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Prospector
Profile
204-02
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| Octillion Corp. |
NAICS |
333414 |
| 2638 Lapeer Road, Suite 2
Auburn Hills, MI 48326 |
Description |
Solar Cells Mfg. |
| (800) 213-0689 |
Employees |
3 |
| http://www.octillioncorp.com/index.php |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-1.4420 |
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Assets |
(mil) |
1.4380 |
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Liability |
(mil) |
0.0240 |
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(for the year ended 2007-08-31) |
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Category:
Audit Concerns
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Event:
Peterson Sullivan PLLC expressed doubts on the ability of Octillion Corp. to continue as a going concern after auditing its financial statements for the year ended August 31, 2007. The auditor noted that the Company has experienced recurring losses from operations since inception, and has a substantial accumulated deficit. The Company had a net loss of $ $1,442,769 for the year ended August 31, 2007, compared to a net loss of only $157,982 during the previous fiscal year. As a result of its recurring losses, the Company's balance sheet showed an accumulated deficit of $2,391,899 as of August 31, 2007.
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Intellectual Property:
On August 25, 2006, through its Sungen Energy, Inc. wholly-owned subsidiary, the Company entered into a Sponsored Research Agreement with the University of Illinois at Urbana-Champaign (UIUC) for the development of a new patent-pending technology to integrate films of silicon nanoparticle material on glass substrates, acting as photovoltaic solar cells that have the potential to convert normal home and office glass windows into ones capable of converting solar energy into electricity, with limited loss of transparency and minimal changes in manufacturing infrastructure. The process of producing silicon nanoparticles is supported by 10 issued US Patents, 7 pending US patents, 2 issued foreign counterpart patents and 19 pending foreign counterpart patents. [SEC Filing 10-KSB 11-29-07]
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Description:
Octillion Corp., an alternative energy technology incubator, engages in the identification, acquisition, development, and commercialization of solar energy and solar related technologies.
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Officers:
Nicholas Cucinelli (Pres., CEO & Dir.); Harmel S. Rayat (Sec., Treas. & CFO);Thomas Gladwin (Dir.); Alastair Livesey (Dir.)
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Auditor:
Peterson Sullivan PLLC
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Securities:
Common Stock-Symbol OCTL.OB; OTC BB;
53,864,600 common shares outstanding as of January 9, 2008.
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