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Prospector
Profile
07.1594
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| Eugene Science, Inc. |
NAICS |
541710 |
| 8th Floor LG Palace Bldg., 165-8 Donggyo-Don, Mapo-Gu
Seoul, Republic of Korea 121-817 |
Description |
Biotechnology |
| 0082-2-338-6282-4 |
Employees |
20 |
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Revenue |
(mil) |
0.6690 |
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Income |
(mil) |
-2.0070 |
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Assets |
(mil) |
4.2740 |
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Liability |
(mil) |
17.2530 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
SF Partnership LLP raised substantial doubt about the ability of Eugene Science, Inc. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has suffered recurring losses and negative working capital from operations and operates in a country whose economy is currently unstable. The Company had a net loss of $3,447,811 on net sales of $669,329 for the year ended December 31, 2006, substantially lower than the $6,444,880 net loss on $886,438 in net sales reported during the previous fiscal year. The Company's balance sheet at December 31, 2006, showed an accumulated deficit of $26,379,914, stockholder's deficit of $12,978,812 and working capital deficit of $13,819,618.
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Intellectual Property:
The Company regards its technology as proprietary and protects it by relying on patent, trademark, service mark, copyright and trade secret laws and restrictions on disclosure and transferring title and other methods. The Company currently has 31 registered patents or patents pending in the United States, Japan, Europe, China, Korea, Taiwan, Australia and Brazil. It anticipates that patents will become a significant part of its intellectual property in the foreseeable future. It currently has patents or has applied for patents for the CZ-series additives and manufacturing processes Korea, Japan, United States, Europe, China, Australia, Brazil, India and Singapore. [SEC Filing 10-KSB/A 10-26-07]
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Description:
The Company develops, manufactures and markets nutraceuticals, or functional foods that offer health-promoting advantages beyond that of nutrition.
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Officers:
Seung Kwon Noh (Pres., CEO & Dir.); Tae Hwan Lee (SVP-Sales & Dir.); Se Cheon Ahn (SVP-Mfg. & Dir.); Tony Kim (Dir.)
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Auditor:
SF Partnership LLP
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Securities:
Common Stock-Symbol EUSI.OB; OTC BB;
40,315,705 common shares outstanding as of November 15, 2007.
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