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 NINE MONTHS
ENDED: AUGUST 31, 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) 78,489,010
ASTHMA DISEASE MANAGEMENT INC.
. (FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
.
.
. INDEX
.
.
.PART I. FINANCIAL INFORMATION
.
.Item 1. Financial Statements (unaudited)
.
Balance Sheet August 31, 1999
.Statements of Operations-Three months ended August 31, 1999
.Statements of Cash Flows-Three months ended August 31, 1999
.Notes to Financial Statements- August 31, 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 first
Three months of Fiscal Year Ended 5/31/00:
.
. A total of 10,870,573 shares of common stock were issued
in the amount of $203,851
.
. Total shares in the distribution: 78,489,010
.
.
.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 10,870,573 210,851 ( 118,234)
Loss for the period ( 224,254)
Aug. 31, 1999 78,489,010 $22,590 $7,338,639 ($7,672,532)
.
.
.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
.
. The Board of Directors approved a two share distribution for
each of the Immuno Response Technology, Inc. Shares outstanding
for the pre-merger (L'Autrec, Inc.) Shareholders of Immuno
Response Technology, Inc. The Board of Directors effected this
distribution to equalize the per share price for each of its
Regulation D505 offerings.
.
.
.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)
CONSOLIDATED BALANCE SHEETS
AUGUST 31, 1999
ASSETS
CURRENT ASSETS
CASH $ 0
ACCOUNTS RECEIVABLE, NET OF
ALLOWANCE FOR DOUBTFUL ACCOUNTS
OF $34,000 100,076
INVENTORY 15,000
NOTES RECEIVABLE 2,209
---------
TOTAL CURRENT ASSETS $ 117,285
---------
PROPERTY & EQUIPMENT
EQUIPMENT & IMPROVEMENTS
LABORATORY EQUIPMENT 236,175
OFFICE EQUIPMENT 119,232
FURNITURE AND FIXTURES 27,362
-------
382,769
LESS ACCUMULATED DEPRECIATION (371,949)
---------
TOTAL PROPERTY & EQUIPMENT $ 10,820
---------
OTHER ASSETS
RECEIVABLE FROM LITIGATION 500,000
OTHER ASSETS 23,354
-------
TOTAL OTHER ASSETS 523,354
-------
TOTAL ASSETS $ 651,459
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
BANK OVERDRAFT 14,004
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 243,642
PAYROLL TAXES PAYABLE
AND RELATED COSTS 512,289
NOTES PAYABLE 203,833
-------
TOTAL CURRENT LIABILITIES $ 973,768
-------
STOCKHOLDERS' EQUITY (DEFICIT)
COMMON STOCK 22,590
ADDITIONAL PAID-IN CAPITAL 7,338,639
ACCUMULATED DEFICIT (7,672,532)
-----------
( 311,303)
LESS TREASURY STOCK, AT COST
(20,000 SHARES) (10,000)
LESS SUBSCRIPTION RECEIVABLE (1,006)
----------
( 322,309)
----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 651,459
==========
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED AUGUST 31, 1999
REVENUE
NET LABORATORY REVENUE $ 51,081
NET EXTRACT REVENUE 25,183
-------
TOTAL REVENUE 76,264
-------
OPERATING EXPENSES
COST OF SALES 84,795
SELLING AND PROMOTIONAL EXPENSES 83,269
GENERAL AND ADMINISTRATIVE EXPENSES 135,654
-------
$ 300,718
-------
OPERATING LOSS ( 224,454)
OTHER INCOME (EXPENSE) 200
--------
NET INCOME (LOSS) $ (224,254)
========
NET INCOME (LOSS) PER SHARE $ ( 0.003)
========
WEIGHTED AVERAGE SHARES OUTSTANDING 73,053,724
==========
UNAUDITED - FOR INTERNAL USE ONLY
ASTHMA DISEASE MANAGEMENT INC.
(FORMERLY IRT HOLDING CORPORATION AND SUBSIDIARIES)
STATEMENT OF CASH FLOW
FOR THE THREE MONTHS ENDED AUGUST 31, 1999
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ (224,254)
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
ACCOUNTS RECEIVABLE (16,793)
ACCOUNTS PAYABLE 2,500
PAYROLL TAXES PAYABLE 52,675
NOTES PAYABLE - CURRENT ( 1,360)
---------
TOTAL ADJUSTMENTS 37,022
---------
NET CASH PROVIDED BY OPERATION (187,232)
CASH FLOWS FROM INVESTING ACTIVITIES
USED FOR:
( 400)
--------
NET CASH USED FOR INVESTING ( 400)
--------
CASH FLOWS FROM FINANCING ACTIVITIES
PROCEEDS FROM:
ADDITIONAL PAID IN CAPITAL 203,851
--------
NET CASH USED IN FINANCING 203,851
--------
NET INCREASE (DECREASE) IN CASH ( 16,219)
========
SUMMARY
CASH BALANCE AT END OF PERIOD ( 14,004)
ADJUSTED CASH BALANCE AT BEGINNING OF PERIOD ( 30,223)
---------
NET INCREASE (DECREASE) IN CASH ( 16,219)
=========
UNAUDITED - FOR MANAGEMENT PURPOSES ONLY