OTC Bulletin Board
S & P Company Insight for |
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Profile
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| Business Summary: Med Gen, Inc. manufactures and markets healthcare products, primarily to the market for alternative therapies. Its flagship product is SNORenz, a throat spray, which reduces or eliminates the sounds ordinarily associated with snoring. | | | Address
7280 W Palmetto Park Rd Ste 306
Boca Raton
, FL 33433-3401
Phone: 561-750-1100
Fax: 561-750-6239
Website: http://www.medgen.com
| | Auditor |
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Stark Winter Schenkein & Co.
| | Transfer Agent |
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Continental Stock Transfer & Trust Co.
| Employees: 8
ShareHolders: 2114 | Founded: 1996
Domicile: Nevada | | | |
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Background
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| Med Gen, Inc. manufactures and markets healthcare products, primarily to the market for alternative therapies. Its flagship product is SNORenz, a throat spray, which reduces or eliminates the sounds ordinarily associated with snoring. The company also provides other products, including Good Nights Sleep, a liquid throat spray formulation for sleep aide; PAINenz, a roll-on topical pain relief product for reducing the pain common to arthritis sufferers, normal aches, and pains due to exercise and other muscle stress, simple backache pain, and muscle sprains; and Fab U Lust a roll-on dispenser to dispense the ingredients for a female clitoral stimulant. In addition, Med Gen offers the UNDIET SYSTEM, a weight loss program; and markets CigarHolder, a plastic clip and holder capable of holding two cigars. The company sells its products through DRTV television and print advertising campaigns, as well as company owned and operated Web sites direct to the consumer, and through various distribution agreements. It also markets its products under various private labels for other distributors in the United States and internationally. Med Gen was founded in 1996 and is headquartered in Boca Raton, Florida. | | History: INCORPORATED in Nevada Oct. 22, 1996. | | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 16 |
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Management
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Management
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| Officers | Position |
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| Paul B. Kravitz | Chairman, Secretary, Chief Executive Officer & Investor Relations Contact | | Paul S. Mitchell | President, Treasurer & Chief Operating Officer | | Jack Chien | Chief Financial Officer & Chief Accounting Officer |
| | Directors |
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| Paul B. Kravitz | | Paul S. Mitchell | | | |
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Annual Report
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| Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Revenue: |
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| | Net product sales | 148,190 | 270,801 | | Consulting revenue | 1,616,970 | --- | | Total Revenue | 1,765,160 | 270,801 | | Product sales | 166,505 | 298,160 | | Consulting fees | 425,363 | --- | | Gross profit (loss) | 1,173,292 | (27,359) | | Selling, general and administrative expenses | 3,824,495 | 2,982,931 | | (Loss) from operations | (2,651,203) | (3,010,290) | | Derivative instrument expense | 12,256,452 | 4,974,603 | | Gain on the settlement of debt | --- | (782,848) | | Interest income | (28,612) | (15,829) | | Interest expense | 586,734 | 720,521 | | Net (loss) | (15,465,777) | (7,906,737) | | Net (loss) per share - basic and diluted | ($0.03) | ($0.10) | | Weighted average shares | 564,404,647 | 78,935,487 |
| | | | Balance Sheet | |
| 2007 |
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| ASSETS |
| | Current Assets |
| | Cash and cash equivalents | 1,250,009 | | Accounts receivable, net | 8,309 | | Inventory | 121,900 | | Other current assets | 6,138 | | Total Current Assets | 1,386,356 | | Property and Equipment, net | 30,191 | | Deferred financing fees | 110,103 | | Deposits and other assets | 45,089 | | TOTAL ASSETS | 1,571,739 | | LIABILITIES AND STOCKHOLDERS' (DEFICIT) |
| | Current Liabilities |
| | Accounts payable and accrued expenses | 65,896 | | Accrued registrations penalties | 1,823,381 | | Accrued interest | 396,262 | | Derivative financial instruments | 13,821,497 | | Convertible debentures | 5,678,159 | | Accrued litigation judgment | 306,676 | | Total Current Liabilities | 22,091,871 | | Stockholders' (deficit) |
| | Common Stock, $0.001 par | 1,271,098 | | Paid in capital | 28,001,047 | | Accumulated (deficit) | (49,792,277) | | Total stockholders' (deficit) | (20,520,132) | | TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) | 1,571,739 | | Common Shares | 1,271,098,028 |
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Interim Report
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| Interim Report
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| | | Data Not Available | | | | | | | | | |
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Pro Forma Report
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| Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
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Quarterly Report
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| Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 230,000 | | 2008 |
2 | 490,000 | | 2008 |
3 | 240,000 | | 2007 |
1 | 180,000 | | 2007 |
2 | 500,000 | | 2007 |
3 | 740,000 | | 2007 |
4 | 800,000 | | 2007 |
Full Year
| 1,770,000 | | 2006 |
1 | 100,000 | | 2006 |
2 | 50,000 | | 2006 |
3 | 30,000 | | 2006 |
Full Year
| 270,000 | | 2005 |
1 | 280,000 | | 2005 |
2 | 200,000 | | 2005 |
3 | 180,000 | | 2005 |
Full Year
| 800,000 | | 2004 |
1 | 270,000 | | 2004 |
2 | 240,000 | | 2004 |
3 | 230,000 | | 2004 |
Full Year
| 1,040,000 | | 2003 |
1 | 550,000 | | 2003 |
2 | 590,000 | | 2003 |
3 | 400,000 | | 2003 |
Full Year
| 2,310,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (19,830,000) | | 2008 |
2 | 10,960,000 | | 2008 |
3 | (687,480,000) | | 2007 |
1 | (1,150,000) | | 2007 |
2 | (1,530,000) | | 2007 |
3 | (2,990,000) | | 2007 |
4 | (2,400,000) | | 2007 |
Full Year
| (15,470,000) | | 2006 |
1 | (780,000) | | 2006 |
2 | (8,930,000) | | 2006 |
3 | (960,000) | | 2006 |
Full Year
| (7,906,700) | | 2005 |
1 | (260,000) | | 2005 |
2 | (550,000) | | 2005 |
3 | (580,000) | | 2005 |
Full Year
| (12,214,900) | | 2004 |
1 | (460,000) | | 2004 |
2 | (300,000) | | 2004 |
3 | (1,290,000) | | 2004 |
Full Year
| (9,171,300) | | 2003 |
1 | 60,000 | | 2003 |
2 | (3,030,000) | | 2003 |
3 | (180,000) | | 2003 |
Full Year
| (592,800) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (2.00) | | 2008 |
2 | .66 | | 2008 |
3 | (19.86) | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | (2.00) | | 2007 |
4 | (2.00) | | 2007 |
Full Year
| (5.48) | | 2006 |
1 | (24.00) | | 2006 |
2 | (66.00) | | 2006 |
3 | (2.00) | | 2006 |
Full Year
| (20.00) | | 2005 |
1 | (40.00) | | 2005 |
2 | (80.00) | | 2005 |
3 | (80.00) | | 2005 |
Full Year
| (#######) | | 2004 |
1 | (480.00) | | 2004 |
2 | (200.00) | | 2004 |
3 | (320.00) | | 2004 |
Full Year
| (#######) | | 2003 |
1 | 370.00 | | 2003 |
2 | (80.00) | | 2003 |
3 | (730.00) | | 2003 |
Full Year
| (#######) |
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Stock Data
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| | | Capitalization as of 09/30/2007: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 12,495,000,000 | 1,271,098,028 | | Preferred $0.001 par | 5,000,000 | None |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | | PRIVATE PLACEMENT: In January 2003, the company commenced a private placement of Common stock and warrants in units. The company offered a minimum of 1,250,000 and a maximum of 1,785,714 units at $2.80 per unit. Each unit consisted of one Common share and one warrant to purchase one Common share for a period of four years from the date of issuance. | | | |
Stockholders:
09/30/2007,
2114.
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Transfer Agent: Continental Stock Transfer & Trust Co.
New York
, NY | | | | OTC Bulletin Board( Primary): MDIN | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 1.0100 | 0.0000 | | OTC Bulletin Board | 2007 | 0.0100 | 0.0100 | | OTC Bulletin Board | 2006 | 0.0570 | 0.0040 | | OTC Bulletin Board | 2005 | 0.8900 | 0.0160 | | OTC Bulletin Board | 2004 | 1.4300 | 0.0110 | | OTC Bulletin Board | 2003 | 2.2000 | 0.9000 | | OTC Bulletin Board | 2002 | 0.4500 | 0.0700 | | OTC Bulletin Board | 2001 | 1.3700 | 0.1300 | | OTC Bulletin Board | 2000 | 0.8120 | 0.0500 | | Over The Counter | 1999 | 1.0625 | 0.2813 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common reverse split 1-for-80, Feb. 3, 2003.
Common was split 4-for-1, ex-Nov. 18, 2003. | | | | | |
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