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Prospector
Profile
131-001
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| Magnum d'Or Resources, Inc. |
NAICS |
562000 |
| 1326 SE 177th Street, Suite 513
Ft. Lauderdale, FL 33316 |
Description |
Waste Mgt. |
| (305) 420-6563 |
Employees |
1 |
| http://www.magnumresources.net |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.8000 |
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Assets |
(mil) |
0.0000 |
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Liability |
(mil) |
0.6710 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Murrell Hall McIntosh & Co., PLLP, expressed substantial doubt about the ability of Magnum d'Or Resources, Inc., to continue as a going concern after it audited the Company's financial statements for the year ended September 30, 2007. The auditing firm reported that the Company has suffered recurring losses from operations and has a net capital deficiency. The Company incurred net losses of $800,452 and $118,375 for the years ended September 30, 2007 and 2006, respectively. At September 30, 2007, the Company's balance sheet showed an accumulated deficit of $5,955,427 and stockholders' equity of $671,693.
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Intellectual Property:
The Company has acquired licensing rights to a number of patents that allow rubber to be devulcanized, specialty blend EPDM powders, and EPDM compounds. The Agreement provides the Company with an array of technologies that could potentially revolutionize the rubber recycling industry in the U.S., Canada, and China. The Company will use its licensed patented cryogenic process to freeze scrap tires, remove fibers and metal wire, and produce crumb rubber sorted into different mesh sizes to be recycled into various rubber products. The Company also seeks to maintain the confidentiality of its proprietary rubber formula and production processes, which it believes are not patentable. [SEC Filing 10-KSB 01-14-08]
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Description:
Magnum d'Or Resources, Inc., focuses in operating in recycling and waste management sectors. It intends to develop facilities that produce rubber powders, thermoplastics, and thermoplastics elastomers.
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Officers:
Joseph J. Glusic (CEO, Pres., Treas. & Principal Acctg. & Financial Officer); W. Howard Chan (Dir.); Dr.-Ing. Gunter Mennig (Dir.); Richard F. McMullen (Dir.); Gov. Claude R. Kirk, Jr. (Dir.)
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Auditor:
Murrell Hall McIntosh & Co. PLLP
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Securities:
Common Stock-Symbol MDOR.OB; OTC BB; 5,785,090 common shares outstanding as of January 4, 2008.
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