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| | Business Summary: MedPro Safety Products, Inc. develops, acquires, and sells medical device safety products incorporating needlestick prevention technologies in the United States and internationally. | | | Address
817 Winchester Road, Suite 200
Lexington
, KY 40505
Phone: 859-225-5375
Fax: 859-225-5347
Website: http://www.medprosafety.com
| | Auditor |
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Rodefer Moss & CO
| | Transfer Agent |
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Nevada Agency & Trust Co.
| Employees: 13
ShareHolders: 330 | Founded: 1999
Domicile: Nevada | | | |
| | MedPro Safety Products, Inc. develops, acquires, and sells medical device safety products incorporating needlestick prevention technologies in the United States and internationally. It focuses on developing and commercializing products in the clinical, phlebotomy, pharmaceutical, and intravenous segments. The company's products include Vacuette Premium Safety Needle System, a blood collection device that include tube-activated and skin-activated models; Vacuette Premium Winged Safety Blood Collection Set that is used for infusion and blood collection in the healthcare setting, where patient comfort and ease of venous access are paramount; and Safety Syringe with Anti-Blunting feature to avoid needlestick injury. Its products also comprise Prefilled Safety Syringes that accept prefilled cartridges of commonly used medicaments or specified dosage of medicaments in pharmaceutical prefilled applications; and Key-Lok Needleless IV System, a latex-free blunt-cannula needleless injection system. The company was founded in 1995 and is based in Lexington, Kentucky. | | History: INCORPORATED in Nevada Dec. 15, 1999, as Dentalserv.com. On Dec. 28, 2007, MedPro Safety Products, Inc., a Delaware corporation, merged into the company, which adopted merged concern's title. The company issued 11,284,754 Common shares to former shareholders of its predecessor corporation in the merger.
MedPro Safety Products, Inc., the merged concern, was incorporated in Delaware July 16, 1999, as MedPro, Inc.; and on Sept. 10, 1999, merged its parent, a Kentucky corporation of the same name organized Jan. 19, 1995. Name was changed to MedPro Safety Products, Inc. Oct. 23, 2002. | | | | | | | | | |
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Management
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| Officers | Position |
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| W. Craig Turner | Chairman & Chief Executive Officer | | Walter William Weller | President, Secretary & Chief Operating Officer | | Marc T. Ray | Chief Financial Officer & Chief Accounting Officer | | Erica Ruderman | Investor Relations Contact |
| | Directors |
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| Ernie L. Fletcher | | W. Leo Kiely, III | | Gary A. Peterson | | Warren S. Rustand | | W. Craig Turner | | Walter William Weller | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
|---|
| Common $0.001 par | 90,000,000 | 13,110,231so1 | | Preferred $0.01 par | 10,000,000 | 9,733,531so2 |
| | | | LONG TERM DEBT: $277,778. | | | | Common $0.001 par | | | | DIVIDEND RESTRICTIONS: Credit agreement limits the payment of cash dividends and other restricted payments. | | | |
Stockholders:
12/31/2009,
330.
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Transfer Agent: Nevada Agency & Trust Co.
Reno
, NV | | | | OTC Bulletin Board( Primary): MPSP | | | | Exchange | Year | High | Low |
|---|
| OTC Bulletin Board | 2009 | 10.1000 | 2.0000 | | OTC Bulletin Board | 2008 | 15.0000 | 2.0000 | | OTC Bulletin Board | 2007 | 13.8000 | 1.2400 | | OTC Bulletin Board | 2006 | 16.0000 | 1.1600 |
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| | | | RECENT DIVIDENDS: Common $0.001 par: No cash.
Common reverse split 1-for-4, Dec. 31, 2007. | | | | | |
so1Excl. 105,080 in treas. | |
so2Consists of 6,668,229 Ser. A Pfd., 1,493,779 Ser. B Pfd. and 1,571,523 Ser. C Pfd. | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| REVENUES |
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| | Sales: Needlyzer | 5,388 | 1,180 | | Sales: Safe-mate | - | 17,948 | | Automation Services and Equipment | 12,045 | 2,235,100 | | Total Revenues | 17,433 | 2,254,228 | | EXPENSES |
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| | Cost of Goods Sold and Automation | (11,679) | (245,724) | | Salaries, Wages and Payroll Taxes | (9,229,378) | (3,909,255) | | Qualified Profit Sharing Plan | (195,656) | (151,131) | | Inventory Write Downs | - | (294,877) | | Advertising and Promotion | (386,480) | (204,286) | | General and Administrative | (354,366) | (634,954) | | Professional and Insurance | (1,333,774) | (1,616,254) | | Travel and Entertainment | (458,279) | (372,843) | | Product Development | (876,052) | (425,344) | | Loss on Disposal of Assets | (2,892) | (202,494) | | Depreciation and Amortization | (191,112) | (117,165) | | Interest Expense | (250,546) | (795,083) | | Interest Income | 45,869 | 62,547 | | Change in Fair Value of Derivative Liabilities | 21,603,180 | - | | Income from Debt Forgiveness | - | 113,069 | | Earnings before Taxes | 8,376,273 | (6,539,566) | | TAXES AND OTHER EXPENSES |
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| | Net Income (Loss) | 8,376,273 | (6,539,566) | | SUPPLEMENTARY INFO |
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| | Gross Profit/loss | 5,754 | 2,008,504 | | Operating Income (Loss) | (13,022,240) | (5,920,099) | | Basic EPS - Continuing Operations | 0.63 | (0.49) | | Diluted EPS - Continuing Operations | 0.20 | (0.49) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| CURRENT ASSETS |
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| | Cash | 4,072,443 | 11,636,840 | | Accrued Interest Income | 18,694 | - | | Inventory | 247,981 | 288,414 | | Prepaid Investor Relations Cost | 1,634 | 228,660 | | Prepaid Costs of Automation Equipment | - | 452,855 | | Prepaid Expenses and Other Current Assets | 20,414 | 9,350 | | Total Current Assets | 4,361,166 | 12,616,120 | | NON CURRENT ASSETS |
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| | Furniture and Fixtures | 118,019 | 81,213 | | Computers, Network and Phones | 197,574 | 126,061 | | Equipment and Tooling | 1,042,869 | 751,725 | | Leasehold Improvements | 192,377 | 114,831 | | Trade Show Booth | 7,341 | 7,341 | | Accumulated Depreciation | (252,966) | (146,680) | | Intangible Assets | 9,067,457 | 9,109,547 | | Deferred Financing Costs | 55,718 | 97,489 | | Total Assets | 14,789,555 | 22,757,649 | | CURRENT LIABILITIES |
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| | Accounts Payable and Accrued Expenses | 406,121 | 261,325 | | Accrued Interest Payable | 10,674 | 34,276 | | Notes Payable to and Advances from Shareholders | - | 383,333 | | Current Portion of Long-term Debt | 3,413,533 | 3,262,660 | | Deferred Revenue | - | 464,900 | | Current Portion of Technology Transfer Payments - Visual Connections, Inc | 250,000 | 2,000,000 | | Total Current Liabilities | 4,080,328 | 6,406,494 | | NON CURRENT LIABILITIES |
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| | Notes Payable-long-term Portion | 694,444 | 2,607,435 | | Ser. A Preferred Stock Convertible | 66,682 | 66,682 | | Ser. B Preferred Stock Convertible | 14,937 | 14,938 | | Ser. C Preferred Stock Convertible | 15,715 | - | | Long-term Portion of Technology Transfer Payments - Visual Connections, Inc | - | 250,000 | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 13,215 | 13,320 | | Additional Paid in Capital | 67,410,070 | 43,667,690 | | Treasury Stock - Common | (386,370) | - | | Accumulated Deficit | (56,951,866) | (30,247,024) | | Unearned Share-based Compensation | (167,600) | (21,885) | | Total Shareholders Equity | 10,014,783 | 13,493,720 | | Total Liabilities & Shareholders Equity | 14,789,555 | 22,757,649 |
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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 | | 2009 |
1 | 10,000 | | 2009 |
4 | 10,000 | | 2009 |
Full Year
| 20,000 | | 2008 |
1 | 20,000 | | 2008 |
2 | 2,110,000 | | 2008 |
3 | 1,490,000 | | 2008 |
4 | 900,000 | | 2008 |
Full Year
| 2,250,000 | | 2007 |
1 | 20,000 | | 2007 |
2 | 20,000 | | 2007 |
3 | 20,000 | | 2007 |
4 | 40,000 | | 2007 |
Full Year
| 100,000 | | 2006 |
1 | 10,000 | | 2006 |
2 | 10,000 | | 2006 |
3 | 40,000 | | 2006 |
4 | 10,000 | | 2006 |
Full Year
| 80,000 | | 2005 |
Full Year
| 60,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (3,540,000) | | 2009 |
1 | 19,080,000 | | 2009 |
2 | (5,130,000) | | 2009 |
3 | (1,950,000) | | 2009 |
4 | (3,620,000) | | 2009 |
Full Year
| 8,380,000 | | 2008 |
1 | (870,000) | | 2008 |
2 | (960,000) | | 2008 |
3 | (1,750,000) | | 2008 |
4 | (2,960,000) | | 2008 |
Full Year
| (6,540,000) | | 2007 |
Full Year
| (3,250,000) | | 2006 |
Full Year
| (1,020,000) | | 2005 |
Full Year
| (3,290,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (.27) | | 2009 |
1 | 1.49 | | 2009 |
2 | (.38) | | 2009 |
3 | (.15) | | 2009 |
4 | (.09) | | 2009 |
Full Year
| .20 | | 2008 |
1 | (.07) | | 2008 |
2 | (.07) | | 2008 |
3 | (.13) | | 2008 |
4 | (.22) | | 2008 |
Full Year
| (.49) | | 2007 |
1 | (.02) | | 2007 |
2 | (.02) | | 2007 |
3 | (.03) | | 2007 |
4 | (.10) | | 2007 |
Full Year
| (.30) | | 2006 |
4 | .06 | | 2006 |
Full Year
| (.04) | | 2005 |
Full Year
| (.20) |
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