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Prospector
Profile
07.1198
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| EMTA Holdings, Inc. |
NAICS |
325998 |
| 7430 East Butherus Drive, Suite C
Scottsdale, AZ 85260 |
Description |
Fuel Additives Mfg. |
| (480) 222-6222 |
Employees |
12 |
| http://www.emtacorp.com/ |
Revenue |
(mil) |
1.0530 |
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Income |
(mil) |
-17.0569 |
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Assets |
(mil) |
3.5910 |
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Liability |
(mil) |
6.3900 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Semple Marchall & Cooper LLP expressed substantial doubt about EMTA Holidngs, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm said that the company has significant operating losses and negative working capital. The company posted a $17,056,043 net loss on $1,053,767 of total revenues for the year ended March 31, 2007, as compared with a $5,132,298 net loss on $562,779 of total revenues in the prior year. At March 31, 2007, the company's balance sheet showed $3,591,841 in total assets and $6,390,890 in total liabilities, resulting in a $2,799,049 stockholders' deficit. The company also reported strained liquidity in its balance sheet with $783,444 in total current assets and $6,390,890 in total current liabilities, resulting in a $5,607,446 working capital deficit.
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Intellectual Property:
The formula and composition of XenTx is proprietary and is safeguarded from disclosure through secrecy agreements with various parties. At least one of the components of the formula is covered by a patent that is owned by Dover Chemical Corporation. In addition, the Company has filed provisional patents on both diesel fuel additives as the first step in patenting both formulas. The Company has obtained trademark registration of its marks XenTx and Clean Boost. With the acquisition of Dyson Properties, Inc., the Company acquired both the trademark for Synergyn and all of the related formulas. [SEC Filing 10-KSB 08-15-07]
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Description:
The Company engages in the research, development, manufacture, and distribution of gasoline, oil, and diesel additives for engines and other transportation-related fluids and industrial lubricants.
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Officers:
Edmond Lonergan (Chair, Pres. & Sec.); James Marshall (CFO & Dir.); Kenneth Bennett (VP & Dir.); Edward Miller (Dir.); Pat Choate (Dir.)
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Auditor:
Semple Marchall & Cooper LLP
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Securities:
Common Stock-Symbol EMHD.OB; OTC BB;
40,696,004 common shares outstanding as of July 20, 2007.
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