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| | Business Summary: Impact Medical Solutions, Inc., a development stage company, engages in the development and pre-market clinical testing of the Muscle Pattern Recognition (MPR) system. Its MPR system, a clinical tool performs a biomechanical and mathematical analysis of muscle function. | | | Address
17011 Beach Boulevard
Suite 900
Huntington Beach
, CA 92647
Phone: 714-841-2670
Fax: 714-841-2720
Website: http://www.impactmedsol.com
| | Auditor |
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FARBER HASS HURLEY
| | Transfer Agent |
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Securities Transfer Corp.
| Employees: 4
ShareHolders: 63 | Founded: 1997
Domicile: Delaware | | | |
| | Impact Medical Solutions, Inc., a development stage company, engages in the development and pre-market clinical testing of the Muscle Pattern Recognition (MPR) system. Its MPR system is a clinical tool performs a biomechanical and mathematical analysis of muscle function. The MPR system consists of three components: the MPR data acquisition device, which consists of a laptop computer and recording system equipped with a set of signal amplifiers to pick up the electrical signals produced by the underlying muscles; the MPR data analysis system, which collects and processes the MPR Test data at a central location into a report (MPR Report) that is electronically transmitted to the referring health care provider; and the MPR report, which includes graphic, statistical, and narrative representations of each muscle group's recruitment patterns as compared to normative patterns, and provides important information about the muscle groups examined. The company plans to offer its system to primary care physicians, including family practice physicians, internists, obstetricians, gynecologists, and pediatricians; specialists, such as neurologists, orthopedic surgeons, physical medicine and rehabilitation physicians, and occupational medicine practitioners; employers; the workers' compensation market; heath maintenance organizations; and insurance companies. Impact Medical Solutions was founded in 1997 and is based in Huntington Beach, California. | | History: INCORPORATED in Delaware June 27, 2006, as Freedom 1, Inc. On Dec. 27, 2006, Impact Medical Solutions, Inc., a Nevada corporation (Impact Nevada), purchased one share of the company, which became a wholly owned subsidiary of Impact Nevada. Following the sale, Impact Nevada (the parent) was merged into the company, which adopted the merged concern's title. The company issued 15,653,465 Common shares to the stockholders of Impact Nevada, representing 100% of the company's outstanding Common stock immediately following the merger.
Impact Nevada was incorporated in Nevada Oct. 20, 1997, as Business Advantage No. 1, Inc.; name changed to Impact Medical Solutions, Inc. Oct. 30, 2003. On Sept. 9, 2003, Impact Nevada purchased the assets of MPR Health Systems, Inc., including a patent and trademark for the Muscle Pattern Recognition (MPR) System. | | | | | | | | | |
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Management
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| Officers | Position |
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| Donald W. Paterson | Chairman | | Wayne D. Cockburn | President, Secretary, Treasurer, Chief Accounting Officer, Investor Relations Contact, Chief Executive Officer & Chief Financial Officer | | Patricia Colvin | Chief Operating Officer & Controller |
| | Directors |
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| George D. Angelidis | | Mark Billings | | Wayne D. Cockburn | | Craig W. Lunsman | | Donald W. Paterson | | Stephen Schectman | | | |
| | | | Capitalization as of 06/30/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.0001 par | 100,000,000 | 16,545,132 | | Preferred $0.0001 par | 10,000,000 | None |
| | | | LONG TERM DEBT: None. | | | | Common $0.0001 par | | | |
Stockholders:
12/31/2007,
63.
| | PRINCIPAL STOCKHOLDERS: December 31, 2007, Wayne Cockburn owned or controlled 51.9% of the Common, and Vespa Family Entities 12.2%, and Stephen Schectman 5.3%. | | | |
Transfer Agent: Securities Transfer Corp.
Frisco
, TX | | | | OTC Bulletin Board( Primary): IMSU | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 1.0100 | 0.1100 | | OTC Bulletin Board | 2007 | 1.2400 | 0.5500 |
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| | | | DIVIDENDS: Common $0.0001 par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2007 | 2006 |
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| Costs and expenses: |
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| | Research and development | $151,217 | $737,725 | $212,060 | | Medical and clinical | 105,767 | 1,105,713 | 249,165 | | General and administrative | 666,632 | 3,271,304 | 1,368,915 | | Operating loss | 923,616 | 5,114,742 | 1,830,140 | | Other income (expense): |
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| | Interest expense | (338,294) | (634,826) | (246,450) | | Interest income | 15 | 290 | 20 | | * | (338,279) | (634,536) | (246,430) | | Loss before provision for taxes | 1,261,895 | 5,749,278 | 2,076,570 | | Provision for taxes | 1,594 | 5,371 | 577 | | Net loss | $1,263,489 | $5,754,649 | $2,077,147 | | Basic and diluted net loss per share | $(0.08) |
| $(0.13) | | Basic and diluted weighted average number of common shares outstanding | 15,996,205 |
| 15,426,710 | | The accompanying notes are an integral part of these financial statements. |
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| | Operating Income As Calculated |
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| | Fixed Charges Times Earnings |
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| | Fixed Charges Coverages and Preferred Dividends Times Earnings |
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| | | | Balance Sheet | |
| 2007 |
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| ASSETS |
| | Current assets |
| | Cash | $15,144 | | Prepaid expenses | 26,686 | | Total current assets | 41,830 | | Furniture and equipment, net of accumulated depreciation of $43,704 | 27,171 | | Patent, net of accumulated amortization of $127,452 | 372,548 | | * | $441,549 | | LIABILITIES AND SHAREHOLDERS' DEFICIT |
| | Current liabilities |
| | Loans from related parties, net of unamortized discount of $65,447 | $257,366 | | Convertible debt, net of unamortized discount of $16,910 | 316,081 | | Note payable | 34,613 | | Accounts payable | 269,875 | | Accrued interest | 83,391 | | Accrued vacation | 64,133 | | Accrued salaries, bonuses and other payroll related items | 330,350 | | Total current liabilities | 1,355,809 | | Commitments and contingencies | - | | Shareholders' deficit |
| | Preferred stock, 10,000,000 shares authorized, $.0001 par value, |
| | no shares issued and outstanding | - | | Common stock, 100,000,000 shares authorized, $.0001 par value, |
| | 16,478,465 shares issued and outstanding | 1,648 | | Additional paid-in capital | 5,226,178 | | Deferred option and warrant costs | (387,437) | | Deficit accumulated during the development stage | (5,754,649) | | Total shareholders' deficit | (914,260) | | * | $441,549 | | The accompanying notes are an integral part of these financial statements. |
| | Net Working Capital |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | Nil | | 2006 |
Full Year
| Nil |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (390,000) | | 2008 |
2 | (320,000) | | 2008 |
3 | (360,000) | | 2007 |
1 | (240,000) | | 2007 |
2 | (290,000) | | 2007 |
3 | (300,000) | | 2007 |
4 | (430,000) | | 2007 |
Full Year
| (1,260,000) | | 2006 |
Full Year
| (2,080,000) | | 2005 |
Full Year
| (1,500,000) | | 2004 |
Full Year
| (730,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (.02) | | 2008 |
2 | (.02) | | 2008 |
3 | (.02) | | 2007 |
1 | (.02) | | 2007 |
2 | (.02) | | 2007 |
3 | (.02) | | 2007 |
4 | (.03) | | 2007 |
Full Year
| (.08) | | 2006 |
Full Year
| (.13) |
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