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Prospector
Profile
1116-09
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| International Automated Systems, Inc. |
NAICS |
334290 |
| 326 North SR 198
Salem, UT 84653 |
Description |
Security Systems Mfg. |
| (801) 423-8132 |
Employees |
10 |
| http://www.iaus.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-8.4930 |
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Assets |
(mil) |
1.3030 |
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Liability |
(mil) |
2.1620 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Mantyla McReynolds LLC states that there is substantial doubt about the ability of International Automated Systems, Inc. to continue as a going concern. The Company reported net losses of $8,493,400 and $1,473,256 for the years ended June 30, 2007 and 2006, respectively. The Company's balance sheet at June 30, 2007, showed an accumulated deficit of $20,881,577 and stockholder's deficit of $859,907. It also has strained liquidity with $682,288 in total current assets available to pay $2,048,347 in total current liabilities.
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Intellectual Property:
The Company has been assigned or will be assigned the rights to 16 U.S. patents. A patent granted in November 1988 deals with the Self-Check System. The patent pertains to an apparatus attached to a computer which has in its database the weights and prices of all items for sale. In addition, the Company has 4 patents pertaining to the AFIM technology, 7 patents relate to the DWM technology, 1 patent pertaining to shelf tag granted, and 3 patents relating to the turbine technology. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company develops high-technology products principally for energy production, wireless communications, consumer purchasing, and financial transaction markets.
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Officers:
Neldon Johnson (Chair & Pres.); Randale Johnson (VP & Sec.); LaGrand Johnson (CFO); Bruce Barrett (Dir.); Blain Phillips (Dir.)
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Auditor:
Mantyla McReynolds LLC
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Securities:
Common Stock-Symbol IAUSE.OB; OTC BB;
28,344,622 common shares outstanding as of September 30, 2007.
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