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Prospector
Profile
1017-02
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| Advanced Communications Technologies, Inc. |
NAICS |
541614 |
| 420 Lexington Avenue
New York, NY 10170 |
Description |
Logistics Services |
| (646) 227-1600 |
Employees |
110 |
| http://www.advancedcomtech.net/ |
Revenue |
(mil) |
9.2430 |
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Income |
(mil) |
-1.2490 |
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Assets |
(mil) |
5.5070 |
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Liability |
(mil) |
7.5910 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
After auditing Advanced Communications Technologies, Inc.’s financial statements for the year ended June 30, 2007, JH Cohn LLP states that the Company's losses and working capital deficiency raised substantial doubt as to its ability to continue as a going concern. The auditor points out that the Company incurred a net loss of $1,250,000 and $574,000 for the years ended June 30, 2007 and 2006, respectively. It also had a working capital deficiency of $2,477,000 and $1,296,000 as of June 30, 2007 and 2006, respectively.
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Intellectual Property:
The Company's repair and exchange service is managed by a proprietary information system designed and developed by the management team of its Cyber-Test, Inc. subsidiary with software-tracking that allows customers or the call center function to track on a real-time basis the repair status of any given unit, including a date of return delivery to the end-user, while at the same time allowing Cyber-Test to manage the output volume and quality of the repair process. The Company has applied for registration with the U.S. Patent and Trademark Office of the name ADVANCEX™. [SEC Filing 10-KSB 09-28-07]
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Description:
The Company provides reverse logistic management services for the electronics industry.
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Officers:
Wayne I. Danson (Pres. & CEO); John E. Donahue (VP & CFO); Steven J. Miller (COO)
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Auditor:
JH Cohn LLP
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Securities:
Common Stock-Symbol ADVC.OB; OTC BB;
4,997,711,570 common shares outstanding as of September 24, 2007.
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