Form 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 29, 2000.
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.)
72 South White Horse Pike, Berlin, NJ 08009
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(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 02/29/00
------------------------------- -----------------------
(Common Stock, $.001 par value) 91,550,397
<PAGE>
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Comparative Balance Sheets 02/29/00 & 02/28/99
Comparative Statements of Operations-02/29/00 & 02/28/99
Statements of Cash Flows-Nine months ended 02/29/00 & 02/28/99
Notes to Financial Statements - February 29, 2000
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
<PAGE>
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 Nine month period ended
02/29/00
A total of 23,931,960 shares of common stock were issued in the amount of
$668,474
Total shares in the distribution: 91,550,397
NOTE 3. CHANGES IN STOCKHOLDERS' EQUITY
Common Stock
--------------------- Add'l Retained
Number of Paid-In Earnings
Shares Amount Capital (Deficit)
---------- ------- ---------- -----------
BALANCES, May 31, 1999 67,618,437 $22,590 $7,127,788 ($7,330,044)
Additions/Adjustments 23,931,960 668,474 (118,234)
Loss for the period (599,869)
-----------
Feb. 29, 2000 91,550,397 $22,590 $7,796,262 ($8,048,147)
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
NONE
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
<PAGE>
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.
/s/ A.J. Henley
------------------------------
A.J. Henley, President and
Chief Executive Officer
Date: 5/24/00
<PAGE>
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
COMPARATIVE CONSOLIDATED BALANCE SHEETS
02/29/00 & 02/28/99
ASSETS
CURRENT ASSETS
02/29/00 02/28/99
-------- --------
CASH $ 86,954 0
ACCOUNTS RECEIVABLE, NET OF
ALLOWANCE FOR DOUBTFUL ACCOUNTS
OF $34,000 142,931 73,125
INVENTORY 15,000 15,000
NOTES RECEIVABLE 2,209 2,208
---------- --------
TOTAL CURRENT ASSETS $ 247,094 90,333
PROPERTY & EQUIPMENT
EQUIPMENT & IMPROVEMENTS
LABORATORY EQUIPMENT 236,175 236,175
OFFICE EQUIPMENT 119,232 119,232
FURNITURE AND FIXTURES 27,362 27,362
---------- --------
382,769 382,769
LESS ACCUMULATED DEPRECIATION (371,949) (371,949)
---------- --------
TOTAL PROPERTY & EQUIPMENT $ 10,820 10,820
---------- --------
OTHER ASSETS
RECEIVABLE FROM LITIGATION 500,000 500,000
OTHER ASSETS 23,354 23,354
---------- --------
TOTAL OTHER ASSETS 523,354 523,354
---------- --------
TOTAL ASSETS $ 781,268 624,507
========== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
BANK OVERDRAFT 0 17,360
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 244,865 121,408
PAYROLL TAXES PAYABLE
AND RELATED COSTS 579,554 419,666
NOTES PAYABLE 197,150 205,555
---------- --------
TOTAL CURRENT LIABILITIES $1,021,569 763,989
---------- --------
STOCKHOLDERS' EQUITY (DEFICIT)
COMMON STOCK 22,590 22,590
ADDITIONAL PAID-IN CAPITAL 7,796,262 6,995,003
ACCUMULATED DEFICIT (8,048,147) (7,146,069)
---------- --------
(229,295) (128,476)
LESS TREASURY STOCK, AT COST
(20,000 SHARES) (10,000) (10,000)
LESS SUBSCRIPTION RECEIVABLE (1,006) ( 1,006)
---------- --------
(240,301) (139,482)
---------- --------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 781,268 624,507
========== ===========
<PAGE>
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED 02/29/00 & 02/28/99
02/29/00 02/28/99
-------- --------
REVENUE
NET LABORATORY REVENUE $ 136,633 114,355
NET EXTRACT REVENUE 55,885 39,638
---------- --------
TOTAL REVENUE 192,518 153,993
---------- --------
OPERATING EXPENSES
COST OF SALES 201,559 182,848
SELLING AND PROMOTIONAL EXPENSES 210,442 113,047
GENERAL AND ADMINISTRATIVE EXPENSES 385,761 381,954
---------- -------
$ 797,762 677,849
---------- --------
OPERATING LOSS (605,244) (523,856)
OTHER INCOME (EXPENSE) 5,375 5,455
---------- --------
NET INCOME (LOSS) $ (599,869) (518,401)
========== =========
NET INCOME (LOSS) PER SHARE $ (0.001) ( 0.001)
=========== ==========
WEIGHTED AVERAGE SHARES OUTSTANDING 79,584,417 63,723,675
=========== ==========
<PAGE>
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
COMPARATIVE STATEMENT OF CASH FLOW
FOR THE NINE MONTHS ENDED 02/29/00 & 02/28/99
02/29/00 02/29/99
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $(599,869) (518,401)
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
DEPRECIATION 0 7,380
ACCOUNTS RECEIVABLE (59,648) (12,662)
NOTES RECEIVABLE 0 (2,209)
ACCOUNTS PAYABLE 121,957 (1,250)
PAYROLL TAXES PAYABLE 119,940 83,606
NOTES PAYABLE - CURRENT ( 8,043) 205,555
--------- --------
TOTAL ADJUSTMENTS 174,206 280,420
--------- --------
NET CASH PROVIDED BY OPERATION (425,663) (237,981)
CASH FLOWS FROM INVESTING ACTIVITIES
USED FOR:
(3,800) 0
--------- -------
NET CASH USED FOR INVESTING (3,800) 0
--------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
PROCEEDS FROM:
ADDITIONAL PAID IN CAPITAL 668,474 121,000
--------- --------
NET CASH USED IN FINANCING 668,474 121,000
--------- -------
NET INCREASE (DECREASE) IN CASH 239,011 (116,981)
========= ========
SUMMARY
CASH BALANCE AT END OF PERIOD 86,954 (17,360)
ADJUSTED CASH BALANCE AT BEGINNING OF PERIOD (152,057) 99,621
--------- --------
NET INCREASE (DECREASE) IN CASH 239,011 (116,981)
========= ========
UNAUDITED - FOR MANAGEMENT PURPOSES ONLY
