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Prospector
Profile
1116-07
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| Hybrid Fuels, Inc. |
NAICS |
325193 |
| 237 Main Street, P.O. Box 880
Niverville, Manitoba, Canada R0A 1E0 |
Description |
Ethanol Mfg. |
| (888) 550-2333 |
Employees |
0 |
| http://www.hybridfuels.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.3570 |
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Assets |
(mil) |
1.3300 |
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Liability |
(mil) |
1.0140 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Manning Elliott LLP raised substantial doubt about the ability of Hybrid Fuels, Inc. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has not generated any revenues and has accumulated losses since inception. The Company had net losses of $357,830 for the year ended June 30, 2007 and $256,816 for the year ended June 30, 2006. The Company's balance sheet showed an accumulated deficit of $2,806,741 and working capital deficit of $777,382 as of June 30, 2007.
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Intellectual Property:
The Company has not patented any of its proprietary technologies, on the advice of legal counsel. Obtaining patents tends to publish the discoveries that others can copy and the company will have difficulty protecting itself from infringement. As a consequence, the Company has determined that it will protect its trade secrets and proprietary technologies by careful screening of potential operators and then having them sign non-disclosure agreements. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company focuses on integrating cattle feeding and finishing with the production of electrical power.
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Officers:
Douglas Dickie (Pres. & Dir.); Rolly Hein (Sec., Treas. & Dir.); Edward Melenka (Dir.)
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Auditor:
Manning Elliott LLP
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Securities:
Common Stock-Symbol HRID.OB; OTC BB;
30,111,733 common shares outstanding as of October 12, 2007.
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