SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
December 30, 2002
(Date of Report)
December 16, 2002
(Date of Earliest Event Reported)
American Hospital Resources, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Utah | 0-32195 | 87-0319410 |
| (State or other jurisdiction of incorporation) | Commission File Number | (IRS Employer I.D. No.) |
1912 West Bay Crest
Santa Ana, CA 92704
(Address of Principal Executive Offices)
714-444-0223
Registrant's Telephone Number
Not Applicable
(Former Name or Former Address if changed Since Last Report)
Item 2. Acquisition or Disposition of Assets.
American Hospital Resources, Inc. ("AHR") entered into an Asset Purchase Agreement to acquire certain operating assets of NIPSI Healthcare of Houston, a limited partnership, and NIPSI of Houston, Inc., the general partner of NIPSI Healthcare of Houston (collectively, "NIPSI") for $150,000 and the assumption of a limited number of NIPSI's trade payables and operating leases. The Agreement was dated December 13, 2002 and closed on December 16, 2002. As a result of this transaction, the assets of NIPSI acquired by AHR were transferred into NIPSI Pharmacy of Texas, a Nevada corporation, a wholly owned subsidiary of AHR.
Under the Agreement, AHR purchased certain of the operating assets of NIPSI, including all equipment, furniture, fixtures, cash and cash equivalents, inventory, licenses and permits (where transferable) and certain accounts receivable. In exchange for NIPSI's assets, AHR issued a $150,000 promissory note payable in eighteen monthly installments of $8,734.76 commencing on January 15, 2003. Payments are to be made from AHR's working capital. The transaction amount was based on AHR's internal assessment of NIPSI's value and no independent evaluation of NIPSI was conducted by AHR.
Mr. Christopher Wheeler represented AHR in the transaction and Mr. Michael Hunter represented NIPSI. Prior to the acquisition, there were no material relationships between Mr. Wheeler and Mr. Hunter or any officers, directors, affiliates or partners of AHR or NIPSI.
At closing, there are 20,414,000 shares of AHR Common Stock, no par value, issued and outstanding.
Description of the Business
AHR is a healthcare services company based in Santa Ana, California that incorporated in Utah on May 9, 1972. AHR provides pharmaceutical outsourcing services to the patients and residents of long-term care providers such as nursing homes, assisted living facilities, and hospices. AHR also provides consulting and management services to the acute care hospital industry including crisis management, financial restructuring, and pharmaceutical outsourcing. The Company is currently focusing on acquiring and consolidating profitable pharmacy outsourcing and materials management businesses. These companies provide pharmacy management services and pharmaceutical supplies to long-term care facilities such as nursing homes, assisted living facilities, and hospices. AHR intends to acquire and consolidate operations in several regions of the country to gain labor efficiencies, increase its pharmaceutical buying power and enhance its pricing and purchasing terms with pharmaceutical supply houses.
NIPSI is an institutional pharmacy outsourcing business that was founded in Houston, Texas in 1992. NIPSI provides pharmaceutical services to residents and patients of long-term care facilities. These services include pharmaceutical dispensing, medical records support, Medicare Part-B services, and pharmacy consulting services to patients in 2,000 long-term care beds located in the Greater Houston and San Antonio, Texas marketplaces.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
See attached.
(c) Exhibits.
| Exhibit Number | SEC Reference Number | Description of Exhibit |
| 1 | 2 | Asset Purchase Agreement |
| 2 | 99.1 | Promissory Note |
| 3 | 99.2 | Bill of Sale |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 28, 2002 AMERICAN HOSPITAL RESOURCES, INC.
/s/ Christopher A. Wheeler
Chief Executive Officer
NIPSI Part B Services
Balance Sheet
As of October 31, 2002
| Oct 31, 02 | ||
| ASSETS | ||
| Current Assets | ||
| Checking/Savings | ||
| 1000-LTC Operating account | 2,876.63 | |
| 1050-NIPSI Pan B Operating Acct | 14,399.23 | |
| 1100-Petty Cash | 400.00 | |
| 1105-LTC/NIPSI Clearing account | 175,655.35 | |
| 1106-NIPS/Part B Clearing Account | 468,096.05 | |
| ___________ | ||
| Total Checking/Savings | 661,427.26 | |
| Accounts Receivable | ||
| 1200- Accounts Receivable Trade | ||
| 1202- Part B | -82,390.03 | |
| 1204-Non-Qualified | 39,322.69 | |
| 1206- Part A | 28,658.58 | |
| 1210- Allowance for Doubtful Account | -40,159.74 | |
| 1200- Accounts Receivable Trade - Other | -21.23 | |
| ___________ | ||
| Total 1200- Accounts Receivable Trade | -54,589.73 | |
| ___________ | ||
| Total Accounts Receivable | -54,589.73 | |
| ___________ | ||
| Total Current Assets | 606,837.53 | |
| Fixed Assets | ||
| 1300- Fixed Asset Accounts | ||
| 1304- Vehicles | 12,241.94 | |
| 1305- Computer Equipment | 3,092.18 | |
| 1300- Fixed Asset Accounts - Other | 303.09 | |
| ___________ | ||
| Total 1300 -Fixed Asset Accounts | 15,637.21 | |
| ___________ | ||
| Total Fixed Assets | 15,637.21 | |
| Other Assets | ||
| 1500- Investment-Creative Pharmacy | 25,000.00 | |
| ___________ | ||
| Total Other Assets | 25,000.00 | |
| ___________ | ||
| TOTAL ASSETS | 647,474.74 | |
| ========== |
NIPSI Part B Services
LIABILITIES & EQUITY
| Liabilities | Oct 31, 02 | |
| Current Liabilities | ||
| Accounts Payable | ||
| 2000- Accounts Payable | 260,616.00 | |
| ___________ | ||
| Total Accounts Payable | 260,616.00 | |
| Other Current Liabilities | ||
| 2100- Payroll Liabilities | ||
| 2110- Employee Benefit Liability | ||
| 2111- Employee Benefit 401(k) | 518.18 | |
| ___________ | ||
| Tota1 2110- Employee Benefit Liability | 518.18 | |
| ___________ | ||
| Total 2100- Payroll Liabilities | 518.18 | |
| 2201- Sales Tax Payable | 5,108.93 | |
| ___________ | ||
| Total Other Current Liabilities | 5,627.11 | |
| ___________ | ||
| Total Current Liabilities | 266,243.11 | |
| Long Term Liabilities | ||
| 2504 - N/P JP Morgan Chase Bank | 3,769.85 | |
| ___________ | ||
| Total Long Term Liabilities | 3,769.85 | |
| ___________ | ||
| Total Liabilities | 270,012.96 |
NIPSI Part B Services
Balance Sheet
As of October 31, 2002
| Oct 31, 02 | ||
| Equity | ||
| 3900- Retained Earnings | 276,549.00 | |
| Net Income | 100,912.78 | |
| ___________ | ||
| Total Equity | 377,461.78 | |
| ___________ | ||
| TOTAL LIABILITIES & EQUITY | 647,474.74 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
October 2002
| Oct 02 | ||
| Ordinary Income/Expense | ||
| Income | ||
| 4000- Pharmacy Revenue | ||
| 4100, Non Medicare Revenue | ||
| 4110 - Private Pay | 69,330.42 | |
| 4120- Medicaid | 603,217.88 | |
| ___________ | ||
| Total 4100- Non Medicare Revenue | 672,548.30 | |
| 4200- Medicare Revenue | ||
| 4210- Medicare Pharmacy Revenue | 129,096.43 | |
| 4220 . IV Therapy | 4,240.34 | |
| ___________ | ||
| Total 4200- Medicare Revenue | 133,336.77 | |
| 4300 - Other Revenue | ||
| 4310- Misc. Facility Income | 57,940.22 | |
| 4311- Sales Tax Discount | 4.37 | |
| 4320- Consulting Revenue | 13,195.33 | |
| 4390- Management Fee | 14,474.11 | |
| ___________ | ||
| Total 4300- Other Revenue | 85,614.03 | |
| 4400 . Returned Checks | -2,076.85 | |
| 4500 . Customer Discount for Early Pmt | -5,000.00 | |
| ___________ | ||
| Total 4000- Pharmacy Revenue | 884,422.25 | |
| ___________ | ||
| Total Income | 884,422.25 | |
| Cost of Goods Sold | ||
| 5000 -Cost of Good Sold | ||
| 5300 . Satellite Pharmacies | 10,827.43 | |
| 5350 'Cardinal | 622,769.40 | |
| 5400. Other Wholesalers | 16,588.52 | |
| 5500 . Rebates | -17,403.28 | |
| 5600 ' Stock | 1,572.15 | |
| 5700 . Inventory Adjustment | -19,756.02 | |
| 5800, Return goods | -177.01 | |
| ___________ | ||
| Total 5000 . Cost of Good Sold | 614,421.19 | |
| ___________ | ||
| Total COGS | 614,421.19 | |
| ___________ | ||
| Gross Profit | 270,001.06 | |
| Expense | ||
| 6000- Pharmacy Payroll | ||
| 6110. Pharmacists | 62,460.71 | |
| 6120 . Consultant Pharmacists | 15,024.25 |
National Institutional Pharmacy Services
Profit & Loss
October 2002
| 6130. Technicians | 25,642.35 | |
| 6140 . Nurses | 5,361.76 | |
| 6150. Medical Records Technician | 5,276.41 | |
| 6160. Accounting Staff | 16,172.23 | |
| 6165. Office Staff | 5,047.62 | |
| 6170. Relief Staffing-Pharmacy | 4,995.00 | |
| 6175, Nurse Consultant SAT | 862.75 | |
| 6180 ' Other | 5,247.56 | |
| 6190 . Bonus | 3,191.66 | |
| ___________ | ||
| Total 6000 . Pharmacy Payroll | 149,282.30 | |
| 6560 . Payroll Expenses | ||
| 6566. Taxes-Employer Responsibility | 10,996.32 | |
| 6568 . Life/ADD Insurance | 850.90 | |
| 6569 ' Group Health/Dental Insurance | 8,422.39 | |
| 6570 ' Dependent Care Benefit | -325.00 | |
| 6867. Employee Benefits | 1,272.79 | |
| ___________ | ||
| Tota16560- Payroll Expenses | 21,217.40 |
National Institutional Pharmacy Services
Profit & Loss
October 2002
| Oct 02 | ||
| 7000-Operating Expenses | ||
| 7100- Administration | ||
| 7120 - Bad Debt | 8,770.20 | |
| 7130-Consulting Supplies | 1,648.00 | |
| 7140-Delivery | 29,410.27 | |
| 7150-Dues-Licenses | 275.00 | |
| 7160-Dues-Subscriptions | 570.78 | |
| 7180-Equipment Maintenance | 1,118.61 | |
| 7200-Insurance-General Liability | 4,465.76 | |
| 7205- Interest Expense | 6,425.61 | |
| 7220-Office Equipment-Rental | 6,653.37 | |
| 7230-Office Supplies | 2,699.55 | |
| 7240-Pham1acy Supplies | 7,606.35 | |
| 7250-Postage | 1,430.09 | |
| 7260-Professional Services | 21,132.46 | |
| 7270-Public Relations | 497.95 | |
| 7280-Travel & Expenses-Consulting | 2,013.51 | |
| 7295-Travel & Expenses-Other | 1,734.07 | |
| 7650-Bank fees | 467.40 | |
| ___________ | ||
| Total 7100-Administration | 96,918.98 | |
| ___________ | ||
| 7500-Plant Operations & Maintenance | ||
| 7520-Building Rental | 5,759.09 | |
| 7530-Electricity | 1,369.17 | |
| 7545-Computer Maintenance | 1,377.96 | |
| 7550-Garbage Disposal | 247.42 | |
| 7560-Gas | 969.42 | |
| 7580- Pest Control | 108.26 | |
| 7590-Security | 26.38 | |
| 7600- Storage Rental | 500.00 | |
| 7610-Telecommunications | 5,783.47 | |
| 7625-Vehicle Lease | 552.13 | |
| ___________ | ||
| Total 7500-Plant Operations & Maintenance | 16,693.30 | |
| ___________ | ||
| Total 7000-Operating Expenses | 113,612.28 | |
| 9000-Taxes | ||
| 9200-Personal Property Taxes | 7,319.31 | |
| 9400- Sales Tax | 818.48 | |
| ___________ | ||
| Tota1 9000-Taxes | 8,137.79 | |
| ___________ | ||
| Total Expense | 292,249.77 | |
| ___________ | ||
| Net Ordinary Income | -22,248.71 | |
| ___________ | ||
| Net Income | -22,248.71 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| Jan- Oct 02 | ||
| Ordinary Income/Expense | ||
| Income | ||
| 4000- Pharmacy Revenue | ||
| 4100. Non Medicare Revenue | ||
| 4110. Private Pay | 878,252.17 | |
| 4120. Medicaid | 6,145,522.54 | |
| ___________ | ||
| Total 4100- Non Medicare Revenue | 7,023,774.71 | |
| 4200 . Medicare Revenue | ||
| 4210. Medicare Pharmacy Revenue | 1,298,012.30 | |
| 4220 .IV Therapy | 47,805.83 | |
| ___________ | ||
| Total 4200. Medicare Revenue | 1,345,818.13 | |
| 4300 . Other Revenue | ||
| 4310. Misc. Facility Income | 387,970.67 | |
| 4311 . Sales Tax Discount | 48.90 | |
| 4320 . Consulting Revenue | 221,257.04 | |
| 4390 . Management Fee | 172,192.94 | |
| 4399 . Bad Debt Recovery | 626.46 | |
| 4300 . Other Revenue - Other | 210.00 | |
| ___________ | ||
| Total 4300-Other Revenue . | 782,306.01 | |
| 4400-Returned Checks | -4,971.66 | |
| 4500-Customer Discount for Early Pmt | -30,000.00 | |
| ___________ | ||
| Total 4000-Pharmacy Revenue | 9,116,927.19 | |
| ___________ | ||
| Total Income | 9,116,927.19 | |
| Cost of Goods Sold | ||
| 5000 Cost of Good Sold | ||
| 5100-Amerisource | 1,154,715.94 | |
| 5200-Anda | 38295.04 | |
| 5300- Satellite Pharmacies | 95,342.62 | |
| 5350-Cardinal | 5,202,172.67 | |
| 5400-Other Wholesalers | 39,085.97 | |
| 5500-Rebates | -78,547.65 | |
| 5600-Stock | 27,501.48 | |
| 5700-Inventory Adjustment | -144,932.02 | |
| 5800-Return goods | -9,737.92 | |
| ___________ | ||
| Total 5000- Cost of Good Sold | 6,323,896.13 | |
| ___________ | ||
| Total COGS | 6,323,896.13 | |
| ___________ |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| Gross Profit | 2,793,031.06 | |
| Expense | ||
| 6000-Pharmacy Payroll | ||
| 6110-Pharmacists | 530,419.46 | |
| 6120-Consultant Pharmacists | 145,198.00 | |
| 6130-Technicians | 243,330.67 | |
| 6140- Nurses | 50,049.52 | |
| 6150- Medical Records Technician | 48,626.29 | |
| 6160-Accounting Staff | 143,896.26 | |
| 6165-Office Staff | 50,283.68 | |
| 6170-Relief Staffing-Pharmacy | 110,198.01 | |
| 6175-Nurse Consultant SAT | 8,215.25 | |
| 6180-Other | 55,806.16 | |
| 6190-Bonus | 32,191.64 | |
| ___________ | ||
| Total 6000-Pharmacy Payroll | 1,418,214.94 |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| Jan- Oct 02 | ||
| 6560-Payroll Expenses | ||
| 6566-Taxes-Employer Responsibility | 108,035.78 | |
| 6568-Life/ADD Insurance | 6,544.66 | |
| 6569-Group Health/Dental Insurance | 67,401.00 | |
| 6570-Dependent Care Benefit | 8,337.75 | |
| 6867-Employee Benefits | 2,995.10 | |
| ___________ | ||
| Tota1 6560-Payroll Expenses | 193,314.29 | |
| 6999-Uncategorized Expenses | 0.00 | |
| 7000-Operating Expenses | ||
| 7100-Administration | ||
| 7110-Advertising | 3,083.23 | |
| 7120-Bad Debt | 89,728.12 | |
| 7130-Consulting Supplies | 5,275.40 | |
| 7140-Delivery | 255,071.26 | |
| 7150-Dues-Licenses | 531.00 | |
| 7155-Dues-Quantum Pharmacy Alliance | 1,400.00 | |
| 7160-Dues-Subscriptions | 5,463.17 | |
| 7170-Employee Benefits | 2,699.50 | |
| 7180-Equipment Maintenance | 3,686.24 | |
| 7200-Insurance-General Liability | 39,935.73 | |
| 7205-Interest Expense | 16,905.82 | |
| 7208-Loan Fees | 10,000.00 | |
| 7210-Medical Records Supplies | 4,591.29 | |
| 7220-Office Equipment-Rental | 49,709.31 | |
| 7230-Office Supplies | 40,043.04 | |
| 7240-Pharmacy Supplies | 61,674.35 | |
| 7250-Postage . | 11,109.27 | |
| 7260-Professional Services | 197,760.69 | |
| 7270-Public Relations | 3,179.06 | |
| 7280-Travel & Expenses-Consulting | 23,283.06 | |
| 7295-Travel & Expenses-Other | 27,735.38 | |
| 7650-Bank fees | 3,225.88 | |
| 7100-Administration - Other | 0.00 | |
| ___________ | ||
| Total 7100-Administration | 856,090.80 | |
| 7500-Plant Operations & Maintenance | ||
| 7520-Building Rental | 57,558.90 | |
| 7530-Electricity | 13,178.64 | |
| 7540-Equipment Repair/Maintenance | 11,473.93 | |
| 7545-Computer Maintenance | 25,362.85 | |
| 7550-Garbage Disposal | 2,864.33 | |
| 7560-Gas | 7,755.07 | |
| 7570-Maintenance Overhead | 2,365.64 | |
| 7580-Pest Control | 595.43 |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| 7590- Security | 667.85 | |
| 7600-Storage Rental | 5,607.97 | |
| 7610-Telecommunications | 65,309.04 | |
| 7620-Vehicle-inspections/Lic/Tags | 147.70 | |
| 7625-Vehicle Lease | 6,101.03 | |
| 7630-Vehicle Repair | 1,657.71 | |
| ___________ | ||
| Total 7500-Plant Operations & Maintenance | 200,646.09 | |
| 7000-Operating Expenses - Other | 0.00 | |
| ___________ | ||
| Tota1 7000-Operating Expenses | 1,056,736.89 |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| Jan- Oct 02 | ||
| 9000-Taxes | ||
| 9100-Other Taxes | 170.34 | |
| 9200-Personal Property Taxes | 19,389.50 | |
| 9400-Sales Tax | 11,814.65 | |
| ___________ | ||
| Total 9000'Taxes | 31,374.49 | |
| ___________ | ||
| Total Expense | 2,699,640.61 | |
| ___________ | ||
| Net Ordinary Income | 93,390.45 | |
| ___________ | ||
| Net Income | 93,390.45 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| Oct 31, 02 | ||
| ASSETS | ||
| Current Assets | ||
| Checking/Savings | ||
| 1000-NIPSI Operating Account | 39,663.78 | |
| 1100-NIPSI Payroll Account | 990.26 | |
| 1105-NIPSUL TC Clearing Account | -175,655.35 | |
| 1106-NIPSI Part B Clearing Account | -468,096.05 | |
| 1110-Petty Cash | 14.89 | |
| ___________ | ||
| Total Checking/Savings | -603,082.47 | |
| Accounts Receivable | ||
| 1200-Accounts Receivable | ||
| 1210-Private Pay | 380,835.73 | |
| 1220-Medicaid | 41,294.88 | |
| 1230-Medicare Revenue | 609,435.65 | |
| 1240-IV Revenue | 38,837.24 | |
| 1250-Misc. Income | 310,580.84 | |
| 1260-Consulting & Med Records | 125,470.87 | |
| 1270-Allowance for doubtful account | -552,294.70 | |
| 1200-Accounts Receivable - Other | -113.99 | |
| ___________ | ||
| Total 1200-Accounts Receivable | 1,454,046.52 | |
| ___________ | ||
| Total Accounts Receivable | 1,454,046.52 | |
| Other Current Assets | ||
| 1280-Prepaid expenses | 3,718.44 | |
| 1290-lnventory | 408,688.70 | |
| 1499-Undeposited Funds | -74,561.98 | |
| ___________ | ||
| Total Other Current Assets | 337,845.16 | |
| ___________ | ||
| Total Current Assets | 1,188,809.21 | |
| Fixed Assets | ||
| 1300-Fixed Asset Accounts | ||
| 1301-Med Cart | 60,544.48 | |
| 1302-Computer Equipment & Software | 80,114.06 | |
| 1303-Pham1acyFixtures | 115,617.87 | |
| 1304-Office Fixture | 2,940.81 | |
| 1305-Leasehold Improvements | 13,653.52 | |
| 1300-Fixed Asset Accounts - Other | 60,335.49 | |
| ___________ | ||
| Total 1300-Fixed Asset Accounts | 333,206.23 | |
| 1930-Accumulated Depreciation | ||
| 1932-Accum Depr-Computer Eqmt | -15,680.00 | |
| 1933-Accum Depr-Pharmacy Fixtures | -22,779.00 |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| 1934-Accum Depr-Leasehold Imprvt | -2,736.00 | |
| ___________ | ||
| Total 1930-Accumulated Depreciation | -41,195.00 | |
| ___________ | ||
| Total Fixed Assets | 292,011.23 | |
| ___________ | ||
| TOTAL ASSETS | 1,480,820.44 | |
| ========== | ||
| LIABILITIES & EQUITY | ||
| Liabilities | ||
| Current Liabilities | ||
| Accounts Payable | ||
| 2000-Accounts Payable | 303,196.83 | |
| ___________ | ||
| Total Accounts Payable | 303,196.83 | |
| Credit Cards | ||
| 2020-Office Depot | 7,913.55 | |
| 2030-Wells Fargo Financial | 36,047.52 | |
| ___________ | ||
| Total Credit Cards | 43,961.07 | |
| Other Current Liabilities | ||
| 2100-Payroll Liabilities | ||
| 2105-Payroll tax liability | -1,561.86 | |
| 2106-Child Support W/H | -122.12 | |
| 2110-Employee Benefit Liability | ||
| 2111-Employee Benefit 4O1(k) | 929.34 | |
| ___________ | ||
| Total 2110-Employee Benefit Liability | 929.34 | |
| ___________ | ||
| Total 2100-Payroll Liabilities | -754.64 | |
| 2200-Sales Tax Payable | 420.94 | |
| 2210-Accrued Salaries & Wages | 56,674.01 | |
| 2220-Accrued Payroll Taxes | 4,335.58 | |
| 2230-Accrued Bonus | 13,041.64 | |
| 2250-Accrued Customer Discounts | 30,000.00 | |
| 2300-Accrued Personal Property Tax | 21,213.06 | |
| ___________ | ||
| Total Other Current Liabilities | 124,930.59 | |
| ___________ | ||
| Total Current Liabilities | 472,088.49 | |
| Long Term Liabilities | ||
| 2120-Lease Payable DVI | 15,190.00 | |
| 2121-Lease Payable DVI - #2 | 16,616.00 | |
| 2122-Lease Payable DVI - #3 | 33,568.00 | |
| 2125-Amerisource [2-yr. installment] | 486,236.36 | |
| ___________ |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| Total Long Term Liabilities | 551,610.36 | |
| ___________ | ||
| Total Liabilities | 1,023,698.85 | |
| Equity | ||
| 3010-Partners Capital | 447,320.84 | |
| 3900-Retained Earnings | -83,589.70 | |
| ___________ | ||
| Net Income | 93,390.45 | |
| ___________ | ||
| Total Equity | 457,121.59 | |
| ___________ | ||
| TOTAL LIABILITIES & EQUITY | 1,480,820.44 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| Oct 31, 02 | ||
| ASSETS | ||
| Current Assets | ||
| Checking/Savings | ||
| 1000-LTC Operating account | 2,876.63 | |
| 1050-NIPSI Part B Operating Acct | 14,399.23 | |
| 1100-Petty Cash | 400.00 | |
| 1105-LTC/NIPSI Clearing account | 175,655.35 | |
| 1106-NIPSVPart B Clearing Account | 468,096.05 | |
| ___________ | ||
| Total Checking/Savings | 661,427.26 | |
| Accounts Receivable | ||
| 1200-Accounts Receivable Trade | ||
| 1202-Part B | -82,390.03 | |
| 1204-Non-Qualified | 39,322.69 | |
| 1206-Part A | 28,658.58 | |
| 1210-Allowance for Doubtful Account | -40,159.74 | |
| 1200-Accounts Receivable Trade - Other | -21.23 | |
| ___________ | ||
| Total 1200-Accounts Receivable Trade | -54,589.73 | |
| ___________ | ||
| Total Accounts Receivable | -54,589.73 | |
| ___________ | ||
| Total Current Assets | 606,837.53 | |
| Fixed Assets | ||
| 1300-Fixed Asset Accounts | ||
| 1304-Vehicles | 12,241.94 | |
| 1305-Computer Equipment | 3,092.18 | |
| 1300-Fixed Asset Accounts - Other | 303.09 | |
| ___________ | ||
| Total 1300-Fixed Asset Accounts | 15,637.21 | |
| ___________ | ||
| Total Fixed Assets | 15,637.21 | |
| Other Assets | ||
| 1500-Investment-Creative Pharmacy | 25,000.00 | |
| ___________ | ||
| Total Other Assets | 25,000.00 | |
| ___________ | ||
| TOTAL ASSETS | 647,474.74 | |
| ========== | ||
| LIABILITIES & EQUITY | ||
| Liabilities | ||
| Current Liabilities | ||
| Accounts Payable | ||
| 2000-Accounts Payable | 260,616.00 | |
| ___________ | ||
| Total Accounts Payable | 260,616.00 | |
| Other Current Liabilities | ||
| 2100-Payroll Liabilities |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| 2110-Employee Benefit Liability | ||
| 2111-Employee Benefit 401(k) | 518.18 | |
| ___________ | ||
| Total 2110-Employee Benefit Liability | 518.18 | |
| ___________ | ||
| Total 2100-Payroll Liabilities | 518.18 | |
| 2201-Sales Tax Payable | 5,108.93 | |
| ___________ | ||
| Total Other Current Liabilities | 5,627.11 | |
| ___________ | ||
| Total Current Liabilities | 266,243.11 | |
| Long Term Liabilities | ||
| 2504-N/P JP Morgan Chase Bank | 3,769.85 | |
| ___________ | ||
| Total Long Term Liabilities | 3,769.85 | |
| ___________ | ||
| Total Liabilities | 270,012.96 |
National Institutional Pharmacy Services
Profit & Loss
As of October 31, 2002
| Oct 31, 02 | ||
| Equity | ||
| 3900-Retained Earnings | 276,549.00 | |
| Net Income | 100,912.78 | |
| ___________ | ||
| Total Equity | 377,461.78 | |
| ___________ | ||
| TOTAL LIABILITIES & EQUITY | 647,474.74 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
October 2002
| Oct 02 | ||
| Ordinary Income/Expense | ||
| Income | ||
| 4000 Total Revenue | ||
| 4100-Part B Revenue | 71,447.92 | |
| 4200-Other Revenue-Non-Qualified pts | 4,449.76 | |
| 4300-Other Revenue-Part A Stay | 5,852.15 | |
| ___________ | ||
| Total 4000-Total Revenue | 81,749.83 | |
| ___________ | ||
| Total Income | 81,749.83 | |
| Cost of Goods Sold | ||
| 5000-Cost of Goods Sold | ||
| 5100-Red Line Medical Supply | 14,911.86 | |
| 5200-NIPSI | 1,029.63 | |
| Total 5000-Cost of Goods Sold | 15,941.49 | |
| ___________ | ||
| Total COGS | 15,941.49 | |
| ___________ | ||
| Gross Profit | 65,808.34 | |
| Expense | ||
| 6000-Payroll | ||
| 6100-Salaries | 20,209.22 | |
| ___________ | ||
| Total 6000-Payroll | 20,209.22 | |
| 6560-Payroll Expenses | ||
| 6566-Taxes Employer Responsibility | 1,549.56 | |
| 6568-Group Health/Dental Insurance | 2,056.60 | |
| ___________ | ||
| Total 6560-Payroll Expenses | 3,606.16 | |
| 7000-Operating Expenses | ||
| 7100-Administration | ||
| 7110-Bad Debt | 3,269.99 | |
| 7160-Equipment Maintenance | 225.00 | |
| 7170-Finance Charges | 6.00 | |
| 7190-Postage | 69.84 | |
| 7210-Professional Services-Payroll | 163.02 | |
| 7220-Travel Expenses | 1,076.37 | |
| ___________ | ||
| Total 7100-Administration | 4,810.22 | |
| 7500-Plant Operations and Maintenance | ||
| 7520-Electricity | 153.50 | |
| 7530-Garbage Disposal | 37.00 | |
| 7550-Interest Expense | 15.14 | |
| 7560-Pest Control | 91.00 | |
| 7570-Rent | 4,500.00 | |
| 7590-Telecommunications | 591.55 | |
| 7610-Water | 10.49 | |
| ___________ | ||
| Total 7500-Plant Operations and Maintenance | 5,398.68 | |
| ___________ |
National Institutional Pharmacy Services
Profit & Loss
October 2002
| Total 7000-Operating Expenses | 10,208.90 | |
| ___________ | ||
| Total Expense | 34,024.28 | |
| ___________ | ||
| Net Ordinary Income | 31,784.06 | |
| Other Income/Expense | ||
| Other Expense | ||
| 9181-Intercompany Management Fee Exp | 7,500.00 | |
| ___________ | ||
| Total Other Expense | 7,500.00 | |
| ___________ | ||
| Net Other Income | -7,500.00 | |
| ___________ | ||
| Net Income | 24,284.06 | |
| ========== |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| Jan - Oct 02 | ||
| Ordinary Income/Expense | ||
| Income | ||
| 4000-Total Revenue | ||
| 4100-Part B Revenue | 761,098.92 | |
| 4200-Other Revenue-Non-Qualified pts | 131,979.80 | |
| 4300-Other Revenue-Part A Stay | 60,732.84 | |
| 4400-Bad Debt Recovery | 100.07 | |
| ___________ | ||
| Total 4000-Total Revenue | 953,911.63 | |
| ___________ | ||
| Total Income | 953,911.63 | |
| Cost of Goods Sold | ||
| 5000-Cost of Goods Sold | ||
| 5100-Red Line Medical Supply | 414,747.52 | |
| 5200-NIPSI | 6,475.64 | |
| 5400-Stock | 161.60 | |
| ___________ | ||
| Total 5000-Cost of Goods Sold | 421,384.76 | |
| ___________ | ||
| Total COGS | 421,384.76 | |
| ___________ | ||
| Gross Profit | 532,526.87 | |
| Expense | ||
| 6000-Payroll | ||
| 6100-Salaries | 183.627.36 | |
| ___________ | ||
| Total 6000-Payroll | 183,627.36 | |
| 6560-Payroll Expenses | ||
| 6566-Taxes Employer Responsibility | 14,423.98 | |
| 6568-Group Health/Dental Insurance | 19,837.22 | |
| 6570-Employee Benefits | 47.10 | |
| ___________ | ||
| Total 6560-Payroll Expenses | 34,308.30 | |
| 7000-Operating Expenses | ||
| 7100-Administration | ||
| 7105-Advertising | 191.50 | |
| 7110-BadDebt | 36,168.66 | |
| 7120-Bank Service Charge | 23.10 | |
| 7130-Computer Maintenance | 2,717.82 | |
| 7150-Dues-Licenses | 139.00 | |
| 7160-Equipment Maintenance | 2,250.00 | |
| 7170-Finance Charges | 48.00 | |
| 7180-Office Supplies | 3,515.34 | |
| 7182-Miscellaneous Expense | 80.70 | |
| 7185-Insurance | 7,162.00 |
National Institutional Pharmacy Services
Profit & Loss
January through October 2002
| 7190-Postage | 1,317.20 | |
| 7200-Professional Services-Legal | 12,100.00 | |
| 7205-Professional Services-Acct | 6,590.00 | |
| 7210-Professional Services-Payroll | 1,662.56 | |
| 7220-Travel Expenses | 14,322.25 | |
| 7230-Public Relations | 334.95 | |
| ___________ | ||
| Total 7100-Administration | 88,623.08 | |
| 7500-Plant Operations and Maintenance | ||
| 7510-Building Maintenance | 760.49 | |
| 7520-Electricity | 1,802.42 | |
| 7530-Garbage Disposal | 359.50 | |
| 7540-Gas | 1,012.89 | |
| 7550-Interest Expense | 291.95 | |
| 7560-Pest Control | 317.00 | |
| 7570-Rent | 33,000.00 | |
| 7580-Security | 116.93 | |
| 7590-Telecommunications | 7,498.60 | |
| 7600-Vehicle Leases | 4,513.65 | |
| 7610-Water | 104.99 | |
| ___________ | ||
| Total 7500-Plant Operations and Maintenance | 49,778.42 | |
| ___________ | ||
| Total 7000-Operating Expenses | 138,401.50 | |
| 9000-Taxes | ||
| 9100-Property Taxes | 235.68 | |
| 9000-Taxes - Other | 41.25 | |
| ___________ | ||
| Total 9000-Taxes | 276.93 | |
| ___________ | ||
| Total Expense | 356,614.09 | |
| ___________ | ||
| Net Ordinary Income | 175,912.78 | |
| Other Income/Expense | ||
| Other Expense | ||
| 9181-Intercompany Management Fee Exp | 75,000.00 | |
| ___________ | ||
| Total Other Expense | 75,000.00 | |
| ___________ | ||
| Net Other Income | -75,000.00 | |
| ___________ | ||
| Net Income | 100,912.78 | |
| ========== |