 1998 4
Consolidated Statements of Accumulated Deficit:
Three Months Ended March 31, 1998 and 1998 5
Consolidated Statements of Cash Flows:
Three Months Ended March 31, 1999 and 1998 6
Note to Consolidated Financial Statements 7
Item 2.Management's Discussion and Analysis
of Financial Condition and Results of Operations 8
PART II OTHER INFORMATION
Item 1.Legal Proceedings 8
Item 6.Exhibits and Reports on Form 8-K 8
Signatures
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
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ASSETS
Unaudited DECEMBER 31,
March 31, 1998
1999
Current assets
Cash $23,042 $23,469
Notes receivable 32,000 32,000
Advances to affiliate 62,450 62,450
Other receivables 0 0
Total assets $117,492 $117,919
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accrued payroll and rent, officer $433,475 $422,528
Accounts payable and accrued expenses 60,326 60,326
Due to affiliate 97,607 95,264
Total current liabilities 591,408 578,118
Shareholders' deficit
Common stock - $.005 par value, 50,000,000
shares authorized 63,801 63,801
12,760,140 shares issued and outstanding
Capital in excess of par value 1,072,812 1,072,812
Accumulated deficit (1,610,529) (1,596,812)
Total shareholders' deficit (473,916) (460,199)
Total liabilities and shareholders' deficit $117,492 $117,919
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The accompanying note is an integral part of these financial statements
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
(UNAUDITED)
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THREE MONTHS ENDED
March 31,
1999 1998
General and administrative expenses $14,099 $15,602
Other income
Gain on sale of securities 0 -
Interest income 383 382
Total other income 383 382
Net gain (loss) $(13,716) $(15,220)
Loss per common share outstanding ($.001) ($.001)
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The accompanying note is an integral part of these financial statements.
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE
(UNAUDITED)
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THREE MONTHS ENDED
March 31,
1999 1998
BALANCE - BEGINNING OF THE PERIOD $(1,596,812) $(1,586,561)
NET LOSS (13,717) (15,220)
BALANCE - END OF THE PERIOD $(1,610,529) $(1,601,781)
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The accompanying note is an integral part of these financial statements.
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
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THREE MONTHS ENDED
March 31,
1999 1998
Cash flows from operating activities
Net income (loss) $(13,717) $(15,220)
Adjustments to reconcile net loss to net cash used
in operating activities
Change in operating assets and liabilities
Accounts receivable 0 (728)
Accrued payroll and rent, officer 10,947 10,946
Total adjustments 10,947 10,218
Net cash provided by (used in) operating activities (2,770) (5,002)
Cash flows from investing activities
Advances from affiliates 2,343 18,787
Net cash provided by investing activities 2,343 18,787
Net increase (decrease) in cash (427) 13,785
Cash beginning 23,469 5,837
Cash ending $23,042 $19,622
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The accompanying note is an integral part of these financial statements
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INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1999
Note 1 - The unaudited financial statements presented herein have been
prepared in accordance with the instructions to
Form 10-QSB and do not include all of the information and note
disclosures required by generally accepted
accounting principles. These statements should be read in
conjunction with the financial statements and notes
thereto included in the Company's Form 10-K annual report for the
year ended December 31, 1998. In the
opinion of management, these financial statements include all
adjustments, consisting only of normal recurring
adjustments, necessary to summarize fairly the Company's financial
position and results of operations. The
results of operations for the three month period ended March 31,
1999 may not be indicative of the results that
may be expected for the year ending December 31, 1999.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
PLAN OF OPERATIONS
International Management & Research Corporation's ("IMRC") only business is
the ownership of the stock of Biosonics through IMRC Holdings ("IMRCH"). IMRC
may pursue the acquisition of additional operating companies. However, IMRC
has an agreement with Biosonics in which Biosonics has the right of first
refusal for any proposal in the health care industry.
IMRC has not actively traded in the last several months. IMRC, when traded,
is over-the-counter on the NASD Bulletin Board.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The Company had no operating activities except for certain services provided
in connection with IMRCH's holding of Biosonics' common stock.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
*3.1 Articles of Incorporation (Exhibit to Registrant's Registration
Statement on Form 10 ["Form 10"]).
*3.5 By-laws of Registrant, as amended. (Exhibit to Registrant's Form
10)
27. Financial Data Schedule
(b) Reports on Form 8-K:
The Registrant did not file any reports on Form 8-K during the quarter
ended March 31, 1999.
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 thereunder duly authorized.
INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
Date: June 2, 1999 By: /s/Jack Paller
Jack Paller, President, Chairman
(Principal Executive Officer), Principal
Financial Officer and Principal Accounting
Officer and Sole Director
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<NAME> INTERNATIONAL MANAGEMENT & RESEARCH CORP
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<PERIOD-TYPE> 3-MOS
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