Prospector
Profile
121-01
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| Edgewater Foods International, Inc. |
NAICS |
114112 |
| 5552 West Island Highway
Qualicum Beach, British Columbia, Canada V9K 2C8 |
Description |
Shellfish Farming |
| (250) 757-9811 |
Employees |
45 |
| http://www.edgewaterfoods.com/ |
Revenue |
(mil) |
0.6570 |
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Income |
(mil) |
4.0570 |
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Assets |
(mil) |
6.6680 |
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Liability |
(mil) |
1.8200 |
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(for the year ended 2007-08-31) |
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Category:
Audit Concerns
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Event:
LBB & Associates Ltd. LLP expressed substantial doubt about Edgewater Foods International, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Aug. 31, 2007. The auditing firm pointed to the company's absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in
2008. The Company had a net income of $4,057,458 for the year ended August 31, 2007, compared to a net loss of $4,200,277 during the previous fiscal year. The 2007 results included a gain of $5,826,631 related to a change in fair value of warrants. The Company's balance sheet showed an accumulated deficit of $17,528,303 as of August 31, 2007.
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Intellectual Property:
The Company's Island Scallops Ltd. subsidiary has been a leader in marine hatchery technology for the past 17 years. Island Scallops has developed proprietary hatchery techniques for a number of marine species, most notably the hybridizing of the Pacific Scallop and becoming the first company to produce commercial quantities of sablefish juveniles. [SEC Filing 10-KSB 11-29-07]
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Description:
Edgewater Foods International is the parent company of Island Scallops Ltd. (ISL), a Vancouver Island aquaculture company. ISL was established in 1989 and for over 15 years has operated a scallop farming and marine
hatchery business.
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Officers:
Robert Saunders (Chair, Pres. & CEO); Douglas C. MacLellan (Vice Chair); Mark H. Elenowitz (Dir.); Robert L. Rooks (Dir.); Ian Fraser (Dir.); Michael Boswell (Interim Chief Accounting Officer & Dir.); Darryl Horton (Dir.); Victor Bolton (Dir.)
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Auditor:
LBB & Associates Ltd. LLP
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Securities:
Common Stock-Symbol EDWTE.OB; OTC BB;
23,737,700 common shares outstanding as of November 23, 2007.
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