OTC Bulletin Board

S & P Company Insight for IMPACT MEDICAL SOLUT
 
 Profile

 
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
  FARBER HASS HURLEY
Transfer Agent
  Securities Transfer Corp.
Employees:  4
ShareHolders:  63
Founded:  1997
Domicile:  Delaware
 
  
 
 Background

 
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.
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Donald W. PatersonChairman
 Wayne D. CockburnPresident, Secretary, Treasurer, Chief Accounting Officer, Investor Relations Contact, Chief Executive Officer & Chief Financial Officer
 Patricia  ColvinChief Operating Officer & Controller

Directors
 George D. Angelidis
 Mark  Billings
 Wayne D. Cockburn
 Craig W. Lunsman
 Donald W. Paterson
 Stephen  Schectman
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  200720072006
Costs and expenses:
Research and development$151,217$737,725$212,060
Medical and clinical105,7671,105,713249,165
General and administrative666,6323,271,3041,368,915
Operating loss923,6165,114,7421,830,140
Other income (expense):
Interest expense (338,294)(634,826)(246,450)
Interest income1529020
*(338,279)(634,536)(246,430)
Loss before provision for taxes1,261,8955,749,2782,076,570
Provision for taxes1,5945,371577
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 outstanding15,996,205 15,426,710
The accompanying notes are an integral part of these financial statements.
Operating Income As Calculated
Depr. and Amort.
Fixed Charges Coverage:
Available for Fixed Charges
Gross Fixed Charges
Fixed Charges Times Earnings
Fixed Charges Coverages and Preferred Dividends Times Earnings
Capital Expenditures
Research & Development Expenditures
 
Balance Sheet
  2007
ASSETS
Current assets
Cash$15,144
Prepaid expenses26,686
Total current assets41,830
Furniture and equipment, net of accumulated depreciation of $43,70427,171
Patent, net of accumulated amortization of $127,452372,548
*$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 $16,910316,081
Note payable34,613
Accounts payable269,875
Accrued interest83,391
Accrued vacation64,133
Accrued salaries, bonuses and other payroll related items330,350
Total current liabilities1,355,809
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 outstanding1,648
Additional paid-in capital5,226,178
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
Equity per Share
Depr. and Amort. Reserve
Preferred Shares Issued
Common Shares Issued
Treasury Shares - Preferred
Treasury Shares - Common
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2007   1Nil
  2007   2Nil
  2007   3Nil
  2006   Full Year Nil
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  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$
YearQuarterRevenue
  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)
 
  
 
 Stock Data

 
 
Capitalization as of 06/30/2008:
 
 Authorized SharesOutstanding Shares
Common $0.0001 par100,000,00016,545,132
Preferred $0.0001 par10,000,000None
 
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
 
ExchangeYearHighLow
OTC Bulletin Board20081.01000.1100
OTC Bulletin Board20071.24000.5500
 
DIVIDENDS: Common $0.0001 par: No cash.