Prospector
Profile
07.1149
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| Magna-Lab, Inc. |
NAICS |
339100 |
| 6800 Jericho Turnpike, Suite 120W
Syosset, NY 11791 |
Description |
Medical Equipment Mfg. |
| (516) 393-5874 |
Employees |
0 |
| http://www.magna-lab.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.1140 |
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Assets |
(mil) |
0.0100 |
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Liability |
(mil) |
0.3180 |
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(for the year ended 2007-02-28) |
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Category:
Audit Concerns
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Event:
Rothstein Kass & Company PC expressed doubts on the ability of Magna-Lab, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has no present revenues, has a negative working capital and a stockholders' deficit, and incurred significant current and cumulative losses and negative operating cash flows. Further, the Company's cash and working capital positions as of February 28, 2007 are not sufficient to complete its planned activities for the upcoming year.
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Intellectual Property:
The Company has filed for registration with the U.S. Patent and Trademark Office the names Illuminator Probe™ and Illuminator Surface Coil™. Through assignment and license, the Company has acquired all of the commercial rights to U.S. and certain corresponding foreign patents relating to its MRI technologies. [SEC Filing 10-KSB 06-08-07]
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Description:
The Company is engaged in the research, development, and commercialization of disposable medical devices designed to enhance magnetic resonance imaging in detection and diagnosis of heart disease.
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Officers:
Lawrence A. Minkoff, Ph.D. (Chair, Pres., Chief Scientific Officer & Dir.); Kenneth C. Riscica (Sec. & Treas.); J.M. Feldman (VP & Dir.); Jonathan Adereth (Dir.); Joel Kanter (Dir.); Seymour Kessler (Dir.)
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Auditor:
Rothstein Kass & Company PC
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Securities:
Common Stock-Symbol MAGAA.OB; OTC BB;
1,086,025 common shares outstanding as of July 3, 2007.
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