![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medical International Technology Inc (CE) | USOTC:MDLH | 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 |
Colorado
|
84-1509950
|
|
(State or other jurisdiction of
incorporation
or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
||
Non-accelerated filer
o
(Do not check is a smaller reporting company)
|
Smaller reporting company
x
|
PART I. FINANCIAL INFORMATION
|
|
Item 1. Consolidated Financial Statements
|
3
|
Consolidated Balance Sheet
|
3
|
Consolidated Statements of Operations,
|
5
|
Consolidated Statements of Cash Flows
|
6
|
Consolidated Statements of Comprehensive Loss
|
7
|
Consolidated Statement of Stockholders’ (Deficit)
|
8
|
Notes to Unaudited Consolidated Financial Statements
|
9
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
18
|
Item 4. Controls and Procedures
|
18
|
Part II. OTHER INFORMATION
|
19
|
Item 1 Legal Proceedings
|
19
|
Item 1A. Risk Factors
|
19
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
19
|
Item 3. Defaults upon Senior Securities
|
19
|
Item 4.
Mine Safety Disclosures
|
19
|
Item 5. Other Information
|
19
|
Item 6. Exhibits
|
19
|
SIGNATURES
|
20
|
|
December 31,
2012
|
September 30,
2012
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
79,399
|
$
|
303,497
|
||||
Accounts receivable
|
13,870
|
56,067
|
||||||
Inventories
|
341,576
|
316,440
|
||||||
Prepaid expenses
|
9,980
|
20,203
|
||||||
Total Current Assets
|
444,825
|
696,207
|
||||||
Long Term Investment
|
||||||||
Investment in MIT China Joint Venture
|
65,472
|
146,343
|
||||||
Property and Equipment
|
||||||||
Tooling and machinery
|
705,704
|
713,779
|
||||||
Furniture and office equipment
|
143,137
|
144,775
|
||||||
Leasehold improvements
|
29,448
|
29,785
|
||||||
878,289
|
888,339
|
|||||||
Less accumulated depreciation
|
(635,472
|
)
|
(612,592
|
)
|
||||
Total property and equipment, net
|
242,817
|
275,747
|
||||||
Other Assets
|
||||||||
Patents (net of accumulated amortization of $3,392 and $13,516)
|
41,973
|
44,857
|
||||||
Total assets
|
$
|
795,087
|
$
|
1,163,154
|
CONSOLIDATED BALANCE SHEET
|
December 31,
2012
|
September 30,
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current Liabilities
|
||||||||
Bank line
|
$ | - | $ | 101,660 | ||||
Deferred income
|
1,405,663 | 1,385,906 | ||||||
Accounts payable and accrued expenses
|
147,765 | 160,174 | ||||||
Amounts due to related parties
|
- | 152,723 | ||||||
Current portion of long term debts
|
51,442 | 23,736 | ||||||
1,604,870 | 1,671,476 | |||||||
Long-Term Debts
|
133,814 | 176,242 | ||||||
Total Liabilities
|
1,738,684 | 1,847,718 | ||||||
Stockholders' Equity (Deficit)
|
||||||||
Preferred stock, $.0001 par value; 3,000,000 shares authorized;
No issued and outstanding shares
|
- | - | ||||||
Common stock, $.0001 par value; 100,000,000 shares authorized;
83,804,627 shares and 79,090,627 issued and outstanding, respectively
|
7,979 | 7,979 | ||||||
Additional paid-in capital
|
12,867,476 | 12,867,476 | ||||||
Deficit
|
(13,428,313 | ) | (13,172,164 | ) | ||||
Other comprehensive income (loss)
|
(390,738 | ) | (387,855 | ) | ||||
Total Stockholders' Equity (Deficit)
|
(943,596 | ) | (684,564 | ) | ||||
Total Liabilities and Stockholders' Equity (Deficit)
|
$ | 795,088 | $ | 1,163,154 |
Three-Months Period
Ended December 31,
|
||||||||
2012
(Unaudited)
|
2011
(Unaudited)
|
|||||||
Sales
|
$
|
113,621
|
$
|
74,836
|
||||
Cost of sales
|
(51,921
|
)
|
(40,434
|
)
|
||||
Gross profit (loss)
|
61,700
|
34,402
|
||||||
Operating expenses
|
||||||||
Selling, general, and administrative expenses
|
(233,879
|
)
|
(175,836
|
)
|
||||
Total operating expenses
|
(233,879
|
)
|
(175,836
|
)
|
||||
Other Income (Expense)
Equity earnings (loss) on MIT China Joint Venture
|
(80,870)
|
(90,794)
|
||||||
Interest
|
228
|
178
|
||||||
Interest expense
|
(3,328
|
)
|
(3,103
|
)
|
||||
Other income (expense), net
|
(83,971
|
)
|
(93,719
|
)
|
||||
Net Loss
|
$
|
(256,149
|
)
|
$
|
(235,153
|
)
|
||
Net loss per common share
|
$
|
(0.003
|
)
|
$
|
(0.003
|
)
|
||
Weighted average common shares outstanding - basic and diluted
|
83,804,627
|
79,270,627
|
Three-Month Period Ended
|
||||||||
December 30,
|
December 30,
|
|||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(256,149
|
)
|
$
|
(235,153
|
)
|
||
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
|
||||||||
Equity loss from MIT China Joint Venture
|
80,871
|
90,794
|
||||||
Depreciation and amortization expense
|
33,201
|
19,742
|
||||||
Common stock issued for services
|
-
|
-
|
||||||
Related party payables settle by common stock
|
-
|
-
|
||||||
Capitalization of related party debts
|
||||||||
Changes in:
|
||||||||
Accounts receivable
|
42,196
|
13,352
|
||||||
Inventories
|
(25,137)
|
19,770
|
||||||
Prepaid expenses
|
10,223
|
5,422
|
||||||
Accounts payable and accrued liabilities
|
(12,408)
|
40,319
|
||||||
Deferred income
|
19,757
|
65,237
|
||||||
Net cash used by operating activities
|
(107,446)
|
19,483
|
||||||
Cash flows from investing activities:
|
||||||||
Acquisition of patents
|
(1,015
|
)
|
(13,505
|
)
|
||||
Investment in MIT China joint venture
|
-
|
-
|
||||||
Tooling and machinery
|
-
|
(48,058
|
)
|
|||||
Net cash used by investing activities
|
(1,015
|
)
|
(61,563
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Bank line
|
(101,660
|
)
|
31,167
|
|||||
Bank loans
|
(14,722)
|
57,477
|
||||||
Proceeds from issuance of stock, net
|
-
|
18,000
|
||||||
Increase in amounts due to related parties
|
-
|
(3,892)
|
||||||
Issuance of notes payable
|
-
|
-
|
||||||
Repayment on notes payable
|
-
|
-
|
||||||
Net cash provided from financing activities
|
(116,382
|
)
|
40,418
|
|||||
Effect of exchange rates
|
745
|
4,983
|
||||||
Increase (decrease) in cash
|
(224,098
|
)
|
3,321
|
|||||
Cash, beginning of period
|
303,497
|
10,889
|
||||||
Cash, end of period
|
$
|
79,399
|
$
|
14,210
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
3,328
|
$
|
3,103
|
||||
Cash paid for federal income taxes
|
$
|
-
|
$
|
-
|
||||
Supplemental disclosure of non-cash transactions
|
||||||||
Common stock issued for debt reductions
|
$
|
-
|
$
|
-
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
Three Months
Ended
December 30,
2012
|
Three Months
Ended
December 30,
2011
|
|||||||
Net loss
|
$
|
(256,149
|
)
|
$
|
(
235,153
|
)
|
||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment
|
(2,884)
|
(13,441)
|
||||||
Net comprehensive income (loss)
|
$
|
(259,033
|
)
|
$
|
(248,594
|
)
|
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ (DEFICIT)
|
Common Stock
|
Additional Paid in
|
|||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
|||||||||||||
Balance – September 30, 2012
|
83,804,627
|
$
|
7,979
|
$
|
12,867,386
|
$
|
(13,172,164
|
)
|
||||||||
Shares issued for debts
|
-
|
-
|
-
|
-
|
||||||||||||
Shares issued for services
|
-
|
-
|
-
|
-
|
||||||||||||
Shares issued for additional capital
|
-
|
-
|
-
|
-
|
||||||||||||
Net loss for the period ended December 31, 2012
|
-
|
-
|
-
|
(256,149
|
)
|
|||||||||||
Balance – December 31, 2012
|
83,894,627
|
7,979
|
12,867,386
|
(13,428,313
|
)
|
December 31,
2012
|
September 30,
2012
|
|||||||
Raw materials
|
$
|
201,586
|
$
|
242,528
|
||||
Work in process
|
88,796
|
63,255
|
||||||
Finished goods
|
12,755
|
10,657
|
||||||
Total
|
$
|
303,137
|
$
|
316,440
|
Gross
Intangible
Assets
|
Accumulated
Amortization
|
Net
Intangible
Assets
|
Weighted
Average
Life
(Years)
|
|||||||||||
Patents
|
$
|
67,835
|
$
|
25,862
|
$
|
41,973
|
7.5 through 15
|
Year ended
|
|
|||
|
||||
September 30, 2013
|
38,136 | |||
September 30, 2014
|
50,848 | |||
Thereafter
|
12,712 | |||
$ | 101,696 |
December 31,
2012
|
September 30,
2012
|
|||||||
Deposits from customers and distributors
|
$
|
333,163
|
$
|
313,406
|
||||
Non-refundable Distribution Rights Deposit
|
1,072,500
|
1,072,500
|
||||||
Total
|
$
|
1,405,663
|
$
|
1,385,906
|
December 31,
2012
|
September 30,
2012
|
|||||||
Note payable to a bank, bearing interest at prime plus 3%, repayment of the loan in sixty (60) equal and consecutive installments of 2,413.12 starting January 20, 2012, secured by equipment, due January 20, 2016.
|
$
|
114,403
|
$
|
123,197
|
||||
Loan Canada Economic Development, no interest, repayment of the contribution in sixteen (16) equal and consecutive quarterly installment starting twelve (12) month after the project completion date.
|
70,853
|
76,782
|
||||||
Long-term debt
|
$
|
185,256
|
$
|
199,979
|
Year ended
|
||||
September 30, 2013
|
51,442
|
|||
September 30, 2014
|
51,442
|
|||
September 30, 2015
|
51,442
|
|||
September 30, 2016
|
30,930
|
|||
$
|
185,256
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1 *
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS **
|
XBRL Instance Document
|
101.SCH **
|
XBRL Taxonomy Schema
|
101.CAL **
|
XBRL Taxonomy Calculation Linkbase
|
101.DEF **
|
XBRL Taxonomy Definition Linkbase
|
101.LAB **
|
XBRL Taxonomy Label Linkbase
|
101.PRE **
|
XBRL Taxonomy Presentation Linkbase
|
Medical International Technology, Inc.
|
|||
Date: February 12, 2013
|
By:
|
/s/ Karim Menassa
|
|
Karim Menassa
|
|||
President, Chief Executive Officer, and Chief Financial Officer
|
|||
(Duly Authorized Officer, Principal Executive Officer, and
Principal Financial Officer)
|
1 Year Medical International Te... (CE) Chart |
1 Month Medical International Te... (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions