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Prospector
Profile
07.1640
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| IDO Security, Inc. |
NAICS |
334519 |
| 17 State Street
New York, NY 10004 |
Description |
Metal Detectors Mfg. |
| (646) 214-1234 |
Employees |
0 |
| http://www.idosecurityinc.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.0600 |
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Assets |
(mil) |
0.0630 |
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Liability |
(mil) |
0.1280 |
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(for the year ended 2006-12-31) |
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Category:
Loss/Deficit
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Event:
IDO Security, Inc. reported a net loss of $5,114,043 for the third quarter ended Sept. 30, 2007, compared with a net loss of $3,300 in the comparable period in 2006. No revenues were recorded for the three months ended Sept. 30, 2007 or during the corresponding period in 2006. The net loss during the three months ended Sept. 30, 2007, also included amortization of debt discount of $3,262,788, incurred in connection with the placement of convertible promissory notes which were issued in February, March and April 2007. At Sept. 30, 2007, the company's consolidated balance sheet showed $2,214,693 in total assets, $1,952,670 in total liabilities, and
$262,023 in total stockholders' equity. The Company also showed strained liquidity with $300,276 in total current assets available to pay $1,795,520 in total current liabilities.
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Intellectual Property:
The Company has designed and developed a security screening device containing proprietary technology known as the MagShoe. A patent has been issued to the Company by the United States Patent and Trademark Office in November 2005, covering various aspects of the unique technology contained in the Magshoe and there is one patent application pending in Israel. In January 2006, the Magshoe was approved for use by the Department for Transport in the United Kingdom, after fields trials were conducted for the Home Office’s Police Scientific Development Branch. [SEC Filing 10-QSB 11-19-07]
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Description:
The Company is engaged in the design,
development and marketing of devices for the homeland security and loss prevention markets for use in security screening to detect metallic objects concealed on or in footwear, ankles and feet through the use of electro-magnetic fields.
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Officers:
Michael Goldberg (Pres. & CEO); Irit Reiner (Dir.)
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Auditor:
Amisano Hanson
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Securities:
Common Stock-Symbol IDOI.OB; OTC BB;
34,336,250 common shares outstanding as of November 19, 2007.
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