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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A-1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _______________.
COMMISSION FILE NUMBER: 1-11765
MEDJET INC.
(Exact name of small business issuer as specified in its charter)
DELAWARE 22-3283541
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1090 KING GEORGES POST ROAD, SUITE 301
EDISON, NEW JERSEY 08837
(Address of principal executive offices)
(732) 738-3990
(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 issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
YES X NO
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As of July 31, 1998, there were outstanding 3,686,280 shares of common
stock, par value $.001 per share.
Transitional Small Business Disclosure Format: YES NO X
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PART I - FINANCIAL INFORMATION
MEDJET INC.
(A Development Stage Company)
Condensed Interim Balance Sheet
June 30, 1998
(Unaudited)
ASSETS
CURRENT ASSETS:
- ---------------
Cash and cash equivalents $ 1,239,447
Prepaid expenses 28,833
-----------
1,268,280
Property, plant & equipment -
Less accumulated depreciation of $222,538 310,161
Organization costs -
Less accumulated amortization of $31,353 6,034
Patents and trademarks -
Less accumulated amortization of $12,248 103,230
Security deposits 7,050
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Total Assets $ 1,694,755
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
- --------------------
Accounts payable and accrued liabilities $ 358,679
Preferred dividends payable 22,000
Income taxes payable 150
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Total Liabilities 380,829
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STOCKHOLDERS' EQUITY:
- ---------------------
Cumulative convertible preferred stock, $.01 par value, 1,000,000
shares authorized; 110,000 shares issued and outstanding 1,100
Common stock, $.001 par value, 7,000,000 shares authorized,
3,720,069 shares issued and 3,686,280 shares outstanding 3,720
Additional paid-in capital 6,013,610
Additional paid-in capital - Beneficial conversion feature
on cumulative convertible preferred stock 133,389
Accumulated deficit (including deficit accumulated during development
stage of $6,237,008 of which $1,556,204 was applied to additional paid-in
capital upon conversion from an "S" to a "C" corporation) (4,836,193)
Less: Treasury stock, 33,789 shares, at cost (1,700)
-----------
Total Stockholders' Equity 1,313,926
-----------
Total Liabilities and Stockholders' Equity $ 1,694,755
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See Notes to the Condensed Interim Financial Statements.
2.
MEDJET INC.
(A Development Stage Company)
Condensed Interim Statements of Operations
For The Three and Six Months Ended June 30, 1998 and 1997
And The Period From December 16, 1993 (Date of Inception), to June 30, 1998
(Unaudited)
Three Months Ended Six Months Ended Period from
June 30, June 30, December 16,
------------------------- --------------------------- 1993 (Inception)
1998 1997 1998 1997 to June 30, 1998
----------- ----------- ------------ ------------ -----------------
Revenues:
Net Sales $ - $ - $ - $ - $ -
Cost of Sales - - - - -
---------- ---------- ----------- ----------- -----------
Gross Profit - - - - -
---------- ---------- ----------- ----------- -----------
Expenses:
Research, Development,
General and
Administrative 719,405 690,283 1,449,025 1,280,219 6,476,909
---------- ---------- ----------- ----------- -----------
Total Costs and Expenses 719,405 690,283 1,449,025 1,280,219 6,476,909
---------- ---------- ----------- ----------- -----------
Loss from Operations (719,405) (690,283) (1,449,025) (1,280,219) (6,476,909)
Other Income (Expense):
Interest Income 14,674 42,554 29,301 91,694 278,835
Interest Expense (81) (2,525) (183) (5,794) (38,084)
---------- ---------- ----------- ----------- -----------
14,593 40,029 29,118 85,900 240,751
---------- ---------- ----------- ----------- -----------
Loss Before Provision for
(Benefit From)
Income Tax (704,812) (650,254) (1,419,907) (1,194,319) (6,236,158)
Provision for (benefit
from) income tax - (807,287) - (946,787) 850
---------- ---------- ----------- ----------- -----------
Net Income (Loss) (704,812) 157,033 (1,419,907) (247,532) (6,237,008)
Dividends on preferred
stock 155,389 - 155,389 - 155,389
---------- ---------- ----------- ----------- -----------
Net Income (Loss) Attributable
to Common Shareholders $ (860,201) $ 157,033 $(1,575,296) $ (247,532) $(6,392,397)
========== ========== =========== =========== ===========
Net Income (Loss) Per
Share $(0.22) $0.04 $(0.42) $(0.07) $(2.19)
========== ========== =========== =========== ===========
Weighted Average
Common and Equivalent
Shares Outstanding 3,830,852 3,648,666 3,753,854 3,648,666 2,924,601
========== ========== =========== =========== ===========
See Notes to the Condensed Interim Financial Statements.
3.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 25, 1998 MEDJET INC.
/S/ THOMAS M. HANDSCHIEGEL
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Thomas M. Handschiegel
Chief Financial Officer and
Chief Accounting Officer
4.
MEDJET INC.
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
11 Statement regarding computation of per share earnings
27 Financial Data Schedule
5.