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Prospector
Profile
3-13-001
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| Celsius Holdings, Inc. |
NAICS |
311930 |
| 140 North East 4th Avenue, Suite C,
Delray Beach, FL 33483 |
Description |
Beverages Mfg. |
| (561) 276-2239 |
Employees |
21 |
| http://www.celsius.com/1-0_Intro.htm |
Revenue |
(mil) |
1.6400 |
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Income |
(mil) |
-3.7300 |
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Assets |
(mil) |
2.5300 |
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Liability |
(mil) |
4.1400 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Sherb & Company LLP raised substantial doubt on Celsius Holdings, Inc.'s ability to continue as a going concern after it audited the Company's financial statement for the year ended December 31, 2007. The auditor notes that the Company has suffered losses from operations, has a stockholders deficit, and has a negative working capital. The Company had a net loss of $3,725,841 on total revenues of $1,644,780 for the year ended December 31, 2007, much higher than the $1,454,353 net loss on total revenues of $1,297,086 reported for the year ended December 31, 2006. The Company's balance sheet at December 31, 2007 showed an accumulated deficit of $6,120,768 and stockholders’ deficit of $1,604,752. It also has strained liquidity with $1,158,093 in total current assets available to pay $2,808,732 in total current liabilities.
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Intellectual Property:
The Company has acquired the Celsius(R) trademark, which is registered in the United States. The Company continues to take appropriate measures, such as entering into confidentiality agreements with contract packers and exclusivity agreements with flavor houses, to maintain the secrecy and proprietary nature of its flavor concentrates. The Company considers the trademarks and flavor concentrate trade secrets to be of considerable value and importance to its business. [SEC Filing 10-KSB 03-03-07]
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Description:
Celsius Holdings, Inc., through its subsidiaries, Celsius Inc. and Celsius Netshipments, Inc., engages in the production, distribution, and marketing of functional beverages in United States.
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Officers:
Stephen C. Haley (Chair, CEO & Pres.); Jan Norelid (CFO & Dir.); Richard McGee (COO); Janice Haley (VP-Mktg.); James Cast (Dir.)
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Auditor:
Sherb & Company LLP
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Securities:
Common Stock Symbol CSUH.OB; OTC BB; 109,825,558 common shares outstanding as of February 28, 2008.
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