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Prospector
Profile
3-11-002
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| AmeriChip International, Inc. |
NAICS |
333992 |
| 9282 General Drive, Suite 100
Plymouth, MI 48170 |
Description |
Welding Equipment Mfg. |
| (905) 898-2646 |
Employees |
32 |
| http://www.americhiplacc.com/sections/ |
Revenue |
(mil) |
2.6600 |
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Income |
(mil) |
-10.6600 |
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Assets |
(mil) |
7.6200 |
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Liability |
(mil) |
7.2400 |
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(for the year ended 2007-11-30) |
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Category:
Audit Concerns
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Event:
Jewett Schwartz Wolfe & Associates raised substantial doubt on AmeriChip International, Inc.'s ability to continue as a going concern after it audited the Company's financial statements for the year November 30, 2007. The auditing firm notes that the Company has suffered recurring losses from operations. The Company had a net loss of $10,657,898 on total revenues of $2,655,848, as compared with a net loss of $10,986,583 on total revenues of $132,616 in the prior year. At November 30, 2007, the Company's balance sheet showed $7,615,336 in total assets, $7,238,953 in total liabilities, and $376,383 in stockholders' equity. The Company's consolidated balance sheet at Nov. 30, 2007, also showed strained liquidity with $1,399,940 in total current assets available to pay $2,041,449 in total current liabilities.
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Intellectual Property:
The Company relies on patents to protect its technology but also has unpatented proprietary technology. The Company relies on nondisclosure and other contractual provisions to protect proprietary technology. Currently, the Company has two patents granted and intends to file other patent applications for enhancements to the existing patents. As part of its confidentiality procedures, the Company generally enters into nondisclosure agreements with its employees, consultants, distributors and partners and limits the dissemination and access to technical documentation and other proprietary information. As of February 28, 2008, the Company had filed a total of two patent applications with the U.S. Patent and Trademark Office (PTO) covering its technology, both of which have been approved. [SEC Filing 10-KSB 02-27-2008]
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Description:
AmeriChip International, Inc., provides Laser Assisted Chip Control technology for use in manufacturing.
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Officers:
Marc Walther (CEO & Dir.); Thomas Schwanitz (CFO & Dir.); Edward Rutkowski (VP-Research & Development & Dir.)
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Auditor:
Jewett Schwartz Wolfe & Associates
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Securities:
Common Stock Symbol ACII.OB; OTC BB; 222,169,955 common shares outstanding as of February 27, 2008.
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