Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ending March 31, 1997
----------------------------------------------
Commission File Number: 33-10281
Immune America, Inc.
--------------------
(formerly W.M.S. Development Corp)
(Exact name of registrant as specified in its charter)
Nevada 75-2641513
(State of Incorporation) (IRS Employer Identification)
211 West Wall
Midland, Texas 79701
(Address of principal executive offices)
Registrant's telephone number, including area code: (915) 682-1761
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 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), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
As of March 31, 1997 there were 241,982 shares of common stock outstanding.
<PAGE>
1. Financial Statement
The accompanying interim unaudited financial statements have been prepared
in accordance with the instructions to Form 10-QSB and do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for a fair
presentation have been included, and the disclosures are adequate to make the
information presented not misleading. Operating results for the three months
ended March 31, 1997, are not necessarily indicative of the results that may be
expected for the year ended December 31, 1997. These statements should be read
in conjunction with the financial statements and notes thereto included in the
Annual Report on Form 10-KSB (filed with the Securities and Exchange Commission)
for the year ended December 31, 1996.
Index
-----
Index 2
Part 1
Financial Information
Item 1. Financial Statements
Balance Sheets- March 31, 1997 and December 31, 1996 3
Statement of Operations- Quarters ending March 31, 1996 and 1997 4
Statement of Cash Flows-Quarters ending March 31, 1996 and 1997 5
Part 2
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
Part 3
Other Information 6
Item 6. Exhibits and Reports on Form 8-K 6
Signature 6
Page 2
<PAGE>
Immune America, Inc.
--------------------
(A Development Stage Company)
Balance Sheet
March 31, 1997 (unaudited) and December 31, 1996 (audited)
March 31, 1997 December 31, 1996
-------------- -----------------
Cash $ 1,317 $ 2,371
Total Assets $ 1,317 $ 2,371
- ------------
Liabilities and Stockholder's
- -----------------------------
Equity
- ------
Account Payable $ 0 $ 743
Total Liabilities $ 0 $ 743
- -----------------
Shareholder's Equity
- --------------------
Common Stock, $.001 Par 275 275
100,000,00 authorized
275,316 issued and
241,982 outstanding
Treasury Stock (6,000) (6,000)
Paid in Capital 151,186 151,186
Deficit accumulated during (144,144) (143,833)
development stage
Total Shareholders' Equity 1,317 1,628
Total Liabilities and 1,317 2,371
- ---------------------
Shareholder's Equity
- ---------------------
Page 3
<PAGE>
Immune America, Inc.
(A Development Stage Company)
Statement of Operations
For the Quarters Ending March 31, 1997 and March 31, 1996
March 31, 1997 March 31, 1996
Revenue $ 0 $ 0
- -------
Total Revenue $ 0 $ 0
- -------------
Expenses
Professional fees 275 0
Regulatory expense 0 0
Advertising and Marketing 0 0
Miscellaneous Expense 36 0
Office Supplies 0 0
Total Expenses 311 0
- --------------
Net income (loss) (311) 0
- ----------------
before taxes
- ------------
Net Income (311) $ 0
Primary Earning Per Common
- --------------------------
share
- -----
Net Earnings (Loss) Nil Nil
Weighted Average common 275,316 275,316
share
Fully Diluted Earnings per Nil 0
- --------------------------
Common Share
- ------------
Net Earnings (Loss) (311) 0
Weighted Average Common 275,316 275,316
shares outstanding
Page 4
<PAGE>
Immune America, Inc.
(A Development Stage Company)
Statement of Cash Flows
For the Quarters Ending March 31, 1997 and March 31, 1996
March 31, 1997 March 31, 1996
Cash Flows from Operating $ (311) $ 0
Activities (loss)
Increase (decrease) (743) 0
in liabilities
New cash used from 0 0
Operating Activities
Cash flows from investing 0 0
activities
Total Financing activities 0 0
Total increase (decrease) $(1,054) 0
in cash
Cash at beginning of period $ 2,371 $ 0
Net increase (decrease) (1,054) 0
Cash at end of period $ 1,317 $ 0
Page 5
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
- --------------------------------------------------------------------------------
of Operations
- -------------
Results of Operations
- ---------------------
The Company is considered to be in the development state as defined in Statement
of Financial Accounting Standard No. 7. The Company has no business operations
or assets. The Company's future ongoing expenses will be its audit fees and
certain other filing and administrative fees necessary to keep the Company in
compliance with its regulatory requirements.
Liquity
- -------
The Company will require additional funds to continue to meet future regulatory
requirements and expenses..
Part II- Other Information
- --------------------------
Item 6. Exhibits and Reports on Form 8-K
None
Signature
---------
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.
Immune America, Inc.
(Registrant)
/s/ Glenn A. Little
- -------------------------------------
Glenn A. Little
President
Duly Authorized Officer and Principal Financial
and Accounting Officer
Page 6
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000787690
<NAME> IMMUNE AMERICA, INC.
<MULTIPLIER> 1
<CURRENCY> U.S.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<CASH> 1317
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1317
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1317
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 275
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1317
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 311
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (311)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (311)
<EPS-PRIMARY> (.001)
<EPS-DILUTED> (.001)
</TABLE>
