SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE OF 1934
For the quarterly period ended December 31, 1995
or
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number: 33-27610-A
MEDICAL TECHNOLOGY AND INNOVATIONS, INC.
(Exact name of registrant as specified in this charter)
FLORIDA 65-0278549
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
3125 NOLT ROAD, LANCASTER, PA 17601
(Address of principal executive offices)
Registrant's telephone number, including area code (717)892-6770
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
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 1, 1996, there were 11,378,874 shares of the Issuer's
Common Stock, $.001 par value, outstanding.
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
See attached financial statements of the Issuer.
Item 2. Management's Discussion and Analysis or Plan of Operation.
GENERAL
In August 1995, the Company acquired Medical Technology , Inc., an
Iowa corporation, in what is generally known as a reverse merger. Thereafter,
the Company changed its name to Medical Technology and Innovations, Inc. All
operations and revenues are generated through the operation of the subsidiary.
After the merger, the Company raised approximately $1,000,000 in a private
offering pursuant to Rule 504 of Regulation D as promulgated under the
Securities Act of 1993. At the present time, the Company is contemplating an
offering pursuant to Rule 505 and if that offering is successful, the capital
raised from the offering will go mainly to satisfy many of the Company's prior
debts which arose in the State of Iowa. There is no assurance that the Company
will be successful in raising this additional capital.
For the six months ending December 31, 1995, the Company had gross
revenues of approximately $270,000 and a gross profit on sales of approximately
$23,000. However, the Company's operating expenses totaled approximately
$587,000 which left the Company with an operating loss of approximately
$565,000.
With the new infusion of capital, the Company has been able to relocate
to Lancaster, Pennsylvania and it is in the process of increasing its marketing
staff. In the next 12 months, the Company plans on expanding its marketing
efforts with the goal to increase the sales and awareness of its product, the MT
Photoscreener. With increased sales, the Company anticipates that it will be
able to increase its revenues and thus either lower its operating loss or
eliminate the loss. There is no guaranty, however, that the Company will be
successful in this plan or that it will be able to eliminate its losses. The
Company believes that with its capital and revenues, it has sufficient funds to
operate during the next year.
DEFAULTS OF CERTAIN LOANS.
The Company is currently in default in the payment of both principal
and interest in several of its governmental and quasi-governmental loans which
it received fro various entities in the State of Iowa. These loans include
$70,000 due the Iowa Department of Economic Development, $400,0000 due the Iowa
Seed Capital Corporation, $70,000 due the National Bank of Waterloo, $65,000 due
the city of Cedar Falls, Iowa, $65,000 due Blackhawk County, Iowa. And $5,000
due the Waterloo Industrial Development Association. Management has had
discussions will all of these creditors and believes that it has reached a
settlement with all of them. In order to complete the
<PAGE>
settlements, it will be necessary for the Company to complete its contemplated
Rule 505 offering. If, however, the Company is unable to raise these funds or
additional capital from other sources, these defaults will have a material
adverse effect on the operations of the Company.
Item 6. Exhibits.
(a)
3. Issuer's Articles of Incorporation and By-Laws are
incorporated herein by reference to Form S-18 Registration Statement under the
Securities Act of 1933 filed with the Commission on the 17th day of March, 1989,
file number 33-27610-A
21. Subsidiaries of Issuer:
Medical Technology, Inc., an Iowa corporation
(b) Reports of Form 8-k.
1. 8-K dated August 21, 1995*
2. 8-K dated October 17, 1995.*
*Previously filed.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
MEDICAL TECHNOLOGY AND INNOVATIONS, INC.
By: JEREMEY FEAKINS
------------------------------
Jeremy Feakins, President
Dated: Sept. 16, 1996
<PAGE>
Medical Technology & Innovations, Inc.
(A Development Stage Company)
Consolidated Balance Sheet
December 31, 1995
Unaudited
Assets
Current Assets:
Cash $462,439
Accounts Receivable 83,989
Inventory 75,017
Prepaid Expenses 170,831
-------
Total Current Assets 792,276
Fixed Assets:
Property & Equipment 203,689
Less: Accumulated Depreciation (110,338)
-------
Fixed Assets, net 93,351
Other Assets:
Intangible and Other Assets 4,621
-------
Other Assets, net 4,621
Total Assets $ 890,248
==========
Liabilities and Stockholder's Equity
Current Liabilities
Accounts Payable $225,261
Accrued Liabilities 231,868
Current Maturities of Long-term Debt 170,000
-------
Total Current Liabilities 627,129
Long-term Debt 1,197,860
---------
Total Liabilities 1,824,989
Stockholder's Equity
Common Stock 2,310,639
Preferred Stock 100,000
(Deficit) accumulated during the
development stage (3,345,380)
---------
Total Stockholder's Equity (934,741)
Total Liabilities and Stockholder's Equity $ 890,248
==========
<PAGE>
Medical Technology & Innovations, Inc.
(A Development Stage Company)
Consolidated Income Statement
For the Period Ended December 31, 1995
Unaudited
Revenues $270,863
Cost of Goods Sold 247,973
-------
Gross Profit 22,890
Operating Expenses:
Advertising 62,379
Wages 110,352
Leases 20,059
Royalties 20,720
Interest 55,903
Depreciation 11,694
General and Administrative 305,433
-------
Total Operating Expenses 586,540
Net Loss ($563,650)
========
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
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