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Prospector
Profile
07.1146
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| Kingston Systems, Inc. |
NAICS |
333920 |
| 8 Merrill Industrial Drive, Unit 12
Hampton, NH 03842 |
Description |
Material Handling Equipment Mfg. |
| (603) 758-1333 |
Employees |
8 |
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Revenue |
(mil) |
0.6040 |
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Income |
(mil) |
0.2230 |
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Assets |
(mil) |
0.5620 |
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Liability |
(mil) |
1.4530 |
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(for the year ended 2007-03-31) |
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Category:
Audit Concerns
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Event:
Hansen Barnett & Maxwell PC notes that Kingston Systems, Inc. incurred an operating loss of $635,347 and has a working capital deficit of $1,012,480 at March 31, 2007. The losses from operations and the working capital deficit raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
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Intellectual Property:
The Company's Parallel Robotics Systems Corporation subsidiary co-owns patents on a Triangular Gimbal, Patent No: US 6,240,799 B1 and Systems and Methods Employing a Rotary Track, Patent No: US 6,196,081 B1, for machining and manufacturing, a key components of its robots. Parallel Robotics also holds a non-exclusive license from Hexel Corporation on patents for hexapod technology. The Company has chosen not to patent its software interface, but to hold it as a trade secret. By protecting this information as a non-public trade secret, management believes that this will more effectively create and preserve technical, financial and timing barriers to replicating technological innovations. [SEC Filing 10-KSB 07-16-07]
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Description:
The Company engages in the development, manufacture, and marketing of materials handling and machine technology, and hardware and software based on hexapod technology.
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Officers:
Ralph E. McKittrick (Chair, CEO & Dir.); George J. Coupe (CFO & Dir.); James W. Byrne (Dir.)
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Auditor:
Hansen Barnett & Maxwell PC
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Securities:
Common Stock-Symbol KSYT.PK; Other OTC;
5,576,234 common shares outstanding as of July 12, 2007.
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