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Prospector
Profile
07.1294
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| Valley Forge Composite Technologies, Inc. |
NAICS |
334519 |
| 50 East River Center Boulevard, Suite 820
Covington, KY 41011 |
Description |
Detectors Mfg. |
| (859) 581-5111 |
Employees |
4 |
| http://www.vfct.com/ |
Revenue |
(mil) |
0.4170 |
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Income |
(mil) |
-1.1790 |
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Assets |
(mil) |
1.2290 |
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Liability |
(mil) |
0.3930 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Sherb & Company LLP added a going concern qualification to their reports issued in connection with their audits of Valley Forge Composite Technologies, Inc.'s December 31, 2006 financial statements. The auditors noted that the Company generated significant losses from operations, had accumulated deficits of $2,407,723 and $1,227,966 as of December 31, 2006 and 2005, respectively. The Company had positive working capital at December 31, 2006 in the amount of $767,288, largely due to proceeds received from a private offering of its securities. The Company had a working capital deficit of $31,701 at December 31, 2005.
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Intellectual Property:
The Company's products include an advanced detection capability for illicit narcotics, explosives, and bio-chemical weapons using photo-nuclear reactions to initiate secondary gamma quanta, the result of which is a unique and distinguishable signal identifying each component of a substance, known as the THOR LVX photonuclear detection system. The Company licenses the technology used to manufacture the THOR units through an exclusive rights agreement with the P.N. Lebedev Physical Institute of the Russian Academy of Sciences. The Company has tried to minimize the deconstruction and adaptation of the THOR technology by potential competitors by deliberately not patenting the core technology because it does not want to make a public record available that will allow anyone to easily see its methods. [SEC Filing 10-KSB 04-02-07]
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Description:
The Company focuses on the acquisition of the rights to manufacture and distribute the THOR LVX photonuclear detection system in the United States and to other countries.
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Officers:
Louis J. Brothers (Chair, Pres. & CEO); Larry K. Wilhide (VP & Dir.)
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Auditor:
Sherb & Company LLP
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Securities:
Common Stock-Symbol VLYF.OB; OTC BB;
46,449,000 common shares outstanding as of August 8, 2007.
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