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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 | 4 | |
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
|
17
|
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
|
|
March 31,
2013
|
September 30,
2012
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
83,488
|
$
|
303,497
|
||||
Accounts receivable
|
38,245
|
56,067
|
||||||
Inventories
|
322,260
|
316,440
|
||||||
Prepaid expenses
|
10,183
|
20,203
|
||||||
Total Current Assets
|
454,176
|
696,207
|
||||||
Long Term Investment
|
||||||||
Investment in MIT China Joint Venture
|
11,853
|
146,343
|
||||||
Property and Equipment
|
||||||||
Tooling and machinery
|
691,311
|
713,779
|
||||||
Furniture and office equipment
|
141,074
|
144,775
|
||||||
Leasehold improvements
|
28,847
|
29,785
|
||||||
861,232
|
888,339
|
|||||||
Less accumulated depreciation
|
(651,773
|
)
|
(612,592
|
)
|
||||
Total property and equipment, net
|
209,459
|
275,747
|
||||||
Other Assets
|
||||||||
Patents (net of accumulated amortization of $6,930 and $13,516)
|
40,356
|
44,857
|
||||||
Total assets
|
$
|
715,844
|
$
|
1,163,154
|
CONSOLIDATED BALANCE SHEET
|
March 31,
2013
|
September 30,
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current Liabilities
|
||||||||
Bank line
|
$
|
-
|
$
|
101,660
|
||||
Deferred income
|
1,342,614
|
1,385,906
|
||||||
Accounts payable and accrued expenses
|
193,497
|
160,174
|
||||||
Amounts due to related parties
|
-
|
152,723
|
||||||
Current portion of long term debts
|
51,442
|
23,736
|
||||||
1,587,553
|
1,671,476
|
|||||||
Long-Term Debts
|
117,829
|
176,242
|
||||||
Total Liabilities
|
1,705,382
|
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
|
(13,470,554
|
)
|
(13,172,164
|
)
|
||||
Other comprehensive income (loss)
|
(394,439
|
)
|
(387,855
|
)
|
||||
Total Stockholders' Equity (Deficit)
|
(989,538
|
)
|
(684,564
|
)
|
||||
Total Liabilities and Stockholders' Equity (Deficit)
|
$
|
715,844
|
$
|
1,163,154
|
Three-Months Period
Ended March 31,
|
Six-Months Period
Ended March 31,
|
|||||||||||||||
2013
(Unaudited)
|
2012
(Unaudited)
|
2013
(Unaudited)
|
2012
(Unaudited)
|
|||||||||||||
Sales
|
$
|
290,152
|
$
|
352,649
|
$
|
403,773
|
$
|
427,489
|
||||||||
Cost of sales
|
( 69,590
|
)
|
( 59,063
|
)
|
(121,511
|
)
|
(99,497
|
)
|
||||||||
Gross profit (loss)
|
220,562
|
293,586
|
282,262
|
327,992
|
||||||||||||
Selling, general, and administrative expenses
|
(203,879
|
)
|
(273,026
|
)
|
(437,758
|
)
|
(448,862
|
)
|
||||||||
(203,879
|
)
|
(273,026
|
)
|
(437,758
|
)
|
(448,862
|
)
|
|||||||||
Loss from operations
|
16,683
|
20,560
|
(155,496
|
)
|
(120,872
|
)
|
||||||||||
Other Income (Expense)
Equity earnings (loss) on MIT China Joint Venture
|
(53,620
|
)
|
(13,813
|
)
|
(134,490
|
)
|
(104,607
|
)
|
||||||||
Interest income/loss
|
221
|
406
|
449
|
584
|
||||||||||||
Interest expense
|
(5,524
|
)
|
(31,920
|
)
|
(8,852
|
)
|
(35,023
|
)
|
||||||||
(58,923
|
)
|
(45,327
|
)
|
(143,791
|
)
|
(139,046
|
)
|
|||||||||
Net Loss
|
$
|
(42,240
|
)
|
$
|
(24 767
|
)
|
$
|
(298,389
|
)
|
$
|
(259,920
|
)
|
||||
Basic (loss) per share
|
$
|
(0.001
|
)
|
$
|
(0.0003
|
)
|
$
|
(0.004
|
)
|
$
|
(0.003
|
)
|
||||
Basic weighted average shares outstanding
|
83,804,627
|
83,804,627
|
83,804,627
|
83,804,627
|
Six-Month Period Ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(298,389
|
)
|
$
|
(259,920
|
)
|
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Equity loss from MIT China Joint Venture
|
134,490
|
104,607
|
||||||
Depreciation and amortization expense
|
65,394
|
64,272
|
||||||
Common stock issued for services
|
-
|
-
|
||||||
Related party payables settle by common stock
|
-
|
-
|
||||||
Capitalization of related party debts
|
||||||||
Changes in:
|
||||||||
Accounts receivable
|
17,822
|
27,314
|
||||||
Inventories
|
(5,821)
|
23,553
|
||||||
Prepaid expenses
|
10,020
|
6,512
|
||||||
Accounts payable and accrued liabilities
|
33,323
|
(36,470)
|
||||||
Deferred income
|
(43,292)
|
138;864
|
||||||
Net cash used by operating activities
|
(86,453)
|
68,732
|
||||||
Cash flows from investing activities:
|
||||||||
Acquisition of patents
|
(3,840
|
)
|
(17,040
|
)
|
||||
Investment in MIT China joint venture
|
-
|
-
|
||||||
Tooling and machinery
|
-
|
(48,671
|
)
|
|||||
Net cash used by investing activities
|
(3,840
|
)
|
(65,711
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Bank line
|
(101,660
|
)
|
23,345
|
|||||
Bank loans
|
(30,707)
|
50,330
|
||||||
Proceeds from issuance of stock, net
|
-
|
63,340
|
||||||
Increase in amounts due to related parties
|
-
|
(152,722)
|
||||||
Issuance of notes payable
|
-
|
-
|
||||||
Repayment on notes payable
|
-
|
-
|
||||||
Net cash provided from financing activities
|
(132,367
|
)
|
(15,707)
|
|||||
Effect of exchange rates
|
2,651
|
1,797
|
||||||
Increase (decrease) in cash
|
(220,009
|
)
|
(10,889)
|
|||||
Cash, beginning of period
|
303,497
|
10,889
|
||||||
Cash, end of period
|
$
|
83,488
|
$
|
-
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
8,852
|
$
|
35,024
|
||||
Cash paid for federal income taxes
|
$
|
-
|
$
|
-
|
||||
Supplemental disclosure of non-cash transactions
|
||||||||
Common stock issued for debt reductions
|
$
|
-
|
$
|
-
|
Six Months Ended
March 31,
2013
|
Six Months Ended
March 31,
2012
|
|||||||
Net loss
|
$
|
(298,389
|
)
|
$
|
(
259,920
|
)
|
||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment
|
(6,584)
|
(12,039)
|
||||||
Net comprehensive income (loss)
|
$
|
(292,255
|
)
|
$
|
(247,881
|
)
|
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 March 31, 2013
|
-
|
-
|
-
|
(298,389
|
)
|
|||||||||||
Balance – March 31, 2013
|
83,894,627
|
7,979
|
12,867,386
|
(13,470,553
|
)
|
March 31,
2013
|
September 30,
2012
|
|||||||
Raw materials
|
$
|
228,004
|
$
|
242,528
|
||||
Work in process
|
74,450
|
63,255
|
||||||
Finished goods
|
19,806
|
10,657
|
||||||
Total
|
$
|
322,260
|
$
|
316,440
|
Gross
Intangible
Assets
|
Accumulated
Amortization
|
Net
Intangible
Assets
|
Weighted
Average
Life (Years)
|
|||||||||||
Patents
|
$
|
69,297
|
$
|
28,942
|
$
|
40,355
|
7.5 through 15
|
Year ended
|
||||
March 31, 2014
|
51,600
|
|||
March 31, 2015
|
38,700
|
|||
$
|
90,300
|
March 31,
2013
|
September 30,
2012
|
|||||||
Deposits from customers and distributors
|
$
|
270,114
|
$
|
313,406
|
||||
Non-refundable Distribution Rights Deposit
|
1,072,500
|
1,072,500
|
||||||
Total
|
$
|
1,342,614
|
$
|
1,385,906
|
March 31,
2013
|
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.
|
$
|
104,821
|
$
|
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.
|
64,450
|
76,782
|
||||||
Long-term debt
|
$
|
169,271
|
$
|
199,979
|
Year ended
|
||||
March31, 2014
|
51,442
|
|||
March 31, 2015
|
51,442
|
|||
March 31, 2016
|
51,442
|
|||
March 31, 2016
|
14,945
|
|||
$
|
169,271
|
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: May 15, 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 |
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