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Prospector
Profile
2-7-003
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| Global Environmental Energy Corp. |
NAICS |
211111 |
| P.O. Box CB-13277, Cable Beach
Nassau, Bahamas |
Description |
Oil and Gas Exploration |
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Employees |
10 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-24.3320 |
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Assets |
(mil) |
0.0025 |
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Liability |
(mil) |
70.7720 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Kempisty & Company raised substantial doubt about the ability of Global Environmental Energy Corp. to continue as a going concern after auditing the Company's financial statements as of May 31, 2007 and 2006. The auditor pointed to the Company's dependence on outside financing, lack of sufficient working capital and losses from operations. The Company posted a net loss of $24.33 million for the year ended May 31, 2007, compared with $54.93 million and $26.50 million net losses incurred during the years ended May 31, 2006 and 2005, respectively. As a result of its recurring losses, the Company's balance sheet at May 31, 2007, showed an accumulated deficit of $128.86 million.
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Intellectual Property:
The Company has formulated patent applications and has the trademark protection for the Biosphere Process™ Systems and certain other of its developed technologies. However, no patent applications have been filed yet in any jurisdiction. The Company will not be able to patent the technology until such time as it reaches a final agreement with McCormack Consulting, the inventor, developer and owner of the technology to acquire the technology rather than having just the right to use the technology. Currently, the Company relies primarily upon trade secrets and proprietary techniques to attain and preserve any commercial advantage. The Company has obtained trademark protection for several of its proprietary trade names. [SEC Filing 10-KSB 01-16-08]
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Description:
Global Environmental Energy Corp., through its subsidiaries, focuses on traditional oil and gas exploration and production, alternative energy sources, environmental infrastructure and electrical micro-power generation.
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Officers:
Dr. Christopher A. McCormack (Chair & CEO); Salim Ghafari (VP & CFO); Ivy Grant (Sec.)
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Auditor:
Kempisty & Company
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Securities:
Common Stock-Symbol GEECF.OB; OTC BB;
115,031,618 common shares outstanding as of January 16, 2008.
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