AMEXDRUG CORP

CIK:0000045621|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues
Sales	$ 2,153,617	$ 2,314,704	$ 4,514,527	$ 4,495,693
Cost of Goods Sold	1,796,853	2,058,776	3,639,019	3,879,127
Gross Profit	356,764	255,928	875,508	616,566
Operating Expenses
Selling, general and administrative expense	231,987	192,910	475,191	381,683
Total Operating Expenses	231,987	192,910	475,191	381,683
Income before depreciation expense	124,777	63,018	400,317	234,883
Depreciation and amortization expense	17,662	2,518	35,345	4,989
Income before Other Income/(Expenses)	107,115	60,500	364,972	229,894
Other Income/(Expenses)
Interest and other income	1	1	3	3
Unrealized gain/(loss)	522	(1,286)	1,140	130
Interest expense	(12,526)	(5,851)	(20,940)	(11,224)
Total Other Income/(Expenses)	(12,003)	(7,136)	(19,797)	(11,091)
Income before Provision for Income Taxes	95,112	53,364	345,175	218,803
Income tax expense	(37,237)	(11,033)	(114,957)	(72,385)
Net Income	$ 57,875	$ 42,331	$ 230,218	$ 146,418
BASIC AND DILUTED INCOME PER SHARE	$ 0.00	$ 0.00	$ 0.00	$ 0.00
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED	169,409,620	169,409,620	169,409,620	169,409,620

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 230,218	$ 146,418
Depreciation and amortization	35,345	4,989
Unrealized (gain)/loss on investment	(1,140)	(130)
Allowance for doubtful accounts	(3,249)
(Increase) Decrease in accounts receivable	(162,489)	53,805
(Increase) Decrease in inventory	2,507	(347,577)
(Increase) Decrease in prepaid expenses		5,308
(Increase) Decrease in deferred tax asset		5,400
(Increase) Decrease in other assets	(827)
Increase (Decrease ) in accounts payable and accrued liabilities	(222,709)	(29,298)
Increase (Decrease ) in deferred operating lease liability	(4,996)	1,054
Increase (Decrease ) in deferred tax liability	(2,400)
Increase (Decrease ) in corporate income tax payable	117,357	61,677
NET CASH USED IN OPERATING ACTIVITIES	(12,383)	(98,354)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	1,687
Proceeds from the sale of investment		(2,015)
Purchase of fixed assets	(2,396)
NET CASH USED BY INVESTING ACTIVITIES	(709)	(2,015)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on related party loans		(1,671)
Purchase of treasury stock	(1,635)	(961)
Proceeds from loan payable	350,000
Payments on promissory note	(32,508)
Proceeds from credit line	(556,162)	(383,090)
NET CASH USED BY FINANCING ACTIVITIES	(240,305)	(385,722)
NET DECREASE IN CASH	(253,397)	(486,091)
CASH, BEGINNING OF PERIOD	415,962	589,472
CASH, END OF PERIOD	162,565	103,381
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	6,626	5,840
Income taxes

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 162,565	$ 415,962
Investment	5,444	5,991
Accounts receivable, net of allowance of $4,584 and $7,833, respectively	724,307	558,569
Prepaid corporate taxes	77,605	77,605
Inventory	798,429	800,936
Other asset	11,829	11,002
Total Current Assets	1,780,179	1,870,065
Property and Equipment, at cost
Office and computer equipment	700,735	698,339
Leasehold improvements	15,700	15,700
Property and Equipment, gross	716,435	714,039
Less accumulated depreciation	(260,198)	(224,935)
Net Property and Equipment	456,237	489,104
Other Assets
Deposits	29,862	29,862
Customer base, net of accumulated amortization of $18,259
Trademark, net of accumulated amortization of $1,085 and $1,002, respectively	565	648
Goodwill	17,765	17,765
Total Other Assets	48,192	48,275
Total Assets	2,284,608	2,407,444
Current Liabilities:
Accounts payable	472,217	697,339
Accrued liabilities	11,192	8,780
Deferred operating lease liability	9,594	14,590
Deferred tax liability	54,900	57,300
Corporate tax payable	117,357
Notes payable related parties	108,023	108,023
Business lines of credit	141,680	697,842
Loan payable	350,000
Promissory note, current portion	58,370	58,370
Total Current Liabilities	1,323,333	1,642,244
Long Term Liabilities
Promissory note	303,042	335,550
Total Long Term Liabilities	303,042	335,550
Total Liabilities	1,626,375	1,977,794
Shareholders' Equity
Common stock, $0.001 par value; 1,000,000,000 authorized common shares 169,409,620 shares issued and outstanding	169,410	169,410
Additional paid in capital	(77,594)	(77,594)
Treasury stock	(16,568)	(14,933)
Retained earnings	582,985	352,767
Total Shareholders' Equity	658,233	429,650
Total Liabilities and Shareholders' Equity	$ 2,284,608	$ 2,407,444