Prospector
Profile
124-02
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| Interactive Systems Worldwide, Inc. |
NAICS |
541511 |
| 2 Andrews Drive, 2nd Floor
West Paterson, NJ 07424 |
Description |
Computer Programming Services |
| (973) 256-8181 |
Employees |
0 |
| http://www.isw.com/background.html |
Revenue |
(mil) |
0.5000 |
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Income |
(mil) |
-2.1820 |
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Assets |
(mil) |
0.9010 |
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Liability |
(mil) |
0.8350 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Eisner LLP raised substantial doubt about Interactive Systems Worldwide Inc.'s ability to continue as a going concern after auditing its financial statements for the periods ended Sept. 30, 2007 and 2006. The auditors pointed to the company's incurred net losses of $2.18 million in 2007 and $4.45 million in 2006, and working capital deficiency. In addition, the company requires additional financing to meet its forecasted cash requirements during fiscal 2008.
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Intellectual Property:
The Company regards the SportXction® System as proprietary. The Company has two U.S. patents covering its proprietary wagering methods and its related computer processing system. Corresponding applications for each of the two patents have been filed and approved in 17 foreign countries. The Company also has a patent pending to use its technology in a fixed-odds/pari-mutuel hybrid for use in wagering on horse races. It has also received federal trademark registration for the name SportXction®. [SEC Filing 10-KSB 01-15-08]
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Description:
Interactive Systems Worldwide provides interactive, client/server-based computer system ‘SportXction’ for purposes of wagering on sporting events.
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Officers:
Bernard Albanese (Chair, Pres., CEO & Interim CFO); Bruce Feldman (Dir.); Philip Rule (Dir.)
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Auditor:
Eisner LLP
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Securities:
Common Stock-Symbol ISWI.OB; OTC BB;
12,265,715 common shares outstanding as of January 7, 2008.
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