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Prospector
Profile
2-22-003
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| Schimatic Cash Transactions Network.com, Inc. |
NAICS |
511210 |
| 330 East Warm Springs Road
Las Vegas, NV 89119 |
Description |
Software Publishers |
| (702) 361-3624 |
Employees |
2 |
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Revenue |
(mil) |
0.1300 |
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Income |
(mil) |
-3.8100 |
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Assets |
(mil) |
0.0200 |
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Liability |
(mil) |
22.1600 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Schwartz Levitsky Feldman LLP raised substantial doubt about Schimatic Cash Transactions Network.com, Inc.'s ability to continue as a going concern after it audited the Company's financial statements for the years ended December 31, 2006 and 2005. The auditing firm stated that the Company incurred net losses since inception, has net working capital deficiency and stockholders' deficiency. The Company had a net loss of $3,808,574 for the year ended December 31, 2006, as compared with a net loss of $7,642,069 in the prior year. At December 31, 2006, the Company's balance sheet showed an accumulated deficit of $83,270,653 and stockholders' deficit of $22,139,490. The Company also has strained liquidity with total current assets of $19,726 available to pay total current liabilities of $22,159,216.
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Intellectual Property:
The Company has U.S. Patent No. 5806045, issued on September 8, 1998, with prior patent filings dating back to February 1994. Since that time, the patent has also been issued in Australia (Patent No. 703349, October 1999), Mexico (Patent No. 96/03161, November 2000), Japan (Patent No. 3416141, April 2003), and Canada (Patent No. 2182596, April 2004). The Patents are entitled: "Method and System for Allocating and Redeeming Incentive Credits between a Portable Device and a Base Device," and cover processes or methodologies associated with storing and redeeming loyalty credits and incentives on a portable device and interacting with a base device to calculate the amount of loyalty units to be credited or redeemed. The Company also relies on the protections afforded its intellectual property under copyright, trademark and trade secret laws. It markets or may market products or services under the following trademarks: E-LLEGIANCE(TM) for smart-card-based loyalty applications; LOYALTY CENTRAL(TM) for loyalty program management, transaction processing and accounting centralized processing services; LOYALTYCENTRAL.COM(TM) for loyalty program management user interface; and SMART BANK(R) for specialized products services for marketing to the financial services and banking industries. [SEC Filing 10-KSB 02-08-08]
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Description:
Schimatic Cash Transactions Network.com, Inc., through its wholly owned subsidiary, Smart Chip Technologies, LLC, licenses, markets, and develops smart-card loyalty products.
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Officers:
Miki Radivojsa (Chair, Pres. & CEO); Bernard F. McHale (CFO & Dir.); David J Simon (Dir.)
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Auditor:
Schwartz Levitsky Feldman LLP
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Securities:
Common Stock Symbol SCTN.PK; Other OTC; 209,238,182 common shares outstanding as of December 31, 2006.
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