SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FORM 10QSB
FOR THE QUARTER ENDED SEPTEMBER 30, 2002
COMMISSION FILE NUMBER 333-51058
Advanced Healthcare Technologies, Inc.
Formally Email Mortgage, Inc.
(Exact name of Registrant as specified in its charter)
Colorado 84-1565820
(State or other jurisdiction of (I.R.S. Employer I.D.)
incorporation or organization)
124 Colts Neck Road,
Farmingdale NJ 07727
Registrant's Telephone Number, including area code
732-938-9672
Indicate by check mark whether the Registrant (1)
has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding twelve months,
and (2) has been subject to such filing
requirements for the past 90 days.
Yes__x___ No______
Indicate the number of shares outstanding of each
of the issuer's classes of common stock, as of the
close of the period covered by this report:
12,507,000 shares.
2
Advanced Healthcare Technologies, Inc.
Index
Part I Financial Information Page
Number
Item 1.
Balance Sheet 3
Statements of Loss and Accumulated Deficit 4
Statements of Cash Flows 5
Footnotes 6
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations 7
Part II None
Signatures 10
3
Advanced Healthcare Technologies, Inc.
(formerly Email Mortgage, Inc.)
(A Development Stage Company)
Balance Sheet
(Unaudited)
ASSETS
September 30
2002
------------
Current assets:
Cash $ 106,795
Advance to affiliated company 27,000
----------
Total current assets 133,795
----------
Total assets $ 133,795
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,376
Loans from related parties 3,055
---------
Total current liabilities 4,431
Stockholders' equity:
Preferred stock, $.01 par value,
10,000,000 shares authorized, no shares
issued and outstanding -
Common stock, $.001 par value,
100,000,000 shares authorized, 12,507,000
shares issued and outstanding 12,507
Additional paid in capital 246,543
(Deficit) accumulated during
development stage (128,686)
----------
129,364
----------
$ 133,795
==========
See accompanying notes to financial statements.
4
Advanced Healthcare Technologies, Inc.
(formerly Email Mortgage.com Inc.)
(A Development Stage Company)
Statements of Operations
Three Months and Six Months Ended September 30,
2002 and 2001
For the Period From Inception (March 28, 2000)
to September 30, 2002
(Unaudited)
Period From
Three Months Ended Six Months Ended Inception To
September 30, September 30, September 30,
2002 2001 2002 2001 2002
------------------ ---------------- -------------
Revenue:
Loan processing fees $ - $ 650 $ 1,100 $ 1,750 $ 4,350
Interest income 588 - 1,653 - 3,220
-------- -------- ------- ------- --------
588 650 2,753 1,750 7,570
Operating expenses:
Loan processing costs - - 500 400 7,050
Professional fees 13,389 1,456 14,664 9,206 71,563
Consulting services 2,400 - 2,400 - 12,400
Web site expenses 125 - 125 - 23,625
Rent 475 1,300 950 3,250 7,650
Other expenses 1,328 - 2,158 8 14,968
-------- -------- ------- ------- -------
17,129 2,756 20,797 12,864 137,256
-------- -------- ------- ------- -------
(Loss from operations) and
net (loss) $(17,129) $ (2,106) $(18,044) $(11,114) $(129,686)
======== ======== ======== ======== =========
Per share information:
Basic and diluted (loss)
per common share $ - $ - $ - $ - $ (0.06)
======== ======== ======== ======== =========
Weighted average shares
outstanding 11,257,000 11,250,000 11,257,000 11,250,000 11,368,400
========= ========= ========= ========= =========
See accompanying notes to financial statements.
5
Advanced Healthcare Technologies, Inc.
(formerly Email Mortgage, Inc.)
(A Development Stage Company)
Statements of Cash Flows
Six Months Ended September 30, 2002 and 2001
For the Period From Inception (March 28, 2000)
to September 30, 2002
(Unaudited)
Period From
Six Months Ended Inception To
September 30, September 30,
2002 2001 2002
---------------- -------------
Net income (loss) $ (18,044) $ (11,114) $ (129,686)
Adjustments to reconcile net income to net
cash provided by operating activities:
Services provided for common stock 900 - 5,900
Expenses contributed to capital by
shareholder - - 8,500
Changes in assets and liabilities:
Increase in accounts payable 350 - 1,376
--------- --------- ---------
Total adjustments 1,250 - 15,776
--------- --------- ---------
Net cash provided by (used in)
operating activities (16,794) (11,114) (113,910)
Cash flows from financing activities:
Common stock sold for cash - - 253,150
Repayment of related party loans - - (67,745)
Advances to shareholder & affiliate (20,000) - (42,000)
Repayment of affiliated company advances - - 15,000
Loans from related party 475 10,400 62,270
--------- --------- ---------
Net cash provided by (used in)
financing activities (19,525) 10,400 220,675
--------- -------- ---------
Increase (decrease) in cash (36,319) (714) 106,765
Cash and cash equivalents,
beginning of period 143,114 969 -
--------- -------- ---------
Cash and cash equivalents,
end of period $ 106,795 $ 255 $ 106,765
========= ======== =========
See accompanying notes to financial statements.
6
Advances Healthcare Technologies, Inc.
Notes to Unaudited Financial Statements
Basis of presentation
The accompanying unaudited financial statements
have been prepared in accordance with generally
accepted accounting principles for interim
financial information and with the instructions
incorporated in Regulation SB of the Securities and
Exchange Commission. Accordingly, they do not
include all of the information and footnotes
required by generally accepted accounting
principles for complete financial statements. In
the opinion of management, all adjustments
(consisting of normal recurring adjustments and
accruals) considered necessary for a fair
presentation have been included.
The results of operations for the periods presented
are not necessarily indicative of the results to be
expected for the full year. The accompanying
financial statements should be read in conjunction
with the Company's financial statements for the
year ended March 31, 2002.
Basic loss per share was computed using the
weighted average number of common shares
outstanding.
During August 2002, the Company changed its
domicile to the state of Nevada and effected a five
share for one share forward stock split. All share
and per share information in the foregoing
financial statements has been restated to give
effect to the stock split.
The Company had an outstanding advance balance due
to a related party of $2,580 and an outstanding
advance to an affiliated company of $27,000 at
September 30, 2002.
7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Trends and Uncertainties. Demand for Advanced
Healthcare products and services will be dependent
on, among other things, market acceptance of the
Advanced Healthcare's concept, the quality of its
services, and general economic conditions, which
are cyclical in nature. Inasmuch as a major
portion of Advanced Healthcare's activities will be
the receipt of revenues from our services, Advanced
Healthcare's business operations may be adversely
affected by Advanced Healthcare's competitors and
prolonged recessionary periods.
Capital and Source of Liquidity. All of the
initial working capital has been obtained from the
sale of common shares to the current officers,
directors and principal shareholder ($250,000) and
loans from a related party of ($62,745). We do
not have the liquidity to fund our operations and
will require additional capital. We currently
have little working capital and will rely on
further loans to continue operations until
completion of the current public offering.
Advanced Healthcare's requires these additional
loans to expand our current and strategic business
plans. We do not have any funding arrangements
with any third party or any affiliates.
For the six months ended September 30, 2002, we
made advances to shareholder and affiliate of
$20,000 and received loans from related party of
$475. As a result, we had net cash used in
financing activities of $19,525 for the six months
ended September 30, 2002.
For the six months ended September 30, 2001, we
received loans from a related party of $10,400
resulting in net cash provided by financing
activities of $10,400.
For the six months ended September 30, 2002 and
2001, we did not pursue any investing activities.
On a long-term basis, liquidity is dependent on
continuation and expansion of operation and receipt
of revenues, additional infusions of capital, and
debt financing. Advanced Healthcare believes that
additional capital and debt financing in the short
term will allow Advanced Healthcare to increase its
marketing and sales efforts and thereafter result
in increased revenue and greater liquidity in the
8
long term. However, there can be no assurance that
Advanced Healthcare will be able to obtain
additional equity or debt financing in the future,
if at all.
Results of Operations. Since inception, Advanced
Healthcare has not received any significant
revenues from operations. For the six months
ended September 30, 2002, we received revenue of
only $1,100 from loan processing fees and interest
income of $1,653. We had a net loss of $17,144
for the six months ended September 30, 2002.
Operating expenses for that same period were
$20,797 consisting of loan processing costs of
$500, professional fees of $14,664, consulting
services of $2,400, web site expenses of $125, rent
of $950 and other expenses of $2,158.
For the six months ended September 30, 2001, we
received revenue of only $1,750 from loan
processing fees. We had a net loss of $11,114 for
the six months ended September 30, 2001. Operating
expenses for that same period were $12,864
consisting of loan processing costs of $400,
professional fees of $9,206, rent of $3,250 and
other expenses of $8.
Plan of Operation. Advanced Healthcare is in the
development stage and has not conducted any
significant operations to date or received
significant operating revenues. We will not need
to conduct any research and development regarding
our business plan.
We do not expect to purchase any plant or
significant equipment.
Advanced Healthcare may experience problems;
delays, expenses, and difficulties sometimes
encountered by an enterprise in Advanced
Healthcare's stage of development, many of which
are beyond Advanced Healthcare's control. These
include, but are not limited to, unanticipated
problems relating to the development of the system,
manufacturing costs, production and marketing
problems, additional costs and expenses that may
exceed current estimates, and competition.
9
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: November 11, 2002
By: /s/ Phillip E. Loori
------------------------
Phillip E. Loori
President