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Prospector
Profile
07.1389
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| Freestar Technology Corp. |
NAICS |
522320 |
| 31 Mespil Road, Ballsbridge
Dublin, Ireland 2 |
Description |
Transaction Processing Services |
| 353-1-6185-060 |
Employees |
51 |
| http://www.freestartech.com/ |
Revenue |
(mil) |
3.7800 |
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Income |
(mil) |
-16.3050 |
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Assets |
(mil) |
8.6170 |
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Liability |
(mil) |
2.7650 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
RBSM LLP raised substantial doubt about FreeStar Technology Corp.'s ability to continue as a going concern after auditing the company's financial statements for the year ended June 30, 2007. The auditor said the company is experiencing difficulty in generating sufficient cash flow to meet its
obligations and sustain its operations. For the year ended June 30, 2007, the Company reported a $16,305,197 net loss on $3,780,335 of total revenues. The company's balance sheet at June 30, 2007, showed strained liquidity with $2,466,845 in total current assets available to pay $2,765,510 in total current liabilities.
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Intellectual Property:
The Company's success and ability to compete will be dependent on the protection of trademarks, trade names, service marks and other proprietary rights. The Company relies on certain intellectual property licensed from third parties, and may be required to license additional products or services in the future, for use in the general operations of its business plan. In particular, the licenses for BASE24 software are critical to its operations. [SEC Filing 10-KSB 09-28-07]
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Description:
The Company provides electronic payment processing services, including credit and debit card transaction processing, point-of-sale related software applications and other value-added services.
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Officers:
Paul Egan (Pres., CEO & Dir.); Ciaran Egan (CFO, Sec., Treas. & Dir.); Jose Enrique Perez (Chief Technical Officer); Carl M. Hessel (Dir.); Fionn Stakelum (Dir.)
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Auditor:
RBSM LLP
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Securities:
Common Stock-Symbol FSRT.OB; OTC BB;
267,615,595 common shares outstanding as of September 21, 2007.
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