MHUT MediHut 10QSB U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For Quarter Ended: July 31, 2001
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File No. 000-27119
MEDI-HUT CO., INC
(Exact name of registrant as specified in its charter)
Delaware 22-2436721
(State of incorporation) (I.R.S. Employer
Identification No.)
1935 Swarthmore Avenue
Lakewood, New Jersey 08701
(732) 901-0606
(Address and telephone number of principal executive offices
and principal place of business)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed 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 requirements for the past 90 days. Yes [ X ] No [ ]
As of August 31, 2001, Medi-Hut had a total of 13,183,800 shares of
common stock issued and outstanding.
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TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
Item 1: Financial Statements..............................................3
Item 2: Management's Discussion and Analysis.............................10
PART II: OTHER INFORMATION
Item 2: Changes in Securities and Use of Proceeds.........................12
Item 6: Exhibits and Reports filed on Form 8-K ..........................13
Signatures................................................................15
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
The financial information set forth below with respect to Medi-Hut's
statements of operations for the nine months ended July 31, 2001 and 2000 is
unaudited. This financial information, in the opinion of Medi-Hut's
management, includes all adjustments consisting of normal recurring entries
necessary for the fair presentation of such data. The results of operations
for the nine months ended July 31, 2001 are not necessarily indicative of
results to be expected for any subsequent period.
2
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Medi-Hut Co., Inc.
Condensed Interim Balance Sheet
July 31, 2001
ASSETS
CURRENT ASSETS
Cash and Interest Bearing Deposits $ 2,746,024
Accounts Receivable 2,199,000
Other Current Assets 578,517
--------------
TOTAL CURRENT ASSETS 5,523,541
PROPERTY AND EQUIPMENT, NET OF 515,741
ACCUMULATED DEPRECIATION
OTHER ASSETS
Joint Venture Investment at Equity 1,000,000
Other Assets 436,036
--------------
TOTAL OTHER ASSETS 1,436,036
--------------
TOTAL ASSETS 7,475,318
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable 1,721,792
Other Current Liabilities 212,344
--------------
TOTAL CURRENT LIABILITIES 1,934,136
STOCKHOLDERS' EQUITY
Common Stock 13,184
Additional paid in capital 12,578,649
Notes Receivable on Exercised Warrants (3,993,750)
Consultant Services to be Provided (2,106,000)
Deferred Charges (57,506)
Retained (Deficit)/Earnings (893,395)
--------------
TOTAL STOCKHOLDERS' EQUITY 5,541,182
--------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,475,318
==============
See Notes to the Condensed Interim Financial Statements
**Unaudited**
<PAGE> 3
Medi-Hut Co., Inc.
Condensed Interim Statements of Operations
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
July 31, 2001 July 31, 2000 July 31, 2001 July 31, 2000
-------------- ------------- ------------- -------------
NET SALES $ 2,771,376 $ 1,975,516 $ 7,285,362 $ 5,470,566
COST OF SALES 2,353,940 1,650,215 6,237,851 4,807,432
-------------- ------------- ------------- -------------
GROSS PROFIT 417,436 325,301 1,047,511 663,134
GENERAL &
ADMINISTRATIVE 222,750 111,028 535,378 389,603
-------------- ------------- ------------- -------------
INCOME FROM OPERATIONS 194,687 214,273 512,134 273,531
OTHER INCOME 36,318 15,670 51,672 43,172
-------------- ------------- ------------- -------------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 231,005 229,943 563,805 316,703
PROVISION FOR
INCOME TAXES 81,665 80,252 212,978 85,033
-------------- ------------- ------------- -------------
NET INCOME $ 149,340 $ 149,691 $ 350,827 $ 231,670
============== ============= ============= =============
EARNINGS PER
COMMON SHARE $ 0.01 $ 0.01 $ 0.03 $ 0.02
============== ============= ============= =============
EARNINGS PER COMMON
SHARE ASSUMING
DILUTION $ 0.01 $ 0.01 $ 0.03 $ 0.02
============== ============= ============= =============
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 12,874,017 10,829,800 11,954,153 10,626,954
============== ============= ============= =============
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
ASSUMING DILUTION 12,874,017 11,205,726 11,954,153 10,878,493
============== ============= ============= =============
See Notes to the Condensed Interim Financial Statements
**Unaudited** |
