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Prospector
Profile
07.1116
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| I/Omagic Corporation |
NAICS |
334112 |
| 4 Marconi
Irvine, CA 92618 |
Description |
Data Storage Equipment Mfg. |
| (949) 707-4800 |
Employees |
50 |
| http://www.iomagic.com/ |
Revenue |
(mil) |
45.8890 |
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Income |
(mil) |
-0.3090 |
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Assets |
(mil) |
25.6010 |
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Liability |
(mil) |
19.1170 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Singer Lewak Greenbaum & Goldstein LLP raised doubts about I/Omagic Corporation's liquidity and ability to fund future operations after auditing its financial statements. The auditor points out that the Company has experienced losses for the years ended December 31, 2006, 2005 and 2004 of $309,172, $1,818,250 and $8,056,864, respectively.
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Intellectual Property:
The Company currently relies on a combination of contractual rights, copyrights, trademarks and trade secrets to protect proprietary rights. I/OMagic®, Hi-Val® and Digital Research Technologies® are some of its registered trademarks. It also sells products under various product names, such as Data Bank™,"DataStation," Data-to-Go™, EZ NetShare™, GigaBank™ and "MediaStation." The Company currently does not have any issued or pending patents. [SEC Filing 10-K 07-13-07]
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Description:
The Company engages in the development, manufacture, marketing, and distribution of data storage and digital entertainment products in the United States and Canada.
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Officers:
Tony Shahbaz (Chair, Pres., CEO, Sec. & Dir.); Thomas L. Gruber (COO & CFO); Steel Su (Dir.); Daniel Yao (Dir.); Dr. William Ting (Dir.)
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Auditor:
Singer Lewak Greenbaum & Goldstein LLP
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Securities:
Common Stock-Symbol IOMG.PK; Other OTC;
4,540,292 common shares outstanding as of July 9, 2007.
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