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): June 26, 1997
THC HOMECARE, INC.
(Exact name of registrant as specified in its charter)
Utah 1-11534 48-1092064
- -------------------------------------------------------------------
(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
------------------------------------
(Former name and former address, if changed since last report)
<PAGE>
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 March 1 to
March 30, 1997, and April 1 to April 30, 1997 (together the
"Financial Statements") are attached hereto as Exhibit 28.1 and
28.2 respectively, 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: July , 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description of Exhibits
- ------------- ------------------------
28.1 Unaudited financial statements of Filed
the Company for the period from Herewith
March 1 to March 30, 1997, as filed
with the Bankruptcy Court on
June 26, 1997
28.2 Unaudited financial statements of Filed
the Company for the period from Herewith
April 1 to April 30, 1997, as filed
with the Bankruptcy Court on
June 26, 1997
<TABLE>
<CAPTION>
THC HEALTHCARE INC. CONSOLIDATED
BALANCE SHEET
MARCH 30, 1997
See Accountant's Compilation Report
ASSETS
<S> <C> <C>
CURRENT ASSETS:
CASH $160,493.58
TRADE ACCOUNTS RECEIVABLE 2,805,005.32
INVENTORIES 659,843.62
CURR PORTION NOTE RECEIVABLE 55,448.31
CURR PRTN N/R RELATED PARTY 16,878.00
PREPAID EXPENSE 64,341.64
------------
TOTAL CURRENT ASSETS 3,762,010.47
RENTAL EQUIPMENT 1,189,024.05
PROPERTY AND EQUIPMENT 464,609.65
NOTE RECEIVABLE, less curr por 101,949.06
NOTES RECEIVABLE RELATED PARTY 21,768.00
GOODWILL 1,114,079.85
DEPOSITS 96,610.45
INVESTMENT IN SUBSIDIARIES 0.79
--------------
TOTAL ASSETS $6,750,052.32
===============
<CAPTION>
LIABILITIES AND STOCKHOLDER'S EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
NOTE PAYABLE, CONVERTBL DEB $150,000.00
CURRENT PORTION L/T DEBT 2,168,022.14
CURRENT PORTION L/T DEBT 2 204,944.49
CURR PORTN L/T DEBT REL PRTY 55,412.21
ACCOUNTS PAYABLE 2,624,638.95
ACCRUED LIABILITIES 313,204.47
------------
TOTAL CURRENT LIABILITIES 5,516,222.26
------------
LONG-TERM DEBT, Net of Current 795,473.38
------------
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
COMMON STOCK WARRANTS/OPTNS 668,104.40
ACCUMULATED DEFICIT (6,901,224.41)
-----------
TOTAL STOCKHOLDER'S EQUITY 268,256.68
------------
TOTAL LIABILITIES & S/H EQUITY $6,750,052.32
=============
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
THC HEALTHCARE INC. CONSOLIDATED
STATEMENT OF INCOME
FOR THE MONTH AND THREE MONTHS ENDED MARCH 30, 1997
See Accountant's Compilation Report
INCOME CURRENT PERIOD % YEAR-TO-DATE %
<S> <C> <C> <C> <C>
RENTAL INCOME 432,218.49 0.0 1,390,310.77 0.0
REVENUES 388,394.86 0.0 1,572,253.40 0.0
OTHER REVENUE 10,580.88 0.0 37,281.19 0.0
-------------- --- ------------- ---
TOTAL
GROSS REVENUE $831,194.23 0.0 $2,999,845.36 0.0
SALES RETURNS &
ALLOWANCES 47,331.57 0.0 150,920.94 0.0
CAPITALIZATION 15,000.00 0.0 30,334.69 0.0
DOUBTFUL ACCOUNTS
EXPENSE 111,455.15 0.0 360,805.26 0.0
SALES VARIANCE (107,131.01) 0.0 (126,708.60) 0.0
-------------- --- ------------- ---
TOTAL REVENUE $764,538.53 0.0 $2,584,493.07 0.0
COST OF GOODS SOLD
SALES COST OF
GOODS SOLD 309,379.97 0.0 $1,025,666.07 0.0
RENTAL COST OF
GOODS SOLD 48,434.79 0.0 245,540.24 0.0
-------------- --- ------------- ---
TOTAL COST OF
GOODS SOLD $357,814.76 0.0 $1,271,206.31 0.0
GROSS MARGIN 460,723.77 0.0 1,313,286.76 0.0
GENERAL, SELLING
AND ADMINISTRATIVE
EXPENSES
SALARIES, WAGES
& BENEFITS $252,532.80 0.0 $838,446.96 0.0
PURCHASES SERVICES
EXPENSE 4,970.81 0.0 18,121.91 0.0
PROFESSIONAL FEES 7,057.00 0.0 98,922.62 0.0
RENT/LEASE EXPENSE 28,253.73 0.0 107,490.43 0.0
SUPPLIES EXPENSE 6,513.37 0.0 28,376.96 0.0
MARKETING EXPENSE 7,703.62 0.0 30,666.19 0.0
TAX EXPENSE 400.00 0.0 848.93 0.0
REPAIRS &
MAINTENANCE 1,601.92 0.0 6,071.08 0.0
BANK CHARGES 2,652.63 0.0 12,214.28 0.0
CASH OVER/UNDER (0.15) 0.0 (18.13) 0.0
INSURANCE EXPENSE 16,951.16 0.0 46,374.51 0.0
POSTAGE EXPENSE 1,348.67 0.0 5,861.66 0.0
UTILITIES EXPENSE 1,639.92 0.0 13,788.14 0.0
TELEPHONE EXPENSE 8,332.57 0.0 42,541.64 0.0
WAREHOUSE EXPENSE 115.63 0.0 31,579.68 0.0
AUTO EXPENSE 14,984.57 0.0 51,418.70 0.0
TRAVEL EXPENSE 7,949.33 0.0 31,216.30 0.0
MEALS &
ENTERTAINMENT 57.64 0.0 1,223.27 0.0
TRAINING & SEMINARS 75.00 0.0 2,069.66 0.0
MOVING EXPENSE 330.78 0.0 1,012.14 0.0
LICENSES 609.00 0.0 2,669.04 0.0
DUES &
SUBSCRIPTIONS (.20) 0.0 2,637.40 0.0
DEPRECIATION
EXPENSE 53,286.23 0.0 132,768.51 0.0
BAD DEBT EXPENSE 16,462.01 0.0 90,270.28 0.0
OPERATING EXPENSE 4,551.40 0.0 23,217.86 0.0
------------ --- ------------- ---
<PAGE>
TOTAL EXPENSES $438,379.44 0.0 $1,619,790.02 0.0
------------ --- ------------- ---
NET OPERATING INCOME ($31,655.67) 0.0 ($306,503.26) 0.0
OTHER INCOME:
INTEREST INCOME ($51.26) 0.0 $4,891.82 0.0
------------ --- ------------- ---
TOTAL OTHER INCOME ($51.26) 0.0 $4,891.82 0.0
OTHER DEDUCTIONS:
PENALTIES $0.00 0.0 $107.18 0.0
AMORTIZATION
EXPENSE 4,640.00 0.0 13,920.00 0.0
INTEREST EXPENSE 30,102.83 0.0 92,586.62 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 $34,742.83 0.0 106,155.60 0.0
NET INCOME ($66,449.76) 0.0 (407,767.04) 0.0
============ === ============= ===
</TABLE>
<TABLE>
<CAPTION>
THC HEALTHCARE INC. CONSOLIDATED
BALANCE SHEET
MARCH 30, 1997
See Accountant's Compilation Report
ASSETS
<S> <C> <C>
CURRENT ASSETS:
CASH $ 470,579.16
TRADE ACCOUNTS RECEIVABLE 2,716,969.53
INVENTORIES 652,686.97
CURR PORTION NOTE RECEIVABLE 55,934.94
CURR PRTN N/R RELATED PARTY 16,878.00
PREPAID EXPENSE 65,225.86
------------
TOTAL CURRENT ASSETS $3,978,274.46
RENTAL EQUIPMENT 1,182,287.84
PROPERTY AND EQUIPMENT 454,743.28
NOTE RECEIVABLE, less curr por 101,949.06
NOTES RECEIVABLE RELATED PARTY 21,768.00
GOODWILL 1,109,439.85
DEPOSITS 106,195.53
INTERCOMPANY (0.01)
INVESTMENT IN SUBSIDIARIES 0.79
------------
TOTAL ASSETS $6,954,658.80
==============
<CAPTION>
LIABILITIES & STOCKHOLDER'S EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
CURRENT PORTION L/T DEBT $2,266,268.96
CURRENT PORTION L/T DEBT 2 204,546.77
CURRENT PORTN L/T DEBT REL PRTY 55,412.21
ACCOUNTS PAYABLE 2,647,199.90
ACCRUED LIABILITIES 529,530.27
------------
TOTAL CURRENT LIABILITIES $5,702,878.11
-------------
LONG-TERM DEBT, Net of Current 793,127.52
------------
LONG-TERM DEBT RELATED PARTY 121,050.00
------------
OTHER LIABILITIES 49,050.00
------------
------------
STOCKHOLDERS EQUITY:
COMMON STOCK $ 4,047.40
ADDITIONAL PAID-IN CAPITAL 6,497,329.29
COMMON STOCK WARRANTS/OPTNS 668,104.40
ACCUMULATED DEFICIT (6,880,927.92)
-------------
TOTAL STOCKHOLDER'S EQUITY 288,553.17
--------------
TOTAL LIABILITIES & S/H EQUITY $6,954,658.80
===============
</TABLE>
<TABLE>
<CAPTION>
THC HEALTHCARE INC. CONSOLIDATED
STATEMENT OF INCOME
FOR THE MONTH AND FOUR MONTHS ENDED APRIL 30, 1997
See Accountant's Compilation Report
INCOME CURRENT PERIOD % YEAR-TO-DATE %
<S> <S> <S> <C> <S>
RENTAL INCOME 450,544.51 0.0 1,840,855.28 0.0
REVENUES 385,502.29 0.0 1,957,755.69 0.0
OTHER REVENUE 12,914.24 0.0 50,195.43 0.0
-------------- ---- ------------- ---
TOTAL
GROSS REVENUE $848,961.04 0.0 $3,848,806.40 0.0
SALES RETURNS &
ALLOWANCES 44,111.16 0.0 195,032.10 0.0
CAPITALIZATION 55,566.77 0.0 85,901.46 0.0
DOUBTFUL ACCOUNTS
EXPENSE 108,826.27 0.0 469,631.53 0.0
SALES VARIANCE (9,701.70) 0.0 (136,410.30) 0.0
-------------- --- ------------- ---
TOTAL REVENUE $650,158.54 0.0 $3,234,651.61 0.0
COST OF GOODS SOLD
SALES COST OF
GOODS SOLD 131,450.69 0.0 $1,157,116.76 0.0
RENTAL COST OF
GOODS SOLD 57,784.53 0.0 303,324.77 0.0
-------------- --- ------------- ---
TOTAL COST OF
GOODS SOLD $189,235.22 0.0 $1,460,441.53 0.0
GROSS MARGIN 460,923.32 0.0 1,774,210.08 0.0
GENERAL, SELLING
AND ADMINISTRATIVE
EXPENSES
SALARIES, WAGES &
BENEFITS $212,793.93 0.0 $1,051,240.89 0.0
PURCHASES SERVICES
EXPENSE 5,005.59 0.0 23,127.50 0.0
PROFESSIONAL FEES 18,473.71 0.0 117,396.33 0.0
RENT/LEASE EXPENSE 20,381.42 0.0 127,871.85 0.0
SUPPLIES EXPENSE 4,834.05 0.0 33,211.01 0.0
MARKETING EXPENSE 674.25 0.0 31,340.44 0.0
TAX EXPENSE 0.00 0.0 848.93 0.0
REPAIRS & MAINTENANCE 3,007.71 0.0 9,078.79 0.0
BANK CHARGES 5,586.08 0.0 17,800.36 0.0
CASH OVER/UNDER 0.00 0.0 (18.13) 0.0
INSURANCE EXPENSE 20,636.79 0.0 67,011.30 0.0
POSTAGE EXPENSE 3,013.70 0.0 8,875.36 0.0
UTILITIES EXPENSE 4,843.82 0.0 18,631.96 0.0
TELEPHONE EXPENSE 8,890.05 0.0 51,431.69 0.0
WAREHOUSE EXPENSE 0.00 0.0 31,579.68 0.0
AUTO EXPENSE 13,139.84 0.0 64,558.54 0.0
TRAVEL EXPENSE 9,106.07 0.0 40,322.37 0.0
MEALS & ENTERTAINMENT 104.73 0.0 1,328.00 0.0
TRAINING & SEMINARS 0.00 0.0 2,069.66 0.0
MOVING EXPENSE 634.46 0.0 1,646.60 0.0
LICENSES 395.00 0.0 3,064.04 0.0
DUES & SUBSCRIPTIONS 787.00 0.0 3,424.40 0.0
DEPRECIATION EXPENSE 23,352.69 0.0 156,121.20 0.0
BAD DEBT EXPENSE 58,241.94 0.0 148,512.22 0.0
OPERATING EXPENSE 820.50 0.0 24,038.36 0.0
------------ --- ------------- ---
<PAGE>
TOTAL EXPENSES $414,723.33 0.0 $2,034,513.35 0.0
------------ --- ------------- ---
NET OPERATING INCOME $46,199.99 0.0 ($ 260,303.27) 0.0
OTHER INCOME:
INTEREST INCOME $1,161.18 0.0 $6,053.00 0.0
------------ --- ------------- ---
TOTAL OTHER INCOME $1,161.18 0.0 $6,053.00 0.0
<PAGE>
OTHER DEDUCTIONS:
PENALTIES $0.00 0.0 $107.18 0.0
AMORTIZATION EXPENSE 4,640.00 0.0 18,560.00 0.0
INTEREST EXPENSE 22,424.68 0.0 115,011.30 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 $27,064.68 0.0 133,220.28 0.0
NET INCOME $20,296.49 0.0 (387,470.55) 0.0
============ === ============= ===
</TABLE>
