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Prospector
Profile
1022-01
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| MSGI Security Solutions, Inc. |
NAICS |
561621 |
| 575 Madison Ave.
New York, NY 10022 |
Description |
Computer Programming Services |
| (917) 339-7150 |
Employees |
5 |
| http://www.msgisecurity.com/ |
Revenue |
(mil) |
0.1800 |
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Income |
(mil) |
-12.3900 |
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Assets |
(mil) |
4.8800 |
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Liability |
(mil) |
2.6600 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Amper Politziner & Mattia PC raised substantial doubt about MSGI Security Solutions, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended June 30, 2007. The auditor stated that the company has suffered recurring losses and negative cash flows from operations. The company posted a $12,390,944 net loss on $77,895 of total product revenues for the year ended June 30, 2007, as compared with a $17,586,238 net loss on $76,080 of total product revenues in the prior year. At June 30, 2007, the company's balance sheet showed $4,878,694 in total assets and $5,906,915 in total liabilities, resulting a $1,028,221 stockholders' deficit.
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Intellectual Property:
The company relies upon its trade secret protection program and non-disclosure safeguards to protect proprietary computer technologies, software applications and systems know-how. In the ordinary course of business, the Company enters into license agreements and contracts which specify terms and conditions prohibiting unauthorized reproduction or usage of the Company’s proprietary technologies and software applications. In addition, the Company generally enters into confidentiality agreements with its employees, clients, potential clients and suppliers with access to sensitive information and limits the access to and distribution of its software documentation and other proprietary information. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company provides proprietary solutions for the homeland security, public safety and law-enforcement services industries.
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Officers:
J. Jeremy Barbera (Chair & CEO); Richard J. Mitchell III (Chief Acctg. Officer);
John T. Gerlach (Dir.); Seymour Jones (Dir.); Joseph Peters (Dir.); David Stoller (Dir.)
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Auditor:
Amper Politziner & Mattia PC
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Securities:
Common Stock-Symbol MSGI.PK; PNK;
11,565,557 common shares outstanding as of September 28, 2007.
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