SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 1998
[ ] 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 0-12825
BEST MEDICAL TREATMENT GROUP, INC.
(Exact Name of Registrant as specified in its Charter)
Nevada 84-0916272
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
45110 Club Drive, Suite B, Indian Hills, California 92210
(Address of Principal Executive Offices) (Zip Code)
(619) 360-1042
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) has 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 (of for such shorter period that the
Registrant was required to file such reports) and (ii) 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.
Common Stock 1,018,843
Title of Class Number of Shares outstanding
at January 31, 1998
No Exhibits included.
BEST MEDICAL TREATMENT GROUP, INC.
[A Development Stage Company]
CONSOLIDATED BALANCE SHEET
[Unaudited]
As of January 31, 1998
ASSETS
January 31, October 31,
1998 1997
CURRENT ASSETS:
Cash in bank $ -- $ --
Total Current Assets -- --
PROPERTY & EQUIPMENT, net 122,421 129,577
OTHER ASSETS:
Intellectual properties 1 1
Organization costs, net 416 441
Deposits and prepaids 31,997 31,997
Total Other Assets 32,414 32,439
TOTAL ASSETS $ 154,835 $ 162,016
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 14,440 $ 14,440
Accounts payable - related party 19,636 7,737
Total Current Liabilities 34,076 22,177
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value, 50,000,000
shares authorized, 1,018,843 shares issued
and outstanding 1,018 1,018
Capital in excess of par value 185,492 185,492
(Deficit) during the development stage -
Prior period(deficit) (46,671) (46,671)
Current year net income(loss) (19,080) --
Total Stockholders' Equity 120,759 139,839
TOTAL LIABILITIES & EQUITY $ 154,835 $ 162,016
The accompanying notes are an integral part of this
financial statement.
2
BEST MEDICAL TREATMENT GROUP, INC.
[A Development Stage Company]
CONSOLIDATED STATEMENT OF OPERATIONS
[Unaudited]
Three months ended January 31, 1998 and 1997
3 Months 3 Months
Ended Ended
Jan. 1998 Jan. 1997
REVENUES $ -- $ --
EXPENSES:
General and administrative 19,080 --
INCOME(LOSS) BEFORE INCOME TAXES (19,080) --
CURRENT TAX EXPENSE -- --
DEFERRED TAX EXPENSE -- --
NET INCOME(LOSS) $ ( 19,080) $ --
INCOME(LOSS) PER COMMON SHARE $ (0.0187) $ --
The accompanying notes are an integral part of this
financial statement.
3
BEST MEDICAL TREATMENT GROUP, INC.
[A Development Stage Company]
CONSOLIDATED STATEMENT OF CASH FLOWS
[Unaudited]
Three months ended January 31, 1998 and 1997
3 Months 3 Months
Ended Ended
Jan. 1998 Jan. 1997
Cash Flows from Operating Activities:
Net(Loss) $ (19,080) $ --
Adjustments to reconcile net(loss) to net cash
used by operating activities:
Depreciation and amortization 7,181 --
Non-cash expenses -- --
Changes in assets and liabilities:
Increase in accounts payable & accrued liabilities -- --
Increase in accounts payable - related party 11,899 --
Net Cash Provided(used) by operating activities -- --
Cash Flows from Investing Activities: -- --
Cash Flows from Financing Activities: -- --
Net increase(decrease) in Cash -- --
Cash at Beginning of Period -- --
Cash at End of Period $ -- $ --
Supplemental Disclosures of Cash Flow information:
Cash paid during the period for:
Interest $ -- $ --
Income Taxes $ -- $ --
Supplemental schedule of Non-cash Investing
and Investing Activities:
For the periods ended January 31, 1998 and 1997 $ -- $ --
The accompanying notes are an integral part of this
financial statement.
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BEST MEDICAL TREATMENT GROUP, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
January 31, 1998
1.General
The accompanying financial statements are unaudited, but in the opinion of the
management of the Company, contain all adjustments, consisting of only normal
recurring accruals, necessary to present fairly the financial position at
January 31, 1998, the results of operations for the three months ended January
31, 1997 and 1998, and the cash flows for the three months ended January 31,
1997 and 1998. Certain information and footnote disclosures normally included in
financial statements that have been prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to the
rules and regulations of the Securities and Exchange Commission, although
management of the Company believes that the disclosures in these financial
statements are adequate to make the information presented therein not
misleading. For further information, refer to the financial statements and
footnotes thereto for the fiscal year ended October 31, 1997 included in the
Company's Form 10-KSB.
The results of operations for the three months ended January 31, 1998, are not
necessarily indicative of the results of operations to be expected for the full
fiscal year ending October 31, 1998.
Item 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL
CONDITION
The Company's operations have been limited to organizational matters developing
its medical information database and has no working capital.
PART II. OTHER INFORMATION
Item 1.LEGAL PROCEEDINGS
None
Item 2.CHANGES IN SECURITIES
None
Item 3.DEFAULTS UPON SENIOR SECURITIES
None
Item 4.SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS See Item 2.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
The Company filed a Current Report on Form 8-K dated January 20, 1998
reporting a chnge in auditors. The following is excerpted from the 8-K:
"1. (i) The Registrant's former independent
accountant Cordovano and Company, P.C.
("Cordovano") was dismissed from that capacity on January 20, 1998.
(ii) The report by Cordovano on the financial statements of the
Registrant dated March 24, 1997, including balance sheets as of October
31, 1996 and 1995 and the statements of oerations, cash flows and
statement of stockholders' equity for the years ended October 31, 1996,
1995 and 1994 did not contain
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an adverse opinion or a disclaimer of opinion, or was qualified or
modified as to uncertainty, audit scope or accounting principles.
(iii) During the period covered by the financial statements
through the date of resignation of the former accountant, there were no
disagreements with the former accountant on any matter of accounting
principles or practices, financial statement disclosure, or auditing
scope or procedure.
A letter from the former independent accountant for the
Registrant is attached as an Exhibit to this Form 8-K.
2. On January 20, 1998 the Registrant engaged Pritchett, Siler &
Hardy, PC., as its new independent
accountant. "
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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.
Date: FEBRUARY 27, 1998 By: /s/ Robert Filiatreaux
-------------------------- -----------------------
Robert Filiatreaux
President (chief financial officer
and accounting officer and duly authorized officer)
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