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Prospector
Profile
08.0026
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| W Technologies, Inc. |
NAICS |
512110 |
| 5052 South Jones Blvd, Ste. 100
Las Vegas, NV 89118 |
Description |
Television Programming |
| (702) 967-6000 |
Employees |
0 |
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Revenue |
(mil) |
5.8630 |
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Income |
(mil) |
-1.1980 |
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Assets |
(mil) |
0.2500 |
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Liability |
(mil) |
2.3210 |
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(for the year ended 2007-07-31) |
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Category:
Audit Concerns
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Event:
Moore Stephens PC expressed substantial doubt about the ability of W Technologies, Inc. to continue as a going concern due to its recurring losses from operations, working capital deficiency and accumulated deficit. The Company had a net loss of $1,198,504 on total revenues of $5,863,137 for the year ended July 31, 2007, slightly lower than the net loss of $1,204,726 on revenues of $5,600,923 reported for the year ended July 31, 2006. The Company's balance sheet at July 31, 2007, showed an accumulated deficit of $29,905,138 and total stockholders’ deficit of $2,070,979. It also has strained liquidity with $200,768 in total current assets available to pay $2,321,011 in total current liabilities.
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Intellectual Property:
The Company previously owned a patent (U.S. Patent # 6,260,019 – Web-based Prediction Marketplace) that is a method and apparatus for facilitating electronic commerce between suppliers of predictions and consumers of predictions, which is being infringed by many of its competitors. This patent was assigned to Betbrokers as part of the asset sale. The Company has entered into a licensing and patent enforcement agreement with General Patent Corporation International to license and defend the Company’s patent. [SEC Filing 10-KSB 11-28-07]
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Description:
W Technologies, formerly Winning Edge International, Inc., produces television, radio, and Web-based programming related to sports and gaming, and provides sports handicapping analysis and advice to sports bettors worldwide.
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Officers:
Wayne Allyn Root (Chair & CEO); Douglas R. Miller (Pres., COO, Sec. & Dir.); Jeff Johnson (CFO); Robert Seale (Dir.); Roger Aspey-Kent (Dir.); Roger L. Harrison (Dir.)
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Auditor:
Moore Stephens PC
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Securities:
Common Stock-Symbol WTCG.OB; OTC BB;
502,000,000 common shares outstanding as of November 1, 2007.
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