Prospector
Profile
07.1523
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| TWL Corporation |
NAICS |
511210 |
| 4101 International Parkway
Carrollton, TX 75007 |
Description |
Software Publishers |
| (972) 309-4000 |
Employees |
219 |
| http://www.twlk.com/ |
Revenue |
(mil) |
24.0650 |
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Income |
(mil) |
-14.8800 |
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Assets |
(mil) |
11.8260 |
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Liability |
(mil) |
36.6140 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Chisholm Bierwolf & Nilson LLC raised doubts on the ability of TWL Corporation to continue as a going concern after auditing its financial statements. At June 30, 2007, the Company's liabilities significantly exceeded its assets and trade vendors’ typical payment terms have been exceeded. The Company has incurred substantial losses and used substantial cash in operations to date. Currently, the Company does not have an established source of revenues sufficient to cover operating costs. Management believes that the Company has sufficient cash to last no more than three months, without additional financing.
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Intellectual Property:
The Company's success and ability to compete are dependent on its ability to develop and maintain the proprietary aspects of technology and operate without infringing the proprietary rights of others. The Company regards certain aspects of its products and documentation as proprietary and relies on a combination of trademark, trade secret and copyright laws and licenses and contractual restrictions to protect proprietary rights. The Company seeks to protect the source code for software, documentation and other written materials under trade secret and copyright laws. The Company licenses software pursuant to license agreements that restrict use of the software by customers. Finally, the Company seeks to limit disclosure of intellectual property by requiring employees, consultants and customers with access to proprietary information to execute confidentiality agreements and by restricting access to source codes. [SEC Filing 10-KSB 10-12-07]
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Description:
The Company provides technology-enabled learning and certification solutions for corporations, organizations and individuals primarily in the United States.
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Officers:
Dennis J. Cagan (Pres., CEO & Dir.); Douglas D. Cole (EVP & Dir.); Patrick R. Quinn (CFO & COO); William D. Jobe (Dir.); Richard G. Thau (Dir.); Laird Q. Cagan (Dir.); Phyllis Farragut (Dir.); David B. Batstone (Dir.)
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Auditor:
Chisholm Bierwolf & Nilson LLC
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Securities:
Common Stock-Symbol TWLP.OB; OTC BB;
188,878,008 common shares outstanding as of September 20, 2007.
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