Prospector
Profile
07.1396
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| MGN Technologies, Inc. |
NAICS |
511210 |
| 12 – 1730 Broadway Street
Port Coquitlam, British Columbia, Canada V3C 2M8 |
Description |
Software Publisher |
| (604) 945-2405 |
Employees |
0 |
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Revenue |
(mil) |
0.0500 |
| |
Income |
(mil) |
-10.8850 |
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Assets |
(mil) |
0.2540 |
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Liability |
(mil) |
5.3830 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
BDO Dunwoody LLP raised substantial doubt about the ability of MGN Technologies, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has only recently commenced earning revenue, has negative working capital, has accumulated deficit of $10,885,493 since its inception and has no assurance of future profitability.
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Intellectual Property:
The Company does not have and does not intend to apply for patents on its software products. The Company currently relies on copyright and trade secrets to protect its proprietary intellectual property. [SEC Filing 10-KSB 05-09-07]
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Description:
The Company, through its Ignition Technologies subsidiary, is a developer and marketer of online and mobile software games for consumers.
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Officers:
Mark Jensen (Pres., CEO & Dir.); Michael Hu (Dir.)
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Auditor:
BDO Dunwoody LLP
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Securities:
Common Stock-Symbol MGNLF.OB; OTC BB;
64,310,950 common shares outstanding as of August 8, 2007.
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