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Prospector
Profile
1107-03
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| USTelematics, Inc. |
NAICS |
334210 |
| 335 Richert Drive
Wood Dale, IL 60191 |
Description |
Telecommunications Equipment Mfg. |
| (630) 595-0049 |
Employees |
6 |
| http://www.ustelematics.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-9.3160 |
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Assets |
(mil) |
3.5410 |
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Liability |
(mil) |
12.5190 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Blackman Kallick Bartelstein LLP raised substantial doubt about the ability of USTelematics, Inc. to operate as a going concern after auditing its financial statements. The Company is presently generating no revenues and has a deficit accumulated during the development stage of $9,464,011. Further, the Company used cash in operations of $1,364,979 during the year ended May 31, 2007, and $1,511,767 since inception. The Company may require additional financing to fund operations and development until it achieves profitable results form its products currently under development.
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Intellectual Property:
The Company's founding engineers and CEO assigned to the Company their interest in Provisional United States Patent Application US60/710,278 “Thin film ferro-electric phase shifters in an antenna and control system for receiving Direct Broadcast Satellite television signals in moving vehicles while in motion.” In addition, its President and a software engineer submitted a Provisional United States Patent Application for the talking messaging system it has tradenamed Vivee®. The Provisional application was assigned serial number 60/836,937 by the U.S. Patent Office. The Company has registered the internet domain names USTelematics.com, GeekMyRideTV.com and GeekMyRide.TV with various ICANN-certified domain name registrars. Additionally, it is in the process of filing applications with the U.S. Patent and Trademark Office for the marks USTelematics, USTelematics.com, GeekMyRideTV.com and GeekMyRide.TV. [SEC Filing 10-KSB 09-13-07]
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Description:
The Company is engaged in the research, development, manufacture, and marketing of proprietary broadband telecommunications and electronic entertainment products for use in moving vehicles primarily in the United States.
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Officers:
Howard E. Leventhal (Pres. & Dir.); Michael Slotky (Sec., Treas. & Dir.)
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Auditor:
Blackman Kallick Bartelstein LLP
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Securities:
Common Stock-Symbol UTLM.OB; OTC BB;
20,122,356 common shares outstanding as of August 28, 2007.
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