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Prospector
Profile
1130-04
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| Stellar Resources Ltd. |
NAICS |
213115 |
| 3155 E. Patrick Lane, Suite 1
Las Vegas, NV 89120 |
Description |
Exploration Services |
| (702) 898-6004 |
Employees |
0 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.5310 |
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Assets |
(mil) |
0.0010 |
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Liability |
(mil) |
0.1550 |
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(for the year ended 2007-07-31) |
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Category:
Audit Concerns
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Event:
Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt on the ability of Stellar Resources Ltd. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has reported losses since inception from operations and requires additional funds to meet its obligations and fund the costs of its operations. The Company had net losses of $531,309 and $62,279 for the years ended July 31, 2007 and 2006, respectively. The Company's balance sheet showed an accumulated deficit of $807,239 and stockholder's deficit of $153,917 as of July 31, 2007. It also has strained liquidity with $1,059 in total assets available to pay $154,976 in total current liabilites.
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Intellectual Property:
In February 2007, the Company expanded its horizons and signed a letter of intent with Filiac Holdings S.A., a Luxembourg-based private company, to acquire a patent and intellectual property related to a water-saving irrigation system. The Company paid $2,500,000 in cash and issued shares of its common stock of equivalent value, for a total value of $5,000,000. The acquisition of the patent and intellectual property would allow the Company to further develop a special container with a water reservoir and slow water distribution system for irrigation purposes. [SEC Filing 10-KSB 11-06-07]
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Description:
The Company has been in the pre-exploration, acquisition and development stage of resource property activities.
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Officers:
Kathy Whyte (Pres., CEO, CFO & Dir.); Michael Rezac (Sec., Treas. & Dir.); Dean Sellars (Dir.)
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Auditor:
Dale Matheson Carr-Hilton Labonte LLP
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Securities:
Common Stock-Symbol SRRL.OB; OTC BB;
28,640,196 common shares outstanding as of July 31, 2007.
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