FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 2003.
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission file number 000-21914
HEALTHRENU MEDICAL, INC.
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(Exact name of small business issuer as specified in its charter)
NEVADA 84-1022287
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
307 South Friendswood Drive, Suite E-1, Friendswood, Texas 7546
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(Address of principal executive offices)
(281) 996-8100
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(Registrant's telephone number)
Securities registered under Section 12(b) of the Exchange Act:
NONE
Securities registered under Section 12(g) of the Exchange Act:
COMMON STOCK, $.001 PAR VALUE PER SHARE
Check whether the registrant (1) has 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 registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B not contained in this form, and no disclosure will be
contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-QSB
or any amendment to this Form 10-QSB. [ ]
As of February 17, 2004 the issuer had 19,499,364 shares of common stock,
$.001 par value per share outstanding.
ITEM 1. FINANCIAL STATEMENTS
HEALTHRENU MEDICAL, INC.
UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
HEALTHRENU MEDICAL, INC.
TABLE OF CONTENTS
PAGE(S)
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Unaudited Condensed Financial Statements:
Unaudited Condensed Balance Sheet as of December 31,
2003 and September 30, 2003 1
Unaudited Condensed Statement of Operations for the
three months ended December 31, 2003 and 2002 2
Unaudited Condensed Statement of Stockholders' Equity
for the three months ended December 31, 2003 3
Unaudited Condensed Statement of Cash Flows for the
three months ended December 31, 2003 and 2002 4
Notes to Unaudited Condensed Financial Statements 5
HEALTHRENU MEDICAL, INC.
BALANCE SHEET
DECEMBER 31, 2003 AND SEPTEMBER 30, 2003
DECEMBER 31, SEPTEMBER 30,
2003 2003
ASSETS (UNAUDITED) (NOTE)
- ------ ------------ ------------
Current assets:
Cash and cash equivalents $ 294 $ 17,684
Inventories 45,906 46,903
Employee receivable - 5,771
Other current assets 1,400 5,000
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Total current assets 47,600 75,358
Property and equipment, net 57,969 56,903
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Total assets $ 105,569 $ 132,261
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LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Current liabilities:
Accounts payable $ 117,415 $ 78,004
Accounts payable-stockholder 4,397 3,235
Sales tax payable - 600
Notes payable to stockholders 16,403 16,403
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Total current liabilities 138,215 98,242
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Commitments and contingencies
Stockholders' equity:
Convertible preferred stock, Series 2000A, $0.001
par value; 1,500,000 shares authorized, 1,763
shares issued and outstanding at December 31, 2003
and September 30, 2003 2 2
Common stock, $.001 par value; 50,000,000 shares
authorized, 19,311,864 and 15,506,962 shares issued
and outstanding at December 31, 2003 and September
30, 2003, respectively 19,312 15,507
Additional paid-in capital 1,373,327 674,830
Common stock committed 18,750 698,602
Stock subscription receivable - (31,000)
Accumulated deficit (1,444,037) (1,323,922)
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Total stockholders' equity (32,646) 34,019
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Total liabilities and stockholders' equity $ 105,569 $ 132,261
============ ============
Note: The balance sheet at September 30, 2003 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
See accompanying notes to unaudited condensed financial statements.
-1-
HEALTHRENU MEDICAL, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
THREE MONTHS ENDED
DECEMBER 31,
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2003 2002
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Sales $ 2,897 $ 8,643
Cost of sales 2,059 13,145
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Gross profit (loss) 838 (4,502)
General and administrative expenses 120,553 18,513
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Loss from operations (119,715) (23,015)
Interest expense 400 -
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Net loss $ (120,115) $ (23,015)
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Weighted average shares outstanding 16,733,917 8,992,146
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Basic and diluted net loss per common share $ (0.01) $ (0.00)
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See accompanying notes to unaudited condensed financial statements.
-2-
HEALTHRENU MEDICAL, INC.
UNAUDITED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003
ADDITIONAL COMMON STOCK
PREFERRED STOCK COMMON STOCK PAID-IN STOCK SUBSCRIPTION ACCUMULATED
SHARES AMOUNT SHARES AMOUNT CAPITAL COMMITTED RECEIVABLE DEFICIT TOTAL
------ ------- ---------- ------- ---------- ----------- ------------ ------------ --------
Balance at September 30, 2003 1,763 $ 2 15,506,962 $15,507 $ 674,830 $ 698,602 $ (31,000) $(1,323,922) $ 34,019
Stock issued for services - - 25,000 25 2,925 - - - 2,950
Payment for subscription
receivable - - - - - - 31,000 - 31,000
Stock issued for committed
stock - - 3,779,902 3,780 694,822 (698,602) - - -
Common stock committed for
employee compensation - - - - - 18,750 - - 18,750
Rent contributed by stockholder - - - - 750 - - - 750
Net loss - - - - - - - (120,115) (120,115)
------ ------- ---------- ------- ---------- ----------- ------------ ------------ --------
Balance at December 31, 2003 1,763 $ 2 19,311,864 $19,312 $1,373,327 $ 18,750 $ - $(1,444,037) $(32,646)
====== ======= ========== ======= ========== =========== ============ ============ ========
See accompanying notes to unaudited condensed financial statements.
-3-
HEALTHRENU MEDICAL, INC.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
THREE MONTHS ENDED
DECEMBER 31,
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2003 2002
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Cash flows from operating activities:
Net loss $(120,115) $(23,015)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation 2,432 1,038
Stock-based compensation for services 2,950 -
Stock-based employee compensation 18,750 -
Rent contributed by stockholder 750 -
Changes in operating assets and liabilities:
Accounts receivable - 15,335
Employee receivable 5,771 -
Other current assets 3,600 -
Inventories 997 3,600
Accounts payable 40,573 (500)
Sales tax payable (600) 4
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Net cash used in operating activities (44,892) (3,538)
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Cash flows from investing activities:
Purchase of fixed assets (3,498) -
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Net cash used in investing activities (3,498) -
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Cash flows form financing activities:
Proceeds from stock subscription receivable 31,000 -
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Net cash provided by financing activities 31,000 -
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Decrease in cash and cash equivalents (17,390) (3,538)
Cash and cash equivalents, beginning of period 17,684 13,128
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Cash and cash equivalents, end of period $ 294 $ 9,590
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Supplemental disclosure of cash flow information:
Cash paid for interest $ - $ -
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Cash paid for income taxes $ - $ -
========== =========
See accompanying notes to unaudited condensed financial statements
-4-
HEALTHRENU MEDICAL, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. INTERIM FINANCIAL STATEMENTS
------------------------------
The accompanying unaudited interim financial statements have been prepared
without audit pursuant to the rules and regulations of the U.S. Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted, pursuant to such rules and
regulations. These unaudited condensed financial statements should be read in
conjunction with the audited financial statements and notes thereto of
HealthRenu Medical, Inc. (the "Company") included in the Company's Annual Report
on Form 10-KSB for the year ended September 30, 2003. In the opinion of
management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation of financial position, results of
operations and cash flows for the interim periods presented have been included.
Operating results for the interim periods are not necessarily indicative of the
results that may be expected for the respective full year.
2. ORGANIZATION
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HealthRenu Medical, Inc. (the "Company"), a Nevada corporation, is headquartered
in Friendswood, Texas, with operations in Guntersville, Alabama. The Company
produces and distributes various skin care products primarily to the home health
care and other medical markets throughout the United States.
The Company was originally incorporated in Delaware as Health Renu, Inc. in
1997. In September 2003, upon completion of a recapitalization through
acquisition of a non-operating public shell, the name was changed to HealthRenu
Medical, Inc. The public shell had no significant assets or operations at the
date of acquisition. The Company assumed all liabilities of the public shell
that remained on the date of the acquisition. The historical financial
statements presented herein are those of HealthRenu Medical, Inc., and its
predecessor, Health Renu, Inc.
The non-operating public shell used to recapitalize the Company was originally
incorporated in Colorado as American Merger Control, Inc and subsequently
adopted name changes to Ultratech Knowledge Systems, Inc., and AGTsports, Inc.
In 2003, the Company was reincorporated in the state of Nevada and subsequently
changed its name to its current name, HealthRenu Medical, Inc.
3. CRITICAL ACCOUNTING POLICIES
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USE OF ESTIMATES
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The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect reported amounts and related disclosures.
Actual results could differ from those estimates.
REVENUE RECOGNITION
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Revenue is recognized when products are shipped.
Continued
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HEALTHRENU MEDICAL, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS, CONTINUED
3. CRITICAL ACCOUNTING POLICIES, CONTINUED
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LOSS PER SHARE
----------------
Basic and diluted loss per share is computed on the basis of the weighted
average number of shares of common stock outstanding during each period. Common
equivalent shares from common stock options and warrants are excluded from the
computation as their effect would dilute the loss per share for all periods
presented.
IMPAIRMENT OF LONG-LIVED ASSETS
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In the event that facts and circumstances indicate that the carrying value of a
long-lived asset, including associated intangibles, may be impaired, an
evaluation of recoverability is performed by comparing the estimated future
undiscounted cash flows associated with the asset or the asset's estimated fair
value to the asset's carrying amount to determine if a write-down to market
value or discounted cash flow is required.
STOCK-BASED COMPENSATION
- -------------------------
Stock-based compensation is accounted for using the intrinsic value method
prescribed in Accounting Principles Board Opinion ("APB") No. 25, "Accounting
for Stock Issued to Employees", rather than applying the fair value method
prescribed in SFAS No. 123, "Accounting for Stock-Based Compensation".
INCOME TAXES
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The difference between the 34% federal statutory income tax rate and amounts
shown in the accompanying interim financial statements is primarily attributable
to an increase in the valuation allowance applied against the tax benefit from
utilization of net operating loss carryforwards.
4. RELATED PARTY TRANSACTIONS
----------------------------
One of the Company's offices is located in the home of a major stockholder of
the Company. The stockholder has not charged the Company rent for this space.
The fair market value of the rent has been estimated at approximately $250 per
month. Therefore, included in the accompanying statement of operations is $750
of rent expense for each of the quarters ended December 31, 2003 and 2002.
Effective April 30, 2002 the Company entered into a lease agreement with the
father of the chief executive officer and major stockholder of the Company to
lease 33 acres of land in Texas to be used in the production of raw materials.
The lease payments are $250 per month for ten years. As of December 31, 2003 no
lease payments were made and included in accounts payable is $5,000 related to
this lease.
5. EMPLOYMENT AGREEMENTS
----------------------
Effective November 1, 2003, the Company entered into an employment agreement
with its President. The one-year employment agreement provides for an annual
salary as well as six months of compensation in the event of non-renewal of the
contract by the Company for reasons other than cause. The agreement also
stipulates that the Company will reimburse the President for all non-elective
medical expenses incurred out of pocket.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
This report contains forward looking statements within the meaning of Section
27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act
of 1934. These forward looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
historical results or anticipated results, including those set forth under
"Factors that may affect future results" in this Management's Discussion and
Analysis of Financial Condition and Results of Operations" and elsewhere in this
report. The following discussion and analysis should be read in conjunction with
the Company's financial statements and notes thereto included elsewhere in this
report and appearing in our annual report filed in Form 10-KSB for the year
ended September 30, 2003.
Health Renu Medical, Inc. is a processor and manufacturer of products for skin
care and wound care, with a wide range of applications. The Company was founded
by Darrell Good with the help of a Dallas, Texas pharmaceutical firm. All Health
Renu products are made with a heavy concentration of essential fatty acids.
Essential fatty acids have been widely reported to have significant
anti-inflammatory effects, and are currently being used in cosmetics and
therapeutic vehicles. A significant amount of research and development has
occurred as well as extensive product testing.
The Company's products are specifically used for skin care and wound care. The
Company's products are used for diabetic skin care, diabetic neuropathy,
circulation, non-healing wounds, various types of skin disorders, and arthritis.
The Company is aggressively pursuing additional uses for its products in other
areas of the medical field. For example, the Company is researching using its
products as transdermal carriers of other medications into the body, which would
result in many different applications for the Company's products.
HealthRenu Medical currently has eight major products in their line, they
include:
- - DERM-ALL GEL WOUND DRESSING
- - SKIN RENU' LOTION
- - SKIN RENU' SKIN THERAPY
- - SKIN RENU' PLUS CIRCULATION FORMULA
- - RENU' CARE SKIN-CARE WASH CREAM
- - HEALTH RENU' SPORT MEDICINE
- - HEALTH RENU' DEEP RELIEF PAIN RELIEVER
- - HEALTH RENU' FACIAL SOAP
The Company has exclusive usage of the formulas and has the right to purchase
them as well. These products have provided a very simple, cost effective way in
dealing with disorders without side affects and come with a satisfaction
guarantee to the medical field as well as to the household consumer. All Health
Renu products are registered with the Food and Drug Administration ("FDA").
Most of the Company's sales are as a result of test marketing to household
consumers, nursing homes, home health care, family clinics, pharmacies, surgeons
and some hospital sales. The Company has completed the production of TV
commercials to advertise its products. The Company will begin to air the
commercials in 2004. The Company's management expects that the TV commercials
will provide not only an increase in sales, but also name brand recognition for
the products in preparation for placing the products into drugstore chains.
Comparison of Operating Results
Three Months Ended December 31, 2003 Compared to Three Months Ended December 31,
2002
Revenues decreased from $8,643 for the three months ended December 31, 2003 to
$2,897 for the three months ended December 31, 2002. The decrease in revenues is
due to lack of funding to spend on advertising and inventory.
Cost of sales decreased from $13,145 for the three months ended December 31,
2002 to $2,059 for the three months ended December 31, 2003.
Gross profit increased from a loss of $4,502 for the three months ended December
31, 2002 to a gross profit of $838 for the three months ended December 31, 2003.
General and administrative expenses increased to $120,553 for the three months
ended December 31, 2003 from $18,513 for the three months ended December 31,
2002. The increase in general and administrative expenses was due to costs
associated with being a publicly traded company as well as the accrual for stock
issued as compensation to the Company's chief executive officer.
The Company recorded a loss from operations of $119,715 for the three months
ended December 31, 2003 compared to a loss from operations of $23,015 for the
three months ended December 31, 2002. The increase of loss from operations is
principally due to the increased general and administrative expenses.
The Company reported a net loss of $120,115 for the three months ended December
31, 2003 compared to a net loss of $23,015 for the three months ended December
31, 2002. The increase in net loss is principally due to the increase in general
and administrative expenses.
Basic and diluted net loss per common share was $.01 for the three months ended
December 31, 2003 compared to $.00 for the three months ended December 31, 2002.
Liquidity and Capital Resources
The Company had cash and cash equivalents of $294 at December 31, 2003 and
current assets of $$47,600. The Company had accounts payable of $117,415 and
total current liabilities of $138,215 as of December 31, 2003.
The Company currently has sufficient raw material to produce inventory with a
retail value in excess of $1,300,000. Lab costs associated with the production
of this inventory are approximately $150,000 for which the Company will need
external financing.
It is imperative that the Company raise capital to implement its business plan.
The Company will require approximately $500,000 of additional financing to
implement its business plan. At this time, no such additional financing has been
secured or identified. If the Company is unable to obtain debt and/or equity
financing upon terms that management deems sufficiently favorable, or at all, it
would have a materially adverse impact upon the Company's ability to pursue its
aggressive marketing strategy and maintain its current operations. Without
additional capital funding, the Company believes it cannot continue to operate
in 2004 and could not expand or meet its business objectives. If the Company
does not receive external financing, its revenue stream would not expand, would
likely decrease and significant opportunities would be lost which would be a
limiting factor on the Company's growth. In the event that the Company does not
receive external financing, the Company's management would streamline the
business to exist on the available cash flow.
The Company is currently exploring all opportunities to raise the capital
necessary to develop its business operations. The Company is in negotiations
with respect to a letter of commitment for equity funding of $500,000 to be
spread out over 240 days. The details of this commitment have not been received
as yet, so funding is not guaranteed. There is no guarantee that these funds
will be sufficient to meet the company's immediate operating needs or that such
funds will be received at all. Until the Company has the necessary funds to pay
the laboratory costs associated with the development of its product inventory
the Company will realize only minimal sales. The laboratory process is
approximately a four week cycle. Therefore when funds are received, inventory
will be replenished within four weeks.
ITEM 3. CONTROLS AND PROCEDURES
(a) Evaluation of disclosure controls and procedures. Our chief executive
officer and principal financial officer, after evaluating the effectiveness
of the Company's "disclosure controls and procedures" (as defined in the
Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the
end of the period covered by this annual report (the "Evaluation Date"),
has concluded that as of the Evaluation Date, our disclosure controls and
procedures were adequate and designed to ensure that material information
relating to us and our consolidated subsidiaries would be made known to
them by others within those entities.
(b) Changes in internal control over financial reporting. There were no
significant changes in our internal control over financial reporting during
the fourth fiscal quarter that materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of the date of filing of this report, the Company was not a party to, nor
aware of, any legal proceedings involving the Company.
ITEM 2. CHANGES IN SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
In September 2003, shareholders acted by consent to action without a meeting of
the majority stockholders whereby shareholders constituting 77,751,513 shares
out of 113,847,314 shares eligible to vote, approved articles of amendment to
the articles of incorporation to approve a name change, 1:850 reverse stock
split and reauthorization of 50,000,000 shares of common stock with a par value
of $.001 per share.
ITEM 5. OTHER INFORMATION
In January 2004, Dr. Dan Sparks and Dr. Dianne Love were added to the board of
directors joining Randy Mullins and Darrell Good.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits
Exhibit No. Description
31 Certificate of the Chief Executive
Officer and Chief Financial Officer
pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002 *
32 Certificate of the Chief Executive
Officer and Chief Financial Officer
pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002 *
* Filed herewith as an exhibit.
b) Reports on Form 8-K
On September 18, 2003, the Company filed a report on Form 8-K relating to
AGTSports Inc., a Colorado corporation merging into AGTSports, Inc., a Nevada
corporation, and filing articles of amendment to its articles of incorporation
to reflect a name change to HealthRenu Medical, Inc., affect an 850:1 reverse
stock split, and reauthorize 50,000,000 shares of common stock with a par value
of $.001 per share.
On September 29, 2003, the Company filed a report on Form 8-K relating to a
change in control of the Company as well as the acquisition of HealthRenu
Medical, Inc., a Delaware corporation.
On October 30, 2003, the Company filed a report on Form 8-K relating to a change
in auditors.
On November 26, 2003, the Company filed a report on Form 8-K/A providing an
amendment to the Form 8-K filed on September 29, 2003, by providing auditing
financial statements and pro forma financial information.
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HEALTHRENU MEDICAL, INC.
DATED: February 17, 2004 By: /s/ Randy Mullins
------------------------
Randy Mullins
Chief Executive Officer
In accordance with the Securities Exchange Act of 1934, this report has
been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.
NAME TITLE DATE
/s/ Randy Mullins Chief Executive Officer Feb 17, 2004
- ---------------------- and Director
Randy Mullins (Principal Executive Officer)
/s/ Randy Mullins Chief Financial Officer Feb 17 2004
- ---------------------- and Director
Randy Mullins (Principal Financial Officer)
EXHIBIT 31
CERTIFICATION
I, Randy Mullins, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of HealthRenu
Medical, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of HealthRenu Medical,
Inc. as of, and for, the periods presented in this report;
4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
HealthRenu Medical, Inc. and have:
a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to HealthRenu Medical, Inc., including
its consolidated subsidiaries, is made known to me by others within those
entities, particularly during the period in which this report is being prepared;
b) Paragraph omitted in accordance with SEC transition instructions
contained in SEC Release No. 33-8238;
c) Evaluated the effectiveness of HealthRenu Medical, Inc.'s disclosure controls
and procedures and presented in this report my conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and
d) Disclosed in this report any change in HealthRenu Medical, Inc.'s internal
control over financial reporting that occurred during HealthRenu Medical, Inc.'s
most recent fiscal quarter that has materially affected, or is reasonably likely
to materially affect, HealthRenu Medical, Inc.'s internal control over financial
reporting; and
5. I have disclosed, based on my most recent evaluation of internal control
over financial reporting, to HealthRenu Medical, Inc.'s auditors and the audit
committee of HealthRenu Medical, Inc.'s board of directors (or persons
performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect HealthRenu Medical, Inc.'s ability to record,
process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in HealthRenu Medical, Inc.'s internal
control over financial reporting.
Date: February 17, 2004
By: /s/Randy Mullins
-------------------------------
Randy Mullins,
Chief Executive Officer and
Principal Financial Officer
Exhibit 32
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Randy Mullins, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly
Report of HealthRenu Medical, Inc. on Form 10-QSB for the quarterly period ended
December 31, 2003 fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934 and that information contained in such
Form 10-QSB fairly presents in all material respects the financial condition and
results of operations of HealthRenu Medical, Inc.
By:/s/ Randy Mullins
--------------------------
Name: Randy Mullins
Title: Chief Executive Officer and
Principal Financial Officer
February 17, 2004