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Prospector
Profile
121-05
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| XIOM Corp. |
NAICS |
333991 |
| 68A Lamar Street
West Babylon, NY 11704 |
Description |
Paint Sprayer Mfg. |
| (631) 643-4400 |
Employees |
12 |
| http://www.xiom-corp.com/ |
Revenue |
(mil) |
0.9330 |
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Income |
(mil) |
-2.7230 |
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Assets |
(mil) |
1.3070 |
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Liability |
(mil) |
1.5080 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Michael T. Studer CPA PC expressed
substantial doubt about the ability of XIOM Corp. to continue as a going concern after it audited the company's financial statements
for the year ended Sept. 30, 2007. The auditor stated that XIOM has incurred losses for the years ended Sept. 30, 2007 and 2006 and has a stockholders' deficit at Sept. 30, 2007. The company posted a net loss of $2,723,709 on net sales of $933,194 for the year ended Sept. 30, 2007, compared with a net loss of $805,821 on net sales of $629,336 for the year ended Sept. 30, 2006. At Sept. 30, 2007, the Company's balance sheet showed $1,307,051
in total assets, $1,508,506 in total liabilities and common stock subject to rescission rights of $670,399, and a stockholders' deficit of $871,854.
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Intellectual Property:
During 2007 and 2006, the Company applied for, and received, additional domestic and overseas patents pending for the thermal spray technology and process related to the low temperature thermal spray gun, modular control unit and material powder feeder. The company’s plastic spray technology is unique and has patents pending. The patents cover technology and processes to apply and deliver powder coatings through a specialized spray system that allows those coatings to be applied both on site and in a factory. [SEC Filing 10-KSB 01-14-08]
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Description:
XIOM manufactures thermal spray coating devices and powders. The Company manufactures and distributes the Xiom 1000 polymer multicoat spray system, which is used to deposit a mixture of plastics, plastic additives, and chemicals for various applications.
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Officers:
Andrew B. Mazzone (Chair, Pres. & CFO); Thomas Gardega (EVP & Dir.)
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Auditor:
Michael T. Studer CPA PC
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Securities:
Common Stock-Symbol XMCP.OB; OTC BB;
8,504,663 common shares outstanding as of December 31, 2007.
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