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Prospector
Profile
202-03
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| Global Payment Technologies, Inc. |
NAICS |
333313 |
| 425 B Oser Avenue
Hauppauge, NY 11788 |
Description |
Cash Machines Mfg. |
| (631) 231-1177 |
Employees |
71 |
| http://www.gptx.com/ |
Revenue |
(mil) |
11.6020 |
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Income |
(mil) |
-5.5910 |
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Assets |
(mil) |
6.8020 |
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Liability |
(mil) |
3.3320 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Eisner LLP raised substantial doubt about the ability of Global Payment Technologies Inc., to continue as a going concern after it audited the company's financial statements for the year ended Sept. 30, 2007. The auditing firm pointed to Global Payment's recurring losses and deficiencies in cash flows from operations. The company posted a net loss of $5,591,000 on net sales of $11,602,000 for the year ended Sept. 30, 2007, as compared with a net loss of $4,143,000 on net sales of $14,303,000 for fiscal year 2006. At Sept. 30, 2007, the Company's balance sheet showed $6,802,000 in total assets, $3,332,000 in total liabilities and $3,470,0000 stockholders' equity.
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Intellectual Property:
The Company holds 10 U.S. patents that cover technology used in its validator product lines while the remaining patents cover technology used in certain special models. In addition to its U.S. patents and pending application, the Company also applied for patent protection in a large number of international markets. The Company has obtained patents in Australia, New Zealand and South Africa under the Eurasian Patent Convention covering the use of short wave length light in a validator to discern the color and other characteristics of bills being scanned. In addition, it has obtained a patent in New Zealand covering a system for monitoring and tracking money collected from a gaming machine. In September 2006, the Company filed for patents on revolutionary new optical technology expected to be unveiled in a new product launch during fiscal 2008. The Company has licensed certain patented proprietary technology covered by U.S. Patent No. 5,630,755 to Ardac, Inc. in 1999. In March 2004, the Company entered into a Cross-License Agreement with Japan Cash Machines Co. Ltd. [SEC Filing 10-K 01-23-08]
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Description:
Global Payment Technologies engages in designing and manufacturing currency validation systems.
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Officers:
Richard E. Gerzof (Chair); William McMahon (Pres., CEO, CFO & Dir.); Elliot H. Goldberg (Dir.); William H. Wood (Dir.); Matthew Dollinger (Dir.);
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Auditor:
Eisner LLP
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Securities:
Common Stock-Symbol GPTX.OB; OTC BB;
6,497,185 common shares outstanding as of December 31, 2007.
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