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Prospector
Profile
131-003
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| Conectisys Corporation |
NAICS |
334514 |
| 25115 Avenue Stanford, Suite 320
Valencia, CA 91355 |
Description |
Counting Device Mfg. |
| (661) 295-6763 |
Employees |
6 |
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Revenue |
(mil) |
0.0070 |
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Income |
(mil) |
-3.7660 |
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Assets |
(mil) |
0.2570 |
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Liability |
(mil) |
8.5160 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Farber Hass Hurley & Mcewen LLP raised substantial about the ability of Conectisys Corporation to continue as a going concern due to its recurring losses from operations and working capital deficiency at September 30,2007. The Company had a net loss of $3,766,554 on revenues of $6,922 for the year ended September 30, 2007, slightly higher than the net loss of $3,052,297 on zero revenues reported for the year ended September 30, 2006. The Company's balance sheet at September 30, 2007, showed an accumulated deficit of $39,485,399 and stockholders' deficit of $8,258,599. It also has strained liquidity with $129,387 in total current assets available to pay $4,726,959 in total current liabilities.
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Intellectual Property:
The Company currently relies on a combination of contractual rights, copyrights, trademarks and trade secrets to protect proprietary rights. Although its H-Net™ system and its constituent components could benefit from patent protection, the Company has chosen to retain the proprietary rights associated with the H-Net™ system predominantly as trade secrets. [SEC Filing 10-KSB 01-14-08]
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Description:
Conectisys Corporation develops automatic meter reading (AMR) technologies and products for remote reading of electronic energy meters located in residential structures primarily in the United States.
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Officers:
Robert A. Spigno (Chair, CEO, CFO & Dir.); Lawrence Muirhead (Chief Technology Officer); Rodney W. Lighthipe (Treas. & Sec.); Melissa McGough (Dir.)
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Auditor:
Farber Hass Hurley & Mcewen LLP
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Securities:
Common Stock-Symbol CNES.OB; OTC BB; 26,286,672,599 common shares outstanding as of January 14, 2008.
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