UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-K




ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF


THE SECURITIES EXCHANGE ACT OF 1934




For the fiscal year ended December 31, 2009




Commission file number 000-27279









GENMED HOLDING CORP.(Exact name of registrant as specified in its charter)





Nevada

88-0390828(State or other jurisdictionof incorporation or organization)

(I.R.S. Employer Identification No.)





Rontgenlaan 272719 DX Zoetermeer, The Netherlands

2719 DX(Address of principal executive offices)

(Zip Code)





Registrant's telephone number including area code +31-793-630-129




___________________________________________(Former Name or Former Address, if changed since last report)




Securities registered pursuant to Section 12(b) of the Exchange Act:




None




Securities registered pursuant to Section 12(g) of the Act:




Common Stock, $0.001 par value




Indicate by check mark if the registrant is a well-known seasonal issuer, as defined in Rule 405 of the Securities Act.
 Yes  No x
  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes  No x
  Note - Checking the box above will not relieve any resistrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
  Indicate by check mark whether the registrant (1) has filed all reports required t o be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K (§229.405 of this chapter) isnot contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by


reference in Part III of this Form 10- K or any amendment to this Form 10-K.   x




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or small reporting company.  See the definition of "large accelerated filer," "accelerated filer" and "small reporting company" in Rule 12b-2 of the Exchange Act.




Large accelerated filer
Accelerated filer    
Non-accelerated filer     
Smaller reporting company    x




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes      No  x




As of April 14, 2010, the aggregate market value of the Registrant’s voting and none-voting common stock held by non-affiliates of the registrant was approximately: $2,679,030 at $0.07 price per share, based on the closing price of on the OTC Bulletin Board.  As of April 14, 2010,


there were 153,160,533 shares of common stock of the registrant issued and outstanding.




Documents Incorporated by Reference:  None




1


GENMED HOLDING CORP.




FORM 10-K





TABLE OF CONTENTS




Item #

Description

Page NumbersPART I

3ITEM 1

BUSINESS

3ITEM 1A

RISK FACTORS

5ITEM 1B

UNRESOLVED STAFF COMMENTS

5ITEM 2

PROPERTIES

5ITEM 3

LEGAL PROCEEDINGS

5ITEM 4

SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

6PART II

6ITEM 5

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

6ITEM 6

SELECTED FINANCIAL DATA

8ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

8ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

11ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

12ITEM 9

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

26ITEM 9A

CONTROLS AND PROCEDURES

26ITEM 9A(T)

CONTROLS AND PROCEDURES

26ITEM 9B

OTHER INFORMATION

27PART III

28ITEM 10

DIRECTORS, EXECUTIVE OFFICERS, CORPORATE GOVERNANCE

28ITEM 11

EXECUTIVE COMPENSATION

29ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT  AND RELATED STOCKHOLDER MATTERS

30ITEM 13

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

31ITEM 14

PRINCIPAL ACCOUNTANT FEES AND SERVICES

32PART IV

33ITEM 15

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

33SIGNATURES

35EXHIBIT31.1

SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICEREXHIBIT31.2

SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICEREXHIBIT 32.1

SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER


2


Table of Content




PART I





ITEM 1.          BUSINESS





Introduction





FORWARD-LOOKING STATEMENTS; This annual report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. In addition, Genmed Holding Corp., (formerly Satellite Newspapers Corp.) (the “Company”), may from time to time make oral forward-looking statements. Actual results are uncertain and may be impacted by many factors. In particular, certain risks and uncertainties that may impact the accuracy of the forward-looking statements with respect to revenues, expenses and operating results include without imitation; cycles of customer orders, general economic and competitive conditions and changing customer trends, technological advances and the number and timing of new product introductions, shipments of products and components from foreign suppliers, and changes in the mix of products ordered by customers. As a result, the actual results may differ materially from those projected in the forward-looking statements.
 
 Because of these and other factors that may affect the Company’s operating results, past financial performance should not be considered an indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.
 Summary
 
 The Company is actively seeking to develop its business of the sale and distribution of generic drugs through its wholly owned subsidiary Genmed B.V.
 
 Previous Operations – General
 
 Genmed Holding Corp. was originally formed as Beck & Co., Inc., a Nevada corporation on April 14, 1998, to operate as a specialty retailer of fine jewelry.  Subsequent to its formation, the Company engaged in several acquisitions, name changes, and changes in the Company’s operations.  From July 29, 2000 until August 27, 2002, the Company developed fuel cell technologies for commercial and industrial use as GreenVolt Corp., an Ontario, Canada corporation.  On August 27, 2002, Satellite Holdings, Ltd., a corporation organized under the laws of Turks & Caicos, acquired a majority of the issued and outstanding common stock of the Company, and on August 28, 2002, the Company changed its name to Satellite Enterprises Corp.
 
 On June 20, 2003, the Company entered into a Rights Agreement with Satellite Newspapers Worldwide NV, a corporation organized under the laws of The Netherlands (hereinafter, “Satellite Newspapers”) whereby the Company was the exclusive distributor to promote the sale and/or lease of Satellite Newspapers’ newspaper kiosks and the associated content distribution technology for which Satellite Newspapers had developed the technology and owned the patents.  In October 2003, Satellite Newspapers sold its patents, software and trademarks to Media Finance en Suisse Holding GmbH, a Swiss corporation (hereinafter, “Media Finance”). Thereafter, Media Finance set up an operating subsidiary, Satellite Newspapers Suisse GmbH, a Swiss corporation (hereinafter, “Satellite Swiss”). Media Finance granted Satellite Swiss a twenty-year exclusive license to distribute all satellite derived contents for the purpose of commercializing their product under a revenue sharing arrangement and on November 26, 2003, the Company entered into a Stock Purchase Option Agreement with Media Finance for the purchase of 100% of Satellite Swiss. On February 15, 2004, the Company exercised its option and acquired 100% of Satellite Swiss. Satellite Swiss consisted of two subsidiaries, Satellite Newspapers Content BV, a Dutch corporation, and Satellite Newspapers Trading BV, a Dutch corporation, which had the production rights to produce and sell the kiosks.
 
 In June 2005, Swiss Satellite incorporated two new Swiss subsidiary entities. Satellite Newspapers Content GmbH and Satellite Newspapers Trading GmbH. Except for the Development and Network Management, the Swiss Companies took over all activities from the Dutch Companies. On November 30, 2005, the Company changed its name from Satellite Enterprises Corp. to Satellite Newspapers Corp. and the Company’s quotation symbol on the OTC Bulletin Board changed from SENR to SNWP.
 
 3
 Table of Content 
 On October 1, 2006, Satellite Newspapers Suisse GmbH, Satellite Newspapers Content GmbH, Satellite Newspapers Trading GmbH, the Swiss operating company’s of Satellite, ceased operations. Such companies were unable to fund their ongoing operations and cover their expenses. From October 1, 2006 to April 17, 2008, the Company has had no operations and generated no revenue. On January 23, 2007, Satellite Newspapers Suisse GmbH, Satellite Newspapers Content GmbH, and Satellite Newspapers Trading GmbH were declared bankrupt by the court in Zug, Switzerland.
 
 On March 21, 2007, the Company executed a Memorandum Agreement with International Creative Property Belgium, N.V. and Andreas Yanakopoulos (“ICPB”), an operator and provider of elderly care services in Belgium.  Under such Memorandum Agreement, the Company agreed to purchase from ICPB, subject to due diligence by all parties, all of the operations of ICPB including certain properties, land, and operations. On August 20, 2007, after conducting its due diligence, the Company rejected the March 21, 2007 Memorandum Agreement executed with ICPC.
 
 On October 22, 2007, the Company's board of directors and majority of its shareholders approved by means of a written resolution to effect a 2000-to-1 reverse stock split of the Company's issued and outstanding common stock, par value $.001 per share, pursuant to which each two thousand (2000) shares of the Company’s issued and outstanding Common Stock would be combined and consolidated into one share of common stock and to authorize the board of directors of the Company to amend its Articles of Incorporation by issuing, without further shareholder action, one or more series of preferred stock from its authorized 5,000,000 shares of preferred stock. On January 28, 2008, the reverse stock split of the Company became effective.
 
 On December 12, 2007, the Company's board of directors and majority of its shareholders approved a change of the Company’s corporate name from Satellite Newspapers Corp. to Genmed Holding Corp. by filing an amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada on December 12, 2007.
 
 On April 17, 2008, the Company acquired, by a Stock Exchange Agreement, GenMed B.V. (“Genmed B.V.”), a company organized in The Netherlands, which is engaged in the production and distribution of generic drugs.  Genmed B.V. maintains a network of manufacturing and distribution relationships in The Netherlands, Belgium, Luxembourg, United Kingdon, Ireland, Germany and France as well as some other countries located outside the European Union to supply low cost generic drugs to retail chains.  Genmed B.V.’s most popular product is Paracetamol (acetaminophen), a generic form of Tylenol. Genmed B.V. currently has distribution contracts with retail chains in The Netherlands, and is seeking contracts with retail chains and government agencies and multi-national corporations.
 
 Genmed is currently seeking to develop its business of the sale and distribution of generic drugs through its wholly owned subsidiary Genmed B.V.
 
 Governmental Regulation
 
 The Company is, and will continue to be, subject to several and varying governmental regulations. In general, as a generic drug seller and distributor, the Company  is subject it to environmental, public health and safety, land use, trade and other governmental regulations, and national, state, or local taxation or tariffs.  The Company’s management will endeavor to ascertain and comply with all applicable to the business of the Company. However, it may not be possible to predict with any degree of accuracy all applicable regulations or the impact of government regulation, and, compliance with such regulation will require certain efforts and resources of the Company.
 
 Employees
 
 The Company presently has no employees other than its officers. Management of the Company expects to use consultants, attorneys, and accountants as necessary, and does not anticipate a need to engage any full-time employees until absolutely necessary for the operations of the Company. The need for employees and their availability will be addressed in connection with the scope and requirements of the operations of the Company.
 
 4
 Table of Content 
 Risk Factors
 
 Financial position of the Company, working capital deficit; report of independent auditors.The Company generated a minimum on revenues in the fiscal year ended December 31, 2009. The Company, which is in a startup Company is currently developing its business of the sale and distribution of generic drugs and strives to start generating revenues through the sales of generic drugs in 2010. The Company makes no assurances that the Company will generate sufficient revenues through its operations and be able to continue as a going concern.
 
 The independent accountant’s report on the Company’s financial statements for the year ended December 31, 2009, contains an explanatory paragraph regarding the Company’s ability to continue as a going concern.  See “Item 8. Financial Statements and Supplementary Data,” herein.
 
 Risks of Leverage.The Company has, and likely will continue to, incur substantial borrowings, notes, debentures, and/or other Company debt for the purpose of developing Company operations and for financing the expansion and growth of the Company, including the possible acquisition of other companies.  Any amounts borrowed will depend among other things, on the condition of financial markets.  Acquisitions of equipment, vehicles, or other companies purchased on a leveraged basis generally can be expected to be profitable only if they generate, at a minimum, sufficient cash revenues to pay interest on, and to amortize, the related debt, to cover operating expenses and to recover the equity investment.  The use of leverage, under certain circumstances, may provide a higher return to the shareholders but will cause the risk of loss to the shareholders to be greater than if the Company did not borrow, because fixed payment obligations must be met on certain specified dates regardless of the amount of revenues derived by the Company.  If debt service payments are not made when due, the Company may sustain the loss of its equity investment in the assets securing the debt as a result of foreclosure by the secured lender.  Interest payable on Company borrowings, if any, may vary with the movement of the interest rates charged by banks to their prime commercial customers.  An increase in borrowing costs due to a rise in the “prime” or “base” rates may reduce the amount of Company income and cash availability for dividends.
 
 Competition. Genmed hopes to provide the European countries with generic drugs at lower prices than other suppliers. To do this, the Company intends to make agreements with manufacturers outside the EU who produce drugs that meet EU and FDA standards. Such manufacturers are able to offer a complete assortment of drugs, and their factory sales prices are considerably lower than those of the generics that are being sold in the EU at this moment. Because of this,  Genmed hopes to have a strong price advantage over its competitors.
 
 We expect to conduct our business with a low overhead, lower than that of the other companies in this market. This is possible because Genmed will execute its affairs as much as possible as an agency in order to keep its costs low. The main activity of the agency is to provide the registration requirements and quality control. Our buyers will take care of the logistics, storage and marketing. Genmed will take a fee for the registration ownership of the drugs and a commission on the delivered goods. In the many pharmaceutical markets, this is a unique business model.
 
 ITEM 1A.       RISK FACTORS
 
 Smaller reporting companies are not required to provide the information required by this item.
 
 ITEM 1B.       UNRESOLVED STAFF COMMENTS
 
 None.
 
 ITEM 2.          PROPERTIES
 
 Currently, we lease our office space, which is located at the office of our Chief Executive Officer, Mr. Erwin R. Bouwens, at Rontgenlaan27, 2719 DX Zoetermeer, The Netherlands; our telephone number is 011-31-793-630-129.
 
 ITEM 3.          LEGAL PROCEEDINGS
 
 From time to time, the Company may be a party to litigation or other legal proceedings that we consider to be part of the ordinary course of our business.
 
  5
 Table of Content
 
 The Company has been named as a defendant in a lawsuit filed in the Circuit Court of the 11th Judicial Circuit in Miami-Dade County, Florida, Case No. 08-79227CA25. The Company’s former Chief Executive Officer, Jerri Palmer, has instigated the lawsuit against the Company alleging Breach of Contract and Unjust Enrichment.  Ms. Palmer is claiming damages in excess of $15,000. Ms. Palmer was the Company’s Chief Executive Officer from December 5, 2005, until her resignation on May 19, 2006. The Company believes that Ms. Palmer’s claims are without merit and intends to vigorously defend itself. The Company has alleged counter claims against Ms. Palmer for breach of contract and breach of fiduciary duty.
 
 In March 2010 the Company and Ms. Palmer have settled the lawsuit for an amount of $40,000.  The Company has accrued this settlement in the financial statements.
 
 
 ITEM 4.          SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 During the year ended December 31, 2009, the Company had no submission of matters to a vote of security holders.
 
 PART II
 
 ITEM 5.          MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
 
 Market Information
 
 Our common stock is quoted on the OTC Electronic Bulletin Board. Effective January 28, 2008, the Company’s trading symbol changed from “SNWP” to “GENM.”  For the periods indicated, the following table sets forth the high and low bid prices per share of common stock. These prices represent inter-dealer quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions. These prices represent the prices of the common stock of the Company subsequent to the Company’s 2000-to-1 reverse stock split which became effective on January 28, 2008.
 
 HIGH


LOWFISCAL YEAR ENDED DECEMBER 31, 2008First Quarter

$
1.60


$
0.05Second Quarter

$
1.10


$
0.51Third Quarter

$
2.25


$
0.75Fourth Quarter

$
2.30


$
1.01FISCAL YEAR ENDED DECEMBER 31, 2009First Quarter

$
1.01


$
0.08Second Quarter

$
1.01


$
0.06Third Quarter

$
0.09


$
0.06Fourth Quarter

$
0.27


$
0.06FISCAL YEAR ENDING DECEMBER 31, 2010First Quarter

$
0.25


$
0.06


Transfer Agent
 
 The Company’s transfer agent and registrar of the common stock is:
 
 SIGNATURE STOCK TRANSFER, INC.
 2632 Coachlight Court
 Plano, Texas 75093
 Tel: (972) 612-4120
 Fax: (972) 612-4122


6


Table of Content





As of April 14, 2010, there were 153,160,533 shares of common stock of the Company issued and outstanding. The closing price for the Company's Common Stock on April 14, 2010, was $0.07 per share.
 
 Dividends
 
 It has been the policy of the Company to retain earnings, if any, to finance the development and growth of its business.
 
 Notes
 On June 30, 2009, the Company and two note holders agreed upon the consolidation of their notes, including the unpaid interest, and to issue a new 100% Premium Secured Convertible Promissory Note. The new note is issued for the amount of $925,000, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on June 30, 2010.  A beneficial conversion feature of $462,500 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On December 31, 2009, the Company and Mr. Bouwens, the CEO of the Company, agreed upon the conversion of his note, including the unpaid interest, and to issue a new 100% Premium Secured Convertible Promissory Note. The new note is issued for the amount of $221,557, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on December 31, 2010.  A beneficial conversion feature of $110,779 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On March 3, 2010, the holders of the Convertible notes have converted their notes including the unpaid interest into shares of the Company’s Common Stock. As such, the Company has issued 29,948,794 of newly shares of Common Stock of the Company.
 
 Besides the funds that The Company has received from the convertible note holders, the Company has received other advances from individuals related to the Company at various times for working capital and to fund required operating expenses. These advances are unsecured and bear interest at the rate of 8% per year. The amount outstanding at December 31, 2009 and 2008 aggregate $204,690 and $848,416 respectively.
 Stock Options
 
 On December 1, 2004, the Company granted options to purchase 24,309,000 shares of the Company's common stock to consultants with an exercise price of $0.06 per share.  Such options vested immediately and will expire five years from the issuance date.  The options had a fair value of $244,692 based upon the Black-Scholes options pricing model.  The compensation associated with these options was expensed in 2004.  As adjusted for the Company’s 2000-to-1 reverse stock split of January 28, 2008, the Company’s common stock options of December 1, 2004 equal 12,154 shares of the Company’s common stock with an exercise price of $132.00 per share.  The Company has reserved 12,154 shares of its common stock pursuant to such options, and, at December 31, 2008, all such options were expired without being exercised.
 
 
 7
 Table of Content
 April 17, 2008, Agreements
 
 On April 17, 2008, the Company entered into a Stock Exchange Agreement whereby the Company acquired 100% of the outstandingcapital stock of Genmed B.V., a company organized in The Netherlands, for a purchase price equal to 48,000,000 shares of restricted common stock of Genmed and warrants to purchase 24,000,000 shares of restricted common stock of GenMed at an exercise price of $0.10 per share.  Also On April 17, 2008, the Company also entered into a General Release and Settlement Agreement with certain entities wherebythe Company issued 75,000,000 shares of its restricted common stock, and issued warrants to purchase 39,000,000 shares of common stock of the Company, to such entities in order to settle all accounts and disputes between the Company and such entities.
 
 On April 17, 2008, the Company entered into a consulting agreement with London Finance Group, Ltd. whereby the Company issued 2,400,000 shares of its restricted common stock, and issued warrants to purchase 2,400,000 shares of common stock of the Company to London Finance Group, Ltd.
 
 Subsequent to December 31, 2008, on or around April 8, 2009, the parties to the Stock Exchange Agreement, General Release and Settlement Agreement, and the consulting agreement described above agreed and formalized by written agreement, to the cancellation of all of the warrants issued to such agreements, to the cancellation and re-issuing of certain shares issued pursuant to such agreements, and agreed to the cancellation of the consulting agreement with the London Finance Group, including the cancellation of the shares and warrants that have been issued to the London Finance Group as part of this agreement. See Exhibit 1.02 hereto, Release and Settlement Agreement between the Company, Joost de Metz , Willem Blijleven,  E.R. Bouwens Beheermaatschappij B.V.,  Medical Network Holding BV , Total Look, BV , London Finance Group, Ltd.,  Dojo Enterprises, LLC,  Hyperion Fund, L.P.,  The Palisades Capital, LLC 401(k) Profit Sharing Trust , The Morpheus 2005 Trust dated December 1, 2005 , Burton Partners, LLC , Picasso, LLC  and Glacier, LLC
 
 ITEM 6.          SELECTED FINANCIAL DATA
 
 Smaller reporting companies are not required to provide the information required by this item.
 
 ITEM 7.          MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  RESULTS OF OPERATIONS
 
 When used in this report on Form 10-K, the words "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding events, conditions, and financial trends that may affect the Company's future plans of operations, business strategy, operating results, and financial position. Persons reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and that actual results may differ materially from those included within the forward-looking statements as a result of various factors. Such factors are discussed under the headings "Item 1. Business," and "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations," and also include general economic factors and conditions that may directly or indirectly impact the Company's financial condition or results of operations.
 
 Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.
 
 The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, are based on certain assumptions and expectations which may or may not be valid or actually occur, and which involve various risks and uncertainties, including but not limited to the risks set forth above. In addition, sales and other revenues may not commence and/or continue as anticipated due to delays or otherwise. As a result, the Company’s actual results for future periods could differ materially from those anticipated or projected.
 
 8
 Table of Content
  Overview
 
 
 On December 12, 2007, the Company's board of directors and majority of its shareholders approved a change of the Company’s corporate name from Satellite Newspapers Corp. to Genmed Holding Corp. by filing an amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada on December 12, 2007.
 
 On April 17, 2008, the Company acquired, by a Stock Exchange Agreement, GenMed B.V. (“Genmed B.V.”), a company organized in The Netherlands, which is engaged in the production and distribution of generic drugs.  Genmed B.V. maintains a network of manufacturing and distribution relationships in The Netherlands, Belgium, Luxembourg, United Kingdon, Ireland, Germany and France as well as some other countries located outside the European Union, to supply low cost generic drugs to retail chains.  Genmed B.V.’s most popular product is Paracetamol (acetaminophen), a generic form of Tylenol. Genmed B.V. currently has distribution contracts with retail chains in The Netherlands, and is seeking contracts with retail chains and government agencies and multi-national corporations.
 
 Genmed is currently seeking to develop its business of the sale and distribution of generic drugs through its wholly owned subsidiary Genmed B.V.
  Results of Operations
  Comparison of the Years Ended December 31, 2009 and 2008
  Revenues. The Company  had minimal sales  and revenues during the fiscal year ended December 31, 2009 and during the fiscal year ended December 31, 2008. This is a because the Company has been seeking to develop its generic drug sale and distribution business in 2008 and 2009 through the present.
  Selling, General, and Administrative Expenses. The Company incurred selling, general, and administrative expenses of $757,403 during the fiscal year ended December 31, 2009 compared to $18,162,803 during the fiscal year ended December 31, 2008. Such decrease was due primarily to the warrants that have been issued and expensed pursuant to the General Release and Settlement Agreement dated April 17, 2008.
  Impairment of Goodwill. The Company incurred no impairment of goodwill during the fiscal year ended December 31, 2009, compared to $19,745,570 impairment during the fiscal year ended December 31, 2008. The impairment of Goodwill was due to the Company’s acquisition of its wholly owned subsidiary Genmed B.V.
  Impairment of Medical Registration rights. The Company incurred $6,252,359 in impairment of medical registration rights during the fiscal year ended December 31, 2009, compared to no such impairment during the fiscal year ended December 31, 2008. The impairment of Medical Registration rights was due to the inability to obtain authorization to market generic drugs and thus inability to generate revenues originally anticipated for the fiscal year ended 2009.
  Depreciation and Amortization. The Company incurred $1,464,616 in depreciation and amortization during the fiscal year ended December 31, 2009, compared to $738,206 in impairment during the fiscal year ended December 31, 2008. Such depreciation and amortization expenses are primarily due to the depreciation on the Medical Registration Rights, an asset that was acquired through the purchase of Genmed B.V., our Dutch subsidiary.
  Research and Development. The Company incurred $94,302 in research and development expenses during the fiscal year ended December 31, 2009, compared to $78,205 in such expenses during the fiscal year ended December 31, 2008. Such increase is due to the effect of the development of the Company’s business of the sale and distribution of generic drugs.
  Operating Losses. As a result, the Company incurred a net operating loss of $8,516,688 during the fiscal year ended December 31, 2009 compared to a net operating loss of $38,715,485 during the fiscal year ended December 31, 2008.
  Other Income (Expenses). The Company incurred income from gain on the cancellation of a consulting agreement of $285,000, a loss on foreign exchange of ($15,434), incurred a loss of ($10,000) on a settlement of litigation,  and a net loss from interest expenses ($337,593) in the aggregate amount of ($78,027) during the fiscal year ended 2009, compared to a foreign exchange gain of $10,892  and interest expense of ($52,083) in the aggregate amount of ($41,191) during the fiscal year ended December 31, 2008.
  9
 Table of Content
 
 N et Loss.  The Company incurred a net loss of $8,624,715 during the fiscal year ended December 31, 2009, compared to a net loss of $38,756,676 during its fiscal year ended December 31, 2008.
   Comparison of the Years Ended December 31, 2008 and 2007
  Revenues. The Company had minimal sales and revenues during the fiscal year ended December 31, 2008, compared to no sales or revenues during the fiscal year ended December 31, 2007. This is a because the Company has been seeking to develop its generic drug sale and distribution business in 2007 and 2008 through the present.
  Selling, General, and Administrative Expenses. The Company incurred selling, general, and administrative expenses of $18,162,803 during the fiscal year ended December 31, 2008 compared to $244,008 during the fiscal year ended December 31, 2007.
  Operating Losses. As a result, the Company incurred a net operating loss of $38,715,485 during the fiscal year ended December 31, 2008 compared to a net operating loss of $244,008 during the fiscal year ended December 31, 2007.
  Other Income (Expenses). The Company incurred income from gain on foreign exchange of $10,892, and a net loss from interest expenses ($52,083) in the aggregate amount of ($41,191) during the fiscal year ended December 31, 2008 compared to a foreign exchange loss of $61,273 and interest expense of $37,423 in the aggregate amount of $98,696 during the fiscal year ended December 31, 2007.
  Net Loss from Continuing Operations. During the fiscal year ended December 31, 2008, the Company incurred a loss from continuing operations of $38,756,676, compared to a loss from continuing operations during the fiscal year ended December 31, 2007, of $342,704.
  Discontinued Operations. The Company incurred no loss from discontinued operations during the fiscal year ended December 31, 2008 compared to a gain from discontinued operations during the fiscal year ended December 31, 2007 of $2,754,671.
  Net Loss.  The Company incurred a net loss of $38,756,676 during the fiscal year ended December 31, 2008, compared to a net gain of $2,400,967 during its fiscal year ended December 31, 2007.
   Liquidity and Capital Resources
  At December 31, 2009, we had a working capital deficit of ($2,059,492). As a result of our working capital deficit, our auditors have raised, in their current audit report, a substantial doubt about our ability to continue as a going concern. We will be unable to continue as a going concern in the event we are not able to raise capital and are successful in seeking a business acquisition. Until such time as sufficient capital is raised, we intend to limit expenditures for capital assets and other expense categories.
  The Company must currently rely on corporate officers, directors and outside investors in order to meet its budget. If the Company is unable to obtain financing from any of one of these aforementioned sources, the Company would not be able to complete its financial obligations. Limited commitments to provide additional funds have been made by management and other shareholders. We cannot provide any assurance that any additional funds will be made available on acceptable terms or at all.
  10
 Table of Content
 Cash Flows
  Net cash used in operating activities was ($502,523) for the year ended December 31, 2009 and ($258,239) for the year ended December 31, 2008.
  Net cash provided by financing activities was $503,324 and $268,465 for the year ended December 31, 2009 and 2008, respectively. The net cash provided by financing activities for the year ended December 31, 2009 consisted primarily of loans provided by an individual related to the Company’s Chief Executive Officer.
 Off-Balance Sheet Arrangements
 
 We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on us.
 
 ITEM 7A.      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 Smaller reporting companies are not required to provide the information required by this item.
 
 11
 Table of Content


ITEM 8    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  CONTENTS
 ______________________________________________________________________________________________
 
 Report of Independent Registered Public Accounting Firm
Page    F-1
 
 Balance Sheets
F-2
 
 Statements of Operations
F-3
 
 Statements of Cash Flows
F-4
 
 Statements of Changes in Stockholders’ Equity
F-6
 
 Notes to Financial Statements
F-7
 
  12
 Table of Content
 MEYLER & COMPANY, LLC
 CERTIFIED PUBLIC ACCOUNTANTS
 ONE ARIN PARK
 1715 HIGHWAY 35
 MIDDLETOWN, NJ 07748
 
 Report of Independent Registered Public Accounting Firm
 
 Board of Directors
 Genmed Holding Corp.
 Amsterdam, The Netherlands
 
 We have audited the accompanying consolidated balance sheets of Genmed Holding Corp. and subsidiaries as of December 31, 2009 and 2008 and the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2009.  These consolidated financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.
 
 We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.
 
 In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Genmed Holding Corp. and subsidiaries as of December 31, 2009 and 2008, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2009, in conformity with accounting principles generally accepted in the United States of America.
 
 The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note A to the consolidated financial statements, the Company has an accumulated deficit of $62,266,626 since inception and had net losses and negative working capital in 2009 and 2008.  These conditions raise substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note A.  The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
 
 /s/ Meyler & Company, LLC
 
 Middletown, NJ
 April 15, 2010


F-1
 Table of Content
 GENMED HOLDING CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31,2009


2008ASSETSCURRENT ASSETSCash

$
-


$
1,764Accounts receivable


81,864



-VAT receivable


6,454



8,777Total Current Assets


88,318



10,541EQUIPMENT, net accumulated depreciation of $5,832 and $2,206 in 2009 and 2008, respectively


12,587



16,002MEDICAL REGISTRATION RIGHTS, net accumulated amortizationof $2,197,061 and $736,000 in 2009 and 2008, respectively


6,150,000



13,864,000Total Assets

$
6,250,905


$
13,890,543LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIESBank overdraft

$
493


$
-Accounts payable


266,680



169,096Accrued salaries and related expenses


357,539



331,420Accrued expenses


513,880



516,074Convertible debentures


1,146,557



-Discount on convertible debentures


(342,029
)


-Loans payable to related parties


204,690



848,416Total Current Liabilities


2,147,810



1,865,006STOCKHOLDERS' EQUITYClass A Convertible Preferred Stock, par value $0.001; authorized500,000,000 shares; issued and outstanding- 0 and  2,179,533 atDecember 31, 2009 and December 31, 2008, respectively.


-



-Common stock, par value $0.001; authorized 500,000,000 shares;issued and outstanding- 123,211,739 and 125,611,739 shares atDecember 31, 2009 and December 31, 2008, respectively


123,212



125,612Additional paid-in capital


66,240,744



65,563,066Accumulated deficit


(62,266,626
)


(53,671,911
)Accumulated other comprehensive income (loss)


5,765



8,770Total Stockholders' Equity


4,103,095



12,025,537Total Liabilities and Stockholders'  Equity

$
6,250,905


$
13,890,543See accompanying notes to consolidated financial statements
   F-2
 Table of Content
  GENMED HOLDING CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSFor the Years EndedDecember 31,2009


2008NET SALES

$
51,992


$
9,399COST AND EXPENSES:Selling, general and administrative


757,403



18,162,803Depreciation and amortization


1,464,616



738,206Impairment of goodwill


-



19,745,570Impairment of medical registration rights


6,252,359



-Research & development


94,302



78,305Total Costs and Expenses


8,568,680



38,724,884NET OPERATING LOSS


(8,516,688
)


(38,715,485
)OTHER INCOME (EXPENSE)Gain on cancellation of consulting agreement


285,000



-Loss on settlement of litigation


(10,000
)


-Loss on foreign exchange


(15,434
)


10,892Interest expense


(337,593
)


(52,083
)Total Other Income (Expense)


(78,027
)


(41,191
)PROVISION FOR INCOME TAXES


-



-NET LOSS

$
(8,594,715
)

$
(38,756,676
)NET LOSS PER COMMON SHARE(BASIC AND DILUTED)

$
(0.07
)

$
(0.44
)WEIGHTED AVERAGE COMMONSHARES OUTSTANDING


123,856,123



88,627,721See accompanying notes to consolidated financial statements
  F-3
 Table of Content
  GENMED HOLDING CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFor the year endedDecember 31,2009


2008CASH FLOWS FROM OPERATING ACTIVITIESNet loss

$
(8,594,715
)

$
(38,756,676
)Adjustments to reconcile net loss to cash flows used in operating activities:Depreciation and amortization


1,464,616



738,206Impairment of goodwill


-



19,745,570Impairment of medical registration rights


6,252,359



-Stock based compensation


102,000



17,352,316Amortization of beneficial conversion feature


231,249



-Changes in operating assets and liabilities:Accounts receivable


(81,864
)


-VAT receivable


2,323



8,736Accounts payable


97,584



77,343Accrued salaries and related expenses


26,119



99,206Accrued expenses


(2,194
)


477,060Net Cash Used in Operating Activities


(502,523
)


(258,239
)CASH FLOWS FROM INVESTING ACTIVITIESPurchase of equipment


-



(18,208
)Net Cash Used in Investing Activities


-



(18,208
)CASH FLOWS FROM FINANCING ACTIVITIESBank overdraft


493



-Cash acquired in acquisition


-



4,993Advances from notes payable to related parties


502,831



263,472Net Cash Provided by Investing Activities


503,324



268,465EFFECT OF EXCHANGE RATE


(2,565
)


8,770INCREASE (DECREASE) IN CASH


(1,764
)


788CASH, BEGINNING OF YEAR


1,764



976CASH, END OF YEAR

$
-


$
1,764See accompanying notes to consolidated financial statements
  F-4
 Table of Content
 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)For the year endedDecember 31,2009


2008SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATIONNon cash activities:Conversion of related party debt to convertible debenture


1,146,557Beneficial conversion feature on convertible debenture


573,278Cancellation of common stock


2,400Issuance of common stock for acquisition


-



24,480,000Conversion of preferred stock to common stock


-



75,000Assets acquired in acquisitionCash






4,993Receivable






17,513Medical registration rights






14,600,000Liabilities assumed






(6,153
)See accompanying notes to consolidated financial statements
  F-5
 Table of Content
  GENMED HOLDING CORP. AND SUBSIDIARIESStatement of Stockholders' EquityFor the Years Ended December 31, 2008 and 2009AccumulatedAdditional





Other


TotalPreferred Stock


Common Stock





Paid-In


Accumulated


Comprehensive


StockholdersShares


Amount


Shares


Amount


Capital


Deficit


Income


EquityBalance, December 31, 2007


2,179,533


$
2,180



211,739


$
212


$
13,972,047


$
(14,915,235
)


-


$
(940,796
)Conversion of preferred shares to common shares


(2,179,533
)

$
(2,180
)


75,000,000



75,000



(72,820
)










-Issuance of common stock for acquisition at $0.51 per share







48,000,000



48,000



24,432,000











24,480,000Common stock issued for consultancy agreement at $0.51 per share






2,400,000



2,400



(2,400
)










-Amortization of common stock issued for consulting agreement















306,000











306,000Fair value of warrants issued to consultants


















17,046,317











17,046,317Fair value of warrants issued for acquisition


















9,881,922











9,881,922Adjustment from exchange rate changes


























8,770



8,770Net loss for the year ended December 31, 2008






















(38,756,676
)






(38,756,676
)Balance, December 31, 2008


-



-



125,611,739


$
125,612


$
65,563,066


$
(53,671,911
)

$
8,770


$
12,025,537Amortization of common stock issued for consulting agreement















102,000











102,000Cancellation of common stock issued for consultancy agreement at $0.51 per share


(2,400,000
)


(2,400
)


2,400











-Beneficial conversion features on convertible notes


















573,278











573,278Adjustment from exchange rate changes


























(3,005
)


(3,005
)Net loss for the year ended December 31, 2009






















(8,594,715
)






(8,594,715
)Balance, December 31, 2009


-



-



123,211,739


$
123,212


$
66,240,744


$
(62,266,626
)

$
5,765


$
4,103,095See accompanying notes to financial statements
 F-6
 Table of Content   
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
 
 
 NOTE A -   NATURE OF BUSINESS AND GOING CONCERN
 
 Nature of Business
 
 Genmed Holding Corp. (“GENM”or the “Company”) through its wholly owned Dutch subsidiary is focusing on the delivery of low cost generic medicines directly to distribution chains throughout the world. Generic medicines, which become available when the originator medicines patents has expired, are, due to continuing governmental pressure and new insurance policies, increasingly used as equally effective alternatives to higher-priced originator pharmaceuticals by general practitioners, specialists and hospitals.
 
 Going Concern
 
 As shown in the accompanying consolidated financial statements, the Company has incurred cumulative net losses of $62,266,626, since inception, had losses from continuing operations of $8,594,715 and $38,756,676 in 2009 and 2008 and has negative working capital of $2,059,492.  Management's plans include the raising of capital through the equity markets to fund future operations and the generating of revenue through its business.  Failure to raise adequate capital and generate adequate sales revenues could result in the Company having to curtail or cease operations.  Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurance that the revenue 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.
 
 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 Consolidated Financial Statements
 
 The consolidated financial statements include the Company and its wholly owned subsidiaries.  All significant intercompany transactions and balances have been eliminated in consolidation.
 
 Use of Estimates
 
 The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
 
 Foreign Currency Translation
 
 The Company considers the EURO (“€”) to be its functional currency.  Assets and liabilities were translated into US dollars (“US$”) as of December 31, 2009 at the period end exchange rate of €1.00 to US$ 1.4333.  Statement of Operations amounts for the year ended December 31, 2009 were translated using the average rates during the periods of €1.00 to US$ 1.39463. Gains and losses resulting from translating foreign currency financial statements are accumulated in other comprehensive loss, a separate component of stockholders' equity.
 
 Cash Equivalents
 
 For purposes of reporting cash flows, cash equivalents include investment instruments purchased with a maturity of three months or less.  There were no cash equivalents in 2009 or 2008.
 
 Net Loss Per Common Share
 
 Basic earnings per share (“EPS”) is computed  by dividing the income (loss) available to Common Stockholders by the weighted-average number of common shares outstanding for the period.  Diluted EPS is based on the weighted-average number of shares of Common Stock and Common Stock equivalents outstanding during the periods.
  F-7
 Table of Content
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
 
 
 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 Comprehensive Income
 
 Comprehensive income is defined as the change in a business enterprise's equity during a period arising from transactions, events or circumstances relating to non-owner sources, such as foreign currency translation adjustments and unrealized gains or losses on available-for-sale securities.  It includes all changes in equity during a period except those resulting from investments by or distributions to owners.  Comprehensive income is accumulated in accumulated other comprehensive income, a separate component of stockholders' equity, in the balance sheet.
 
 Stock Based Compensation
 
 Employee compensation expense is recorded using the fair value method.
 
 The Company accounts for stock issued for services using the fair value method. The measurement date of shares issued for services is the date at which the counterparty's performance is complete.
 
 Revenue Recognition
 
 For the year 2009, the Company had net sales of $51,992.  The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable and collectibility is reasonably assured.  The Company intends to provide countries within the EU and some countries outside the EU with generic drugs at considerable lower prices than other suppliers. For this purpose we make agreements with manufacturers within Europe who produce drugs that meet EU and FDA standards. The Company expects to conduct its business with a low overhead, lower than that of the other companies in this market. This is possible because the Company will execute its affairs as much as possible as an agency in order to keep its costs low. The main activity of the agency is to provide the registration requirements and quality control. The Company’s buyers will take care of the logistics, storage and marketing. The Company will take a fee for the registration ownership of the drugs and a commission on the delivered goods.
 
 Research and Development Costs
 
 All research and development costs are expenses as incurred.
 
 Impairment of Long-Lived Assets
 
 Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.  Recoverability of these assets is measured by comparing the carrying amount to future undiscounted cash flows the assets are expected to generate.  If property and medical registration rights are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its estimated fair market value.  See Note G on impairment of Medical Registration Rights.
 
 Goodwill
 
 Goodwill and intangibles with indefinite lives are not amortized; rather they are tested for impairment at least annually.  In order to test goodwill, a determination of the fair value of the Company’s reporting units for its goodwill valuation and is based upon, among other things, estimates of future operating performance of the reporting unit being valued.  Changes in market conditions, among other factors may have an impact on these estimates.
 
 Reclassifications
 
 Certain amounts from the prior year have been reclassified to be consistent with the current period.
  F-8
 Table of Content    GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
  NOTE B -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 Recent Accounting Pronouncements
 
 Effective July 1, 2009, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification(“ASC”). The ASC is the single official source of authoritative, non-governmental U.S. generally accepted accounting principles, other than the guidance issued by the Securities and Exchange Commission. The adoption of the ASC did not have any substantive impact on the Company’s Consolidated Financial Statements or related footnotes. In December 2006, the FASB issued guidance that established a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. Certain provisions of this guidance were effective for the Company on January 1, 2008, while the effective date of other provisions relating to nonfinancial assets and liabilities were effective for the Company as of January 1, 2009. The Company’s adoption of this guidance did not have a material impact on its financial position, results of operations or cash flows.
 
 In May 2009, the FASB issued guidance regarding subsequent events, which was subsequently updated in February 2010.  This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance set forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Company for the second quarter 2009 reporting. The adoption did not have a significant impact on the subsequent events that the Company reports, either through recognition or disclosure, in the consolidated financial statements.  In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance.
  
 NOTE C – GENERAL RELEASE AND SETTLEMENT AGREEMENT
 
 On April 17, 2008, the Company entered into a General Release and Settlement Agreement (the "General Release Agreement") with Total Look, B.V. (“Total Look”), London Finance Group, Ltd., a California corporation (“LFG”), Dojo Enterprises, LLC, a Nevada limited liability company (“Dojo”), Hyperion Fund, L.P., a Colorado limited partnership (“Hyperion”), The Palisades Capital, LLC 401(k) Profit Sharing Trust (“Palisades”), The Morpheus 2005 Trust dated December 1, 2005 (“Morpheus”), Burton Partners, LLC (“Burton”), Picasso, LLC (“Picasso”) and Glacier, LLC (“Glacier,” and, together with Total Look, LFG, Dojo, Hyperion, Palisades, Morpheus, Burton and Picasso, the “Preferred Shareholders”) to settle all accounts and disputes between the parties and to avoid the expense and delay of litigation.
 
 Pursuant to the General Release Agreement, the Company issued to the Preferred Shareholders 75,000,000 shares of its restricted common stock, and 39,000,000 warrants to the Preferred Shareholders, which were subsequently cancelled, to purchase shares of common stock of the Company.
 
 The Preferred Shareholders collectively own 2,179,533 shares of Class A Convertible Preferred Stock of the Company, which equals 100% of the outstanding preferred shares of stock of the Company. Pursuant to the General Release Agreement, all of the outstanding preferred shares of the Company were cancelled upon the issue of the common stock to the Preferred Shareholders.
 
 Subsequent to December 31, 2008, on or around April 11, 2009, the Preferred Shareholders entered into a Release and Settlement Agreement in which the parties agreed to the cancellation of all the warrants and to the cancellation and re-issuing of certain shares of Common Stock that were issued pursuant to the General Release and Settlement Agreement of April 17, 2008.
  F-9
 Table of Content
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
 
 NOTE C – GENERAL RELEASE AND SETTLEMENT AGREEMENT (Continued)
 
 Pursuant to the Release and Settlement Agreement of April 11, 2009, such shares of common stock of the Company are now issued and outstanding as follows:
 
 Shareholder
Common StockTotal Look B.V.
62,678,826 sharesDojo Enterprises, Ltd.
1,120,107 sharesHyperion Fund, L.P.
1,760,428 sharesDiane Breitman, as Trustee of The Morpheus 2005 Trust
2,720,000 sharesBurton Partners, LLC
2,240,213 sharesPicasso, LLC
2,240,213 sharesGlacier, LLC
2,240,213 sharesTOTAL
75,000,000 shares
 
 NOTE D - STOCK EXCHANGE AGREEMENT
 
 On April 17, 2008, Genmed Holding Corp. ("Genmed," or the “Company”) entered into a Stock Exchange Agreement (the "Stock Exchange Agreement") with Joost de Metz (“de Metz”), Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical Network Holding BV (“MNH,” and collectively with de Metz, Blijlevens and Bouwens, the “Shareholders”). The Shareholders were holders of 100% of the outstanding capital stock of Genmed BV (“GMBV”), a company organized in The Netherlands.
 
 Pursuant to the Stock Exchange Agreement, Genmed agreed to purchase from the Shareholders 18,000 restricted shares of the registered and outstanding capital stock of GMBV (the “GMBV Shares”), representing 100% of its outstanding capital stock, for a purchase price equal to 48,000,000 shares of restricted common stock of Genmed and the issuance of 24,000,000 warrants at $0.10 per share.
 
 
 Subsequent to December 31, 2008, on or around April 11, 2009, the ‘Shareholders’ entered into a Release and Settlement Agreement in which the parties agreed to the cancellation of all the warrants that were issued pursuant to the Stock Exchange Agreement of April 17, 2008.
 
 The fair value of the assets acquired was as follows:
 
 Cash

$
4,993Receivables


17,513Fair Value of Medical Registration Rights


14,600,000Liabilities Assumed


(6,153
)14,616,353Fair value of 48,000,000 shares @ $0.51 per share and24,000,000 warrants valued at $ 9,881,923


34,361,923Impairment of Goodwill

$
19,745,570
 
 The Medical Registration Rights represent a distribution agreement with Atabay Group to distribute generic drugs in various European Union and other countries outside the European Union as well as the registration rights to Paracetamol (acetaminophen), a generic form of Tylenol, in the European Union.  These rights are being amortized over their estimated useful life of 10 years.  Amortization expense for the years ended December 31, 2009 and 2008 was $1,460,000 and $1,460,000.
  F-10
 Table of Content   
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
  
 NOTE D - STOCK EXCHANGE AGREEMENT (Continued)
 
 Estimated future amortization for the next five years is as follows:
 
 2010

$
745,0002011


745,0002012


745,0002013


745,0002014


745,000
 
 Subsequent to the acquisition of Genmed BV, the Company tested the business unit for impairment.  As a result, the Company determined that the Goodwill was impaired and wrote off the entire balance of $19,745,570.
 
 At December 31, 2009, the Company determined that the Medical Registration Rights were impaired.  See Note G.
 
 NOTE E – CHANGE IN MANAGEMENT
 
 Mr. Roy Piceni resigned from his position as Chief Executive Officer and director of the Company on April 17, 2008.
 The Board of Directors appointed Mr. Erwin R. Bouwens as the Chief Executive Officer, President, and director of the Company on April 17, 2008. Mr. Randy Hibma, who has served as the Company’s Chief Financial Officer since 2004, remained as the Company’s Chief Financial Officer and was appointed to also serve as Vice President and Secretary of the Company on April 17, 2008.
 
 NOTE F – CONSULTING AGREEMENTS
 
 On April 17, 2008, the Company, entered into a Consulting Agreement with London Finance Group, Ltd. (“London”). Pursuant to such Consulting Agreement, London will consult with the Company on achieving Company objectives including merging with other businesses, disposing of businesses or assets, entering into strategic relationships, entering into investment banking relationships, and securing valuable management consulting to assist the Company in its operations, strategy and in its negotiations with vendors, customers and strategic partners. The Consulting agreement commenced on April 17, 2008 and will terminate no earlier than April 17, 2011. London was to receive an initial payment of $65,000 upon execution of the Consulting Agreement, $20,000 per month for the length of the Consulting Agreement, 2,400,000 shares of restricted common stock and 2,400,000 warrants to purchase the Company’s common stock as compensation for its consulting services.  For the years ended December 31, 2008 and 2009, the Company recognized $225,000 and $60,000 in consulting expense, respectively, under this consulting agreement.
 
 Also on April 17, 2008, the Company entered into a Consulting Agreement with Total Look B.V. (“Total Look”), a company organized in The Netherlands. Pursuant to such Consulting Agreement, Total Look will consult with the Company on finding, analyzing, structuring and negotiating sales and marketing agreements, alliances and other desirable projects with regard to the Company’s sales of its generic pharmaceutical products. The Consulting agreement commenced on April 17, 2008 and will terminate no earlier than April 17, 2011. Total Look will receive an initial payment of $40,000 upon execution of the Consulting Agreement, $20,000 per month for the length of the Consulting Agreement, and two and one-half percent (2.5%) of the total revenues from all sales and other revenues actually received by the Company, until such time as Total Look has received a total of $3,000,000, as compensation for its consulting services.  For the years ended December 31, 2008 and 2009, the Company recognized $200,000 and $240,000 in consulting expense, respectively, under this consulting agreement.
 
 Subsequent to December 31, 2008, on or around April 11, 2009, the Company and London Finance Group entered into a Release and Settlement Agreement in which the parties agreed to rescind the Consultancy Agreement entered into by the Company and the London Finance Group on April 17, 2008 and to cancel the shares and warrants that have been issued pursuant to the Consulting Agreement as well as to waive all monies owed by the Company to the London Finance Group as part of the same Consulting Agreement.  As part of this agreement, the Company recognized $285,000 as a Gain on the cancellation of the amounts due under the consulting agreements.
  F-11
 Table of Content   
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
 
 NOTE G – IMPAIRMENT OF MEDICAL REGISTRATION RIGHTS
 
 The Company reviewed its medical registration rights for impairment on December 31, 2009.  The Company determined that its’ inability to obtain authorization to market drugs under the Atabay agreement, its’ inability to generate the revenues originally anticipated, and the difficulty in raising the funds to market the rights indicated that the carrying amount of the medical registration rights may not be fully recoverable.  The Company valued the medical registration rights on December 31, 2009 using the income approach.  In valuing the medical registration rights, the Company has considered the projected sales for Paracetamol in the approved markets in the European Union.  The Company determined that the value of the medical registration rights on December 31, 2009 was $6,150,000.  As such, an impairment loss of $6,252,359 was recognized.
 
 NOTE H - NOTES PAYABLE TO RELATED PARTIES
 
 On June 30, 2009, the Company and two note holders agreed upon the consolidation of their notes, including the unpaid interest, and issued a new 100% Premium Secured Convertible Promissory Note. The new note is for the amount of $925,000, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on June 30, 2010.  A beneficial conversion feature of $462,500 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On December 31, 2009, the Company and Mr. Bouwens, the CEO of the Company, agreed upon the conversion of his note, including the unpaid interest, and issued a new 100% Premium Secured Convertible Promissory Note. The new note is for the amount of $221,557, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on December 31, 2010.  A beneficial conversion feature of $110,779 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On March 3, 2010, the holders of the Convertible notes have converted their notes including the unpaid interest into shares of the Company’s Common Stock. As such, the Company has issued 29,948,794 of newly shares of Common Stock of the Company.
 
 Besides the funds that The Company has received from the convertible note holders, the Company has received other advances from individuals related to the Company at various times for working capital and to fund required operating expenses. These advances are unsecured and bear interest at the rate of 8% per year. The amount outstanding at December 31, 2009 and 2008 aggregated $204,690 and $848,416 respectively.
  NOTE I - INCOME TAXES
 
 The Company recognizes a deferred tax liability or asset for temporary differences between the tax basis of an asset or liability and the related amount reported on the financial statements. The principal types of differences, which are measured at current tax rates, are net operating loss carry forwards. At December 31, 2009 and 2008, these differences resulted in a deferred tax asset of approximately $1,802,000 and $1,187,000, respectively.   ASC 740 requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets.  Since realization is not assured, he Company has recorded a valuation allowance for the entire deferred tax asset, and the accompanying financial statements do not reflect any net asset for deferred taxes at December 31, 2009 and 2008.
 
 The Company's net operating loss carry forwards amounted to approximately $6,000,000 at December 31, 2009, which will expire through 2029.
  F-12
 Table of Content   
 GENMED HOLDING CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009
  NOTE J - STOCKHOLDERS’ EQUITY
 
 Reverse Split
 
 On October 22, 2007, the Company's board of directors and majority of its shareholders approved a 1-for-2000 reverse stock split of the Company's issued and outstanding common stock, par value $.001 per share, pursuant to which each two thousand shares of the Company’s issued and outstanding Common Stock would be combined and consolidated into one share of common stock and authorized the board of directors of the Company to amend its Articles of Incorporation by issuing, without further shareholder action, one or more series of preferred stock from its authorized 5,000,000 shares of preferred stock. On January 28, 2008, the reverse stock split of the Company became effective.  The consolidated financial statements reflect the effect of this stock split for all periods presented.
 
 Conversion of Convertible Debentures
 
 On March 3, 2010, the holders of the 8% Convertible notes have converted their notes including the unpaid interest into shares of the Company’s Common Stock. In this connection, the Company issued 29,948,794 of newly shares of Common Stock of the Company.
 
 Stock Options
 
 Transactions involving options are summarized as follows:
 
 Balance December 31, 2007


12,154


$
132.00Options granted in 2008


-Options exercised in 2008


-Options expired in 2008


-Balance December 31, 2008


12,154


$
132.00Options granted in 2009


-Options exercised in 2009


-Options expired in 2009


(12,154
)

$
132.00Balance December 31, 2009


-



-
 
 
 NOTE K - EMPLOYMENT CONTRACT
 
 On October 1, 2008, the Company renewed the employment contract with the Chief Financial Officer. The agreement is indefinite and calls for an annual salary of $99,600 per year.
 
 On October 31, 2009, the Company and the Chief Financial Officer jointly agreed to terminate the employment agreement and to continue the collaboration as of January 1, 2010 on a consulting basis.
 
 
 NOTE L - LITIGATION
 
 The Company has been named as a defendant in a lawsuit filed in the Circuit Court of the 11th Judicial Circuit in Miami-Dade County, Florida. The Company’s former Chief Executive Officer, Jerri Palmer, has instigated the lawsuit against the Company alleging Breach of Contract and Unjust Enrichment.  Ms. Palmer is claiming damages in excess of $15,000. Ms. Palmer was the Company’s Chief Executive Officer from December 5, 2005, until her resignation on May 19, 2006.  The Company has alleged counter claims against Ms. Palmer for breach of contract and breach of fiduciary duty.
 
 In March 2010, the Company and Ms. Palmer have settled the lawsuit for an amount of $40,000.  The Company has accrued this settlement in the accompanying financial statements.
 F-13
 Table of Content


ITEM 9.          CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE





There have been no disagreements between the Company and Meyler & Company, LLC (“MC”) in connection with any services provided to us by each of them for the periods of their engagement on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.





No accountant’s report on the financial statements for the past two years contained an adverse opinion or a disclaimer of opinion or was qualified or modified as to uncertainty, audit scope, or accounting principles, except such reports did contain a going concern qualification; such financial statements did not contain any adjustments for uncertainties stated therein. In addition, MC did not advise the Company with regard to any of the following:





1.     That internal controls necessary to develop reliable financial statements did not exist; or





2.
That information has come to their attention, which made them unwilling to rely on management’s representations, or unwilling to be associated with the financial statements prepared by management; or





3.
That the scope of the audit should be expanded significantly, or information has come to the accountant’s attention that the accountant has concluded will, or if further investigated might, materially impact the fairness or reliability of a previously issued audit report or the underlying financial statements, or the financial statements issued or to be issued covering the fiscal periods subsequent to the date of the most recent audited financial statements, and the issue was not resolved to the accountant’s satisfaction prior to its resignation or dismissal. During the most recent two fiscal years and during any subsequent interim periods preceding the date of each engagement, we have not consulted MC regarding any matter requiring disclosure under Regulation S-K, Item 304(a)(2).





ITEM 9A.       CONTROLS AND PROCEDURES





Evaluation of Disclosure Controls and Procedures





The Company's Chief Executive Officer and its Chief Financial Officer (collectively, the "Certifying Officers") are responsible for establishing and maintaining disclosure controls and procedures for the Company. Such officers have reviewed our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. The Certifying Officers have concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in this report is accumulated and communicated to the Company's management, including its principal executive officers as appropriate, to allow timely decisions regarding required disclosure. The Certifying Officers also have indicated that there were no significant changes in the Company internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation, and that there were no corrective actions necessary with regard to any significant deficiencies and/or material weaknesses.





ITEM 9A(T).           CONTROLS AND PROCEDURES





Management's Annual Report on Internal Control Over Financial Reporting





Our management is also responsible for establishing and maintaining adequate "internal control over financial reporting" of the Company, as defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuer's principal executive and principal financial officer and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.








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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.





Management of the Company, our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2009 not pursuant to any established framework other than their review of the Company’s procedures for financial reporting and their review of the Company’s current reporting obligations. In connection with this evaluation, Company management did not identify any material deficiencies. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal controls over financial reporting were effective as of the end of the period covered by this report.





Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.  Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.





This annual report does not include an attestation report of the Company's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this annual report.





There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2010, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.








ITEM 9B.                      OTHER INFORMATION





On April 17, 2008, the Company entered into a Stock Exchange Agreement whereby the Company acquired 100% of the outstanding capital stock of Genmed B.V., a company organized in The Netherlands, for a purchase price equal to 48,000,000 shares of restricted common stock of Genmed and warrants to purchase 24,000,000 shares of restricted common stock of GenMed at an exercise price of $0.10 per share.  Also On April 17, 2008, the Company also entered into a General Release and Settlement Agreement with certain entities whereby the Company issued 75,000,000 shares of its restricted common stock, and issued warrants to purchase 39,000,000 shares of common stock of the Company, to such entities in order to settle all accounts and disputes between the Company and such entities.





On April 17, 2008, the Company entered into a consulting agreement with London Finance Group, Ltd. whereby the Company issued 2,400,000 shares of its restricted common stock, and issued warrants to purchase 2,400,000 shares of common stock of the Company to London Finance Group, Ltd. Also on April 17, 2008, the Company entered into a consulting agreement with Total Look, B.V.





On April 17, 2008, Mr. Roy Piceni, resigned as the Company’s Chief Executive Officer, and Mr. Erwin R. Bouwens was appointed as Chief Executive Officer, President, and director of the Company, effective April 17, 2008.





Subsequent to December 31, 2008, on or around April 11, 2009, the parties to the Stock Exchange Agreement, General Release and Settlement Agreement, and the consulting agreement described above agreed and formalized by written agreement to the cancellation of all of the warrants issued to such agreements, and to the cancellation and re-issuing of certain shares issued pursuant to such agreements, and to the cancellation of the consulting agreement with the London Finance Group, including the cancellation of the shares and warrants that have been issued to the London Finance Group as part of this agreement. See Exhibit 1.02 hereto, Release and Settlement Agreement between the Company, Joost de Metz , Willem Blijleven,  E.R. Bouwens Beheermaatschappij B.V.,  Medical Network Holding BV , Total Look, BV , London Finance Group, Ltd.,  Dojo Enterprises, LLC,  Hyperion Fund, L.P.,  The Palisades Capital, LLC 401(k) Profit Sharing Trust , The Morpheus 2005 Trust dated December 1, 2005 , Burton Partners, LLC , Picasso, LLC  and Glacier, LLC








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Table of Content




PART III





ITEM 10.                      DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE





Our directors hold office until the annual meeting of shareholders next held after their election. Our officers and directors are as follows:





Name

Age

With Company

Since

Director/PositionErwin R. Bouwens

47

4/2008

Chief Executive Officer, Chairman of the Board of DirectorsRandy Hibma

38

1/2004

Chief Financial Officer, Director





Mr. Erwin R. Bouwens – Chief Executive Officer and President. Mr. Bouwens is an entrepreneur who owns six restaurants and more than forty buildings and apartments through E.R. Bouwens Holding B.V. In the year 2000, Mr. Bouwens began De Witte Raaf, an occupational health care services company organized in The Netherlands, and in 1999, Mr. Bouwens began Medical Network Holding B.V. Mr. Bouwens maintains a majority interest in De Witte Raaf and Medical Network Holding B.V. In 1981, Mr. Bouwens completed his technical education in building and water projects.





Mr. Randy Hibma - Chief Financial Officer, Vice-President. From 2004 to the present, Mr. Hibma has been employed with the Company, and has served as Chief Financial Officer since May 23, 2005. From 2000 to 2003, Mr. Hibma served as Financial Controller of the Satellite Newspapers group of companies and affiliated companies. Prior to joining the Company, Mr. Hibma was manager of the Nostro department at Banque Parisbas Bank and manager at the Foreign Payment Department of ABN AMRO Bank.





Audit Committee





The Board of Directors does not have a Compensation, Audit, or Nominating Committee.  The usual functions of such committees are performed by the entire Board of Directors. The Board of Directors has determined that at present we do not have an audit committee independent financial expert. The Board believes that the members of the Board of Directors are collectively capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. In addition, we have been seeking and continue to seek an appropriate individual to serve on the Board of Directors and the Audit Committee who will meet the requirements necessary to be an independent financial expert.





Section 16(a) Beneficial Ownership Reporting Compliance





Section 16(a) of the Exchange Act requires our executive officers, directors and beneficial owners of more than ten percent (10%) to report their beneficial ownership of equity interests in the company to the SEC. Their initial reports are required to be filed using the SEC's Form 3, and they are required to report subsequent purchases, sales, and other changes using the SEC's Form 4, which must be filed within two business days of most transactions. Officers, directors, and persons owning more than 10% of our capital shares are required by SEC regulations to furnish us with copies of all of reports they file pursuant to Section 16(a).





According to our records, Erwin R. Bouwens and Roy Piceni have not filed their Form 3’s in a timely manner.








Code of Ethics





In 2005, the Company adopted a “Code of Ethics” that applies to the Company’s Chief Executive Officer, Chief Financial Officer, principal accounting officer or controller, and persons performing similar such functions.








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ITEM 11.                      EXECUTIVE COMPENSATION





The following table provides summary information for the fiscal years ended December 31, 2007 and 2008 concerning cash and non-cash compensation paid or accrued by us for our executive officers in excess of $60,000.





Name/ Position
Year

Salary


Bonus


Stock


Other


TotalErwin R. Bouwens
2009

$
0


$
0


$
0


$
0


$
0Chief Executive Officer
2008

$
0


$
0


$
0


$
0


$
0Randy Hibma
2009

$
82,800


$
0


$
0


$
0


$
69,900Chief Financial Officer
2008

$
69,900


$
0


$
0


$
0


$
69,9002007

$
60,000


$
0


$
0


$
0


$
60,000___________________________
_________

___________


________


___________


_________


___________Roy P. Piceni (1)
2009

$
0


$
0


$
0


$
0


$
02008

$
36,000


$
0


$
0


$
0


$
36,0002007

$
140,000


$
0


$
0


$
0


$
140,000


(1)
Former Chief Executive Officer of the Company effective April 17, 2008.








Employment Contracts





The Company currently has one employment agreement with Mr. Randy Hibma, the Company’s Chief Financial Officer. The employment agreement between Mr. Hibma commenced October 1, 2006 and which has been renewed on October 1, 2008 provides for a monthly salary of approximately $8,300 per month plus reasonable travel expenses.




On October 31, 2009, the Company and the Chief Financial Officer jointly agreed to terminate the employment agreement and to continue the collaboration as of January 1, 2010 on a consulting basis.


Family Relationships





There are no family relationships among the Company’s current directors, executive officers, or other persons nominated or chosen to become officers or executive officers.








29


Table of Content


ITEM 12.               SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


AND RELATED STOCKHOLDER MATTERS





The following table sets forth information regarding the beneficial ownership of our common stock as of December 31, 2009. The information in this table provides the ownership information for:





§
each person known by us to be the beneficial owner of more than 5% of our common stock;


§
each of our directors;


§
each of our executive officers; and


§
our executive officers and directors as a group.








Beneficial ownership has been determined in accordance with the rules and regulations of the SEC and includes voting or investment power with respect to the shares. Unless otherwise indicated, the persons named in the table below have sole voting and investment power with respect to the number of shares indicated as beneficially owned by them.








Title of Class
Name and Address

Number of Shares


Percent of ClassCommon Stock
Erwin R. Bouwens

Rontgenlaan27, 2719 DX Zoetermeer, The Netherlands


84,938,826
(1)(2)


63.7
%Common Stock
Randy Hibma

Rontgenlaan27, 2719 DX Zoetermeer, The Netherlands






0.0
%Common Stock
Officers and Directors as a group (two persons)


84,938,826



63.7
%








(1)           Mr. Bouwens’ share ownership consists of 23,280,000 shares of common stock held by E.R. BouwensBeheermaatschappij B.V., 6,480,000 shares of common stock held by Medical Network Holding B.V. (Mr. Bouwens is owner and controlling officer of both entities), and 55,178,826 shares of common stock held by Total Look B.V., of which Mr. Bouwens is a 50% owner.





(2)           Mr. Bouwens has a contractual right of first refusal to purchase 9,120,000 shares of common stock of Mr. J.E. deMetz and 9,120,000 shares of common stock of Mr. W. Blijleven. If Mr. Bouwens were to acquire all 18,240,000 shares of common stock, assuming the same number of outstanding shares, his ownership would then consist of 103,178,826 shares of common stock of the Company, or 83.7% of the common stock of the Company.




30


Table of Content


ITEM 13.             CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE




On June 30, 2009, the Company and two note holders agreed upon the consolidation of their notes, including the unpaid interest, and to issue a new 100% Premium Secured Convertible Promissory Note. The new note is issued for the amount of $925,000, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on June 30, 2010.  A beneficial conversion feature of $462,500 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On December 31, 2009, the Company and Mr. Bouwens, the CEO of the Company, agreed upon the conversion of his note, including the unpaid interest, and to issue a new 100% Premium Secured Convertible Promissory Note. The new note is issued for the amount of $221,557, bears an annual interest rate of 8% and is convertible into shares of the Company’s Common Stock at a share price of $0.04 per share.   The Secured Promissory Note is due on December 31, 2010.  A beneficial conversion feature of $110,779 was recognized as part of this conversion and is being amortized over the year of the Secured Promissory Note.
 
 On March 3, 2010, the holders of the Convertible notes have converted their notes including the unpaid interest into shares of the Company’s Common Stock. As such, the Company has issued 29,948,794 of newly shares of Common Stock of the Company.
 
 Besides the funds that The Company has received from the convertible note holders, the Company has received other advances from individuals related to the Company at various times for working capital and to fund required operating expenses. These advances are unsecured and bear interest at the rate of 8% per year. The amount outstanding at December 31, 2009 and 2008 aggregate $204,690 and $848,416 respectively.


Acquisition of Genmed B.V..On April 17, 2008, Genmed Holding Corp. ("Genmed," or the “Company”) entered into a Stock Exchange Agreement (the "Stock Exchange Agreement") with Joost de Metz (“de Metz”), Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical Network Holding BV (“MNH,” and collectively with de Metz, Blijlevens and Bouwens, the “Shareholders”). The Shareholders were holders of 100% of the outstanding capital stock of Genmed BV (“GMBV”), a company organized in The Netherlands.





Pursuant to the Stock Exchange Agreement, Genmed agreed to purchase from the Shareholders 18,000 restricted shares of the registered and outstanding capital stock of GMBV (the “GMBV Shares”), representing 100% of its outstanding capital stock, for a purchase price equal to 48,000,000 shares of restricted common stock of Genmed and the issuance of 24,000,000 warrants at $0.10 per share.





Subsequent to December 31, 2008, on or around April 11, 2009, the ‘Shareholders’ entered into a Release and Settlement Agreement in which the parties agreed to the cancellation of all the warrants that have been issued pursuant to the Stock Exchange Agreement of April 17, 2008.





The fair value of the assets acquired is as follows:





Cash

$
4,993Receivables


17,513Fair Value of Medical Registration Rights


14,600,000Liabilities Assumed


(6,153
)14,616,353Fair value of 48,000,000 shares @ $0.51 per share


24,480,000Impairment of Goodwill

$
9,863,647







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Table of Content


ITEM 14.                      PRINCIPAL ACCOUNTANTS FEES AND SERVICES





The following table sets forth fees billed to us by our auditors during the fiscal years ended December 31, 2009 and December 31, 2008 for: (i) services rendered for the audit of our annual financial statements and the review of our quarterly financial statements, (ii) services by our auditor that are reasonably related to the performance of the audit or review of our financial statements and that are not reported as Audit Fees, (iii) services rendered in connection with tax compliance, tax advice and tax planning, and (iv) all other fees for services rendered.





FIRM

FISCAL YEAR 2009


FISCAL YEAR 2008Meyler & Company, LLC(i), (ii) Audit Related Fees

$
51,600


$
32,380(iii) Tax Fees

$
0


$
0(iv) All Other Fees

$
0


$
0








TOTAL FEES





FIRM

FISCAL YEAR 2009


FISCAL YEAR 2008Meyler & Company, LLC

$
51,600


$
32,380








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PART IV





ITEM 15.                      EXHIBITS, FINANCIAL STATEMENT SCHEDULES





1. Financial Statements
 
 The financial statements along with the report from Meyler & Company LLC dated April 15, 2010, appear in Part II, Item 8.
 
 2.           Financial Statement Schedules
 
 The financial statement Schedules along with the report from Meyler & Company LLC dated April 15, 2010, appear in Part II, Item 8.
 
 3.        Exhibits


Exhibit Number                                Document Description





3.1
Corporate Charter of Beck & Co. as filed with the Nevada Secretary of State on April 6, 1998, incorporated by reference from the Company’s Registration Statement on Form 10-SB filed with the Securities and Exchange Commission on April 4, 2000.





3.2
Bylaws of Beck & Co., incorporated by reference from the Company’s Registration Statement on Form 10-SB filed with the Securities and Exchange Commission on July 6, 1999.





3.3
Amendment to the Company’s Articles of Incorporation as filed with the Nevada Secretary of State on March 31, 2000, changing the authorized number of shares of the Company, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.





3.4
Amendment to the Company’s Articles of Incorporation as filed with the Nevada Secretary of State on September 11, 2000, changing the name of the Company, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.





3.5
Amendment to the Company’s Articles of Incorporation as filed with the Nevada Secretary of State on September 12, 2000, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.





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Table of Content




3.6
Amendment to the Company’s Articles of Incorporation whereby the authorized number of shares of the Company’s common stock increased from 200,000,000 to 500,000,000, incorporated by reference herein from Exhibit 3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 5, 2004 and as filed with the Nevada Secretary of State on August 23, 2004.





3.7
Amendment to the Company’s Articles of Incorporation whereby the Company changed its corporate name, incorporated by reference herein from Exhibit 3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on December 5, 2005.




3.8
Amendment to the Company’s Articles of Incorporation whereby the Company changed its corporate name, as filed with the Nevada Secretary of State on December 12, 2007, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.3.9
Stock Exchange Agreement between the Company and Joost de Metz (“de Metz”), Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical Network Holding BV dated April 17, 2008, incorporated herein by reference from Exhibit 9.2 to the Form 8-K of the Company filed on May 2, 2008.3.10
General Release and Settlement Agreement, incorporated herein by reference from Exhibit 9.1 to the Form 8-K of the Company filed on May 2, 2008.3.11
Consulting Agreement between the Company and London Finance Group, Ltd., incorporated herein by reference from Exhibit 9.1 to the Form 8-K of the Company filed on May 2, 2008.3.12
Draft Release and Settlement Agreement amending and rescinding certain agreements made on April 17, 2008.





10.1
Settlement Agreement between the Company and Mssrs. Fred De Vries and Renato Mariani, incorporated by reference herein from Exhibit 10 to the Company’s Form 8-K filed with the Securities and Exchange Commission on March 27, 2007, File No. 07721776.





10.2
Release and Settlement Agreement between the Company, Joost de Metz , Willem Blijleven,  E.R. Bouwens Beheermaatschappij B.V.,  Medical Network Holding BV , Total Look, BV , London Finance Group, Ltd.,  Dojo Enterprises, LLC,  Hyperion Fund, L.P.,  The Palisades Capital, LLC 401(k) Profit Sharing Trust , The Morpheus 2005 Trust dated December 1, 2005 , Burton Partners, LLC , Picasso, LLC  and Glacier, LLC





10.3
Employment Contract between the Company and Randy Hibma, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.





10.4
Ethics Code of the Company, incorporated by reference from the Company’s Form 10-KSB filed with the Securities and Exchange Commission on April 15, 2008.





31.1
Certification pursuant to Section 302 of the Sarbanes-Oxley Act.





31.2
Certification pursuant to Section 302 of the Sarbanes-Oxley Act.





32
Certification Pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


4.       Reports on Form 8-K:
 None.


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SIGNATURES




In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.





GENMED HOLDING CORP.(Registrant)Date: April 15, 2010

By:/s/ ERWIN R. BOUWENSErwin R. BouwensChief Executive Officer andChairman of the BoardsDate: April 15, 2010

By:/s/ RANDY HIBMARandy HibmaChief Financial OfficerDirector










35