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Prospector
Profile
1022-07
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| Theater Xtreme Entertainment Group, Inc. |
NAICS |
423410 |
| 250 Corporate Boulevard, Suites E&F
Newark, DE 19702 |
Description |
Theater Equipment Mfg. |
| (302) 455-1334 |
Employees |
35 |
| http://www.theaterxtreme.com/ |
Revenue |
(mil) |
6.1100 |
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Income |
(mil) |
-3.4460 |
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Assets |
(mil) |
3.0430 |
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Liability |
(mil) |
4.8900 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Morison Cogen LLP raised substantial doubt
about Theater Xtreme Entertainment Group, Inc. 's ability to continue as a going concern after auditing the company's financial statements for the fiscal year ended June 30, 2007. The auditing firm reported that the company incurred significant losses from operations, has negative working capital and an accumulated deficit. The company reported a net loss of $3,446,254 on $6,110,464 of total revenues for the year ended June 30, 2007, as compared with a net loss of $2,132,730 on $4,619,142 of total revenues in the prior year. At June 30, 2007, the company's balance sheet showed $3,043,920 in total assets, $4,890,221 in total liabilities, resulting in $1,846,301 stockholders' deficit.
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Intellectual Property:
The Company's seating and décor products are branded under the RowOne® registered trademark. It has also applied for registration of the OneView™ and SellX™ trademarks. The Company plans to continue to expand its branding program to include additional trademarked products. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company engages in retail sales and distribution through the operation of its home cinema design store, the sale of franchise licenses, and wholesale product distribution to franchisees.
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Officers:
Scott Oglum (Chair & CEO); Justin L. Schakelman (VP, Sec. & Dir.); David R. Hludzinski (Dir.); W. James Ludlow (Dir.); H. Gregory Silber (Dir.)
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Auditor:
Morison Cogen LLP
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Securities:
Common Stock-Symbol TXEG.OB; OTC BB;
20,812,425 common shares outstanding as of September 21, 2007.
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