Form 10Q
.
. UNITED STATES
. SECURITIES AND EXCHANGE COMMISSION
. Washington, DC 20549
.
.[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE
. SECURITIES EXCHANGE ACT OF 1934 FOR THE SIX MONTHS
ENDED: NOVEMBER 30, 1999.
.
. OR
.
.[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES ACT OF 1934 FOR
.
.
.Commission file number 33-1534-D
.
. ASTHMA DISEASE MANAGEMENT INC.,
. (FORMERLY IRT HOLDING CORPORATION)
(Exact name of registrant as specified in its charter)
.
.
. Delaware 22-3253496
(State or other jurisdiction of (I.R.S. Employer
.incorporation or organization) Identification No.)
.
.
.272 South White Horse Pike, Berlin, NJ 08009
.(Address of principal executive offices) (Zip Code)
.
.
. 1-800-448-8199
. (Telephone number)
.
.
. Indicate by check mark whether the registrant (1) had
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 such shorter periods 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
.
.
. Indicate the number of shares outstanding of each of
the issuer's classes of common stock, as of the latest
practicable date.
.
.
. Class Outstanding at 08/31/99
.(Common Stock, $.001 par value) 89,605,446
ASTHMA DISEASE MANAGEMENT INC.
. (FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
.
.
. INDEX
.
.
.PART I. FINANCIAL INFORMATION
.
.Item 1. Financial Statements (unaudited)
.
Comparative Balance Sheets 11/30/99 & 11/30/98
Comparative Statements of Operations-11/30/99 & 11/30/98
Statements of Cash Flows-Three months ended 11/30/99 & 11/30/98
Notes to Financial Statements - November 30, 1999
.
.
.PART II. OTHER INFORMATION
.
.Item 1. Legal proceedings
.Item 2. Changes in Securities
.Item 3. Defaults Upon Senior Securities
.Item 4. Submission of Matters to a Vote of Security Holders
.Item 5. Other Information
.Item 6. Exhibits and Reports on Form 8-K
.
.
.
.
.
.
.
.
.
.
.
ASTHMA DISEASE MANAGEMENT INC.
. (FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
.
.NOTE 1. BASIS OF PRESENTATION
.
. The Company's financial statements are unaudited. In the
opinion of management, all adjustments, which include normal
recurring adjustments necessary to present fairly the financial
position, results of operation and changes in financial position
for all periods presented, have been made. The results of
operations for interim periods are not necessarily indicative of
the operating results for the full year.
.
. Footnote disclosure normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been omitted in accordance with the
published rules and regulations of the Securities and Exchange
Commission. These financial statements and notes thereto are
included in the Company's Form 10-K for the most recent fiscal
year.
.
.NOTE 2. CAPITAL STOCK
.
. The Company issued the following shares during the
Six month period ended 11/30/99
.
. A total of 21,987,009 shares of common stock were issued
in the amount of $297,412
.
. Total shares in the distribution: 89,605,446
.
.
.NOTE 3. CHANGES IN STOCKHOLDERS' EQUITY
.
. Common Stock Add'l Retained
. Number of Paid-In Earnings
. Shares Amount Capital (Deficit)
.
.
BALANCES,
May 31, 1999 67,618,437 $22,590 $7,127,788 ($7,330,044)
Additions/Adjustments 21,987,009 297,412 ( 118,234)
Loss for the period ( 405,222)
Nov. 30, 1999 89,605,446 $22,590 $7,425,200 ($7,853,500)
.
.
.To date, the Company has never paid a dividend and does not
anticipate paying a dividend in the foreseeable future.
.
.
.Part II. OTHER INFORMATION
.
.The company changed its name from IRT Holding Corporation to
.Asthma Disease Management Inc., in order to properly reflect
.the nature of services provided.
.
.Item 1. Legal Proceedings
.
. NONE
.
.
.Item 2. Changes in Securities
.
. NONE
.
.Item 3. Defaults Upon Senior Securities
.
. NONE
.
.
.Item 4. Submission of Matters to the Vote of Shareholders
.
. NONE
.
.
.Item 5. Other Information
.
. NONE
.
.
.Item 6. Exhibits and Reports on Form 8-K
.
. NONE
.
.
. SIGNATURES
.
. Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
.
.
.
.
. George H. Young, President and
. Chairman of the Board of Directors
.
.
.
.Date:
. ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
COMPARATIVE CONSOLIDATED BALANCE SHEETS
11/30/99 & 11/30/98
ASSETS
CURRENT ASSETS
11/30/99 11/30/98
-------- ---------
CASH $ 0 0
ACCOUNTS RECEIVABLE, NET OF
ALLOWANCE FOR DOUBTFUL ACCOUNTS
OF $34,000 110,346 66,541
INVENTORY 15,000 15,000
NOTES RECEIVABLE 2,209 2,208
--------- ---------
TOTAL CURRENT ASSETS $ 127,555 83,749
PROPERTY & EQUIPMENT
EQUIPMENT & IMPROVEMENTS
LABORATORY EQUIPMENT 236,175 236.175
OFFICE EQUIPMENT 119,232 119,232
FURNITURE AND FIXTURES 27,362 27,362
------- --------
382,769 382,769
LESS ACCUMULATED DEPRECIATION (371,949) (369,324)
--------- ---------
TOTAL PROPERTY & EQUIPMENT $ 10,820 13,445
--------- ---------
OTHER ASSETS
RECEIVABLE FROM LITIGATION 500,000 500,000
OTHER ASSETS 23,354 23,354
------- ---------
TOTAL OTHER ASSETS 523,354 523,354
------- ---------
TOTAL ASSETS $ 661,729 620,548
======= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
BANK OVERDRAFT 84,499 7,974
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 243,642 121,408
PAYROLL TAXES PAYABLE
AND RELATED COSTS 547,810 373,975
NOTES PAYABLE 202,494 77,847
--------- ---------
TOTAL CURRENT LIABILITIES $ 1,078,445 581,204
--------- ---------
STOCKHOLDERS' EQUITY (DEFICIT)
COMMON STOCK 22,590 22,590
ADDITIONAL PAID-IN CAPITAL 7,425,200 7,020,203
ACCUMULATED DEFICIT (7,853,500) (6,992,443)
----------- -----------
( 405,710) 50,350
LESS TREASURY STOCK, AT COST
(20,000 SHARES) (10,000) (10,000)
LESS SUBSCRIPTION RECEIVABLE (1,006) ( 1,006)
---------- -----------
( 416,716) 39,344
---------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 661,729 620,548
========== ===========
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED 11/30/99 & 11/30/98
11/30/99 11/30/98
-------- --------
REVENUE
NET LABORATORY REVENUE $ 86,735 87,190
NET EXTRACT REVENUE 39,955 26,661
------- --------
TOTAL REVENUE 126,690 113,851
------- --------
OPERATING EXPENSES
COST OF SALES 150,384 141,007
SELLING AND PROMOTIONAL EXPENSES 142,160 119,693
GENERAL AND ADMINISTRATIVE EXPENSES 244,543 218,072
------- --------
$ 537,087 478,772
------- --------
OPERATING LOSS ( 410,397) (364,921)
OTHER INCOME (EXPENSE) 5,175 146
-------- --------
NET INCOME (LOSS) $ ( 405,222) (364,775)
======== =========
NET INCOME (LOSS) PER SHARE $ ( 0.001) ( 0.001)
========== ==========
WEIGHTED AVERAGE SHARES OUTSTANDING 78,611,942 63,605,465
========== ==========
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
COMPARATIVE STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED 11/30/99 & 11/30/98
11/30/99 11/30/98
------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ (405,222) (364,775)
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
DEPRECIATION 0 2,625
ACCOUNTS RECEIVABLE (27,062) (6,078)
NOTES RECEIVABLE 0 (2,208)
ACCOUNTS PAYABLE 2,500 (1,250)
PAYROLL TAXES PAYABLE 88,197 37,914
NOTES PAYABLE - CURRENT ( 2,253) 77,847
--------- --------
TOTAL ADJUSTMENTS 61,382 108,850
--------- --------
NET CASH PROVIDED BY OPERATION (343,840) (255,925)
CASH FLOWS FROM INVESTING ACTIVITIES
USED FOR:
( 400) 0
-------- --------
NET CASH USED FOR INVESTING ( 400) 0
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
PROCEEDS FROM:
ADDITIONAL PAID IN CAPITAL 296,965 146,200
-------- --------
NET CASH USED IN FINANCING 296,965 146,200
-------- --------
NET INCREASE (DECREASE) IN CASH ( 47,275) (109,725)
======== ========
SUMMARY
CASH BALANCE AT END OF PERIOD ( 84,499) ( 7,974)
ADJUSTED CASH BALANCE AT BEGINNING OF PERIOD ( 37,222) (101,751)
--------- --------
NET INCREASE (DECREASE) IN CASH ( 47,275) (109,725)
========= =========
UNAUDITED - FOR MANAGEMENT PURPOSES ONLY