MEHO another long. great news:
August 15, 2000
MERIDIAN HOLDINGS INC (MEHO.OB)
Quarterly Report (SEC form 10QSB)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS:
The following section contains forward-looking statements that involve risks and uncertainties, including those referring to the period of time the Company's existing capital resources will meet the Company's future capital needs, the Company's future operating results, the market acceptance of the services of the Company, the Company's efforts to develop new products and services, and the Company's planned investment in the marketing of its current services and research and development with regard to future endeavors. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including: domestic and global economic patterns and trends.
LIQUIDITY AND CAPITAL RESOURCES OF THE COMPANY.
On June 29, 2000, the registrant the purchase of all the assets of Sirius Computerized Technologies Limited (Israel), consisting primarily of intellectual property and technology related to that company's software used in healthcare management. The asset purchase includes the highly innovative intellectual property commonly known as MedMaster and the associated Virtual Multi-object-architecture Database (VMDB), as well as all components, subsystems, source code and documentation. The purchase price was $2.7 million.
Additionally, with the acquisition of the intellectual properties of Sirius Computerized Technologies of Israel, LTD, the company hired immediately 10 Additional personnel as well as established a Research and Development subsidiary known as InterCare MedMaster (Israel) LTD, which is based in Jerusalem, Israel. The Company's future performance will depend in part on its ability to manage rapid growth and to adapt its operational and financial control systems to respond to changes resulting from any such growth.
Long-term cash requirements, other than normal operating expenses, are anticipated for the continued development of the Company's business plans. The Company will need to raise additional funds from investors in order to complete these business plans. There is no assurance that such funds will be available, and even when available, the terms may be very prohibitive.
RESULTS OF OPERATIONS
The Company generated revenues from operations of $751,315 during the Second quarter ended June 30, 2000, compared to the revenues from operations of $351,947 during same period in 1999. This represents an increase in revenues of 213%. This increase in revenue is attributed to increase in enrolment of membership into Capnet IPA Network and sales of Medmaster software program licenses. Operating expenses for the period ending June 30, 2000 were $234,135 compared to $115,706 during the same period in 1999. This represents a 202% increase compared to the same period in 1999. This increase operating expenses is attributed to hiring of additional personnel and purchase of new equipment.
The Company recorded a net income from operations of $403,126 during the three-month period ended June 30, 2000 compared to $71,122 during the same period in 1999. This represents a 566% increase in net income. The increase in net income is attributed to the increase in professional fees, sale of MedMaster software, cost reduction and minimal use of outside consultants.
Management anticipates that general operating expenses will increase, as it pursues, vigorously, its acquisition of new business opportunities and the integration of the existing ones.
PLAN OF OPERATIONS
On April 11, 2000, the Board of Directors approved the amendment of the article of incorporation of the registrant, whereby the total number of authorized shares was increased to 100,000,000 Common Stock, and 20,000,000 Preferred Stock all at $.001 par value. Details of this announcement is contained in the Form 8-K filed on April 11, 2000 and incorporated herein by reference.
On April 18, 2000, the registrant inked a joint venture agreement with Dermallay Industries to market, co-brand, and develop products and technologies.
On May 8, 2000, the Registrant announced a 3 for 1 forward stock split with a record date of June 15, 2000 and distribution date of June 30, 2000. This is pursuant to consent resolution by the Board of Directors for the best interest of the corporation and shareholders. Details of this announcement is contained in the Form 8-K filed on May 8, 2000 and incorporated herein by reference.
On May 24, 2000, the registrant named Daniel Thornton as its Director of Sales and Marketing, as well as General Manager of registrant's subsidiary - Meridian Gateway Online Services, Inc.
On June 6, 2000, the registrant announced a tentative agreement with Sirius Computerized Technologies Limited (Israel) for the purchase of all the assets of the latter which comprised mostly of the intellectual property of the MedMaster software (and its sub-components).
On June 13, 2000, the Board of Directors of the registrant resolved to borrow three million and two hundred thousand dollars (interest-free for one year) from the registrant's chairman and chief executive officer, Anthony C. Dike, MD, as fully described in Form 8-K formerly filed and hereby incorporated by reference.
On June 16, 2000, the registrant submitted an irrevocable proposal for the purchase of assets of Sirius Computerized Technologies Limited as fully described in Form 8-K formerly filed and hereby incorporated by reference.
On June 22, 2000, the registrant acquired substantially all the assets of Triad Microsystems, Inc., including all intellectual rights owned by Triad Microsystems, Inc., as fully described in Form 8-K formerly filed and hereby incorporated by reference
On June 29, 2000, the registrant purchased all of the assets of Sirius Computerized Technologies Limited (Israel), consisting primarily of intellectual property and technology related to that company's software used in healthcare management. The asset purchase includes the highly innovative intellectual property commonly known as MedMaster and the associated Virtual Multi-object-architecture Database (VMDB), as well as all components, subsystems, source code and documentation, as fully described in Form 8-K formerly filed and hereby incorporated by reference
On June 30, 2000, the registrant entered into a Master Value added-reseller agreement with its InterCare.Com, Inc., subsidiary. Under the terms of this agreement, InterCare will market, train and support the MedMaster(tm) Suite of Software programs on behalf of the registrant, in return for 40% of the net purchase price of the software, and 60% of the maintenance fees payable by the potential customer.
PART II - OTHER INFORMATION
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Recent filings: Jul 28, 1999 (Qtrly Rpt) | Nov 15, 1999 (Qtrly Rpt) | Feb 17, 2000 (Annual Rpt) | May 11, 2000 (Qtrly Rpt) | Aug 15, 2000 (Qtrly Rpt)
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