DGS-150328.1
May 14, 1999 2:47 PM
DGS-150328.1
May 14, 1999 2:47 PM

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

       X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES AND EXCHANGE ACT OF 1934

                For the quarterly period ended March 31, 1999


      _     TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT
            OF 1934
                        For the transition period from to
                        Commission File Number 000-24541

                          CORGENIX MEDICAL CORPORATION
                 (Name of Small Business Issuer in its Charter)


                 Nevada                                93-1223466
    (State or other jurisdiction of       (I.R.S. Employer Identification No.)
     incorporation or organization)


               12061 Tejon Street, Westminster, Colorado 80234

         (Address of principal executive offices, including zip code)

                                (303) 457-4345

               (Issuer's telephone number, including area code)

      (Former  name,  former  address and former fiscal year, if changed since
      last report)

Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the  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 _

The number of shares of Common Stock  outstanding was 16,827,116 as of April 30,
1999.

Transitional Small Business Disclosure Format.     Yes _     No  X

<PAGE>




                          CORGENIX MEDICAL CORPORATION


                                 March 31, 1999





                                TABLE OF CONTENTS





                                     Part I

                              Financial Information
                                                                            Page

      Item 1. Financial Statements                                     3


      Item 2. Management's  Discussion and Analysis of Financial       7 
              Condition and Results of Operations          



                                     Part II


                                Other Information


      Item 1.     Legal Proceedings                                   16


      Item 2.     Changes in Securities and Use of Proceeds           16


      Item 3.     Defaults Upon Senior Securities                     16


      Item 4.     Submission of Matters to a Vote of Security Holders 16


      Item 5.     Other Information                                   16


      Item 6.     Exhibits and Reports on Form 8-K                    16


      Signatures                                                      20




<PAGE>



CORGENIX MEDICAL CORPORATION
AND SUBSIDIARY

Consolidated Balance Sheets

------------------------------------------------------------------------------


                                             March 31,      June 30,
                                              1999           1998
                                          ------------------------------
                                           (unaudited)
Assets

Current assets:
  Cash and cash equivalents                $      11,341        216,314

  Accounts receivable, less allowance            434,807        369,710
    for doubtful accounts of $6,600
  Note receivable                                  27,425        27,425
  Inventories                                     484,641       511,408
  Prepaid expenses                                  8,727        16,876
                                          ------------------------------
            Total current assets                  966,941     1,141,733

Equipment:
  Machinery and laboratory equipment              315,461       304,744
  Furniture, fixtures and office                  243,726       238,761
    equipment                             ------------------------------
                                                  559,187       543,505
  Accumulated depreciation and                  (385,471)     (328,421)
    amortization                          ------------------------------
          Net equipment                           173,716       215,084

Intangible assets:
  Patents, net of accumulated                     
  amortization of $626,259 and $572,484             
  at March 31, 1999 and June 30,1998, 
  respectively                                    491,285       545,060

  Goodwill, net of accumulated                     
  amortization of $30,433 and $32,523                
  at March 31, 1999 and June 30,1998, 
  respectively                                     28,224        29,065
                                          ------------------------------
                                                  519,509       574,125
                                          ------------------------------
Due from officer                                   12,000        12,000
Other assets                                       14,284        22,652
                                          ==============================
          Total assets                    $     1,686,450     1,965,594
                                          ==============================

Liabilities and Stockholders' Equity
(Deficit)
Current liabilities:
  Current portion of notes payable                258,152       287,765
  Accounts payable                                715,637       427,809
  Accrued payroll and related liabilities         171,759       106,757
  Other liabilities                                91,499       116,054
                                          ------------------------------
          Total current liabilities             1,237,047       938,385

Notes payable, excluding current portion          842,974       853,349
                                          ------------------------------
          Total liabilities                     2,080,021     1,791,734

Stockholders' equity (deficit):
  Preferred stock, $0.001 par value.                    -             -
Authorized 5,000,000 shares; none issued
     or  outstanding

  Common stock, $0.001 par value.
Authorized 20,000,000 shares; issued               16,422        12,102
    and outstanding 16,391,794 in March
and 12,102,494 shares in June
  Additional paid-in capital                    3,622,768     3,610,798
  Stock subscription receivable                         -      (25,651)
  Accumulated deficit                         (4,032,761)   (3,423,389)
                                          ------------------------------
     Total stockholders' equity (deficit)       (393,571)       173,860
                                          ------------------------------

     Total liabilities and stockholders'  $     1,686,450     1,965,594
equity (deficit)
                                          ==============================

See accompanying notes to consolidated financial statements.


                                    -  3  -



<PAGE>


CORGENIX MEDICAL CORPORATION
AND SUBSIDIARY

Consolidated Statements of Operations

------------------------------------------------------------------------------

                              Three Months Ended        Nine Months Ended
                             March 31,   March 31,   March 31,     March 31,
                               1999        1998         1999         1998
                            ---------------------------------------------------
                                  (Unaudited)                (Unaudited)



Net sales                     $ 711,675     628,328    1,889,482     1,832,338
Cost of sales                   298,768     275,440      810,867       819,555
                            ---------------------------------------------------

          Gross profit          412,907     352,888    1,078,615     1,012,783

Operating expenses:
  Selling and marketing          57,729     194,001      504,394       538,041
  Research and development      111,640     104,857      305,649       289,419
  General and administrative    303,779     240,281      794,726       688,078
                            ---------------------------------------------------
  Total expense                 473,148     539,139    1,604,769     1,515,538

          Operating loss        (60,241)   (186,251)    (526,154)     (502,755)


Interest expense, net            36,758      82,683       83,218       118,727
                            ---------------------------------------------------


          Net loss             (96,999)   (268,934)    (609,372)     (621,482)
                            =================================================== 
Net loss per share basic        $(0.01)      (0.06)       (0.04)        (0.13)
and diluted

Weighted average shares      16,370,428   4,891,650   14,013,953     4,891,650
outstanding basic and diluted


See accompanying notes to consolidated financial statements.

                                     - 4 -

<PAGE>


CORGENIX MEDICAL CORPORATION
AND SUBSIDIARY

Consolidated Statements of Cash Flows
------------------------------------------------------------------------------

                                                        Nine Months Ended
                                                     March 31,    March 31,
                                                       1999         1998
                                                    --------------------------

(Unaudited)


Cash flows from operating activities:
  Net loss                                         $  (609,372)    (621,482)
  Adjustments to reconcile net loss to net cash
    used by operating activities:
     Depreciation and amortization                     116,223      156,522
     Common stock issued for service                    12,000         -

Changes in operating assets and liabilities:
            Accounts receivable                        (65,097)     303,005
            Inventories                                 26,767      (82,357)
            Prepaid expenses and other assets           16,250       21,738
            Accounts payable                           287,828       (5,220)
            Accrued payroll and related liabilities     65,002       (5,378)
            Other liabilities                          (24,555)     (17,412)
                                                   ----------------------------


            Net cash used by operating activities  $  (174,954)    (250,584)
                                                   ----------------------------


Cash flows provided (used) by                          (15,682)      57,631
 investing activities - sales                      
 (purchase) of equipment                         

Cash flows from financing activities:
  Borrowings on notes payable                           15,996      118,249
  (Payments) on notes payable                          (55,984)     (45,287)
  Cash receipts on stocksub scription                   25,651          -
                                                    ----------------------------

       Net cash provided by (used by)
          financing activities                         (14,337)      72,962
                                                    ----------------------------



       Net decrease in cash and cash                  (204,973)    (119,991)
          equivalents

  Cash and cash equivalents at                     $   216,314      141,086
  beginning of period                              ----------------------------



  Cash and cash equivalents at                     $    11,341       21,095
  end of period                                    ============================


Supplemental disclosure -                          $    46,975       25,237
   cash paid for interest


See accompanying notes to consolidated financial statements.




                                     - 5 -

<PAGE>


                 CORGENIX MEDICAL CORPORATION AND SUBSIDIARY

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.    DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

      Corgenix  Medical   Corporation   (Corgenix  or  the  Company)   develops,
manufactures  and markets  diagnostic  products for the  serologic  diagnosis of
certain vascular diseases and autoimmune disorders using proprietary technology.
The Company  markets its products to hospitals  and  free-standing  laboratories
worldwide through a network of sales representatives,  distributors, and private
label (OEM) agreements.  The Company's  offices and  manufacturing  facility are
located in Westminster, Colorado.

      The consolidated  financial statements include the accounts of the Company
and its wholly-owned  subsidiary,  Corgenix (UK) Limited (Corgenix UK). Corgenix
UK was  established  as a United  Kingdom  company  during  1996 to  market  the
Company's products in international  markets. The operations of Corgenix UK were
not significant for the periods ended March 31, 1999 and 1998.

      The accompanying  unaudited  consolidated  financial  statements have been
prepared  pursuant to the rules and  regulations  of the Securities and Exchange
Commission.  Certain information and footnote  disclosures  normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles   have  been  condensed  or  omitted   pursuant  to  such  rules  and
regulations.  Although the Company believes that the disclosures are adequate to
make the  information  presented  not  misleading,  it is  suggested  that these
consolidated  financial  statements  be read in  connection  with the  financial
statements  and notes thereto  included in the  Company's  annual report on Form
10-KSB for the year ended June 30, 1998.

      In the opinion of  management,  the  accompanying  consolidated  financial
statements include all adjustments,  consisting of normal recurring accruals and
adjustments,  required to present  fairly the  Company's  financial  position at
March 31, 1999 and June 30, 1998,  and the results of their  operations for each
of the three and nine month periods ended March 31, 1999 and 1998,  and the cash
flows for the nine month periods then ended.

      The  operating  results for the three and nine months ended March 31, 1999
are not necessarily  indicative of the results that may be expected for the year
ended June 30, 1999.

2.    LOSS PER SHARE

     Basic and diluted loss per share is presented based on the weighted average
number of common shares outstanding during the period. The impact of warrants is
anti-dilutive due to losses and the exercise price of the warrants.

3.    INCOME TAXES

      The Company  incurred  losses in the three and nine months ended March 31,
1999 and 1998. The Company has  historically  incurred losses and accordingly no
tax benefit is recognized as it is not more likely than not that tax losses will
result in a benefit to the Company.

4.    STOCK PURCHASE PLAN AND STOCK COMPENSATION PLAN

            On December 17, 1998, the Company enacted an employee stock purchase
plan (the  "Stock  Purchase  Plan") and a stock  compensation  plan (the  "Stock
Compensation  Plan") to provide  officers of the Company with an  opportunity to
receive  shares of the  Company's  common  stock in lieu of all or a portion  of
their salaries. On December 17, 1998, the Company reserved 500,000 shares of the
Company's  authorized but unissued  common stock for the Stock Purchase Plan and
the Stock  Compensation  Plan.  As of March 31,  1999,  the  Company  had issued
184,706 shares of Common Stock pursuant to the Stock Purchase Plan and the Stock
Compensation Plan.




                                     - 6 -

<PAGE>


                 CORGENIX MEDICAL CORPORATION AND SUBSIDIARY



   Item 2. Management's Discussion and Analysis Of Financial Condition and
                              Results of Operations


      The  following   discussion   should  be  read  in  conjunction  with  the
consolidated  financial  statements and  accompanying  notes included  elsewhere
herein.


      General


      Since the Company's inception, Corgenix has been primarily involved in the
research, development,  manufacturing and marketing of diagnostic tests for sale
to hospitals and clinical  laboratories.  Corgenix currently markets 23 products
covering autoimmune  disorders,  vascular diseases,  bone and joint diseases and
liver  disease.  Corgenix's  products are sold in the United States  through the
Company's   marketing   and   sales   organization   that   includes   12  sales
representatives,  internationally  through an extensive distributor network, and
to several significant OEM partners.


      Corgenix  manufactures  products for inventory  based upon expected  sales
demand,  shipping  products to customers,  usually within 24 hours of receipt of
orders. Accordingly, Corgenix does not operate with a significant backlog.


      Except  for the  fiscal  year  ending  June  30,  1997,  the  Company  has
experienced revenue growth since its inception, primarily from sales of products
and contract  revenues from strategic  partners.  Contract  revenues  consist of
licensing  fees,  milestone  payments,  and royalty  payments  from research and
development agreements with strategic partners.


      Beginning in fiscal year 1996,  Corgenix  added  third-party  OEM licensed
products to its diagnostic product line,  licensing six diagnostic products from
Cambridge  Life  Sciences plc  ("Cambridge").  In 1998,  the Company  added four
additional  products to its product line  through OEM licenses  from other third
party  manufacturers.  Corgenix  expects to expand its  relationship  with other
companies in the future to gain access to additional products.


      Although Corgenix has experienced growth in revenues every year since 1990
except for fiscal 1997, there can be no assurance that, in the future,  Corgenix
will sustain  revenue  growth or achieve  profitability.  Corgenix's  results of
operations may fluctuate  significantly from  period-to-period  as the result of
several factors,  including:  (i) whether and when new products are successfully
developed  and  introduced,  (ii) market  acceptance of current or new products,
(iii)  seasonal  customer  demand,  (iv) whether and when Corgenix  receives R&D
milestone  payments and license  fees from  strategic  partners,  (v) changes in
reimbursement  policies for the products that Corgenix sells,  (vi)  competitive
pressures on average  selling prices for the products that Corgenix  sells,  and
(vii) changes in the mix of products that Corgenix sells. See "  Forward-Looking
Statements and Risk Factors".


      Results of Operations


      Three Months Ended March 31, 1999 and 1998


      Net  sales.  Net sales  for the three  months  ended  March 31,  1999 were
$712,000,  a 13.4%  increase from $628,000 in 1998 due to timing of  partnership
payments.  A component of net sales,  gross  product  sales,  decreased  1.0% to
$703,000 in 1999 from $710,000 in 1998.


      Cost of sales.  Cost of sales  increased to $299,000 in 1999 from $275,000
in 1998 due to increased sales for the quarter.  As a percentage of sales,  cost
of sales decreased to 42.0% in 1999 from 43.8% in 1998.  Gross profit  increased
17.0% to $413,000 in 1999 from $353,000 in 1998.

                                     - 7 -


<PAGE>



      Selling and marketing.  Selling and marketing  expenses decreased 70.0% to
$58,000 in 1999 from $194,000 in 1998,  primarily due to lower  promotional  and
marketing  expenses  associated with the Company's U.S. and international  sales
effort in 1999.

      Research and development. Research and development expenses increased 6.7%
to  $112,000  in 1999  from  $105,000  in  1998,  due to  increased  development
programs.

      General and administrative.  General and administrative expenses increased
26.7% to $304,000 in 1999 from  $240,000 in 1998,  due  primarily to the Company
incurring additional  administrative  expenses in 1999 resulting from becoming a
public reporting company.

      Net loss. Net loss for the third quarter decreased to $97,000 in 1999 from
$269,000 in 1998 as a result of increased  sales,  and  decreases in selling and
marketing expenses.



      Nine Months Ended March 31, 1999 and 1998


      Net  sales.  Net  sales for the nine  months  ended  March  31,  1999 were
$1,889,000,  a 3.1%  increase  from  $1,832,000  in 1998.  Gross  product  sales
increased 1.2% to $1,836,000 in 1999 from $1,815,000 in 1998, due to an increase
in the number of customers in the United States and  continued  expansion of the
international distribution network.


      Cost of sales.  Cost of sales  decreased to $811,000 in 1999 from $820,000
in 1998. As a percentage of sales, cost of sales decreased to 42.9% in 1999 from
44.8% in 1998.  This  reduction  was mainly  reflective of product mix to higher
margin products. Gross profit increased to $1,079,000 in 1999 from $1,013,000 in
1998.


      Selling and marketing.  Selling and marketing  expenses  decreased 6.3% to
$504,000 in 1999 from  $538,000 in 1998,  primarily  due to lower  marketing and
promotional expenses associated with the Company's international sales effort in
1999.


      Research and development. Research and development expenses increased 5.9%
to  $306,000  in 1999  from  $289,000  in  1998,  due to  increased  development
programs.


      General and administrative.  General and administrative expenses increased
15.6% to $795,000 in 1999 from  $688,000  in 1998 due  primarily  to the Company
incurring additional expense associated with becoming publicly traded.


      Net loss. Net loss for the nine months  decreased 1.9% to $609,000 in 1999
from $621,000 in 1998 due primarily to higher net sales in 1999.





      Liquidity and Capital Resources


      Since inception,  Corgenix has financed its operations  primarily  through
private  placements  of common and  preferred  stock,  raising  net  proceeds of
approximately  $3.7  million from sales of these  securities.  Corgenix has also
received  financing  for  operations  from  sales  of  diagnostic  products  and
agreements  with  strategic  partners.  Through  March 31,  1999,  Corgenix  has
invested $174,000, (net of accumulated  depreciation) in leasehold improvements,
laboratory  and  computer  equipment  and office  furnishings  and  equipment to
support its development and administrative activities.


                                     - 8 -

<PAGE>



      At March 31,  1999,  the Company had cash of  $11,000,  a working  capital
deficit of $270,000,  and short and long-term notes payable of $1,101,000,  with
$258,000 due in the  following  twelve  months and the  remainder due at varying
dates through  February 2006. On April 9, 1999, the Company raised $100,000 in a
private placement of the Company's common stock.


      Management  expects  that  additional  sources  of  cash  will  need to be
identified  which together with cash flows from  operations  will be required to
fund operations.  The Company is aggressively pursuing financing alternatives to
provide  funds for its  current  operations  and its  acquisition  plans,  which
financing  alternatives  may involve  accessing the public or private  equity or
debt markets.  There can be no assurance that the Company will be able to obtain
sufficient  capital  on  acceptable  terms  from such  financings  to offset its
working capital deficit or to pursue its expansion plans.


      On September 17, 1998, the Company  executed a letter of intent to acquire
all of the assets of Integrated Diagnostics,  Inc., a privately held, Baltimore,
Maryland  diagnostics  company,  for approximately $1.0 million in cash and $1.2
million of restricted  common stock. The closing of the transaction is dependent
upon the results of the Company's due  diligence  and upon the  negotiation  and
execution  of a  definitive  agreement.  The Company  will be required to access
additional  capital to fund the cash portion of this acquisition,  and there can
be no assurance that this  transaction  will be  successfully  consummated.  The
Company is continuing to investigate a variety of financing alternatives to fund
this  transaction.  While the letter of intent expired on December 31, 1998, the
Company is continuing its discussions  with Integrated  Diagnostics and hopes to
complete the acquisition  during the fourth fiscal quarter of the current fiscal
year.  On April 19, and April 20, 1999,  the Company  executed two  distribution
agreements  with  Integrated  Diagnostics  whereby the Company will have certain
exclusive and non-exclusive rights to distribute Integrated Diagnostics products
in the international market.


      On December 17, 1998,  the Company  established an employee stock purchase
plan (the "Stock Purchase Plan") in order to provide  eligible  employees of the
Company with an opportunity to acquire an equity interest in the Company through
their  participation in a plan designed to qualify as an employee stock purchase
plan under  Section 423 of the Internal  Revenue  Service Code of 1986.  Also on
December 17, 1998, the Company established a stock compensation plan (the "Stock
Compensation  Plan") to provide  officers of the Company with an  opportunity to
receive  shares of the  Company's  common  stock in lieu of all or a portion  of
their salaries. On December 17, 1998, the Company reserved 500,000 shares of the
Company's  authorized but unissued  common stock for the Stock Purchase Plan and
the Stock  Compensation  Plan.  As of March 31,  1999,  the  Company  had issued
184,706 shares of Common Stock pursuant to the Stock Purchase Plan and the Stock
Compensation Plan.

      Year 2000 Effect


      The Year 2000 will  impact  computer  programs  written  using two  digits
rather than four to define the applicable year. Any programs with time-sensitive
software  may  recognize a date using "00" as the year 1900 rather than the year
2000.  This  could  result  in  a  system  failure  or  miscalculations  causing
disruptions   of  operations,   including  a  temporary   inability  to  process
transactions, send invoices or engage in other ordinary activities. This problem
largely affects  software  programs  written years ago, before the issue came to
prominence.  Corgenix recently reviewed all of its software for exposure to Year
2000 issues,  including network and workstation  software,  and does not believe
that  such  software  poses  significant  risks  associated  with the Year  2000
problem.  Corgenix  primarily uses  third-party  software  programs  written and
updated by outside firms, each of whom has stated that its software is Year 2000
compliant.  To  assure  that all  software  programs  can  successfully  work in
conjunction with each other using the Company's computer hardware after the year
1999,  Corgenix tested all of its software and hardware during the third quarter
of 1998,  using a combination  of past and future dates.  Such testing  revealed
that some of the Company's  computer  hardware could not correctly process dates
after December 31, 1999. The Company will be required to replace such equipment,
at a cost not expected to exceed $20,000,  before December 31, 1999. The Company
expects to fund such costs from working capital in Fiscal Year 2000.


      The Company has set in motion an effort to obtain written  assurances from
the Company's  material  suppliers  regarding their Year 2000  compliance.  As a
result of this effort,  the Company  expects to generate by September 30, 1999 a
validated  list of  suppliers  who are  Year  2000  compliant,  and will use the
entities  on  this  list  to  obtain  its  supplies.  If any  of  the  Company's
single-source suppliers are not Year 2000 compliant by the October 1, 1999,

                                     - 9 -

<PAGE>


the Company plans to increase its inventories of the materials  provided by such
suppliers  and to carry a  one-year  supply of such  materials.  As of April 30,
1999, the Company has received Year 2000 compliance responses from a significant
number of the  Company's  material  suppliers and believes that it will meet the
deadlines in the Company's Year 2000 compliance plan.


      The  Company has also begun the process of  obtaining  written  assurances
from the Company's material customers  regarding their Year 2000 compliance.  In
addition,  the Company  has  instituted  a  requirement  that all new  customers
placing standing orders for the Company's  products must certify in writing that
they are Year 2000 compliant or provide written  assurances as to the steps they
are taking to become Year 2000 compliant. The Company's goal is to obtain by the
September 30, 1999 written  assurances from customers  representing at least 85%
of its revenues  that such  customers  are Year 2000  compliant or that they are
expecting to become Year 2000  compliant  before  December 31, 1999. As of April
30,  1999,  the Company  has  received  Year 2000  compliance  responses  from a
significant number of the Company's customers and believes that it will meet the
deadlines in the Company's Year 2000 compliance plan.


      Although the Company has taken  significant steps to address the Year 2000
problem,  there can be no assurance  that the failure of the Company  and/or its
material  customers or suppliers to timely attain Year 2000  compliance will not
materially reduce the Company's revenues or income, or increased losses, or that
these failures and/or the impacts of broader  compliance  failures by telephone,
mail, data transfer or other utility or general service  providers or government
or private entities will not have a material adverse effect on the Company.


      Forward-Looking Statements and Risk Factors


      This report  includes  statements  that are not purely  historical and are
"forward-looking statements" within the meaning of Section 27A of the Securities
Act  of  1934,  as  amended,   including   statements  regarding  the  Company's
expectations,  beliefs,  intentions  or  strategies  regarding  the future.  All
statements  other than  historical  fact  contained in this  report,  including,
without   limitation,   statements   regarding   future  product   developments,
acquisition  strategies,   strategic  partnership  expectations,   technological
developments, the availability of necessary components, research and development
programs  and  distribution   plans,   are   forward-looking   statements.   All
forward-looking  statements  included  in this  report are based on  information
available  to the  Company  on the  date  hereof,  and the  Company  assumes  no
obligation  to update  such  forward-looking  statements.  Although  the Company
believes that the assumptions and expectations reflected in such forward-looking
statements are reasonable,  it can give no assurance that such expectations will
prove to have been  correct or that the Company  will take any actions  that may
presently be planned.


      Certain factors that could cause actual results to differ  materially from
those expected include the following:


      Losses Incurred; Future Capital Needs; Uncertainty of Additional Funding


      The Company has incurred  operating  losses and  negative  cash flows from
operations  for the last three fiscal years and for the first three  quarters of
the current fiscal year. Losses incurred by the Company since its inception have
aggregated  over $4.0  million,  and there can be no assurance  that the Company
will be able to generate  positive cash flows to fund its operations in the near
future. In addition,  the Company's  current  acquisition plans will require the
investment of  approximately  $1.0 million of cash. The Company is  aggressively
pursuing financing  alternatives to provide funds for its current operations and
its acquisition  plans,  which financing  alternatives may involve accessing the
public or private  equity or debt  markets.  There can be no assurance  that the
Company will be able to obtain sufficient capital from such financings to offset
its working capital deficit or to pursue its expansion  plans, or that the terms
of available financing will be satisfactory to the Company.  Alternatively,  any
additional equity financing may be dilutive to existing  stockholders,  and debt
financing,  if  available,  may  include  restrictive  covenants  or  conversion
features that are dilutive to existing  stockholders.  If adequate funds are not
available,  the Company might be required to limit its research and  development
or  marketing  activities,  which  could have a material  adverse  effect on the
future of the Company's business.

                                     - 10 -

<PAGE>


      Dependence on Collaborative  Relationships and Third Parties for Product
      Development and Commercialization


      The  Company has entered  into  licensing  and  research  and  development
agreements  with  collaborative  partners,  from which it derived a  significant
percentage of its revenues in 1998 and 1999.  Pursuant to these agreements,  the
Company's collaborative partners have specific responsibilities for the costs of
development,  promotion,  regulatory  approval  and/or  sale  of  the  Company's
products.  The Company will continue to rely on present and future collaborative
partners  for the  development  of products  and  technologies.  There can be no
assurance  that  the  Company  will be  able to  negotiate  in the  future  such
collaborative  arrangements  on acceptable  terms, if at all, or that current or
future  collaborative  arrangements  will be successful.  To the extent that the
Company  is not  able  to  establish  such  arrangements,  it  could  experience
increased capital  requirements or be forced to undertake such activities at its
own  expense.  The  amount and timing of  resources  that any of these  partners
devotes to these  activities  will generally be based on progress by the Company
in its product development efforts. Usually,  collaborative  arrangements may be
terminated  by the partner upon prior notice  without  cause and there can be no
assurance that any of these partners will perform its contractual obligations or
that  it  will  not  terminate  its  agreement.  With  respect  to any  products
manufactured  by third parties,  there can be no assurance that any  third-party
manufacturer will perform  acceptably or that failures by third parties will not
delay clinical  trials or the submission of products for regulatory  approval or
impair the  Company's  ability to deliver  products on a timely  basis.  See "--
Dependence  on  Distribution  Partners  for  Sales  of  Diagnostic  Products  in
International Markets."


      No Assurance of Successful or Timely Development of Additional Products


      The Company's  business  strategy  includes the  development of additional
diagnostic  products.  The  Company's  success in  developing  new products will
depend on its ability to achieve  scientific and  technological  advances and to
translate  these  advances into  commercially  competitive  products on a timely
basis.  Development of new products requires significant  research,  development
and testing efforts.  The Company has limited personnel and financial  resources
to devote to the  development  of  products  and,  consequently,  a delay in the
development  of one  product or the use of  resources  for  product  development
efforts that prove unsuccessful may delay or jeopardize the development of other
products.  Any delay in the  development,  introduction  and marketing of future
products  could result in such products being marketed at a time when their cost
and performance  characteristics would not enable them to compete effectively in
their respective markets. If the Company is unable, for technological, financial
or other  reasons,  to complete  the  development  and  introduction  of any new
product or if any new product is not  approved or cleared for  marketing or does
not achieve a significant level of market  acceptance,  the Company's results of
operation could be materially and adversely affected.


      Competition in the Diagnostics Industry


      Competition in the human medical diagnostics  industry is, and is expected
to remain,  significant.  The Company's competitors range from development stage
diagnostics  companies  to  major  domestic  and  international   pharmaceutical
companies. Many of these companies have financial,  technical, marketing, sales,
manufacturing, distribution and other resources significantly greater than those
of the Company.  In addition,  many of these  companies  have name  recognition,
established  positions  in the  market  and  long  standing  relationships  with
customers and  distributors.  Moreover,  the  diagnostics  industry has recently
experienced a period of  consolidation,  during which many of the large domestic
and  international   pharmaceutical  companies  have  been  acquiring  mid-sized
diagnostics companies,  further increasing the concentration of resources. There
can be no  assurance  that  technologies  will not be  introduced  that could be
directly competitive with or superior to the Company's technologies.


      Governmental Regulation of Diagnostics Products


      The testing,  manufacture and sale of the Company's products is subject to
regulation by numerous governmental  authorities,  principally the Food and Drug
Administration (the "FDA") and certain foreign regulatory agencies.  Pursuant to
the Federal  Food,  Drug,  and  Cosmetic  Act, and the  regulations  promulgated
thereunder, the FDA regulates the preclinical and clinical testing, manufacture,
labeling, distribution and promotion of medical devices. The Company will not be
able to  commence  marketing  or  commercial  sales in the United  States of new
products under development until it

                                     - 11 -

<PAGE>


receives clearance from the FDA. The testing for,  preparation of and subsequent
FDA  regulatory  review of  required  filings  can be a lengthy,  expensive  and
uncertain  process.  Noncompliance  with applicable  requirements can result in,
among other consequences, fines, injunctions, civil penalties, recall or seizure
of products,  repair,  replacement  or refund of the cost of products,  total or
partial  suspension of production,  failure of the government to grant premarket
clearance or premarket approval for devices,  withdrawal of marketing clearances
or approvals, and criminal prosecution.


      There  can be no  assurance  that  the  Company  will be  able  to  obtain
necessary regulatory approvals or clearances for its products on a timely basis,
if at all,  and delays in receipt of or  failure to receive  such  approvals  or
clearances, the loss of previously received approvals or clearances, limitations
on intended  use imposed as a  condition  of such  approvals  or  clearances  or
failure to comply with existing or future regulatory  requirements  could have a
material adverse effect on the Company's business.


      Dependence on  Distribution  Partners for Sales of  Diagnostic  Products
in  International Markets


      The Company has entered into  distribution  agreements with  collaborative
partners in which Corgenix has granted  distribution rights for certain Corgenix
products to these  partners  within  specific  international  geographic  areas.
Pursuant to these agreements,  the Company's collaborative partners have certain
responsibilities for market development,  promotion,  and sales of the products.
If any of these  partners  fails  to  perform  its  contractual  obligations  or
terminates  its  agreement,  this could have a  material  adverse  effect on the
Company's business, financial condition and results of operation.


      Additionally,  the Company intends to expand its distribution network into
additional   countries  and  into  different   market  segments   including  the
point-of-care  ("POC")  market.  There can be no assurance that Corgenix will be
successful in the expansion of the distribution  network,  and the failure to do
so could have a material  adverse  effect on the Company's  business,  financial
condition and results of operation.


      Governmental Regulation of Manufacturing and Other Activities


      As a manufacturer  of medical  devices for marketing in the United States,
the  Company is  required  to adhere to  applicable  regulations  setting  forth
detailed  good  manufacturing  practice  requirements,  which  include  testing,
control  and  documentation  requirements.  The  Company  must also  comply with
Medical  Device Report ("MDR")  requirements,  which require that a manufacturer
report  to the FDA any  incident  in  which  its  product  may  have  caused  or
contributed to a death or serious injury, or in which its product  malfunctioned
and, if the malfunction were to recur, it would be likely to cause or contribute
to a death or serious injury.  The Company is also subject to routine inspection
by  the  FDA  for  compliance  with  quality  system  regulations  ("QSR"),  MDR
requirements and other applicable regulations.  The FDA has recently implemented
new QSR requirements, including the addition of design controls that will likely
increase the cost of compliance. Labeling and promotional activities are subject
to  scrutiny  by the FDA and, in certain  circumstances,  by the  Federal  Trade
Commission.  The  Company  may incur  significant  costs to comply with laws and
regulations  in the future,  which may have a material  adverse  effect upon the
Company's business, financial condition and results of operations.


      Regulation Related to Foreign Markets


      Distribution of diagnostic  products  outside the United States is subject
to  extensive   government   regulation.   These   regulations,   including  the
requirements  for  approvals  or  clearance  to market,  the time  required  for
regulatory review and the sanctions imposed for violations, vary from country to
country.  The Company may be required to incur significant costs in obtaining or
maintaining its foreign  regulatory  approvals.  In addition,  the export by the
Company of certain of its  products  that have not yet been cleared for domestic
commercial  distribution may be subject to FDA export  restrictions.  Failure to
obtain necessary  regulatory  approvals or the failure to comply with regulatory
requirements  could have a material  adverse  effect on the Company's  business,
financial condition and results of operations.


                                     - 12 -

<PAGE>


Uncertain  Availability  of Third  Party  Reimbursement  for  Diagnostic
Products


      In the United  States,  health care  providers  that  purchase  diagnostic
products,  such as  hospitals  and  physicians,  generally  rely on third  party
payors,  principally private health insurance plans,  federal Medicare and state
Medicaid,  to reimburse  all or part of the cost of the  procedure.  Third party
payors are  increasingly  scrutinizing  and  challenging  the prices charged for
medical  products  and  services and they can affect the pricing or the relative
attractiveness  of the decreases in  reimbursement  amounts for tests  performed
using the Company's diagnostic  products,  failure by physicians and other users
to obtain  reimbursement  from third party payors,  or changes in government and
private third party payors' policies regarding  reimbursement of tests utilizing
diagnostic  products,  may affect the Company's  ability to sell its  diagnostic
products   profitably.   Market   acceptance  of  the   Company's   products  in
international  markets is also  dependent,  in part,  upon the  availability  of
reimbursement within prevailing health care payment systems.


      Uncertainty of Protection of Patents, Trade Secrets and Trademarks


      The Company's  success depends,  in part, on its ability to obtain patents
and license  patent rights,  to maintain trade secret  protection and to operate
without  infringing  on  the  proprietary  rights  of  others.  There  can be no
assurance that the Company's  issued patents will afford  meaningful  protection
against  a  competitor,  or that  patents  issued  to the  Company  will  not be
infringed  upon or  designed  around by others,  or that  others will not obtain
patents  that the Company  would need to license or design  around.  The Company
could incur substantial costs in defending itself or its licensees in litigation
brought by others or prosecuting  infringement  claims against third parties. If
the outcome of any such litigation is unfavorable to the Company,  the Company's
business could be adversely affected.


      Risks Regarding Potential Future Acquisitions


      The Company's growth strategy includes as a material element the desire to
acquire complementary companies,  products or technologies.  As discussed in "--
Liquidity and Capital Resources," the Company has executed a letter of intent to
acquire the assets of one diagnostic  technology  business.  The Company has not
targeted any other  acquisition  candidates  and there is no assurance  that the
Company will be able to identify  appropriate  companies or  technologies  to be
acquired, or to negotiate satisfactory terms for such an acquisition.  Moreover,
because of limited  cash  resources,  the Company  will be unable to acquire any
significant  companies  or  technologies  for  cash  without  accessing  outside
financing,  and the Company's ability to affect acquisitions in exchange for the
Company's  capital stock may depend upon the market prices for the Common Stock.
See "--  Losses  Incurred;  Future  Capital  Needs;  Uncertainty  of  Additional
Funding." If the Company does  complete  one or more  acquisitions,  a number of
risks arise,  such as  short-term  negative  effects on the  Company's  reported
operating results,  diversion of management's attention,  unanticipated problems
or  legal  liabilities,  and  difficulties  in the  integration  of  potentially
dissimilar operations. The occurrence of some or all of these risks could have a
material  adverse  effect on the  Company's  business,  financial  condition and
results of operations.


      No Assurance of Market Acceptance of Point-of-Care Diagnostic Products


      Another  growth  strategy of the Company is to  develop,  manufacture  and
market POC diagnostic products.  Presently,  the Company has no products used in
the POC  market  and  there  is no  assurance  that it  will  be  successful  in
developing and penetrating the POC market for diagnostic testing.  Approximately
75% of diagnostic testing is currently performed at large clinical  laboratories
rather  than  POC  sites,  and  there  can  be  no  assurance  that  caregivers,
laboratories or the medical community in general will accept and utilize the POC
testing  system in general or  products  that may be  developed  in  particular.
Market  acceptance  of any  POC  products  of the  Company  will  depend  on the
Company's ability to develop such products and then demonstrate the accuracy and
value of its products and to persuade  caregivers to perform the Company's tests
in the  caregivers'  own  facilities  rather  than send those  tests to clinical
laboratories.  In addition, market acceptance of new POC products will depend on
all of the factors that affect other new products.


      Dependence on Suppliers


      The components of the Company's  products include chemical and packaging
supplies that are generally  available from several suppliers,  except certain
antibodies,  which the Company  purchases from single  suppliers.  The Company

                                     - 13 -

<PAGE>


mitigates  the risk of a loss of supply by  maintaining  a sufficient  supply of
such  antibodies  to ensure an  uninterrupted  supply  for at least six  months.
Although the Company believes that it can substitute a new supplier with respect
to any of these  components in a timely manner,  there can be no assurances that
the Company will be able to  substitute  a new  supplier in a timely  manner and
failure to do so could have a material adverse effect on the Company's business,
financial condition and results of operations.


      Limited Manufacturing Experience with Certain Products


      Although the Company has  manufactured  over ten million  diagnostic tests
based  on  its  proprietary  applications  of  its  technology,  certain  of the
Company's   diagnostic   products  in  development,   particularly   POC  tests,
incorporate technologies with which the Company has no manufacturing experience.
Assuming successful  development and receipt of required  regulatory  approvals,
significant  work may be  required to scale up  production  for each new product
prior to such product's  commercialization.  There can be no assurance that such
work can be  completed  in a timely  manner  and that such new  products  can be
manufactured cost-effectively, to regulatory standards or in sufficient volume.


      Seasonality of Products; Quarterly Fluctuations in Results of Operations


      The  Company's  revenue  and  operating  results  have  historically  been
minimally subject to quarterly fluctuations. Certain of the Company's diagnostic
products in  development,  particularly  POC tests for infectious  disease,  may
demonstrate a higher degree of seasonality.  There can be no assurance that such
seasonality  in the  Company's  results of  operations  will not have a material
adverse effect on the Company's business.


      Dependence on Key Personnel


      Because of the specialized nature of the Company's  business,  the success
of the Company will be highly  dependent  upon its ability to attract and retain
qualified  scientific  and  executive  personnel.  In  particular,  the  Company
believes  its  success  will depend to a  significant  extent on the efforts and
abilities of Dr. Luis R. Lopez and Douglass T.  Simpson,  who would be difficult
to replace.  There can be no assurance  that the Company will be  successful  in
attracting  and  retaining  such skilled  personnel,  who are  generally in high
demand  by  other  companies.  The  loss  of,  inability  to  attract,  or  poor
performance  by key  scientific  and  executive  personnel  may have a  material
adverse  effect on the Company's  business,  financial  condition and results of
operations.


      Product Liability Exposure and Limited Insurance


      The testing,  manufacturing  and marketing of medical  diagnostic  devices
entails an inherent risk of product  liability  claims. To date, the Company has
experienced  no product  liability  claims,  but any such claims  arising in the
future could have a material adverse effect on the Company's business, financial
condition and results of operations.  The Company's product liability  insurance
coverage is currently limited to $2 million.  Potential product liability claims
may exceed the amount of the  Company's  insurance  coverage  or may be excluded
from coverage under the terms of the Company's policy or limited by other claims
under the Company's  umbrella  insurance policy.  Additionally,  there can be no
assurance that the Company's existing insurance can be renewed by the Company at
a cost and level of coverage  comparable to that presently in effect, if at all.
In the event that the Company is held liable for a claim against which it is not
insured or for damages  exceeding  the limits of its  insurance  coverage,  such
claim could have a material adverse effect on the Company's business,  financial
condition and results of operations.


      Limited Public Market; Volatility in Stock Prices; Penny Stock Rules


      There has, to date, been no active public market for the Company's  Common
Stock,  and there can be no assurance  that an active public market will develop
or be sustained.  Although the Company's  Common Stock and that of a predecessor
entity has been traded on the OTC Bulletin  Board(R)  since  February  1998, the
trading has been sporadic with moderate volume.

                                     - 14 -

<PAGE>



      Moreover,  the  over-the-counter  markets  for  securities  of very  small
companies, such as the Company,  historically have experienced extreme price and
volume  fluctuations  during certain periods,  and the Company's stock price has
experienced  significant price and volume  fluctuations in the past. These broad
market  fluctuations  and other factors,  such as new product  developments  and
trends  in the  Company's  industry  and the  investment  markets  and  economic
conditions generally, as well as quarterly variation in the Company's results of
operations, may adversely affect the market price of the Company's Common Stock.
In  addition,  the  Company's  Common  Stock is subject to rules  adopted by the
Securities  and  Exchange  Commission  regulating   broker-dealer  practices  in
connection with  transactions  in "penny stocks." As a result,  many brokers are
unwilling to engage in transactions in the Company's Common Stock because of the
added disclosure requirements.





                                     - 15 -

<PAGE>


                          CORGENIX MEDICAL CORPORATION


                                     Part II


                                Other Information





Item 1.     Legal Proceedings


      Corgenix is not a party to any material litigation or legal proceedings.


Item 2.     Changes in Securities and Use of Proceeds


      On January 14, 1999,  the Company  issued  10,000  shares of the Company's
common stock to each of the three  non-executive  Directors as compensation  for
their service to the Company. These shares are restricted and will not be freely
tradable until January 14, 2000.

      On April 9, 1999,  the Company  sold  300,000  shares of common stock in a
private placement for the sum of $100,000.  These shares are restricted and will
not be freely tradable until April 9, 2000.


      All of the above  shares were issued in reliance  upon an  exemption  from
registration  under the  Securities  Act of 1933 pursuant to Section 4(2) of the
Act.


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 the  Company's  security  holders
during the period covered by this report.


Item 5.     Other Information


      None


Item 6.     Exhibits and Reports on Form 8-K


      (a)   Exhibits

                                     - 16 -

<PAGE>


Exhibit
Number                           Description of Exhibit


2.1       Agreement  and Plan of Merger  dated as of May 12, 1998 by and among
          Gray Wolf  Technologies,  Inc.,  Gray  Wolf  Acquisition  Corp.  and
          REAADS  Medical  Products,   Inc.  (filed  as  Exhibit  2.1  to  the
          Company's  Registration Statement on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).
2.2       First  Amendment to  Agreement  and Plan of Merger dated as of May 22,
          1998 by and among Gray Wolf Technologies,  Inc., Gray Wolf Acquisition
          Corp. and REAADS Medical  Products,  Inc. (filed as Exhibit 2.2 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).
2.3       Second  Amendment to Agreement and Plan of Merger dated as of June 17,
          1998 by and among the Company and  TransGlobal  Financial  Corporation
          (filed as Exhibit 2.3 to the Company's  Registration Statement on Form
          10-SB filed June 29, 1998, and incorporated herein by reference).
3.1       Articles  of  Incorporation,  as amended  (filed as Exhibit 3.1 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).

3.2       Bylaws (filed as Exhibit 3.2 to the Company's  Registration  Statement
          on Form  10-SB  filed  June  29,  1998,  and  incorporated  herein  by
          reference).  Certificate of Designations  for Series A Preferred Stock
          (filed as
4.1       Exhibit  4.1 to the  Company's  Registration  Statement  on Form 10-SB
          filed June 29, 1998, and incorporated herein by reference).

10.1      Manufacturing Agreement dated September 1, 1994 between Chugai
          Pharmaceutical Co., Ltd. and REAADS Medical Products, Inc. (filed
          as Exhibit 10.1 to the Company's Registration Statement on Form
          10-SB filed June 29, 1998, and incorporated herein by reference).

10.2      Amendment to the Manufacturing  Agreement dated as of January 17, 1995
          between Chugai  Pharmaceutical  Co., Ltd. and REAADS Medical Products,
          Inc.(filed as Exhibit 10.2 to the Company's  Registration Statement on
          Form 10-SB filed June 29, 1998, and incorporated herein by reference).
10.3      Amendment  Agreement dated November 17, 1997 between Chugai Diagnostic
          Science, Co., Ltd. and REAADS Medical Products,  Inc.(filed as Exhibit
          10.3 to the Company's  Registration Statement on Form 10-SB filed June
          29, 1998, and incorporated herein by reference).
10.4      Distribution   Agreement   dated  August  26,  1993   between   Chugai
          Pharmaceutical  Co., Ltd. and REAADS Medical  Products,  Inc.(filed as
          Exhibit  10.4 to the  Company's  Registration  Statement on Form 10-SB
          filed June 29, 1998, and incorporated herein by reference).

10.5      Amendment to the Distribution Agreement dated September 7, 1994
          between Chugai Pharmaceutical Co., Ltd. and REAADS Medical
          Products, Inc. (filed as Exhibit 10.5 to the Company's Registration
          Statement on Form 10-SB filed June 29, 1998, and incorporated
          herein by reference).
10.6      Distribution   Agreement   dated  November  14,  1997  between  Chugai
          Diagnostics Science Co, Ltd. and REAADS Bio-Medical Products (UK) Ltd.
          (filed as Exhibit 10.6 to the Company's Registration Statement on Form
          10-SB filed June 29, 1998, and incorporated herein by reference).

                                     - 17 -

<PAGE>



10.7      Product  Development and  Manufacturing  Agreement dated September 12,
          1994 between REAADS  Medical  Products,  Inc. and Helena  Laboratories
          Corporation  (filed  as  Exhibit  10.7 to the  Company's  Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).
10.8      Amendment to Product Development and Manufacturing Agreement effective
          December 15, 1997 between  REAADS  Medical  Products,  Inc. and Helena
          Laboratories  Corporation  (filed  as  Exhibit  10.8 to the  Company's
          Registration  Statement  on  Form  10-SB  filed  June  29,  1998,  and
          incorporated herein by reference).
10.9      Office Lease dated  February 6, 1996 between Stream  Associates,  Inc.
          And  REAADS  Medical  Products,  Inc.  (filed as  Exhibit  10.9 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).
10.10     Guarantee  dated  November 1, 1997  between  William  George  Fleming,
          Douglass Simpson and Geoffrey Vernon Callen (filed as Exhibit 10.10 to
          the  Company's  Registration  Statement  on Form 10-SB  filed June 29,
          1998, and incorporated herein by reference).
10.11     Employment  Agreement dated May 22, 1998 between Luis R. Lopez and the
          Company  (filed  as  Exhibit  10.11  to  the  Company's   Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).

10.12     Employment  Agreement  dated May 22, 1998 between  Douglass T. Simpson
          and the Company (filed as Exhibit 10.12 to the Company's  Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).
10.13     Employment Agreement dated May 22, 1998 between Ann L. Steinbarger and
          the  Company  (filed as Exhibit  10.13 to the  Company's  Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).
10.14     Employment  Agreement dated May 22, 1998 between Taryn G. Reynolds and
          the  Company  (filed as Exhibit  10.14 to the  Company's  Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).
10.15     Employment Agreement dated May 22, 1998 between Catherine (O'Sullivan)
          Fink  and  the  Company  (filed  as  Exhibit  10.15  to the  Company's
          Registration  Statement  on  Form  10-SB  filed  June  29,  1998,  and
          incorporated herein by reference).
10.16     Consulting  Contract  dated May 22, 1998 between Wm.  George  Fleming,
          Bond  Bio-Tech,  Ltd. and the Company  (filed as Exhibit  10.16 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).
10.17     Stock Purchase Agreement dated September 1, 1993 between Chugai
          Pharmaceutical Co., Ltd. and REAADS Medical Products, Inc. (filed
          as Exhibit 10.17 to the Company's Registration Statement on Form
          10-SB filed June 29, 1998, and incorporated herein by reference).
10.18     Lead  Generation/Corporate  Relations  Agreement  dated April 14, 1998
          between the Company and  Corporate  Relations  Group,  Inc.  (filed as
          Exhibit  10.18 to the Company's  Registration  Statement on Form 10-SB
          filed June 29, 1998, and incorporated herein by reference).
10.19     Note dated January 6, 1997 between REAADS Medical  Products,  Inc. and
          Eagle  Bank  (filed as  Exhibit  10.19 to the  Company's  Registration
          Statement on Form 10-SB filed June 29, 1998, and  incorporated  herein
          by reference).
10.20     Deed of Guarantee  Sterling and Currency  dated May 14, 1997 by REAADS
          Bio-Medical  Products  (UK)  Limited  (filed as  Exhibit  10.20 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).

                                     - 18 -

<PAGE>


10.21     Option  Agreement  dated  as  of  May  22,  1998  between  TransGlobal
          Financial  Corporation  and the Company (filed as Exhibit 10.21 to the
          Company's  Registration  Statement  on Form 10-SB filed June 29, 1998,
          and incorporated herein by reference).
10.22     Consulting Agreement dated May 22, 1998 between TransGlobal  Financial
          Corporation  and the Company  (filed as Exhibit 10.22 to the Company's
          Registration  Statement  on  Form  10-SB  filed  June  29,  1998,  and
          incorporated herein by reference).
10.23     Distributor  Agreement  dated  as of  August  3,  1998 by and  between
          American Biogenetic  Sciences,  Inc. and the Company (filed as Exhibit
          10.23 to the Company's  Registration Statement on Form 10-SB/A-1 filed
          September 24, 1998,  and  incorporated  herein by reference)  (certain
          portions of Exhibit  10.23 have been omitted  based upon a request for
          confidential treatment;  the omitted portions have been filed with the
          Commission).
10.24     Form  of  Indemnification   Agreement  between  the  Company  and  its
          directors  and  officers  (filed  as  Exhibit  10.24 to the  Company's
          Registration Statement on Form 10-SB/A-1 filed September 24, 1998, and
          incorporated herein by reference)
21.1      Subsidiaries of the Registrant (filed as Exhibit 21.1 to the Company's
          Registration  Statement  on  Form  10-SB  filed  June  29,  1998,  and
          incorporated herein by reference).
27*       Financial Data Schedule



*  Filed herewith.

----------------------------------------
      (b) Reports on Form 8-K.

            None

                                     - 19 -

<PAGE>


                                        SIGNATURES


      Pursuant to the  requirements 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.



                                          CORGENIX MEDICAL CORPORATION



May 17, 1999                              By:   /s/ Luis R. Lopez
                                          Luis R. Lopez, M.D.
                                          Chairman and Chief Executive Officer




                                     - 20 -

<PAGE>