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Prospector
Profile
1022-06
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| Reclamation Consulting and Applications, Inc. |
NAICS |
324121 |
| 940 Calle Amanecer, Suite E
San Clemente, CA 92673 |
Description |
Paving Materials Mfg. |
| (949) 542-7440 |
Employees |
12 |
| http://www.rca-inc.com/ |
Revenue |
(mil) |
0.2140 |
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Income |
(mil) |
-5.1230 |
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Assets |
(mil) |
1.1390 |
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Liability |
(mil) |
3.7770 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
KMJ Corbin & Company LLP expressed substantial doubt about Reclamation Consulting and Applications, Inc.'s ability to
continue as a going concern after it audited the Company's financial statements for the fiscal year ended June 30, 2007. The Auditor stated that the Company has incurred recurring losses and has negative working capital, which indicates that the Company
may lack sufficient working capital to service its debts and to fund its operations through the fiscal year ending June 30, 2008. The Company reported a net loss of $5,123,839 on $214,912 of net revenue for the year ended June 30, 2007, as compared with a net loss of $7,215,291 on $96,122 of net revenue in the prior year. At June 30, 2007, the Company's balance sheet showed $1,139,264 in total assets and $3,777,661in total liabilities, resulting in $2,638,397 stockholders' deficit.
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Intellectual Property:
The Company has been issued a patent with respect to its Alderox® Release Agent Formulas and Methods from the United States Patent and Trademark Office, and has a patent pending in Mexico for patent protection under the Patent Cooperation Treaty. The patent is protected in all participating states of the World Intellectual Property Organization. The Company is in the process of filing a patent improvement for its Alderox formulation in Australia, Chile and Peru. It has registered four trademarks in the U.S. for Alderox®, KR7®, ASA 12® and Alderox DCR®. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company engages in production and sale of release agents principally for the paving, mining, and asphalt industries.
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Officers:
Gordon W. Davies (Pres. & Dir.); Michael C. Davies (CEO, Sec. & Dir.); Paul Hughes (COO & CFO)
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Auditor:
KMJ Corbin & Company LLP
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Securities:
Common Stock-Symbol RCAA.OB; OTC BB;
121,650,023 common shares outstanding as of October 12, 2007.
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