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Prospector
Profile
2-15-007
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| Innovative Designs, Inc. |
NAICS |
315191 |
| 223 North Main Street, Suite 1
Pittsburgh, PA 15215 |
Description |
Outdoor Clothing Products Mfg. |
| (412) 799-0350 |
Employees |
4 |
| http://www.idigear.com/ |
Revenue |
(mil) |
0.6700 |
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Income |
(mil) |
0.0500 |
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Assets |
(mil) |
1.2800 |
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Liability |
(mil) |
0.4100 |
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(for the year ended 2007-10-31) |
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Category:
Audit Concerns
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Event:
Louis Plung & Company LLP, raised substantial doubt about the ability of Innovative Designs, Inc., to continue as a going concern after it audited the company's financial statements for the year ended October 31, 2007. The auditor pointed to the Company's significant losses from operations and working capital and stockholders deficits. The Company posted a net income of $53,093 on total revenues of $674,541 for the year ended October 31, 2007, as compared with a net loss of $4,200,640 on total revenues of $78,013 in the prior year. At October 31, 2007, the company's balance sheet showed an accumulated deficit of $9,180,051 and stockholders' deficit of $4,129,276. The Company's consolidated balance sheet at October 31, 2007, also showed strained liquidity with $1,261,645 in total current assets available to pay $4,993,247 in total current liabilities.
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Intellectual Property:
In late 2003, the Company was granted a trademark for the name "idigear" with the United States Patent and Trademark Office. On June 16, 2003, the Company completed an agreement with Haas Outdoors in which Haas Outdoors granted the Company a non-exclusive wholesale license in North America to manufacture or sell products of Haas Outdoors and use the licensed trademark of Haas Outdoors. On April 16, 2006, the Company entered into an Exclusive License and Manufacturing Agreement with the Ketut Group, whereby the Company acquired an exclusive license to develop, use, sell, manufacture and market products related to or utilizing INSULTEX, Korean Patent Number, (0426429) or any Insultex Technology. The License was awarded by the Korean inventor, an individual who is part of the Ketut Group, and the manufacturer of INSULTEX. Additionally, the Company was granted the exclusive rights to any current or future inventions, improvements, discoveries, patent applications and letters of patent which the Ketut Group controls or may control related to INSULTEX. Furthermore, the Company has the right to grant sub-licenses to other manufacturers for the use of INSULTEX or any Insultex Technology. [SEC Filing 10-KSB 02-08-08]
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Description:
Innovative Designs, Inc., engages in the production, distribution, and sale of products made with INSULTEX, a material with buoyancy, scent block, and thermal resistant properties.
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Officers:
Joseph Riccelli (Chair & CEO); Anthony Fonzi (CFO); Dean P. Kolocouris (Dir.); Robert D. Monsour (Dir.); Daniel P. Rains (Dir.)
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Auditor:
Louis Plung & Company LLP
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Securities:
Common Stock Symbol IVDN.OB; OTC BB; 17,908,643 common shares outstanding as of February 5, 2008.
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