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Prospector
Profile
1129-04
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| Infitech Ventures, Inc. |
NAICS |
562910 |
| 20 Lyall Avenue
Toronto, Ontario, Canada M4E 1V9 |
Description |
Remediation Services |
| (416) 691-4068 |
Employees |
1 |
| http://www.infitechventures.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.1220 |
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Assets |
(mil) |
0.0010 |
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Liability |
(mil) |
0.1020 |
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(for the year ended 2007-07-31) |
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Category:
Audit Concerns
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Event:
Davidson & Company LLP raises substantial doubt on Infitech Ventures, Inc.'s ability to continue as a going concern after auditing its financial statements. The auditor points out that the Company incurred a loss of $122,641 for the year ended July 31, 2007, an increase over the $98,821 net loss incurred during the year ended July 31, 2006. The Company also has an accumulated deficit of $455,713 and stockholder's deficit of $101,453 in its July 31, 2007 balance sheet. It also has strained liquidity with $1,071 in total assets available to pay $102,524 in total current liabilities.
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Intellectual Property:
The Company's business currently revolves around the development and marketing of a proprietary, patent-pending technology that uses a molten wax compound consisting of paraffin wax and resins to control, clean and remediate oil and other liquid fuel spills on land and water. The Company entered into a Technology Transfer Agreement with the Wax Technology’s inventor, William Nelson, on May 6, 2004. Pursuant to the Technology Agreement, Mr. Nelson assigned to the Company all rights, title and interest to the Wax Technology, including the patent application registered by Mr. Nelson with respect to the Wax Technology. [SEC Filing 10-KSB 11-02-07]
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Description:
The Company was formed in order to seek business opportunities in the hydrocarbon remediation and water and wastewater treatment area.
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Officers:
Paul G. Daly (Pres., CEO, CFO, Sec., Treas. & Dir.)
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Auditor:
Davidson & Company LLP
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Securities:
Common Stock-Symbol IFTV.OB; OTC BB;
13,245,000 common shares outstanding as of October 25, 2007.
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