UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


þ		QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~October~~March 31, ~~2009~~2010


o		TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 333-157360

WELLTEK INCORPORATED

(Exact name of registrant as specified in its charter)

Nevada	5912	98-0610431
(State or other jurisdiction of	(Primary Standard Industrial	(IRS Employer Identification #)
organization)	Classification Code)


Nevada (State or other jurisdiction of organization)		5912 (Primary Standard Industrial Classification Code)		98-0610431 (IRS Employer Identification #)

1030 N Orange Ave, Ste 105
Orlando, FL 32801
(Address of Issuer’s principal executive offices)

Tel. (407) 704-8950
(Issuer’s telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES þ NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES o NO o

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


Large accelerated filer o		Accelerated filer o		Non-accelerated filer o		Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES þo NO oþ

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 9690,~~160~~746,~~000~~328 as of ~~October~~May 3117, ~~2009~~2010.

WELLTEK INCORPORATED

INDEX

	PAGE
Part I. Financial Information		31
Item 1. Financial Statements (Unaudited)		31
Condensed Consolidated Balance Sheets		31
Condensed Consolidated Statements of Operations		42
Consolidated Statements of Cash Flows		53
Notes to Condensed Consolidated Financial Statements		6
Consolidated Statements of Changes in Stockholders Equity		4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		7
Notes to Condensed Consolidated Financial Statements		5
Item 3. Quantitative and Qualitative Disclosures about Market Risk		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		12
Item 4. Controls and Procedures		8
Item 3. Quantitative and Qualitative Disclosures about Market Risk		13
Part II. Other Information		9
Item 4. Controls and Procedures		14
Item 1. Legal Proceedings		9
Part II. Other Information		15
Item 1A. Risk Factors		9
Item 1. Legal Proceedings		15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		9
Item 1A. Risk Factors		15
Item 3. Defaults upon Senior Securities		9
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		15
Item 4. Submission of Matters to a Vote of Security Holders		9
Item 3. Defaults upon Senior Securities		15
Item 5. Other Information		9
Item 4. Removed and Reserved		15
Item 6. Exhibits		10
Item 5. Other Information		15
Item 6. Exhibits		16
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

~~Welltek~~WELLTEK, ~~Incorporated~~INC. ~~(A Development Stage Company)~~

~~Balance~~CONSOLIDATED ~~Sheet~~BALANCE SHEETS

AsAS ofOF ~~October~~ MARCH 31, ~~2009~~2010 ~~and~~AND ~~January~~ DECEMBER 31, 2009 ~~(Unaudited)~~

	October 31,			January 31,
	March 31, 2010			December 31, 2009
	2009			2009
	(Unaudited)			(Audited)
ASSETS
Current Assets
Current Assets:
Cash	$	1920,~~212~~292		$	—34,270
Total Assets	$	19,212		$	—
Accounts receivable, net		165,353			194,386
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Prepaid expenses		16,654			16,654
Current Liabilities
Inventories, net		115,496			97,220
Accounts payable	$	275		$	275
Total current assets		317,795			342,530
Total Liabilities	$	275		$	275
Property, plant and equipment-net		235,854			264,775
Stockholders’ Equity (Deficit)
Investment in shell		100,000			100,000
Common stock, $0.00001 par value, 200,000,000 and 75,000,000 authorized at 10/31/09 and 1/31/09 respectively, 96,160,000 and 2,000,000 shares issued and outstanding at 10/31/09 and 1/31/09 respectively		24			20
Goodwill		—			—
Additional paid-in capital		24,376			580
Total assets	$	653,649		$	707,305
Deficit accumulated during the development stage		(5,463	)		(875	)
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Total Stockholders’ Equity (Deficit)		18,937			(275	)
Current Liabilities:
Total Liabilities and Stockholders’ Equity (Deficit)	$	19,212		$	—
Bank overdraft	$	—		$	—
Accounts payable		350,357			387,086
Accrued expenses		439,902			396,059
Warranty and obsolescence provision		40,000			40,000
Customer deposits		122,479			54,142
Current portion capital lease payable		21,355			23,355
Notes payable		625,063			577,918
Due to related party		110,000			110,000
Total current liabilities		1,709,157			1,588,560
Total Liabilities		1,709,157			1,588,560
Commitments and contingencies
Stockholders’ Deficit
Common stock, $.00001 par value, 200,000,000 shares authorized, 86,258,828 and 85,783,828 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively		863			858
Treasury stock		(120,000	)		(120,000	)
Additional paid in capital		3,243,508			3,149,262
Accumulated deficit		(4,179,879	)		(3,911,375	)
Total stockholders’ deficit		(1,055,508	)		(881,255	)
Total liabilities and stockholders’ deficit	$	653,649		$	707,305

~~See the accompanying summary of accounting policies and notes to the financial statements~~1

WELLTEK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009


	Three Months Ended			Three Months Ended
	March 31, 2010			March 31, 2009

Revenues	$	287,221		$	494,389

Cost of revenues		95,939			284,354


Gross profit		191,282			210,035


Operating expenses:
Selling expense		10,618			82,439
General and administrative		400,796			325,314
Depreciation		28,921			28,957


Total operating expenses		440,335			436,710


Operating loss		(249,053	)		(226,675	)


Other income		—			—
Interest expense		(19,450	)		(5,371	)


Net loss	$	(268,503	)	$	(232,046	)


Net loss per share
Basic	$	(0.00	)	$	(0.00	)

Diluted	$	(0.00	)	$	(0.00	)


Weighted average number of shares outstanding
Basic		86,258,828			53,680,215

Diluted		94,258,828			60,987,437

WELLTEK, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIOD ENDED

MARCH 31, 2010 AND 2009


	March 31, 2010			March 31, 2009
Cash flows from operating activities:
Net loss	$	(268,503	)	$	(232,046	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		28,921			28,957
Stock based compensation		63,000			—
Stock issued for finance charges		31,250			—
Changes in operating assets and liabilities:
Accounts receivable		29,033			(215,459	)
Prepaid expenses		—			(17,937	)
Inventories, net		(18,276	)		79,972
Accounts payable and accrued expenses		(7,115	)		213,678
Customer deposits		68,337			59,407

Net cash used in operating activities		(73,353	)		(83,428	)

Cash flows used in investing activity:
Purchase of shell corporation		—			(100,000	)
Acquisition of property, plant & equipment		—			55,631
Cash received in acquisition in excess of cash paid		—			—

Net cash provided by (used in) investing activity		—			(44,369	)

Cash flows from financing activities:
Proceeds from related party loan		—			54,818
Proceeds from notes payable		47,145			84,226
Payment of capital lease		12,230			10,300

Net cash provided by financing activities		59,375			149,344

Net increase in cash		(13,978	)		21,547

Cash, beginning of year		34,270			(8,134	)


Cash, end of period	$	20,292		$	13,413


Supplemental disclosures of cash flow information:
Cash paid for taxes	$	—		$	—

Cash paid for interest	$	—		$	—


Non-cash transactions:
Stock based compensation	$	63,000		$	—

Stock issued for consulting services	$	—		$	—

~~Welltek~~WELLTEK, ~~Incorporated~~INC. ~~(A Development Stage Company)~~

~~Statements~~CONSOLIDATED ofSTATEMENTS ~~Operations~~OF CHANGES IN STOCKHOLDERS EQUITY

~~(Unaudited)~~FOR THE YEAR ENDING DECEMBER 31, 2009

	For the three		For the nine			For the period from
	months ended		months ended			January 23, 2009
	October 31,		October 31,			(Inception) through
	2009		2009			October 31, 2009
Operating Expenses
Consulting services	$	—	$	1,800		$	2,100
General and administrative		—		988			988
Rent		—		1,800			2,100
Legal and accounting		—		—			275
Total Expenses		—		4,588			5,463
Net Loss	$	—	$	(4,588	)	$	(5,463	)
Net Loss Per Common Share — Basic and Diluted	$	—	$	(0.00	)
Weighted Average Number of Common Shares Outstanding		2,404,000		2,335,927

AND THE THREE MONTHS ENDING MARCH 31, 2010

See the accompanying summary of accounting policies and notes to the financial statements


										Retained
										Earnings
	Common Stock $.00001 par				Treasury			Additional		Accumulated			Shareholders’
	Shares		Par Value		Stock			Paid in Capital		Deficit			Equity

BEGINNING BALANCE AT JANUARY 2009		52,309,003	$	523	$	(120,000	)	$	2,118,499	$	(2,188,157	)	$	(189,135	)

Shares issued for:
Founders		3,988,952		40							—			40
Merger		16,160,000		162							—			162
Cash		4,276,077		43					533,169		—			533,212
Consulting		1,823,768		18					150,079					150,097
Finance Charges		7,226,028		72					337,000					337,072
Employee options		—		—					10,515		—			10,515
Warrants		—		—							—			—
Treasury stock				—					—					—

Net loss		—		—					—		(1,723,218	)		(1,723,218	)


ENDING BALANCE AT DECEMBER 31, 2009		85,783,828	$	858	$	(120,000	)	$	3,149,262	$	(3,911,375	)	$	(881,255	)


										Retained
										Earnings
	Common Stock $.00001 par				Treasury			Additional		Accumulated			Shareholders’
	Shares		Par Value		Stock			Paid in Capital		Deficit			Equity

BEGINNING BALANCE AT JANUARY 2010		85,783,828	$	858	$	(120,000	)	$	3,149,262	$	(3,911,375	)	$	(881,255	)

Shares issued for:
Founders		—		—							—			—
Merger		—		—							—			—
Cash		350,000		4					62,997		—			63,000
Consulting		—		—					—					—
Finance Charges		125,000		1					31,249					31,250
Employee options		—		—					—		—			—
Warrants		—		—							—			—
Treasury stock				—					—					—

Net loss		—		—					—		(268,503	)		(268,503	)


ENDING BALANCE AT March 31, 2010		86,258,828	$	863	$	(120,000	)	$	3,243,507	$	(4,179,878	)	$	(1,055,508	)

Welltek Incorporated ~~(A Development Stage Company)~~

~~Statements~~Notes ofto ~~Cash~~the ~~Flows~~Financial Statements

(Unaudited)

	For the nine			January 23, 2009
	months ended			(inception) through
	October 31, 2009			October 31, 2009
Cash Flows from Operating Activities
Net loss	$	(4,588	)	$	(5,463	)
Adjustments to reconcile net loss to net cash used in operating activities:
Donated consulting services and expenses		3,600			4,200
Changes in operating assets and liabilities
Increase in accounts payable		—			275
Net Cash Used in Operating Activities		(988	)		(988	)
Cash Flows from Investing Activities		—			—
Cash Flows from Financing Activities
Proceeds from the sale of common stock		20,200			20,200
Net Cash Provided by Financing Activities		20,200			20,200
Increase in Cash		19,212			19,212
Cash — Beginning of Period		—			—
Cash — End of Period	$	19,212		$	19,212
Supplemental Disclosures:
Interest paid		—			—
Income taxes paid		—			—

NOTE 1 — NATURE OF BUSINESS

~~See~~WellTek, Inc., (the ~~accompanying~~“Company”) ~~summary~~is a Nevada C Corporation that was established in November 2003. The Company is headquartered in Orlando, Florida and operates as a holding company with majority ownership of ~~accounting~~MedX ~~policies~~Limited, whose primary operations include the manufacturing and ~~notes~~marketing toof high quality medical, rehabilitation and exercise equipment, sold throughout the ~~financial~~world. ~~statements~~On September 15, 2008, the Company established a new entity, Pure Healthy Back, Inc., which is engaged in building a national network of medical rehabilitation centers offering managed care companies, self-insured employers and federal government agencies rehabilitation programs for the back and neck.

Going Concern

The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has an accumulated deficit of $4,179,879 at March 31, 2009. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management’s plan includes obtaining additional funds by equity financing; however, there is no assurance of additional funding being available. These circumstances raise doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might arise as a result of this uncertainty.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying audited consolidated financial statements of the Company, and the notes thereto have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations.

Principles of Consolidation

The consolidated financial statements include the accounts of WellTek, Inc., MedX Limited and Pure Healthy Back. All significant intercompany accounts and transactions have been eliminated in consolidation.

Interim Financial Statements

The interim financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company’s annual financial statements, notes and accounting policies included in the Company’s Annual Report. In the opinion of management, all adjustments which are necessary to provide a fair presentation of financial position as of March 31, 2010 and the related operating results and cash flows for the interim period presented have been made. All adjustments are of a normal recurring nature. The results of operations, for the period presented are not necessarily indicative of the results to be expected for the year ended December 31, 2010.

~~Welltek~~Management ~~Incorporated~~Estimates

~~Notes~~The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the ~~Financial~~reported ~~Statements~~amounts of assets and liabilities, the disclosure of contingent assets and liabilities ~~(Unaudited)~~at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates during the periods include the provision for doubtful accounts, provision for product returns, evaluation of obsolete inventory, and the useful life of long-term assets, such as property, plant and equipment.

~~NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~~Codification

In June 2009, the Financial Accounting Standards Board (FASB) issued its final Statement of Financial Accounting Standards (SFAS) No. 168, “The ~~accompanying~~FASB ~~unaudited~~Accounting ~~interim~~Standards ~~financial~~Codification ~~statements~~and the Hierarchy of ~~Welltek~~Generally ~~Incorporated~~Accepted ~~have~~Accounting ~~been~~Principles ~~prepared~~a Replacement of FASB Statement No. 162”. inSFAS ~~accordance~~No. 168 ~~with~~made ~~accounting~~the ~~principles~~FASB ~~generally~~Accounting ~~accepted~~Standards inCodification (the ~~United~~Codification) ~~States~~the single source of ~~America~~U.S. ~~and~~GAAP used by nongovernmental entities in the preparation of financial statements, except for rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws, ~~and~~which ~~should~~are besources ~~read~~of inauthoritative ~~conjunction~~accounting ~~with~~guidance ~~Welltek’s~~for SEC ~~audited~~registrants. ~~2009~~The ~~annual~~Codification ~~financial~~is ~~statements~~meant ~~and~~to ~~notes~~simplify ~~thereto~~user ~~filed~~access ~~with~~to ~~the~~all ~~SEC~~authoritative onaccounting guidance ~~form~~by ~~10-K~~reorganizing U.S. InGAAP ~~the~~pronouncements into roughly 90 accounting topics within a ~~opinion~~consistent ofstructure; ~~management,~~its ~~all~~purpose ~~adjustments,~~is ~~consisting~~not ofto ~~normal~~create ~~recurring~~new ~~adjustments,~~accounting ~~necessary~~and ~~for~~reporting aguidance. The ~~fair~~Codification ~~presentation~~supersedes ofall ~~financial~~existing ~~position~~non-SEC accounting and ~~the~~reporting ~~result~~standards ofand ~~operations~~was effective for the ~~interim~~Company ~~periods presented~~beginning ~~have~~July 1, ~~been~~2009. ~~reflected~~Following ~~herein~~SFAS No. 168, ~~The~~the ~~results~~Board will not issue new standards in the form of ~~operations~~Statements, ~~for~~FASB ~~interim~~Staff ~~periods~~Positions, ~~are~~or ~~not necessarily~~Emerging ~~indicative~~Issues ofTask ~~the~~Force ~~results~~Abstracts; instead, toit bewill ~~expected~~issue ~~for~~Accounting ~~the~~Standards ~~full~~Updates ~~year~~(ASU). ~~Notes~~The FASB will not consider ASUs as authoritative in their own right; these updates will serve only to update the ~~financial statements~~Codification, ~~which~~provide background ~~would~~information ~~substantially~~about ~~duplicate~~ the ~~disclosure~~guidance, ~~required~~and inprovide ~~Welltek’s~~the ~~2009~~bases ~~annual financial~~for ~~statements~~conclusions ~~have~~on ~~been~~the ~~omitted~~change(s) in the Codification.

~~NOTE~~Revenue ~~2 — GOING CONCERN~~Recognition

~~These~~The ~~financial~~Company ~~statements~~recognizes ~~are~~product ~~presented~~revenue, onnet ~~the~~of ~~basis~~estimated ~~that~~sales ~~the company is a going concern~~discounts, ~~which contemplates~~returns ~~the realization of assets~~ and ~~satisfaction of liabilities~~ allowances, in ~~the~~accordance ~~normal~~with ~~course~~ASC ~~of business~~600 ~~over~~Revenue awhich ~~reasonable~~establishes ~~length~~that ofrevenue ~~time.~~can ~~Realization value may~~ be ~~substantially~~recognized ~~different~~when ~~from~~persuasive ~~carrying~~evidence ~~values~~of asan ~~shown~~arrangement ~~and~~exists, ~~these financial statements do not include any adjustments to~~ the ~~recoverability~~ ~~and~~product ~~classification~~has ofbeen ~~recorded~~shipped, ~~asset~~all ~~amounts~~significant ~~and classification of liabilities that~~contractual ~~might~~obligations behave ~~necessary~~been ~~should Welltek Incorporated be unable to continue as a going concern. As of October 31~~satisfied, ~~2009~~the ~~Welltek~~fee ~~Incorporated~~is ~~has~~fixed ~~not~~or ~~generated~~determinable ~~revenues~~ and ~~has~~collection ~~accumulated~~is ~~losses of~~reasonably ~~$5,463 since inception~~assured. ~~The~~Revenue ~~continuation~~is ofrecorded ~~Welltek~~when ~~Incorporated~~equipment ~~as a going concern~~ is ~~dependent upon~~delivered ~~the continued financial support from its shareholders, the ability of Welltek Incorporated~~ to ~~obtain~~ ~~necessary financing to continue operations, and~~ the ~~attainment of profitable operations. These factors raise substantial doubt regarding Welltek Incorporated~~Company’s ~~ability to continue as a going concern~~customers.

~~NOTE~~Cash 3and —Cash ~~RELATED PARTY TRANSACTIONS~~Equivalents:

~~During~~For the ~~nine~~purposes ~~months~~of ~~ended~~reporting ~~October 31~~cash flows, ~~2009~~ the Company ~~paid~~considers aall ~~total~~highly ofliquid ~~$3,600 to related~~investments ~~parties.~~purchased Awith ~~total~~an oforiginal ~~$1,800~~maturity ~~was paid to directors for rent ($300 per month) and $1,800 was paid in exchange for consulting services ($300 per month) provided by the President and Director~~ of ~~the Company.~~three ~~These~~months ~~transactions~~or ~~are~~less ~~recorded at the exchange amount which is the amount agreed~~ to ~~by the~~be ~~transacting~~cash ~~parties~~equivalents.

~~NOTE~~Accounts ~~4 — COMMON STOCK~~Receivable

~~For~~In the ~~nine~~normal ~~months~~course ~~ended~~of ~~October 31~~business, ~~2009,~~the ~~Welltek~~Company ~~Incorporated~~provides ~~sold~~credit ~~404,000~~to ~~common~~its ~~shares at $0.05 per share~~customers, ~~for~~performs ~~proceeds~~credit evaluations of ~~$20,200.~~these Oncustomers ~~September 25,~~and ~~2009,~~maintains ~~the~~reserves ~~Company~~for ~~filed~~potential acredit ~~Certificate~~losses, which, when ofrealized, ~~Amendment~~have ~~with~~been within the ~~Nevada~~range ~~Secretary~~ of ~~State~~management’s ~~changing~~allowance ~~its~~for ~~name~~doubtful ~~from~~accounts. ~~Pharmacity~~The ~~Corporation to~~Company ~~Welltek~~establishes ~~Incorporated,~~an ~~increasing~~allowance ~~its~~for ~~authorized~~uncollectible ~~common~~accounts ~~stock~~receivable ~~from~~based ~~75 million~~on ~~shares~~historical toexperience ~~200 million~~and ~~shares,~~any ~~and~~specific ~~effecting~~customer acollection ~~40-1~~issues ~~forward~~that ~~split~~the ofCompany ~~its~~has ~~common stock~~identified.

~~NOTE 5 — SUBSEQUENT EVENTS~~Inventories

~~Effective~~Inventories onare ~~November 12,~~stated ~~2009,~~at ~~pursuant to an Agreement and Plan of Merger dated September 1, 2009 (~~the ~~“Merger~~lower ~~Agreement”), the Company, WI Acquisition, Inc., a Florida corporation and wholly-owned subsidiary~~ of ~~the~~cost ~~Company,~~or ~~and MedX Systems~~market, ~~Inc., a Florida corporation (“MedX Systems”), MedX Systems merged~~ with ~~and~~cost ~~into~~being WIdetermined ~~Acquisition,~~by ~~with WI Acquisition surviving~~ the ~~merger,~~first ~~and became a~~in, ~~wholly~~first-~~owned~~out ~~subsidiary of the Company~~ (~~the “Merger”~~FIFO) method. AtInventories ~~the~~consist ~~time~~ of ~~the~~raw ~~Merger,~~materials ~~the~~and ~~Company~~supplies, ~~was~~sub-assemblies, aand ~~shell~~finished ~~corporation and was not engaged in any active business~~goods. The ~~acquisition~~Company ofwrites ~~MedX~~down ~~Systems through~~its ~~the~~inventory ~~Merger~~for isestimated ~~treated~~obsolescence asor aunmarketable ~~reverse~~inventory ~~acquisition~~equal ~~for~~to ~~accounting~~the ~~purposes,~~difference ~~and~~between the ~~business~~cost of ~~MedX~~inventory ~~Systems~~and ~~became~~ the ~~business of~~estimated ~~the~~market ~~Company~~value based asupon aassumptions ~~result~~about ~~thereof.~~future ~~MedX~~demand ~~Systems~~and ~~conducts~~market ~~its~~conditions. ~~business~~The ~~operations~~Company ~~through~~writes ~~the~~down ~~following~~inventory ~~three~~during ~~operating~~the ~~subsidiaries:~~period ~~MedX~~in ~~Limited,~~which ansuch ~~English~~products ~~and~~are ~~Wales~~considered ~~corporation,~~no ~~Pure Healthy~~longer ~~Back, Inc~~effective.~~, a Florida corporation, and Lime Fitness, Inc., a Florida corporation.~~

~~Item~~Property ~~2. Management’s Discussion~~ and ~~Analysis of Financial Condition and Results of Operations~~Equipment

Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years.

The Company leases certain equipment under capital leases. The economic substance of the leases is such that the Company is financing the acquisition of the assets through the lease terms, and accordingly, they are recorded as property and equipment and capital lease obligations. These assets are being depreciated on the straight-line method over the term of the leases. Amortization on the capital leases is included in depreciation expense.

Long-lived Assets

Long-lived assets used are reviewed for impairment whenever events or changes in circumstances indicate the related carrying amount may not be recoverable. When required, impairment losses on assets used are recognized based on the excess of the asset’s carrying amount over the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Intangible Assets

The Company accounts for intangible assets in accordance with ASC 350 Intangibles — Goodwill and Other. Generally, intangible assets with indefinite lives, and goodwill, are no longer amortized; they are carried at lower of cost or market and subject to annual impairment evaluation, or interim impairment evaluation if an interim triggering event occurs, using a new fair market value method. Intangible assets with finite lives are amortized over those lives, with no stipulated maximum, and an impairment test is performed only when a triggering event occurs. Such assets are amortized on a straight-line basis over the estimated useful life of the asset.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation — Stock Compensation. The ASC provides that instruments that were originally issued as employee compensation and then modified, and that modification is made to the terms of the instrument solely to reflect an equity restructuring that occurs when the holders are no longer employees, then no change in the recognition or the measurement (due to a change in classification) of those instruments will result if both of the following conditions are met: (a). There is no increase in fair value of the award (or the ratio of intrinsic value to the exercise price of the award is preserved, that is, the holder is made whole), or the anti-dilution provision is not added to the terms of the award in contemplation of an equity restructuring; and (b). All holders of the same class of equity instruments (for example, stock options) are treated in the same manner.

Advertising

The Company expenses advertising costs as they are incurred.

Product Warranties

Estimated costs related to product warranties are accrued at the time the equipment is sold. In estimating its future warranty obligations, the Company considers various relevant factors, including the Company’s stated warranty policies and practices, the historical frequency of claims and the cost to replace or repair its products under warranty

Comprehensive Income (Loss)

The Company has no components of other comprehensive income (loss). Accordingly, net income (loss) equals comprehensive income (loss) for the periods presented.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740 Income Taxes. Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when it is more likely than not that the deferred tax assets will not be realized.

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted net income (loss) per share is computed similarly to basic net income (loss) per share except that it includes the potential dilution that could occur if dilutive securities were exercised. For the periods presented, the Company did not have any outstanding dilutive securities, and, accordingly, diluted net income (loss) per share equals basic net income (loss) per share.

ACCOUNTING STANDARDS UPDATES

In August 2009, the FASB issued ASU 2009-05 which includes amendments to Subtopic 820-10, “Fair Value Measurements and Disclosures—Overall”. The update provides clarification that in circumstances, in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using one or more of the techniques provided for in this update. The amendments in this ASU clarify that a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of the liability and also clarifies that both a quoted price in an active market for the identical liability at the measurement date and the quoted price for the identical liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements. The guidance provided in this ASU is effective for the first reporting period, including interim periods, beginning after issuance. The adoption of this standard did not have a material impact on the Company’s consolidated financial position and results of operations.

In September 2009, the FASB has published ASU No. 2009-12, “Fair Value Measurements and Disclosures (Topic 820) — Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”. This ASU amends Subtopic 820-10, “Fair Value Measurements and Disclosures — Overall”, to permit a reporting entity to measure the fair value of certain investments on the basis of the net asset value per share of the investment (or its equivalent). This ASU also requires new disclosures, by major category of investments including the attributes of investments within the scope of this amendment to the Codification. The guidance in this Update is effective for interim and annual periods ending after December 15, 2009. Early application is permitted. The Company is in the process of evaluating the impact of this standard on its consolidated financial position and results of operations. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.

In October 2009, the FASB has published ASU 2009-13, “Revenue Recognition (Topic 605)-Multiple Deliverable Revenue Arrangements”, which addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit. Specifically, this guidance amends the criteria in Subtopic 605-25, “Revenue Recognition-Multiple-Element Arrangements”, for separating consideration in multiple-deliverable arrangements. This guidance establishes a selling price hierarchy for determining the selling price of a deliverable, which is based on: (a) vendor-specific objective evidence; (b) third-party evidence; or (c) estimates. This guidance also eliminates the residual method of allocation and requires that arrangement consideration be allocated at the inception of the arrangement to all deliverables using the relative selling price method and also requires expanded disclosures. The guidance in this update is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.

Other ASUs not effective until after March 31, 2010, are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

NOTE 3 — FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 Fair Value Measurements and Disclosures defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•

Level 1 — inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•

Level 2 — inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discontinued cash flow models, and similar techniques.

The Company’s financial asset carried at fair value as of March 31, 2010 is the investment in the shell corporation. Although the Company made the initial investment in cash the investment’s fair value will need to be re-measured on an annual basis. This re-measurement will be based upon the estimation of equity and debt positions at year end. Due to these facts the Company valued the financial asset using a Level 3 input.

The carrying amounts and fair values of the Company’s financial instruments at March 31, 2010 are as follows:


			Fair Value Measurements at March 31, 2010
	Total		Level 1		Level 2		Level 3
Assets:
Investment in Shell Corporation	$	100,000	$	—	$	—	$	100,000

Total Assets:	$	100,000	$	—	$	—	$	100,000

The following is a reconciliation of the beginning and ending balances for the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

The carrying amounts of the Company’s other financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value because of their short maturities. The carrying amount of capital lease obligations approximate fair values based on that their interest rates are at prevailing market rates.

NOTE 4 — INVENTORIES

Inventories consist of raw materials and supplies, sub-assemblies, and finished goods. The Company maintains an inventory of $115,496 and $191,520 at March 31, 2010 and 2009.

NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment as of March 31 consists of the following:


	2010			2009
Computers and Software		11,010			11,010
Manufacturing machinery and equipment		14,250			14,250
Furniture and Fixtures	$	422,530		$	422,530


Less: accumulated deprecation		(211,937	)		(96,252	)

	$	235,854		$	351,538

Depreciation expense for the three months ended March 31, 2010 and 2009 was $28,921 and $28,957 respectively.

NOTE 6 — NOTES PAYABLE

At March 31, 2010 and 2009, Notes Payable consists of the following:


	2010		2009
15% Secured Notes	$	400,000	$	0
10% Notes		50,000		50,000
10% Notes		95,000		95,000
Other		80,063		90,329


	$	625,063	$	235,329

15% Secured Notes

The 15% Secured Notes were originated in July 2009, bear interest at a rate of 15% and were due in six months. The noteholders also received 600,000 shares of common stock. The maturity date of these notes has since been extended until May 15, 2010. For these extensions, the noteholders received an additional 1,300,000 shares of common stock. The Secured Notes have a first lien on all of the assets of the company.

10% Notes

The 10% Notes were originated at varying dates in 2009. The Notes were for a period of one year. The maturity of these notes has since been extended until June 30, 2010.

NOTE 7 — CONCENTRATIONS

Financial instruments — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

The Company maintains its cash in demand deposit accounts which, at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk in cash.

Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base and their dispersion across different geographic locations. The Company generally does not require collateral from its customers.

NOTE 8 — COMMITMENTS AND CONTINGENCIES

The Company leases its corporate office facility. Monthly payments of $8,100 are due under this lease until August 2010.

NOTE 9 — EQUITY

On July 1, 2008, 880,000 stock options with a purchase price of $0.50 per share were granted to management and employees of the Company. These options vested immediately upon grant. On July 25, 2008, 100,000 stock options with a purchase price of $1.50 per share were granted as part of a consulting agreement. These options vested immediately upon grant. On July 31,2008, 300,000 stock options with a purchase price of $1.00 per share were granted to an employee of the company. 100,000 of these options vested immediately with 100,000 vesting on the 1^st and 2^nd anniversary of the grant date. On December 31, 2008, 265,000 stock options with a purchase price of $0.50 per share were granted to management and employees of the Company. These options vested immediately upon grant. Based on the assumptions noted above, the fair market value of the options issued was valued at $492,647.

On May 6, 2009, 270,638 stock options with a purchase price of $0.09 per share were granted to an employee of the company. These options vested immediately upon grant. Based on the assumptions noted above, the fair market value of the options issued was valued at $10,515.

On July 1, 2008, the Company adopted a stock-based compensation plan. Under this plan, stock options may be granted to employees, officers, consultants or others who provide services to the Company.

The Black-Scholes method option pricing model was used to estimate fair value as of the date of grant using the following assumptions:


Risk-Free		2.24	%
Expected volatility		108.9	%
Forfeiture Rate		0.0	%
Expected life	5 Years

For the three months ended March 31, 2010 and 2009, $63,000 and $0 of general and administrative expenses was attributed to compensation expense associated with cash investors. In addition, for the three months ended March 31, 2010 and 2009, $31,250 and $0 of general and administrative expenses was attributed to stock based compensation for common shares issued for finance charges.

The Company affected a 40 to 1 forward split of its common stock during November 2009.

NOTE 10 — SUBSEQUENT EVENTS

In accordance with the guidance offered in ASC Topic 855, formerly SFAS 165 — “Subsequent Events”, the Company has evaluated its activities from March 31, 2010 through April 27, 2010 the date the financial statements were issued, and determined that there were no reportable subsequent events.

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

Special Note Regarding Forward-Looking Statements

Certain statements in this Form 10-Q under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements are indicated by words or phrases such as “anticipates,” “projects,” “management believes,” “believes,” “intends,” “expects,” and similar words or phrases. Such factors include, among others, the following: competition; seasonality; success of operating initiatives; new product development and introduction schedules; acceptance of new product offerings; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; availability and terms of capital; labor and employee benefit costs; changes in government regulations; and other factors particular to the Company. You should carefully review the risk factors described in other documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for our fiscal year ended December 31, 2009.

Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements of Welltek may vary materially from any future results, performance or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to Welltek or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Welltek disclaims any obligation to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

~~Results~~Merger ~~of Operations~~Transaction

~~From~~Effective ~~Inception~~ on ~~January~~November 2312, 2009 (the “Closing Date”), pursuant to ~~October~~an Agreement and Plan of Merger dated September 311, 2009 (the “Merger Agreement”), between Pharmacity Corporation (currently known as Welltek Incorporated, “Welltek”), WI Acquisition, Inc., a Florida corporation and wholly-owned subsidiary of the Welltek (“WI Acquisition”), and MedX Systems, Inc., a Florida corporation (“MedX Systems”), MedX Systems merged with and into WI Acquisition, with WI Acquisition surviving the merger, and became a wholly-owned subsidiary of Welltek (the “Merger”). The acquisition of MedX Systems through the Merger is treated as a reverse acquisition for accounting purposes, and the business of MedX Systems became the business of Welltek as a result thereof. Welltek conducts its business operations through the following two operating subsidiaries: MedX Limited, an English and Wales corporation (“Limited”) and Pure Healthy Back, Inc., a Florida corporation (“PHB”).

WePrior ~~were~~to ~~organized~~the ~~on January 23~~Merger, ~~2009,~~and ~~with~~in aanticipation ~~business~~thereof, ~~plan~~Welltek ~~that~~filed ~~focused~~a oncertificate of amendment with the ~~establishment~~Nevada secretary of state changing its name from Pharmacity Corporation to Welltek ~~retail~~Incorporated, ~~pharmacies~~increasing ~~overseas~~its authorized common stock from 75 million shares to 200 million shares, and effecting a 40-1 forward split of its common stock.

OnReferences ~~March 18~~to “Welltek”, ~~2009~~the “Company”, “we”, ~~sold 404~~“us”,~~000~~ ~~shares~~“our” ofand ~~common~~similar ~~stock~~words ~~(pre~~refer ~~forward~~to ~~split)~~Welltek and atits awholly-owned ~~price~~subsidiary, ofWI $0Acquisition, Inc.05, and its wholly-owned subsidiaries PHB and ~~per~~majority ~~share~~owned ~~for~~subsidiary ~~cash~~Limited, ~~proceeds~~unless ofthe ~~$20~~context otherwise requires. WI Acquisition,~~200~~ Inc. is often referred to herein as Welltek.

~~On September 1, 2009, we entered into an Agreement and Plan of Merger with MedX Systems, Inc.~~Overview ~~(“MedX”), pursuant to which MedX is to merge with and into a newly formed, wholly owned subsidiary of ours named WI Acquisition, Inc. (“Acquisition Sub”).~~

AsWelltek ofis ~~October 31,~~a ~~2009~~global health, ~~the~~fitness ~~merger~~and ~~transaction~~wellness ~~had~~company ~~yet~~that provides solutions to ~~close~~help address some of the world’s most pressing and costly health challenges—obesity and chronic neck and back pain. Welltek is led by a highly accomplished team of business, healthcare and wetechnology professionals ~~remained~~who agree that there is a ~~start~~clear and unprecedented confluence of market dynamics and consumer trends creating extraordinary, high growth opportunities for Exercise Science-upbased ~~corporation~~products, ~~that~~technologies ~~had~~and ~~not~~services. ~~yet~~In ~~generated~~this orregard, ~~realized~~Welltek ~~any~~has ~~revenues~~established two complementary business strategies designed to best leverage the strength and reputational reach of the world famous MedX® brand to extend and enhance Welltek’s industry leadership, and, in turn, support Welltek’s entry into two high growth niche markets within the global health, fitness and wellness industry.

~~Our loss since inception is $5,463 of which $275 is for legal and accounting fees, $2,100 is for~~12 ~~rent, $2,100 is for consulting services, and $988 is for filing fees and general office expenses.~~

To accomplish this mission, Welltek established two distinct business units — all of which provide for the strategic integration of MedX-branded equipment into their operating platforms; apply proven Exercise Science-based principles and instruction; and feature strong organic growth potential through tactical replication and scaling. At present, Welltek’s operating divisions include:

	•		MedX Limited: the manufacturer and distributor of MedX’s line of medical and fitness equipment.

	•		Pure HealthyBack: a company engaged in building a national network of medical back and neck rehabilitation centers offering managed care companies, self-insured employer groups and federal government agencies a proprietary program which will substantially reduce spine treatment costs and get patients out of the formal healthcare system.

Results of Operations

Welltek Comparison of Three Months Ended March 31, 2010 and 2009

Revenues decreased to $287,221 for the three months ended March 31, 2010 from $494,389 for the comparable 2009 period, representing a decrease of 42%. This decrease is attributed to lower domestic sales due to difficulties in customers obtaining financing. Operating loss increased to ($249,053) for the three months ended March 31, 2010 from ($226,675) for the comparable 2009 period, representing a change of 10%. This change is primarily attributed to a $207,168 decrease in revenues.

Gross profit decreased to $191,282 for the three months ended March 31, 2010 from $210,035 for the comparable 2009 period, representing a change of 9%. The decrease in gross profit is directly attributed to the decrease in manufacturing revenues.

Operating expenses increased to $440,335 for the three months ended March 31, 2010 from $436,710 for the comparable 2009 period, representing an increase of 1%.

Interest Expense increased to $19,450 for the three months ended March 31, 2010 from $5,371 for the comparable 2009 period. This change is primarily attributed to a decrease in revenues and an increase in non-cash compensation.

As a result of the above changes, net loss was ($268,503) for the three months ended March 31, 2010 from ($232,046) for the comparable 2009 period, representing a change of 16%. This change is primarily attributed to increases in non-cash stock compensation.

Liquidity and Capital Resources

~~Since~~As of March 31, 2010, Welltek had cash on hand in the amount of $20,292. As of March 31, 2010, ~~inception~~Welltek’s current assets were $317,795 weand ~~have~~its ~~issued~~current 2liabilities were $1,~~404~~709,~~000~~157, ~~shares~~which resulted in a working capital deficiency of ~~our~~$1,391,362. ~~common~~As ~~stock~~of ~~(pre forward~~March 31, ~~split)~~2010, Welltek had total assets of $653,649 and ~~received~~total liabilities of $201,~~200~~709,157. If Welltek is unable to generate sufficient cash from operations, it will need to find alternative sources of capital in order to continue its operations, such as a public offering or private placement of securities, or loans from its officers or others.

We issued 2,000,000 shares of common stock (pre forward split) to our sole officer and director pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1993. This was accounted for as an issuance of founder’s shares.

On March 18, 2009, we sold 404,000 shares of common stock (pre forward split) at a price of $0.05 per share for cash proceeds of $20,200.

As of October 31, 2009, our total assets were $19,212 and our total liabilities were $275.

Off Balance Sheet Arrangements

~~None~~Welltek has no off balance-sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

~~Item 4. Controls and Procedures~~13

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), has evaluated the effectiveness of the Company’s disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (Exchange Act) as of the end of the period covered by the report. Based upon that evaluation, the Company’s CEO and CFO concluded that as of March 31, 2010 the Company’s disclosure controls and procedures were not effective.

Based upon that evaluation, the Company’s CEO and CFO concluded that as of October 31, 2009 the Company’s disclosure controls and procedures were not effective to provide reasonable assurance that (i) the information required to be disclosed by the Company in the Report that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (ii) information required to be disclosed by the Company in the reports that its files or submits under the Exchange Act is accumulated and communicated to its management, including its CEO and CFO, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

During the quarter ended ~~October~~March 31, ~~2009~~2010, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

814

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

OnDuring ~~March 05, 2009,~~ the ~~Securities~~three ~~and~~months ~~Exchange~~ended ~~Commission declared our Form S-1 Registration Statement effective~~March 31, ~~file number 333-157360~~2010, ~~permitting~~Welltek usissued tothe ~~offer~~following upsecurities ~~to 2,000,000 shares of common stock (pre forward split) at $0.05 per share. There was no underwriter involved~~ in ~~our~~ ~~public~~transactions ~~offering.~~not Onregistered ~~March 18,~~under ~~2009~~the weSecurities ~~completed~~Act ~~our~~of ~~public offering and raised $20~~1933,~~200~~ byas ~~selling 404,000~~amended ~~shares of common stock~~ (~~pre forward split). Since then we have used~~ the ~~proceeds~~“Securities ~~as follows~~Act”):

General & Administrative	$	988
Bank balance as of October 31, 2009		19,212
TOTAL:	$	20,200

•

Issued 125,000 shares to consultants for services rendered.

~~Item~~• 3.Sold ~~Defaults~~350,000 ~~Upon~~shares ~~Senior~~at ~~Securities~~a price of $0.10 per share.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. ~~Submission~~Removed ofand ~~Matters to a Vote of Security Holders~~Reserved.

~~On September~~Item 1,5. ~~2009,~~Other ~~we received a written consent resolution signed by the holders of a majority~~Information. ~~of our issued and outstanding shares of common stock, with respect to the following matters:~~

	•		Approval of the terms and conditions set forth in the Agreement and Plan of Merger between the Company, MedX, and Acquisition Sub, and directing that a number of steps required to effectuate the closing of the transaction be taken by the Company; and
	•		Approving an amendment of the Company’s articles of incorporation changing its name from Pharmacity Corporation to Welltek Incorporated, increasing its authorized common stock from 75 million shares to 200 million shares, and effecting a 40-1 forward split of its common stock;

Item 5. Other Information

None.

915

Item 6. Exhibits.


Exhibit No.			Description

	3.1	(i)	Articles of Incorporation (2)

3.1		(ii)	Certificate of Amendment to Articles of Incorporation, filed September 25, 2009 (1)

	3.2		Bylaws (2)

	10.1		Agreement and Plan of Merger, dated September 1, 2009 (3)

	21		Subsidiaries (1)

	31.1		Certification of the PEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

	31.2		Certification of the PFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

	32.1		Certification of the CEO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	32.2		Certification of the CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


(1)		Incorporated by reference from the Form 8-K filed by the Company on November 18, 2009

(2)		Incorporated by reference from the Form S-1 filed by the Company on February 17, 2009

(3)		Incorporated by reference from the Form 8-K filed by the Company on September 15, 2009

1016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, ~~this~~as ~~report~~amended, the registrant has ~~been~~duly ~~signed below~~caused bythis ~~the~~Report ~~following~~on ~~person~~Form 10-Q to be signed on its behalf ofby the ~~Registrant~~undersigned, thereunto ~~and~~duly authorized, in the ~~capacities~~City onof ~~this~~Orlando, ~~December 14~~FL, ~~2009~~on May 18, 2010.

WELLTEK INCORPORATED By: /s/ Randy Lubinsky Randy Lubinsky Chief Executive Officer Principal Executive Officer


Dated: May 18, 2010	WELLTEK INCORPORATED
	By:	/s/ Randy Lubinsky
		Randy Lubinsky
		Chief Executive Officer

11Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed by the following persons in the capacities indicated:


/s/ Randy Lubinsky Randy Lubinsky		May 18, 2010
Chief Executive Officer, Chairman of the Board and Director
(Principal Executive Officer)

/s/ Mark Szporka Mark Szporka		May 18, 2010
Chief Financial Officer, Secretary and Director
(Principal Financial Officer and Principal Accounting Officer)

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Filing Compare · CLStv Corp.