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Prospector
Profile
1110-01
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| Purchase Point Media Corp. |
NAICS |
441221 |
| 6950 Central Highway
Pennsauken, NJ 08109 |
Description |
Motorcycle Dealers |
| (856) 488-9333 |
Employees |
5 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.4430 |
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Assets |
(mil) |
0.2110 |
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Liability |
(mil) |
2.0420 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Madsen & Associates CPA’s, Inc. raised substantial doubt about the ability of Purchase Point Media Corp. to continue as a going concern after auditing its financial statements. The auditor points out that the Company will need additional working capital for its planned activity and to service its debt. The Company reported net losses of $443,597 for the year ended June 30, 2007, which is much higher than $236,848 reported during the previous fiscal year. The Company also had an accumulated deficit of $4,012,813 and stockholders' deficit of $1,831,232 as of June 30, 2007. It also had strained liquidity with $201,500 in total current assets available to pay $2,042,836 in total current liabilities.
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Intellectual Property:
The Company acquired the trademark, patent and exclusive marketing rights to, and has invested over one million dollars in the development of a grocery cart advertising display device called the last word®, a clear plastic display panel that attaches to the back of the child’s seat section in supermarket shopping carts. The Company also applied for trademarks for the “Power Sports Factory” and “Yamati” brand names with the U.S. Patent and Trademark Office. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company, through its Power Sports Factory, Inc. subsidiary, imports, markets, distributes and sells motorcycles and scooters.
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Officers:
Steve Rubakh (Pres., Acting CFO & Dir.); Steven A. Kempenich (CEO, Acting Sec. & Dir.); Albert P. Folsom (Dir.); Raymond A. Hatch (Dir.); Michael F. Reuling (Dir.)
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Auditor:
Madsen & Associates CPA’s, Inc.
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Securities:
Common Stock-Symbol PPMC.OB; OTC BB;
98,503,940 common shares outstanding as of October 4, 2007.
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