Prospector
Profile
07.1061
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| Kreido Biofuels, Inc. |
NAICS |
324110 |
| 1140 Avenida Acaso
Camarillo, CA 93012 |
Description |
Fuel Mfg. |
| (805) 389-3499 |
Employees |
14 |
| http://www.kreido.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-3.2680 |
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Assets |
(mil) |
1.0900 |
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Liability |
(mil) |
7.0500 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Vasquez & Company LLP raised substantial doubt about the ability of Kreido Biofuels, Inc. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has incurred significant losses in recent years, has an accumulated deficit of $23,126,000 and a total capital deficit of $19,499,000 at December 31, 2006. It has used all of its available cash in its operating activities in recent years and has a significant working capital deficiency.
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Intellectual Property:
The cornerstone of the Company’s technology is its patented STT® (Spinning Tube in Tube) diffusional chemical reacting system, which is both a licensable process and a licensable system. In 2005, the Company demonstrated how the STT™ could make biodiesel fuel from vegetable oil in less than a second with complete conversion and less undesirable by-products. [SEC Filing 10-KSB/A 06-27-07]
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Description:
The Company provides a process intensification technology, the STT system, for the manufacture of biodiesel and other chemical products primarily in the United States.
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Officers:
Joel A. Balbien (CEO & Dir.); Philip Lichtenberger (CFO); John M. Philpott (Chief Acctg. Officer); Betsy Wood Knapp (Dir.); G.A. Ben Binninger (Dir.)
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Auditor:
Vasquez & Company LLP
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Securities:
Common Stock-Symbol KRBF.OB; OTC BB;
52,532,202 common shares outstanding as of June 21, 2007.
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