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Prospector
Profile
125-05
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| Irvine Sensors Corp. |
NAICS |
334413 |
| 3001 Red Hill Ave.
Costa Mesa, CA 92626 |
Description |
Electronic Products Mfg. |
| (714) 549-8211 |
Employees |
92 |
| http://www.irvine-sensors.com/ |
Revenue |
(mil) |
35.7840 |
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Income |
(mil) |
-22.1310 |
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Assets |
(mil) |
34.4300 |
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Liability |
(mil) |
29.9500 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Grant Thornton LLP expressed substantial doubt about the ability of Irvine Sensors Corporation to continue as a going concern after it audited the company's financial statements for the year ended Sept. 30, 2007. The auditing firm reported that the company incurred net losses for the years ended Sept. 30, 2007, Oct. 1, 2006 and Oct. 2, 2005, respectively, and the company has working capital of only $1,799,100 at Sept. 30, 2007. The company posted a net loss of $22,131,100 on total revenues of $35,784,600 for the year ended Sept. 30, 2007, as compared with a net loss of $8,350,700 on total revenues of $30,825,700 in the prior year. At Sept. 30, 2007, the company's balance sheet showed $34,430,400 in total assets, $29,953,100 in total liabilities and $4,477,300 in stockholders' equity. The company also has strained liquidity with total current assets of $13,471,400 available to pay total current liabilities of $11,672,300.
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Intellectual Property:
The Company protects proprietary technology by seeking to obtain, where practical, patents on the inventions made by employees. As of September 30, 2007, 74 currently effective U.S. and foreign patents have been issued to the Company and other U.S. patent applications are pending. Foreign patent applications corresponding to several of the U.S. patents and patent applications are also pending. [SEC Filing 10-K 01-15-08]
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Description:
Irvine Sensors engages in the design, development, manufacture, and sale of miniaturized electronic products for defense, security, and commercial applications.
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Officers:
Mel R. Brashears (Chair); John C. Carson (Pres., CEO & Dir.); John J. Stuart, Jr. (Sec. & CFO); Thomas M. Kelly (Dir.); Frank Ragano (Dir.); Marc Dumont (Dir.); Clifford Pike (Dir.); Robert G. Richards (Dir.)
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Auditor:
Grant Thornton LLP
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Securities:
Common Stock-Symbol IRSN; NasdaqCM;
common shares outstanding as of January 19, 2007.
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