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Prospector
Profile
07.1117
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| Igia, Inc. |
NAICS |
325620 |
| 16 East 40th Street, 12th Floor
New York, NY 10016 |
Description |
Toiletries Mfg. |
| (212) 575-0500 |
Employees |
2 |
| http://www.igia.com/ |
Revenue |
(mil) |
6.0200 |
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Income |
(mil) |
0.6690 |
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Assets |
(mil) |
0.4100 |
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Liability |
(mil) |
30.1790 |
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(for the year ended 2007-02-28) |
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Category:
Default
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Event:
Igia, Inc. discloses that it is in default under the terms of the Callable Secured Convertible Notes. The investors have the right under the Callable Secured Convertible Notes to deliver to the Company a written notice of default. The Company has not received a written notice of default. In accordance with the default terms of the convertible debt agreements, the Company accrued financing costs related to a default premium equal to 30% of the outstanding principal of $4,448,395 as of February 28, 2007. The total default premium charge was $1,334,519 during the year ended February 28, 2007.
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Intellectual Property:
Most of the Company's products are branded with its own trademarks, including IGIA. Pursuant to a stock purchase agreement, dated as of April 29, 2004, its Tactica International, Inc. subdiary transferred ownership of the Epil-Stop brand to Helen of Troy Limited (HoT) in exchange for HoT’s equity interest in Tactica, and Tactica provided HoT a non-exclusive royalty-free perpetual license to the use of its U.S. patent, as well as corresponding patent applications. Tactica has filed or obtained licenses for design and utility patents in the U.S. and several foreign countries. [SEC Filing 10-KSB 07-13-07]
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Description:
The Company engages in direct marketing and distributing proprietary and branded personal care and home care products worldwide.
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Officers:
Avi Sivan (Chair & CEO); Prem Ramchandani (Pres., Interim CFO, Treas. & Dir.); Yehiel Ben-Harush (Dir.)
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Auditor:
RBSM LLP
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Securities:
Common Stock-Symbol IGAI.OB; OTC BB;
403,634,177 common shares outstanding as of July 13, 2007.
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