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Prospector
Profile
2-22-004
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| Royal Spring Water, Inc. |
NAICS |
312112 |
| 14553 Delano Street Suite 217
Van Nuys, CA 91411 |
Description |
Bottled Water Manufacturing |
| (818) 902-3690 |
Employees |
14 |
| http://www.royalspringswater.com |
Revenue |
(mil) |
0.1400 |
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Income |
(mil) |
-2.8600 |
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Assets |
(mil) |
4.4000 |
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Liability |
(mil) |
8.1900 |
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(for the year ended 2007-08-31) |
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Category:
Audit Concerns
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Event:
Grobstein Horwath & Company LLP expressed substantial doubt about the ability of Royal Spring Water, Inc., to continue as a going concern after it audited the Company's financial statements for the year ended August 31, 2007. The auditor pointed to the Company's significant operating losses, negative working capital, and total capital deficiency. The Company had a net loss of $2,862,017 for the year ended August 31, 2007, as compared with a net loss of $1,445,977 in the prior year. The Company's balance sheet at August 31, 2007, showed an accumulated deficit of $4,483,531 and stockholders' deficit of $3,786,758. It also has strained liquidity with $633,739 in total current assets available to pay $2,976,826 in total current liabilities.
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Intellectual Property:
The Company has purchased in North America the exclusive rights for the production of Structured Water Beverages using a patent pending, proprietary process designed to non-invasively treat large amounts of bottled water or beverages that have been palletized. This proprietary patent pending process structures water that is already in the bottle. The Company is the exclusive licensee for this process for bottled water in North America. [SEC Filing 10-KSB 02-07-08]
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Description:
Royal Spring Water, Inc., engages in the extraction, processing, and bottling of plain, noncarbonated bottled water.
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Officers:
Alex Hazan (Chair, Pres. & CEO); Isaac Ben Hamou (Dir.)
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Auditor:
Grobstein Horwath & Company LLP
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Securities:
Common Stock Symbol RSPG.PK; Other OTC; 30,072,000 common shares outstanding as of December 20, 2007.
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