MEHO .02.Filed Q and shows Profits.
DD
1)MEHO 0 dilution for the last three years.2)Profitable,3)
Book value .05.Total stockholders' equity 4,616,276 shares out=
Common Shares
outstanding 93,706,485
4)Very Small float.
5) most of the outstanding is control by insiders.
Anthony C. Dike,M.D. Director 75,370,450 Active 80%
The registrant recorded a profit from operations for the three months ended September 30, 2002 of $34,464, or 4.5% of total revenues, and a loss of $6,372, or 2% of total revenues, for the three months ended Sept 30, 2001. During the nine months ended September 30, 2002, the registrant recorded a profit from operations of $48,254, or 2.5% of total revenues compared to a loss from operations of $283,476 or 28% of total revenues for the nine months ended September 30, 2001. The increase in net profit from operations are due to the decrease in operating expenses, decrease in cost of medical claims paid and outside consultants fees.
EXPENSES
Of the $574,644 General Operating expense for the three months ended September 30, 2002, $156,668 was paid for the cost of provider services, which consist of capitation payments to our contracted primary care providers or 20.5% of medical services revenue after giving account to IBNR reserves, compared to $111,182 or 34% of medical services revenue for the three month period ended Sept 30, 2001.
General and administrative expenses were $574,644 or 75 % of total revenues and $1,082,037 or 91% of total revenues, for the three months ended September 30, 2002 and September 30, 2001 respectively and $1,424,444 or 74.4% of total revenues compared to $2,018,955 or 84.5% of total revenues for the nine months ended September 30, 2002 and 2001 respectively. Medical claims expenses, for the nine month period ended September 30,2002 were $488,582 or 25.5% of medical services revenue, compared to $573,918 or 24% of medical services revenue for the nine month period ended September 30, 2001.
For the three months ended September 30, 2002, payroll and employee benefits for administrative personnel was $111,913 or 15% of total revenues, compared to $148,540 or 15% of revenue for comparable period in 2001, respectively. Payroll and employee benefits for administrative personnel was $349,995 for the nine months ended Sept 30, 2001, or 18% of total revenues, compared to $408,115 or 29% of revenue for comparable period in 2000. The decrease in employee payroll expenses was due to recent cost cutting measures, including laying-off of some employees.
PLAN OF OPERATIONS
On September 16, 2002, the Company announced the release of version 3.0 of its' flagship software application known as ICE(tm), a scalable healthcare software solution that integrates every aspect of the healthcare enterprise, designed for information tracking, error reduction, patient safety.
ICE 's extensive, scalable system flexibility allows its adaptation to clinical workflow, operating independently in centralized and decentralized facilities. The program features intuitive order entry, "tapering" orders, a clinical knowledge base, digital video enhanced patient education module, real-time electro-physiological data capture and display, voice command, voice recognition, digital dictation module and numerous other capabilities to complement and document the diagnostic and treatment processes, including unlimited free-text notes.
ICE provides practical business solutions unique to current health care environments, where error reduction, medical necessity checking, HIPAA compliance and revenue loss reduction are essential. The software meets HL-7 standards, operating as a stand-alone system or integrated with other Legacy or third-party healthcare applications.
Microsoft OCX, GRID, SQL Server and PUSH technologies are provided on ICE , and the system provides real-time information to physicians and other healthcare providers on a need-to-know basis. Maximized information displays increase workflow efficiency by minimizing mouse clicks and screen changes.
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ICE is available for both inpatient and outpatient clinical documentations, thus enabling healthcare providers to create a life-time longitudinal multimedia patient clinical record.
InterCare.com-Dx Inc. an affiliate of the Company has now embarked on aggressive marketing and sales efforts in other to introduce the application into the highly competitive healthcare market. As of this writing, no sales prospects have been closed, however, this event represents a significant milestone in the Company's overall business plan. The Company anticipates a significant revenue increase in future from software licensing royalties.
RECENT EVENTS
On October 21, 2002, the registrants CGI Communications Services, Inc., subsidiary announced that it has teamed up with Superwire, Inc., an integrated broadband Managed Service Provider (MSP) delivering local and long distance voice, high-speed Internet, network monitoring and support for small to medium enterprises (SMEs), to give a series of joint presentations in Los Angeles beginning on October 23, 2002 to provide Superwire and CGI products to the healthcare market.
CGI also announced that it is releasing the new ASP version of ICE software, a Scalable healthcare software solution that integrates every aspect of the healthcare enterprise, designed for information tracking, error reduction, patient safety. The project calls for delivery of a turnkey solution which includes broad-band connectivity, Voice Over IP telephony, brand new, state of the art computers and software to create a wireless network in the healthcare providers office or clinic, at a minimal monthly cost. The Company believes that the potential for this market is big, as a result of recent healthcare initiatives geared towards improving patient care, safety and confidentiality.
PART II - OTHER INFORMATION
LEGAL PROCEEDINGS
On October 21, 2002, the Company announced that effective October 17 2002, it has reached a settlement agreement of the entire action with Silicon Valley Bank Corporation, including the registrant's cross complaint, entitled Silicon Valley Bank Corporation .v. Meridian Holdings, Inc., a Colorado Corporation, InterCare.com, Inc., a Nevada Corporation, Los Angeles California, Superior Court Case number BC 259513.
The salient terms of the settlement include mutual general releases with prejudice by all parties.
The lawsuit, as well as the cross-complaint, resulted from the earlier acquisition of the asset of Sirius Computerized Technology of Israel, for which Silicon Valley Bank claimed that said asset was pledged as collateral by Sirius et al for a loan in the amount of $450,000. The company had earlier abandoned the proposed asset purchase, and filed a lawsuit against Sirius et al as described in the company's Quarterly report on form 10-QSB for the quarter ended June 30, 2002 filed with the SEC and accessible at www.sec.gov.
On May 3, 2002 the registrant filed a counter-claim styled Ventures & Solutions, LLC., Plaintiff v. Meridian Holdings, Inc, in Virginia Circuit Court for the City of Alexandria, Case No. CL020075, as amended. The Company is seeking over $1,500,000 for both compensatory and punitive damages against the plaintiff and Mr. Dale Church the CEO of Ventures and Solutions, LLC, for misrepresentation and fraud, breach of contract and breach of fiduciary duties. This counter-claim was as a result of a lawsuit filed by the P laintiff, which was earlier dismissed as a non-suit by the State of Virginia Circuit Court for the City of Alexandria, for which the plantiff had filed an amended lawsuit in November 2001. This lawsuit is in the discovery phase.
Equitable Relief in Superior Court of the State of California, for the County of Los Angeles (Case No. BC 2566860), titled "Meridian Holdings, vs Sirius Technologies of America, a Delaware Corporation; Sirius Computerized
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On August 27, 2001, the Company filed a Civil Complaints for Damages and Technologies Ltd; an Israeli Corporation, Amir Dolev; an individual; Glen Crowe, an individual;
Danny Basel, an individual; Shaul Bergerson, an individual and DOES through 500, inclusive. This lawsuit is in connection to the recent cancellation by the registrant, the purchase of the intellectual property commonly known as Medmaster Software including the Source-Code and Subsystems. The registrant is claiming amongst order things: rescission based on fraud; damages for fraud; money had and received; rescission based on failure of consideration; damages for breach of written contract; negligent misrepresentation; conversion; declaratory relief; preliminary and permanent injunction and damages; intentional interference with contract and other economic relationship; negligent interference with economic relationship; breach of fiduciary duty etc. As of this filing, no trial date has been set.
From time to time, we may be engaged in litigation in the ordinary course of our business or in respect of which we are insured or the cumulative effect of which litigation our management does not believe may reasonably be expected to be materially adverse. With respect to existing claims or litigation, our management does not believe that they will have a material adverse effect on our consolidated financial condition, results of operations, or future cash flows. |
