February 11, 2008
Prospector
Profile
2-6-002
 
Panglobal Brands, Inc. NAICS 315000
5608 S. Soto Street, Huntington Park, CA 90255 Description Apparel Mfg.
323 588-1190 Employees 0
Revenue (mil) 0.5920
  Income (mil) -3.9240
  Assets (mil) 2.0100
  Liability (mil) 0.4060
  (for the year ended 2007-09-30)
 
Category: Audit Concerns
 
Event: Grobstein Horwath & Company LLP raised substantial doubt about the ability of Panglobal Brands, Inc., to continue as a going concern after auditing the Company's financial statements for the year ended September 30, 2007. The auditing firm notes that the Company is in the development stage and has incurred a loss from operations and negative cash flows from operations. The Company posted a net loss of $3,924,871 on net sales of $592,046 for the year ended September 30, 2007. The Company's balance sheet at September 30, 2007, showed $2,014,972 in total assets, $406,988 in total liabilities and $1,607,984 in total stockholders' equity.
 
Intellectual Property: The Company owns the trademark “Hauteur Mynk” and has applications pending for the balance of its branded apparel products. [SEC Filing 10-KSB 01-15-08]
 
Description: Panglobal Brands, Inc., a development stage company, engages in the design, manufacture, and distribution of clothing and accessories.
 
Officers: Stephen Soller (CEO & Sec.); Jacques Ninio (Pres.); Charles A. Lesser (CFO)
 
Auditor: Grobstein Horwath & Company LLP
 
Securities: Common Stock-Symbol PNGB.OB; OTC BB; 29,630,530 common shares outstanding as of December 31, 2007.
 
 
 
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