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Prospector
Profile
07.1589
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| Biomass Processing Technology, Inc. |
NAICS |
311119 |
| 3222 Commerce Place, Suite A
West Palm Beach, FL 33407 |
Description |
Animal Feed Manufacturing |
| (561) 684-6611 |
Employees |
15 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-5.6360 |
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Assets |
(mil) |
25.5700 |
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Liability |
(mil) |
1.7600 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Sherb & Company LLP raised substantial doubt about the ability of Biomass Processing Technology, Inc., to continue as a going concern after auditing its financial statements. The auditor noted that the Company has limited limited revenues, has incurred cumulative losses since its inception, and has been dependent on investor capital to sustain its activities. For the year ended Dec. 31, 2006, the Company has $5.64 million net loss as compared with a $9.17 million net loss for the year ended Dec. 31, 2005. The Company's balance sheet showed an accumulated deficit of $32.32 million at Dec. 31, 2006. It also has strained liquidity with $226,341 in total current assets available to pay $1.76 million total current liabilities.
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Intellectual Property:
The Company has developed proprietary technology for the processing of biomass. On May 18, 2004, the Company filed seven provisional patent applications with the United States Patent and Trademark Office for its EcoGold™ biomass processing technology. EcoGold™ is the name of the Company’s ecologically beneficial process and equipment as well as the name of the product produced through the process, which is a golden colored, high value nutrient. The EcoGold™ process is designed to reduce phosphorus and nitrogen pollution from waste streams, by creating a valuable product (protein) at farms and industrial sites. [SEC Filing 10KSB 10-31-2007]
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Description:
The Company sells the nutrient products of the biomass material it processes as animal feed and feed supplements.
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Officers:
Larry W. Denney (Chair, Pres. & CEO); Sandra McDonald (Dir.); P.E. MacAllister (Dir.); Robert F. Kendall (CFO)
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Auditor:
Sherb & Company LLP
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Securities:
79,372,489 common shares outstanding as of Sept. 20, 2007.
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