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Prospector
Profile
1116-05
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| Groen Brothers Aviation, Inc. |
NAICS |
336411 |
| 2640 W California Avenue, Suite A
Salt Lake City, UT 84104 |
Description |
Aircraft Mfg. |
| (801) 973-0177 |
Employees |
90 |
| http://www.groenbros.com/index.php |
Revenue |
(mil) |
3.4030 |
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Income |
(mil) |
-25.4170 |
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Assets |
(mil) |
1.3100 |
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Liability |
(mil) |
91.3030 |
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(for the year ended 2007-06-30) |
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Category:
Default
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Event:
Groen Brothers Aviation, Inc.'s current liabilities at June 30, 2007, included $13,443,000 notes payable to related parties, including $2,270,000 that is in default. In addition, the Company is delinquent in making payments of accrued interest payable of $434,000 on this related-party debt at June 30, 2007. Most of these related-party notes payable are held by long-time shareholders and lenders of the Company and are payable on demand or are short-term in nature.
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Intellectual Property:
The Company presently owns several patents that relate to collective pitch and flight controls. The important element of these patents is collective pitch control on a semi-rigid, teetering rotor head for gyroplanes. This application is differentiated from similar sounding claims for helicopters, as this concept has never before been applied to gyroplanes. The patent claims are written very broadly, which makes it difficult to design around them. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company develops, manufactures, and markets gyroplanes in the United States and internationally.
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Officers:
David L. Groen (Chair, Pres. & CEO); Robert H.H. Wilson (EVP, COO & Dir.); Dennis P. Gauger (SVP, CFO, Sec. & Dir.)
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Auditor:
HJ & Associates LLC
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Securities:
Common Stock-Symbol GNBA.OB; OTC BB;
154,848,181 common shares outstanding as of October 12, 2007.
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