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Prospector
Profile
1022-04
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| MM2 Group, Inc. |
NAICS |
325411 |
| 5 Regent Street, Suite 520
Livingston, NJ 07039 |
Description |
Vitamin Supplements Mfg. |
| (732) 290-0019 |
Employees |
5 |
| http://www.mm2group.net/ |
Revenue |
(mil) |
1.4930 |
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Income |
(mil) |
-5.2870 |
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Assets |
(mil) |
1.6490 |
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Liability |
(mil) |
8.3000 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Bagell Josephs Levine & Company LLC expressed substantial doubt about MM2 Group Inc.'s ability to continue as a going concern after it audited the company's financial statements for the year ended June 30, 2007. According to the auditing firm, the Company did not generate sufficient cash flows from revenues during the year ended June 30, 2007 to fund its operations. Also at June 30, 2007, the company had negative net working capital of $6,883,800 and its net working capital position has continued to deteriorate. Unless the Company is successful in generating new sources of revenue, or obtaining debt or equity financing, or restructuring its business, the auditor warns that the Company is likely to deplete its working capital during the next fiscal year.
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Intellectual Property:
The Company relies on a combination of trade secrets, contracts, and patent, copyright and trademark law protection to establish and protect the intellectual property rights that are so critical to its success. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company, through its Genotec Nutritionals, Inc. subsidiary, engages in the formulation, marketing, and distribution of nutritional supplements and vitamins in the United States.
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Officers:
Jerome R. Mahoney (Chair); Mark Meller (CEO, CFO & Dir.)
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Auditor:
Bagell Josephs Levine & Company LLC
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Securities:
Common Stock-Symbol MMGP.OB; OTC BB;
151,755,301 common shares outstanding as of October 8, 2007.
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