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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2008
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ____________ to____________
Commission file number 0-7473
Amexdrug Corporation
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(Exact name of registrant as specified in its charter)
NEVADA 95-2251025
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
8909 West Olympic Boulevard, Suite 208
Beverly Hills, California 90211
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(Address of principal executive offices)
Registrant's telephone number: (310) 855-0475
Indicate by check mark whether the registrant (1) 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 (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 [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [ X ]
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of May 12, 2008, there were
8,470,481 shares of the issuer's common stock issued and outstanding.
1
AMEXDRUG CORPORATION
FORM 10-Q
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Page
----
Item 1. Financial Statements (Unaudited)...................................3
Condensed Consolidated Balance Sheets -- As of
March 31, 2008 (Unaudited)and December 31, 2007
(Audited).........................................................5
Condensed Consolidated Statements of Operations
for the Three Months Ended March 31, 2008 and
2007 (Unaudited)..................................................6
Condensed Consolidated Statements of Cash Flows
for the Three Months Ended March 31, 2008 and
2007 (Unaudited)..................................................7
Notes to Condensed Consolidated Financial
Statements (Unaudited)............................................8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..............................10
Item 3. Quantitative and Qualitative Disclosures About
Market Risk.....................................................13
Item 4T. Controls and Procedures...........................................13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.................................................13
Item 1A. Risk Factors......................................................13
Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds.................................................13
Item 3. Defaults Upon Senior Securities...................................13
Item 4. Submission of Matters to a Vote of Security
Holders.........................................................13
Item 5. Other Information.................................................13
Item 6. Exhibits and Reports on Form 8-K..................................14
2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The condensed consolidated balance sheets of Amexdrug Corporation, a
Nevada corporation, and subsidiaries as of March 31, 2008 (unaudited) and
December 31, 2007 (audited), the related unaudited condensed consolidated
statements of operations for the three month periods ended March 31, 2008 and
March 31, 2007, the related unaudited condensed consolidated statements of cash
flows for the three month periods ended March 31, 2008 and March 31, 2007 and
the notes to the unaudited condensed consolidated financial statements follow.
The consolidated financial statements have been prepared by Amexdrug's
management, and are condensed; therefore they do not include all information and
notes to the financial statements necessary for a complete presentation of the
financial position, results of operations and cash flows, in conformity with
accounting principles generally accepted in the United States of America, and
should be read in conjunction with the annual consolidated financial statements
included in Amexdrug's annual report on Form 10-KSB for the year ended December
31, 2007.
The accompanying condensed consolidated financial statements reflect
all adjustments which are, in the opinion of management, necessary to present
fairly the results of operations and financial position of Amexdrug Corporation
consolidated with Allied Med, Inc., Dermagen, Inc., and BioRx Pharmaceuticals,
Inc., its wholly owned subsidiaries, and all such adjustments are of a normal
recurring nature. The names "Amexdrug", "we", "our" and "us" used in this report
refer to Amexdrug Corporation.
Operating results for the quarter ended March 31, 2008, are not
necessarily indicative of the results that can be expected for the year ending
December 31, 2008.
3
AMEXDRUG CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS
Page
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Condensed Consolidated Balance Sheets - March 31, 2008
(Unaudited) and December 31, 2007 (Audited)................................5
Condensed Consolidated Statements of Operations
(Unaudited) for the Three Months Ended March 31, 2008
and 2007 ................................................................6
Condensed Consolidated Statements of Cash Flows
(Unaudited) for the Three Months Ended March 31, 2008
and 2007 ................................................................7
Notes to Condensed Consolidated Financial Statements.........................8
4
AMEXDRUG CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2008 2007
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Assets
Current Assets
Cash and cash equivalents $ 33,864 $ 217,549
Accounts receivable 239,923 210,557
Inventory 153,106 194,542
Deferred tax asset 7,800 7,000
Other receivable 8,288 8,288
Prepaid insurance 2,755 -
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Total Current Assets 445,736 637,936
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Property and Equipment, at cost
Office and computer equipment 231,090 181,026
Leasehold improvements 15,700 15,700
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246,790 196,726
Less accumulated depreciation (179,267) (175,665)
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Net Property and Equipment 67,523 21,061
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Other Assets
Lease deposits 12,158 12,158
Intangibles
Customer base, net of accumulated
amortization of $4,561 4,561 4,561
Trademark, net of accumulated
amortization of $134 1,516 1,516
Goodwill 17,765 17,765
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Total Other Assets 36,000 36,000
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Total Assets $ 549,259 $ 694,997
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Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 342,014 $ 518,540
Accrued liabilities 22,229 16,971
Loan payable-AFS/IBEX 1,750 -
Loan payable-Dell 1,422 -
Note payable-related party 62,342 62,342
Wells Fargo Business Line 55,120 54,936
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Total Current Liabilities 484,877 652,789
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Shareholders' Equity
Capital stock 8,471 8,471
Additional paid in capital 83,345 83,345
Accumulated deficit (27,434) (49,608)
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Total Shareholders' Equity 64,382 42,208
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Total Liabilities and Shareholders'
Equity $ 549,259 $ 694,997
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The notes are an integral part of these consolidated financial statements
5
AMEXDRUG CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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The Three Months Ended
3/31/2008 3/31/2007
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Sales $ 1,303,214 $ 1,761,823
Cost of Goods Sold 1,183,586 1,568,133
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Gross Profit 119,628 193,690
Operating Expenses
Selling, general and administrative expense 86,777 106,624
Research and development 1,013 -
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Total Operating Expenses 87,790 106,624
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Income before Other Income/(Expenses) 31,838 87,066
Other Income/(Expenses)
Interest and other income - 55,060
Penalty (344) -
Interest expense (2,900) (1,200)
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Total Other Income/(Expenses) (3,244) 53,860
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Income before Provision for Income Taxes 28,594 140,926
Provision for income taxes 6,420 13,794
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Net Income $ 22,174 $ 127,132
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BASIC AND DILUTED INCOME PER SHARE $ - $ 0.02
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WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
BASIC AND DILUTED 8,470,481 8,470,481
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The notes are an integral part of these consolidated financial statements
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AMEXDRUG CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
The Three Months Ended
3/31/2008 3/31/2007
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 22,174 $ 127,132
Adjustment to reconcile net income to net
cash used in operating activities
Depreciation and amortization 3,602 8,343
Recovery of bad debt - (14,854)
(Increase) Decrease in:
Accounts receivable (29,366) (27,284)
Inventory 41,436 (66,200)
Prepaid expenses (2,755) -
Deferred income taxes (800) (29,253)
Other receivable - (34,979)
Increase (Decrease) in:
Accounts payable (176,526) (19,327)
Finance payable 1,750 -
Accrued liabilities (5,347) 1,200
Federal Corporate income tax payable 6,927 31,139
State corporate income tax payable 3,678 11,908
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NET CASH PROVIDED/(USED) BY OPERATING
ACTIVITIES (135,227) (12,175)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment (48,210) -
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NET CASH (USED) BY INVESTING ACTIVITIES (48,210) -
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings from business line
of credit 184 -
Principal payments on capital lease
obligations (432) -
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NET CASH (USED) BY FINANCING ACTIVITIES (248) -
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NET INCREASE (DECREASE) IN CASH (183,685) (12,175)
CASH, BEGINNING OF PERIOD 217,549 89,017
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CASH, END OF PERIOD $ 33,864 $ 76,842
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Interest paid $ 18 $ -
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Taxes paid $ - $ -
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The notes are an integral part of these consolidated financial statements
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AMEXDRUG CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with accounting principles generally accepted in the United
States of America for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
In the opinion of management, all normal recurring adjustments considered
necessary for a fair presentation have been included. Operating results for
the three month period ended March 31, 2008 are not necessarily indicative
of the results that may be expected for the year ending December 31, 2008.
For further information refer to the financial statements and footnotes
thereto included in the Company's Form 10-KSB for the year ended December
31, 2007.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of significant accounting policies of AmexDrug Corporation is
presented to assist in understanding the Company's financial statements.
The financial statements and notes are representations of the Company's
management, which is responsible for their integrity and objectivity. These
accounting policies conform to accounting principles generally accepted in
the United States of America and have been consistently applied in the
preparation of the financial statements.
Income per Share Calculations
-----------------------------
The Company adopted Statement of Financial Standards ("SFAS") No. 128 for
the calculation of "Income per Share". SFAS No. 128 dictates the
calculation of basic earnings per share and diluted earnings per share.
Basic earnings per share are computed by dividing income available to
common shareholders by the weighted-average number of common shares
available. Diluted earnings per share is computed similar to basic earnings
per share except that the denominator is increased to include the number of
additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were
dilutive. There are no dilutive instruments outstanding at March 31, 2008.
Reclassification
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Certain items included in the three months ended March 31, 2007 financial
statements have been reclassified to conform to the current year
presentation.
3. CAPITAL STOCK
During the three months ended March 31, 2008, the Company issued no shares
of common stock.
4. INCOME TAXES
The Company files income tax returns in the U.S. Federal jurisdiction, and
the state of California. With few exceptions, the Company is no longer
subject to U.S. federal, state and local, or non-U.S. income tax
examinations by tax authorities for years before 2000.
The Company adopted the provisions of FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes, on January 1, 2007. FIN 48
clarifies the accounting for uncertainty in tax positions by prescribing a
minimum recognition threshold required for recognition in the financial
statements. FIN 48 also provides guidance on de-recognition, measurement
classification, interest and penalties, accounting in interim periods,
disclosure and transition.
Included in the accompanying consolidated balance sheet at March 31, 2008,
we recorded an increase of $800 of deferred income tax assets related to
uncertain tax positions, which increased retained earnings.
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AMEXDRUG CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4. INCOME TAXES - Continued
The Company's policy is to recognize interest accrued related to
unrecognized tax benefits in interest expense and penalties in operating
expenses
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Overview
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Amexdrug Corporation is located at 8909 West Olympic Boulevard, Suite
208, Beverly Hills, California 90211. Its phone number is (310) 855-0475. Its
fax number is (310) 855-0477. Its website is www.amexdrug.com. Shares of
Amexdrug common stock are traded on the OTC Bulletin Board under the symbol
AXRX.OB. The President of Amexdrug has had experience working in the
pharmaceutical industry for the past 26 years.
Amexdrug Corporation, through its wholly-owned subsidiaries, Dermagen,
Inc., Allied Med, Inc., Royal Health Care, Inc. and BioRx Pharmaceuticals, Inc.
is a rapidly growing pharmaceutical and cosmeceutical company specializing in
the research and development, manufacturing and distribution of pharmaceutical
drugs, cosmetics and distribution of prescription and over-the-counter drugs,
private manufacturing and labeling and a quality control laboratory. At Amexdrug
Corporation, it is our anticipation to give our clientele the opportunity to
purchase cost effective products while maximizing the return of investments to
our shareholders.
Amexdrug Corporation distributes its products through its subsidiaries,
Dermagen, Inc., Allied Med, Inc., Royal Health Care, Inc. and BioRx
Pharmaceuticals, Inc. primarily to independent pharmacies and secondarily to
small and medium-sized pharmacy chains, alternative care facilities and other
wholesalers and retailers in the state of California.
Amexdrug Corporation was initially incorporated under the laws of the
State of California on April 30, 1963 under the name of Harlyn Products, Inc.
Harlyn Products, Inc. was engaged in the business of selling jewelry to
department stores and retail jewelry stores until the mid-1990s.
The name of the Company was changed to Amexdrug Corporation in April
2000 to reflect the change in the Company's business to the sale of
pharmaceutical products. The officers and directors of the Company also changed
in April 2000. The domicile of the Company was changed from California to Nevada
in December 2001. At that time the Company changed its fiscal year end from June
30 to December 31.
References in this report to "we," "our," "us," the "company" and
"Amexdrug" refer to Amexdrug Corporation and also to our subsidiaries, Dermagen,
Inc., Allied Med, Inc., Royal Health Care, Inc. and BioRx Pharmaceuticals, Inc.
Amexdrug currently has 50,000,000 shares of authorized common stock
$.001 par value, of which 8,470,481 are issued and outstanding.
Allied Med, Inc.
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On December 31, 2001, Amexdrug acquired all of the issued and
outstanding common shares of Allied Med, Inc., an Oregon corporation, ("Allied
Med") in a related party transaction.
Allied Med was formed as an Oregon corporation in October 1997, to
operate in the pharmaceutical wholesale business of selling a full line of brand
name and generic pharmaceutical products, over-the-counter (OTC) drug and
non-drug products and health and beauty products to independent and chain
pharmacies, alternative care facilities and other wholesalers.
Amexdrug has assumed the operations of Allied Med, and Amexdrug intends
to build on the pharmaceutical wholesale operations of Allied Med.
The accompanying financial information includes the operations of
Allied Med for all periods presented and the operations of Amexdrug Corporation
from April 25, 2000.
10
Dermagen, Inc.
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Amexdrug completed its purchase of Dermagen, Inc. on October 7, 2005.
Dermagen, Inc. is now an operating subsidiary of Amexdrug. The acquisition of
Dermagen, Inc. is not considered to be an acquisition of a significant amount of
assets which would require audited financial statements of Dermagen, Inc.
Dermagen, Inc. is a growing manufacturing company specializing in the
manufacturing and distribution of certain pharmaceuticals, medical devices,
health and beauty products. Dermagen, Inc. has a U.S.-FDA registered and state
FDA approved manufacturing facility licensed to develop high margin skin and
novel health and beauty products for niche markets. Dermagen's competitive
advantage is in its superior product research and development for large leading
domestic and international companies.
Royal Health Care Company
-------------------------
In October 2003, Allied Med acquired 100% of the assets of Royal Health
Care Company. Royal Health Care Company is a health and beauty company which has
sold specially manufactured facial and body creams, arthritic pain relief
medications and an exclusive patented hair care product to pharmacies, beauty
salons, beauty supply stores and other fine shops. Royal Health Care Company
uses the highest quality ingredients for the finest quality products. Each
product has been formulated with the essential ingredients and plant extracts to
achieve optimum potential and quality. Royal Health Care Company products are
manufactured by Dermagen, Inc., in an FDA approved manufacturing facility.
The Royal Health Care Company assets acquired include the "Royal Health
Care Company" name, logo, and related trademarks, all formulas to products
manufactured for sale under the Royal Health Care Company name, and the Royal
Health Care Company list of customers. These intellectual property rights were
acquired without cost from a company in which Jack Amin's wife is a principal
shareholder. Mr. Amin is the CEO and Chairman of Amexdrug Corporation and Allied
Med, Inc. Management believes this acquisition will provide the Company with an
opportunity to increase the number of products sold by the Company, and expand
the Company's customer base.
On October 28, 2004, Amexdrug formed a new subsidiary, Royal Health
Care, Inc. as a Nevada corporation. Royal Health Care, Inc. was formed to
manufacture and sell health and beauty products.
BioRx Pharmaceuticals
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On November 8, 2004, Amexdrug formed a new subsidiary, BioRx
Pharmaceuticals, Inc. as a Nevada corporation. BioRx Pharmaceuticals, Inc. is
committed to offer over the counter (OTC) products that are recommended with
trust and faith by physicians, primarily podiatrists and dermatologists. The
focus and mission of BioRx Pharmaceuticals, Inc. is to create, develop and
manufacture products to help ease pain and restore and maintain the overall
well-being of our customers. We strive for high performance and quality. Our
commitment is to offer natural and OTC products that are recommended with
confidence by doctors and pharmacists and that the customer can use with
pleasure. Our compliance program is diligently followed through the Company.
BioRx Pharmaceuticals, Inc. maintains high ethics for animal welfare and our
products are never tested on animals. All products are made in the USA.
A total of eleven products are currently under different stages of
development. These over-the-counter and natural products are effective for
treatment of fungus, arthritis, sunburn protection and for healthy feet and
nails. BioRx Pharmaceuticals is planning to sell these products to national
chain drugstores, sport chain stores, natural food markets and other mass
markets. These products will be marketed under the names of Sponix and Bactivex,
and will be sold under the name of BioRx Pharmaceuticals.
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Results of Operations
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For the three months ended March 31, 2008, Amexdrug reported sales of
$1,303,214, comprised entirely of income from the pharmaceutical wholesale
business of selling brand name and generic pharmaceutical products, and (OTC)
health and beauty products by our subsidiaries, Dermagen, Inc., Allied Med and
BioRx Pharmaceuticals, Inc. This is $458,609 less than the $1,761,823 of sales
reported for the three months ended March 31, 2007. During the three month
period ended March 31, 2008, Amexdrug experienced a decrease in total sales due,
in part, to the loss of a few customers. Cost of goods sold for the three months
ended March 31, 2008 was $1,183,586, a decrease of $384,547 from the $1,568,133
cost of goods sold for the three months ended March 31, 2007. During the three
months ended March 31, 2008 gross profit decreased by $74,062 to $119,628, or
9.1% of sales, from the $193,690, or 11.0% of sales recorded for the three
months ended March 31, 2007. The change in gross profit margin is attributable
to increased sales of lower gross margin products manufactured and sold in 2008.
Selling, general and administrative expense was $86,777 for the three
months ended March 31, 2008, a decrease of $19,847 from the $106,624 of selling,
general and administrative expense recorded for the three months ended March 31,
2007. This decrease in selling, general and administrative expense is
attributable to decreases in certain administrative expenses.
During the three months ended March 31, 2008, Amexdrug experienced net
income of $22,174, a decrease of $104,958 from the $127,132 of net income
recorded for the three months ended March 31, 2007. Amexdrug's decrease in net
profits during the three month period ended March 31, 2008 is attributable
largely to the decrease of sales and resulting decrease in gross profits earned
in the later period.
Liquidity and Capital Resources - March 31, 2008
------------------------------------------------
As of March 31, 2008, Amexdrug reported total current assets of
$445,736, comprised primarily of cash and cash equivalents of $33,864, accounts
receivable of $239,923, inventory of $153,106, a deferred tax asset of $7,800,
other receivable of $8,288 and prepaid insurance of $2,755. Total assets as of
March 31, 2008 were $549,259, which included total current assets, plus net
property and equipment of $67,523, lease deposits of $12,158, customer base of
$4,561, trademark of $1,516, and goodwill of $17,765.
Amexdrug's liabilities as of March 31, 2008 consisted primarily of
accounts payable of $342,014, payables to related parties of $62,342, business
line of credit of $55,120 and accrued liabilities of $22,229.
During the three months ended March 31, 2008, Amexdrug used $135,227
cash in operating activities compared to $12,175 cash used in operating
activities in the three months ended March 31, 2007. The primary adjustments to
reconcile net income to net cash used in operating activities during the first
quarter of 2008 were as follows: a decrease in accounts payable and accrued
liabilities of $176,526, a decrease in inventory of $41,436, and an increase in
accounts receivable of $29,366. Amexdrug had $33,864 in cash and cash
equivalents at March 31, 2008. Operations have primarily been funded through
cash generated from operations, and from loans made from the wife of our
President. Management does not anticipate that Amexdrug will need to seek
additional financing during the next twelve months.
Forward-looking statements
--------------------------
This document includes various forward-looking statements with respect
to future operations of Amexdrug that are subject to risks and uncertainties.
Forward-looking statements include information concerning expectations of future
results of operations and such statements preceded by, followed by or that
otherwise include the words "believes," "expects," "anticipates," "intends,"
"estimates" or similar expressions. For those statements, Amexdrug claims the
protection of the safe harbor for forward-looking statements contained in the
Private Litigation Reform Act of 1995. Actual results may vary materially.
12
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
A "smaller reporting company" (as defined by Item 10 of the Regulation
S-K) is not required to provide the information required by this Item.
Item 4T. Controls and Procedures.
Under the supervision and with the participation of management, our
principal executive officer and principal financial officer evaluated the
effectiveness of the design and operation of our disclosure controls and
procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 ("Exchange Act"), as of March 31, 2008. Based on this
evaluation, our principal executive officer and our principal financial officer
concluded that, as of the end of the period covered by this report, our
disclosure controls and procedures were effective and adequately designed to
ensure that the information required to be disclosed by us in the reports we
submit under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the applicable rules and forms and that
such information was accumulated and communicated to our chief executive officer
and chief financial officer, in a manner that allowed for timely decisions
regarding required disclosure.
During the last fiscal quarter ended March 31, 2008, there has been no
change in internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect our internal control over
financial reporting.
ANY FORWARD-LOOKING STATEMENTS INCLUDED IN THIS FORM 10-Q REPORT
REFLECT MANAGEMENT'S BEST JUDGMENT BASED ON FACTORS CURRENTLY KNOWN AND INVOLVE
RISKS AND UNCERTAINTIES. ACTUAL RESULTS MAY VARY MATERIALLY.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
Amexdrug is not presently a party to any material pending legal
proceedings. To the best of Amexdrug's knowledge, no governmental authority or
other party has threatened or is contemplating the filing of any material legal
proceeding against Amexdrug.
Item 1A. Legal Proceedings.
A "smaller reporting company" (as defined by Item 10 of the Regulation
S-K) is not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
13
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
Exhibit
Number Description
------ -----------
31.1 Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification of Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
32.2 Certification of Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K.
No Current Reports on Form 8-K were filed by Amexdrug during the
quarter ended March 31, 2008.
14
SIGNATURES
In accordance with 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.
AMEXDRUG CORPORATION
Date: May 13, 2008 By:/s/ Jack Amin
------------------------------------
Jack Amin
Director, President, Chief Executive
Officer, Chief Financial Officer and
Chief Accounting Officer
15
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