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Prospector
Profile
2-9-003
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| Visualant, Inc. |
NAICS |
561620 |
| 500 Union Street, Suite 406
Seattle, WA 98101 |
Description |
Security Systems Services |
| (206) 903-1351 |
Employees |
1 |
| http://www.visualant.net/aboutus.html |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-1.6350 |
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Assets |
(mil) |
0.0880 |
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Liability |
(mil) |
1.5670 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Madsen & Associates CPA’s, Inc., raised substantial doubt about Visualant Inc.'s ability to continue as a going concern after it audited the Company's financial statements for the year ended September 30, 2007. The auditing firm notes that the Company will need additional working capital for its planned activity and to service its debt. The company posted a net loss of $1,634,993 for the year ended September 30, 2007, as compared with a net loss of $1,032,036 in the prior year. The Company's balance sheet at September 30, 2007, showed an accumulated deficit of $5,729,682, stockholders' deficit of $1,478,333 and working capital deficit of $1,136,149.
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Intellectual Property:
During 2007, the Company filed additional patents covering work that RatLab LLC performed. The patents focus on using photonics to establish a unique identifier for objects, on communicating that identifier, and on comparing it against a template. [SEC Filing 10-KSB 01-24-08]
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Description:
Visualant, a development stage company, develops color technology, providing multidimensional spectral-based pattern file creation and matching solutions.
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Officers:
Ronald P. Erickson (Chair); Bradley E. Sparks (CEO & Pres.); Jon Pepper (Dir.); Dr. Masahiro Kawahata (Dir.)
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Auditor:
Madsen & Associates CPA’s, Inc.
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Securities:
Common Stock-Symbol VSUL.OB; OTC BB; 18,053,891 common shares outstanding as of January 14, 2008.
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