FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 1997
THC HOMECARE, INC.
(Exact name of registrant as specified in its charter)
Utah 1-11534 48-1092064
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
3261 S. Highland Drive, Suite 613, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 796-1016
Medmarco, Inc.
215 South State Street, Suite 535
Salt Lake City, Utah 84111
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(Former name and former address, if changed since last report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
Monthly Financial Information. The Company is required to
file unaudited monthly financial statements with the Bankruptcy
Court. Such financial statements for the period from May 1 to May
31, 1997, (the "Financial Statements") are attached hereto as
Exhibit 28.1 and are incorporated herein by reference. The
Financial Statements are filed with the Bankruptcy Court on a
limited informational basis, are unaudited, and do not include all
of the information and disclosures required by generally accepted
accounting principles for complete financial statements. The
results of operations for the Financial Statements are not
necessarily indicative of results of operations for a full year.
Item 7. Financial Statements and Exhibits.
Exhibits
See the Index to Exhibits which is incorporated herein by
reference.
<PAGE>
SIGNATURES
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 hereunto duly
authorized.
THC HOMECARE, INC.
By: /s/ Robert Rackham
Robert Rackham, CEO
Date: August 25, 1997
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INDEX TO EXHIBITS
Exhibit No. Description of Exhibits
28.1 Unaudited financial statements of the Filed
Company for the period from May 1 to Herewith
May 31, 1997, as filed with the
Bankruptcy Court on August 6, 1997
<TABLE>
THC HEALTHCARE INC. CONSOLIDATED
BALANCE SHEET
MAY 31, 1997
See Accountant's Compilation Report
<CAPTION>
ASSETS
<S> <C> <C>
CURRENT ASSETS:
CASH $ 777,740.47
TRADE ACCOUNTS RECEIVABLE 2,611,406.81
INVENTORIES 597,569.08
CURR PORTION NOTE RECEIVABLE 56,421.57
PREPAID EXPENSE 50,293.54
----------------
TOTAL CURRENT ASSETS 4,110,309.47
RENTAL EQUIPMENT 1,161,778.52
PROPERTY AND EQUIPMENT 443,952.52
NOTE RECEIVABLE, less curr por 101,949.06
NOTES RECEIVABLE RELATED PARTY 21,768.00
GOODWILL 1,104,799.85
DEPOSITS 109,035.53
INVESTMENT IN SUBSIDIARIES 0.79
--------------
TOTAL ASSETS $ 7,053,593.74
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
CURRENT PORTION L/T DEBT 2,258,421.73
CURRENT PORTION L/T DEBT 2 204,546.77
CURR PORTN L/T DEBT REL PRTY 55,412.21
ACCOUNTS PAYABLE 2,709.056.95
ACCRUED LIABILITIES 572,094.90
----------------
TOTAL CURRENT LIABILITIES 5,799,532.56
----------------
LONG-TERM DEBT, Net of Current 791,954.59
----------------
LONG-TERM DEBT RELATED PARTY 121,050.00
---------------
OTHER LIABILITIES 49,050.00
---------------
STOCKHOLDER'S EQUITY:
COMMON STOCK 4,047.40
ADDITIONAL PAID-IN CAPITAL 6,497,329.29
ACCUMULATED DEFICIT 6,877,474.50-
---------------
TOTAL STOCKHOLDER'S EQUITY 292,006.59
---------------
TOTAL LIABILITIES & S/H EQUITY $ 7,053,593.74
</TABLE>
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<TABLE>
STATEMENT OF INCOME
FOR THE MONTH AND FIVE MONTHS ENDED MAY 31, 1997
See Accountant's Compilation Report
<CAPTION>
CURRENT PERIOD % YEAR-TO-DATE %
<S> <C> <C> <C> <C>
INCOME:
RENTAL INCOME 377,079.79 0.0 2,217,935.07 0.0
REVENUES 310,580.63 0.0 2,268,336.32 0.0
OTHER REVENUE 9,777.43 0.0 59,972.86 0.0
----------- ---- -------------- ----
TOTAL GROSS REVENUE $ 697,437.85 0.0 $ 4,546,244.25 0.0
SALES RETURNS
& ALLOWANCES 67,476.18 0.0 262,508.28 0.0
CAPITALIZATION 14,273.73 0.0 100,175.19 0.0
DOUBTFUL ACCOUNTS
EXPENSE 93,310.48 0.0 567,942.01 0.0
SALES VARIANCE 81,204.91- 0.0 217,615.21- 0.0
----------- ---- ------------- ---
TOTAL REVENUE $ 598,582.37 0.0 $ 3,833,233.98 0.0
COST OF GOODS SOLD
SALES COST OF GOODS
SOLD 103,106.22 0.0 1,260,222.98 0.0
RENTAL COST OF GOODS
SOLD 72,989.67 0.0 376,314.44 0.0
---------- ---- -------------- ----
TOTAL COST OF GOODS
SOLD $ 176,095.89 0.0 $ 1,636,537.42 0.0
GROSS MARGIN 422,486.48 0.0 2,196,696.56 0.0
GENERAL, SELLING AND ADMINISTRATIVE EXPENSES
SALARIES, WAGES &
BENEFITS $ 210,869.90 0.0 $ 1,262,110.79 0.0
PURCHASES SERVICES
EXPENSE 3,916.64 0.0 27,044.14 0.0
PROFESSIONAL FEES 7,225.99 0.0 124,622.32 0.0
RENT/LEASE EXPENSE 29,575.48 0.0 157,447.33 0.0
SUPPLIES EXPENSE 5,738.78 0.0 38,949.79 0.0
MARKETING EXPENSE 833.30 0.0 32,173.74 0.0
TAX EXPENSE 250.00 0.0 1,098.93 0.0
REPAIRS & MAINTENANCE 2,721.48 0.0 11,800.27 0.0
BANK CHARGES 341.91 0.0 18,142.27 0.0
CASH OVER/UNDER 1.19- 0.0 19.32- 0.0
INSURANCE EXPENSE 6,208.67 0.0 73,219.97 0.0
POSTAGE EXPENSE 1,417.08 0.0 10,292.44 0.0
UTILITIES EXPENSE 3,421.48 0.0 22,053.44 0.0
TELEPHONE EXPENSE 18,748.16 0.0 70,179.85 0.0
WAREHOUSE EXPENSE 391.74 0.0 31,971.42 0.0
AUTO EXPENSE 16,594.95 0.0 81,153.49 0.0
TRAVEL EXPENSE 7,445.89 0.0 47,768.26 0.0
MEALS &
ENTERTAINMENT 166.15 0.0 1,494.15 0.0
TRAINING & SEMINARS 60.00 0.0 2,129.66 0.0
MOVING EXPENSE 330.73 0.0 1,977.33 0.0
LICENSES 300.00 0.0 3,364.04 0.0
DUES & SUBSCRIPTIONS 0.00 0.0 3,424.40 0.0
DEPRECIATION EXPENSE 40,282.31 0.0 196,403.51 0.0
BAD DEBT EXPENSE 33,257.16 0.0 181,769.38 0.0
OPERATING EXPENSE 4,089.83 0.0 28,128.19 0.0
----------- ---- ----------- ----
TOTAL EXPENSES $ 394,186.44 0.0 $ 2,428,699.79 0.0
----------- ---- ------------- ----
NET OPERATING INCOME 28,300.04 0.0 $ 232,003.23- 0.0
OTHER INCOME:
INTEREST INCOME 736.10 0.0 6,789.10 0.0
---------- ---- ------------- ----
TOTAL OTHER INCOME 736.10 0.0 6,789.10 0.0
OTHER DEDUCTIONS:
PENALTIES $ 0.00 0.0 107.18 0.0
AMORTIZATION EXPENSE 4,640.00 0.0 23,200.00 0.0
INTEREST EXPENSE 20,942.72 0.0 135,954.02 0.0
STOCK TRANSFER EXPENSE 0.00 0.0 416.00 0.0
GAIN/LOSS ON
SALE OF ASSET 0.00 0.0 874.20- 0.0
----------- ---- ------------- ----
TOTAL OTHER
DEDUCTIONS $ 25,582.72 0.0 $ 158,803.00 0.0
NET INCOME $ 3,453.42 0.0 $ 384,017.13- 0.0
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