November 19, 2007
Prospector
Profile
1116-09
 
International Automated Systems, Inc. NAICS 334290
326 North SR 198 Salem, UT 84653 Description Security Systems Mfg.
(801) 423-8132 Employees 10
http://www.iaus.com/ Revenue (mil) 0.0000
  Income (mil) -8.4930
  Assets (mil) 1.3030
  Liability (mil) 2.1620
  (for the year ended 2007-06-30)
 
Category: Audit Concerns
 
Event: Mantyla McReynolds LLC states that there is substantial doubt about the ability of International Automated Systems, Inc. to continue as a going concern. The Company reported net losses of $8,493,400 and $1,473,256 for the years ended June 30, 2007 and 2006, respectively. The Company's balance sheet at June 30, 2007, showed an accumulated deficit of $20,881,577 and stockholder's deficit of $859,907. It also has strained liquidity with $682,288 in total current assets available to pay $2,048,347 in total current liabilities.
 
Intellectual Property: The Company has been assigned or will be assigned the rights to 16 U.S. patents. A patent granted in November 1988 deals with the Self-Check System. The patent pertains to an apparatus attached to a computer which has in its database the weights and prices of all items for sale. In addition, the Company has 4 patents pertaining to the AFIM technology, 7 patents relate to the DWM technology, 1 patent pertaining to shelf tag granted, and 3 patents relating to the turbine technology. [SEC Filing 10-KSB 10-15-07]
 
Description: The Company develops high-technology products principally for energy production, wireless communications, consumer purchasing, and financial transaction markets.
 
Officers: Neldon Johnson (Chair & Pres.); Randale Johnson (VP & Sec.); LaGrand Johnson (CFO); Bruce Barrett (Dir.); Blain Phillips (Dir.)
 
Auditor: Mantyla McReynolds LLC
 
Securities: Common Stock-Symbol IAUSE.OB; OTC BB; 28,344,622 common shares outstanding as of September 30, 2007.
 
 
 
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