Prospector
Profile
07.1434
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| Xformity Technologies, Inc. |
NAICS |
511210 |
| 14333 Proton Road
Dallas, TX 75244 |
Description |
Software Publishers |
| (972) 661-1200 |
Employees |
6 |
| http://www.xformity.com/ |
Revenue |
(mil) |
1.0760 |
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Income |
(mil) |
-1.4360 |
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Assets |
(mil) |
0.3000 |
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Liability |
(mil) |
2.8580 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Altschuler Melvoin & Glasser LLP notes that Xformity Technologies, Inc. has incurred an operating deficit of $8,258,285 through the fiscal year ended June 30, 2007. In addition, the Company’s potential debt obligation with its patent counsel, if not favorably resolved, creates an uncertainty about the Company's ability to continue as a going concern.
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Intellectual Property:
The Company protects its Intellectual Property through copyright and trademarks. As a hosted solution, the Company does not distribute software to users; authorized users are granted access to centrally managed solutions on an individual basis that is monitored by the Company’s personnel. Unauthorized access and piracy risks are greatly mitigated with this software deployment model. Under an agreement with b-50.com LLC, the company licenses b-50.com’s patent for processing reports. It has registered its key Internet URLs, including XFormity.com, and reviews these registrations on a regular basis to ensure that they remain current and in good standing. [SEC Filing 10-KSB 09-28-07]
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Description:
The Company provides a range of technology solutions to multi-unit business operators in the United States.
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Officers:
Chris Ball (Pres., CEO, COO & Dir.); C. Drew Seale (Chief Technical Officer & Dir.); Jack Rabin (CFO & Dir.); Michael Shahsavari (Chair); Paul Dwyer (Dir.)
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Auditor:
Altschuler Melvoin & Glasser LLP
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Securities:
Common Stock-Symbol XFMY.OB; OTC BB;
50,931,553 common shares outstanding as of September 6, 2007.
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