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Prospector
Profile
117-07
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| Ecology Coatings, Inc. |
NAICS |
325510 |
| 35980 Woodward Avenue, Suite 200
Bloomfield Hills, MI 48304 |
Description |
Paints Mfg. |
| (248) 723-2223 |
Employees |
7 |
| http://www.ecologycoatings.com/ |
Revenue |
(mil) |
0.0410 |
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Income |
(mil) |
-4.6500 |
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Assets |
(mil) |
1.2040 |
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Liability |
(mil) |
0.9130 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
UHY LLP raised doubts on the ability of Ecology Coatings, Inc. to continue as a going concern after auditing its financial statements for the year ended September 30, 2007. The auditor notes that the Company has recurring losses, negative cash flows from operations and net capital deficiency. The Company had a net loss of $4,650,870 on revenues of $41,668 for the year ended September 30, 2007, compared to a net loss of $659,626 on revenues of $41,838 for the year ended September 30, 2006. The Company's balance sheet at September 30, 2007, showed an accumulated deficit of $5,907,169 and only $290,287 in total stockholders' equity. It also has strained liquidity with $880,169 in total current assets available to pay $913,836 in total current liabilities.
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Intellectual Property:
The Company's ability to compete effectively will depend on its success in protecting proprietary technology, both in the United States and abroad. The Company has filed 10 patent applications with the United States Patent Office and 10 patent applications in certain other countries to cover its technology. In addition to seeking patent protection, the Company relies on trade secrets, know-how and continuing technological advancement to achieve and maintain a competitive advantage. [SEC Filing 10-KSB 12-21-07]
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Description:
Ecology Coatings is engaged in the discovery, development, and manufacture of nanotechnology-enabled, ultra-violet curable, advanced materials that drive efficiencies and clean processes in manufacturing.
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Officers:
Richard D. Stromback (Chair & CEO); F. Thomas Krotine (Pres., COO & Dir.); David W. Morgan (VP, Treas. & CFO); Adam S. Tracy (VP, Sec. & Gen. Counsel); Kevin Stolz (Controller & Chief Accounting Officer); Sally J.W. Ramsey (VP); Timothy Tanner (VP); Robert W. Liebig (Dir.); Donald Campion (Dir.)
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Auditor:
UHY LLP
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Securities:
Common Stock-Symbol ECOC.OB; OTC BB;
32,150,684 common shares outstanding as of November 29, 2007.
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