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Prospector
Profile
07.1164
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| Balaton Power, Inc. |
NAICS |
213114 |
| 16678 77th Avenue
Surrey, British Columbia, Canada V3S 8G1 |
Description |
Mining Exploration |
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Employees |
0 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-1.0740 |
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Assets |
(mil) |
0.2300 |
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Liability |
(mil) |
1.0390 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Killman Murrell & Company PC expressed doubts on the ability of Balaton Power, Inc. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has incurred several years of losses and during 2006, utilized $454,399 of cash in operations. At December 31, 2006, the Company reported a deficit of $7,196,173 and continues to expend cash amounts that significantly exceed revenues.
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Intellectual Property:
Rodney Smith, a former director and officer of the Company, and Colin Hall transferred all their right, title and interest in the Pisces Process and its derivatives to Balaton Power Corporation S.A. (BSA). On November 4, 2003, BSA was issued its Patent for the Pisces Process moving from a “patent pending” status. BSA entered into a licensing agreement with the Company on July 31, 2000, whereby the Company has the right to manufacture and sell the System, the Pisces Process and BRIMAC and to implement the System at Company owned hydroelectric power production sites in the United States and Canada. [SEC Filing 20-F 07-17-07]
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Description:
The Company’s principle business is focussed on the exploration of the Gandhamardan Project located in India.
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Officers:
Michael Rosa (Pres., CEO & Dir.); Robert Wyllie (CFO & Dir.); David C. Wynn (Dir.); Nicole Bouthillier (Dir.)
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Auditor:
Killman Murrell & Company PC
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Securities:
Common Stock-Symbol BPWRF.OB; OTC BB;
76,025,117 common shares outstanding as of December 31, 2006.
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