Prospector
Profile
07.1471
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| Avantair, Inc. |
NAICS |
532411 |
| 4311 General Howard Drive
Clearwater, FL 33762 |
Description |
Aircraft Leasing |
| (727) 539-0071 |
Employees |
288 |
| http://www.avantair.com/Menu/AboutAvantAir.aspx |
Revenue |
(mil) |
76.3930 |
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Income |
(mil) |
-21.6990 |
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Assets |
(mil) |
160.4900 |
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Liability |
(mil) |
172.4490 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
JH Cohn LLP raised substantial doubt about the ability of Avantair, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has experienced recurring net losses resulting in an accumulated deficit of $56,198,527 and working capital deficiency of $8,407,103 as of June 30, 2007.
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Intellectual Property:
Avantair’s core software application, FlightOps, is designed, developed, and licensed by Bitwise Solutions, Inc. for use in Avantair’s Operations Control Center to plan, schedule and track fractional owner trips as well as manage its fleet. [SEC Filing 10-K 09-27-07]
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Description:
The Company is engaged in the sale and management of fractional ownerships of professionally piloted aircraft for personal and business use.
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Officers:
Barry J. Gordon (Chair); Steven Santo (CEO & Dir.); John Waters (CFO & Dir.); Tracy L. Chaplin (COO); Kevin V. McKamey (EVP); Stephanie A. Cuskley (Dir.); A. Clinton Allen (Dir.); Arthur H. Goldberg (Dir.); Robert J. Lepofsky (Dir.)
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Auditor:
JH Cohn LLP
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Securities:
Common Stock-Symbol AAIR.OB; OTC BB;
15,220,817 common shares outstanding as of September 21, 2007.
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