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Published:
InstaCare Corp. Continues Turnaround & Reports 291% Revenues Increase in 2Q 2008LOS ANGELES, Aug. 20 /PRNewswire-FirstCall/ -- InstaCare Corp., (OTC Bulltein Board: ISCR), a leading distributor of at-home testing diagnostics for the chronically ill, life-saving prescription drugs and a developer of patent-pending technologies for e-health and EMR applications, reported financial results for the second quarter period-ended June 30, 2008. Recent highlights include: -- Revenues grew by 291% in 2Q 2008 vs. 2Q 2007 as sales and orders for at-home diagnostics and medical surgical product continued to surge -- ISCR reports 2Q 2008 operating profit of -- Company implements New Letters of Commitment executed with two medical surgical products companies and a new diabetic products manufacturer For the second quarter of 2008, InstaCare reported revenues of For the first six months of fiscal 2008, InstaCare reported revenues of
Forward-Looking Statements: This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.
For further information, visit the company's Web Site:
http://www.instacare.net.
Company Contact:
InstaCare Corp.
Keith Berman
(805) 446-1973
info@instacare.net
InstaCare Corp.
Condensed Consolidated Balance Sheets
June 30, December 31,
2008 2007
Assets
Current assets:
Cash $113,167 $4,353
Accounts receivable 966,126 669,041
Inventory 270,450 96,450
Prepaid expenses 4,131 3,816
Total current assets 1,353,874 773,660
Fixed assets, net of accumulated depreciation
of $163,126 and $145,000, respectively 18,124 36,250
Other assets:
Deposits 3,412 3,412
Amortizable loan fees 41,669
Total other assets 45,081 3,412
Total assets $1,417,079 $813,322
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $40,806 $120,107
Accrued expenses 195,905 199,265
Accrued interest 502,335 412,837
Line of credit 586,923 467,044
Demand note - related party 280 280
Notes payable, current portion 183,361 181,021
Convertible notes payable 1,452,688 1,377,689
Total current liabilities 2,962,298 2,758,243
Long-term debt, net of current portion 57,831 85,109
Total liabilities 3,020,129 2,843,352
Stockholders' (deficit):
Preferred stock, $0.001 par value, 3,249,000
shares authorized, 207,526 shares issued
and outstanding as of June 30, 2008 and
December 31, 2007, respectively 207 207
Preferred series "A" stock, $0.001 par value,
750,000 shares authorized, no shares issued
and outstanding as of June 30, 2008 and
December 31, 2007, respectively - -
Preferred series "C" stock, $0.001 par value,
1,000,000 shares authorized, 17,860 and 20,000
shares issued and outstanding as of June 30,
2008 and December 31, 2007, respectively 18 18
Preferred series "D" stock, $0.001 par value,
1,000 shares authorized, no shares issued and
outstanding as of June 30, 2008 and December
31, 2007, respectively - -
Preferred series "E" stock, $0.001 par value,
1,000,000 shares authorized, no shares issued
and outstanding as of June 30, 2008 and December
31, 2007, respectively - -
Common stock, $0.001 par value, 1,750,000,000
shares authorized, 39,962,071 and 29,200,026
shares issued and outstanding as of June 30,
2008 and December 31, 2007, respectively 39,962 29,200
Additional paid-in capital 17,713,847 17,354,200
Shares authorized and unissued, 725,720
and 3,700,294 726 3,700
Dividends payable 386,475 292,392
Accumulated (deficit) (19,744,285) (19,709,747)
(1,603,050) (2,030,030)
Total liabilities and stockholders'
(deficit) $1,417,079 $813,322
InstaCare Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Revenue $3,020,694 $1,036,849 $5,818,076 $2,120,131
Cost of sales 2,676,063 908,652 5,025,946 1,797,304
Gross profit 344,631 128,197 792,130 322,827
Expenses:
General &
administrative 64,558 78,967 125,304 181,526
Consulting 28,442 119,810 93,735 378,077
Payroll expense 79,815 34,664 200,335 87,898
Professional fees 22,240 57,486 67,596 81,976
Depreciation and
amortization 9,063 11,745 18,126 23,490
Total expenses 204,118 302,672 505,096 752,967
Net operating income
(loss) 140,513 (174,475) 287,034 (430,140)
Other income
(expense):
Contingent expenses - 81,600 - -
Financing costs (66,786) (1,907) (116,260) (11,123)
Interest expense,
net (56,075) (55,788) (111,393) (112,493)
Total other
income
(expense) (122,861) 23,905 (227,653) (123,616)
Net income (loss) 17,652 (150,570) 59,381 (553,756)
Add: Dividends
declared on
preferred - - - -
Income (loss)
available to
common
shareholders' $17,652 $(150,570) $59,381 $(553,756)
Weighted average
number of
common shares
outstanding-
diluted 216,264,003 11,341,941 211,122,433 10,768,735
Net income (loss)
per share-diluted $0.00 $(0.01) $0.00 $(0.05)
Weighted average
number of Common
shares
outstanding -
basic 38,546,597 11,341,941 36,297,301 10,768,735
Net income (loss)
per share - basic $0.00 $(0.01) $0.00 $(0.05)
SOURCE InstaCare Corp. Tags: ,HEA,MTC,BIO,OTC,ERN,ERP,CA-ISCR-2Q-Earns _ _     Is your favorite bookmark site missing? Ask for it. |
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