SEC filling
Pagina 1
TYPE: 10QSB
SEQUENCE: 1
DESCRIPTION: FORM 10-QSB
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended June 30, 1999
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 number: 0-28790
MEDCARE TECHNOLOGIES, INC.
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(exact name of registrant as specified in its charter)
DELAWARE 87-0429962 B
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
Suite 1210 - 1515 West 22nd Street, Oak Brook, Illinois 60523
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (630) 472-5300
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Indicate by check mark whether the registrant: (1) has filed all reports
required 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 for the
past 90 days. Yes X No
-
The number of shares of the Registrant's Common Stock, $0.001 par value, as of
July 30, 1999: 7,831,160
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1
MEDCARE TECHNOLOGIES, INC.
FORM 10-QSB, QUARTER ENDED JUNE 30, 1999
INDEX
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Consolidated Balance Sheet as of June 30, 1999 ............................. 3
Consolidated Statement of Operations for the Quarter Ended June 30, 1999 ... 4
Consolidated Statement of Cash Flows For The Quarter Ended June 30, 1999.... 5
Notes to Interim Consolidated Financial Statements ......................... 6
All schedules are omitted because they are not applicable or the required
information is shown in the financial statements or notes thereto.
Item 2 Management's Discussion and Analysis ................................ 9
PART II OTHER INFORMATION
Item 1 Legal Proceedings ................................................... 12
Item 2 Changes in Securities and Use of Proceeds............................ 12
Item 3 Defaults Upon Senior Securities ..................................... 12
Item 4 Submission of Matters to a Vote of Security Holders ................. 12
Item 5 Other Information ................................................... 13
Item 6 Exhibits and Reports on Form 8-K..................................... 13
Signatures .......................................................... 13
2
Item I Financial Statements
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MEDCARE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 1999 AND DECEMBER 31, 1998
(Unaudited)
June 30, December 31,
ASSETS 1999 1998
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Current Assets
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Cash $ 4,788,076 $ 2,826,086
Accounts Receivable, net of Allowance for Doubtful Accounts of
$40,144 and $45,165 442,869 271,240
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Total Current Assets 5,230,945 3,097,326
Property and Equipment, Net 350,643 283,630
Intangible Assets - the MedCare Program, net of
Accumulated Amortization of $102 and $68 898 932
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Total Assets $ 5,582,486 $ 3,381,888
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
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Accounts Payable $ 323,573 $ 260,142
Accrued Liabilities 121,615 209,601
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Total Current Liabilities 445,188 469,743
Redeemable Preferred Stock - Series B 4,632,515 0
Stockholders' Equity
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Preferred Stock $.25 Par Value, Authorized 1,000,000; Issued
and outstanding, 50 Convertible Series A
at June 30, 1999 and December 31, 1998 12 12
Common Stock - $0.001 Par Value Authorized 100,000,000; Issued
and Outstanding, 7,831,160 and 7,825,105 Shares at
June 30, 1999 and December 31, 1998, respectively 7,831 7,825
Additional Paid in Capital 9,414,173 9,396,179
Retained Earnings (8,917,233) (6,491,871)
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Total Stockholders' Equity 504,783 2,912,145
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Total Liabilities and Equity $ 5,582,486 $ 3,381,888
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