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Prospector
Profile
201-04
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| UpSNAP, Inc. |
NAICS |
517200 |
| 134 Jackson Street, Suite 203
Davidson, NC 28036 |
Description |
Wireless Communications |
| (704) 895-4121 |
Employees |
5 |
| http://www.upsnap.com/ |
Revenue |
(mil) |
0.9500 |
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Income |
(mil) |
-1.1020 |
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Assets |
(mil) |
6.0880 |
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Liability |
(mil) |
0.3730 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Traci J. Anderson, CPA expressed substantial doubt about the ability of UpSNAP Inc., to continue as a going concern after it audited the company's financial statements for the year ended September 30, 2007. The auditor pointed to UpSNAP's recurring losses from operations. The company posted a net loss of $1,102,365 on net sales of $950,020 for the year ended September 30, 2007, as compared with a net loss of $1,788,068 on net sales of $742,851 in the prior year. At September 30, 2007, the company's balance sheet showed $6,088,923 in total assets, $373,502 in total liabilities and $5,715,421 stockholders' equity.
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Intellectual Property:
On June 1, 2005, the Company received an assignment from Alto Ventures, Inc. of its technology platform "Method for Search Based Request for a Voice Connection with a Cellular Handset" on a worldwide, perpetual basis. A patent application for this technology was filed with the U.S. Patent and Trademark Office in December 2004, and is still pending. The Company owns the domain name www.upsnap.com and maintains a website at such Internet address. The Company was granted the UpSNAP trademark on September 11, 2007. The Company has developed a mobile search engine, and a proprietary pay-per-call engine, which allows merchants to place advertising-based call connections within a mobile search query. Its intellectual property covers mobile search, personalized search by unique telephone number, pay-per-call advertising engine, call reporting, audit tracking and payment integration. In addition, the acquisition of XSVoice brings a proprietary audio streaming platform and integrated mobile phone client software, and a VoIP infrastructure to scale to millions of phones. [SEC Filing 10-KSB 01-15-08]
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Description:
UpSNAP provides free mobile search and content services in the United States. It offers a mobile search engine platform that allows local search using text messaging.
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Officers:
Tony Philipp (Pres., CEO & Dir.); Richard Jones (VP, Sec. & Dir.); Paul Schmidt (CFO); Mark McDowell (Dir.); Richard A. von Gnechten (Dir.)
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Auditor:
Traci J. Anderson, CPA
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Securities:
Common Stock-Symbol UPSN.OB; OTC BB;
22,720,324 common shares outstanding as of December 31, 2007.
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