Advanced Medical Institute (AMI)
Advanced Medical Institute (AMI) is a service provider company, which arranges for patients with sexual dysfunction and prostate problems in Australia, New Zealand, China and the United Kingdom to be provided with medical services, pharmaceuticals and associated clinical support services. As of June 30, 2008, Advanced Medical Institute (AMI) operated a centralized call center and 20 clinics throughout Australia and New Zealand. AMI has an arrangement with two hospitals in Beijing where Chinese patients are treated, and Advanced Medical Institute (AMI) has established two clinics in the United Kingdom to service United Kingdom patients. AMI’s products and services are only available by prescription and are sold on an off-label basis. Advanced Medical Institute (AMI) treatment programs are generally available in the same manner through its medical clinics and its over-the-phone sales and marketing program.
Advanced Medical Institute (AMI) were originally incorporated under the name of Hawksdale Financial Visions, Inc. on December 6, 1996 under the laws of the State of Nevada. We were involved in the business of timeshares, but became dormant on March 31, 1997, and until January 28, 2005, we were a "blank check" company with nominal assets. On October 15, 2004, we changed our name to "Advanced Medical Institute Inc." On March 21, 2005, we completed a Share Exchange Agreement with Advanced Medical Institute (AMI), a privately owned Australian company ("AMI Australia"), whereby AMI Australia became our wholly-owned subsidiary. On November 17, 2005, we entered into a Share Exchange Agreement with PE Patent Holdco Pty Limited, a privately owned Australian company ("PE Patent Holdco"), whereby PE Patent Holdco became our wholly-owned subsidiary. On September 8, 2006, Advanced Medical Institute (AMI) entered into a Share Exchange Agreement with Worldwide PE Patent Holdco Pty Limited (ACN 117 157 727), a privately owned Australian company ("Worldwide PE"), whereby Worldwide PE became our wholly-owned subsidiary.
Advanced Medical Institute (AMI) is a service provider company, which arranges for patients with sexual dysfunction and prostate problems in Australia, New Zealand, China and the United Kingdom to be provided with medical services, pharmaceuticals and associated clinical support services. On September 15, 2008, Advanced Medical Institute (AMI) announced expansion of our operations to the United Kingdom where we opened up our treatment centers, contracts with independent doctors and pharmacies and began airing infomercials throughout the country.
As of December 31, 2008, Advanced Medical Institute (AMI) had total liabilities of $20,734,103, including unearned revenue of $5,503,498, and we had a positive net worth of $24,460,262. As of June 30, 2008, we had total liabilities of $22,027,966, including unearned revenue of $6,922,800, and we had a positive net worth of $33,474,159. The predominant reason for the significant reduction in the net worth of the Company between June 30, 2008 and December 31, 2008 is due to a significant deterioration in the A$ exchange rate as compared to the US$ exchange rate.
Advanced Medical Institute (AMI) aggregate cash balances as at December 31, 2008 were $1,356,170, our inventory was $780,912, and our net receivables were approximately $17.8 million. These receivables are due on average within 90-180 days. Advanced Medical Institute (AMI) forecast that we will be able to generate sufficient funds from our business to fund our operations in the ordinary course during the next 12 months. Management has expanded our business into the United Kingdom and China and is considering further international expansion through establishing new sales clinic operations.