FFoorrmm 10Q
.
. UNITED STATES
. SECURITIES AND EXCHANGE COMMISSION
. Washington, DC 20549
.
.[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE
. SECURITIES EXCHANGE ACT OF 1934 FOR THE NINE MONTHS
ENDED: FEBRUARY 28, 1999.
.
. OR
.
.[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES ACT OF 1934 FOR
.
.
.Commission file number 33-1534-D
.
. ASTHMA DISEASE MANAGEMENT INC.,
. (FORMERLY IRT HOLDING CORPORATION)
(Exact name of registrant as specified in its charter)
.
.
. Delaware 22-3253496
(State or other jurisdiction of (I.R.S. Employer
.incorporation or organization) Identification No.)
.
.
.272 South White Horse Pike, Berlin, NJ 08009
.(Address of principal executive offices) (Zip Code)
.
.
. 1-800-448-8199
. (Telephone number)
.
.
. Indicate by check mark whether the registrant (1) had
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 such shorter periods 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
.
.
. Indicate the number of shares outstanding of each of
the issuer's classes of common stock, as of the latest
practicable date.
.
.
. Class Outstanding at 02/28/99
.(Common Stock, $.001 par value) 67,313,635
ASTHMA DISEASE MANAGEMENT INC.
. (FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
.
.
. INDEX
.
.
.PART I. FINANCIAL INFORMATION
.
.Item 1. Financial Statements (unaudited)
.
Balance Sheet February 28, 1999
.Statements of Operations-Six months ended February 28, 1999
.Statements of Cash Flows-Six months ended February 28, 1999
.Notes to Financial Statements- February 28, 1999
.
.
.
.PART II. OTHER INFORMATION
.
.Item 1. Legal proceedings
.Item 2. Changes in Securities
.Item 3. Defaults Upon Senior Securities
.Item 4. Submission of Matters to a Vote of Security Holders
.Item 5. Other Information
.Item 6. Exhibits and Reports on Form 8-K
.
.
.
.
.
.
.
.
.
.
.
ASTHMA DISEASE MANAGEMENT INC.
. (FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
.
.NOTE 1. BASIS OF PRESENTATION
.
. The Company's financial statements are unaudited. In the
opinion of management, all adjustments, which include normal
recurring adjustments necessary to present fairly the financial
position, results of operation and changes in financial position
for all periods presented, have been made. The results of
operations for interim periods are not necessarily indicative of
the operating results for the full year.
.
. Footnote disclosure normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been omitted in accordance with the
published rules and regulations of the Securities and Exchange
Commission. These financial statements and notes thereto are
included in the Company's Form 10-K for the most recent fiscal
year.
.
.NOTE 2. CAPITAL STOCK
.
. The Company issued the following shares during the first
Nine months of Fiscal 1999:
.
. A total of 7,179,920 shares of common stock were issued
in the amount of $181,085
.
. Total shares in the distribution: 67,313,635
.
.
.NOTE 3. CHANGES IN STOCKHOLDERS' EQUITY
.
. Common Stock Add'l Retained
. Number of Paid-In Earnings
. Shares Amount Capital (Deficit)
.
.
BALANCES,
May 31, 1998 60,133,715 $22,675 $6,873,918 ($6,714,316)
Additions/Adjustments 7,179,920 (85) 181,085 86,648
Loss for the period ( 518,401)
Feb. 28, 1999 67,313,635 $22,590 $7,055,003 ($7,146,069)
.
.
.To date, the Company has never paid a dividend and does not
anticipate paying a dividend in the foreseeable future.
.
.
.Part II. OTHER INFORMATION
.
.The company changed its name from IRT Holding Corporation to
.Asthma Disease Management Inc., in order to properly reflect
.the nature of services provided.
.
.Item 1. Legal Proceedings
.
. NONE
.
.
.Item 2. Changes in Securities
.
. The Board of Directors approved a two share distribution for
each of the Immuno Response Technology, Inc. Shares outstanding
for the pre-merger (L'Autrec, Inc.) Shareholders of Immuno
Response Technology, Inc. The Board of Directors effected this
distribution to equalize the per share price for each of its
Regulation D505 offerings.
.
.
.Item 3. Defaults Upon Senior Securities
.
. NONE
.
.
.Item 4. Submission of Matters to the Vote of Shareholders
.
. NONE
.
.
.Item 5. Other Information
.
. NONE
.
.
.Item 6. Exhibits and Reports on Form 8-K
.
. NONE
.
.
. SIGNATURES
.
. Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
.
.
.
.
. George H. Young, President and
. Chairman of the Board of Directors
.
.
.
.Date:
.
IRT HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
FEBRUARY 28, 1999
ASSETS
CURRENT ASSETS
CASH $ (17,359)
ACCOUNTS RECEIVABLE, NET OF
ALLOWANCE FOR DOUBTFUL ACCOUNTS
OF $34,000 73,124
INVENTORY 15,000
NOTES RECEIVABLE 2,208
-------
TOTAL CURRENT ASSETS $ 72,973
-------
PROPERTY & EQUIPMENT
EQUIPMENT & IMPROVEMENTS
LABORATORY EQUIPMENT 236,175
OFFICE EQUIPMENT 119,232
FURNITURE AND FIXTURES 27,362
-------
382,769
LESS ACCUMULATED DEPRECIATION (371,949)
---------
TOTAL PROPERTY & EQUIPMENT $ 10,820
---------
OTHER ASSETS
RECEIVABLE FROM LITIGATION 500,000
OTHER ASSETS 23,354
-------
TOTAL OTHER ASSETS 523,354
-------
TOTAL ASSETS $ 607,147
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 121,408
PAYROLL TAXES PAYABLE
AND RELATED COSTS 419,666
NOTES PAYABLE 145,555
-------
TOTAL CURRENT LIABILITIES $ 686,629
-------
STOCKHOLDERS' EQUITY (DEFICIT)
COMMON STOCK 22,590
ADDITIONAL PAID-IN CAPITAL 7,055,003
ACCUMULATED DEFICIT (7,146,069)
-----------
( 68,476)
LESS TREASURY STOCK, AT COST
(20,000 SHARES) (10,000)
LESS SUBSCRIPTION RECEIVABLE (1,006)
----------
( 79,482)
----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 607,147
==========
UNAUDITED - FOR INTERNAL USE ONLY
IRT HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED FEBRUARY 28, 1999
REVENUE
NET LABORATORY REVENUE $ 114,355
NET EXTRACT REVENUE 39,639
-------
TOTAL REVENUE 153,994
-------
OPERATING EXPENSES
COST OF SALES 198,853
SELLING AND PROMOTIONAL EXPENSES 168,806
GENERAL AND ADMINISTRATIVE EXPENSES 304,941
DEPRECIATION 5,250
-------
$ 677,850
-------
OPERATING LOSS (523,856)
OTHER INCOME (EXPENSE) 5,455
--------
NET INCOME (LOSS) $ (518,401)
========
NET INCOME (LOSS) PER SHARE $ (0.01)
========
WEIGHTED AVERAGE SHARES OUTSTANDING 67,313,635
==========
UNAUDITED - FOR INTERNAL USE ONLY
IRT HOLDING CORPORATION AND SUBSIDIARIES
STATEMENT OF CASH FLOW
FOR THE NINE MONTHS ENDED FEBRUARY 28, 1999
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ (518,401)
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
ACCUMULATED DEPRECIATION 5,250
ACCOUNTS RECEIVABLE (12,663)
NOTES RECEIVABLE ( 2,209)
ACCOUNTS PAYABLE ( 1,250)
FEDERAL WITHHOLDING TAXES 63,262
STATE WITHHOLDING TAXES 20,345
NOTES PAYABLE - CURRENT 145,555
---------
TOTAL ADJUSTMENTS 218,290
---------
NET CASH PROVIDED BY OPERATION (300,111)
CASH FLOWS FROM INVESTING ACTIVITIES
USED FOR:
0
--------
NET CASH USED FOR INVESTING 0
--------
CASH FLOWS FROM FINANCING ACTIVITIES
PROCEEDS FROM:
ADDITIONAL PAID IN CAPITAL 181,000
--------
NET CASH USED IN FINANCING 181,000
--------
NET INCREASE (DECREASE) IN CASH (119,111)
========
SUMMARY
CASH BALANCE AT END OF PERIOD ( 17,360)
ADJUSTED CASH BALANCE AT BEGINNING OF PERIOD (101,751)
---------
NET INCREASE (DECREASE) IN CASH (119,111)
=========
UNAUDITED - FOR MANAGEMENT PURPOSES ONLY