UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q /A1
(Mark One)
P QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2008
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
Commission file number: 0-12968
InMedica Development Corporation
(Exact name of small business issuer as specified in its charter)
UTAH | 87-0397815 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
825 North 300 West, Suite N132
Salt Lake City, Utah 84103
(Address of principal executive offices)
(801) 521-9300
(Issuer’s telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 P No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | Accelerated filer |
Non-accelerated filer | P Smaller reporting company |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes o No P
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 18,629,493 shares of $.001 par value common stock as of May 12, 2008
The Company hereby amends and restates in its entirety, the Consolidated Balance Sheet of the Company filed with Form 10Q for the period ended March 31, 2008 to include comparative data for December 31, 2007, as shown below.
INMEDICA DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
ASSETS | ||||||||
As of | As of | |||||||
March 31, | December 31, | |||||||
2008 | 2007 | |||||||
(Unaudited) | (audited) | |||||||
CURRENT ASSETS: | ||||||||
Cash & cash equivalents | $ | 11,969 | $ | 2,706 | ||||
Prepaid expenses and other | 200 | 200 | ||||||
Total current assets | 12,169 | 2,906 | ||||||
EQUIPMENT AND FURNITURE, at cost, | ||||||||
Less accumulated depreciation of | ||||||||
$254,947 and $254,856 respectively | 274 | 365 | ||||||
Total assets | $ | 12,443 | $ | 3,271 |
See notes to consolidated financial statements
INMEDICA DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET (Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
As of | As of | |||||||
March 31, | December 31, | |||||||
2008 | 2007 | |||||||
(Unaudited) | (audited) | |||||||
CURRENT LIABILITIES: | ||||||||
Related party consulting fees payable | $ | 84,000 | $ | 78,000 | ||||
Accounts payable | 21,232 | 5,503 | ||||||
Accrued payroll | 12,000 | - | ||||||
Accrued interest | 20,362 | 16,495 | ||||||
Related party royalty payable | 83,333 | 73,333 | ||||||
Preferred stock dividend payable | 51,069 | 49,177 | ||||||
Current portion of long term debt | 140,000 | 60,617 | ||||||
Total current liabilities | 411,996 | 283,125 | ||||||
LONG TERM LIABILITIES | ||||||||
Long term convertible promissory note | 85,033 | 140,000 | ||||||
TOTAL LIABILITIES | 497,029 | 423,125 | ||||||
MINORITY INTEREST | (217,169 | ) | (191,668 | ) | ||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock, 10,000,000 shares authorized; | ||||||||
Series A preferred stock, cumulative and | ||||||||
convertible, $4.50 par value, | ||||||||
1,000,000 shares designated, | ||||||||
21,016 shares issued and outstanding | 94,573 | 94,573 | ||||||
Common stock, $.001 par value; | ||||||||
40,000,000 shares authorized, | ||||||||
18,629,493 issued and outstanding | 18,629 | 18,629 | ||||||
Additional paid-in capital | 8,426,839 | 8,426,839 | ||||||
Accumulated deficit | (8,807,458 | ) | (8,768,227 | ) | ||||
Total stockholders equity | (267,417 | ) | (228,186 | ) | ||||
Total liabilities and stockholders' equity | $ | 12,443 | $ | 3,271 |
See notes to consolidated financial statements
Item 6. Exhibits:
(31.1) Sarbanes-Oxley Section 302 Certification – Ralph Henson
(31.2) Sarbanes- Oxley Section 302 Certification- Richard Bruggeman
(32.1) Sarbanes-Oxley Section 906 Certification
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized.
INMEDICA DEVELOPMENT CORPORATION
/s/ Ralph Henson
By Ralph Henson, President
/s/ Richard Bruggeman
By Richard Bruggeman, Treasurer
Date: September 26 , 2008
EXHIBIT INDEX - INMEDICA DEVELOPMENT CORPORATION
FORM 10Q /A1 – MARCH 31, 2008
EXHIBIT NUMBER | DESCRIPTION |
(31.1) Sarbanes-Oxley Section 302 Certification – Ralph Henson
(31.2) Sarbanes- Oxley Section 302 Certification- Richard Bruggeman
(32.1) Sarbanes-Oxley Section 906 Certification