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Technology Stocks : America's Doctor IPO via Medical Advisory Systems (DOC) -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Litwin who wrote (18)	9/13/1999 1:43:00 PM
From: Glenn Petersen	Respond to of 30

DOC has filed its Form 10-Q for the quarter and nine month period ending July 31, 1999. For the quarter, they reported sales of $1,733,557 and earnings of $87,242 compared to sales and earnings of $672,522 and $34,771, respectively, for the prior year. For the nine month period, they reported sales of $4,726,176 and earnings of $512,430 compared to sales and earnings of $2,089,555 and $197,225, respectively for the prior year. I have taken a closer look at the results for the first half of 1999 and I have noticed that DOC booked revenues described as "Option Revenue" totaling $330,822. There are no costs associated with these revenues and I think that they may be related to the sale of DOC's interest in Assistance Services of America, Inc. to SACNAS International (SACNAS). The Form 10-Q notes that SACNAS forgave an outstanding note payable of $250,000 on March 9, 1999. DOC recognized $250,000 of "Option Revenue" during this period. If you back out the $330,822 of "Option Revenue", DOC has actually earned $181,608 for the first nine months of fiscal 2000, 44.2% of which was earned in the third quarter. While this is a positive trend, I would also suggest that DOC's current earning capability appears to be in the range of $.08 to $.10 per share. On the negative side, "Chat Center Revenue", which DOC receives from AmericasDoctor.com, constituted 72.1% of their total revenue for the third quarter compared to 59.3% of their total revenue for the first nine months. Their other revenue sources are stagnant. They have obviously become very economically dependent on AmerciasDoctor.com. While this may not amount to anything, they are also having some contractual problems with AmericasDoctor.com. From the MD&A section of the July 31, 1999 Form 10-Q: The Company provides professional medical information "chats" via the internet to internet service providers and internet users on behalf of AmericasDoctor.Com. The Company anticipates continuing increases in revenues from this business segment. The Company has been informed by AmericasDoctor.com that there is a dispute over the term of the Call Center Service Agreement between the companies. AmericasDoctor.com believes it was the intent of the parties that AmericasDoctor.com could elect not to renew the agreement for the period July 2, 2001 through July 2, 2003. The Company believes only the Company has the right to elect not to renew the contract for that period.

To: Jeff Litwin who wrote (18)	9/14/1999 10:42:00 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 30

AMDR has filed another amended S-1; the deal is still being priced at $8 to $10. DOC owns 2,553,600 shares of AMDR. If we assume that the deal is priced $9 and that AMDR doubles from its offering price, DOC's shares would have a gross value of $45.605 MM. Discount the $45.605 MM by 40% to reflect tax and liquidity issues, and you are left with $27.363 MM, or $6.20 per share ($27.363 divided by 4,411,060 shares). AMDR S-1/A: sec.gov DOC has also issued a press release related to their third quarter results: biz.yahoo.com