10QSB: Optional form for quarterly and transition reports of small business issuers
Published on January 22, 2007
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES ACT OF
1934
For the quarterly period ended NOVEMBER 30, 2006
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Commission File Number 0-12305
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REPRO-MED SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
NEW YORK 13-3044880
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
24 CARPENTER ROAD, CHESTER, NY 10918
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (845) 469-2042
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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 during the
past 12 months (or for such shorter period that the registrant was required to
file such reports), 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 latest practicable date.
Class Outstanding at November 30, 2006
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Common stock, $.01 par value 30,783,286 shares
REPRO-MED SYSTEMS, INC.
TABLE OF CONTENTS
PAGE
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PART I
ITEM 1. Financial Statements
Balance Sheet (Unaudited) - November 30, 2006 and
February 28, 2006 (Audited) ....................................... 3
Statements of Operations (Unaudited) - for the three-months and
nine months ending November 30, 2006 and November 30, 2005 ........ 4
Statements of Cash Flow (Unaudited) - for the nine months
ending November 30, 2006 and 2005 ................................. 5
Notes to Unaudited Financial Statements ........................... 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ..................... 7
PART II
ITEM 1. Legal Proceedings ................................................. 12
ITEM 2. Changes in Securities ............................................. 12
ITEM 3. Defaults Upon Senior Securities ................................... 12
ITEM 4. Submission of Matters to a Vote of Security Holders ............... 12
ITEM 5. Other Information ................................................. 12
ITEM 6. Exhibits and Reports on Form 8-K .................................. 12
2
REPRO-MED SYSTEMS, INC.
BALANCE SHEET
NOVEMBER 30, FEBRUARY 28,
2006 2006
ASSETS (UNAUDITED) (AUDITED)
- ------ ----------- ------------
CURRENT ASSETS
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Cash & Cash Equivalents ........................ $ 93,451 $ 26,753
Accounts Receivable, net ....................... 194,190 147,579
Inventory ...................................... 402,326 347,392
Prepaid Expenses ............................... 32,610 28,182
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TOTAL CURRENT ASSETS ............................. 722,577 549,906
PROPERTY & EQUIPMENT,NET ......................... 227,984 268,096
OTHER ASSETS
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Deposits ....................................... 27,652 27,652
Other Assets ................................... 41,398 44,183
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TOTAL OTHER ASSETS ............................... 69,050 71,835
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TOTAL ASSETS ..................................... $ 1,019,611 $ 889,837
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES
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Accounts Payable ............................... $ 366,567 $ 284,095
Notes Payable to Related Parties ............... 77,230 6,834
Accrued Expenses ............................... 38,878 46,172
Note Payable to Bank ........................... -- 198,553
Accrued Payroll and Related Taxes .............. 16,098 17,030
Accrued Interest ............................... 49,918 42,663
Accrued Preferred Stock Dividends .............. 36,000 32,000
Current Portion Capital Lease Obligations ...... 3,063 9,437
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TOTAL CURRENT LIABILITIES ...................... 587,754 636,784
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OTHER LIABILITIES
Long-Term Portion of Leases Payable ............ -- 616
Deferred Capital Gain Income ................... 275,396 292,256
Long-Term Debt - Notes Payable ................. 855,000 530,000
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TOTAL LIABILITIES ................................ 1,718,150 1,459,656
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STOCKHOLDERS' DEFICIENCY
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Preferred Stock, 8% Cumulative $.01 Par
Value, Authorized 2,000,000 Shares,
Issued & Outstanding 10,000 Shares
(liquidation value $100,000) ................. 100 100
Common Stock, $.01 Par Value, Authorized
50,000,000 Shares, 30,783,286 shares and
29,012,286 shares issued and outstanding
at November 30, 2006 and February 28,
2006, Respectively ........................... 307,833 290,123
Additional Paid-in Capital ..................... 2,587,928 2,446,248
Accumulated Deficit ............................ (3,452,400) (3,164,290)
Treasury Stock at Cost ......................... (142,000) (142,000)
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TOTAL STOCKHOLDERS' DEFICIENCY ................... (698,539) (569,819)
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TOTAL LIABILITIES & STOCKHOLDER'DEFICIENCY ....... $ 1,019,611 $ 889,837
=========== ===========
See Accompanying Notes to Financial Statements
3
REPRO-MED SYSTEMS, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED
UNAUDITED
NOVEMBER 30, NOVEMBER 30,
2006 2005
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CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) ....................................... $(284,110) $(119,734)
Adjustments to reconcile net (loss) to cash
(used) in operating activities:
Stock-Based Compensation ....................... 159,390 43,750
Depreciation and Amortization .................. 52,053 59,687
Capital Gain - Building Lease .................. (16,860) (16,485)
Increase in Accounts Receivable ................ (46,611) (17,853)
Increase (Decrease) in Inventory ............... (54,934) 34,106
Increase (Decrease) in Prepaid Expenses ........ (4,428) 11,241
Increase (Decrease)in Accounts Payable ......... 82,472 (71,798)
Increase (Decrease) in Accrued Expenses ........ (5,536) (31,323)
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NET CASH USED IN OPERATIONS ...................... (118,564) (108,409)
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CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures ........................... (4,590) (9,401)
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NET CASH USED IN INVESTING ACTIVITIES ............ (4,590) (9,401)
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CASH FLOW PROVIDED BY FINANCING ACTIVITIES
Issuance of Common Stock at $0.07 per share .... -- 85,000
Notes Payable - President and Others ........... 395,395 75,000
Elimination of Bank Debt ....................... (198,553) --
Payments, Increased Obligations on
Capitalized Leases ............................ (6,990) (16,159)
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NET CASH PROVIDED BY FINANCING ACTIVITIES ........ 189,852 143,841
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NET INCREASE IN CASH ............................. 66,698 26,031
Cash and Cash Equivalents, beginning of period ... 26,753 37,330
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Cash and Cash Equivalents, end of period ......... $ 93,451 $ 63,361
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest ....................................... $ 52,053 $ 48,953
See Accompanying Notes to Financial Statements
5
REPRO-MED SYSTEMS, INC.
NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
statements and with instructions to Form 10-QSB. Accordingly, they do not
include all of the information and disclosures required for annual financial
statements. These financial statements should be read in conjunction with the
financial statements and related footnotes for the year ended February 28, 2006
included in the Form 10-KSB for the year then ended.
In the opinion of the Company's management, all adjustments (consisting of
normal recurring accruals) necessary to present fairly the Company's financial
position as of November 30, 2006, and the results of operations and cash flows
for the three month and nine month periods ended November 30, 2006 and 2005 have
been included.
The results of operations for the nine-month period ended November 30, 2006, are
not necessarily indicative of the results to be expected for the full year. For
further information, refer to the financial statements and footnotes thereto
included in the Company's Form 10-KSB as filed with the Securities and Exchange
Commission for the year ended February 28, 2006.
In March, 2003, the Company negotiated with the landlord of its Chester, New
York, facility to utilize $27,500 of its security deposit (held by the landlord)
to pay March and April, 2003, rent. The agreement provides for replenishment
within 90 days. At the date of this filing, the security deposit had not been
repaid.
STOCKHOLDERS' EQUITY
In connection with convertible notes that the company executed, the Company is
obligated to issue four shares of its common stock each year for each dollar of
principal borrowed. As of November 30, 2006, the company is obligated to issue
1,771,000 shares under these agreements. Accordingly stock based compensation of
$159,390 has been recorded as financing expenses. All per share calculations
have been calculated as though the shares have been issued.
GOING CONCERNS
As shown in the accompanying financial statements, for the tree months ended
November 30, 2006, the Company had an operating profit of $25,385, although due
to interest and other financing costs incurred had a net loss of $67,695 and has
an accumulated deficit of $3,452,400. The Company is seeking to raise additional
working capital through debt or equity channels and is working with outside
distributors to increase its market share in the European and U.S. markets.
However, even if the Company does raise capital through the debt or equity
channels or increase its sales through new strategies, there can be no
assurances that the net proceeds of the capital raised or the revenue generated
from new marketing strategies will be sufficient to enable it to develop
business to a level when it will generate profits and cash flow from operations.
6
These matters raise substantial doubt about the Company's ability to continue as
a going concern. However, the accompanying financial statements have been
prepared on a going concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the normal course of business. These
financial statements do not include any adjustments relating to the recovery of
the recorded assets or the classification of the liabilities that might be
necessary should the Company be unable to continue as a going concern. At
November 30,2006, the president of the company has advanced the company $77,229
for working capital. The loan is secured by selected accounts receivable
balances.
PART I ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
This Quarterly Report on Form 10-QSB contains certain "forward-looking"
statements (as such term is defined in the Private Securities Litigation Reform
Act of 1995) and information relating to us that are based on the beliefs of the
management, as well as assumptions made by and information currently available.
Our actual results may vary materially from the forward-looking statements made
in this report due to important factors such as, recent operating losses,
uncertainties associated with future operating results, unpredictability related
to Food and Drug Administration regulations, introduction of competitive
products, limited liquidity, reimbursement related risks, government regulation
of the home health care industry, success of the research and development
effort, market acceptance of FREEDOM60, availability of sufficient capital to
continue operations and dependence on key personnel. When used in this report,
the words "estimate," "project," "believe," "anticipate," "intend," "expect" and
similar expressions are intended to identify forward-looking statements. Such
statements reflect current views with respect to future events based on
currently available information and are subject to risks and uncertainties that
could cause actual results to differ materially from those contemplated in such
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof. These
statements involve risks and uncertainties with respect to the ability to raise
capital to develop and market new products, acceptance in the market place of
new and existing products, ability to penetrate new markets, our success in
enforcing and obtaining patents, obtaining required Government approvals and
attracting and maintaining key personnel that could cause the actual results to
differ materially. Repro-Med does not undertake any obligation to release
publicly any revision to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
THREE MONTHS ENDED NOVEMBER 30 2006 VS. 2005
Sales of the Freedom60 and accessories experienced a net increase of 79.4%
quarter over quarter ended November 30, 2006 due to several major new accounts
added primarily in the use IgG administrations for treatment of Primary Immune
Deficiency. However, due to the one-time emergency government purchase of
RES-Q-VAC in the summer of 2005 in the aftermath of Hurricane Katrina, sales of
the RES-Q-VAC declined 39% during the three months ending November 30th, 2006 as
these sales did not repeat.
7
As a result, total sales for the period declined 13.3% to $457,991 from $528,194
as the increase in Freedom60 and an international improvement in the quarter of
26.4% were not sufficient to overcome the decrease in RQV sales due to the one
time Katrina order not being repeated.
OEM sales decreased this quarter by 35% due to the ordering patterns of these
customers. Sales of our Gyneco products declined during this period by 15%.
Net Income from operations shows a profit of 25,385 for the three months ending
November 30,2006 as compared to a profit of $91,981 for the same quarter in
2005. Net income showed a loss of $67,695 as compared to a profit of $70,442 for
the three months ended November 30, 2005. The company has showed operating
profits now for two successive quarters.
Gross profit increased to 56.2% compared to 65.3% of net sales three months year
over year ending November 30, 2006, due to reclassification of certain cost of
goods, and labor levels during the period.
Selling, general and administrative expense decreased 9.1% from $223,672 to
$205,094 over this period. Research and development expenses remained nearly
level, decreasing slightly by $128 from $10,118 in 2005 to $9,990 for the three
month period ending November 30, 2006.
NINE MONTHS ENDED NOVEMBER 30, 2006 VS. 2005
Sales of the products in the Freedom60 product line increased by 56% during the
nine months ended November 30, 2006 due to increased sales in the IgG market as
well as general acceptance of the Freedom60 for general ambulatory infusions.
For Res-Q-Vac, due to a softening of sales in the beginning of the year in the
international market and without the repeat of the Hurricane Katrina sale, the
Res-Q-Vac sales decreased by 35.2%.
Net sales for the period declined 9.5% as the increases in Freedom60 sales were
not able to overcome the decline in the Res-Q-Vac markets.
Sales of the OEM products increased 9.5% for the nine months ended November 30,
2006. Sales in the Gyneco product line continue to decrease and declined by 7.4%
for the nine months ending November 30, 2006 as compared to the same period in
2005.
Gross profit was substantially unchanged at 59.4% from 59.2%.
Selling, general and administrative expense decreased slightly from $718,698 to
$715,205 over the same period. Research and development expenses remained nearly
level, increasing slightly by $152 from $31,470 in 2005 to $31,622 for the nine
month period ending November 30, 2006.
Depreciation and amortization expense decreased by $7,771 period over period as
the result of fewer equipment purchases during the past year.
The net loss for the nine months ended November 30, 2006 increased to $284,110
from $119,734.
8
RES-Q-VAC
The RES-Q-VAC(R) Emergency Airway Suction System, is a lightweight,
portable,hand-operated suction device that removes fluids from a patient's
airway by attaching the RES-Q-VAC pump to various proprietary sterile and
non-sterile single-use catheters sized for adult and pediatric suctioning. The
one-hand operation makes it extremely effective and the product is generally
found in emergency vehicles, hospitals and wherever portable aspiration is a
necessity, including backup support for powered suction systems. The disposable
features of the RES-Q-VAC reduce the risk of contaminating the technician from
HIV or SARS when suctioning a patient or during post treatment cleanup. All of
the parts that connect to the pump are disposable.
A critical component and advantage of the RES-Q-VAC is the Full Stop
Protection(R) filter a recently patented filtering system that both prevents
leakage and over-flow of the aspirated fluids, even at full capacity, and traps
all air and fluid borne pathogens and potentially infectious materials within
the sealable container. This protects users from potential exposure to disease
and contamination. The Full Stop Protection filter meets the requirement of the
Occupational Safety and Health Administration as described below. The Company
has received a letter from OSHA confirming that the RES-Q-VAC with the Full Stop
Protection falls under the engineering controls of the Bloodborne Pathogen
regulation and that the Products use would fulfill the regulatory requirements.
OSHA 29CFR 1910.1030 - Occupational Exposure to Bloodborne Pathogens requires
that employers of "...emergency medical technicians, paramedics, and other
emergency medical service providers; fire fighters, law enforcement personnel,
and correctional officers... must consider and implement devices that are
appropriate [to contain bloodborne pathogens], commercially available and
effective." These first responders risk exposure to serious disease, and the
employers may risk OSHA violations and lawsuits if they fail to consider
protective measures such as Repro-Med's Full Stop Protection for RES-Q-VAC. The
Company has received a letter from OSHA indicating the RES-Q-VAC meets the
intent of this regulation.
On April 29, 2003, the Centers for Disease Control issued additional guidelines
for the control of SARS (Sudden Acute Respiratory Syndrome) which requires all
suction systems to have filtration equivalent to a HEPA filter to prevent the
spread of this disease. At the current time, we believe that the RES-Q-VAC with
Full Stop Protection is the only portable device to comply with the CDC
directives.
We have also added new sturdier connectors to our pediatric catheters, which
allow them to connect directly to the adult containers with Full Stop
Protection. These connectors allow pediatric suctioning with the benefit of the
Full Stop Protection device as well as with sterile catheters. These improved
features come at a lower cost for the user, and a more compact kit for easier
transport. Many infants are born with contagious diseases and the new system
eliminates this concern among paramedics during an emergency delivery. The adult
large bore yankuer is also fitted with an improved connector, for easier
changeability and convenience.
We have begun upgrading our RES-Q-VAC distribution channels by selecting key
distributors to work with as master distribution outlets. The domestic emergency
medical market has softened due to a decrease in Federal reimbursement to state
and city regional areas. We have concluded that we can have more effective
market penetration with major master distributors who will have much greater
sales volume and be able to better support our products.
9
We consolidated international RES-Q-VAC distribution, as well as our single
point distribution in the UK. We are now providing direct support to our UK
favored partners such as 24 hour deliver in the local currency. We also have
master distribution in Norway, Sweden, Denmark, Iceland, Finland, Estonia,
Latvia, and Lithuania. We are working towards single-point distribution in each
country, where possible. We believe that one main distributor will be more
predisposed to advertising, promotion, and building the product franchise in
each market. In return, we will be able work more closely with the distributors
and be able to hold them accountable for the sales in each region.
We have begun major sales efforts into the hospital market for the RES-Q-VAC.
The features of Full Stop Protection to meet OSHA requirements, sterile
catheters, and the ability of RES-Q-VAC to work during extended power outages,
have created a receptive market, especially in regions which recently have had
major power outages, such as Florida with last years hurricanes and the blackout
in the Northeast. Patients on ventilators, tracheotomy patients, elderly with
swallowing disorders, stroke, heart attack, choke victims--all may need prompt
effective suctioning wherever they are and for whom RES-Q-VAC may be life
saving. This includes locations such as dining rooms, recreations areas,
transportation and outdoor activities, among others.
Currently the bulk of the Company's RES-Q-VAC sales, which represent
approximately 40% of the Company's quarterly revenue, are to emergency rescue
service companies. Over the course of the past few months, RMS has refocused its
selling efforts on the hospital market, directly introducing the Res-Q-Vac
product to over 35 hospitals, including three world class thought leading
institutions that have accepted the Product as their emergency back-up standard.
RMS has also entered into agreements with geographically strategic distributors
to hospital markets, to increase the Company's reach. Entry into the hospital
market is in its early stages, but as is evidenced by the initial response, RMS
believes this will be a strong contributor to the growth of the Company.
In the first quarter we had retained a marketing and sales consulting group to
assist the Company in its sales efforts which relationship did not prove
successful. We have been rebuilding our distribution network and have begun an
aggressive sales effort for the RES-Q-VAC into the hospital market as we
continued our direct mail and telephone marketing program to introduce RES-Q-VAC
to the nursing home market and now the hospital market. We also conducted
discussions with nursing home chains, hospitals and distributors in this market.
We plan to continue the mail and telemarketing campaign to the greatest extent
possible with our resources.
We are focusing our greatest efforts to introduce the RES-Q-VAC into specific
areas of hospitals, including crash carts, respiratory therapy and other
departments. The non-battery, non-electric feature of the RES-Q-VAC appeals to
hospitals which wish to reduce or avoid the costs associated with maintaining
battery operated equipment in reliable, working order.
FREEDOM60
The FREEDOM60(R) Syringe Infusion Pump is designed for ambulatory medication
infusions. Ambulatory infusion pumps are most prevalent in the home care market.
Other potential applications for the FREEDOM60 are pain control, the infusion of
specialized drugs such as IgG, and chemotherapy. The home infusion therapy
market is comprised of approximately 4,500 sites of service, including local and
national organizations, hospital-affiliated organizations, and national home
infusion organizations, and produces approximately $4.5 Billion in revenue
annually (Ref: www.nhianet.org). With insurance reimbursement in a severe
decline, there is a tremendous need for a low-cost, effective alternative to
electronic and expensive disposable IV administration devices for the home care
and nursing home market.
10
The FREEDOM60 provides a high-quality delivery to the patient at costs similar
to gravity and is targeted for the home health care industry, patient emergency
transportation, and for any time a low-cost infusion is required.
For the home care patient, FREEDOM60 is an easy-to-use lightweight mechanical
pump using a 60cc syringe, completely portable, cost effective and maintenance
free, with no batteries to replace and no cumbersome IV pole. For the infusion
professional, FREEDOM60 delivers precise infusion rates and uniform flow
profiles providing consistent transfer of medication. A Form 510(k) Premarket
Notification for initial design of the FREEDOM60 as a Class II device was
approved by the FDA in May 1994.
The Company also markets the FREEDOM60-FM, an enhanced version of the FREEDOM60
which contains an electronic flow monitor system that provides occlusion and end
of infusion alarm. This product is directed at nursing homes, hospitals and
pediatric ambulatory applications where alarms are generally required for
nursing acceptance. Nurses also appreciate being able to visualize the drug
volume by reading the scale on the syringe.
We have expanded the use of the FREEDOM60 to cover most antibiotics including
the widely used and somewhat difficult to administer vancomycin. We have also
found a following for FREEDOM60 for use in treating thalissemia with the drug
desferal. In Europe we experienced success in using the FREEDOM60 for pain
control, specifically post-operative epidural pain administration. Our European
market also uses the FREEDOM60 for chemotherapy.
We believe there is a new market for the FREEDOM60 for use in Primary Immune
Deficiency, injecting immune globulin (IgG) under the skin as a subcutaneous
administration, as is evidenced by the large growth in the Company's sales of
this product. This method has provided patients with vastly improved quality of
life with much fewer unpleasant side effects over the traditional intravenous
route. The FREEDOM60 is an ideal system for this administration since the
patient is able to self-medicate at home, the pump is easily configured for this
application, and the FREEDOM60 is the lowest cost infusion system available in a
heavily cost constrained market.
Historically the Company has marketed the Freedom60 directly and through
specialty distributors. Increased market recognition for this product, and new
subcutaneous medical applications of Immune Globulin treatments create a large
opportunity for this Product. RMS is aggressively pursuing the home care,
hospital and "closed-door" pharmacy markets dedicated to treatments using
intravenous administration, to use the Freedom60 for the application of their
therapies. The annual market size for infusion therapy is over $500 million for
home care and over $1.5 billion for hospitals, once again not including
additional logical market segments, many of which parallel the Res-Q-Vac
markets, such as emergency and military.
LIQUIDITY AND CAPITAL RESOURCES
In June of 2006 Company entered into a loan agreement with a director the
proceeds of which were used to repay the $198,553 bank loan from M&T Bank.
In raising capital beginning in February 2004, the Company issued promissory
notes in the total amount of $432,000. These five year promissory notes pay 2%
over prime plus four shares of common stock per year for every year the loan is
in place. The loans are due on March 30, 2009.
11
An agreement with a marketing management company was terminated on November 11,
2006 for various reasons including the failure of this company to meet the
minimum sales agreed goals. The management fees and rights to earn warrants were
all based on this performance which was not met, and therefore these fees are
not earned and not owed. A note issued totaling $50,000 was therefore canceled.
Our efforts to enter new markets and expand existing sales channels are
capital-intensive. Access to capital markets for these efforts has been
important in the past, and will continue to be vital as we seek to fully
implement our marketing plans and work toward achieving a positive cash-flow
position.
We continue to pursue capital investment through debt or equity to increase our
marketing and sales efforts, and to enhance our existing products and add to
product lines.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is neither a party to any material litigation, nor to the knowledge
of the officers and directors of the Company, is there any material litigation
threatened against the Company.
However, It has been brought to management's attention that one of the company's
German distributors had commenced selling a copy, manufactured in China, of our
basic RES-Q-VAC. The distributor has agreed to cease selling these copies but we
are concerned about the possibility of these copies appearing elsewhere.
Although we believe that the Chinese copy is inferior in quality and lacks Full
Stop Protection, it is being offered at a lower price and could adversely affect
our sales in international markets.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders of the Company during
the quarter ended November 30, 2006.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
12
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934 the Registrant has duly caused this report to be signed on its
behalf by the undersigned; thereunto duly authorized.
REPRO-MED SYSTEMS, INC.
/s/ Andrew I. Sealfon January 22, 2007
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Andrew I. Sealfon, President, Treasurer,
Chairman of the Board, Director, and
Chief Executive Officer
13