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Prospector
Profile
122-02
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| Utix Group, Inc. |
NAICS |
713990 |
| 7 New England Executive Park, Suite 610
Burlington, MA 01803 |
Description |
Prepaid Gifts |
| (781) 229-2589 |
Employees |
25 |
| http://www.utix.com |
Revenue |
(mil) |
2.7410 |
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Income |
(mil) |
-7.6050 |
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Assets |
(mil) |
2.8200 |
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Liability |
(mil) |
6.1100 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Carlin, Charron and Rosen LLP, expressed substantial doubt about the ability of Utix Group, Inc., to continue as a going concern after it audited the Company's financial statements for the year ended Sept. 30, 2007. The auditor points to the Company's recurring losses from operations, its net working capital deficit and net stockholders' deficit. The Company had a net loss of $7,605,249 on $2,741,107 of net revenues for the year ended Sept. 30, 2007, as compared with a net loss of $9,648,025 on $1,444,435 of net revenues in the prior year. At Sept. 30, 2007, the Company's balance sheet showed $2,823,124 in total assets and $6,109,503 in total liabilities, resulting in $3,286,379 stockholders' deficit. It also has strained liquidity with $2,608,466 in total current assets available to pay $6,109,503 in total current liabilities.
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Intellectual Property:
The Company has been issued two patents on its process which are primarily related to its variable rate redemption process and inclusion table concept. Patent number US 7,066,383 B2 was issued on June 27, 2006 and patent number US 7,156,294 B2 was issued on January 2, 2007. The Company's future success may depend significantly on its vigorous defense and enforcement of its patent rights against other inventors and competitors. The Company also owns several trademarks, including Utix™, Utix Ticket-to-Golf™; Utix PGA TOUR Ticket-to-Golf™; Utix Ticket-to-the-Movies™; Utix Ticket-to-Ski™, Utix Ticket-to-Bowl™ and Ticket to Golf powered by Utix™. [ SEC Filing 10-KSB 01-09-08]
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Description:
Utix Group, Inc. provides prepaid experiences to consumers by offering gift tickets that are redeemable at golf courses, ski resorts, spas, movie theaters, bowling centers, and other venues in North America.
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Officers:
Jonathan Adams (Co-Chair); Charles A. Lieppe (Co-Chair); Robert J. Corliss (Pres. & CEO); Steven Apesos (EVP & Managing Dir.); Mark L. Pover (CFO & Sec.); Robert Powers (Dir.); William M. Fenimore, Jr. (Dir.)
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Auditor:
Carlin, Charron and Rosen LLP
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Securities:
Common Stock-Symbol UTIX.PK; Other OTC; 1,888,329 common shares outstanding as of November 30, 2007.
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