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Prospector
Profile
07.1165
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| Biomass Processing Technology, Inc. |
NAICS |
311119 |
| 3222 Commerce Place, Suite A
West Palm Beach, FL 33407 |
Description |
Feeds Mfg. |
| (561) 684-6611 |
Employees |
0 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-9.1710 |
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Assets |
(mil) |
25.4040 |
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Liability |
(mil) |
1.9860 |
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(for the year ended 2005-12-31) |
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Category:
Audit Concerns
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Event:
Sherb & Company LLP raised doubts on the ability of Biomass Processing Technology, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has a working capital deficit of $1,625,590, has incurred cumulative losses since inception, and has been dependent on investor capital to sustain its activities. The Company also reflected a net loss of $9,171,807 and net cash used in operations of $4,052,699 for the year ended December 31, 2005.
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Intellectual Property:
On May 18, 2004, the Company filed seven provisional patent applications with the U.S. Patent and Trademark Office with respect to its proprietary technology for the processing of biomass materials. On May 16, 2005, the Company filed seven Patent Cooperation Treaty applications, claiming priority to the provisional patent applications it previously filed. In November 2006, the Company filed final patent applications in the United States and 18 other countries based on the seven PCT applications previously filed. The Company’s patent applications are related to its EcoGold™ biomass processing technology. EcoGold™ is the name of the Company’s ecologically beneficial process and equipment as well as the name of the product produced through the process, which is a golden colored, high value nutrient. [SEC Filing 10-KSB 07-23-07]
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Description:
The Company is engaged in the development and commercialization of its proprietary technology, through which biomass material may be converted into its constituent components using a hydrolysis and fermentation-based process, and basic feedstocks and other products may be produced for the animal feed, food, chemical and energy markets.
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Officers:
Larry W. Denney (Chair, Pres. & CEO); Robert F. Kendall, CPA (CFO); Sandra McDonald (Dir.); P.E. MacAllister (Dir.)
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Auditor:
Sherb & Company LLP
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Securities:
79,191,773 common shares outstanding as of June 30, 2007.
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