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Prospector
Profile
1022-05
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| Neptune Industries, Inc. |
NAICS |
112511 |
| 21218 St Andrews Boulevard, Suite 645
Boca Raton, FL 33433 |
Description |
Fish Farming |
| (561) 482-6408 |
Employees |
2 |
| http://www.neptuneindustries.net/ |
Revenue |
(mil) |
0.8510 |
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Income |
(mil) |
-2.1560 |
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Assets |
(mil) |
2.4680 |
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Liability |
(mil) |
4.2180 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Berman Hopkins Wright & Laham CPAs & Associates LLP expressed substantial doubt about Neptune Industries, Inc.'s ability to
continue as a going concern after it audited the Company's financial statements for the year ended June 30, 2007. The auditing firm points to the Company's recurring losses from operations and recurring deficiencies in working capital. The Company posted a net loss of $2,156,740 on $851,141 of sales for the year ended June 30, 2007, as compared with a net loss of $1,044,421 on $527,155 of sales in the prior year. At June 30, 2007, the Company's balance sheet showed $2,468,698 in total assets and $4,218,910 in total liabilities, resulting in $1,750,212 stockholders' deficit.
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Intellectual Property:
The Company has the exclusive rights for North America to the Aqua-Sphere system technology, as well as a right of first refusal on all other areas. The Company filed a provisional patent in February 2005, and
obtained a patent pending status on the Aqua-Sphere and the major component of the Aqua-Sphere system, the Aqua-Cell, formerly referred to as the Eco-tank, and are in the process of applying for full patent status. In addition, the Company filed for a trademark on the Aqua-Sphere and the Aqua-Cell names in July 2006. Additionally, the Company has just completed a patent search, and is in the process of filing a provisional patent on a proprietary nutritional component and animal diet that has broad and significant applications. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company engages in commercial fish farming and related production and distribution activities in the seafood and aquaculture industries.
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Officers:
Ernest D. Papadoyianis (Chair, Pres. & CEO); Xavier T. 'Sal' Cherch (Sec., Treas., COO & Dir.); Robert Hipple (Gen. Counsel & CFO); James M. Harvey (Dir.); William H. Ryan (Dir.); Don Tewksbury (Dir.)
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Auditor:
Berman Hopkins Wright & Laham CPAs & Associates LLP
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Securities:
Common Stock-Symbol NPDI.OB; OTC BB;
19,966,199 common shares outstanding as of September 15, 2007.
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