Amdl Inc (RPC, Financial) filed Amended Quarterly Report for the period ended 2010-06-30.
Amdl Inc has a market cap of $14.5 million; its shares were traded at around $0.4634 with and P/S ratio of 1.7.
As part of the deconsolidation of JPI as of September 29, 2009, we agreed to exchange loans and advances to JPI totaling $5,350,000 for a 6% convertible promissory note from JPI. There are risks and uncertainties related to the collectability of these amounts and, as a result, we recorded a 50% loan loss reserve at the time of the deconsolidation. Also, there are risks and uncertainties of investment in JPI and, as a result, as of June 30, 2010, we determined that an impairment charge of approximately $2,800,000 was necessary.
During the three months ended June 30, 2010, we spent $243,779 on research and development costs related to the ONKO-SURE TM , as compared to $332,779 for the same period in 2009. During the six months ended June 30, 2010, we spent $294,815 on research and development related to the ONKO-SURE TM , as compared to $425,463 for the same period in 2009. These expenditures were incurred as part of the Companys efforts to improve the existing ONKO-SURE TM and develop the next generation ONKO-SURE TM .
During the six months ended June 30, 2010, a holder of the Companys convertible debt converted 100% of its notes and accrued interest into shares of the Companys common stock. This resulted in a decrease of the derivative liability of $259,975, representing the embedded conversion features of the converted debt. In addition, during the six months ended June 30, 2010, this holder of the Company`s convertible debt exercised 500,000 warrants. This resulted in a decrease of the derivative liability of $83,872, representing the value of the warrants immediately prior to the exercise.
During the six months ended June 30, 2010, we recorded additional derivative liability of $32,027 as a result of a trigger event related to the Saint George convertible debt and also recorded additional derivative liability of $815,976 as a result of a trigger event related to the First, Second and Third 2010 closings (see Note 6).
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Amdl Inc has a market cap of $14.5 million; its shares were traded at around $0.4634 with and P/S ratio of 1.7.
Highlight of Business Operations:
Due to several factors including deterioration in its relationship with local management of JPI, we relinquished control over JPI. Effective September 29, 2009, we agreed to exchange its shares of JPI for 28,000,000 non-voting shares of preferred stock, which represents 100% of the outstanding preferred shares, exchanged $730,946 in salaries and related interest, accrued by the Company as of September 29, 2009, into 730,946 shares of JPIs preferred stock relinquished all rights to past and future profits, surrendered our management positions and agreed to non-authoritative minority role on JPI board of directors. For accounting purposes, we converted our interest in JPI to that of an investment to be accounted for under the cost method and deconsolidated JPI as of September 29, 2009. As a result, the Company ownership interest in JPI is 97.46%. We recorded a loss on deconsolidation of $1,953,516 in connection with the transaction during the nine months ended September 30, 2009. In connection with the deconsolidation, we reclassified China pharmaceutical manufacturing and distribution business (conducted through JPI subsidiary) as a business investment, rather than a consolidated operating subsidiary of the Company.As part of the deconsolidation of JPI as of September 29, 2009, we agreed to exchange loans and advances to JPI totaling $5,350,000 for a 6% convertible promissory note from JPI. There are risks and uncertainties related to the collectability of these amounts and, as a result, we recorded a 50% loan loss reserve at the time of the deconsolidation. Also, there are risks and uncertainties of investment in JPI and, as a result, as of June 30, 2010, we determined that an impairment charge of approximately $2,800,000 was necessary.
During the three months ended June 30, 2010, we spent $243,779 on research and development costs related to the ONKO-SURE TM , as compared to $332,779 for the same period in 2009. During the six months ended June 30, 2010, we spent $294,815 on research and development related to the ONKO-SURE TM , as compared to $425,463 for the same period in 2009. These expenditures were incurred as part of the Companys efforts to improve the existing ONKO-SURE TM and develop the next generation ONKO-SURE TM .
During the six months ended June 30, 2010, a holder of the Companys convertible debt converted 100% of its notes and accrued interest into shares of the Companys common stock. This resulted in a decrease of the derivative liability of $259,975, representing the embedded conversion features of the converted debt. In addition, during the six months ended June 30, 2010, this holder of the Company`s convertible debt exercised 500,000 warrants. This resulted in a decrease of the derivative liability of $83,872, representing the value of the warrants immediately prior to the exercise.
During the six months ended June 30, 2010, we recorded additional derivative liability of $32,027 as a result of a trigger event related to the Saint George convertible debt and also recorded additional derivative liability of $815,976 as a result of a trigger event related to the First, Second and Third 2010 closings (see Note 6).
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