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Prospector
Profile
3-19-002
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| C2 Global Technologies Inc. |
NAICS |
533110 |
| 40 King St West, Suite 3200,
Toronto, Ontario M5H 3Y2
Canada |
Description |
Patent Licensing |
| (416) 866-3000 |
Employees |
5 |
| http://www.c-2technologies.com/index.asp |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.6500 |
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Assets |
(mil) |
1.8000 |
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Liability |
(mil) |
2.7400 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Deloitte & Touche LLP raised substantial doubt about the ability of C2 Global Technologies Inc., to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2007. The auditor pointed to the Company's recurring losses from operations and net stockholders' capital deficiency. The Company posted a net loss of $645,000 on $0.00 revenue for the year ended December 31, 2007, as compared with a net loss of $7,676,000 on $0.00 revenue in the prior year. At December 31, 2007, the Company's balance sheet showed $1,796,000 in total assets and $2,737,000 in total liabilities, resulting in $941,000 stockholders' deficit. The Company's consolidated balance sheet at December 31, 2007, also showed strained liquidity with $1,084,000 in total current assets available to pay $2,737,000 in total current liabilities.
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Intellectual Property:
In 2005 and 2006, the Company was awarded patents for the VoIP Patent from the People’s Republic of China, Hong Kong, and Canada. In the fourth quarter of 2006, the European Patent Office advised that it intended to grant the Company a European patent that is equivalent to the VoIP Patent. The decision to grant the European patent was subsequently published on March 21, 2007 and in June 2007 the Company applied for the validation of the patent in fifteen European countries. In the fourth quarter of 2006, the Company was awarded a patent in Canada for its Internet Transmission System. In addition, the Company's patent portfolio includes Private IP Communication Network Architecture (U.S. Patent No. 7,215,663 granted May 8, 2007), Delay Synchronization in Compressed Audio Systems (U.S. Patent No. 5,754,534 granted May 19, 1998), and Volume Control Arrangement for Compressed Information Signals (U.S. Patent No. 5,898,675 granted April 27, 1999). [SEC Filing 10-K 3-11-08]
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Description:
C2 Global Technologies Inc. engages in the ownership and licensing of patents in voice over Internet protocol (VoIP) technology.
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Officers:
Allan C. Silber (Chair & CEO); Stephen A. Weintraub (EVP, Sec. & CFO); Hal B. Heaton (Dir.); Henry Y.L. Toh (Dir.); Samuel L. Shimer (Dir.); David L. Turock (Dir.)
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Auditor:
Deloitte & Touche LLP
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Securities:
Common Stock Symbol COBT.OB; OTC BB;
23,095,170 common shares outstanding as of February 26, 2008.
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