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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Medical Technologies Inc (CE) | USOTC:ADLI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
x |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2008
OR
o |
|
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 0-19195
AMERICAN MEDICAL TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
38-2905258 |
(State
or Other Jurisdiction of Incorporation or
|
|
(I.R.S. Employer Identification No.) |
5655 Bear Lane, Corpus Christi, Texas |
|
78405 |
(Address of Principal Executive Offices) |
|
(zip code) |
Registrants Telephone Number, Including Area Code: (361) 289-1145
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: Not Applicable
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 o
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 definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o |
|
Accelerated filer o |
|
|
|
Non-accelerated filer o |
|
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 o No x
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
Class of Common Stock |
|
Outstanding at May 8, 2008 |
$0.04 par value |
|
10,225,976 Shares |
AMERICAN MEDICAL TECHNOLOGIES, INC.
REPORT ON FORM 10-Q
QUARTER ENDED MARCH 31, 2008
TABLE OF CONTENTS
2
AMERICAN MEDICAL TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
|
|
March 31,
|
|
December 31,
|
|
||
|
|
(unaudited) |
|
|
|
||
ASSETS |
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
20,771 |
|
$ |
20,369 |
|
Restricted certificate of deposit |
|
314,692 |
|
313,950 |
|
||
Accounts receivable, less allowance of approximately $10,200 at March 2008 and $16,500 at December 2007 |
|
204,516 |
|
272,113 |
|
||
Inventories, net |
|
148,756 |
|
133,829 |
|
||
Prepaid expenses and other current assets |
|
212,220 |
|
158,857 |
|
||
Total current assets |
|
900,955 |
|
899,118 |
|
||
|
|
|
|
|
|
||
PROPERTY AND EQUIPMENT, net |
|
79,829 |
|
89,912 |
|
||
|
|
|
|
|
|
||
INTANGIBLE ASSETS, net |
|
808,391 |
|
849,030 |
|
||
|
|
|
|
|
|
||
Total assets |
|
$ |
1,789,175 |
|
$ |
1,838,060 |
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS DEFICIT |
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
||
|
|
|
|
|
|
||
Line of credit |
|
$ |
590,000 |
|
$ |
500,000 |
|
Accounts payable |
|
732,509 |
|
672,712 |
|
||
Compensation and employee benefits |
|
42,074 |
|
48,236 |
|
||
Accrued restructuring costs |
|
65,892 |
|
65,892 |
|
||
Warrants subject to registration rights |
|
274,655 |
|
449,410 |
|
||
Other accrued liabilities |
|
64,406 |
|
110,392 |
|
||
Total current liabilities |
|
1,769,536 |
|
1,846,642 |
|
||
|
|
|
|
|
|
||
LONG-TERM LIABILITIES: |
|
|
|
|
|
||
Deferred gain on sale of building |
|
480,802 |
|
503,202 |
|
||
Total long-term liabilities |
|
480,802 |
|
503,202 |
|
||
|
|
|
|
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 10) |
|
|
|
|
|
||
|
|
|
|
|
|
||
STOCKHOLDERS DEFICIT |
|
|
|
|
|
||
Preferred Stock, authorized 9,425,000 shares, none outstanding |
|
|
|
|
|
||
Common stock, $.04 par value, authorized 100,000,000 shares; issued and outstanding 10,225,976 and 10,117,274 respectively |
|
409,039 |
|
404,691 |
|
||
Additional paid-in capital |
|
43,830,882 |
|
43,790,539 |
|
||
Accumulated deficit |
|
(44,701,084 |
) |
(44,707,014 |
) |
||
Total stockholders deficit |
|
(461,163 |
) |
(511,784 |
) |
||
Total liabilities and stockholders deficit |
|
$ |
1,789,175 |
|
$ |
1,838,060 |
|
See accompanying notes to consolidated financial statements.
3
AMERICAN MEDICAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
Three Months
|
|
||||
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
||
REVENUES |
|
$ |
636,295 |
|
$ |
855,118 |
|
|
|
|
|
|
|
||
ROYALTIES |
|
3,614 |
|
6,063 |
|
||
|
|
639,909 |
|
861,181 |
|
||
COST OF SALES |
|
193,480 |
|
308,909 |
|
||
Gross profit |
|
446,429 |
|
552,272 |
|
||
|
|
|
|
|
|
||
COST AND EXPENSES: |
|
|
|
|
|
||
Selling, general and administration |
|
637,288 |
|
770,596 |
|
||
Research and development |
|
|
|
9,212 |
|
||
Loss from operations |
|
(190,859 |
) |
(227,536 |
) |
||
|
|
|
|
|
|
||
OTHER INCOME (EXPENSES): |
|
|
|
|
|
||
Net realized and unrealized gains on investments |
|
742 |
|
800 |
|
||
Gain on sale of machinery |
|
|
|
76,101 |
|
||
Other income |
|
29,369 |
|
42,893 |
|
||
Change in fair value of warrant |
|
174,755 |
|
(574,974 |
) |
||
Interest income |
|
|
|
1,664 |
|
||
Interest expense |
|
(9,421 |
) |
(11,666 |
) |
||
Total other income(expenses) |
|
195,445 |
|
(465,182 |
) |
||
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
4,586 |
|
$ |
(692,718 |
) |
|
|
|
|
|
|
||
Basic and diluted earnings per common share |
|
$ |
0.00 |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
||
Weighted number of shares issued |
|
10,166,250 |
|
8,189,306 |
|
See accompanying notes to consolidated financial statements.
4
AMERICAN MEDICAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
Three Months Ended
|
|
||||
|
|
2008 |
|
2007 |
|
||
OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income (loss) |
|
$ |
4,586 |
|
$ |
(692,718 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
||
Depreciation |
|
11,154 |
|
12,941 |
|
||
Amortization |
|
40,639 |
|
27,718 |
|
||
Provision for slow-moving inventory |
|
(37,408 |
) |
19,326 |
|
||
Provision of doubtful accounts |
|
(6,312 |
) |
13,219 |
|
||
Gain on sale of machinery |
|
|
|
(76,101 |
) |
||
Gain recognized on sale of building |
|
(38,219 |
) |
(38,218 |
) |
||
Net realized and unrealized gains on investments |
|
(742 |
) |
800 |
|
||
Expense related to option grants |
|
18,603 |
|
38,067 |
|
||
Change in fair value of warrant |
|
(174,755 |
) |
574,974 |
|
||
Expense related to stock compensation |
|
26,088 |
|
|
|
||
Total other operating activities |
|
(160,952 |
) |
572,726 |
|
||
|
|
|
|
|
|
||
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable |
|
73,908 |
|
(2,138 |
) |
||
Inventories |
|
22,481 |
|
(36,263 |
) |
||
Prepaid expenses and other current assets |
|
(53,363 |
) |
(80,769 |
) |
||
Accounts payable |
|
59,798 |
|
133,564 |
|
||
Compensation and employee benefits |
|
(6,162 |
) |
(63,686 |
) |
||
Other accrued liabilities |
|
(45,986 |
) |
30,394 |
|
||
Deferred income |
|
15,819 |
|
|
|
||
Net cash used in operating activities |
|
(89,871 |
) |
(138,890 |
) |
||
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
(1,071 |
) |
(4,768 |
) |
||
Proceeds from sale of machinery |
|
|
|
76,300 |
|
||
Sales and maturities of government securities |
|
|
|
51,161 |
|
||
Net cash (used) provided by investing activities |
|
(1,071 |
) |
122,693 |
|
||
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
||
Proceeds from line of credit |
|
90,000 |
|
120,000 |
|
||
Net cash provided by financing activities |
|
90,000 |
|
120,000 |
|
||
|
|
|
|
|
|
||
Net increase(decrease) in cash and cash equivalents |
|
(942 |
) |
103,803 |
|
||
Effect of exchange rates on cash |
|
1,344 |
|
|
|
||
Increase in cash and cash equivalents |
|
402 |
|
103,803 |
|
||
|
|
|
|
|
|
||
CASH and cash equivalents, at beginning of period |
|
20,369 |
|
65,821 |
|
||
|
|
|
|
|
|
||
CASH and cash equivalents, at end of period |
|
$ |
20,771 |
|
$ |
169,624 |
|
See accompanying notes to consolidated financial statements.
5
American Medical Technologies, Inc.
Notes to Interim Consolidated Financial Statements
1. Basis of Presentation and Other Accounting Information
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of American Medical Technologies, Inc. (the Company or AMT) have been prepared by management 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 Article 8 of Regulation S-X and with the presumption that the Company will continue as a going concern. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The results of operations for the three months ended March 31, 2008 are not necessarily indicative of the results to be expected for the year ending December 31, 2008. The accompanying unaudited condensed consolidated financial statements should be read with the annual consolidated financial statements and notes contained in the Companys Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007.
Liquidity
The Companys financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred net income/(loss) attributable to common shareholders of $4,586 and ($692,718) for the three month periods ended March 31, 2008 and March 31, 2007, respectively. The Companys recurring losses from operations and the Companys total liabilities exceeding its total assets raise substantial doubt as to the Companys ability to continue as a going concern. The Company believes that the increases in revenue and gross margin due to the addition of new product line representations and additional funds available from the line of credit will alleviate the doubt about the Companys ability to continue as a going concern; however, no assurances can be made.
Inventories
Inventories consist of the following:
|
|
March 31
|
|
December 31
|
|
||
Finished goods |
|
$ |
70,061 |
|
$ |
55,273 |
|
Raw materials, parts and supplies |
|
78,695 |
|
78,556 |
|
||
Total inventory net of reserve |
|
$ |
148,756 |
|
$ |
133,829 |
|
The Companys reserve for slow moving inventory is evaluated periodically based on its current and projected sales and usage. The inventory reserve calculation assumes that any parts on hand exceeding three years of projected usage are subject to complete valuation allowance.
The Company recorded a $37,408 decrease to the reserve for the three months ended March 31, 2008 and a $19,326 increase to the reserve for the three months ended March 31, 2007. The Companys reserve for slow moving inventory was approximately $967,000 at March 31, 2008 and $1,505,000 at March 31, 2007. The valuation allowance could change materially, either up or down, if actual parts usage in future years is
6
materially different than the usage projected at March 31, 2008; however, the new cost basis cannot subsequently be marked up based on changes in underlying facts and circumstances.
Earnings Per Share - The following table sets forth the computation for basic and diluted earnings per share:
|
|
Three Months Ended
|
|
||||
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
||
Net income(loss) available to common stockholders |
|
$ |
4,586 |
|
$ |
(692,718 |
) |
|
|
|
|
|
|
||
Numerator for basic and diluted earnings per share |
|
4,586 |
|
(692,718 |
) |
||
|
|
|
|
|
|
||
Denominator for basic earnings per share weighted average shares |
|
10,166,250 |
|
8,189,306 |
|
||
|
|
|
|
|
|
||
Dilutive potential common shares: |
|
|
|
|
|
||
|
|
|
|
|
|
||
Denominator for diluted earnings per share adjusted weighted-average shares after assuming conversion |
|
10,166,250 |
|
8,189,306 |
|
||
|
|
|
|
|
|
||
Basic and diluted earnings per common share available to common stockholders |
|
$ |
0.00 |
|
$ |
(0.08 |
) |
Potentially dilutive securities include options and warrants. As of March 31, 2008 there were no potentially dilutive securities. As of March 31, 2007 there were approximately 654,000 shares issuable in connection with these potentially dilutive securities. The potentially dilutive securities were excluded from the computations of diluted net loss per share for March 31, 2007 because their effect would have been antidilutive. The computation of diluted earnings per share for March 31, 2007 excludes the effect of assuming the conversion of the 400,000 shares of Preferred Stock which were convertible for two and one-half shares of common stock because the effect would have been antidilutive.
Fair Value Measurement We adopted SFAS 157 effective January 1, 2008 for financial assets and liabilities measured on a recurring basis. SFAS 157 applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. In February 2008, the FASB issues FSP 157-2, which delayed the effective date of SFAS 157 to fiscal years beginning after November 15, 2008 for nonfinancial assets and liabilities. Fair value, as defined in SFAS 157, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 affects the Company in the fair value measurement of the commodity and interest rate derivative positions which must be classified in one of the following categories:
Level 1 Inputs
These inputs come from quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs
These inputs are other than quoted prices that are observable, for an asset or liability. This includes: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset
7
or liability; and inputs that are derived principally from our corroborated by observable market data by correlation or other means.
Level 3 Inputs
These are unobservable inputs for the asset or liability which require the Companys own assumptions.
As required by SFAS 157, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels
The following table summarizes the valuation of our financial instruments by SFAS 157 input levels as of March 31, 2008:
|
|
Fair Value Measurement |
|
||||||||||
Description (Liabilities) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Current liabilities |
|
$ |
|
|
$ |
274,655 |
|
$ |
|
|
$ |
274,655 |
|
Total |
|
$ |
|
|
$ |
274,655 |
|
$ |
|
|
$ |
274,655 |
|
2. Employee Stock Options
The Company currently sponsors a stock based compensation plan as described below. Effective January 1, 2006, the Company adopted the provisions of Statement of Financial Accounting Standards (SFAS) No. 123 (Revised), Share-Based Payment. In accordance with the provisions of SFAS No. 123(R), stock based compensation is measured at the grant date based on the value of the awards and is recognized as expense over the requisite service period (usually the vesting period). The fair values of the stock awards recognized under SFAS No. 123(R) are determined based on each separately vesting portion of the awards, however, the total compensation expense is recognized on a straight-line basis over the vesting period. The Company has a policy of issuing new shares for stock option exercises.
In accordance with the provisions of SFAS No. 123(R), there was $18,603 in stock based compensation expense recorded in the three months ended March 31, 2008.
Employee Stock Option Plan
In May 2005, the Company adopted the 2005 Stock Option Plan (the Plan) for employees, officers, directors, consultants and other key personnel. When the Plan was implemented there were options to purchase 1,000,000 shares common stock available to be be granted under the Plan. In the first quarter of 2007, the Company increased the number of options to purchase to 2,000,000 shares of common stock.
The Company granted 400,000 share options in June 2006 under the Plan. The share options became exercisable at a rate of 100,000 per year beginning in September 2006. The fair value of the options issued was estimated at the date of the grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 5.14%; dividend yield of 0%, volatility factors of 238%, the expected market price over the estimated life of the option of 6.25 years. In January 2007, the unvested portion of this grant was cancelled. The calculated fair value of the portion of the option grant that remained was $26,813. The Company recognized the full expense in 2006.
The Company granted 100,000 share options in January 2007 under the Plan. The share options became exercisable upon the grant date. The fair value of the options issued was estimated at the date of the grant
8
using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 4.68%; dividend yield of 0%, volatility factors of 241%, the expected market price over the estimated life of the option of 5.5 years. The calculated fair value of the option grant was $19,916. The Company recognized the expense in the first quarter 2007.
Additionally, the Company granted 870,000 share options in January 2007 under the Plan. The share options will become exercisable at a rate of 290,000 per year beginning in December 2007. The fair value of the options issued was estimated at the date of the grant using the Black-Scholes pricing model with the following assumptions: risk free interest rate of 4.68%, dividend yield of 0%, volatility factors of 243%, the expected market price over the estimated life of the option of 6 years. The calculated fair value of the option grants was $173,567. The Company is recognizing the expense of over the three year vesting period of the options.
The Company granted 11,000 share options in February 2007 under the Plan. The share options will become exercisable in February 2008. The fair value of the options issued was estimated at the date of the grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate 4.77%, dividend yield of 0%, volatility factors of 234% the expected market price over the estimated life of the option of 5.5 years. The calculated fair value of the option grants was $2,188. The Company is recognizing the expense over the vesting period of the options.
The Company granted 60,000 share options in March 2007 under the Plan. The share options will become exercisable at a rate of 30,000 per year beginning in March 2008. The fair value of the options issued was estimated at the date of the grant using the Black-Scholes pricing model with the following assumptions: risk free interest rate of 4.5%, dividend yield 0%, volatility factors of 247%, the expected market price over the estimated life of the options of 5.75 years. The calculated fair value of the option grants was $25,132. The Company is recognizing the expense over the two year vesting period of the options.
As of March 31, 2008 there was $108,824 of total unrecognized compensation cost related to nonvested share based compensation arrangements granted under the Plan.
The Companys nonvested share options as of December 31, 2007 and changes during the three months ended March 31, 2008, is summarized as follows:
Nonvested Shares |
|
Shares |
|
Weighted-Average
|
|
|
Nonvested at December 31, 2007 |
|
688,000 |
|
$ |
0.22 |
|
Granted |
|
|
|
$ |
|
|
Vested |
|
(77,000 |
) |
$ |
0.29 |
|
Forfeited |
|
(1,000 |
) |
$ |
0.20 |
|
Nonvested at March 31, 2008 |
|
610,000 |
|
$ |
0.21 |
|
Employee stock option activity is summarized as follows:
|
|
Number
|
|
Weighted-
|
|
Weighted
|
|
Weighted
|
|
Aggregate
|
|
|
Outstanding at December 31, 2007 |
|
1,142,680 |
|
$ |
0.22 |
|
|
|
8.95 |
|
|
|
Exercisable at December 31,2007 |
|
454,680 |
|
0.23 |
|
|
|
8.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options granted |
|
|
|
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
|
|
|
|
|
|
|
|
|
|
Options canceled |
|
(1,000 |
) |
0.20 |
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at March 31, 2008 |
|
1,141,680 |
|
0.22 |
|
|
|
8.70 |
|
|
|
|
Exercisable at March 31, 2008 |
|
531,680 |
|
0.24 |
|
|
|
8.62 |
|
|
|
|
9
3. 2007 Equity Incentive Plan
In July 2007, the Company adopted the 2007 Equity Incentive Plan (Equity Plan). The Equity Plan provides for the granting of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights (or SARs), Restricted Stock, Performance Units and Performance Shares to employees, consultants and directors. The purpose of the Equity Plan is to promote the success and to enhance the value of the Company by aligning the interest of Participants with those of the Companys shareholders, to provide flexibility to the Company in its ability to motivate, attract, and retain the services of outstanding individuals, upon whose judgment, interest, and special effort the success of the Company is largely dependent. When the Equity Plan was implemented there were 1,000,000 common shares available to be granted under the Equity Plan. In the three months ended March 31, 2008, a total of 108,702 performance unit shares had been granted under the Equity Plan to legal consultants of the Company. The $26,088 expense is included in other professional fees.
4. Segment Reporting
SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, established standards for reporting information about operating segments in annual financial statements and required selected information about operating segments in interim financial reports issued to stockholders. It also established standards for related disclosures about products and services, and geographic areas. Operating segments are defined as components of the enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance.
The Company develops, manufactures, markets and sells high technology dental products, such as air abrasive equipment and curing lights as well as, tooth whitening products. AMT markets its dental products through dealers and independent distributors to general dental practitioners and certain other dental specialists. Internationally, the Company continues to sell its products through international distributor networks. AMT presently markets its industrial products through independent distributors. The reportable segments are reviewed and managed separately because selling techniques and market environments differ from selling domestically versus selling through international distributor networks. The remaining revenues of the Company, which are reported as Other, represent royalty income.
The accounting policies of the business segments are consistent with those used in prior years.
10
|
|
Three Months Ended
|
|
||||
|
|
2008 |
|
2007 |
|
||
Revenues |
|
|
|
|
|
||
Domestic |
|
$ |
413,576 |
|
$ |
557,830 |
|
International |
|
222,719 |
|
297,288 |
|
||
|
|
$ |
636,295 |
|
$ |
855,118 |
|
|
|
|
|
|
|
||
Reconciliation of revenues: |
|
|
|
|
|
||
Total segment revenues |
|
$ |
636,295 |
|
$ |
855,118 |
|
Other |
|
3,614 |
|
6,063 |
|
||
Total revenues |
|
$ |
639,909 |
|
$ |
861,181 |
|
|
|
|
|
|
|
||
Operational earnings: |
|
|
|
|
|
||
Domestic |
|
$ |
226,602 |
|
$ |
237,665 |
|
International |
|
26,356 |
|
103,330 |
|
||
|
|
$ |
252,958 |
|
$ |
340,995 |
|
|
|
|
|
|
|
||
Reconciliation of operational earnings to loss from operation: |
|
|
|
|
|
||
Total segment operational earnings |
|
$ |
252,958 |
|
$ |
340,995 |
|
Other operational earnings |
|
3,614 |
|
6,063 |
|
||
Research & development Expense |
|
|
|
(9,212 |
) |
||
Administrative expenses |
|
(447,431 |
) |
(565,382 |
) |
||
Loss from operations |
|
$ |
(190,859 |
) |
$ |
(227,536 |
) |
|
|
|
|
|
|
||
International revenues by country: |
|
|
|
|
|
||
Japan |
|
$ |
23,433 |
|
$ |
12,773 |
|
England |
|
3,401 |
|
13,112 |
|
||
The Netherlands |
|
12,006 |
|
65,758 |
|
||
Singapore |
|
13,715 |
|
36,735 |
|
||
Switzerland |
|
|
|
16,900 |
|
||
Argentina |
|
1,492 |
|
11,882 |
|
||
Germany |
|
44,155 |
|
3,546 |
|
||
Korea |
|
15,060 |
|
3,072 |
|
||
Lebanon |
|
20,938 |
|
|
|
||
Costa Rica |
|
3,330 |
|
13,335 |
|
||
Peru |
|
8,235 |
|
6,319 |
|
||
Canada |
|
29,242 |
|
65,758 |
|
||
Other |
|
47,712 |
|
48,098 |
|
||
|
|
$ |
222,719 |
|
$ |
297,288 |
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
||
Long lived assets |
|
|
|
|
|
||
Domestic |
|
$ |
79,829 |
|
$ |
89,912 |
|
International |
|
|
|
|
|
||
|
|
$ |
79,829 |
|
$ |
89,912 |
|
11
5. Comprehensive Income
Total comprehensive income, net of the related estimated tax, was $5,930 for the three months ended March 31, 2008. The components of other comprehensive loss for 2008 are net loss and foreign currency translation.
6. Line of Credit
On December 21, 2006, the Company entered into a secured line of credit agreement with Texas State Bank. The funds available under the line of credit were $600,000. The Company invested $300,000 with funds drawn against the line of credit in a Certificate of Deposit with a term of one year as collateral for the loan. Interest on the line of credit is set at the prime rate plus 1%. The interest rate on the line of credit was 6.25% as of March 31,2008. The principal on the loan was payable in one payment on December 20, 2007, with interest on the outstanding amount payable monthly. The Company borrowed an additional $100,000 against the line of credit in December 2006. In February 2007, Texas State Bank increased the line of credit to $800,000 using the Companys accounts receivable and inventory as additional collateral. The terms of the original line of credit remained the same with the exception of the payment date of the line being extended to February 2008. In January 2008, the Company renewed the secured line of credit agreement. The terms of the original line of credit remained the same with the exception of the payment date which was extended to January 2009. The balance outstanding was $590,000 at March 31, 2008.
7. Income Taxes
FIN 48 - In June 2006, FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement 109 Accounting for Income Taxes, was issued. FIN No. 48 describes accounting for uncertainty in income taxes, and includes a recognition threshold and measurement attribute for recognizing the effect of a tax position taken or expected to be taken in a tax return. FIN No. 48 is effective for fiscal years beginning after December 15, 2006. The Company adopted FIN No. 48 on January 1, 2007, and the initial adoption of this Statement had no material impact on the Companys financial position, results of operations or cash flows. The tax years still open for examination by Federal and major state agencies as of March 31, 2008 are 2003 2006.
8. Related Party Transactions
Roger Dartt In consideration of his continued work during the three month period ended March 31, 2007, the Company agreed to issue 200,000 shares of common stock to Mr. Dartt. The common stock was issued in August 2007. The Company recorded an estimated expense of $78,000 for the stock issuance in the first quarter of 2007. The Company issued 200,000 restricted shares of common stock to Mr. Dartt and made an adjustment to the actual expense of $60,000 in September 2007.
9. Other Events
Detailer Agreement DentNCo On March 20, 2008 the Company entered into a three year Authorized Detailer Agreement with DentNCo, a French company, under which the Company became an authorized broker and detailer of DentNCos Flexiwhite Tooth Whitening Light and related accessories. The Company was appointed as an exclusive authorized detailer in certain international markets. In consideration of the Companys efforts to develop and retain an international dealer network, DentNCo will pay the Company monthly commission for all products sold in the AMT managed territory during the agreement period.
License Agreement Sheervision, Inc. On October 24, 2007, the Company entered into a one year Authorized Detailer Agreement with Sheervision, Inc. (Sheervision), a Delaware corporation, under which the Company became an authorized broker and detailer of Sheervisions Firefly Infinity LED Headlight and all related accessories. The agreement will be renewed for an additional one or two year
12
period in 2008. The Company was appointed as an exclusive authorized detailer in certain international markets and as a non-exclusive authorized detailer in Sheervisions retained territory, excluding the United States of America. In consideration of the Companys efforts to develop and retain an international dealer network, Sheervision will pay the Company a monthly management fee during the first four months of the agreement and a commission for all products sold in the AMT managed territory during the agreement period.
License Agreement CrownBeav LLC DirectCrown product line On April 1, 2007, the Company entered into a License Agreement with CrownBeav LLC, an Oregon limited liability company, under which the Company became the nonexclusive distributor for the United States and Canada and the exclusive distributor for the rest of the world of its DirectCrown brand of temporary crown and bridge material. The license agreement is for a term of ten years with automatic renewals for additional five year terms, contains minimum requirements for sale of the products by the Company, and may be terminated (i) for cause upon 60 days notice, (ii) upon the Companys failure to comply with applicable securities laws, (iii) upon the occurrence of certain other customary events of default. In full consideration, the Company granted to CrownBeav a five year option to purchase (the Option) 1,000,000 shares of common stock at $0.20 per share. The shares subject to the Option will vest two years from the Effective Date of the agreement. The option agreement includes a guaranteed trading price of $0.40 per share for the 30-day period prior to vesting. Additional option shares will be granted for the difference if the market price of the shares is below $0.40 during the 30-day period.
The Black-Scholes option pricing model was used to determine the fair value of the options issued to CrownBeav with the following assumptions: risk free interest rate of 4.54%; dividend yield of 0%; volatility factors of 139%, the expected market price of the Companys common shares over the estimated life of the option of 3.5 years. The resulting fair value of the call option was $341,726. The option grant vests on April 1, 2009. The option agreement includes a guaranteed trading price of $0.40 per share for the 30-day period prior to vesting. Additional options will be granted for the difference if the market price is below $0.40 during the 30-day period. The Black-Scholes option pricing model was used to determine the fair value of the option guarantee issued to CrownBeav with the following assumptions: risk free interest rate of 4.60%; dividend yield of 0%; volatility factors of 100%, the expected market price of the Companys common shares over the guarantee period of 2 years. The resulting fair value of the put option was $185,000. The $526,726 fair market value of the option (combination of call and put) was capitalized as an intangible asset and is being recognized as a licensing fee over the 10 year period of the license.
10. Subsequent Event
On May 9, 2008, the building at 5655 Bear Lane, Corpus Christi, Texas was sold by Bear Street Associates (Bear Street, formerly Supulveda Group) and the lease between Bear Street and AMT was terminated. In consideration of the early lease termination, AMT entered into an agreement to pay $250,000 over a 10 month period beginning in June 2008. The Company expects to negotiate a lease for a portion of the building with the new owner and to continue operations at this facility.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Company makes forward-looking statements in this report and may make such statements in future filings with the Securities and Exchange Commission. The Company may also make forward-looking statements in its press releases or other public shareholder communications. The Companys forward-looking statements are subject to risks and uncertainties and include information about its expectations and possible or assumed future results of operations. When the Company uses any of the words believes, expects, anticipates, estimates or similar expressions, it is making forward-looking statements.
13
To the extent available, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of its forward-looking statements. While the Company believes that its forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements, which speak only as of the date made. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Companys control or are subject to change, actual results could be materially different. Factors that might cause such a difference include, without limitation, the following: the Companys inability to generate sufficient cash flow to meet its current liabilities, the inability of the Company to find suitable new acquisitions or the expense or difficulty of integrating such acquisitions with current Company operations, adverse results in any of the Companys material lawsuits, the possible failure of revenues to offset additional costs associated with its new business model, the potential lack of product acceptance, the Companys potential inability to introduce new products to the market, the potential failure of customers to meet purchase commitments, the potential loss of customer relationships, the potential failure to receive or maintain necessary regulatory approvals, the extent to which competition may negatively affect prices and sales volumes or necessitate increased sales expenses, the failure of negotiations to establish original equipment manufacturer agreements or strategic alliances and the other risks and uncertainties set forth in this report.
Other factors not currently anticipated by management may also materially and adversely affect the Companys results of operations. Except as required by applicable law, the Company does not undertake any obligation to publicly release any revisions which may be made to any forward-looking statements to reflect events or circumstances occurring after the date of this report.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect amounts reported in the accompanying consolidated financial statements and related footnotes. These estimates and assumptions are evaluated on an on-going basis based on historical developments, market conditions, industry trends and other information the Company believes to be reasonable under the circumstances. There can be no assurance that actual results will conform to the Companys estimates and assumptions, and that reported results of operations will not be materially adversely affected by the need to make accounting adjustments to reflect changes in these estimates and assumptions from time to time. The policies the Company believes to be the most sensitive to estimates and judgments are described in Item 7 of the Companys 2008 Annual Report on Form 10-KSB.
The Company had revenues of $636,295 for the three months ended March 31, 2008 compared to $855,118 for the same period in 2007, a decrease of 26%. For the three month period, domestic revenues decreased 26%, while international revenues decreased 25%. The decrease in revenues is primarily attributable to a $130,000 decrease in sales of the Spectrum product line due to a major distributor placing a large order in the fourth quarter 2007 in anticipation of a January 2008 price increase and a $60,400 decrease in the sales of parts and repairs due to the historical decrease in sales of equipment. Additionally, the three month period ended March 31, 2007 included a $44,000 sale of inventory previously included in the Companys inventory reserve. These decreases were partially offset by $33,400 in commission earned from the DirectCrown product line added in April 2007. The Company expects the continued decrease in revenues for parts and repairs and increases in the revenues for Spectrum, DirectCrown and other recently added brokered product lines.
Additionally, royalties decreased $2,449 for the three months ended March 31, 2008.
Gross profit as a percentage of revenues was 70% for the three month period ended March 31, 2008 compared to 65% for the same period in 2007. The increase in gross profit is primarily attributable the sale or use of inventory previously included in the Companys inventory reserve which resulted in a $37,400
14
decrease in the inventory valuation allowance. Additionally, a portion of the increase in gross profit is related to the addition of the DirectCrown product line revenues received as commissions.
Selling, general and administrative expenses were $637,288 for the three month period ended March 31, 2008 compared to $770,596 for the same period in 2007, a decrease of 17%. The decrease is primarily attributable to a $112,700 decrease in payroll expense due to $77,000 in expenses related to a stock grant in 2007; a $9,200 decrease in show expenses as a result of AMTs distributors representing the Companys product lines at shows on the Companys behalf; a $11,300 decrease in other professional fees as a result of litigation settled in 2007 and a $17,600 decrease in other expenses. These decreases were partially offset by a $12,800 increase in marketing expense and $12,500 in insurance expense. The Company is diligently working to continue to reduce selling, general and administrative expenses.
There were no research and development expenses in the three month period ended March 31, 2008 compared to $9,212 for the same period on 2007. The Company does not anticipate the development of new product lines for manufacturing.
Other income was $29,369 for the three month period ended March 31, 2008 compared to $42,895 for the same period in 2007. The decrease in other income is primarily attributable to a decrease in fees received for consulting services. The Company does not expect additional fees for consulting services for the remainder of 2008.
Liquidity and Capital Resources
The Companys operating activities used $89,871 for the three month period ended March 31, 2008.
The Companys investing activities used $1,071 for the three month period ended March 31, 2008.
The Companys financing activities provided $90,000 for the three month period ended March 31, 2008 in funds received from the Companys line of credit with Texas State Bank.
On December 21, 2006, the Company entered into a secured line of credit agreement with Texas State Bank. The funds available under the line of credit were $600,000. The Company invested $300,000 with funds drawn against the line of credit in a Certificate of Deposit with a term of one year as collateral for the loan. Interest on the line of credit is set at the prime rate plus 1%. The interest rate on the line of credit was 6.25% as of March 31, 2008. The principal on the loan was payable in one payment on December 20, 2007, with interest on the outstanding amount payable monthly. The Company borrowed an additional $100,000 against the line of credit in December 2006. In February 2007, Texas State Bank increased the line of credit to $800,000 using the Companys accounts receivable and inventory as collateral. In January 2008, the Company renewed the secured line of credit agreement. The terms of the original line of credit remained the same with the exception of the payment date which was extended to January 2009.
On April 11, 2006, the Company entered into a licensing agreement with Discus Dental Holdings, Inc. (Discus) and its wholly owned subsidiary, Spectrum Dental, Inc. (Spectrum Dental), a leading provider of professional tooth whitening products under the brand names of Contrastpm, Contrastpmplus and Contrastam, under which AMT became the exclusive distributor of the Spectrum Dental product line, which provided approximately $933,000 in additional revenue in 2006. The Sepulveda Group, LLC is affiliated with Discus. In full payment for the license, the Company issued Discus a warrant to purchase 2,500,000 shares of common stock at $0.20 per share.
The fair value of the warrants issued to Discus is estimated at the end of each period using the Black-Scholes option pricing model with the following assumptions used on March 31, 2008: risk free interest rate of 2.46%; dividend yield of 0%; volatility factors of 258%, the expected market price of the Companys common shares over the estimated life of the warrant of 6.5 years. The calculated fair value of the warrant as of December 31, 2007 was $449,412. The calculated fair value of the warrant on the grant date was $549,530 which the Company capitalized as an intangible asset and is recognizing as a licensing fee over the vesting period of five years.
15
On April 1, 2007, the Company entered into a License Agreement with CrownBeav LLC, an Oregon limited liability company, under which the Company became the nonexclusive distributor for the United States and Canada and the exclusive distributor for the rest of the world of its DirectCrown brand of temporary crown and bridge material. The license agreement is for a term of ten years with automatic renewals for additional five year terms, contains minimum requirements for sale of the products by the Company, and may be terminated (i) for cause upon 60 days notice, (ii) upon the Companys failure to comply with applicable securities laws, (iii) upon the occurrence of certain other customary events of default. In full consideration, the Company granted to CrownBeav a five year option to purchase (the Option) 1,000,000 shares of common stock at $0.20 per share. The shares subject to the Option will vest two years from the Effective Date of the agreement. The option agreement includes a guaranteed trading price of $0.40 per share for the 30-day period prior to vesting. Additional option shares will be granted for the difference if the market price of the shares is below $0.40 during the 30-day period.
The Black-Scholes option pricing model was used to determine the fair value of the options issued to CrownBeav with the following assumptions: risk free interest rate of 4.54%; dividend yield of 0%; volatility factors of 139%, the expected market price of the Companys common shares over the estimated life of the option of 3.5 years. The resulting fair value of the call option was $341,726. The option grant vests on April 1, 2009. The option agreement includes a guaranteed trading price of $0.40 per share for the 30-day period prior to vesting. Additional option shares will be granted for the difference if the market price is below $0.40 during the 30-day period. The Black-Scholes option pricing model was used to determine the fair value of the option guarantee issued to CrownBeav with the following assumptions: risk free interest rate of 4.60%; dividend yield of 0%; volatility factors of 100%, the expected market price of the Companys common shares over the guarantee period of 2 years. The resulting fair value of the put option was $185,000. The $526,726 fair market value of the option (combination of call and put) was capitalized as an intangible asset and is being recognized as a licensing fee over the 10 year period of the license.
On October 24, 2007, the Company entered into a one year Authorized Detailer Agreement with Sheervision, Inc. (Sheervision), a Delaware corporation, under which the Company became an authorized broker and detailer of Sheervisions Firefly Infinity LED Headlight and all related accessories. The agreement will be renewed for an additional one or two year period in 2008. The Company was appointed as an exclusive authorized detailer in certain international markets and as a non-exclusive authorized detailer in Sheervisions retained territory, excluding the United States of America. In consideration of the Companys efforts to develop and retain an international dealer network, Sheervision will pay the Company a monthly management fee during the first four months of the agreement and a commission for all products sold in the AMT managed territory during the agreement period.
On March 20, 2008 the Company entered into a three year Authorized Detailer Agreement with DentNCo, a French company, under which the Company became an authorized broker and detailer of DentNCos Flexiwhite Tooth Whitening Light and related accessories. The Company was appointed as an exclusive authorized detailer in certain international markets. In consideration of the Companys efforts to develop and retain an international dealer network, DentNCo will pay the Company monthly commission for all products sold in the AMT managed territory during the agreement period.
The Company has suffered recurring losses from operations, and its total liabilities exceed its total assets. This raises substantial doubt about the Companys ability to continue as a going concern. The Companys ability to generate positive operational cash flow is dependent upon increasing revenues through the sales of existing product lines and the expansion related to the representation of additional lines of dental products. While the Company has identified additional product lines and has ongoing dialogs with dental product manufacturers, there can be no assurance that the Company will be successful in finalizing the contract for representation of these products or that the Company will be successful in generating a positive operational cash flow.
16
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None required.
ITEM 4T CONTROLS AND PROCEDURES
The Companys management, with the participation of the chief executive officer and principal accounting officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15 under the Exchange Act) as of March 31, 2008. Based upon this evaluation, the chief executive officer and principal accounting officer concluded that the Companys disclosure controls and procedures were effective. Subsequent to the evaluation and through the date of this filing of Form 10-Q for the three month period ended March 31, 2008, there have been no significant changes in the Companys internal controls over financial reporting (as defined in Rules 13a-15(f) and 15-d-15(f) under the Exchange Act) or in any other factors that could significantly affect these controls.
In the normal course of business, we may become involved in various legal proceedings. As of March 31, 2008, we know of no pending or threatened legal proceeding to which we are or will be a party which, if successful, might result in material adverse change in our business properties or financial condition. However, as with most businesses, we are occasionally parties to lawsuits incidental to our business, none of which are anticipated to have a material adverse impact on our financial position, results of operations, liquidity or cash flows. We estimate the amount of potential exposure it may have with respect to litigation claims and assessments.
Not required
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
None
17
Exhibit Index
3.1 |
|
Second Restated Certificate of Incorporation (Form 10-Q for the quarter ended September 30, 2002) |
|
|
|
3.2 |
|
Certificate of Correction to the Second Restated Certificate of Incorporation (Form 10-K for year ended December 31, 2002.) |
|
|
|
3.3 |
|
Certificate of Designation of Series B Preferred Stock (Form 10-K for year ended December 31, 2002.) |
|
|
|
3.4 |
|
Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation dated May 12, 2005 (Form 10-Q for the quarter ended June 30, 2005) |
|
|
|
4.1 |
|
Amendment Agreement with Aimee Maroney effective as of June 17, 2003 (Form 10-Q for quarter ended June 30, 2003) |
|
|
|
4.2 |
|
Agreement to Assign Lien and Release Claims with Aimee Maroney and Value Bank Texas dated as of June 17, 2003 (Form 10-Q for quarter ended June 30, 2003) |
|
|
|
4.3 |
|
Promissory Note issued to Texas State Bank dated February 9, 2005 (Form 10-K for year ended December 31, 2004) |
|
|
|
4.4 |
|
Deed of Trust granted to Paul S. Moxley, Trustee for Texas State Bank, dated February 9, 2005 (Form 10-K for year ended December 31, 2004) |
|
|
|
4.5 |
|
Stock Purchase Warrant dated April 11, 2006 for 2,300,000 shares issued to Discus Holdings, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
4.6 |
|
Put and Call Option Agreement dated April 11, 2006 between Discus Holdings, Inc. and American Medical Technologies, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
4.7 |
|
Registration Rights Agreement dated April 11, 2006 between American Medical Technologies, Inc. and Discus Holdings, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
10.1 |
|
Amended and Restated Nonqualified Stock Option Plan (Registration No. 33-40140) |
|
|
|
10.2 |
|
Stock Option Plan for Employees (Registration No. 33-40140) |
|
|
|
10.3 |
|
Amended and Restated Long-Term Incentive Plan (Form 10-Q for quarter ended September 30, 1996) |
|
|
|
10.4 |
|
American Medical Technologies, Inc. 2005 Stock Option Plan (Form 10-Q for the quarter ended June 30, 2005) |
|
|
|
10.5 |
|
License Agreement between Texas Airsonics, Inc., a wholly owned subsidiary of American Medical Technologies, Inc. and Texas Airsonics, L.P. (Form 10-K for year ended December 31, 1996) |
|
|
|
10.5 |
|
Patent License Agreement dated October 18, 1997 between Danville Engineering, Inc. and American Medical Technologies, Inc. (Form 10-Q for quarter ended September 30, 1997) |
|
|
|
10.7 |
|
Assignment from Sunrise Technologies International, Inc. to Lares Research dated June 24, 1997 (Form 10-K for year ended December 31, 1997) |
|
|
|
10.8 |
|
Patent License Agreement dated June 29, 1998 Prep-Technology Corp. and American Medical Technologies, Inc. (Form 10-Q for quarter ended June 30, 1998) |
|
|
|
10.9 |
|
Patent License Agreement dated as of January 21, 1999 between ESC Medical Systems, Ltd. and American Medical Technologies, Inc. (Form 10-Q for quarter ended March 31, 1999) |
18
10.10 |
|
Patent licensing Agreement dated June 10, 1999 between American Medical Technologies, Inc. and Kreativ, Inc. (Form 10-Q for quarter ended June 30, 1999) |
|
|
|
10.11 |
|
Employment Agreement dated effective as of June 1, 2004, between American Medical Technologies, Inc. and Roger W. Dartt (Form 10-Q for the quarter ended September 30, 2004) |
|
|
|
10.12 |
|
Exclusive License Agreement dated April 11, 2006 between Discus Holdings, Inc., Spectrum Dental, Inc. and American Medical Technologies, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
10.13 |
|
Manufacturing Agreement dated April 11, 2006 between Westside Packaging, Inc. and American Medical Technologies, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
10.14 |
|
Commercial Contract Improved Realty dated April 11, 2006 between American Medical Technologies, Inc. and The Sepulveda Group, LLC (Form 10-KSB for year ended December 31, 2005) |
|
|
|
10.15 |
|
Lease dated April 11, 2006 between The Sepulveda Group, LLC and American Medical Technologies, Inc. (Form 10-KSB for year ended December 31, 2005) |
|
|
|
10.16 |
|
Standstill Agreement dated February 1, 2007 |
|
|
|
10.17 |
|
First Amendment to the Put and Call Option Agreement dated April 10, 2007 |
|
|
|
10.18 |
|
Employment Agreement dated effective as of January 1, 2007, between American Medical Technologies, Inc. and Judd D. Hoffman |
|
|
|
21 |
|
Subsidiaries of the Registrant (Form 10-K for year ended December 31, 1999) |
|
|
|
31.1* |
|
Certification of Judd D. Hoffman, President and Chief Executive Officer of the Company, as required by Rule 13a-14(a). |
|
|
|
31.2* |
|
Certification of Barbara Woody, principal accounting officer of the Company, as required by Rule 13a-14(a). |
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32* |
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Certification of Chief Executive Officer and of principal accounting officer of the Company, as required by 18 U.S.C. Section 1350. |
* Filed herewith
19
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.
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American Medical Technologies, Inc. |
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Date: May 15, 2008 |
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/s/ Judd D. Hoffman |
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Judd D. Hoffman |
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President and Chief Executive Officer |
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Date: May 15, 2008 |
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/s/ Barbara Woody |
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Barbara Woody |
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Vice
President of Administration and Finance, and
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20
1 Year American Medical Technol... (CE) Chart |
1 Month American Medical Technol... (CE) Chart |
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