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Prospector
Profile
3-14-004
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| Aquatic Cellulose International Corporation |
NAICS |
211111 |
| 121G Shuswap Street NW,
Salmon Arm, British Columbia V1E 4P2
Canada |
Description |
Oil and Gas Exploration |
| (250) 833-1985 |
Employees |
2 |
| http://www.valorenergy.com/our_company/about/history |
Revenue |
(mil) |
0.2500 |
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Income |
(mil) |
-8.5600 |
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Assets |
(mil) |
1.0500 |
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Liability |
(mil) |
18.6800 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Peterson Sullivan PLLC raised substantial doubt on Aquatic Cellulose International Corp.'s ability to continue as a going concern after auditing the Company's financial statements for the year ended May 31, 2007 and 2006. The auditing firm reported that the Company has not generated positive cash flows from operations and has an accumulated deficit at May 31, 2007. The Company posted a net loss of $8,561,589 on total equity in earnings of lease of $250,224 for the year ended May 31, 2007, as compared with a net loss of $5,106,503 on total equity in earnings of lease of 457,243 in the prior year. At May 31, 2007, the Company's balance sheet showed $1,051,630 in total assets and $18,676,379 in total liabilities, resulting in $17,624,749 of stockholders' deficit. The Company's consolidated balance sheet at May 31, 2007, also showed strained liquidity with $42,951 in total current assets available to pay $18,676,379 in total current liabilities.
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Intellectual Property:
In October 2006, the Company purchased from former CEO Gary Ackles all rights, title and interest to the TigeroLynk(TM) patents, blueprints, drawings and concepts for $250,000. The Company believes that this technology represents a significant addition to the systems used in the off-shore oil and natural gas industry. [SEC Filing 10-KSB/A 03-05-08]
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Description:
Aquatic Cellulose International Corporation is engaged in oil and gas investment, development and production operating principally in the United States.
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Officers:
Sheridan B. Westgarde (Pres. & Dir.); Lonnie Hayward (VP & Dir.)
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Auditor:
Peterson Sullivan PLLC
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Securities:
Common Stock Symbol AQCI.PK; Other OTC; 100,000,000 common shares outstanding as of November 5, 2007.
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