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Prospector
Profile
202-06
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| MyStarU.com, Inc. |
NAICS |
516110 |
| 9/F, Beijing Business World, 56 Dongxinglong Ave.
Beijing, China 100062 |
Description |
Internet Sites |
| (86) 10-6702-6968 |
Employees |
111 |
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Revenue |
(mil) |
21.5540 |
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Income |
(mil) |
-4.9970 |
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Assets |
(mil) |
27.6110 |
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Liability |
(mil) |
7.4940 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
DNTW Chartered Accountants LLP expressed substantial doubt about the ability of MyStarU.com, Inc. to continue as a going concern after it audited the company's financial statements for the year ended Sept. 30, 2007. The auditor pointed to the company's significant cumulative operating losses. The company posted a comprehensive loss of $4,997,250 on total revenue of $21,554,811 for the year ended Sept. 30, 2007, as compared with a comprehensive income of $1,071,729 on total revenue of $15,546,181 in the prior year. The company had cumulative losses of $2,450,726 as of Sept. 30, 2007, and cash flows from operations during the year ending Sept. 30, 2007, of $695,098. The company has committed to its new business segment, "Investments in Entertainment Arts," which requires substantial capital in order to invest in and manage the company's investments. At Sept. 30, 2006, based on projected future discounted cash flows, the company determined that an impairment loss related to its copyrights was $1,530,000. At Sept. 30, 2007, the company's balance sheet showed $27,611,494 in total assets, $3,693,242 in total liabilities, $3,801,642 of minority interest in consolidated subsidiaries, and stockholders' equity of $20,116,610.
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Intellectual Property:
The Company invests regularly in copyrights covering programming rights for motion pictures, the web-broadcasting of motion pictures, related DVDs and television programming. [SEC Filing 10-KSB 01-16-07]
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Description:
MyStarU.com is a fully integrated information and entertainment service provider to the business, internet, and consumer markets in the People’s Republic of China.
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Officers:
Alan R. Lun (Pres., CEO & Dir.); Yan Liu (VP, COO & Dir.); James T. Crane (CFO); Yaofu Su (VP & Dir.)
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Auditor:
DNTW Chartered Accountants LLP
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Securities:
Common Stock-Symbol MYST.OB; OTC BB;
151,014,316 common shares outstanding as of December 17, 2007.
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