Prospector
Profile
07.1492
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| Solpower Corp. |
NAICS |
325998 |
| 307 East 22nd Street
San Pedro, CA 90731 |
Description |
Fuel Additives |
| (310) 940-6408 |
Employees |
1 |
| http://www.solpower.com/ |
Revenue |
(mil) |
0.4100 |
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Income |
(mil) |
-0.2360 |
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Assets |
(mil) |
0.0830 |
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Liability |
(mil) |
0.8460 |
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(for the year ended 2007-03-31) |
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Category:
Audit Concerns
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Event:
Meyler & Company LLC expressed doubts on the ability of Solpower Corp. to continue as a going concern after auditing its financial statements. The Company historically has experienced significant losses and negative cash flows from operations. As of March 31, 2007, the Company has a deficiency in working capital of $762,675, accumulated deficit of $14,008,897 and a net loss for the year ended March 31, 2007 of $236,956.
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Intellectual Property:
The Company relies on a combination of trade secret and copyright laws and confidentiality and non-competition agreements to establish and protect proprietary rights in its products. The Company has registered the trademark “Soltron®” and the service mark “Solpower®” with the United States Patent and Trademark Office. It has also registered Soltron® with the EPA for use as an aftermarket additive and for bulk fuel treatment. [SEC Filing 10-KSB 09-26-07]
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Description:
The Company is engaged in producing, marketing and distributing Soltron®, a
proprietary enzyme-based fuel enhancing product.
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Officers:
Fraser M. Moffat III (Chair); Robert D. Kohn (Pres., CEO & Chief Acctg. Officer); James H. Hirst (Sec. & Dir.)
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Auditor:
Meyler & Company LLC
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Securities:
Common Stock-Symbol SLPW.PK; Other OTC;
72,259,727 common shares outstanding as of September 20, 2007.
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