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Prospector
Profile
116-02
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| Composite Technology Corporation |
NAICS |
331319 |
| 2026 McGaw Avenue
Irvine, CA 92614 |
Description |
Electrical Systems Mfg. |
| (949) 428-8500 |
Employees |
135 |
| http://www.compositetechcorp.com/ |
Revenue |
(mil) |
40.7780 |
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Income |
(mil) |
-44.4830 |
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Assets |
(mil) |
132.2470 |
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Liability |
(mil) |
82.5350 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Singer Lewak Greenbaum and Goldstein LLP raised substantial doubt on the ability of Composite Technology Corporation to continue as a going concern due to its recurring losses from operations. The Company had a net loss of $44,483,482 on total revenues of $40,778,466 for the year ended September 30, 2007, much higher than the net loss of $28,523,192 on total revenues of $10,135,314 reported for the year ended September 30, 2006. The Company's balance sheet at September 30, 2007, showed an accumulated deficit of $139,609,437.
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Intellectual Property:
In connection with its Aluminum Conductor Composite Core conductor business, the Company currently has five issued U.S. patents, one U.S. patent application that has been issued a Notice of Allowance and is pending issuance, two pending U.S. continuation-in-part applications, and two pending U.S. applications each claiming priority to a PCT international application. In addition, three PCT international applications have entered the national phase and are currently pending in over 70 strategic countries worldwide. Of these pending applications, eight applications have been granted and three applications are proceeding to acceptance and are pending issuance. On October 6, 2006, the Company's wholly-owned subsidiary, EU Energy, Inc., entered into a Patent License Agreement with GE Infrastructure Technology LLC and GE Infrastructure International, Inc. in which GE licensed certain patents related to wind turbines. [SEC Filing 10-KSB 12-14-07]
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Description:
Composite Technology Corporation, formerly Eldorado Gold & Exploration, Inc., develops and commercializes electrical utility products.
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Officers:
Benton H Wilcoxon (Chair & CEO); Michael Porter (Pres.); Domonic J. Carney (Acting CFO); Dominic J. Majendie (Sec.); Michael D. McIntosh (Dir.); D. Dean McCormick, III (Dir.)
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Auditor:
Singer Lewak Greenbaum and Goldstein LLP
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Securities:
Common Stock-Symbol CPTC.OB; OTC BB; 222,995,715 common shares outstanding as of November 30, 2007 .
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