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 MAY 31, 2005
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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 May 31, 2005
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Common stock, $.01 par value 26,852,000 shares
REPRO-MED SYSTEMS, INC.
TABLE OF CONTENTS
PART I PAGE
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ITEM 1. Financial Statements
Balance Sheet (Unaudited) - May 31, 2005 .......................... 3
Statements of Operations (Unaudited) - for the Three-Months
Ending May 31, 2005 and May 31, 2004 .............................. 4
Statements of Cash Flow (Unaudited) - for the Three-Months
Ending May 31, 2005 and 2004 ...................................... 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 ................................................. 11
ITEM 2. Changes in Securities and Use of Proceeds ......................... 11
ITEM 3. Defaults Upon Senior Securities ................................... 11
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
UNAUDITED
MAY 31,2005 FEBRUARY 28, 2005
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ASSETS
------
CURRENT ASSETS
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Cash & Cash Equivalents ........................... $ 17,024 $ 37,330
Accounts Receivable, net .......................... 114,568 125,078
Inventory ......................................... 357,281 371,569
Prepaid Expenses .................................. 24,962 36,531
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TOTAL CURRENT ASSETS .................................. 513,835 570,508
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PROPERTY AND EQUIPMENT, NET ........................... 321,088 337,708
OTHER ASSETS
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Patents, net of amortization ...................... 37,394 35,079
Goodwill, net of amortization ..................... 9,239 9,329
Security Deposits ................................. 27,652 27,652
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TOTAL OTHER ASSETS .................................... 74,285 72,060
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TOTAL ASSETS .......................................... $ 909,208 $ 980,276
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
--------------------------------------------
CURRENT LIABILITIES
-------------------
Accounts Payable .................................. $ 345,330 $ 348,316
Note Payable to Related Parties ................... 7,000 7,000
Accrued Expenses .................................. 53,562 60,588
Note Payable to Bank - Demand ..................... 198,553 198,553
Accrued Interest .................................. 34,796 31,469
Accrued Preferred Stock Dividends ................. 24,000 24,000
Accrued Payroll and Related Taxes ................. 7,709 33,703
Current Portion Capital Lease Obligations ......... 15,755 19,084
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TOTAL CURRENT LIABILITIES ......................... 686,705 722,713
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OTHER LIABILITIES
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Capital Lease Obligations, Less Current Portion ... 5,615 10,381
Deferred Capital Gain Income ...................... 309,117 314,736
Long-Term Debt - Notes Payable .................... 530,000 450,000
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TOTAL LIABILITIES ..................................... 1,531,437 1,497,830
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STOCKHOLDERS' EQUITY
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Preferred Stock, 8% Cumulative, liquidation value
$100,000 Par Value Authorized 2,000,000 Shares,
Issued & Outstanding 10,000 Shares at
May 31, 2005 And February 28, 2005 .............. 100 100
Common Stock, $.01 Par Value,
Authorized 50,000,000 Shares, 26,852,000 shares
and 26,027,000 shares issued and outstanding at
May 31, 2005 and February 28, 2005, respectively 268,520 260,270
Additional Paid-in Capital ........................ 2,335,551 2,302,551
Accumulated Deficit ............................... (3,084,400) (2,938,475)
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(480,229) (375,554)
Less Treasury Stock, 2,275,000 shares at Cost at
May 31, 2005 and February 28, 2005 .............. (142,000) (142,000)
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT) .................. (622,229) (517,554)
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY .............. $ 909,208 $ 980,276
=========== ===========
See Accompanying Notes to Financial Statements
3
REPRO-MED SYSTEMS, INC.
STATEMENTS OF OPERATIONS
UNAUDITED
FOR THE 3 MONTHS ENDED
MAY 31,2005 MAY 31,2004
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SALES
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Net Sales ...................................... $ 382,302 $ 507,475
COST AND EXPENSES
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Cost of Goods Sold ........................... 178,657 219,800
Selling, General & Administrative Expenses ... 261,097 224,207
Research and Development ..................... 10,961 10,443
Stock-Based Compensation ..................... 41,250 20,000
Depreciation and Amortization ................ 20,104 20,544
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TOTAL COST AND EXPENSES ........................ 512,069 494,994
============ ============
NET OPERATING LOSS ............................. (129,767) 12,481
Non-Operating Income (Expense)
Interest Expense ............................. (17,773) (11,843)
Interest & Other Income ...................... 1,615 403
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(16,158) (11,440)
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NET LOSS ....................................... (145,925) 1,041
============ ============
INCOME (LOSS) PER COMMON SHARE
Basic and Diluted ............................ $ (0.01) $ 0.01
============ ============
Average Common Shares Outstanding ............ 24,299,011 24,472,888
See Accompanying Notes to Financial Statements
4
REPRO-MED SYSTEMS, INC.
STATEMENTS OF CASH FLOWS
UNAUDITED
FOR THE THREE MONTHS ENDED
MAY 31, 2005 MAY 31, 2004
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CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) ................................ $(145,925) 1,041
Adjustments to reconcile net (loss) to cash
used in operating activities:
Stock-Based Compensation ..................... 41,250 20,000
Depreciation and Amortization ................ 20,104 20,544
Capital Gain - building lease ................ (5,619) (5,619)
Decrease (Increase) in Accounts Receivable ... 10,510 (77,976)
Decrease in Inventories ...................... 14,288 28,748
Decrease (Increase) in Prepaid Expenses ...... 11,569 (5,277)
Decrease in Accounts Payable ................. (2,986) (56,292)
Decrease (Increase) in Accrued Expenses ...... (29,693) (6,634)
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NET CASH USED IN OPERATIONS ...................... (86,502) (81,465)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures ......................... (5,709) (10,589)
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NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES ........................... (5,709) (10,589)
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CASH FLOW PROVIDED BY FINANCING ACTIVITIES:
Notes Payable - President and Others ............. 80,000 100,000
Payments, Increased Obligations on
Capitalized Leases ............................. (8,095) (5,912)
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NET CASH PROVIDED BY FINANCING ACTIVITIES ........ 71,905 94,088
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NET (DECREASE) INCREASE IN CASH .................. (20,306) 2,034
Cash and Cash Equivalents - Beginning of Period .. 37,330 219,682
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Cash and Cash Equivalents - End of Period ........ $ 17,024 $ 221,716
========= =========
Supplemental disclosures of Cash Flow Information:
Interest ..................................... $ 14,497 $ 11,843
Income Taxes ................................. - -
See Accompanying Notes to Financial Statements
5
REPRO-MED SYSTEMS, INC.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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
consolidated financial statements and related footnotes for the year ended
February 28, 2005 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 May 31, 2005, and the results of operations and cash flows for
the three-month periods ended May 31, 2005 and 2004 have been included.
The results of operations for the three-month period ended May 31, 2005, 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, 2005.
STOCK HOLDERS' EQUITY/NOTES PAYABLE
During the quarter ended May 31, 2005, the company executed note agreements for
$80,000. In connection with the execution of those agreements, the Company is
obligated to issue four shares of its common stock each year for each dollar of
principal borrowed. As of May 31, the Company is obligated to issue an
additional 145,000 shares for previously executed note agreements. Such shares
have been considered as issued for purposes of financial reporting.
GOING CONCERN
As shown in the accompanying financial statements, the Company incurred a net
loss of $104,675 during the three months ended May 31, 2005 and has an
accumulated deficit of $3,084,400. Additionally, for the three months ended May
31, 2005, the Company had a negative working capital of $172,870. 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 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 the new marketing strategies will be sufficient to enable
it to develop business to a level where it will generate profits and cash flows
from operations.
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.
6
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 MAY 31, 2005 AND 2004
----------------------------------------
Sales of the FREEDOM60 Syringe Infusion System and related accessories increased
13.0% in the quarter ending May 31, 2005, as compared to the same period in
2004. We also experienced a 16.1% increase in revenues from non-core products
(Gyneco, RESTORE, Repro-Med THD) and OEM manufacturing. Additionally, we saw our
first revenues from the veterinary market, which consists of an OEM contract as
well as sales of final products. Revenues in this market were $25,100 in the
first quarter of this year, compared to $0 in 2004. However, sales of the
RES-Q-VAC and accessories declined 45.5% quarter over quarter. This more than
offset our revenue increases in other product lines. As a result, total sales
for the first quarter declined 24.7% to $382,302 compared to $507,475 in 2004.
Approximately 92% (or $116,350) of the total sales decline occurred in
international markets, concentrated in Europe.
Gross profit (Net Sales less Cost of Goods Sold) decreased from 56.7% of net
sales in 2004 to 53.2% in 2005 due, in part, to fixed overhead expenses such as
rent, utilities and insurance that are partially allocated to Cost of Goods
Sold, but that do not decrease with revenue reductions.
Selling, general and administrative expense increased 16.5% ($36,890) to
$261,097 in 2005 from $224,207 in 2004 reflecting, in part, an increased sales
and marketing payroll and increased spending on sales and marketing efforts
including mailings, trade shows and associated travel.
7
Research and development expenses increased $518, or 5%, from 2004 to 2005. This
change was principally due to an increase in allocated overhead expenses.
Depreciation and amortization expense decreased slightly ($441) period over
period as the amount of equipment reaching the end of its depreciable life
slightly exceeded capital purchases.
Interest expense increased 50%, period over period, as a result of an increase
in loans obtained through the company's promissory note program as well as an
increase in the prime lending rate, to which the interest rates for our
promissory note program and bank line of credit are tied.
The Other Income category is primarily partial reimbursement from a job training
program for production payroll expenses incurred and expensed in FY2005.
As a result of the substantially lower sales volume, higher marketing expenses
and an increase in stock-based compensation, Net Profit declined by $146,966
from a profit of $1,041 (which included $20,000 in stock-based compensation, a
non-cash expense) in the quarter ended May 31, 2004 to a loss of $145,925
(including $41,250 in stock-based compensation) in the quarter ending May 31,
2005.
RES-Q-VAC
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We have added several features to the RES-Q-VAC which make the product much more
interesting not only in the current markets but in several new markets as well.
The first of these improvements is the addition of FULL STOP PROTECTION (FSP) to
the RES-Q-VAC, which protects the users from any contamination from overflow and
traps all pathogens inside the suction container. This feature is also a
requirement of the Occupational Safety and Health Administration under OSHA
29CFR 1910.1030 - Occupational Exposure to Bloodborne Pathogens. The RES-Q-VAC
is the only hand-held non-electric suction system with sterile catheters for
infants, large catheters for adults, and meets the intent of the OSHA
requirements with the FSP device. The Company has received a letter from OSHA
confirming that the Full Stop Protector falls under the engineering controls of
the Bloodborne Pathogen regulation and therefore would be required by any
employer of medical personnel to protect their employees from potentially
infectious materials. The Centers for Disease Control in Atlanta have issued
guidelines for medical personnel for the treatment of patients with SARS which
include the recommendation to employ suction devices containing HEPA type
filtration on the output to prevent the spread of this disease. We believe
RES-Q-VAC is the only hand-held portable suction system which meets this
requirement.
We have also added new sturdier connectors to our pediatric catheters, which
allow them to connect directly to the adult containers with FSP. These
connectors allow pediatric suctioning with the benefit of the full protection
FSP 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
8
market penetration with major master distributors who will have much greater
sales volume and be able to better support our products. In the domestic market,
there are currently two major distributors who have expressed interest in
working with us in this capacity, and we are moving aggressively towards
finalizing these arrangements.
We are also moving to consolidate international RES-Q-VAC distribution, as well,
by selecting one or two master distributors in each country. We already have
master distribution in Norway, Sweden, Denmark, Iceland, Finland, Estonia,
Latvia, and Lithuania. We are currently negotiating single-point distribution in
Italy and the United Kingdom. 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 continued our major sales efforts into the nursing home 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 the recent 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.
In the first quarter we continued our direct mail and telephone marketing
program to introduce RES-Q-VAC to the nursing home market. We also conducted
discussions with nursing home chains and distributors in this market. We plan to
continue the mail and telemarketing campaign to the greatest extent possible
with our resources.
We also began limited 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.
In March, 2005, we signed a contract with a company in the veterinary
(livestock) industry to private label our RES-Q-VAC pump for use in their new,
patented milking product.
FREEDOM60
---------
In 2005, we joined the National Home infusion Association (NHIA) and began a
mailing and telemarketing campaign to all their members. This effort resulted in
several new customers and potential leads which we believe will develop into
additional users. The decrease in reimbursement and insurance places strong
pressure on home care providers to seek out effective and affordable infusion
systems. The FREEDOM60 enables home care providers to offer high quality
infusions and become (or remain) profitable.
The FREEDOM60 is currently used for most antibiotics including vancomycin - a
difficult drug which if not infused accurately can create unpleasant side
effects. We also provide the Freedom60 for specialty drugs, such as Desferal for
the treatment of Thalassemia, chemotherapeutic agents, epidural continuous pain
control with ropivacaine, for IV push in the hospital specifically for static
stress testing, among others.
9
For the past few years, the FREEDOM60 had been in trials in Cleveland for use
with Immunoglobulin G for the treatment of primary immune deficiency. The new
methodology, not yet approved by Food and Drug Administration, is to infuse the
IgG subcutaneously instead of into the vein. The research has indicated that a
subcutaneous infusion is much better tolerated by the patient with fewer
unpleasant side effects. The results of the study have been widely publicized
throughout the industry and there is much interest in the FREEDOM60 to
administer this treatment. Immunoglobulin is also used in the treatment of other
disease states, and we have had interest from major national providers to use
the FREEDOM60 for this application.
This past quarter we were also made aware of a new study for ALS ("Lou Gehrigs
Disease") using the antibiotic Rocephin (or its generic ceftriaxone) which
appears to improve the health of these patients. The FREEDOM60 is ideal for this
application as the flow rates and volumes are perfect to use directly with the
FREEDOM60. The study involves 600 patients and approximately 800,000 doses of
drug. The FREEDOM60 is currently being considered for use in the trial; however,
there is no assurance that it will be selected. Even if the FREEDOM60 is not
selected for use in the trial, it still would have applications for use in the
field to provide therapy for these patients if the drug protocol proves
effective.
TRADE SHOWS
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In March, 2005, we exhibited the RES-Q-VAC at the EMS Today show in Philadelphia
where we were showing a new LED illuminator for the RES-Q-VAC. In the opinion of
many users, this would be a valuable feature, and subsequently we have applied
for patent protection for this new feature.
In May, we exhibited the FREEDOM60 at the Infusion Nurses Society (INS) trade
show in Ft. Lauderdale, Florida. We received over 100 leads, demonstrating the
level of interest for a no-compromise infusion system for the patient at a cost
comparable with a gravity drip bag system. This confirms our belief that this is
a needed system for the home care and nursing home market.
Subsequently, in June we exhibited at Ambex in the United Kingdom for the RES-Q-
VAC in support of our network of distributors in the British Isles. We are
planning to structure a Repro-Med depot to better support our sales and
marketing into the UK. We have begun to further explore sales to new markets in
the UK such as hospitals, nursing homes, veterinary, and dental.
Also in June, we exhibited the RES-Q-VAC at the NADONA show in New Orleans.
NADONA is the lead organization for Directors of Nursing for long-term care
(nursing homes) and we came back with approximately 100 leads. As a result of
this show, we have begun working with a new major national distributor well
positioned in the home care, nursing home, veterinary and dental markets.
Several of the leads from the show have purchased product, indicating to us that
the RES- Q-VAC is a valuable device for nursing homes to provide medical airway
management during emergencies in any location, and at any time, including power
outages. The RES-Q-VAC, when equipped with our FULL STOP PROTECTION feature,
helps protects the health of the medical staff, provides quality care for the
resident (patient), assists in meeting Federal codes, and may prevent legal
actions for not providing prompt treatment as a standard of care.
10
OTHER
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Our distributor in Europe, Gama Sanitos, is engaged in establishing the
FREEDOM60 as the device of choice for the treatment of post-operative pain
control throughout Europe. We continue to explore the potential of this
application in the domestic market.
The FREEDOM60 Syringe Infusion System is in the process of being evaluated by
the Bath Institute of Medical Engineering (BIME) in the United Kingdom for
eventual sale in that market.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
During June 2000, we negotiated a $200,000 line of credit with M&T Bank that is
guaranteed by the President and one of the directors. As of May 31, 2005,
$198,553 has been advanced on the line of credit. In accordance with the
agreement, the line of credit was to be renewed or paid off by June 30, 2001. We
have received a verbal continuance from the bank through June 30, 2003. We have
not received a demand for repayment of the loan and continue to make interest
payments.
Commencing in mid-February, 2004, we started raising capital from a promissory
note and stock offering which raised $225,000 by the end of the fiscal year
ended February 29, 2004. This five year promissory note pays 2% over prime plus
four share of common stock per year for every year the loan is in place. We
received $100,000 under the same program in the first quarter of Fiscal Year
2005. An additional $80,000 was received on the same terms in the first quarter
of Fiscal Year 2006. Another $25,000 was raised in the first and second quarters
of 2003 under similar terms.
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 other material
litigation threatened against the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
11
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 May 31, 2005.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
31.1 Certification of Chief Executive Officer and Principal Financial
Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Chief Executive Officer and Principal Financial
Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K
None
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 July 15, 2005
---------------------
Andrew I. Sealfon, President, Treasurer,
Chairman of the Board, Director, and
Chief Executive Officer
12