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Prospector
Profile
07.1595
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| Garb Oil & Power Corporation |
NAICS |
325991 |
| 1588 South Main Street, Suite 200
Salt Lake City, UT 84115 |
Description |
Waste Recovery Services |
| (801) 832-9865 |
Employees |
0 |
| http://www.garb-oil.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-0.3700 |
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Assets |
(mil) |
0.0400 |
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Liability |
(mil) |
2.4300 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
HJ & Associates LLC expressed substantial doubt about the ability of Garb Oil & Power Corporation to continue as a going concern due to the Company's operating losses and lack of working capital. For the year ended June 30, 2007, the Company has a net loss of $374,869 as compared with $575,900 net loss for the year ended June 30, 2006. The Company's balance sheet showed total assets of $4,361, total liabilities of $2,425,513 and stockholder's deficit of $2,421,152 as of June 30, 2007. As a result of its recurring losses, the Company has an accumulated deficit of $5,363,787. It also has strained liquidity with $3,803 total current assets available to pay $2,425,513 total current liabilities.
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Intellectual Property:
The Company has received two United States patents on the OTR Tire Disintegrator System design. One patent has been issued in Canada that expires in 2015. The Company owns United States patent number 4,927,088 that expired May 22, 2007, and Canadian patent number 1,137,949 that expired December 21, 1999, for its Garbalizer Shredder design. In addition, the Company also has patents related to Tar Sand development. [SEC Filing 10KSB 10-31-2007]
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Description:
The Company engages in the development and marketing of processes that would recover crumb rubber or other recyclable rubber, oil by-products, commercially marketable char, and steel from scrap tires.
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Officers:
John C. Brewer (Chair, CEO & CFO); Bill Vee Anderson (VP & Dir.)
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Auditor:
HJ & Associates LLC
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Securities:
Common Stock-Symbol GARB.OB; OTC BB;
22,899,098 common shares outstanding as of Oct. 20, 2007.
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