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Prospector
Profile
07.1593
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| e-Smart Technologies, Inc. |
NAICS |
334119 |
| 508-526 West 26th Street, Suite 710
New York, NY 10001 |
Description |
Biometric Systems Mfg. |
| (212) 727-3790 |
Employees |
12 |
| http://www.e-smarttechnologies.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-7.7700 |
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Assets |
(mil) |
0.2830 |
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Liability |
(mil) |
4.3640 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Horowitz & Ullmann PC expressed doubts on the ability of e-Smart Technologies, Inc. to continue as a going concern after auditing its financial statements. The Company has never been profitable and incurred substantial losses from operations of $7,770,054 and $4,865,308 for the years ended December 31, 2006 and 2005, respectively. The Company has accumulated losses of $75,277,964 since inception. Furthermore, the Company has negative working capital amounting to $2,360,373 and $1,524,840 at December 31, 2006 and 2005, respectively. The Company expects that losses will continue through 2007 and anticipates that it will require additional financing in 2007, which may not be readily available.
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Intellectual Property:
The Company has continued to develop and refine its extensive portfolio of intellectual property through its relationship with IVI Smart Technologies, Inc., which filed 4 new patent applications in 2006. Because the market for its technology is global, IVI also files its patents under the Patent Cooperation Treaty. e-Smart is currently the owner of three technology licenses from IVI, which has agreed to issue new licenses to e-Smart relating to all refinements of the technology, all biometric and smart card related technologies, and/or all technology derivative of the existing technologies. The rights to technology granted to the Company include all smart card, biometric and related assets of the licensor, including the Super Smart Card™, the BVS2™ platform and all relevant components. [SEC Filing 10-KSB 10-24-07]
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Description:
The Company engages in the creation, marketing, manufacture, installation, operation, and maintenance of biometric identification verification systems.
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Officers:
Mary A. Grace (Pres., CEO & Dir.); Tamio Saito (Chief Technology Officer); Charles B. Black (Dir.); Gary Messina (Dir.); Thomas J. Volpe (Dir.); Elliott H. Cole (Dir.)
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Auditor:
Horowitz & Ullmann PC
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Securities:
Common Stock-Symbol ESMT.PK; Other OTC;
242,540,441 common shares outstanding as of December 31, 2006.
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