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Prospector
Profile
07.1150
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| MedicalCV, Inc. |
NAICS |
339110 |
| 9725 South Robert Trail
Inver Grove Heights, MN 55077 |
Description |
Medical Equipment Mfg. |
| (651) 452-3000 |
Employees |
29 |
| http://www.medcvinc.com/ |
Revenue |
(mil) |
0.0300 |
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Income |
(mil) |
-12.7200 |
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Assets |
(mil) |
10.4700 |
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Liability |
(mil) |
7.8300 |
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(for the year ended 2007-04-30) |
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Category:
Audit Concerns
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Event:
Laurie Besikof Lapidus & Company LLP expressed substantial doubt about MedicalCV, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the years ended April 30, 2007, and 2006. The auditing firm said, "The Company has incurred operating losses and negative cash flows from operations in recent years and will require additional funds to finance its working capital and capital expenditure needs." The company posted a $12,716,286 net loss on $29,610 of total revenues for the year ended April 30, 2007, as compared with $9,232,390 in net income on zero revenue in the prior year. At April 30, 2007, the company's balance sheet showed $10,471,944 in total assets, $7,829,799 in total liabilities and $2,642,145 in stockholders' equity.
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Intellectual Property:
As of July 3, 2007, the Company has 6 issued U.S. patents, 10 non-provisional U.S. patent applications, 8 international (PCT) patent applications, 2 European patent applications, and 1 each of patent applications in Australia, Canada and Japan relating to its products. The Company used, and therefore claim common law rights in, the trademarks GLIDETHRU, ULTRAPURE, ATRILAZE and SOLAR. The Company has filed an application for a U.S. federal registration for the mark ATRILAZE and SOLAR. It also has a federal registration for the marks MEDICALCV and OMNICARBON. [SEC Filing 10-KSB 07-25-07]
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Description:
The Company manufactures and markets Omnicarbon 3000 and 4000 heart valves, which are used to treat heart valve failure caused by aging, heart diseases, prosthetic heart valve failure and congenital defects.
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Officers:
Marc P. Flores (Pres, CEO & Dir.); Adam L. Berman (VP-Research & Dev't.); Eapen Chacko (VP-Finance & CFO); Robert W. Clapp (VP-Operations); Gary O. Tegan (VP-Mktg.); David A. Chazanovitz (Dir.); Richard J. Faleschini (Dir.); Larry G. Haimovitch (Dir.); David B. Kaysen (Dir.); Paul K. Miller (Dir.); J. Robert Paulson, Jr. (Dir.)
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Auditor:
Lurie Besikof Lapidus & Company LLP
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Securities:
Common Stock Symbol MCVI.OB; OTCBB;
9,839,724 common shares outstanding as of July 2, 2007.
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