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Prospector
Profile
1129-03
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| Medical International Technology, Inc. |
NAICS |
339100 |
| 155 East Beaver Creek Road
Richmond Hill, Ontario, Canada L4B 2N1 |
Description |
Medical Equipment Mfg. |
| (905) 887-0507 |
Employees |
6 |
| http://www.mitcanada.ca/ |
Revenue |
(mil) |
0.2700 |
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Income |
(mil) |
-1.5090 |
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Assets |
(mil) |
0.3980 |
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Liability |
(mil) |
0.6990 |
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(for the year ended 2006-09-30) |
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Category:
Audit Concerns
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Event:
PS Stephenson & Company PC raised substantial doubt about the ability of Medical International Technology, Inc. to continue as a going concern due to its recurring losses from operations and working capital deficiency. The Company had a net loss of $1,509,633 on sales of $270,452 for the year ended September 30, 2006, much higher than the $722,154 net loss on sales of 354,353 reported for the year ended September 30, 2005, and the $1,414,686 net loss on $196,191 in sales reported during the year ended September 30, 2004. The Company's balance sheet showed an accumulated deficit of $6,073,155 and stockholder's deficit of $301,590 as of September 30, 2006. It also has strained liquidity with $288,984 in total current assets available to pay $699,758 in total current liabilities.
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Intellectual Property:
The Company has obtained trademark registration in United States on the use of Agro-Jet (Reg. No. 2,712,089) and Med-Jet (Reg. No. 2,798,613). The Med-Jet has patent protection and is approved for use in human medicine in Canada. [SEC Filing 10-KSB 11-02-07]
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Description:
The Company specializes in the research, development, marketing and sale of needle-free jet injector products designed for humans and animals, for single and mass injections.
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Officers:
Karim Menassa (Chair & Pres.); Michel Bayouk (Sec. & Dir.)
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Auditor:
PS Stephenson & Company PC
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Securities:
10,867,737 common shares outstanding as of September 30, 2006.
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