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Prospector
Profile
927-02
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| Inverted Paradigms Corporation |
NAICS |
511210 |
| 1800 2nd Street East, Suite 735
Sarasota, FL 34326 |
Description |
Software Publishers |
| (941) 256-0436 |
Employees |
3 |
| http://www.myivpc.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-2.1140 |
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Assets |
(mil) |
0.0170 |
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Liability |
(mil) |
1.0930 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Tedder James Worden & Associates PA raised doubts about the ability of Inverted Paradigms Corporation to continue as a going concern after auditing its financial statements. The auditor notes that Company has experienced net losses since February 16, 1999, resulting in an accumulated deficit of $39,600,000 as of December 31, 2006. The Company also has a working capital deficiency of $1,092,000 as well as a capital deficiency of $1,075,919. In addition, the Company has consumed cash in its continuing operating activities of approximately $940,000 and $330,000 for the years ended December 31, 2006 and 2005, respectively.
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Intellectual Property:
The Company's success depends significantly upon proprietary software technology. The Company relies on a combination of patents pending, trademarks, trade secrets and copyrights to establish and protect proprietary rights to its software. The Company has filed an application for registration of the trademark Silent Sword™, which is a software that combats all forms of mal-ware, spy-ware and other malicious viruses. Its patent pending process attacks the viruses at the start-up level using a white list/black list process before it corrupts a computer. [SEC Filing 10-KSB 08-30-07]
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Description:
The Company focuses on the development of Silent Sword software, a proprietary security process, which prevents malware, such as viruses, Trojans, worms, and spyware.
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Officers:
Steven Weldon (CEO & CFO); Charles Wernicke (CTO & Dir.); William Parsons (Dir.); Dwight Day (Dir.)
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Auditor:
Tedder James Worden & Associates PA
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Securities:
Common Stock-Symbol IVPC.OB; OTC BB;
37,645,143 common shares outstanding as of August 15, 2007.
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