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Prospector
Profile
3-4-002
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| Micro Imaging Technology, Inc. |
NAICS |
541710 |
| 970 Calle Amanecer, Suite F
San Clemente, CA 92673 |
Description |
Biotechnology |
| (949) 485-6006 |
Employees |
7 |
| http://www.micro-imaging.com |
Revenue |
(mil) |
0.0400 |
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Income |
(mil) |
-2.0400 |
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Assets |
(mil) |
0.3100 |
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Liability |
(mil) |
0.5000 |
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(for the year ended 2007-10-31) |
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Category:
Audit Concerns
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Event:
Jeffrey S. Gilbert raised substantial doubt about Micro Imaging Technology, Inc.'s ability to continue as a going concern after it audited the Company's financial statement for the year ended October 31, 2007. The auditor notes that the Company has limited liquid resources, recurring losses with an accumulated deficit of $33,648,051 at October 31, 2007, and is seeking to implement its business plan, which requires the Company to complete the development and market a new product and/or raise capital through the sale of the Company`s common stock or borrowings. The Company reported a net loss of $2,040,137 for the year ended October 31, 2007, as compared with a net loss of $3,798,713 in the prior year. At October 31, 2007, the Company's balance sheet showed $307,032 in total assets and $499,584 in total liabilities, resulting in a $192,552 total stockholders' deficit. It also has strained liquidity with $211,820 in total current assets available to pay $499,584 in total current liabilities.
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Intellectual Property:
In July 2002, the Company was granted U.S. Patent No. 6,639,672 on its MIT rapid microbe detection technology. The Company also received a U.S. continuation-in-part patent on this technology on October 28, 2003 and a corresponding patent in Mexico on April 4, 2006. Corresponding foreign patents are pending in Europe, Australia, and Japan. Micro Imaging Technology is a registered trademark of the Company. [SEC Filing 10-KSB 02-13-08]
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Description:
Micro Imaging Technology, Inc., a development stage company, engages in the research and development of fluid monitoring systems for water monitoring, as well as food processing and clinical applications in the United States.
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Officers:
Michael W. Brennan (Chair & CEO); George R. Farquhar (COO); Catherine Patterson (CFO & Sec.); Ralph W. Emerson (Dir); Victor A. Hollander (Dir.)
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Auditor:
Jeffrey S. Gilbert
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Securities:
Common Stock Symbol MMTC.OB; OTC BB; 32,440,781 common shares outstanding as of February 9, 2008.
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