SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
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Commission File No. 33-18834-LA
MED-TEX CORPORATION
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(Exact name of small business issuer as specified in its charter)
Nevada 87-0306464
- --------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
9025 South 700 West, Sandy, Utah 84070
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(Address of principal executive offices) (Zip Code)
(801) 255-8500
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(Issuer's telephone number)
2440 South Progress Drive, Salt Lake City, Utah 84119
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(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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
----- ---
As of April 30, 1997, 9,391,964 shares of Common Stock of the issuer were
outstanding.
<PAGE>
MED-TEX CORPORATION
INDEX
Page
Number
------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1997 and
December 31, 1996............................................. 1
Unaudited Consolidated Statements of Operations - For
the three months ended March 31, 1997 and 1996................ 2
Unaudited Consolidated Statements of Cash Flows - For
the three months ended March 31, 1997 and 1996................ 3
Notes to Unaudited Consolidated Financial Statements.......... 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations....................... 5
PART II - OTHER INFORMATION............................................. 6
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MED-TEX CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash $ 0 $ 0
Accounts receivable 0 0
Inventory 0 0
----------- -----------
Total current assets 0 0
----------- -----------
PROPERTY AND EQUIPMENT
Leasehold improvements 0 0
Less accumulated depreciation 0 0
----------- -----------
Net property and equipment 0 0
OTHER ASSETS
Licenses and permits, net 0 0
Goodwill, net 0 0
Deposits and other 0 0
----------- -----------
Total other assets 0 0
----------- -----------
Total assets $ 0 $ 0
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 0 $ 0
Accrued interest payable 0 0
Current portion long term debt 0 0
Other accrued liabilities 0 0
----------- -----------
Total current liabilities 0 0
Long term debt 0 0
----------- -----------
Total liabilities 0 0
STOCKHOLDERS' EQUITY (Deficit):
Common Stock, $.001 par value;
50,000,000 shares authorized,
9,391,964 shares issued and
outstanding 9,391 9,391
Additional paid in capital 2,490,024 2,490,024
Accumulated deficit (2,499,415) (2,499,415)
----------- -----------
Total stockholders equity
(deficit) 0 0
----------- -----------
Total liabilities and stockholder
equity $ 0 $ 0
========== ===========
See accompanying notes to consolidated financial statements
1
<PAGE>
MED-TEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31
1997 1996
------- ----
Income from continuing operations $ 0 $ 0
Loss from discontinued operations 0 (87,667)
--------- ----------
Net loss $ 0 $ (87,667)
========= ==========
Net loss per share $ 0.00 $ (.02)
========= ==========
Weighted average number of shares
outstanding 9,391,964 5,368,106
========= ==========
See accompanying notes to consolidated financial statements
2
<PAGE>
MED-TEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31
<TABLE>
<CAPTION>
1997 1996
----- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ 0 $(87,667)
Adjustments to reconcile net loss
to cash provided by (used in)
operating activities
Depreciation and amortization 0 15,409
Decrease in accounts receivable 0 4,885
Decrease (increase) in inventory 0 1,944
Increase in accounts payable 0 (11,278)
Increase in accrued interest payable 0 19,179
----- --------
Net cash provided by (used in) operating activities 0 (57,528)
----- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans from related parties 0 67,508
Principal payment on loan 0 (10,555)
----- --------
Net cash provided by (used in) financing activities 0 56,953
----- --------
Increase (decrease) in cash 0 (575)
Cash at beginning of period 0 18,130
----- --------
Cash at end of period $ 0 $ 17,555
===== ========
</TABLE>
See accompanying notes to consolidated financial statements
3
<PAGE>
MED-TEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997
1. The interim financial statements are prepared pursuant to the requirements
for reporting on Form 10-QSB. The December 31, 1996 balance sheet data was
derived from audited financial statements but does not include all
disclosures required by generally accepted accounting principles. The
interim financial statements and notes thereto should be read in
conjunction with the financial statements and footnotes thereto included in
the Company's report on Form 10-KSB for the year ended December 31, 1996.
In the opinion of management, the interim financial statements reflect all
adjustments of a normal recurring nature necessary for a fair statement of
the results for the interim periods presented.
4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Material Changes in Results of Operations
The Company liquidated all of its assets during 1996 and discontinued all
operations during the fourth quarter of 1996. As a result, all operating results
during 1996, including results for the quarter ended March 31, 1996, have been
reclassified as discontinued operations. The Company reported a loss from
discontinued operations, and a net loss, of $87,667. The Company had no
operations during the quarter ended March 31, 1997 and, accordingly, had no
revenues and no expenses. The Company's activities during the quarter ended
March 31, 1997, and since such date, have consisted of efforts to identify and
acquire an operating business.
Changes in Financial Condition, Liquidity and Capital Resources
As a result of the liquidation of the Company's assets and conversion or
satisfaction of liabilities during 1996, the Company had no assets and no
liabilities at either December 31, 1996 or March 31, 1997.
While the Company had no existing liabilities or capital requirements at
March 31, 1997, the Company has no sources of available capital or commitments
to provide capital. Management believes that certain affiliates will continue to
advance funds to the Company in order to provide sufficient capital resources to
fund its efforts to seek and acquire an operating business for the foreseeable
future. However, there are no binding commitments or obligations to provide such
funding. Without such funding, the Company will be unable to sustain its
operations over the next twelve months.
5
<PAGE>
PART II - OTHER INFORMATION
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
MED-TEX CORPORATION
Date: May 19, 1997 By: /s/ K. Scott Crawford
-----------------------------------
K. Scott Crawford, President
By: /s/ Karen Polino
-----------------------------------
Karen Polino, Treasurer
6
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 9,391
<OTHER-SE> (9,391)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
