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Prospector
Profile
2-8-002
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| Power Air Corp. |
NAICS |
334413 |
| 4777 Bennett Drive, Suite E
Livermore, CA 94551 |
Description |
Fuel Cell Mfg. |
| (925) 960-8777 |
Employees |
16 |
| http://www.poweraircorp.com |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-6.8840 |
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Assets |
(mil) |
2.6950 |
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Liability |
(mil) |
0.1598 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt about the ability of Power Air Corp. to continue as a going concern after it audited the Company's financial statements for the year ended September 30, 2007. The auditor stated that the Company has realized significant losses and further losses are anticipated. The Company has incurred losses since inception of $18,123,610, and requires additional funds to meet its obligations and fund the costs of its operations. The Company posted a net loss of $6,884,902 for the year ended September 30, 2007, as compared with a net loss of $4,508,029 in the prior year. At September 30, 2007, the Company's balance sheet showed $2,695,349 in total assets, $159,875 in total liabilities and $2,535,474 in total stockholders' equity.
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Intellectual Property:
The Company holds rights to the zinc air fuel cell (ZAFC) technology pursuant to a limited exclusive patent license agreement between Power Air Tech and the Regents of the University of California dated March, 2001. Under the terms of the License Agreement, the Regents granted to Power Air Tech an exclusive, non-transferable, royalty-bearing license to make, use, sell, offer for sale and import products that incorporate the licensed patents in the United States and worldwide where the patent rights to the technology exist. The technology is protected by two U.S. patents and three international patents. [SEC Filing 10-KSB 01-15-08]
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Description:
Power Air Corporation, a development stage company, develops, manufactures, and markets fuel cell-based commercial products in the United States.
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Officers:
H. Dean Haley (Chair & COO); Remy Kozak (Pres., CEO & VP-Corp. Development); Donald Ceci (VP-Sales and Mktg.); Donald M. Prest (Sec., Treas., CFO & Principal Acctg. Officer)
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Auditor:
Dale Matheson Carr-Hilton Labonte LLP
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Securities:
Common Stock-Symbol PWAC.OB; OTC BB; 66,453,675 common shares outstanding as of January 14, 2008.
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