SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
ACT OF 1934
For the quarterly period ended September 30, 1997
OR
[___] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to _______________
Commission File Number: ___________________
Americare Health Scan Inc.
(Exact name of Registrant as specified in its Charter)
____Florida_________________________________65-0467346_______________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
20 N.W. 181st Street, Miami, Florida 33169
(Address of principal executive offices) (Zip Code)
Registrant s telephone number, including area code: (305) 770-1141
________________________________N/A_____________________________________
Former Name, Former Address and Former Fiscal Year, if changed since last
Report.
Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of 1934, as amended
( Exchange Act ) during the preceding 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 No ___X___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY DURING THE PRECEDING FIVE
YEARS
Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of 1934, as amended
( Exchange Act ) during the preceding 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 _______ No ___X_____
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY DURING THE PRECEDING
FIVE YEARS
Check whether the registrant filed all document and reports required to be
filed by Section 12,13 or 15 (d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court.
Yes No _________
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each issuer s classes of
common stock, as of the latest practicable date: 12,712,170 Common Stock,
par value $.001 as of December 31 , 1996.
AMERICARE HEALTH SCAN, INC.
INDEX
Part 1. Financial Information
Item 1. Financial Statements (unaudited).
Balance Sheet for the nine months ended September 30, 1997
Statement of Operations for the nine months ended September
30, 1997
Statement of Cash Flows for the nine months ended September
30, 1997
Item 2. Management s Discussion and Analysis of Financial Condition
and Results Of Operations.
Part II. Other Information
ROBERT B. DODEK CPA.
20 N.W. 181st Street Telephone (305) 655-0923
Miami, Florida 33169 Fax (305) 653-3315
AMERICARE HEALTH SCAN, INC.
MIAMI, FLORIDA
I have compiled the accompanying balance sheet of Americare Health Scan,Inc.
and subsidiary as of September 30, 1997 and related statement of income and
retained earnings and cash flows for the period then ended, in accordance
with Statements on Standards for Accounting and Review Services issued by
the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. I have not audited
or reviewed the accompanying financial statement and, accordingly, do not
express an opinion on them.
By: /s/ Robert Dodek
Mr. Robert Dodek, CPA
December 27, 1997
AMERICARE HEALTH SCAN, INC, AND SUBSIDIARY
A DEVELOPMENT STAGE COMPANY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1997
ASSETS
CURRENT ASSETS
INVENTORY $ 155,383
NOTES RECEIVABLE 116,000
TOTAL CURRENT ASSETS 271,383
FIXED ASSETS
BUILDING AND IMPROVEMENTS 219,023
MACHINERY AND EQUIPMENT 3,525,120
3,744,143
ACCUMULATED DEPRECIATION 268,488
NET FIXED ASSETS 3,475,655
OTHER ASSETS
PATENT FEES AND OTHER INTANGIBLES 55,487
$ 3 ,802,525
LIABILITIES AND STOCKHOLDER S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 110,018
LOANS PAYABLE 34,900
TOTAL CURRENT LIABILITIES 144,918
OTHER LIABILITIES
LOANS PAYABLE 1,296,536
1,441,454
STOCKHOLDERS EQUITY
COMMON STOCK - $0.001 PER SHARE PAR VALUE
50,000,000 SHARES AUTHORIZED
12,739,192 ISSUED AND OUTSTANDING 12,739
ADDITIONAL PAID IN CAPITAL 2,906,000
RETAINED EARNINGS (557,668)
TOTAL STOCKHOLDERS EQUITY 2,361,071
$ 3,802,525
SEE ACCOUNTANTS COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
AMERICARE HEALTH SCAN, INC, AND SUBSIDIARY
A DEVELOPMENT STAGE COMPANY
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
REVENUES - NET $ $62,039
COST OF REVENUES 31,020
NET PROFIT 31,019
OPERATING EXPENSES
SELLING, GENERAL AND ADMINISTRATIVE 180,200
DEPRECIATION AND AMORTIZATION 268,581
448,781
NET LOSS (417,762)
RETAINED EARNINGS (DEFICIT) BEGINNING OF PERIOD (139,906)
RETAINED EARNINGS (DEFICIT) END OF PERIOD $ (557,668)
SEE ACCOUNTANTS COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
AMERICARE HEALTH SCAN, INC, AND SUBSIDIARY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
Note 1 Accounting Policies
The company was incorporated February 3, 1994 in the state of Florida.
The company started manufacturing the Ana-Sal HIV Saliva test in June, 1996.
The financial statements include Americare Biologicals, Inc. As of
September 30, 1996 when the company wholly owned subsidiary. All
intercompany accounts have been eliminated.
Inventory
Inventories are priced at cost.
Property and equipment
Property and equipment is stated at cost with depreciation provided by the
straight-line method over the following estimated useful lives:
Leasehold improvements 10 years
Furniture and equipment 10 years
Patent costs
Patent costs are for the costs incurred to date and amortization has not
been started.
Note 2 Notes Receivable
Notes receivable are from other Americare Companies
Note 3
The company s assets were transferred to the company by various
shareholders in exchange for a certain number of shares the balance in
loans.
AMERICARE HEALTH SCAN, INC, AND SUBSIDIARY
A DEVELOPMENT STAGE COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) $ (417,762)
Depreciation 268,581
(Increase) Decrease in:
Inventory 31,019
Notes Receivable 6,000
Other Assets (580)
Increase (Decrease) in:
Accounts Payable 66,018
Net Cash Flow Provided by (used in) Operating Activities (46,724)
Cash Flows From Financing Activities
Loans Payable 22,724
Net Cash Provided by (used in) Financing Activities 22,724
Increase (Decrease in Cash)
(24,000)
Cash Beginning of Period 12,000
Cash End of Period $ (12,000)
SEE ACCOUNTANTS COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
ITEM 2. Management s Discussion and Analyses of Financial Condition
and Results of Operations
Results of Operations
Since the acquisition and merger on September 30, 1996 the company has
primarily engaged in organizational activities and research and development,
and marketing efforts to sell technology products acquired. The company
has $62,000 in revenues and development expenses, rent, utilities, and
insurance expenses have been funded through loans.
Liquidity and Capital Resources
As of September 30, 1997 the company had total assets of $3,802,525, and
had total liabilities of $1,441,454 consisting of notes payable and
accounts payable.
The Company is presently operating by funds received as loans from
Affiliated companies owned by Dr. Joseph P. D Angelo, president of the
Company. There is no assurance,however, that these companies will continue
to provide the loans in the future.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Not applicable
Item 2. Changes in Securities.
Not applicable
Item 3. Defaults Upon Senior Securities.
Not applicable
Item 4. Submission of Matters to a Vote of Security-
Holders.
Not applicable
Item 5. Other Information.
Not applicable
Item 6. Exhibits and Reports on Form 8-K.
Not applicable
SIGNATURE
In accordance with requirements of the Exchange Act, the Issuer caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Americare Health Scan Inc.
By: ______/s/ Joseph P. D Angelo____
Dr. Joseph P. D Angelo, President
DATED: January 6, 1998