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Prospector
Profile
121-02
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| Genesis Pharmaceuticals Enterprises, Inc. |
NAICS |
541711 |
| Laiyang Waixiangxing Industrial Park
Laiyang City, Shandong, People’s Republic of China 710075 |
Description |
Biotechnology R&D |
| (0086) 535-7282997 |
Employees |
1280 |
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Revenue |
(mil) |
3.0350 |
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Income |
(mil) |
-5.8200 |
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Assets |
(mil) |
5.9490 |
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Liability |
(mil) |
2.1730 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Sherb & Company LLP expressed substantial doubt about the ability of Genesis Pharmaceuticals Enterprises, Inc. to continue as a going concern after it audited the company's financial statements for the year ended Sept. 30, 2007. The auditing firm pointed to the company's accumulated deficit and net loss for the year ended Sept. 30, 2007. The company posted a net loss of $5,820,584 on net revenues of $3,035,000 for the year ended Sept. 30, 2007, compared with a net
income of $2,909,606 on net revenues of $6,750,229 in the prior year. As of Sept. 30, 2007, the company has total current assets of
$945,900 to pay its total current liabilities of $2,052,324. At Sept. 30, 2007, the company's balance sheet showed $5,949,792 in total assets, $2,173,387 in total liabilities, and a
stockholders' equity of $3,776,405.
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Intellectual Property:
The Company's Laiyang Jiangbo subsidiary relies on a combination of trademark, copyright and trade secret protection laws in the People's Republic of China (PRC) and other jurisdictions, as well as confidentiality procedures and contractual provisions to protect its intellectual property and brand. Laiyang Jiangbo has been issued design patents in PRC for drug packaging and drug containers, each valid for 10 years, and it intends to apply for more patents to protect its core technologies. Laiyang Jiangbo is currently in the process of acquiring the rights to a new Class I drug recently patented and made available to Laiyang Jiangbo through its relationship with the Pharmaceutical Institute of Shandong University. Laiyang Jiangbo also enters into confidentiality, non-compete and invention assignment agreements with its employees and consultants and nondisclosure agreements with third parties. “Jiangbo” and a certain circular design are the Company's registered trademarks in the PRC. [SEC Filing 10-KSB 01-15-08]
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Description:
Genesis Pharmaceutical Enterprises engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China.
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Officers:
Cao Wubo (Chair & CEO); Elsa Sung (CFO); Xu Haibo (VP, COO & Dir.); Dong Lining (VP);
Yang Weidong (VP); Xue Hong (Controller); Feng Xiaowei (Dir.); Huang Lei (Dir.); Ge Jian (Dir.); Zhang Yihua (Dir.); Rodrigo Arboleda (Dir.); Robert Cain (Dir.)
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Auditor:
Sherb & Company LLP
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Securities:
388,968,760 common shares outstanding as of January 14, 2008.
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